0001193125-21-253982.txt : 20210823 0001193125-21-253982.hdr.sgml : 20210823 20210823161437 ACCESSION NUMBER: 0001193125-21-253982 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20210818 0001631055 0001002761 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210823 DATE AS OF CHANGE: 20210823 ABS ASSET CLASS: Auto leases FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMF Leasing LLC CENTRAL INDEX KEY: 0001631055 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 274665015 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-207859 FILM NUMBER: 211196997 BUSINESS ADDRESS: STREET 1: 801 CHERRY STREET, SUITE 3500 CITY: FORT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: (817)302-7000 MAIL ADDRESS: STREET 1: 801 CHERRY STREET, SUITE 3500 CITY: FORT WORTH STATE: TX ZIP: 76102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GM Financial Automobile Leasing Trust 2021-3 CENTRAL INDEX KEY: 0001870475 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-229068-09 FILM NUMBER: 211196998 BUSINESS ADDRESS: STREET 1: 801 CHERRY STREET, SUITE 3500 CITY: FORT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: (817)302-7000 MAIL ADDRESS: STREET 1: 801 CHERRY STREET, SUITE 3500 CITY: FORT WORTH STATE: TX ZIP: 76102 8-K 1 d86912d8k.htm 8-K 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

August 18, 2021

GM Financial Automobile Leasing Trust 2021-3

(Exact name of registrant as specified in its charter)

GMF Leasing LLC

(Exact name of depositor as specified in its charter)

AmeriCredit Financial Services, Inc.

(Exact name of sponsor as specified in its charter)

 

Delaware

 

333-229068-09

 

87-6381063

(State or Other Jurisdiction of Incorporation)  

(Commission File

Number)

 

(I.R.S. Employer

Identification No.)

c/o  AmeriCredit Financial Services, Inc.

Attention: Frank E. Brown III, Esq.

801 Cherry Street, Suite 3500

Fort Worth, Texas

(Address of Principal Executive Offices)

   

76102

(Zip Code)

Registrant’s telephone number including area code - (817) 302-7000

 

 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered

 

None

  None   None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 


Item 1.01.

Entry into a Material Definitive Agreement.

GMF Leasing LLC, as depositor (the “Depositor”) and AmeriCredit Financial Services, Inc. d/b/a GM Financial (“GM Financial”), as sponsor, have caused a newly formed issuing entity, GM Financial Automobile Leasing Trust 2021-3 (the “Issuing Entity”), to issue $207,000,000 Class A-1 0.12945% Asset Backed Notes (the “Class A-1 Notes”), $429,000,000 Class A-2 0.24% Asset Backed Notes (the “Class A-2 Notes”), $429,000,000 Class A-3 0.39% Asset Backed Notes (the “Class A-3 Notes”), $90,920,000 Class A-4 0.50% Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), $46,650,000 Class B 0.76% Asset Backed Notes (the “Class B Notes”), $48,020,000 Class C 1.03% Asset Backed Notes (the “Class C Notes” and, collectively with the Class A Notes and the Class B Notes, the “Publicly Offered Notes”) and the $45,960,000 Class D 1.16% Asset Backed Notes (the “Class D Notes” and, collectively with the Publicly Offered Notes, the “Notes”), and an Asset Backed Certificate (the “Certificate”), on August 18, 2021 (the “Closing Date”). The Publicly Offered Notes are registered under the Registration Statement filed by the Depositor with the Securities and Exchange Commission under file number 333-229068 (the “Registration Statement”). This Current Report on Form 8-K is being filed to satisfy an undertaking to file copies of certain agreements to be executed in connection with the issuance of the Publicly Offered Notes, the forms of which were filed as Exhibits to the Registration Statement.

The Notes evidence indebtedness of the Issuing Entity, the assets of which consist primarily of an exchange note, backed by a designated pool of car, light duty truck and utility vehicle leases and the corresponding leased vehicles (the “Lease Assets”). The Publicly Offered Notes were sold to CIBC World Markets Corp. (“CIBC Capital Markets”), Citigroup Global Markets Inc. (“Citigroup”), J.P. Morgan Securities LLC (“J.P. Morgan”) and SMBC Nikko Securities America, Inc. (“SMBC Nikko” and, collectively with CIBC Capital Markets, Citigroup and J.P. Morgan, the “Representatives”), BMO Capital Markets Corp. (“BMO Capital Markets”), Goldman Sachs & Co. LLC, MUFG Securities Americas Inc. (“MUFG”), Scotia Capital (USA) Inc. (“Scotiabank”) and TD Securities (USA) LLC (“TD Securities” and, collectively with the Representatives, BMO Capital Markets, Goldman Sachs & Co. LLC, MUFG and Scotiabank, the “Underwriters”), pursuant to the Underwriting Agreement attached hereto as Exhibit 1.1, dated as of August 10, 2021 (the “Underwriting Agreement”), among GM Financial, the Depositor and the Representatives.

 

Item 8.01.

Other Events.

The Issuing Entity was formed, and the Certificate was issued, pursuant to the Trust Agreement attached hereto as Exhibit 4.2, dated as of June 24, 2021, as amended and restated as of June 30, 2021 (the “Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”). The Notes will be issued pursuant to the Indenture attached hereto as Exhibit 4.1, dated as of June 30, 2021 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association (“Wells Fargo”), as indenture trustee (in such capacity, the “Indenture Trustee”).

Pursuant to the 2021-3 Exchange Note Supplement attached hereto as Exhibit 4.5, dated as of June 30, 2021 (the “Exchange Note Supplement”), ACAR Leasing Ltd. (the “Titling Trust”), as borrower, GM Financial, as lender and as servicer (in such capacity, the “Servicer”) and Wells Fargo, as collateral agent (in such capacity, the “Collateral Agent”) and as administrative agent (the


Administrative Agent”), the Titling Trust issued an Exchange Note (the “Exchange Note”) to GM Financial on the Closing Date and designated a designated pool of collateral lease agreements and collateral leased vehicles (the “Designated Pool”) to support the Exchange Note.

Pursuant to the 2021-3 Exchange Note Sale Agreement attached hereto as Exhibit 10.1, dated as of June 30, 2021 (the “Exchange Note Sale Agreement”), between GM Financial and the Depositor, on the Closing Date, GM Financial sold to the Depositor, and the Depositor purchased from GM Financial, all of GM Financial’s right, title and interest in, to and under the Exchange Note and the proceeds thereof without recourse. Pursuant to the 2021-3 Exchange Note Transfer Agreement attached hereto as Exhibit 10.2, dated as of June 30, 2021 (the “Exchange Note Transfer Agreement”), between the Depositor and the Issuing Entity, on the Closing Date the Depositor sold to the Issuing Entity and the Issuing Entity purchased from the Depositor, all of the Depositor’s right, title and interest in, to and under the Exchange Note and the proceeds thereof without recourse. Pursuant to the Indenture, on the Closing Date the Issuing Entity issued the Notes to the Depositor as partial payment for the Exchange Note and granted a security interest in the Exchange Note and all other indenture collateral to the Indenture Trustee for the benefit of the Underwriters.

Pursuant to the Underwriting Agreement, the Depositor sold the Publicly Offered Notes to the Underwriters.

GM Financial, as Servicer, has agreed to perform servicing duties with regard to the Lease Assets pursuant to the 2021-3 Servicing Supplement attached hereto as Exhibit 10.4, dated as of June 30, 2021 (the “Servicing Supplement”), among the Titling Trust, the Servicer, APGO Trust, as settlor (the “Settlor”), the Collateral Agent and the Indenture Trustee, and has also agreed to serve as custodian of the Lease Assets pursuant to the Servicing Supplement.

 

Item 9.01.

Financial Statements, Pro Forma Financial Information and Exhibits.

(a)    Not applicable.

(b)    Not applicable.

(c)    Not applicable.

(d)    Exhibits:

1.1     Underwriting Agreement, dated as of August 10, 2021, among GM Financial, the Depositor and the Representatives (see Exhibit 1.1 to the Form 8-K filed on August  12, 2021, in connection with Registration Statement Nos. 333-229068 and 333-229068-09, which is incorporated by reference herein).

4.1    Indenture, dated as of June  30, 2021, between the Issuing Entity and the Indenture Trustee.

4.3     Amended and Restated Trust Agreement, dated as of June  30, 2021, between the Depositor and the Owner Trustee.

4.5     2021-3 Exchange Note Supplement, dated as of June 30, 2021, among the Titling Trust, GM Financial, as lender, the Servicer, the Collateral Agent and the Administrative Agent.

 

3



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3         
By:   AmeriCredit Financial Services, Inc. d/b/a GM Financial, as Servicer  
By:   /s/ Frank E. Brown III                              
Name:   Frank E. Brown III  
Title:   Senior Vice President, Corporate Counsel and Secretary  

Dated: August 23, 2021

 

5

EX-4.1 2 d86912dex41.htm EX-4.1 EX-4.1

Exhibit 4.1

Execution Version

 

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3

CLASS A-1 0.12945% ASSET BACKED NOTES

CLASS A-2 0.24% ASSET BACKED NOTES

CLASS A-3 0.39% ASSET BACKED NOTES

CLASS A-4 0.50% ASSET BACKED NOTES

CLASS B 0.76% ASSET BACKED NOTES

CLASS C 1.03% ASSET BACKED NOTES

CLASS D 1.16% ASSET BACKED NOTES

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3,

as Issuer

GM FINANCIAL,

as Servicer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee

 

 

INDENTURE

Dated as of June 30, 2021

 

 

 

 

 


TABLE OF CONTENTS

 

          Page  

ARTICLE I DEFINITIONS

     2

SECTION 1.1.

  

Definitions

     2

SECTION 1.2.

  

Incorporation by Reference of the Trust Indenture Act

     2

SECTION 1.3.

  

Rules of Construction

     2

ARTICLE II THE NOTES

     3

SECTION 2.1.

  

Form

     3

SECTION 2.2.

  

Execution, Authentication and Delivery

     4

SECTION 2.3.

  

Temporary Notes

     4

SECTION 2.4.

  

Registration; Registration of Transfer and Exchange

     5

SECTION 2.5.

  

Mutilated, Destroyed, Lost or Stolen Notes

     7

SECTION 2.6.

  

Persons Deemed Owner

     7

SECTION 2.7.

  

Payment of Principal and Interest

     8

SECTION 2.8.

  

Cancellation

     8

SECTION 2.9.

  

Tax Treatment

     9

SECTION 2.10.

  

Representations and Warranties as to the Security Interest of the Indenture Trustee in the Indenture Collateral

     9

SECTION 2.11.

  

Book-Entry Notes

     12

SECTION 2.12.

  

Notices to Clearing Agency

     13

SECTION 2.13.

  

Definitive Notes

     13

ARTICLE III COVENANTS

     13

SECTION 3.1.

  

Payment of Principal and Interest

     13

SECTION 3.2.

  

Maintenance of Office or Agency

     14

SECTION 3.3.

  

Money for Payments To Be Held in Trust

     14

SECTION 3.4.

  

Existence

     15

SECTION 3.5.

  

Protection of Issuer Trust Estate

     15

SECTION 3.6.

  

Opinions as to Issuer Trust Estate

     16

SECTION 3.7.

  

Performance of Issuer Obligations; Servicing of 2021-3 Designated Pool

     16

SECTION 3.8.

  

Certain Negative Covenants

     17

SECTION 3.9.

  

Annual Statement as to Compliance

     18

SECTION 3.10.

  

Payment of Taxes

     18

SECTION 3.11.

  

Limitation on Fundamental Changes and Sale of Assets

     18

SECTION 3.12.

  

No Other Business

     18

SECTION 3.13.

  

No Borrowing

     19

SECTION 3.14.

  

Issuer Obligations of Servicer

     19

SECTION 3.15.

  

Guarantees, Loans, Advances and Other Liabilities

     19

SECTION 3.16.

  

Transactions With Affiliates

     19

SECTION 3.17.

  

Capital Expenditures and Payments

     19

 

i


SECTION 3.18.

  

Compliance with Laws

     19

SECTION 3.19.

  

Restricted Payments

     19

SECTION 3.20.

  

Notice of Events of Default

     20

SECTION 3.21.

  

Other Notices

     20

SECTION 3.22.

  

Further Instruments and Acts

     20

SECTION 3.23.

  

Delivery of the 2021-3 Exchange Note

     20

SECTION 3.24.

  

Books and Records

     20

SECTION 3.25.

  

Income Tax Characterization

     20

ARTICLE IV SATISFACTION AND DISCHARGE

     21

SECTION 4.1.

  

Satisfaction and Discharge of the Indenture

     21

SECTION 4.2.

  

Application of Trust Money

     21

ARTICLE V REMEDIES

     21

SECTION 5.1.

  

Events of Default

     21

SECTION 5.2.

  

Acceleration of Maturity; Rescission and Annulment

     22

SECTION 5.3.

  

Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

     23

SECTION 5.4.

  

Remedies; Priorities

     25

SECTION 5.5.

  

Optional Preservation of the Issuer Trust Estate

     27

SECTION 5.6.

  

Unconditional Rights of Noteholders To Receive Principal and Interest

     27

SECTION 5.7.

  

Restoration of Rights and Remedies

     27

SECTION 5.8.

  

Rights and Remedies Cumulative

     27

SECTION 5.9.

  

Delay or Omission Not a Waiver

     28

SECTION 5.10.

  

Control by Noteholders

     28

SECTION 5.11.

  

Waiver of Past Events of Default

     28

SECTION 5.12.

  

Waiver of Stay or Extension Laws

     29

SECTION 5.13.

  

Action on Notes

     29

SECTION 5.14.

  

Performance and Enforcement of Certain Issuer Obligations

     29

ARTICLE VI THE INDENTURE TRUSTEE

     29

SECTION 6.1.

  

Duties of Indenture Trustee

     29

SECTION 6.2.

  

Rights of Indenture Trustee

     31

SECTION 6.3.

  

Individual Rights of Indenture Trustee

     32

SECTION 6.4.

  

Indenture Trustee’s Disclaimer

     33

SECTION 6.5.

  

Reports by Indenture Trustee to Noteholders

     33

SECTION 6.6.

  

Compensation and Indemnity

     33

SECTION 6.7.

  

Replacement of Indenture Trustee

     34

SECTION 6.8.

  

Successor Indenture Trustee by Merger

     35

SECTION 6.9.

  

Appointment of Co-Indenture Trustee or Separate Indenture Trustee

     35

SECTION 6.10.

  

Eligibility; Disqualification

     36

SECTION 6.11.

  

Representations and Warranties of Indenture Trustee

     37

 

ii


SECTION 6.12.

  

Preferential Collection of Claims Against Issuer

     38

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

     38

SECTION 7.1.

  

Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders

     38

SECTION 7.2.

  

Preservation of Information; Communications to Noteholders

     38

SECTION 7.3.

  

Reports by Issuer

     40

SECTION 7.4.

  

Reports by Indenture Trustee

     40

SECTION 7.5.

  

Review Reports

     40

ARTICLE VIII ACCOUNTS, DISBURSEMENTS, RELEASES, REPORTS AND NOTICES

     41

SECTION 8.1.

  

Collection of Money

     41

SECTION 8.2.

  

Servicer Report

     41

SECTION 8.3.

  

Disbursement of Funds

     41

SECTION 8.4.

  

Release of Issuer Trust Estate

     45

SECTION 8.5.

  

Opinion of Counsel

     45

SECTION 8.6.

  

Reports and Notices to Noteholders

     46

ARTICLE IX SUPPLEMENTAL INDENTURES

     47

SECTION 9.1.

  

Supplemental Indentures Without Consent of Noteholders

     47

SECTION 9.2.

  

Supplemental Indentures with Consent of Noteholders

     48

SECTION 9.3.

  

Execution of Supplemental Indentures

     49

SECTION 9.4.

  

Effect of Supplemental Indenture

     49

SECTION 9.5.

  

Conformity With Trust Indenture Act

     50

SECTION 9.6.

  

Reference in Notes to Supplemental Indentures

     50

ARTICLE X REDEMPTION OF NOTES

     50

SECTION 10.1.

  

Redemption

     50

SECTION 10.2.

  

Form of Redemption Notice

     50

SECTION 10.3.

  

Notes Payable on Redemption Date

     51

ARTICLE XI MISCELLANEOUS

     51

SECTION 11.1.

  

Compliance Certificates and Opinions, etc

     51

SECTION 11.2.

  

Form of Documents Delivered to Indenture Trustee

     53

SECTION 11.3.

  

Acts of Noteholders

     54

SECTION 11.4.

  

Notices, etc., to Indenture Trustee, Issuer and Rating Agencies

     54

SECTION 11.5.

  

Notices to Noteholders; Waiver

     55

SECTION 11.6.

  

Alternate Payment and Notice Provisions

     55

SECTION 11.7.

  

Conflict with Trust Indenture Act

     55

SECTION 11.8.

  

Effect of Headings and Table of Contents

     56

SECTION 11.9.

  

Successors and Assigns

     56

SECTION 11.10.

  

Separability

     56

SECTION 11.11.

  

Benefits of Indenture

     56

 

iii


SECTION 11.12.

  

Legal Holidays

     56

SECTION 11.13.

  

GOVERNING LAW

     56

SECTION 11.14.

  

Counterparts and Consent to Do Business Electronically

     56

SECTION 11.15.

  

Recording of Indenture

     57

SECTION 11.16.

  

Trust Obligation

     57

SECTION 11.17.

  

No Petition the Issuer, Depositor, Settlor or Titling Trust

     57

SECTION 11.18.

  

No Recourse

     58

SECTION 11.19.

  

Execution of Financing Statements

     58

SECTION 11.20.

  

[Reserved]

     58

SECTION 11.21.

  

Indemnification

     58

SECTION 11.22.

  

AML Law

     59

SECTION 11.23.

  

Third Party Beneficiaries

     59

EXHIBIT A-1 - Form of Class A-1 Note

EXHIBIT A-2 - Form of Class A-2 Note

EXHIBIT A-3 - Form of Class A-3 Note

EXHIBIT A-4 - Form of Class A-4 Note

EXHIBIT B - Form of Class B Note

EXHIBIT C - Form of Class C Note

EXHIBIT D - Form of Class D Note

 

iv


INDENTURE dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified, this “Indenture” or this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC. D/B/A GM FINANCIAL, a Delaware corporation (“GM Financial”), as servicer (the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), as indenture trustee and not in its individual capacity (the “Indenture Trustee”).

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s Class A-1 0.12945% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 0.24% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 0.39% Asset Backed Notes (the “Class A-3 Notes”), Class A-4 0.50% Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), Class B 0.76% Asset Backed Notes (the “Class B Notes”), Class C 1.03% Asset Backed Notes (the “Class C Notes”) and Class D 1.16% Asset Backed Notes (the “Class D Notes” and together with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”).

GRANTING CLAUSE

The Issuer hereby Grants to the Indenture Trustee on the 2021-3 Closing Date, as Indenture Trustee for the benefit of the 2021-3 Secured Parties, all of the Issuer’s right, title and interest in and to (a) the 2021-3 Exchange Note, (b) the 2021-3 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account and the rights of the Issuer to the funds on deposit from time to time in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account and any other account or accounts established pursuant to the 2021-3 Servicing Agreement and all cash, investment property and other property from time to time credited thereto and all proceeds thereof, (c) the rights of the Depositor, as transferee under the 2021-3 Exchange Note Sale Agreement, (d) the rights of the Issuer, as transferee under the 2021-3 Exchange Note Transfer Agreement, (e) the rights and benefits of the Issuer, as 2021-3 Exchange Noteholder under the 2021-3 Servicing Agreement, the 2021-3 Exchange Note Supplement and the Credit and Security Agreement, (f) the rights of the Issuer as a third-party beneficiary of the 2021-3 Servicing Agreement, the 2021-3 Exchange Note Supplement and the Credit Security Agreement, and (g) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Indenture Collateral”), in each case as such terms are defined herein.

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and to secure all other

 

1


Issuer Obligations and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders of the Notes may be adequately and effectively protected.

ARTICLE I

DEFINITIONS

SECTION 1.1.    Definitions. Capitalized terms used in this Indenture that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Supplement”), among ACAR Leasing Ltd., as Borrower (the “Borrower”), GM Financial, as Lender (in such capacity, the “Lender”) and as Servicer and Wells Fargo, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”) or, if not defined therein, in Appendix A to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Borrower, the Lender, the Servicer, the Administrative Agent and the Collateral Agent.

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

indenture securities” means the Notes.

indenture security holder” means a Noteholder.

indenture to be qualified” means this Indenture.

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

obligor” on the indenture securities means the Issuer.

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

SECTION 1.3.    Rules of Construction.

(a)    For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used in this Indenture include, as appropriate, all

 

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genders and the plural as well as the singular, (ii) references to words such as “this Indenture”, “herein”, “hereof” and the like shall refer to this Indenture as a whole and not to any particular part, Article or Section within this Indenture, (iii) references to an Article, Section or Exhibit such as “Article One”, “Section 1.1” or Exhibit A shall refer to the applicable Article, Section or Exhibit of this Indenture, (iv) the term “include” and all variations thereof means “include without limitation”, (v) the term “or” shall include “and/or”, (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, restated, modified, supplemented or replaced (in the case of a statute) and includes (in the case of agreements or instruments) references to all attachments, annexes, exhibits and schedules thereto and instruments incorporated therein, except that references to the Credit and Servicing Agreement and the Basic Servicing Agreement include only such items as relate to the 2021-3 Exchange Note and/or the 2021-3 Designated Pool, as applicable, and (viii) any defined term which relates to a Person shall include within its definition the successors and permitted assigns of such Person.

(b)    As used in this Indenture and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Indenture or in any such certificate or other document shall control.

ARTICLE II

THE NOTES

SECTION 2.1.    Form.

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

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

 

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

SECTION 2.2.    Execution, Authentication and Delivery.

The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

The Indenture Trustee shall upon Issuer Order authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $207,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $429,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $429,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $90,920,000, Class B Notes for original issue in an aggregate principal amount of $46,650,000, Class C Notes for original issue in an aggregate principal amount of $48,020,000 and Class D Notes for original issue in an aggregate principal amount of $45,960,000. The Class A Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5.

The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000.

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

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

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

If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the

 

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Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

SECTION 2.4.    Registration; Registration of Transfer and Exchange.

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

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes.

(b)    Subject to Sections 2.11 and 2.13 hereof, upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of the UCC are met the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations of the same Class and of a like aggregate principal amount.

At the option of a Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to Sections 2.11 and 2.13 hereof, if the requirements of Section 8-401(a) of the UCC are met the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

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

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

 

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signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

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

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.4 not involving any transfer.

The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment with respect to the Note.

(d)    No sale or transfer of a beneficial interest in a Class D Note shall be permitted (including, without limitation, by pledge or hypothecation) to a person other than the Depositor (or a person disregarded as separate from the Depositor for U.S. federal income tax purposes), and such sale or transfer shall be void ab initio, unless (i) the Class D Note has been registered under the Securities Act or, as evidenced by an Opinion of Counsel, such sale or transfer is otherwise exempt from the Securities Act, and (ii) at the time of such sale or transfer an Opinion of Counsel is provided to the effect that either (A) as of the date of such sale or transfer the Class D Notes will be treated as indebtedness for U.S. federal income tax purposes, or (B) such transfer will not cause the Issuer to be a publicly traded partnership treated as association taxable

 

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as a corporation for U.S. federal income tax purposes and will not cause the Class D Notes to be subject to U.S. withholding tax.

SECTION 2.5.    Mutilated, Destroyed, Lost or Stolen Notes. If (a) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met, the Issuer shall execute, and upon receipt of an Issuer Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

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

Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

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

SECTION 2.6.    Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee will treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such

 

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Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

SECTION 2.7.    Payment of Principal and Interest.

(a)    The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2 Note, Class A-3 Note, the Class A-4 Note, the Class B Note, the Class C Note and the Class D Note set forth in Exhibits A-1, A-2, A-3, A-4, B, C and D, respectively, and such interest shall be due and payable on each Payment Date. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Payment Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3.

(b)    The principal of each Note shall be payable in installments on each Payment Date as provided herein and in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class A-4 Note, the Class B Note, the Class C Note and the Class D Note set forth in Exhibits A-1, A-2, A-3, A-4, B, C and D, respectively. The entire unpaid principal amount of each Note shall be due and payable on its Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee, at the written direction of the Majority Noteholders, has declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each Class of Notes shall be made pro rata to the related Noteholders. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date, as the case may be, on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

SECTION 2.8.    Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture

 

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Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

SECTION 2.9.    Tax Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes, including federal, State and local income, single business and franchise tax purposes, the Notes that are owned or beneficially owned by a Person other than the Depositor or its Affiliates will qualify as indebtedness secured by the Issuer Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note, agree (a) to treat the Notes for all purposes, including federal, State and local income, single business and franchise tax purposes, as indebtedness, and (b) not to take any action inconsistent with the agreement in clause (a), including claiming ownership of any assets comprising the 2021-3 Designated Pool or the right to take deductions for depreciation or otherwise.

SECTION 2.10.    Representations and Warranties as to the Security Interest of the Indenture Trustee in the Indenture Collateral. The Issuer makes the following representations and warranties to the Indenture Trustee. The representations and warranties speak as of the 2021-3 Closing Date, and shall survive the sale of the Issuer Trust Estate to the Issuer and the pledge thereof to the Indenture Trustee pursuant to this Indenture.

(a)    This Indenture creates a valid and continuing security interest (as defined in the UCC) in the 2021-3 Exchange Note and the other Indenture Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

(b)    The 2021-3 Exchange Note constitutes a “certificated security” within the meaning of the UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts or securities accounts.

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

(d)    All of the Indenture Collateral that constitutes securities entitlements (other than the 2021-3 Exchange Note to the extent the 2021-3 Exchange Note constitutes a certificated security) has been or will have been credited to one of the Accounts. The securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of the applicable UCC.

 

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

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

(g)    The Issuer has caused or will have caused, within ten (10) days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Indenture Collateral granted to the Indenture Trustee hereunder.

(h)    With respect to Indenture Collateral that constitutes an instrument or tangible chattel paper, either:

(i)    All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee;

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

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

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

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

(ii)    Each such authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the custodian thereof on behalf of the Indenture Trustee in the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), and (b) has been communicated to and is maintained by or on behalf of the custodian thereof for the benefit of the Indenture Trustee. The Issuer has confirmed that the authoritative copy of each contract that constitutes or evidences electronic chattel paper does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee;

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

 

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

(v)    The Issuer has received a written acknowledgement from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee with respect to the Indenture Collateral which is electronic chattel paper.

(j)    With respect to the Accounts and all subaccounts thereof that constitute deposit accounts, either:

(i)    The Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent by the Issuer; or

(ii)    The Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of the Accounts.

(k)    With respect to Indenture Collateral or Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:

(i)    The Issuer has caused or will have caused, within ten (10) days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the Indenture Collateral to the Indenture Trustee; or

(ii)    The Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuer; or

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

(l)    With respect to Indenture Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the Indenture Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. Other than the transfer of the 2021-3 Exchange Note from the Lender to the Depositor under the 2021-3 Exchange Note Sale Agreement, the transfer of the

 

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2021-3 Exchange Note from the Depositor to the Issuer under the 2021-3 Exchange Note Transfer Agreement and the security interest in the Indenture Collateral granted to the Indenture Trustee pursuant to the Indenture, none of the Lender, the Depositor or the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Indenture Collateral or the Accounts or any subaccounts thereof. The Issuer has not authorized the filing of, and is not aware of any financing statements against the Issuer that include a description of collateral covering the Indenture Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated.

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

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

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

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

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

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

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

(e)    whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding

 

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Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee; and

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

SECTION 2.12.    Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

SECTION 2.13.    Definitive Notes. If (a) the Servicer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes representing the Book Entry Notes, and the Servicer is unable to locate a qualified successor, or (b) after the occurrence of an Event of Default, the Majority Noteholders advise the Indenture Trustee through the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

ARTICLE III

COVENANTS

SECTION 3.1.    Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Payment Date deposited therein (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (b) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (d) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders, (e) for the benefit of the Class B Notes, to the Class B Noteholders, (f) for the benefit of the Class C Notes, to the Class C Noteholders, and (g) for the benefit of the Class D Notes, to the Class D Noteholders. If any withholding tax is imposed with respect to any payment by the Issuer under the Notes to any Noteholder, such tax shall reduce the amount otherwise payable to such Noteholder. The Indenture Trustee is hereby authorized and directed by the Issuer to retain from

 

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amounts otherwise payable to any Noteholder sufficient funds for the payment of any tax that is legally required to be withheld (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to any Noteholder shall be treated as having been paid to such Noteholder at the time it is withheld by the Indenture Trustee and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a payment, the Indenture Trustee may in its sole discretion withhold such tax. If any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses incurred.

SECTION 3.2.    Maintenance of Office or Agency. The Issuer will maintain in Minneapolis, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

SECTION 3.3.    Money for Payments To Be Held in Trust. As provided in Section 8.3, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Payment Account pursuant to Section 8.3 shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from the Note Payment Account for payments of Notes shall be paid over to the Issuer except as provided in this Section.

The Issuer shall allocate or deposit, or cause to be allocated or deposited, to the Indenture Collections Account all 2021-3 Exchange Note Collections, all amounts collected with respect to the Issuer Trust Estate, such amounts to be held in trust for the benefit of the Persons entitled thereto, and shall promptly notify the Indenture Trustee of its action or failure so to act.

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

 

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

SECTION 3.5.    Protection of Issuer Trust Estate.

(a)    The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the 2021-3 Secured Parties to be prior to all other liens in respect of the Issuer Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the 2021-3 Secured Parties, a first lien on and a first priority, perfected security interest in the Issuer Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

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

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

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

(iv)    enforce any of the Indenture Collateral;

(v)    preserve and defend title to the Issuer Trust Estate and the rights of the Indenture Trustee and the 2021-3 Secured Parties in such Issuer Trust Estate against the claims of all Persons; and

(vi)    pay all taxes and assessments levied or assessed upon the Issuer Trust Estate when due.

(b)    The Issuer hereby authorizes the Indenture Trustee to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.5. If the Indenture Trustee prepares or files any such financing statement, continuation statement or amendment thereto, the Indenture Trustee’s responsibility with respect to such financing statement, continuation statement or amendment shall be subject to the provisions of Section 6.1 hereof.

(c)    Except in the case of continuation statements prepared or filed by the Indenture Trustee, the Indenture Trustee shall not be responsible or liable for the preparation, filing, correctness, or accuracy of any UCC financing statement(s), or the existence, validity, or

 

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perfection of any lien or security interest created by this Indenture, or to monitor the status of any such lien or security interest.

SECTION 3.6.    Opinions as to Issuer Trust Estate.

(a)    On the 2021-3 Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, the execution and delivery of the Indenture and the delivery for value to and taking of physical possession in the State of Minnesota by the Indenture Trustee of the 2021-3 Exchange Note, endorsed or registered in the name of the Indenture Trustee, will create a valid first priority perfected security interest, for the benefit of the Indenture Trustee on behalf of the 2021-3 Secured Parties in the 2021-3 Exchange Note and all such other action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and security interest of this Indenture in the remainder of the Indenture Collateral and reciting the details of such action.

(b)    Within one-hundred and twenty (120) days after the beginning of each calendar year, beginning with the first calendar year beginning more than six (6) months after the 2021-3 Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until the one-hundred and twentieth (120th) day in the following calendar year.

SECTION 3.7.    Performance of Issuer Obligations; Servicing of 2021-3 Designated Pool.

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

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

 

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

(d)    If the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer shall promptly notify the Indenture Trustee, and shall specify in such notice the action, if any, the Issuer is taking with respect to such event. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the 2021-3 Servicing Agreement with respect to the 2021-3 Exchange Note Assets, the Issuer shall take all reasonable steps available to it to remedy such failure. Upon the occurrence of a Servicer Default, the Indenture Trustee, at the direction of the Majority Noteholders, shall in turn direct the Titling Trust to terminate, pursuant to Section 2.11(c) of the 2021-3 Servicing Supplement, all of the rights and obligations of the Servicer with respect to the 2021-3 Exchange Note Assets only and the Indenture Trustee, at the direction of the Majority Noteholders, shall appoint a Successor Servicer pursuant to the 2021-3 Servicing Supplement.

(e)    Upon any termination of the rights and powers of the Servicer or the resignation of the Servicer pursuant to the 2021-3 Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as any Successor Servicer is appointed pursuant to the 2021-3 Servicing Agreement, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Servicer.

SECTION 3.8.    Certain Negative Covenants. Until the date on which all Issuer Obligations are paid in full, the Issuer shall not directly or indirectly:

(a)    engage in any activities other than financing, acquiring, pledging and managing the 2021-3 Exchange Note as contemplated by this Indenture and the other Program Documents;

(b)    except as expressly permitted by this Indenture or the other Program Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Issuer Trust Estate, unless directed to do so by the Indenture Trustee (acting at the direction of the Majority Noteholders);

(c)    claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments pursuant to Section 3.1) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Issuer Trust Estate;

(d)    dissolve or liquidate in whole or in part; or

(e)    (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this

 

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Indenture) to be created on or extend to or otherwise arise upon or burden the Issuer Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the 2021-3 Leased Vehicles and arising solely as a result of an action or omission of the related Lessee), or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest in the Issuer Trust Estate.

SECTION 3.9.    Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Noteholders, within one hundred twenty (120) days after the end of each fiscal year of the Issuer (commencing with the fiscal year 2021), and otherwise in compliance with the requirements of TIA Section 314(a)(4), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

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

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

SECTION 3.10.    Payment of Taxes. The Issuer will file (or cause to be filed on its behalf as a member of a consolidated group) all tax returns required by law to be filed by it and pay all taxes, assessments and governmental charges shown to be owing by it, except for any such taxes, assessments or charges which are not yet delinquent or that are being diligently contested in good faith by appropriate proceedings, for which adequate reserves in accordance with GAAP shall have been set aside on its books and that have not given rise to any liens.

SECTION 3.11.    Limitation on Fundamental Changes and Sale of Assets.

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

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

SECTION 3.12.    No Other Business. The Issuer will not engage in any business other than financing, purchasing, owning, selling and managing the 2021-3 Exchange Note and the underlying 2021-3 Exchange Note Assets and the other components of the Issuer Trust Estate, issuing the Issuer Trust Certificates and issuing and selling the Notes in the manner contemplated by this Indenture and the other Program Documents or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by the Program Documents.

 

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SECTION 3.13.    No Borrowing. The Issuer will not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness other than the Notes.

SECTION 3.14.    Issuer Obligations of Servicer. The Issuer will cause the Servicer to comply with its obligations under the 2021-3 Servicing Agreement.

SECTION 3.15.    Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the 2021-3 Servicing Agreement or this Indenture, the Issuer will not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

SECTION 3.16.    Transactions With Affiliates. The Issuer will not enter into, or be a party to any transaction with any Affiliate of the Issuer, except for (a) the transactions contemplated by the Program Documents, and (b) to the extent not otherwise prohibited under this Indenture, other transactions in the nature of employment contracts and directors’ fees, upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate. The Issuer will do all things necessary to continue to be readily distinguishable from GM Financial and its Affiliates (other than the Depositor) and maintain its statutory trust existence separate and apart from that of GM Financial and each of its Affiliates.

SECTION 3.17.    Capital Expenditures and Payments. The Issuer will not make any payments to any Person (including, without limitation, any salaries or bonuses) or make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty), except as contemplated by the 2021-3 Servicing Agreement and the other Program Documents.

SECTION 3.18.    Compliance with Laws. The Issuer will comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Program Document.

SECTION 3.19.    Restricted Payments. The Issuer will not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Issuer Owner Trustee (provided, that any payment of fees, expenses and indemnities to the Issuer Owner Trustee in the manner specified herein shall not be prohibited by this Section) or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security, or (c) set aside or otherwise segregate any amounts for any such purpose; provided, however, that so long as no Event of Default has occurred and is continuing or would result therefrom, the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose under, this Indenture or the Issuer Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from

 

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the Indenture Collections Account or the Note Payment Account except in accordance with this Indenture and the other Program Documents.

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

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

Each notice pursuant to this Section 3.21 shall be accompanied by a statement of an Authorized Officer of the Issuer setting forth details of the occurrence referred to therein and stating what action the Issuer proposes to take with respect thereto.

SECTION 3.22.    Further Instruments and Acts. Upon request of the Indenture Trustee or any Agent, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

SECTION 3.23.    Delivery of the 2021-3 Exchange Note.

(a)    On the 2021-3 Closing Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 2021-3 Exchange Note. The Indenture Trustee shall take possession of the 2021-3 Exchange Note in Minneapolis, Minnesota and shall at all times during the period of this Indenture maintain custody of the 2021-3 Exchange Note in Minneapolis, Minnesota.

(b)    For the benefit of any holder, assignee or pledgee from time to time of any Exchange Note other than the 2021-3 Exchange Note and the Lender, as a Secured Party under the Credit and Security Agreement, the Indenture Trustee, as grantee of the interest in the 2021-3 Exchange Note hereunder, hereby releases all claims to the assets of the Titling Trust allocated to the Lending Facility Pool and each Designated Pool other than the 2021-3 Designated Pool and, in the event that such release is not given effect, the Indenture Trustee hereby fully subordinates all claims it may be deemed to have against the assets of the Titling Trust allocated to the Lending Facility or any Designated Pool other than the 2021-3 Designated Pool.

SECTION 3.24.    Books and Records. The Issuer will keep proper books and records of account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities.

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

 

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ARTICLE IV

SATISFACTION AND DISCHARGE

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

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

(ii)    The Issuer has paid or caused to be paid all Issuer Obligations; and

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

SECTION 4.2.    Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment to the Noteholders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; provided, that such moneys need not be segregated from other funds except to the extent required herein or in the 2021-3 Servicing Agreement or required by law.

ARTICLE V

REMEDIES

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

 

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

(b)    default in the payment of the Outstanding Amount of any Note on the applicable Final Scheduled Payment Date;

(c)    failure to observe or perform in any material respect any covenant or agreement of (i) the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is specifically dealt with elsewhere in this Section 5.1), or (ii) the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial (in any capacity) in any other Program Document relating to the issuance of and payment of the Notes or the servicing of the 2021-3 Exchange Note Assets and, in each case, such failure shall continue for a period of sixty (60) days after the date on which a written notice stating that such notice is a Notice of Event of Default requiring the same to be remedied shall have been given to the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial, as the case may be, by the Indenture Trustee acting on behalf of the Holders of Notes representing at least 25% of the principal balance of the most senior Class of Notes specifying such failure;

(d)    any representation or warranty made by the Issuer in this Indenture or by the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial (in any capacity) in any other Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection herewith or therewith shall prove to have been incorrect in any manner that is materially adverse to any 2021-3 Secured Party on or as of the date made or deemed made which failure, if capable of being cured, has not been cured for a period of sixty (60) days after the date on which a written notice stating that such notice is a Notice of Event of Default requiring the same to be remedied shall have been given to the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial, as the case may be, by the Indenture Trustee or the Holders of Notes representing at least 25% of the principal balance of the most senior Class of Notes specifying such incorrectness; and

(e)    an Insolvency Event shall have occurred with respect to the Issuer or the Titling Trust.

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

At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as

 

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hereinafter in this Article V provided, the Majority Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

(a)    the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

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

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

(b)    all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.11.

No such rescission shall affect any subsequent default or impair any right consequent thereto.

SECTION 5.3.    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

(a)    The Issuer covenants that if (i) there is an Event of Default relating to the payment of any interest or fees payable to any Noteholders when the same becomes due and payable, and such default continues for a period of five (5) days, or (ii) there is an Event of Default relating to the payment of principal payable to any Noteholders, and such default continues for a period of one (1) day, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes, with interest on any overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the Note Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

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

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

 

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to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

(d)    In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Issuer Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

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

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

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

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

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

 

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

(f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Noteholders.

(g)    In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

SECTION 5.4.    Remedies; Priorities.

(a)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee, if so requested in writing by the Majority Noteholders, shall do one or more of the following:

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

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

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

(iv)    sell the Issuer Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Issuer Trust Estate following an Event of Default, other than an Event of Default described in Section 5.1(a) or (b), unless (A) all Noteholders consent thereto, (B) the Majority Noteholders consent thereto and all amounts due and owing under the Notes and the other Program Documents to the Noteholders shall be paid in full with the proceeds of such sale or liquidation, or (C) the Issuer Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the

 

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Indenture Trustee provides prior written notice to the Issuer (who shall deliver such notice to the Rating Agencies) and obtains the consent of the Required Noteholders.

(b)    If the Indenture Trustee collects any money or property pursuant to this Article V, it shall apply such money or property to (i) first, reimburse itself for any amounts due under Section 6.6, (ii) second, pay the Issuer Owner Trustee for unpaid fees, indemnities and expenses owing to it under the Issuer Trust Agreement, and (iii) third, pay to the Servicer any due and unpaid Servicing Fee and then apply the remainder of such money or property in accordance with Section 5.4(c). The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

(c)    Following (i) the acceleration of the Notes pursuant to Section 5.2, or (ii) the occurrence of an Event of Default pursuant to Section 5.1 of this Indenture (other than an Event of Default pursuant to Sections 5.1(c) or (d)), or (iii) the Issuer Trust Estate is liquidated, in full or in part, pursuant to Section 5.4(a)(iv), the Available Funds, plus any amounts on deposit in the Reserve Account, including any money or property collected pursuant to Section 5.4 of this Indenture, shall be applied by the Indenture Trustee on the related Payment Date in the following order of priority:

FIRST: amounts due and owing and required to be distributed to the Asset Representations Reviewer, Successor Servicer, the Issuer Owner Trustee and the Indenture Trustee, respectively, pursuant to clause (i) of Section 8.3 and not previously distributed, ratably and without preference or priority of any kind and without regard to any caps set forth in clause (i) of Section 8.3 (a);

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

THIRD: to Holders of the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero, and second, ratably, without preference or priority of any kind, according to the amounts due and payable to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, until the aggregate Outstanding Amount of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is reduced to zero;

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

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

 

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

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

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

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

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

ELEVENTH: to the Issuer Trust Certificateholder.

SECTION 5.5.    Optional Preservation of the Issuer Trust Estate. If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may nonetheless, at the direction of the Majority Noteholders, elect to maintain possession of the Issuer Trust Estate.

SECTION 5.6.    Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, any such Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on its Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder.

SECTION 5.7.    Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

SECTION 5.8.    Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be

 

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exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

SECTION 5.9.    Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

SECTION 5.10.    Control by Noteholders. The Majority Noteholders shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee. Furthermore, if any Noteholders have directed the Indenture Trustee to participate in dispute resolution pursuant to Section 2.20 of the 2021-3 Servicing Supplement, such Noteholders shall have the right to direct the time, method and place of conducting such dispute resolution, in accordance with Section 2.20 of the 2021-3 Servicing Supplement. Notwithstanding the foregoing:

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

(b)    the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might involve it in liability without receiving indemnity reasonably satisfactory to it.

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

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

 

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

SECTION 5.13.    Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Issuer Trust Estate or upon any of the assets of the Issuer.

SECTION 5.14.    Performance and Enforcement of Certain Issuer Obligations.

(a)    Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer, of each of its obligations to the Issuer under or in connection with any of the Program Documents, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Program Documents to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer of its obligations under the Program Documents.

(b)    If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Majority Noteholders shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Servicer under or in connection with the Program Documents, including the right or power to take any action to compel or secure performance or observance by the Servicer, of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Program Documents and any right of the Issuer to take such action shall be suspended.

ARTICLE VI

THE INDENTURE TRUSTEE

SECTION 6.1.    Duties of Indenture Trustee.

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

 

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(b)    Except during the continuance of an Event of Default:

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

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

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

(i)    this paragraph does not limit the effect of paragraph (b) of this Section;

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

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

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

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

(e)    Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the 2021-3 Servicing Agreement.

(f)    No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

(g)    Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA.

 

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

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

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

SECTION 6.2.    Rights of Indenture Trustee.

(a)    The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document and shall not be responsible for determining whether a document defect or breach of representation of warranty has occurred (including, whether such defect or breach is material). Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, directions, consents, requests, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture.

 

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

(c)    The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

(d)    The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

(e)    The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f)    The Indenture Trustee shall, for so long as any Notes are Outstanding, be entitled to exercise all the rights and powers of the registered 2021-3 Exchange Noteholder under the Program Documents.

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

(h)    In no event shall the Indenture Trustee, its directors, officers, agents or employees be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

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

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

SECTION 6.3.    Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise

 

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deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Registrar or co-registrar may do the same with like rights. However, the Indenture Trustee must comply with Section 6.10.

SECTION 6.4.    Indenture Trustee’s Disclaimer. The Indenture Trustee (i) shall not be responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Issuer’s use of the proceeds from the Notes or responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication, (iii) shall not be required to investigate claims of any document defect or breach of a representation or warranty made in the 2021-3 Exchange Note Sale Agreement, the 2021-3 Exchange Note Transfer Agreement or the 2021-3 Servicing Supplement, (iv) shall not be responsible or liable for the acts or omissions of any other party, including the Servicer, the Titling Trust and the Depositor, and may assume each other party’s performance of its obligations under the Trust Agreement, the 2021-3 Exchange Note Sale Agreement, the 2021-3 Exchange Note Transfer Agreement and the 2021-3 Servicing Supplement absent written notice or actual knowledge of a Responsible Officer of the Indenture Trustee to the contrary.

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

SECTION 6.6.    Compensation and Indemnity. The Issuer shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall, or shall cause the Administrator to, indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than taxes based on the income of the Indenture Trustee) or expense (including attorneys’ fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by this Indenture, including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the other Program Documents. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall, or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuer nor the Administrator need reimburse any expense or indemnify

 

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against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law.

Notwithstanding anything else set forth in this Indenture or the other Program Documents, the Indenture Trustee agrees that the obligations of the Issuer to the Indenture Trustee hereunder and under the other Program Documents shall be recourse to the Issuer Trust Estate only. In addition, the Indenture Trustee agrees that its recourse to the Issuer and the Issuer Trust Estate shall be limited to the right to receive amounts available pursuant to Sections 5.4(b) and 8.3.

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

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

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

(c)    a receiver or other public officer takes charge of the Indenture Trustee or its property; or

(d)    the Indenture Trustee otherwise becomes incapable of acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee acceptable to the Majority Noteholders.

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Noteholders and the Issuer. Thereupon, subject to satisfaction of the Rating Agency Condition, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the retiring Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

If a successor Indenture Trustee does not take office within sixty (60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 

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

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

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

SECTION 6.8.    Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.10. The Indenture Trustee shall provide the Issuer prior written notice of any such transaction.

In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

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

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

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

 

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

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

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

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

(d)    Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

SECTION 6.10.    Eligibility; Disqualification.

(a)    The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of BBB-, or an equivalent rating, or better by Standard & Poor’s and Moody’s and, if rated by Fitch, Fitch’s equivalent rating. The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

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(b)    Within ninety (90) days after the occurrence of an Event of Default which shall not have been cured or waived, unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes in accordance with Section 6.7 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for each of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. In the event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b).

(c)    In the case of the appointment hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant to this Section 6.10, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental to this Indenture which shall contain:

(i)    provisions by which each successor Indenture Trustee shall accept such appointment;

(ii)    provisions necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the appointment of such successor Indenture Trustee relates;

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

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

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

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

(a)    the Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the United States; and

(b)    the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture.

 

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

ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS

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

SECTION 7.2.    Preservation of Information; Communications to Noteholders.

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

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

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

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

 

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indemnity reasonably satisfactory to the Indenture Trustee to protect it against the costs and expenses that it may incur in complying with the request, demand or direction.

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

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

 

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the Servicer under the Asset Representations Review Agreement directing the Asset Representations Reviewer to conduct the Asset Review.

SECTION 7.3.    Reports by Issuer.

(a)    The Issuer shall:

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

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

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

(b)    Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

SECTION 7.4.    Reports by Indenture Trustee.

(a)    If required by TIA § 313(a), within sixty (60) days after each May 31, beginning with May 31, 2022, the Indenture Trustee shall mail to each Noteholder if required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b).

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

SECTION 7.5.    Review Reports.

Upon the request of any Noteholder to the Indenture Trustee for a copy of any Review Report (as defined in the Asset Representations Review Agreement), the Indenture Trustee shall promptly provide a copy of such Review Report to such Noteholder; provided, that if the requesting Noteholder is not a Noteholder of record, such Noteholder must provide the Indenture Trustee with a written certification stating that it is a beneficial owner of a Note, together with

 

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

ARTICLE VIII

ACCOUNTS, DISBURSEMENTS, RELEASES, REPORTS AND NOTICES

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

SECTION 8.2.    Servicer Report.

(a)    (i) On each Determination Date, prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the Indenture Trustee, the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period, and (ii) the Issuer shall also cause the Servicer to deliver a Servicer Report to each Rating Agency on the same date the Servicer’s Report is publicly available (provided that if the Servicer’s Report is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than the twenty-second (22nd) of each month (or if not a Business Day, the next succeeding Business Day)).

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

SECTION 8.3.    Disbursement of Funds.

(a)    On each Payment Date, other than any Payment Date on which amounts are required to be distributed pursuant to Section 5.4(c), prior to 12:00 p.m. (Central time), in

 

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accordance with the related Servicer Report and pursuant to the instructions of the Servicer, the Indenture Trustee shall transfer from the Indenture Collections Account the sum of (i) the Available Funds for such Payment Date, plus (ii) the Reserve Account Withdrawal Amount for such payment Date (such sum, “Total Available Funds”) and shall apply the Total Available Funds for such Payment Date in accordance with the following priorities:

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

(xv)    from the Total Available Funds, to the Reserve Account, the Reserve Account Required Amount for such Payment Date;

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

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

(xviii)    from the Total Available Funds, to the Issuer Trust Certificateholders the aggregate amount remaining in the Indenture Collections Account.

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

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

 

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

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

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

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

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

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

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

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

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

(d)    In the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Issuer (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Noteholder), the Indenture Trustee may in its sole discretion withhold such amounts in accordance with this clause (d). In the event that a Noteholder wishes

 

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to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses (including legal fees and expenses) incurred.

(e)    Notwithstanding Sections 5.4(c)(SECOND) – (TENTH) and 8.3(a)(ii) – (xiv) and (xvi), distributions required to be made to the Noteholders on any Payment Date shall be made to each Noteholder of record on the preceding Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000, or (ii) by check mailed to such Noteholder at the address of such holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Payment Date or otherwise) will be payable only upon presentation and surrender of such Note at the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.3.

(f)    Subject to Section 2.5(h) of the 2021-3 Servicing Supplement and this section, monies received by the Indenture Trustee hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Indenture Trustee shall not be liable for any interest thereon.

SECTION 8.4.    Release of Issuer Trust Estate.

(a)    Subject to the payment of its fees and expenses pursuant to Section 6.6, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

(b)    The Indenture Trustee shall, at such time as there are no Notes Outstanding, all Issuer Obligations have been paid in full and all sums due the Indenture Trustee pursuant to Section 6.6 have been paid, release any remaining portion of the Issuer Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account or the Note Payment Account. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel.

SECTION 8.5.    Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to

 

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complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Issuer Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

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

(a)    on each Payment Date, a copy of the Servicer Report with respect to such Payment Date and the related Collection Period;

(b)    if an Event of Default or a Servicer Default occurs and is continuing and it is known to a Trust Officer of the Indenture Trustee, as promptly as practicable after obtaining such knowledge, written notice of such Event of Default or Servicer Default;

(c)    as promptly as practicable after receipt, a copy of each Officer’s Certificate delivered by the Issuer to the Indenture Trustee pursuant to Section 3.9;

(d)    as promptly as practicable after receipt, a copy of each report, notice or certificate delivered by the Servicer to the Indenture Trustee pursuant to the 2021-3 Servicing Supplement;

(e)    as promptly as practicable after receipt, a copy of any notice of a breach of representation or warranty by GM Financial or the Depositor delivered to the Indenture Trustee pursuant to the 2021-3 Exchange Note Sale Agreement;

(f)    as promptly as practicable after receipt, a copy of any notice of a breach of representation or warranty by the Depositor or the Issuer delivered to the Indenture Trustee pursuant to the 2021-3 Exchange Note Transfer Agreement;

(g)    as promptly as practicable after receipt, a copy of any notice received by the Indenture Trustee pursuant to the 2021-3 Exchange Note Supplement, the 2021-3 Exchange Note Sale Agreement and the 2021-3 Exchange Note Transfer Agreement;

(h)    as promptly as practicable after receipt, any Officer’s Certificate or Opinion of Counsel provided by GM Financial to the Indenture Trustee pursuant to the 2021-3 Servicing Supplement; and

(i)    as promptly as practicable after receipt, a copy of each notice delivered by the Issuer to the Indenture Trustee pursuant to Section 3.7(e).

The Indenture Trustee will make available each month to each Noteholder the statements referred to in Sections 8.2 and 8.6 above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Indenture Trustee’s

 

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internet website, with the use of a password provided by the Indenture Trustee. The Indenture Trustee’s internet website will be located at CTSLink.com or at such other address as the Indenture Trustee shall notify the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the right to change the way the statements referred to in Sections 8.2 and 8.6 above are distributed in order to make such distributions more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the then current Noteholders. The Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Sections 11.4 and 11.5, as appropriate.

ARTICLE IX

SUPPLEMENTAL INDENTURES

SECTION 9.1.    Supplemental Indentures Without Consent of Noteholders.

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

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

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

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

(iv)    to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

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

(vi)    to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the

 

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provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or

(vii)    to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA.

The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

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

SECTION 9.2.    Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies by the Issuer, and with the consent of the Majority Noteholders, by Act of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Noteholder of each Outstanding Note affected thereby:

(a)    change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Issuer Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);

(b)    change the definition of Majority Noteholders or Required Noteholders or otherwise reduce the percentage of the outstanding principal amount of the Notes, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

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(c)    modify or alter the provisions of the proviso to the definition of the term “Outstanding;”

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

(e)    modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

(f)    permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Issuer Trust Estate or, except as otherwise permitted or contemplated herein or in any Program Document, terminate the lien of this Indenture on any property at any time subject hereto or deprive Noteholders of any Noteholder of the security provided by the lien of this Indenture.

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

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

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

 

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indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

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

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

ARTICLE X

REDEMPTION OF NOTES

SECTION 10.1.    Redemption. The Servicer shall be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate from the Issuer on a Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Note Principal Balance is less than or equal to 10% of the Note Principal Balance as of the 2021-3 Closing Date (the exercise of such option is referred to as an “Optional Purchase”). In connection with the exercise of an Optional Purchase, the Servicer will deposit an amount equal to the Exchange Note Balance into the Indenture Collections Account on the Payment Date relating to the Redemption Date; provided, that the Servicer will be permitted to purchase the 2021-3 Exchange Note only if the related Exchange Note Balance is at least equal to the sum of (a) the Note Principal Balance plus accrued and unpaid interest thereon to and excluding the Payment Date on which the Notes will be redeemed, and (b) all other outstanding Issuer Obligations payable by the Issuer under the Program Documents (the “Optional Purchase Price”); provided, further, that if the Optional Purchase Price is less than such Exchange Note Balance, the Servicer may deposit only the Optional Purchase Price to the Indenture Collections Account in full satisfaction of its obligations to deposit the Exchange Note Balance therein. In connection with an Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released. If the outstanding Notes are to be redeemed pursuant to this Section, the Administrator or the Issuer shall furnish notice of such election to the Indenture Trustee not later than twenty (20) days prior to the Redemption Date. In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to 10:00 a.m. (Eastern time), the Indenture Trustee shall transfer the Optional Purchase Price as part of Available Funds from the Indenture Collections and use such funds to pay the Redemption Price.

SECTION 10.2.    Form of Redemption Notice. Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile and

 

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mailed or transmitted not later than ten (10) days prior to the applicable Redemption Date to each Noteholder, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or facsimile number appearing in the Note Register.

All notices of redemption shall state:

(a)    the Redemption Date;

(b)    the Redemption Price; and

(c)    the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2).

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

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

ARTICLE XI

MISCELLANEOUS

SECTION 11.1.    Compliance Certificates and Opinions, etc.

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

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

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

 

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

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

(iv)    a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

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

(ii)    Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount of the Notes.

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

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

 

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of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the then Outstanding Amount of the Notes.

(v)    Notwithstanding any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of the Indenture Collateral as and to the extent permitted or required by the Program Documents and (B) make cash payments out of the 2021-3 Exchange Note Collections Account as and to the extent permitted or required by the Program Documents.

(vi)    If the Commission issues an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of this Indenture only in accordance with the Program Documents and the conditions and procedures set forth in the exemptive order.

SECTION 11.2.    Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

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

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

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

 

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however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI.

SECTION 11.3.    Acts of Noteholders.

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

(b)    The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

(c)    The ownership of Notes shall be proved by the Note Register.

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Noteholder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

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

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

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

 

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

SECTION 11.5.    Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Noteholder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

SECTION 11.6.    Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

SECTION 11.7.    Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

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

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

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

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

SECTION 11.11.    Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Issuer Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

SECTION 11.12.    Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

SECTION 11.13.    GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW).

SECTION 11.14.    Counterparts and Consent to Do Business Electronically. This Indenture may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Indenture and any documents to be delivered in connection with this Indenture may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Indenture and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual

 

56


signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

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

SECTION 11.16.    Trust Obligation.

(a)    No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity, (ii) any Issuer Certificateholder, (iii) any other owner of a beneficial interest in the Issuer, or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any Issuer Trust Certificateholder, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

(b)    It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Issuer Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Issuer Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents.

SECTION 11.17.    No Petition the Issuer, Depositor, Settlor or Titling Trust. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note,

 

57


hereby covenant and agree that they will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any United States, federal or state bankruptcy or similar law for a period of one year and a day after:

(a)    termination of the Titling Trust Agreement, against the Settlor or the Titling Trust; and

(b)    payment in full of the Notes, against the Depositor or the Issuer.

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

SECTION 11.19.    Execution of Financing Statements. Pursuant to any applicable law, the Indenture Trustee is authorized to file or record financing statements and other filing or recording documents or instruments with respect to the Indenture Collateral without the signature of the Issuer in such form and in such offices as the Indenture Trustee determines appropriate to perfect the security interests of the Indenture Trustee under this Indenture. The Issuer hereby authorizes the Indenture Trustee to use the collateral description “all personal property” or “all assets” in any such financing statements. The Issuer hereby ratifies and authorizes the filing by the Indenture Trustee of any financing statement with respect to the Indenture Collateral made prior to the date hereof; provided that, at the request of the Issuer, the Indenture Trustee shall amend any such statement (and any other financing statement filed by the Indenture Trustee in connection with this Indenture) to exclude any property that is released from, or otherwise not included in, the Indenture Collateral.

SECTION 11.20.    [Reserved].

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

 

58


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

SECTION 11.23.    Third Party Beneficiaries. The Issuer Owner Trustee is an express third party beneficiary of this Indenture.

[Remainder of Page Intentionally Left Blank]

 

59


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

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3

By:

 

Wilmington Trust Company, not in its individual

capacity but solely as Issuer Owner Trustee,

By:

 

/s/ Drew Davis

Name:

 

Drew Davis

Title:

 

Vice President

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

By:

 

/s/ Marianna Stershic

Name: Marianna Stershic

Title:   Vice President

AMERICREDIT FINANCIAL SERVICES, INC.

d/b/a GM FINANCIAL, as Servicer

By:

 

/s/ Robert T. Pigott III

Name: Robert T. Pigott III

Title:

 

Senior Vice President, Corporate Treasury

 

[Signature Page to the Indenture]


EXHIBIT A-1

 

REGISTERED

   $ 207,000,000  

No. A-1

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AA2

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS A-1 0.12945% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED SEVEN MILLION DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the August 22, 2022 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

A-1-1


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

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

 

A-1-2


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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

                                                                 

     

Authorized Signatory

 

A-1-3


CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

                                                                 

     

                Authorized Signatory

 

A-1-4


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 0.12945% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class A-1 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

A-1-5


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

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

A-1-6


If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

A-1-7


Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

A-1-8


ASSIGNMENT

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

 

   

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

 

   

(name and address of assignee)

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

 

Dated:                                         

          

*/

  
  

Signature Guaranteed:

        
          

*/

  

 

*/

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

 

A-1-9


EXHIBIT A-2

 

REGISTERED

      $429,000,000

No. A-2

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AB0

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS A-2 0.24% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED TWENTY-NINE MILLION DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the December 20, 2023 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

A-2-1


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

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

 

A-2-2


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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

                                                                 

     

Authorized Signatory

 

A-2-3


CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

                                                                 

     

                Authorized Signatory

 

A-2-4


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 0.24% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class A-2 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

A-2-5


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

The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

A-2-6


If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

A-2-7


Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

A-2-8


ASSIGNMENT

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

 

   

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

 

   

(name and address of assignee)

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

 

Dated:                                         

          

*/

  
  

Signature Guaranteed:

        
          

*/

  

 

*/

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

 

A-2-9


EXHIBIT A-3

 

REGISTERED

      $429,000,000

No. A-3

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AC8

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS A-3 0.39% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED TWENTY-NINE MILLION DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the October 21, 2024 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

A-3-1


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

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

 

A-3-2


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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

                                                                 

     

Authorized Signatory

 

A-3-3


CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

                                                                 

     

                Authorized Signatory

 

A-3-4


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 0.39% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class A-3 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

A-3-5


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

The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

A-3-6


If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

A-3-7


Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

A-3-8


ASSIGNMENT

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

 

   

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

 

   

(name and address of assignee)

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

 

Dated:                                         

          

*/

  
  

Signature Guaranteed:

        
          

*/

  

 

*/

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

 

A-3-9


EXHIBIT A-4

 

REGISTERED

   $90,920,000

No. A-4

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AD6

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS A-4 0.50% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of NINETY MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 21, 2025 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

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

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

 

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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

                                                                 

     

Authorized Signatory

 

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CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

                                                         

     

            Authorized Signatory

 

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4 0.50% Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

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

The Issuer shall pay interest on overdue installments of interest at the Class A-4 Interest Rate to the extent lawful.

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

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If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

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Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

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ASSIGNMENT

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

 

   

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

 

   

(name and address of assignee)

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

 

Dated:                                         

          

*/

  
  

Signature Guaranteed:

        
          

*/

  

 

*/

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

 

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EXHIBIT B

 

REGISTERED

   $46,650,000

No. B

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AE4

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS B 0.76% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY-SIX MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 21, 2025 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

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

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

 

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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

                                                                 

     

Authorized Signatory

 

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CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

                                                                 

     

                Authorized Signatory

 

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 0.76% Asset Backed Notes (herein called the “Class B Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

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

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

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing

 

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that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

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consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

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ASSIGNMENT

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

 

   

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

 

   

(name and address of assignee)

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

 

Dated:                                         

          

*/

  
  

Signature Guaranteed:

        
          

*/

  

 

*/

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

 

B-9


EXHIBIT C

 

REGISTERED

   $48,020,000

No. C

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AF1

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS C 1.03% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY-EIGHT MILLION TWENTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 21, 2025 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

C-1


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

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

 

C-2


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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

                                                                 

     

                Authorized Signatory

 

C-3


CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

                                                                 

     

                Authorized Signatory

 

C-4


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C 1.03% Asset Backed Notes (herein called the “Class C Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class C Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

C-5


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

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

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing

 

C-6


that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

C-7


consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

C-8


ASSIGNMENT

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

 

  

 

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

 

 

(name and address of assignee)

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

 

Dated:

 

                                 

  

                                                                               */

    

Signature Guaranteed:

    

                                                                               */

 

*/

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

 

C-9


EXHIBIT D

 

REGISTERED

   $ 45,960,000  

No. D

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 36262X AG9

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2021-3

CLASS D 1.16% ASSET BACKED NOTE

GM Financial Automobile Lease Trust 2021-3, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY-FIVE MILLION NINE HUNDRED SIXTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the December 22, 2025 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from August 18, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

 

D-1


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

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

 

D-2


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

 

Date: August 18, 2021

   

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

   

By:

 

Wilmington Trust Company, not in its

individual capacity but solely as Issuer

Owner Trustee

   

By:

 

 

     

Authorized Signatory

 

D-3


CERTIFICATE OF AUTHENTICATION

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

 

Date: August 18, 2021

   

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Indenture Trustee

   

By:

 

 

      Authorized Signatory

 

D-4


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D 1.16% Asset Backed Notes (herein called the “Class D Notes”), all issued under an Indenture dated as of June 30, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal of the Class D Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 20, 2021. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date.

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

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

 

D-5


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

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

As provided in the Indenture and the 2021-3 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2021-3 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2021-3 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2021-3 Closing Date. The purchase price for the 2021-3 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2021-3 Exchange Note shall be discharged and released and the 2021-3 Exchange Note shall be returned to or upon the order of the Servicer.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing

 

D-6


that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) an Opinion of Counsel described below and in clause (A) in the first sentence of Section 2.4(d) of the Indenture has been delivered.

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates.

Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

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

 

D-7


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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

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

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

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

 

D-8


ASSIGNMENT

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

 

  

 

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

 

  

 

(name and address of assignee)

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

 

Dated:

 

                                 

  

                                                                               */

    

Signature Guaranteed:

    

                                                                               */

 

*/

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

 

D-9

EX-4.3 3 d86912dex43.htm EX-4.3 EX-4.3

Exhibit 4.3

Execution Version

 

 

 

 

 

GMF LEASING LLC

as Depositor,

and

WILMINGTON TRUST COMPANY

as Owner Trustee

 

            

 

                                                 

AMENDED AND RESTATED TRUST AGREEMENT

OF

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3

Dated as of June 30, 2021

                                                             

 

 


TABLE OF CONTENTS

 

       Page  

ARTICLE I DEFINITIONS

     1

SECTION 1.1.

  Capitalized Terms      1

SECTION 1.2.

  Interpretive Provisions      5

SECTION 1.3.

  Amendment and Restatement      5

ARTICLE II ORGANIZATION

     5

SECTION 2.1.

  Name      5

SECTION 2.2.

  Office      6

SECTION 2.3.

  Purposes and Powers      6

SECTION 2.4.

  Appointment of Owner Trustee      6

SECTION 2.5.

  Initial Capital Contribution of Owner Trust Estate      6

SECTION 2.6.

  Declaration of Trust      6

SECTION 2.7.

  Liability of Trust Certificateholders      7

SECTION 2.8.

  Title to Owner Trust Estate      7

SECTION 2.9.

  Situs of Securitization Trust      7

SECTION 2.10.

  Representations and Warranties of the Depositor      7

SECTION 2.11.

  Federal Income Tax Treatment of the Trust      8

ARTICLE III TRUST CERTIFICATES AND TRANSFER OF INTERESTS

     9

SECTION 3.1.

  Initial Ownership      9

SECTION 3.2.

  The Trust Certificates      9

SECTION 3.3.

  Authentication of Trust Certificates      10

SECTION 3.4.

  Registration of Transfer and Exchange      10

SECTION 3.5.

  Mutilated, Destroyed, Lost or Stolen Trust Certificates      13

SECTION 3.6.

  Persons Deemed Trust Certificateholders      14

SECTION 3.7.

  Access to List of Trust Certificateholders’ Names and Addresses      14

SECTION 3.8.

  Maintenance of Office or Agency      15

SECTION 3.9.

  Appointment of Paying Agent      15

SECTION 3.10.

  Definitive Trust Certificates      15

SECTION 3.11.

  Trust Certificates held by Depositor or its Affiliates      15

SECTION 3.12.

  Trust Certificates Nonassessable and Fully Paid      16

SECTION 3.13.

  No Legal Title to Owner Trust Estate in Trust Certificateholders      16

SECTION 3.14.

  No Recourse      16

ARTICLE IV ACTIONS BY OWNER TRUSTEE

     16

SECTION 4.1.

  Prior Notice to Trust Certificateholders with Respect to Certain Matters      16

SECTION 4.2.

  Action by Trust Certificateholders with Respect to Certain Matters      17

SECTION 4.3.

  Action by Trust Certificateholders with Respect to Bankruptcy      17

SECTION 4.4.

  Restrictions on Trust Certificateholders’ Power      17

SECTION 4.5.

  Super-Majority Control      18

 

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ARTICLE V APPLICATION OF SECURITIZATION TRUST FUNDS; CERTAIN DUTIES

     18

SECTION 5.1.

  Application of Securitization Trust Funds      18

SECTION 5.2.

  Method of Payment      19

SECTION 5.3.

  Accounting and Reports to Trust Certificateholders, Internal Revenue Service and Others      19

ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE

     20

SECTION 6.1.

  General Authority      20

SECTION 6.2.

  General Duties      20

SECTION 6.3.

  Action upon Instruction      20

SECTION 6.4.

  No Duties Except as Specified in this Agreement or in Instructions      21

SECTION 6.5.

  No Action Except Under Specified Documents or Instructions      22

SECTION 6.6.

  Restrictions      22

SECTION 6.7.

  Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties      22

ARTICLE VII CONCERNING THE OWNER TRUSTEE

     23

SECTION 7.1.

  Acceptance of Trusts and Duties      23

SECTION 7.2.

  Furnishing of Documents      25

SECTION 7.3.

  Representations and Warranties      25

SECTION 7.4.

  Reliance; Advice of Counsel      25

SECTION 7.5.

  Not Acting in Individual Capacity      26

SECTION 7.6.

  Owner Trustee Not Liable for Trust Certificates      26

SECTION 7.7.

  Owner Trustee May Own Trust Certificates and Notes      26

SECTION 7.8.

  Doing Business in Other Jurisdictions      26

SECTION 7.9.

  Financial Crimes Enforcement Network’s Customer Due Diligence Requirements      27

SECTION 7.10.

  Beneficial Ownership and Control of Trust      27

ARTICLE VIII COMPENSATION OF OWNER TRUSTEE

     27

SECTION 8.1.

  Owner Trustee’s Fees and Expenses      28

SECTION 8.2.

  Indemnification      28

SECTION 8.3.

  Payments to Owner Trustee      28

ARTICLE IX TERMINATION OF TRUST AGREEMENT

     28

SECTION 9.1.

  Termination of Trust Agreement      28

ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     29

SECTION 10.1.

  Eligibility Requirements for Owner Trustee      30

SECTION 10.2.

  Resignation or Removal of Owner Trustee      30

 

ii


SECTION 10.3.

  Successor Owner Trustee      31

SECTION 10.4.

  Merger or Consolidation of Owner Trustee      31

SECTION 10.5.

  Appointment of Co-Trustee or Separate Trustee      31

ARTICLE XI MISCELLANEOUS

     33

SECTION 11.1.

  Amendments      33

SECTION 11.2.

  Limitations on Rights of Others      34

SECTION 11.3.

  Notices      34

SECTION 11.4.

  Severability      34

SECTION 11.5.

  Counterparts and Consent to Do Business Electronically      34

SECTION 11.6.

  Successors and Assigns      35

SECTION 11.7.

  No Petition      35

SECTION 11.8.

  Headings      35

SECTION 11.9.

  GOVERNING LAW      35

SECTION 11.10.

  Administrator      35

SECTION 11.11.

  Regulation AB      36

SECTION 11.12.

  Force Majeure      36

EXHIBITS

 

Exhibit A

 

  

Form of Trust Certificate

  

A-1

Exhibit B

 

  

Certificate of Trust of GM Financial Automobile Leasing Trust 2021-3

  

B-1

Exhibit C

 

  

Form of Transferor Certificate

  

C-1

Exhibit D

 

  

Form of Investment Letter

  

D-1

Exhibit E

 

  

Form of Rule 144A Letter

  

E-1

Exhibit F

 

  

Form of Notice of Repurchase Request

  

F-1

 

 

iii


AMENDED AND RESTATED TRUST AGREEMENT, dated as of June 30, 2021 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), between GMF Leasing LLC, a Delaware limited liability company, as depositor (the “Depositor”), and Wilmington Trust Company, a Delaware trust company (in its individual capacity, together with its successors, assigns, the “Trust Company”), as trustee (in such capacity, the “Owner Trustee”).

WHEREAS, the parties to this Agreement intend to amend and restate the Trust Agreement, dated as of June 24, 2021 (the “Original Trust Agreement”), among the parties, on the terms and conditions set forth in this Agreement;

WHEREAS, the parties hereto entered into the Original Trust Agreement, and filed the Certificate of Trust with the Secretary of State of the State of Delaware pursuant to which GM Financial Automobile Leasing Trust 2021-3 (the “Securitization Trust” or the “Issuer”) was formed; and

WHEREAS, the parties hereto are entering into this Agreement pursuant to which, among other things, the Original Trust Agreement will be amended and restated and a Trust Certificate will be issued.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby amend and restate the governing instrument of the Securitization Trust and agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1.    Capitalized Terms. Capitalized terms used in this Agreement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Supplement”), among ACAR Leasing Ltd., as Borrower (in such capacity, the “Borrower”), AmeriCredit Financial Services, Inc. d/b/a GM Financial (“GM Financial”), as Lender (in such capacity, the “Lender”) and as Servicer (in such capacity, the “Servicer”) and Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”) or, if not defined therein, in Appendix A to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Borrower, the Lender, the Servicer, the Administrative Agent and the Collateral Agent. Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

2021-3 Servicing Agreement” means the Third Amended and Restated Servicing Agreement, dated as of January 24, 2018, as the same may be further amended, restated,

 

1


supplemented or otherwise modified from time to time, among ACAR Leasing Ltd., the Servicer, APGO Trust and the Collateral Agent as supplemented by the 2021-3 Servicing Supplement, dated as of June 30, 2021, as the same may be further amended, restated, supplemented or otherwise modified from time to time, among ACAR Leasing Ltd., the Servicer, APGO Trust and Wells Fargo, as Collateral Agent and Indenture Trustee.

Applicable Anti-Money-Laundering Law” has the meaning set forth in Section 7.9.

Authenticating Agent” means initially, Wells Fargo Bank, National Association, and thereafter any Person authorized by the Owner Trustee to act on behalf of the Owner Trustee to authenticate and deliver Trust Certificates.

BBA Partnership Audit Rules” shall mean Sections 6221 through 6241 of the Code, and any regulations promulgated or proposed under any such Sections and any administrative guidance with respect thereto.

Benefit Plan Entity” has the meaning set forth in Section 3.4(e).

Benefit Plan Investor” has the meaning set forth in Section 3.4(e).

Certificate of Trust” means the Certificate of Trust filed for the Securitization Trust pursuant to Section 3810(a) of the Statutory Trust Statute, as originally filed with the Delaware Secretary of State on June 24, 2021, in the form attached hereto as Exhibit B.

Certificate Register” and “Certificate Registrar” means the register mentioned in and the registrar appointed pursuant to Section 3.4(a).

Commission” means the United States Securities and Exchange Commission.

Controlling Party” means an executive officer or senior manager or any other individual who regularly performs functions.

Corporate Trust Office” means with respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at 1100 North Market Street, Rodney Square North, Wilmington, Delaware, 19890¬0001, Attention: Corporate Trust Administration, or at such other address as the Owner Trustee may designate by notice to the Trust Certificateholders and the Depositor, or the corporate trust office of any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the Trust Certificateholders and the Depositor.

Depositor” has the meaning set forth in the preamble.

ERISA” means the Employee Retirement Income Security Act of 1974, as amended, supplemented or otherwise modified and in effect from time to time.

Expenses” has the meaning set forth in Section 8.2.

FATCA” shall mean Sections 1471 through 1474 of the Code and (a) any regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or

 

2


similar guidance issued by the IRS thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), (b) any applicable agreement entered into under Section 1471(b)(1) of the Code, and (c) any applicable intergovernmental agreement (including any implementing guidance) with respect to the implementation of the foregoing.

FATCA Information” shall mean, with respect to any Trust Certificateholder, any form or other certification, or such other information reasonably sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax.

FATCA Withholding Tax” shall mean any required withholding or deduction of tax pursuant to FATCA.

Flow-Through Entity” has the meaning set forth in Section 3.4(c).

Indemnified Parties” has the meaning set forth in Section 8.2.

Investment Letter” has the meaning set forth in Section 3.4(b).

Issuer Tax Opinion” means with respect to any action, an Opinion of Counsel to the effect that, for federal income tax purposes and subject to customary assumptions and qualifications for opinions of this type, (a) such action will not adversely affect the tax characterization as debt of any Notes that were characterized as debt at the time of their issuance, and (b) following such action neither the Issuer nor the Titling Trust will be treated as an association (or publicly traded partnership) taxable as a corporation.

Majority Certificateholder” shall mean the holder of the greatest percentage ownership interest in the Trust Certificate as recorded in the Certificate Register.

Notes” means the Series 2021-3 Class A-1 0.12945% Fixed Rate Asset Backed Notes, Class A-2 0.24% Fixed Rate Asset Backed Notes, Class A-3 0.39% Fixed Rate Asset Backed Notes, Class A-4 0.50% Fixed Rate Asset Backed Notes, Class B 0.76% Fixed Rate Asset Backed Notes and Class C 1.03% Fixed Rate Asset Backed Notes and Class D 1.16% Fixed Rate Asset Backed Notes, all issued by the Issuer and substantially in the form of Exhibit A-1, A-2, A-3, A-4, B, C and D, respectively, to the Indenture.

Original Trust Agreement” has the meaning set forth in the recitals.

Owner Trust Estate” means all right, title and interest of the Securitization Trust in and to the property and rights transferred to the Securitization Trust pursuant to the 2021-3 Exchange Note Transfer Agreement and all other property of the Securitization Trust from time to time, including any rights of the Owner Trustee and the Securitization Trust pursuant to the 2021-3 Servicing Agreement, the 2021-3 Exchange Note Supplement and the Administration Agreement.

Owner Trustee” means Wilmington Trust Company, a Delaware trust company, not in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder.

 

3


Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.9, which shall initially be the Wells Fargo Bank, National Association.

Percentage Interest” means with respect to any Trust Certificate, the percentage interest, specified on the face thereof, in the distributions on the Trust Certificates pursuant to this Agreement.

Protected Purchaser” has the meaning set forth in Section 8-303 of the UCC.

Record Date” means with respect to any Payment Date, the close of business on the Business Day immediately preceding such Payment Date.

Regulation AB” means Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

Rule 144A” means Rule 144A under the Securities Act.

Rule 144A Letter” has the meaning set forth in Section 3.4(b).

Securities” means the Notes and Trust Certificates.

Securitization Trust” means GM Financial Automobile Leasing Trust 2021-3, the trust created pursuant to the Original Trust Agreement and continued pursuant to this Agreement.

Securityholders” means Trust Certificateholders and the Noteholders.

Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.

Titling Trust Certificateholder” means a Person in whose name a Certificate of the Titling Trust is registered.

Treasury Regulations” means regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

Trust Certificate” means a certificate evidencing the undivided beneficial interest of a Trust Certificateholder in the assets of the Securitization Trust, substantially in the form attached hereto as Exhibit A.

Trust Certificateholder” means a Person in whose name a Trust Certificate is registered.

 

4


SECTION 1.2.    Interpretive Provisions.

(a)    For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used in this Agreement include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “this Agreement”, “herein”, “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, Article or Section within this Agreement, (iii) references to an Article, Section or Exhibit such as “Article One”, “Section 1.1” or Exhibit A shall refer to the applicable Article, Section or Exhibit of this Agreement, (iv) the term “include” and all variations thereof means “include without limitation”, (v) the term “or” shall include “and/or”, (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, restated, modified, supplemented or replaced (in the case of a statute) and includes (in the case of agreements or instruments) references to all attachments, annexes, exhibits and schedules thereto and instruments incorporated therein, except that references to the 2021-3 Exchange Note Supplement and the 2021-3 Servicing Agreement include only such items as relate to the 2021-3 Exchange Note, and (viii) any defined term which relates to a Person shall include within its definition the successors and permitted assigns of such Person.

(b)    As used in this Agreement and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control.

SECTION 1.3.    Amendment and Restatement. This Agreement amends and restates in full the Original Trust Agreement, with effect as of the date of this Agreement, and the parties confirm that (a) all prior actions made pursuant to such Original Trust Agreement are effective as if made under this Agreement on the date made, and (b) no provision of this Agreement is intended to result in the duplication of any such prior action by any party.

ARTICLE II

ORGANIZATION

SECTION 2.1.    Name. The trust created pursuant to the Original Trust Agreement and continued hereby shall be known as “GM Financial Automobile Leasing Trust 2021-3”, in which name the Owner Trustee may conduct the business of the Securitization Trust, make and execute contracts and other instruments on behalf of the Securitization Trust and sue and be sued.

 

5


SECTION 2.2.    Office. The office of the Securitization Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Trust Certificateholders and the Depositor.

SECTION 2.3.    Purposes and Powers. The purpose of the Securitization Trust is and the Securitization Trust shall have the power and authority to engage in the following activities:

(a)    to issue and sell the Notes pursuant to the Indenture and the Note Purchase Agreement;

(b)    to issue the Trust Certificates pursuant to this Agreement;

(c)    with the net proceeds of the sale of the Notes, to acquire the 2021-3 Exchange Note and, to pay the organizational, start-up and transactional expenses of the Securitization Trust;

(d)    to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the Indenture and to hold, manage and distribute any portion of the Owner Trust Estate released from the Lien of, and remitted to the Securitization Trust pursuant to, the Indenture;

(e)    to enter into and perform its obligations under the Program Documents to which the Securitization Trust is a party; and

(f)    to engage in those activities, including entering into agreements, that are necessary or suitable to accomplish the foregoing or are incidental thereto or connected therewith.

The Securitization Trust is hereby authorized to engage in the foregoing activities. The Securitization Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Program Documents.

SECTION 2.4.    Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Securitization Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein.

SECTION 2.5.    Initial Capital Contribution of Owner Trust Estate. The Depositor has previously sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, of the foregoing contribution, which shall constitute the initial Owner Trust Estate and shall be deposited in the 2021-3 Exchange Note Collections Account. The Depositor shall pay organizational expenses of the Securitization Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

SECTION 2.6.    Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the

 

6


use and benefit of the Trust Certificateholders, subject to the obligations of the Securitization Trust under the Program Documents. It is the intention of the parties hereto that the Securitization Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers authority and authorization set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Securitization Trust.

SECTION 2.7.    Liability of Trust Certificateholders. The Trust Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State of Delaware.

SECTION 2.8.    Title to Owner Trust Estate. Legal title to all the Owner Trust Estate shall be vested at all times in the Securitization Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

SECTION 2.9.    Situs of Securitization Trust. The Securitization Trust will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Securitization Trust shall be located in the State of Delaware or the State of New York. The Securitization Trust shall not have any employees in any State other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or outside of the State of Delaware. Payments will be received by the Securitization Trust only in Delaware or New York, and payments will be made by the Securitization Trust only from Delaware or New York.

SECTION 2.10.    Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that:

(a)    The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

(b)    The Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained or has filed all forms, in the appropriate form, that are required to obtain all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require such qualifications.

(c)    The Depositor has the power and authority to execute and deliver this Agreement and any other Program Document to which the Depositor is a party, and to carry out their respective terms; the Depositor has full power and authority to transfer and assign the property to be transferred and assigned to and deposited with the Securitization Trust and the Depositor has duly authorized such transfer and assignment and deposit to the Securitization Trust by all necessary limited liability company action; and the execution, delivery and performance of this

 

7


Agreement and any other Program Document to which the Depositor is a party have been duly authorized by the Depositor by all necessary action of a limited liability company.

(d)    This Agreement and each other Program Document to which the Depositor is a party constitutes a legal, valid and binding obligation of the Depositor, enforceable in accordance with its terms, except as such enforceability may be subject to or limited by bankruptcy, liquidation, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or in law.

(e)    The consummation of the transactions contemplated by this Agreement and any other Program Document to which the Depositor is a party and the fulfillment of the respective terms hereof and thereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the limited liability company agreement of the Depositor, or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Program Documents); nor violate any law or any order, rule or regulation applicable to the Depositor of any court or of any federal or State regulatory body, administrative agency or other Governmental Authority having jurisdiction over the Depositor or its properties.

(f)    There are no proceedings or investigations pending or, to the best of the Depositor’s knowledge, threatened before any court, regulatory body, administrative agency or other Governmental Authority having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any other Program Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Program Document or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Program Document.

SECTION 2.11.    Federal Income Tax Treatment of the Trust.

(a)    For so long as the Securitization Trust has a single owner for federal income tax purposes, pursuant to Treasury Regulations promulgated under Section 7701 of the Code, it will be disregarded as an entity distinct from the Trust Certificateholder for federal income tax purposes. Accordingly, for federal income tax purposes, the Trust Certificateholder will be treated as (i) owning all assets owned by the Securitization Trust and (ii) having incurred all liabilities incurred by the Securitization Trust, and all transactions between the Securitization Trust and the Trust Certificateholder will be disregarded. The parties agree that, unless otherwise required by appropriate tax authorities, the Securitization Trust will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Securitization Trust as provided in the preceding sentence for such tax purposes.

 

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(b)    Neither the Owner Trustee nor the Trust Certificateholder will, nor will the Trust Certificateholder direct the Owner Trustee to, make an election on IRS Form 8832 or otherwise to classify the Securitization Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose.

(c)    In the event that the Securitization Trust has two or more owners for federal income tax purposes, pursuant to Treasury Regulations promulgated under Section 7701 of the Code, it will be treated as a partnership, with the assets of the partnership being the 2021-3 Exchange Note and other assets held by the Securitization Trust, the partners of the partnership being the Trust Certificateholders and the Loan being debt of the partnership, solely for income and franchise tax purposes. At any such time that the Securitization Trust has two or more equity owners, this Agreement will be amended, in accordance with Section 11.1 herein, and appropriate provisions will be added so as to provide for treatment of the Trust as a partnership.

(d)    In the event that the Securitization Trust is classified as a partnership for federal income tax purposes (i) the Depositor (or if the Depositor is no longer a Trust Certificateholder, the Majority Certificateholder) is hereby designated as the “partnership representative” under Section 6223(a) of the Code and (ii) the partnership representative will or will cause the Securitization Trust, to the extent eligible, to make the election under Section 6221(b) of the Code with respect to determinations of adjustments at the partnership level and take any other action (such as disclosures and notifications) necessary or appropriate to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the partnership representative will or will cause the Securitization Trust to make the election under Section 6226(a) of the Code with respect to the alternative to payment of imputed underpayment by a partnership and take any other action such as filings, disclosures and notifications necessary or appropriate to effectuate such election. The partnership representative is authorized, in its sole discretion, to make any available election with respect to the BBA Partnership Audit Rules and take any action it deems necessary or appropriate to comply with the requirements of the Code and to conduct the Securitization Trust’s affairs with respect to the BBA Partnership Audit Rules. Each Trust Certificateholder and, if different, each beneficial owner of a Trust Certificate, shall promptly provide the partnership representative any requested information, documentation or material to enable the partnership representative to make any of the elections described in this clause (d) and otherwise comply with the BBA Partnership Audit Rules. The provisions of this Section 2.11(d) shall survive any termination of this Agreement. In addition, should the Securitization Trust be classified as a partnership, the partnership representative, may, in its sole discretion, cause the Securitization Trust to make an election under Section 754 of the Code.

ARTICLE III

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

SECTION 3.1.    Initial Ownership. Until the issuance of the Trust Certificates, the Depositor shall be the sole beneficiary of the Securitization Trust.

SECTION 3.2.    The Trust Certificates.

 

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(a)    The Trust Certificates shall be substantially in the form set forth in Exhibit A and shall be issued in minimum denominations of a one percent Percentage Interest in the Securitization Trust. Except for the issuance of Trust Certificates to the Depositor, no Trust Certificate may be sold, pledged or otherwise transferred to any Person except in accordance with Section 3.4 and any attempted sale, pledge or transfer in violation of such Section shall be null and void.

The Trust Certificates may be in printed or in typewritten form, and may be executed on behalf of the Securitization Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Securitization Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. If registration of a transfer of a Trust Certificate is permitted pursuant to Section 3.4, the transferee of such Trust Certificate shall become a Trust Certificateholder, and shall be entitled to the rights and subject to the obligations of a Trust Certificateholder hereunder, upon due registration of such Trust Certificate in such transferee’s name pursuant to Section 3.4.

(b)    Payments in respect of the Trust Certificates shall be payable to the Trust Certificateholders in accordance with Section 5.1.

SECTION 3.3.    Authentication of Trust Certificates. Concurrently with the transfer of the 2021-3 Exchange Note to the Securitization Trust, the Owner Trustee shall cause the Trust Certificates in an aggregate Percentage Interest equal to 100% to be executed on behalf of the Securitization Trust, authenticated and delivered to or upon the written order of the Depositor. No Trust Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Trust Certificate a certificate of authentication, substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Authenticating Agent, by manual signature; such authentication shall constitute conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication. Upon issuance, execution and delivery pursuant to the terms hereof, the Trust Certificates shall be entitled to the benefits of this Agreement. Wells Fargo Bank, National Association is hereby appointed as the initial Authenticating Agent.

SECTION 3.4.    Registration of Transfer and Exchange.

(a)    The Certificate Registrar shall cause to be kept a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Trust Certificates and, if and to the extent transfers and exchanges are permitted pursuant to Section 3.4(b), the registration of transfers of Trust Certificates. No transfer of a Trust Certificate shall be recognized except upon registration of such transfer. Wells Fargo Bank, National Association is hereby appointed as the initial “Certificate Registrar”. Upon any resignation of the Certificate Registrar, the Depositor shall promptly appoint a successor.

 

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(b)    The Trust Certificates have not been and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a Trust Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities Act and such laws, the Trust Certificateholder desiring to effect such transfer and such Trust Certificateholder’s prospective transferee shall each certify to the Owner Trustee in writing the facts surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”) and either Exhibit D (the “Investment Letter”) or Exhibit E (the “Rule 144A Letter”). Except in the case of a transfer as to which the proposed transferee has provided a Rule 144A Letter, there shall also be delivered to the Owner Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act, which Opinion of Counsel shall not be an expense of the Securitization Trust or the Owner Trustee. The Depositor shall provide to any Trust Certificateholder and any prospective transferee designated by any such Trust Certificateholder, information regarding the Trust Certificates and the 2021-3 Exchange Note and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Trust Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Trust Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Securitization Trust, the Owner Trustee, the Trust Company and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws. Each Trust Certificate to contain a legend in the form set forth on the form of Trust Certificate attached hereto as Exhibit A.

(c)    Upon surrender for registration of transfer or exchange of any Trust Certificate at the office of the Certificate Registrar and upon compliance with the provisions of this Agreement relating to such transfer or exchange, provided that the requirements of Section 8-401(a) of the UCC are met, the Owner Trustee upon written direction of the Depositor shall execute on behalf of the Securitization Trust and shall, or shall cause the Authenticating Agent to, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates of a like aggregate Percentage Interest that the Trust Certificateholder making the exchange is entitled to receive and dated the date of such authentication of the Trust Certificates, as the case may be; provided that prior to such execution, authentication and delivery, the Owner Trustee and the Depositor shall have received an Issuer Tax Opinion. Notwithstanding the foregoing, no sale or transfer of a Trust Certificate shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar to be effective hereunder, if the sale or transfer thereof increases the number of Trust Certificateholders and Titling Trust Certificateholders to more than ninety-five (95).    For purposes of determining the total number of Trust Certificateholders, a beneficial owner of an interest in a partnership, grantor trust or S corporation for federal income tax purposes (each, a “Flow-Through Entity”) that owns, directly or through other Flow-Through Entities, a Trust Certificate, is treated as a holder of a Trust Certificate if (i) substantially all of the value of the beneficial owner’s interest (directly or indirectly) in the Flow-Through Entity is attributed to the Flow-Through Entity’s interest in the Trust Certificate or (ii) a principal purpose of the use of the Flow-Through Entity to hold the Trust Certificate is to satisfy the 95 holder limitation set out

 

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above. If using a Flow-Through Entity to acquire a Trust Certificate, the Trust Certificateholder shall be deemed to have represented that it is not using the Flow-Through Entity in order to avoid the 95 holder limitation set out above. In addition, no sale or transfer of a Trust Certificate shall be registered by the Certificate Registrar or made effective hereunder unless, as evidenced by a written representation and covenant by the transferee in form satisfactory to the Certificate Registrar (upon which representation and covenant the Certificate Registrar may conclusively rely without independent investigation), no member of the transferee’s expanded group as defined in Treasury Regulation Section 1.385-1(c)(4) (including through a controlled partnership as defined in Treasury Regulation Section 1.385-1(c)(1)) is or will become the beneficial owner of a Note. If a Trust Certificateholder or a member of its expanded group becomes the beneficial owner of a Note, the Depositor is authorized at its discretion to compel such Certificateholder to sell its Trust Certificate to a Person whose ownership complies with this paragraph so long as such sale does not otherwise cause a material adverse effect on the Securitization Trust. At the option of a Trust Certificateholder, Trust Certificates may be exchanged for other Trust Certificates of like tenor and aggregate Percentage Interest upon surrender of the Trust Certificates to be exchanged at the office or agency maintained pursuant to Section 3.8.

The Certificate Registrar shall require that every Trust Certificate presented or surrendered for registration of transfer or exchange shall be beneficially owned by a United States person within the meaning of Section 7701(a)(30) of the Code and shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-9, and such other form or documentation as may be reasonably required by the Owner Trustee or the Certificate Registrar in order to comply with Applicable Anti-Money Laundering Law, in form satisfactory to the Certificate Registrar or the Owner Trustee, as applicable, duly executed by the Trust Certificateholder or such Person’s attorney duly authorized in writing. No such transfer will be effective unless the Owner Trustee has received the transfer documentation required hereunder.

No service charge shall be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any registration of transfer or exchange of Trust Certificates.

No Certificate may be held or beneficially owned by any Person that is not a United States person as defined under Section 7701(a)(30) of the Code. By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof shall be deemed to have represented and warranted that it is a United States person as defined under Section 7701(a)(30) of the Code.

The Certificate Registrar shall cancel and retain or destroy, in accordance with the Certificate Registrar’s retention policy then in effect, all Trust Certificates surrendered for registration of transfer or exchange and shall upon written request certify to the Depositor as to such retention or destruction.

 

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(d)    The provisions of this Section generally are intended, among other things, to prevent the Securitization Trust from being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Code, in reliance on Treasury Regulations Section 1.7704-1(e) and (h), and the Depositor shall take such intent into account in determining whether or not to consent to any proposed transfer of any Trust Certificate.

(e)    The Trust Certificates may not be acquired or held by or for the account of (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan described in (i) or (ii) above by reason of such employee benefit plan’s or a plan’s investment in the entity (each, a “Benefit Plan Investor”), or (iv) an employee benefit plan, a plan or other similar arrangement that is not a Benefit Plan Investor but is subject to federal, state, local, non-U.S. or other laws or regulations that are substantially similar to Section 406 of ERISA or Section 4975 of the Code (each of (i)-(iv), a “Benefit Plan Entity”). Each Trust Certificateholder shall be deemed to represent and warrant that it is not a Benefit Plan Entity.

The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register any transfer or exchange of Trust Certificates for a period of fifteen (15) days preceding the due date for any payment with respect to the Trust Certificates. Notwithstanding anything contained herein to the contrary, neither the Certificate Registrar nor the Owner Trustee shall be responsible for ascertaining whether any transfer complies with the registration provisions or exemptions from the Securities Act, the Exchange Act, applicable state securities law, ERISA, the Investment Company Act, other applicable law, or the provisions of this Agreement. Except that, if an Investment Letter or Rule 144A Letter is required by this Section 3.4 and provided to the Owner Trustee, the Owner Trustee shall be under a duty to examine the same solely to determine whether it conforms substantially on its face to the applicable form attached hereto.

SECTION 3.5.    Mutilated, Destroyed, Lost or Stolen Trust Certificates.

(a)    If (i) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate, and (ii) there shall be delivered to the Certificate Registrar, the Owner Trustee and the Trust Company such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been acquired by a Protected Purchaser, upon the written direction of the Depositor, the Owner Trustee on behalf of the Securitization Trust shall execute and the Owner Trustee or the Authenticating Agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and Percentage Interest. If, after the delivery of such replacement Trust Certificate or payment of a destroyed, lost or stolen Trust Certificate, a Protected Purchaser of the original Trust Certificate in lieu of which such replacement Trust Certificate was issued presents for payment such original Trust Certificate, the Securitization Trust and the Owner Trustee shall be entitled to recover such replacement Trust Certificate (or such payment) from the Person to whom such replacement Trust Certificate was delivered or any Person taking such replacement

 

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Trust Certificate from such Person to whom such replacement Trust Certificate was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Securitization Trust or the Owner Trustee in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Securitization Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time.

(b)    In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

(c)    Every replacement Trust Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Trust Certificate shall constitute an original additional contractual obligation of the Securitization Trust, whether or not the mutilated, destroyed, lost or stolen Trust Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Trust Certificates issued hereunder.

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

SECTION 3.6.    Persons Deemed Trust Certificateholders. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying Agent will treat the Person in whose name any Trust Certificate is registered in the Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.1 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary.

SECTION 3.7.    Access to List of Trust Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a written request therefor from the Owner Trustee, the Servicer or the Depositor, a list, in such form as the Owner Trustee, the Servicer or the Depositor may reasonably require, of the names, addresses, and Percentage Interests of the Trust Certificateholders as of the most recent Record Date, and the Owner Trustee, the Depositor and the Servicer may rely and shall be fully protected in relying thereon.

If a Trust Certificateholder applies in writing to the Certificate Registrar, and such application states that the applicant desires to communicate with other Trust Certificateholders with respect to their rights under this Agreement or under the Trust Certificates, then the Certificate Registrar shall, within five (5) Business Days after the receipt of such application, afford such applicant access during normal business hours to the current list of Trust Certificateholders. Each Trust Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the

 

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Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

SECTION 3.8.    Maintenance of Office or Agency. The Certificate Registrar shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Trust Certificates and the Program Documents may be served. The Certificate Registrar designates its offices at Wells Fargo Bank, National Association, 600 South 4th Street, MAC N9300-061, Minneapolis, Minnesota 55415, Attention: Corporate Trust Administration for such purposes. The Certificate Registrar shall give prompt written notice to the Depositor and to the Trust Certificateholders of any change in the location of the Certificate Register or any such office or agency.

SECTION 3.9.    Appointment of Paying Agent. The Paying Agent shall make distributions to Trust Certificateholders pursuant to Section 5.1 and shall report the amounts of such distributions to the Depositor. The Depositor may revoke such power and remove the Paying Agent if the Depositor determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect or that it is in the interest of the Trust Certificateholders to do so. The Paying Agent initially shall be the Indenture Trustee, and any co-paying agent chosen by the Indenture Trustee and acceptable to the Depositor. The Depositor shall cause such successor Paying Agent or any additional Paying Agent appointed by the Depositor to execute and deliver to the Depositor an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Trust Certificateholders in trust for the benefit of the Trust Certificateholders entitled thereto until such sums shall be paid to such Trust Certificateholders. Upon removal of a Paying Agent such Paying Agent shall return all funds in its possession to the successor Paying Agent. The provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to the Owner Trustee also in its role as Paying Agent, if and for so long as the Owner Trustee shall act as Paying Agent, if and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

SECTION 3.10.    Definitive Trust Certificates. The Trust Certificates, upon original issuance, will be issued in definitive, fully registered form.

SECTION 3.11.    Trust Certificates held by Depositor or its Affiliates. Unless otherwise specified in this Agreement or other Program Documents, any Trust Certificates owned by the Depositor, the Servicer (so long as GM Financial or an Affiliate thereof is the Servicer) or any of their respective Affiliates shall be entitled to the benefits under this Agreement equally and proportionately to the benefits afforded other owners of the Trust Certificates, except that such Trust Certificates shall be deemed not to be outstanding for the purpose of determining whether the requisite percentage of Securityholders have given any request, demand, authorization, direction, notice, consent or other action under the Program Documents (other than the commencement by the Securitization Trust of a voluntary proceeding in bankruptcy).

 

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SECTION 3.12.    Trust Certificates Nonassessable and Fully Paid. Trust Certificateholders shall not be personally liable for obligations of the Securitization Trust. Except as set forth herein, the interests represented by the Trust Certificates shall be nonassessable for any losses or expenses of the Securitization Trust or for any reason whatsoever, and, upon authentication thereof pursuant to Sections 3.3, 3.4 and 3.5, the Trust Certificates shall be deemed fully paid.

SECTION 3.13.    No Legal Title to Owner Trust Estate in Trust Certificateholders. The Trust Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Trust Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles Five and Nine. No transfer, by operation of law or otherwise, of any right, title or interest of the Trust Certificateholders to and in their beneficial interest in the Securitization Trust shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

SECTION 3.14.    No Recourse. Each Trust Certificateholder by accepting a Trust Certificate acknowledges that such Trust Certificateholder’s Trust Certificates represent beneficial interests in the Securitization Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Trust Company, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement or the Trust Certificates.

ARTICLE IV

ACTIONS BY OWNER TRUSTEE

SECTION 4.1.    Prior Notice to Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.4, with respect to the following matters, the Securitization Trust shall not take action unless at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the Trust Certificateholders in writing of the proposed action and prior to the 30th day after such notice is given the Trust Certificateholders shall not have notified the Owner Trustee in writing that such Trust Certificateholders have withheld consent or provided alternative direction:

(a)    the initiation of any claim or lawsuit by the Securitization Trust (except claims or lawsuits brought by the Servicer on behalf of the Titling Trust and Persons having interest in the 2021-3 Exchange Note to collect amounts owed under the 2021-3 Lease Agreements or in respect of a 2021-3 Leased Vehicles) and the compromise of any action, claim or lawsuit brought by or against the Securitization Trust (except with respect to the aforementioned claims or lawsuits for collection of the 2021-3 Lease Agreements and the 2021-3 Leased Vehicles);

(b)    the election by the Securitization Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute);

 

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(c)    the amendment of the Indenture by a supplemental indenture in circumstances where such amendment materially adversely affects the interests of the Trust Certificateholders;

(d)    the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Trust Certificateholders; or

(e)    the appointment pursuant to the Indenture of a successor Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar or Paying Agent, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable.

SECTION 4.2.    Action by Trust Certificateholders with Respect to Certain Matters.

(a)    Subject to the provisions and limitations of this Agreement, to the extent the Owner Trustee or the Securitization Trust is deemed to be the 2021-3 Exchange Noteholder pursuant to the 2021-3 Exchange Note Supplement and the Credit and Security Agreement, subsequent to the payment in full of all obligations secured by the Indenture, the Owner Trustee or Securitization Trust, as the case may be, shall take such actions as directed in writing by Trust Certificateholders of Trust Certificates evidencing at least 6623% of the Percentage Interests. The Securitization Trust may not, except upon the occurrence of a Servicer Default, subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders of Trust Certificates evidencing at least 6623% of the Percentage Interests, remove the Servicer with respect to the 2021-3 Exchange Note or appoint a Successor Servicer with respect thereto.

(b)    The Securitization Trust shall not have the power, except upon the direction of Trust Certificateholders of Trust Certificates evidencing at least 6623% of the Percentage Interests, to (i) remove the Administrator under the Administration Agreement pursuant to Section 1.09 thereof, (ii) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement, or (iii) except as expressly provided in the Program Documents, sell the 2021-3 Exchange Note after the termination of the Indenture. The Securitization Trust shall take the actions referred to in the preceding sentence only upon written instructions signed by Trust Certificateholders of Trust Certificates evidencing at least 6623% of the Percentage Interests.

SECTION 4.3.    Action by Trust Certificateholders with Respect to Bankruptcy. The Securitization Trust shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Securitization Trust without the unanimous prior approval of all Trust Certificateholders and the delivery to the Securitization Trust by each such Trust Certificateholder of a certificate certifying that such Trust Certificateholder reasonably believes that the Securitization Trust is insolvent.

SECTION 4.4.    Restrictions on Trust Certificateholders’ Power. The Trust Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Securitization Trust or the

 

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Owner Trustee under this Agreement or any of the Program Documents or would be contrary to Section 2.3 or 6.3, nor shall the Owner Trustee be obligated to follow any such direction, if given.

SECTION 4.5.    Super-Majority Control. Except as expressly provided herein, any action that may be taken by the Trust Certificateholders under this Agreement shall be taken only by Trust Certificateholders of Trust Certificates evidencing at least 6623% of the Percentage Interests thereof. Except as expressly provided herein, any written notice of the Trust Certificateholders delivered pursuant to this Agreement shall be effective only if signed by such super-majority of Trust Certificateholders.

ARTICLE V

APPLICATION OF SECURITIZATION TRUST FUNDS; CERTAIN DUTIES

SECTION 5.1.    Application of Securitization Trust Funds.

(a)    At least two (2) Business Days prior to each Payment Date, the Servicer shall send instructions to the Indenture Trustee to make payments or distributions in accordance with Section 8.3 of the Indenture. Distributions to Trust Certificateholders will be made in accordance with Section 5.4(c) or Section 8.3(a)(xviii), as applicable, of the Indenture; provided, however, that so long as the Depositor or an Affiliate of the Depositor is a Trust Certificateholder, the Depositor will, or will cause such Affiliate of the Depositor to, as the case may be, promptly remit all amounts that the Depositor or such Affiliate, as applicable, receives as Trust Certificateholder pursuant to Section 5.4(c)(ELEVENTH) or Section 8.3(a)(xviii) of the Indenture and that represent Excess Exchange Note Payments to the Borrower for further application to the Lending Facility Pool.

(b)    So long as the Depositor is the sole Trust Certificateholder, on or following the Payment Date on which the Note Principal Balance has been reduced to zero and all Obligations shall have been satisfied, the Depositor may direct the Owner Trustee in writing to distribute to it, and upon receipt of such direction the Owner Trustee shall distribute to or upon the order of the Depositor, the remaining assets of the Securitization Trust.

(c)    On or before each Payment Date, the Servicer shall deliver to each Trust Certificateholder a Servicer Report with respect to such Payment Date and the related Collection Period.

(d)    In the event that any withholding tax is imposed on the Securitization Trust’s payment (or, if the Securitization Trust is treated as a partnership for federal income tax purposes, allocations of income) to a Trust Certificateholder, such tax shall reduce the amount otherwise distributable to such Trust Certificateholder in accordance with this Section. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to such Trust Certificateholders, sufficient funds for the payment of any withholding tax that is legally owed by the Securitization Trust (but such authorization shall not prevent the Securitization Trust from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The

 

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amount of any withholding tax imposed with respect to a Trust Certificateholder shall be treated as cash distributed to such Trust Certificateholder, at the time it is withheld by the Securitization Trust for remittance to the appropriate taxing authority. If the Paying Agent determines that there is a possibility that withholding tax is payable with respect to a distribution, the Paying Agent may in its sole discretion withhold such amounts in accordance with this Section. In the event that a Trust Certificateholder wishes to apply for a refund of any such withholding tax, the Paying Agent shall reasonably cooperate with such Trust Certificateholder in making such claim so long as such Trust Certificateholder agrees to reimburse the Paying Agent for any out-of-pocket expenses incurred.

SECTION 5.2.    Method of Payment. Subject to Section 9.1(c), distributions required to be made to Trust Certificateholders on any Payment Date shall be made by the Paying Agent to each Trust Certificateholder of record on the preceding Record Date by wire transfer, in immediately available funds, to the account of such Trust Certificateholder at a bank or other entity having appropriate facilities therefor, if such Trust Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five (5) Business Days prior to such Payment Date, or, if not, by check mailed to such Trust Certificateholder at the address of such Trust Certificateholder appearing in the Certificate Register.

SECTION 5.3.    Accounting and Reports to Trust Certificateholders, Internal Revenue Service and Others.

(a)    The Owner Trustee shall, based on information provided by the Depositor, (i) maintain (or cause to be maintained) the books of the Securitization Trust on a fiscal year basis ending December 31 on the accrual method of accounting and in addition to the Owner Trustee’s rights under Section 5.1, take such action as instructed by the Trust Certificateholders to collect or cause to be collected and paid over to applicable authorities any withholding tax as described in and in accordance with Section 5.1 with respect to income or distributions to Trust Certificateholders.

(b)    The Owner Trustee shall deliver to each Trust Certificateholder such information, reports or statements as may be required by the Code and applicable Treasury Regulations and as may be required to enable each Trust Certificateholder to prepare its federal and state income tax returns. In no event shall the Owner Trustee, the Trust Company, or the Depositor (or such designee Trust Certificateholder, as applicable) be liable for any liabilities, costs or expenses of the Securitization Trust if it is treated as a separate entity subject to taxation or the Noteholders arising out of the application of any tax law, including federal, State, foreign or local income or excise taxes or any other tax imposed on or measured by the Securitization Trust’s or a Noteholder’s income (or any interest, penalty or addition with respect thereto or arising from a failure to comply therewith) except for any such liability, cost or expense attributable to the willful misconduct or gross negligence by the Owner Trustee or the Depositor (or such designee Trust Certificateholder, as applicable), as the case may be, in breach of its obligations under this Agreement.

(c)    Each Trust Certificateholder, by acceptance of such Trust Certificate or such interest therein, agrees to provide to the Owner Trustee, upon its reasonable request, the FATCA Information to the extent such Trust Certificateholder is legally entitled to do so. In addition,

 

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each Trust Certificateholder, by acceptance of such Trust Certificate or such interest therein, agrees that the Owner Trustee has the right to withhold or deduct (and to promptly pay over, in full, to the relevant taxing authority) any amounts properly withheld or deducted under law (and without any corresponding gross-up) payable to a Trust Certificateholder that fails to comply with the requirements of the preceding sentence.

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 6.1.    General Authority.

(a)    The Owner Trustee is authorized and empowered to execute and deliver the Program Documents to which the Securitization Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Program Documents to which the Securitization Trust is to be a party and any amendment or other agreement or instrument, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the presentation thereof to the Owner Trustee and the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized and empowered, but shall not be obligated, to take all actions required of the Securitization Trust pursuant to the Program Documents. The Owner Trustee is further authorized and empowered from time to time to take such action as the Administrator recommends with respect to the Program Documents.

(b)    At the written direction of the Trust Certificateholder, the Owner Trustee shall sign on behalf of the Securitization Trust any applicable tax returns of the Securitization Trust, unless applicable law requires the Trust Certificateholder to sign such documents.

SECTION 6.2.    General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) only those responsibilities expressly required to be performed by it pursuant to the terms of this Agreement and the Program Documents to which the Securitization Trust is a party, in the interest of the Trust Certificateholders, and in all cases subject to such Program Documents and in accordance with the provisions of this Agreement. In addition to the foregoing, the Owner Trustee shall comply with the obligations set forth in Section 2.5(b) of the Servicing Supplement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the other Program Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Securitization Trust hereunder or under any other Program Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

SECTION 6.3.    Action upon Instruction.

(a)    Subject to Article Four and in accordance with the terms of the Program Documents, the Trust Certificateholders may by written instruction direct the Owner Trustee in

 

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the management of the Securitization Trust. Such direction may be exercised at any time by written instruction of the Trust Certificateholders pursuant to Article Four.

(b)    The Owner Trustee shall not be required to take any action hereunder or under any other Program Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any other Program Document or is otherwise contrary to law.

(c)    Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any other Program Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Trust Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Trust Certificateholders received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action as it shall deem to be in the best interests of the Trust Certificateholders, and shall have no liability to any Person for such action or inaction.

(d)    In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any other Program Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Trust Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within fifteen (15) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action as it shall deem to be in the best interests of the Trust Certificateholders, and shall have no liability to any Person for such action or inaction.

(e)    Notwithstanding the foregoing, the right of the Depositor or the Trust Certificateholders to take any action affecting the Owner Trust Estate shall be subject to the rights of the Indenture Trustee under the Indenture.

SECTION 6.4.    No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, this Agreement, the Securitization Trust or any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written

 

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instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any other document against the Owner Trustee. To the extent that, at law or in equity, the Owner Trustee has duties (including, without limitation, fiduciary duties) and liabilities relating thereto to the Securitization Trust or to the Depositor and the other Trust Certificateholders, the Owner Trustee shall not be personally liable to the Securitization Trust or to the Depositor and the other Trust Certificateholders, to the fullest extent permitted by law, for the Owner Trustee’s good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including, without limitation, fiduciary duties) and liabilities of the Owner Trustee otherwise existing at law or in equity, are agreed by the Owner Trustee, the Depositor, and the Trust Certificateholders to replace such other duties (including, without limitation, fiduciary duties) and liabilities to the fullest extent permitted by law (including, without limitation, Section 3806(c)(2) of the Statutory Trust Statute, as amended). The Owner Trustee shall have no responsibility for filing any trust licensing or qualifications to do business, securities law filing, tax filing, financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any ownership or security interest or lien granted to it hereunder or to record this Agreement or any other Program Document or monitor or enforce the satisfaction of any risk retention requirement. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Owner Trust Estate.

SECTION 6.5.    No Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (a) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, or (b) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3.

SECTION 6.6.    Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Securitization Trust set forth in Section 2.3 of this Agreement, or (b) that, to the actual knowledge of the Owner Trustee, would result in the Securitization Trust’s becoming an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. The Trust Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section.

SECTION 6.7.    Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties.

(a)    The Owner Trustee will (i) in accordance with its obligations pursuant to Section 2.5 of the 2021-3 Servicing Supplement, provide prompt written notice upon the discovery of any breach of the Servicer’s representations and warranties, (ii) no later than five (5) Business Days after the end of each calendar quarter, provide to the Servicer and the Depositor, a notice in substantially the form of Exhibit F, or any other form agreed upon between the Owner Trustee and the Depositor, which shall be deemed acceptable to the Depositor unless the Depositor notifies the Owner Trustee within five (5) Business Days of its receipt thereof, with respect to any requests (in writing or orally) for the repurchase of any 2021-3 Lease Agreement and the

 

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related 2021-3 Leased Vehicle pursuant to Section 2.5 of the 2021-3 Servicing Supplement received by a Responsible Officer of the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the 2021-3 Closing Date) and (iii) promptly upon reasonable written request by the Servicer or the Depositor, provide to them any other information reasonably requested in good faith that is in actual possession of the Owner Trustee and necessary to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB.

(b)    In no event will the Owner Trustee or the Issuer have any responsibility or liability in connection with (i) the compliance by the Servicer, the Depositor or any other Person with the Exchange Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB. The Owner Trustee will not have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase or reallocation of any 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle pursuant to Section 2.5 of the 2021-3 Servicing Supplement.

ARTICLE VII

CONCERNING THE OWNER TRUSTEE

SECTION 7.1.    Acceptance of Trusts and Duties.

(a)    The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms set forth in this Agreement. The Owner Trustee shall not be answerable or accountable hereunder under any circumstances, except to the Securitization Trust, the Depositor, and to the Trust Certificateholders (x) for its own willful misconduct or gross negligence, or (y) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Trust Company. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

(i)    the Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee (except in the case of willful misconduct, bad faith or gross negligence);

(ii)    the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Administrator or any Trust Certificateholder;

(iii)    no provision of this Agreement or any other Program Document shall require the Owner Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other Program Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

 

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(iv)    the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Program Documents, other than the certificate of authentication on the Trust Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or to any Trust Certificateholder, other than as expressly provided for herein or expressly agreed to in the Program Documents;

(v)    the Owner Trustee shall not be responsible for supervising or monitoring the performance of, and shall not be liable for the default or misconduct of the Administrator, the Depositor, the Indenture Trustee, the Servicer or any other person under any of the Program Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Securitization Trust under this Agreement or the other Program Documents that are not expressly required to be performed by the Owner Trustee, including, without limitation, those that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the 2021-3 Servicing Agreement;

(vi)    the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Program Document, at the request, order or direction of any of the Trust Certificateholders, unless such Trust Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Program Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than to the Securitization Trust, the Depositor, and the Trust Certificateholders for its own gross negligence or willful misconduct in the performance of any such act;

(vii)    in no event shall the Owner Trustee, its directors, officers, agents or employees be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Owner Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and

(viii)    the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer of the Trustee has actual knowledge or received written notice thereof.

(b)    under no circumstances shall the Owner Trustee be liable for any representations, warranties or covenants of the Issuer or any other person or the indebtedness evidenced by or arising under any of the Program Documents, including the principal of and interest on the Notes or any amounts payable on the Trust Certificates.

 

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SECTION 7.2.    Furnishing of Documents. The Owner Trustee shall furnish to the Trust Certificateholders, promptly upon receipt of a written request therefor, and at the expense of the requesting Trust Certificateholder, (a) copies of the Program Documents, and (b) copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Program Documents.

SECTION 7.3.    Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor and the Trust Certificateholders, that:

(a)    It is a trust company duly organized and validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

(b)    It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

(c)    Neither the execution or the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

SECTION 7.4.    Reliance; Advice of Counsel.

(a)    The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, judgment, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee need not investigate any fact or matter stated in any such document, including verifying the correctness of any numbers or calculations. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof require and rely on a certificate, signed by an appropriate person, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

(b)    In the exercise or performance of its power, authority, duties and obligations under this Agreement or the other Program Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done,

 

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suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons; provided, however, that the Owner Trustee shall use its best efforts to procure and provide to such counsel, accountants or other such Persons all such documents and information as may be reasonably necessary for such Persons to render such opinion or advice.

SECTION 7.5.    Not Acting in Individual Capacity. Except as provided in this Article, in accepting the trusts hereby created the Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee or the Trust by reason of the transactions contemplated by this Agreement or any other Program Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

SECTION 7.6.    Owner Trustee Not Liable for Trust Certificates. The recitals contained herein and in the Trust Certificates (other than the signature and any authentication of the Owner Trustee on the Trust Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any other Program Document or of the Trust Certificates (other than the signature and countersignature of the Owner Trustee on the Trust Certificates) or the Notes. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity or enforceability of any Program Document to which the Owner Trustee is to be a party (except for enforceability against the Owner Trustee), or the perfection and priority of any security interest created by or under any Program Document, or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Trust Certificateholders under this Agreement or the Noteholders under the Indenture, the validity of the transfer of the 2021-3 Exchange Note, or for the compliance by the Depositor, the Administrator or the Servicer with any warranty or representation made under any Program Document or for the accuracy of any such warranty or representation or for any action of the Administrator, the Servicer or the Indenture Trustee taken in the name of the Owner Trustee.

SECTION 7.7.    Owner Trustee May Own Trust Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

SECTION 7.8.    Doing Business in Other Jurisdictions

Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance with Section 10.5 hereof, (a) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (b) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by

 

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Wilmington Trust Company (or any successor thereto); or (c) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated hereby.

SECTION 7.9.    Financial Crimes Enforcement Network’s Customer Due Diligence Requirements. To help the government fight the funding of terrorism and money laundering activities, the Customer Identification Program requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 and its implementing regulations (together, the “USA PATRIOT Act”), the Financial Crimes Enforcement Network’s Customer Due Diligence Requirements (the “FinCEN Due Diligence Requirements”) and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions (collectively, with the USA PATRIOT Act and FinCEN Due Diligence Requirements, the “Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies each Person who opens an account. Accordingly, in order to comply with Applicable Anti-Money-Laundering Law, the Owner Trustee will request on or before the 2021-3 Closing Date and from time to time thereafter reasonable documentation to verify and record information that identifies each Person who opens an account. For a non-individual Person, such as a business entity, a charity, a trust or other “legal entity customer” (as defined in the FinCEN Due Diligence Requirements), the Owner Trustee may request and shall be entitled to receive from such Person reasonable documentation to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation and information (including beneficial owners of such entities) (collectively, the “Owner Trustee Due Diligence Documents”). Failure by a Person who opens an account to provide such Owner Trustee Due Diligence Documents may result in an inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee pursuant to Section 10.2. Notwithstanding the foregoing, if such Person who opens an account is not a legal entity customer (as defined in the FinCEN Due Diligence Requirements), in the determination of the Owner Trustee (in the Owner Trustee’s reasonable discretion), such Person shall not be required to provide to the Owner Trustee the Owner Trustee Due Diligence Documents, and any such requirement to provide such information shall be deemed satisfied.

SECTION 7.10.    Beneficial Ownership and Control of Trust. The parties hereto agree that for purposes of Applicable Anti-Money-Laundering Law (a) the Trust Certificateholders are and shall be deemed to be the sole beneficial owner of the Trust and (b) one or more Controlling Parties of the Trust Certificateholders and the Administrator are and shall deemed to be the parties with the power and authority to control the Securitization Trust.

ARTICLE VIII

COMPENSATION OF OWNER TRUSTEE

 

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SECTION 8.1.    Owner Trustee’s Fees and Expenses. The Trust Company shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Administrator and the Trust Company, and the Trust Company shall be entitled to be reimbursed by the Administrator for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Trust Company may employ in connection with the negotiation, execution and delivery of the Program Documents and the exercise and performance of its power, authority, rights and its duties hereunder.

SECTION 8.2.    Indemnification. To the fullest extent permitted by law, and notwithstanding any other provision in this Agreement or elsewhere, the Administrator shall be liable as primary obligor for, and to indemnify, defend and hold harmless the Trust Company, and its successors, assigns, agents, servants, officers, directors and employees (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions, fees, penalties, demands, proceedings, and suits, and any and all costs, expenses and disbursements (including, without limitation, reasonable legal fees and expenses and including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit) brought by the Indemnified Parties for any indemnification or other obligation of the Administrator) of any kind and nature whatsoever (collectively, “Expenses”), which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way resulting from this Agreement, the other Program Documents, the Owner Trust Estate, the Securitization Trust, or any action or inaction of the Owner Trustee relating thereto, except only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.1. The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee or the termination of the Securitization Trust or this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Administrator, which approval shall not be unreasonably withheld.

SECTION 8.3.    Payments to Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article shall be deemed not to be a part of the Owner Trust Estate immediately after such payment.

ARTICLE IX

TERMINATION OF TRUST AGREEMENT

SECTION 9.1.    Termination of Trust Agreement.

(a)    The Securitization Trust shall dissolve upon the final distribution by the Owner Trustee of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the 2021-3 Servicing Agreement and Article Five hereof. Neither the Depositor nor any Trust Certificateholder shall be entitled to otherwise revoke, dissolve or terminate the Securitization Trust. The bankruptcy, liquidation, dissolution, death or incapacity of any Trust Certificateholder shall not (i) operate to dissolve or terminate this Agreement or the

 

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Securitization Trust, (ii) entitle such Trust Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Securitization Trust or Owner Trust Estate, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto.

(b)    Notice of any dissolution of the Securitization Trust, specifying the Payment Date upon which Trust Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Administrator by letter to the Owner Trustee and all Trust Certificateholders mailed within five (5) Business Days of receipt of a termination notice of such termination from the Servicer, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Owner Trustee or the Paying Agent therein designated, (ii) the amount of any such final payment, and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the office of the Owner Trustee or the Paying Agent therein specified. The Administrator shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Trust Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Trust Certificateholders amounts distributable on such Payment Date pursuant to Section 5.2.

In the event that all of the Trust Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Administrator shall so notify the Owner Trustee in writing and the Owner Trustee shall give a second written notice to the remaining Trust Certificateholders to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Trust Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Securitization Trust after exhaustion of such remedies shall be distributed by the Paying Agent to the Depositor.

(c)    Upon the completion of the winding up of the Securitization Trust by the Administrator in accordance with Section 3808 of the Statutory Trust Statute and at the written direction of the Depositor, the Owner Trustee, at the expense of the Depositor shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute and the Securitization Trust and this Agreement (other than Article Eight) shall terminate and be of no further force or effect.

ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

 

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SECTION 10.1.    Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a national banking association or corporation organized under the laws of the United States or any State and satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or State authorities; and having (or having a parent that has) time deposits that are rated at least “Baa2” by Moody’s or at least “BBB” by S&P and, if rated by Fitch, Fitch’s equivalent rating. If such national banking association or corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.

SECTION 10.2.    Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee.

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all amounts owed to the outgoing Owner Trustee in its individual capacity.

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and any such removal shall be subject to payment of all amounts owed to the outgoing Owner Trustee in its individual capacity. The Issuer shall pay any costs and expenses associated with the replacement of the Owner Trustee. To the extent the Issuer fails to pay any such costs or expenses on or before the Payment Date following the replacement of the Owner Trustee, the Administrator shall pay such amount then-outstanding.

 

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SECTION 10.3.    Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1.

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Trust Certificateholders, the Indenture Trustee, the Administrative Agent and the Noteholders. If the Administrator shall fail to mail such notice within ten (10) days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

SECTION 10.4.    Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant to Section 10.1.

SECTION 10.5.    Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Securitization Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet

 

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the terms of eligibility as a successor Owner Trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3.

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

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

(b)    No trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

(c)    The Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

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

Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee.

 

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ARTICLE XI

MISCELLANEOUS

SECTION 11.1.    Amendments.

(a)    This Agreement may be amended by the Depositor and the Owner Trustee, upon issuance of an Issuer Tax Opinion, which shall not be at the expense of the Owner Trustee, with the consent of the Majority Noteholders and the consent of Trust Certificateholders of Trust Certificates evidencing not less than a majority of the Percentage Interests; provided, however, that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the 2021-3 Exchange Note or distributions that shall be required to be made for the benefit of the Noteholders or the Trust Certificateholders, without the consent of all Noteholders and all Trust Certificateholders, (ii) reduce the aforesaid percentage of the principal amount of the Notes required to consent to any such amendment, without the consent of all Noteholders, or (iii) reduce the aforesaid percentage of the Percentage Interests evidenced by the Trust Certificates required to consent to any such amendment, without the consent of the Trust Certificateholders of all Trust Certificates; and provided further, notwithstanding any other provision in this Agreement or elsewhere, that any amendment or modification of or supplement to this Agreement or any other document that will affect any right, power, authority, duty, liability, benefit, protection, privilege, immunity, or indemnity of the Owner Trustee (as such or in its individual capacity) shall not be binding on the Owner Trustee (as such or in its individual capacity), unless the Owner Trustee in its individual capacity has specifically consented thereto in writing.

(b)    Upon issuance of an Issuer Tax Opinion, which shall not be at the expense of the Owner Trustee, this Agreement may be amended by the Depositor and the Owner Trustee for any purpose, with the consent of Trust Certificateholders of Trust Certificates evidencing not less than a majority of Percentage Interests; provided, that an Opinion of Counsel acceptable to the Indenture Trustee is delivered to the effect that such amendment would not have an adverse effect on the rights or interests of the Noteholders.

Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Trust Certificateholder, the Administrative Agent and the Indenture Trustee.

It shall not be necessary for the consent of Trust Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Trust Certificateholders provided for in this Agreement or in any other Program Document) and of evidencing the authorization of the execution thereof by Trust Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

(c)    Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Delaware Secretary of State and shall furnish written notification of the substance of such amendment to the

 

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Certificateholder, who shall furnish written notification of the substance of such amendment to the Indenture Trustee and each Rating Agency.

(d)    Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel to the Depositor or the Trust Certificateholders (which shall not be at the expense of the Owner Trustee or the Trust Company) stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise.

SECTION 11.2.    Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Trust Company, the Depositor, the Trust Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

SECTION 11.3.    Notices.

(a)    Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three (3) Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention of Chief Financial Officer; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

(b)    Any notice required or permitted to be given to a Trust Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Trust Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Trust Certificateholder receives such notice.

SECTION 11.4.    Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement or the Trust Certificates shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement, and such invalidity shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement or the Trust Certificates.

SECTION 11.5.    Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties

 

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affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

SECTION 11.6.    Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of the Depositor and its permitted assignees, the Owner Trustee and its successors and each Trust Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Trust Certificateholder shall bind the successors and assigns of such Trust Certificateholder.

SECTION 11.7.    No Petition. The Owner Trustee, any Paying Agent, the Depositor and each Trust Certificateholder by accepting a Trust Certificate, covenant that they will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any United States, federal or state bankruptcy or similar law for a period of one year and a day after:

(a)    termination of the Titling Trust Agreement, against the Settlor or the Titling Trust; and

(b)    payment in full of` the Notes, against the Depositor or the Securitization Trust.

SECTION 11.8.    Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 11.9.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

SECTION 11.10.    Administrator. It shall be the Administrator’s duty and responsibility, and not the Owner Trustee’s duty or responsibility, to cause the Securitization Trust to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Securitization Trust, its assets or the conduct of its business; provided, that, the Owner Trustee hereby agrees to cooperate with the Administrator and to comply with any reasonable request made by the Administrator for the delivery of information or documents to the Administrator in

 

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the Owner Trustee’s actual possession relating to any such regulatory, administrative, governmental, investigative or other proceeding or inquiry.

SECTION 11.11.    Regulation AB. The Owner Trustee acknowledges and agrees that the purpose of this Section 11.11 is to facilitate compliance by the Issuer with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees hereby to comply with reasonable requests made by the Servicer in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate fully with the Servicer and the Issuer to deliver to the Servicer and the Issuer any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Servicer to permit the Servicer and the Issuer to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee reasonably believed by the Servicer to be necessary in order to effect such compliance.

SECTION 11.12.    Force Majeure. The Owner Trustee shall not be responsible for delays or failures in performance resulting directly or indirectly from forces beyond its control (including, without limitation, acts of God, strikes, work stoppages, accidents, severe weather, floods, nuclear or natural catastrophes, lockouts, riots, civil or military disturbances, acts of war or terrorism, pandemics or epidemics, any provision of any present or future law or regulation or any act of any governmental authority, and any interruption, loss or malfunction of utilities, communications, computer services (software or hardware) or Federal Reserve Bank wire service) provided such default or delay could not have been prevented by the taking of commercially reasonable precautions such as the implementation and execution of disaster recovery plans.

[Remainder of Page Intentionally Left Blank]

 

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

 

GMF LEASING LLC,

as Depositor

 

By:

 

/s/ Meredith S. Dormire

Name:

 

Meredith S. Dormire

Title:

 

Vice President, Corporate Treasury

WILMINGTON TRUST COMPANY,

as Owner Trustee

By:

 

/s/ Drew Davis

Name:

 

Drew Davis

Title:

 

Vice President

Acknowledged and accepted:

 

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual capacity but solely as Paying Agent, Authenticating Agent and Certificate Registrar

By:

 

/s/ Marianna Stershic

Name:

 

Marianna Stershic

Title:

 

Vice President

AMERICREDIT FINANCIAL SERVICES, INC.

d/b/a GM FINANCIAL,

as Servicer and Administrator

By:

 

/s/ Robert T. Pigott III

Name:

 

Robert T. Pigott III

Title:

  Senior Vice President, Corporate Treasury

[Signature Page to Amended and Restated Trust Agreement (Issuer)]


EXHIBIT A

FORM OF TRUST CERTIFICATE

TRUST CERTIFICATE

THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS TRUST CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 3.4 OF THE TRUST AGREEMENT UNDER WHICH THIS TRUST CERTIFICATE IS ISSUED (A COPY OF WHICH TRUST AGREEMENT IS AVAILABLE FROM THE OWNER TRUSTEE OR UPON REQUEST), INCLUDING RECEIPT BY THE OWNER TRUSTEE OF AN INVESTMENT LETTER IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS.

THIS TRUST CERTIFICATE MAY NOT BE ACQUIRED OR HELD BY OR FOR THE ACCOUNT OF (I) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (I) OR (II) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR (IV) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A BENEFIT PLAN INVESTOR BUT IS SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (EACH OF (I)-(IV) ABOVE, A “BENEFIT PLAN ENTITY”). THE HOLDER OF THIS TRUST CERTIFICATE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT A BENEFIT PLAN ENTITY.

THIS TRUST CERTIFICATE IS NOT TRANSFERABLE UNLESS THE PARTY TRANSFERRING THIS TRUST CERTIFICATE DELIVERS TO THE OWNER TRUSTEE AND THE DEPOSITOR AN OPINION OF COUNSEL STATING THE CIRCUMSTANCES AND CONDITIONS UPON WHICH THIS TRUST CERTIFICATE MAY BE TRANSFERRED AND THAT SUCH TRANSFER AS DESCRIBED THEREIN WILL NOT CAUSE EITHER THE SECURITIZATION TRUST OR THE TITLING TRUST TO BE CLASSIFIED AS AN ASSOCIATION (OR A PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX PURPOSES. BASED UPON SUCH OPINION (IF REQUIRED), THE OWNER TRUSTEE WILL NOTIFY THE HOLDER OF THIS TRUST CERTIFICATE THAT THIS TRUST CERTIFICATE MAY BE TRANSFERRED IN ACCORDANCE WITH THE CONDITIONS SET FORTH IN SUCH

 

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OPINION OF COUNSEL, AND THE HOLDER OF THIS TRUST CERTIFICATE MAY EXCHANGE THIS TRUST CERTIFICATE FOR A NEW TRUST CERTIFICATE OF LIKE DENOMINATION AND TENOR, WHICH NEW TRUST CERTIFICATE MAY BE TRANSFERRED IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH THEREON. THE HOLDER OF THIS TRUST CERTIFICATE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE.

 

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No. R-1

   Percentage Interest: 100%

SEE REVERSE FOR CERTAIN DEFINITIONS

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3

TRUST CERTIFICATE

                                                             

ASSET BACKED CERTIFICATE

Evidencing an undivided beneficial interest in the Securitization Trust, as defined below, the property of which includes, among the other things, the 2021-3 Exchange Note.

(This Trust Certificate does not represent an interest in or obligation of GMF Leasing LLC, AmeriCredit Financial Services, Inc. d/b/a GM Financial (“GM Financial”) or any of their respective Affiliates, except to the extent described below.)

THIS CERTIFIES THAT GMF LEASING LLC is the registered owner of a ONE HUNDRED PERCENT nonassessable, fully-paid, undivided percentage beneficial interest in GM Financial Automobile Leasing Trust 2021-3 (the “Securitization Trust”), formed by GMF Leasing LLC (the “Depositor”).

The Securitization Trust is governed pursuant to an Amended and Restated Trust Agreement, dated as of June 30, 2021 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement. In the event of conflict between the terms of this Trust Certificate and the Trust Agreement, the terms of the Trust Agreement shall control.

This Trust Certificate is one of the duly authorized class of certificates (herein called the “Trust Certificates”). Also issued under an Indenture, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), among the Securitization Trust, GM Financial, as servicer, and Wells Fargo Bank, National Association, as indenture trustee, are Notes designated as “Series 2021-3 Class A-1 0.12945% Fixed Rate Asset Backed Notes,” “Series 2021-3 Class A-2 0.24% Fixed Rate Asset Backed Notes,” “Series 2021-3 Class A-3 0.39% Fixed Rate Asset Backed Notes,” “Series 2021-3 Class A-4 0.50% Fixed Rate Asset Backed Notes,” “Series 2021-3 Class B 0.76% Fixed Rate Asset Backed Notes,” “Series 2021-3 Class C 1.03% Fixed Rate Asset Backed Notes” and “Series 2021-3 Class D 1.16% Fixed Rate Asset Backed Notes” (together, the “Notes”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Trust Certificate by virtue of its acceptance hereof assents and by which such holder is bound. The property of the Securitization Trust consists primarily of the 2021-3 Exchange Note, certain bank accounts and the proceeds

 

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thereof, certain other rights under the Trust Agreement, the 2021-3 Exchange Note Sale Agreement, and the 2021-3 Servicing Agreement and all proceeds of the foregoing. The rights of the Securitization Trust in the foregoing property have been pledged by the Securitization Trust to the Indenture Trustee to secure payments of the Notes.

The Trust Certificates represent obligations of the Securitization Trust only and do not represent interests in, recourse to or obligations of the Depositor, the Owner Trustee or any of their respective Affiliates.

Distributions on this Trust Certificate will be made as provided in the Trust Agreement to the Person in whose name this Trust Certificate is registered at the close of business on the related Record Date, such Trust Certificateholder’s Percentage Interest in the amount to be distributed with respect to the Trust Certificates on such Payment Date.

The holder of this Trust Certificate acknowledges and agrees that its rights to receive payments in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Indenture and the Trust Agreement, as applicable.

It is the intent of the Depositor and the Trust Certificateholders that the Trust Certificates represent the equity interest in the Securitization Trust for U.S. federal and state income, single business and franchise tax purposes. For so long as the Trust Certificates are held by a single owner for federal income tax purposes, the Securitization Trust will be treated as an entity disregarded as separate from such owner for purposes of federal income tax or state income, single business and franchise taxes. If, however, the Securitization Trust is characterized as a separate entity for federal income tax purposes, it is the intention of the parties to the Trust Agreement that it qualify as a partnership for such purposes and the Trust Certificateholders will be treated as partners in that partnership. The Depositor and the other Trust Certificateholders, by acceptance of a Trust Certificate, agree to take no action inconsistent with such tax treatment of the Trust Certificates.

Each Trust Certificateholder by accepting a Trust Certificate, covenants and agrees that such Trust Certificateholder will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any United States, federal or state bankruptcy or similar law for a period of one year and a day after:

(a)    termination of the Titling Trust Agreement, against the Settlor or the Titling Trust; and

(b)    payment in full of the Notes, against the Depositor or the Securitization Trust.

Distributions on this Trust Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Trust Certificateholder of record in the Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and

 

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surrender of this Trust Certificate at the office or agency maintained for that purpose by the Paying Agent at its offices in Minneapolis, Minnesota.

Reference is hereby made to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or its Authenticating Agent, by manual signature, this Trust Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or be valid for any purpose.

THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Securitization Trust and not in its individual capacity, has caused this Trust Certificate to be duly executed.

 

 

GM FINANCIAL AUTOMOBILE LEASING

TRUST 2021-3

 

By: Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee

 

 

By:                                                                                   

Date:             , 20    

  Authorized Signatory

 

A-6


OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement.

 

WILMINGTON TRUST COMPANY,

not in its individual capacity but solely
as Owner Trustee

 

Or

  

WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

By:                                                                   

    

By:                                                                   

Authorized Signatory                          Authorized Signatory        

Date:             , 20    

    

 

A-7


[REVERSE OF TRUST CERTIFICATE]

The Trust Certificates do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the other Program Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the 2021-3 Exchange Note (and certain other amounts), all as more specifically set forth herein and in the 2021-3 Servicing Agreement and the Indenture. A copy of each of the Indenture, the 2021-3 Servicing Agreement and the Trust Agreement may be examined by any Trust Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Trust Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Majority Noteholders and Trust Certificateholders of Trust Certificates evidencing not less than a majority of the Percentage Interests. Any such consent by the holder of this Trust Certificate shall be conclusive and binding on such holder and on all future holders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Trust Certificate.

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Trust Certificateholder hereof or such Trust Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate Percentage Interest in the Securitization Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wells Fargo Bank, National Association. No service charge will be made for any such registration or transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

This certificate may not be held or beneficially owned by any Person that is not a United States person as defined under Section 7701(a)(30) of the Code.

No sale or transfer of a Trust Certificate shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar to be effective hereunder, if the sale or transfer thereof increases the number of Trust Certificateholders and Titling Trust Certificateholders to more than ninety-five (95). In addition, no sale or transfer of a Trust Certificate shall be registered by the Certificate Registrar or made effective hereunder unless, as evidenced by a written representation and covenant by the transferee in form satisfactory to the Certificate Registrar (upon which representation and

 

A-8


covenant the Certificate Registrar may conclusively rely without independent investigation), no member of the transferee’s expanded group as defined in Treasury Regulation Section 1.385-1(c)(4) (including through a controlled partnership as defined in Treasury Regulation Section 1.385-1(c)(1)) is or will become the beneficial owner of a Note. If a Trust Certificateholder or a member of its expanded group becomes the beneficial owner of a Note, the Depositor is authorized at its discretion to compel such Trust Certificateholder to sell its Trust Certificate to a Person whose ownership complies with this paragraph so long as such sale does not otherwise cause a material adverse effect on the Issuer.

The Trust Certificates are issuable only as registered Trust Certificates. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Trust Certificateholder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

The obligations and responsibilities created by the Trust Agreement and the Securitization Trust created thereby shall terminate upon the payment to Trust Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all property held as part of the Owner Trust Estate.

The Trust Certificates may not be acquired or held by or for the account of a Benefit Plan Entity. The holder of this Trust Certificate shall be deemed to represent and warrant that it is not a Benefit Plan Entity.

 

A-9


ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(Please print or type name and address, including postal zip code, of assignee)

the within Trust Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints                             , attorney, to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 

Dated:

  

 */

Signature Guaranteed:

  

 */

 

 

 

 

 

 

 

 

 

*/

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

 

A-10


EXHIBIT B

CERTIFICATE OF TRUST

OF

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3

This Certificate of Trust of GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3 (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C., Section 3801 et seq.) (the “Act”).

1.      Name: The name of the statutory trust formed by this Certificate of Trust is GM Financial Automobile Leasing Trust 2021-3.

2.      Delaware Trustee: The name and business address of a trustee of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890.

3.      Effective Date: This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance with Section 3811(a) of the Act.

 

WILMINGTON TRUST COMPANY, not in its individual capacity but solely as trustee of the Trust

By:

 

 

Name:

 

Title:

 

 

B-1


EXHIBIT C

FORM OF TRANSFEROR CERTIFICATE

[DATE]

GMF Leasing LLC

801 Cherry Street, Suite 3500

Fort Worth, Texas, 76102

Attention: Chief Financial Officer

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware, 19890-0001

Attention: Corporate Trust Administration

Wells Fargo Bank, N.A.

Corporate Trust Services/Structured Products Services

600 South 4th Street

MAC N9300-061

Minneapolis, MN 55415

Attention: Corporate Trust Office

Re:    GM Financial Automobile Leasing Trust 2021-3, Trust Certificates

Ladies and Gentlemen:

In connection with our disposition of the above-referenced Trust Certificates (the “Trust Certificates”) we certify that (a) we understand that the Trust Certificates have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Trust Certificates to, or solicited offers to buy any Trust Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act.

 

Very truly yours,

 

[NAME OF TRANSFEROR]

By:

 

 

  Authorized Officer

 

C-1


EXHIBIT D

FORM OF INVESTMENT LETTER

[DATE]

GMF Leasing LLC

801 Cherry Street, Suite 3500

Fort Worth, Texas, 76102

Attention: Chief Financial Officer

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware, 19890-0001

Attention: Corporate Trust Administration

Wells Fargo Bank, N.A.

Corporate Trust Services/Structured Products Services

600 South 4th Street

MAC N9300-061

Minneapolis, MN 55415

Attention: Corporate Trust Office

Re:    GM Financial Automobile Leasing Trust 2021-3, Trust Certificates

Ladies and Gentlemen:

In connection with our acquisition of the above-referenced Trust Certificates (the “Trust Certificates”) we certify that (a) we understand that the Trust Certificates are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we are an “accredited investor,” as defined in Regulation D under the Act, and have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Trust Certificates, (c) we have had the opportunity to ask questions of and receive answers from the seller concerning the purchase of the Trust Certificates and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Trust Certificates, (d) we are acquiring the Trust Certificates for investment for our own account and not with a view to any distribution of such Trust Certificates (but without prejudice to our right at all times to sell or otherwise dispose of the Trust Certificates in accordance with the following sentence), (e) we have not offered or sold any Trust Certificates to, or solicited offers to buy any Trust Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action that would result in a violation of Section 5 of the Act or any state securities laws, (f) we are not a Benefit Plan Entity and will not acquire or hold the Trust Certificates on behalf of or with “plan assets” of a Benefit Plan Entity (as such term is defined the Amended and Restated Trust Agreement, dated as of June 30, 2021 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Trust Agreement”), between GMF

 

D-1


Leasing LLC, as Depositor, and Wilmington Trust Company, as Owner Trustee), and (g) we are a United States person within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended and neither we nor any member of our expanded group (as defined in Treasury Regulation Section 1.385-1(c)(4)) is or will become the beneficial owner of a Note. We are acquiring the Trust Certificates for our own account and understand that the Trust Certificates may be resold, pledged or transferred only (i) (A) in a transaction exempt from the registration requirements of the Act and applicable state securities or “blue sky” laws and, if requested, we will at our expense provide an Opinion of Counsel satisfactory to the addressees of this Trust Certificate that such sale, transfer or other disposition may be made pursuant to an exemption from the Act, or (B) to a person who we reasonably believe is a “qualified institutional buyer” within the meaning of Rule 144A under the Act that is aware that the sale or other transfer is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Securitization Trust as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A, and (ii) if the transferee has otherwise complied with all conditions for transfer set forth in the Trust Agreement.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement.

 

Very truly yours,

[NAME OF TRANSFEREE]

By:

 

 

  Authorized Officer

 

D-2


EXHIBIT E

FORM OF RULE 144A LETTER

[DATE]

GMF Leasing LLC

801 Cherry Street, Suite 3500

Fort Worth, Texas, 76102

Attention: Chief Financial Officer

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware, 19890-0001

Attention: Corporate Trust Administration

Wells Fargo Bank, N.A.

Corporate Trust Services/Structured Products Services

600 South 4th Street

MAC N9300-061

Minneapolis, MN 55415

Attention: Corporate Trust Office

Re:    GM Financial Automobile Leasing Trust 2021-3, Trust Certificates

Ladies and Gentlemen:

In connection with our acquisition of the above-referenced Trust Certificates (the “Trust Certificates”) we certify that (a) we understand that the Trust Certificates are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Trust Certificates, (c) we have had the opportunity to ask questions of and receive answers from the seller concerning the purchase of the Trust Certificates and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Trust Certificates, (d) we have not, nor has anyone acting on our behalf, offered, transferred, pledged, sold or otherwise disposed of the Trust Certificates or any interest in the Trust Certificates, or solicited any offer to buy, transfer, pledge or otherwise dispose of the Trust Certificates or any interest in the Trust Certificates from any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action that would constitute a distribution of the Trust Certificates under the Act or that would render the disposition of the Trust Certificates a violation of Section 5 of the Act or any state securities laws or require registration pursuant thereto, and we will not act, or authorize any person to act, in such manner with respect to the Trust Certificates, (e) we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Act, (f) we are not a Benefit Plan Entity and will not acquire or

 

E-1


hold the Trust Certificates on behalf of or with “plan assets” of a Benefit Plan Entity (as such term is defined the Amended and Restated Trust Agreement, dated as of June 30, 2021 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Trust Agreement”), between GMF Leasing LLC, as Depositor, and Wilmington Trust Company, as Owner Trustee), and (g) we are a United States person within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended. We are aware that the sale to us is being made in reliance on Rule 144A and acknowledge that we have received such information regarding the Securitization Trust as we have requested pursuant to Rule 144A or have determined not to request such information and that we are aware that the seller is relying upon our foregoing representations in order to claim the exemption from registration provided by Rule 144A. We are acquiring the Trust Certificates for our own account or for resale pursuant to Rule 144A and understand that such Trust Certificates may be resold, pledged or transferred only (i) (A) in a transaction exempt from the registration requirements of the Act and applicable state securities or “blue sky” laws and, if requested, we will at our expense provide an Opinion of Counsel satisfactory to the addressees of this Trust Certificate that such sale, transfer or other disposition may be made pursuant to an exemption from the Act, or (B) to a person who we reasonably believe is a “qualified institutional buyer” within the meaning of Rule 144A under the Act that is aware that the sale or other transfer is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Securitization Trust as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A, and (ii) if the transferee has otherwise complied with all conditions for transfer set forth in the Trust Agreement.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement.

 

Very truly yours,

[NAME OF TRANSFEREE]

By:

 

 

  Authorized Officer

 

E-2


EXHIBIT F

FORM OF NOTICE OF REPURCHASE REQUEST

[DATE]

AmeriCredit Financial Services, Inc.

d/b/a GM Financial

as Servicer

801 Cherry Street, Suite 3500

Fort Worth, Texas 76102,

Attention: Chief Financial Officer

GMF Leasing LLC,

as Depositor

801 Cherry Street, Suite 3500

Fort Worth, Texas 76102,

Attention: Chief Financial Officer

Re:    Notice of Requests to Repurchase Receivables

Reference is hereby made to each of the Amended and Restated Trust Agreements set forth on Schedule A (each, an “Agreement”), for which Wilmington Trust Company, a Delaware trust company has acted in the capacity of owner trustee (in each case, the “Owner Trustee”). This Notice is being delivered pursuant to Section 5.7 or 6.7, as applicable, of the related Agreement.

[During the period from and including [            ], 20[    ] to but excluding [            ], 20[    ], the Owner Trustee received no requests requesting that Receivables be repurchased.]

[During the period from and including [            ], 20[    ] to but excluding [            ], 20[    ] the Owner Trustee received one or more requests requesting that Receivables be repurchased. Copies of such requests received in writing are attached, and details of any such requests received orally are set forth below:

 

Agreement    Date of Request   

Number of

Receivables

Subject to Request

  

Aggregate Principal

Balance of

Receivables Subject

to Request

                
                
                
                

This notice, and requests contained herein are being sent to you in connection with compliance with Rule 15Ga-1 of the Securities Exchange Act of 1934. In no event will the Owner Trustee or any of the related Issuers have any responsibility or liability in connection with

 

F-1


(i) the compliance by the related Servicer, the related Depositor or any other Person with the Exchange Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

Capitalized terms used but not defined herein shall have the meanings given to them in the related Agreement.

 

WILMINGTON TRUST COMPANY,

not in its individual capacity but solely as

Owner Trustee of the Issuer

By:

 

                      

 

F-2


Schedule A

Agreements

[To be provided]

 

F-3

EX-4.5 4 d86912dex45.htm EX-4.5 EX-4.5

Exhibit 4.5

Execution Version

 

 

ACAR LEASING LTD.,

as Borrower

GM FINANCIAL,

as Lender and Servicer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Collateral Agent

 

                                                                                                               

2021-3 EXCHANGE NOTE SUPPLEMENT

Dated as of June 30, 2021

 

                                                                                                               

 

 


TABLE OF CONTENTS

 

       Page  

ARTICLE I USAGE AND DEFINITIONS

     1

SECTION 1.1.

  Usage and Definitions; Conflicts      1

ARTICLE II THE 2021-3 EXCHANGE NOTE

     1

SECTION 2.1.

  Creation and Designation      1

SECTION 2.2.

  Form of Execution, Authentication and Delivery of the 2021-3 Exchange Note; Delivery and Payment for the 2021-3 Exchange Note      2

SECTION 2.3.

  Transfer Restrictions with Respect to the 2021-3 Exchange Note      2

SECTION 2.4.

  Interest Payments on the 2021-3 Exchange Note      3

SECTION 2.5.

  Payments of Principal on the 2021-3 Exchange Note      3

SECTION 2.6.

  Decreases in the Exchange Note Balance; Cancellation of the 2021-3 Exchange Note      3

ARTICLE III THE 2021-3 DESIGNATED POOL

     3

SECTION 3.1.

  The 2021-3 Designated Pool      3

ARTICLE IV EXCHANGE NOTE DEFAULTS AND REMEDIES

     4

SECTION 4.1.

  2021-3 Exchange Note Defaults      4

SECTION 4.2.

  Exchange Note Remedies.      4

ARTICLE V APPLICATION OF COLLECTIONS ON THE 2021-3 DESIGNATED POOL

     5

SECTION 5.1.

  Application of Collections on the 2021-3 Designated Pool when No Exchange Note Default Has Occurred      5

SECTION 5.2.

  Modified Priorities Following Liquidation      5

ARTICLE VI SECURITY INTEREST

     6

SECTION 6.1.

  Security Interest      6

ARTICLE VII MISCELLANEOUS

     7

SECTION 7.1.

  Amendments.      7

SECTION 7.2.

  2021-3 Exchange Noteholders Entitled to Benefits of this Supplement      7

SECTION 7.3.

  GOVERNING LAW      7

SECTION 7.4.

  Submission to Jurisdiction; Service of Process      7

SECTION 7.5.

  Severability      8

 

i


SECTION 7.6.

  Counterparts and Consent to Do Business Electronically      8

SECTION 7.7.

  Headings      8

SECTION 7.8.

  No Petition      8

SECTION 7.9.

  Limitation of Liability      8

Schedule A

 

Collateral Leases and Collateral Leased Vehicles in 2021-3 Designated Pool

     SA-1  

Exhibit A

 

Form of 2021-3 Exchange Note

     EA-1  

Appendix 1

 

Definitions

     A1-1  

 

ii


2021-3 EXCHANGE NOTE SUPPLEMENT, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Supplement” or this “Agreement”), among ACAR LEASING LTD., a Delaware statutory trust, as Borrower (the “Borrower”), AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as lender (in such capacity, the “Lender”) and as servicer (in such capacity, the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”).

WHEREAS, Section 4.1 of the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Borrower, the Lender and Servicer, the Administrative Agent and the Collateral Agent provides that the parties thereto may at any time and from time to time enter into a supplement to the Credit and Security Agreement for the purpose of authorizing the issuance, execution and authentication of one or more Exchange Notes; and

WHEREAS, the Lender enters into this Supplement with the other parties hereto as required by Section 4.2(e)(i) of the Credit and Security Agreement to provide for the issuance, authentication and delivery of the 2021-3 Exchange Note.

NOW, THEREFORE, the parties to this Supplement wish to create the 2021-3 Exchange Note and specify the principal terms thereof in accordance with the following terms and conditions.

ARTICLE I

USAGE AND DEFINITIONS

SECTION 1.1.    Usage and Definitions; Conflicts. Capitalized terms used in this Supplement that are not otherwise defined herein or in the Definitions Appendix hereto shall have the meanings assigned to them in the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Credit and Security Agreement are incorporated by reference into this Supplement. In the event of a conflict between the terms of the 2021-3 Exchange Note, the terms of the Credit and Security Agreement and the terms of this Supplement, this Supplement will prevail.

ARTICLE II

THE 2021-3 EXCHANGE NOTE

SECTION 2.1.    Creation and Designation.

(a)    An Exchange Note that is to be designated and known as the “2021-3 Exchange Note” is hereby created.

(b)    The terms of the 2021-3 Exchange Note are as follows:

 

1


  (i)

the “Exchange Note Issuance Date” will be August 18, 2021;

 

  (ii)

the “Exchange Note Initial Principal Balance” will be $1,335,000,000;

 

  (iii)

the “Cutoff Date” will be the close of business on June 30, 2021;

 

  (iv)

the “Exchange Note Interest Rate” will be equal to 1.17%;

        (v)          the “Exchange Note Final Scheduled Payment Date” will be the Payment Date occurring on December 22, 2025;

 

  (vi)

the 2021-3 Exchange Note will be issued as a single class; and

 

  (vii)

the 2021-3 Exchange Note will not be rated.

SECTION 2.2.    Form of Execution, Authentication and Delivery of the 2021-3 Exchange Note; Delivery and Payment for the 2021-3 Exchange Note.

(a)    The 2021-3 Exchange Note, together with the Administrative Agent’s certificate of authentication on the 2021-3 Exchange Note, will be delivered in the form of a certificated note substantially in the form set forth as Exhibit A and will satisfy the requirements of Sections 4.1 and 4.2 of the Credit and Security Agreement. The 2021-3 Exchange Note may be Transferred only in whole and not in part.

(b)    Following satisfaction of the conditions set forth in Section 4.2(e) of the Credit and Security Agreement, the Administrative Agent will (i) acknowledge this Supplement, and (ii) authenticate and deliver the 2021-3 Exchange Note in accordance with Section 4.2(f) of the Credit and Security Agreement.

(c)    The Borrower represents and warrants that upon satisfaction of the conditions set forth in Sections 2.2(a) and (b), the 2021-3 Exchange Note will have been duly authorized, executed and delivered under this Supplement.

(d)    The 2021-3 Exchange Note will state that (i) if an Insolvency Event occurs with respect to the Borrower, any claim that the 2021-3 Exchange Noteholder may seek to enforce at any time against the Borrower will be limited in recourse to the 2021-3 Designated Pool, (ii) if, notwithstanding clause (i), the 2021-3 Exchange Noteholder is deemed to have any claim against the assets of the Borrower other than the assets included in the 2021-3 Designated Pool, such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holders of (A) all other Exchange Notes, and (B) in the case of assets allocated to a Specified Interest other than the Series CSA Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements, and (iii) such recitation constitutes an enforceable subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

SECTION 2.3.    Transfer Restrictions with Respect to the 2021-3 Exchange Note. By acceptance of the 2021-3 Exchange Note, the 2021-3 Exchange Noteholder agrees to comply with the transfer restrictions set forth in Section 4.4 of the Credit and Security Agreement.

 

2


SECTION 2.4.    Interest Payments on the 2021-3 Exchange Note. For each Payment Date, the amount of interest due on the 2021-3 Exchange Note (the “Exchange Note Interest Payment Amount”) will be an amount equal to the sum of (a) the sum of the amounts calculated for each day during the related Interest Accrual Period equal to the product of (i) the Exchange Note Balance as of such day, times (ii) the Exchange Note Interest Rate on such day, times (iii) 30/360 (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Closing Date through and excluding September 20, 2021, over 360), plus (b) the portion of the Exchange Note Interest Payment Amount, if any, that was not paid on any prior Payment Date plus interest on such unpaid amount, to the extent permissible by law, at the Exchange Note Interest Rate.

SECTION 2.5.    Payments of Principal on the 2021-3 Exchange Note. For each Payment Date, the amount of principal payable on the 2021-3 Exchange Note (the “Exchange Note Principal Payment Amount”) will be an amount equal to the sum of (a) the difference between (i) the Designated Pool Balance as of the close of business on the last day of the immediately preceding Collection Period, minus (ii) the Designated Pool Balance as of the close of business on the last day of the related Collection Period, plus (b) the portion of the Exchange Note Principal Payment Amount, if any, that was not paid on any prior Payment Date; provided, that, for each Payment Date occurring on or after the Exchange Note Final Scheduled Payment Date, the Exchange Note Principal Payment Amount will equal the entire outstanding 2021-3 Exchange Note Balance as of such Payment Date; provided, further, that, for each Payment Date occurring on or after the acceleration of the 2021-3 Exchange Note following an Exchange Note Default, the Exchange Note Principal Payment Amount will equal the entire unpaid Exchange Note Balance as of such Payment Date.

SECTION 2.6.    Decreases in the Exchange Note Balance; Cancellation of the 2021-3 Exchange Note.

(a)    At any time the Note Principal Balance of the Notes is reduced to zero, the Exchange Note Balance will be reduced to zero at such time.

(b)    GM Financial may not effect the cancellation of the 2021-3 Exchange Note pursuant to Section 4.7 of the Credit and Security Agreement unless the 2021-3 Exchange Note has been released from the lien of the Indenture pursuant to Section 8.4 thereof or unless it has purchased such 2021-3 Exchange Note in accordance with an Optional Purchase.

ARTICLE III

THE 2021-3 DESIGNATED POOL

SECTION 3.1.    The 2021-3 Designated Pool.

(a)    The Collateral Lease Agreements and the Collateral Leased Vehicles listed on Schedule A hereto (the “Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles”), will constitute the 2021-3 Designated Pool as of the Cutoff Date. The 2021-3 Exchange Note will be payable solely from Collections on the Collateral Assets included in the 2021-3 Designated Pool in accordance with the priorities in Section 5.1. For purposes of determining

 

3


the Collections that are applicable to the 2021-3 Designated Pool, the Collateral Assets included in the 2021-3 Designated Pool will be deemed to have been included in the 2021-3 Designated Pool from and after the Cutoff Date.

(b)    Any Collateral Assets reallocated from the 2021-3 Designated Pool, including following a sale of the related Leased Vehicle or upon an Optional Purchase of the Notes, will be deemed to have been reallocated to the Lending Facility Pool as of the date of such sale.

(c)    At any time that Collateral Assets are included in the 2021-3 Designated Pool they will not be included in the Lending Facility Pool or in any other Designated Pool. Collateral Assets that are included in the Lending Facility Pool or any other Designated Pool as of the Cutoff Date will not be included in the 2021-3 Designated Pool.

(d)    At any time the Exchange Note Balance is reduced to zero, the Collateral Assets included in the 2021-3 Designated Pool at such time will be reallocated to the Lending Facility Pool.

(e)    Upon repayment in full of the 2021-3 Exchange Note, the 2021-3 Designated Pool will be deemed to be terminated and all Collateral Assets included in the 2021-3 Designated Pool at the time of such termination will be reallocated to the Lending Facility Pool.

ARTICLE IV

EXCHANGE NOTE DEFAULTS AND REMEDIES

SECTION 4.1.    2021-3 Exchange Note Defaults. Any of the following events or occurrences shall constitute the “Exchange Note Defaults” with respect to the 2021-3 Exchange Note: (a) the events set forth in Section 6.3(a) of the Credit and Security Agreement, or (b) the acceleration of the Notes under the Indenture following the occurrence of an Event of Default set forth in Section 5.1 thereof; provided, that, with respect to Section 6.3(a)(ii) of the Credit and Security Agreement, the reference to a “Facility Servicer Event of Default” shall be read to mean the occurrence of either a “Lending Facility Servicer Default” or an “Exchange Note Servicer Default.”

SECTION 4.2.    Exchange Note Remedies.

(a)    If an Exchange Note Default has occurred, the 2021-3 Exchange Noteholder may take the actions set forth in Section 6.4(a) of the Credit and Security Agreement.

(b)    Any Secured Party may submit a bid with respect to any such liquidation or sale of the Collateral included in the 2021-3 Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement.

 

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ARTICLE V

APPLICATION OF COLLECTIONS ON THE 2021-3 DESIGNATED POOL

SECTION 5.1.    Application of Collections on the 2021-3 Designated Pool when No Exchange Note Default Has Occurred. On each Payment Date (unless an Exchange Note Default has occurred prior to such Payment Date and the Exchange Note Balance has been accelerated), the Indenture Trustee will, with respect to the 2021-3 Designated Pool (based on the information contained in the Servicer Report delivered with respect to such Payment Date), withdraw from the 2021-3 Exchange Note Collections Account an amount equal to the 2021-3 Designated Pool Collections for such Payment Date and apply such amounts in accordance with the following order of priority:

(a)    to the Servicer, the Designated Pool Servicing Fee for the related Collection Period, to the extent that such amounts have not been paid from 2021-3 Designated Pool Collections that have been retained by the Servicer in a manner permitted by any other Program Document;

(b)    to the 2021-3 Exchange Noteholder, the Exchange Note Interest Payment Amount;

(c)    to the 2021-3 Exchange Noteholder, the Exchange Note Principal Payment Amount, as a payment of principal of the 2021-3 Exchange Note until the Exchange Note Balance has been reduced to zero;

(d)    to the 2021-3 Exchange Noteholder, the amount, if any by which the amounts that it is obligated to pay pursuant to Sections 8.3(a)(i) through (xvii) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (b) and (c), above, on such Payment Date; and

(e)    all remaining funds, to the 2021-3 Exchange Noteholder as Excess Exchange Note Payments.

All amounts payable to the 2021-3 Exchange Noteholder pursuant to this Section 5.1 will be deposited by the Indenture Trustee into the Indenture Collections Account, and the Borrower will apply all amounts remitted to it by the Certificateholder as Excess Exchange Note Payments as Collections on the Lending Facility Pool in the manner and in the priority set forth in Section 10.2 of the Credit and Security Agreement.

SECTION 5.2.    Modified Priorities Following Liquidation. Notwithstanding Section 5.1, on each Payment Date following the acceleration of the 2021-3 Exchange Note following an Exchange Note Default, the Indenture Trustee will, with respect to the 2021-3 Designated Pool (based on the information contained in the Servicer Report delivered with respect to such Payment Date), withdraw from the 2021-3 Exchange Note Collections Account an amount equal to the 2021-3 Designated Pool Collections for such Payment Date and apply such amounts, together with the proceeds of the sale or liquidation of any portion of the Collateral included in the 2021-3 Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement, in accordance with the following priorities:

 

5


(a)    to pay to the Collateral Agent any amounts due with respect to the 2021-3 Exchange Note or the 2021-3 Designated Pool under Section 3.1(c) or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed $100,000 in any consecutive twelve (12) month period;

(b)    to pay to the Administrative Agent any amounts due with respect to the 2021-3 Exchange Note or the 2021-3 Designated Pool under Section 7.5 or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed $100,000 in any consecutive twelve (12) month period;

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

(d)    to make payments to the 2021-3 Exchange Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 2021-3 Exchange Note and any interest on such accrued and unpaid interest at the Exchange Note Interest Rate;

(e)    to make payments to the 2021-3 Exchange Noteholder, to the extent necessary to reduce the Exchange Note Balance to zero;

(f)    to the 2021-3 Exchange Noteholder, the amount, if any, by which the amounts that it is obligated to pay pursuant to Sections 5.4(c)(FIRST) through (TENTH) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (d) and (e), above, on such Payment Date; and

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

All amounts payable to the 2021-3 Exchange Noteholder pursuant to this Section 5.2 will be deposited by the Indenture Trustee into the Indenture Collections Account.

ARTICLE VI

SECURITY INTEREST

SECTION 6.1.    Security Interest.

(a)    The Borrower hereby confirms its Grant under the Credit and Security Agreement of a security interest in the Collateral to the Collateral Agent. In addition, the Borrower hereby Grants to the Collateral Agent on behalf of the 2021-3 Secured Parties a security interest in the Collateral and acknowledges and agrees that such Grant includes (but is not limited to) a Grant to the Collateral Agent on behalf of the 2021-3 Exchange Noteholder a security interest in the Collateral Assets included in the 2021-3 Designated Pool.

(b)    For so long as the 2021-3 Exchange Note is outstanding, the Collateral Agent agrees to deliver a copy of each opinion received by it pursuant to Section 5.5 of the Credit and Security Agreement to each Noteholder promptly after its receipt thereof.

 

6


ARTICLE VII

MISCELLANEOUS

SECTION 7.1.    Amendments.

(a)    Subject to Sections 7.1(c) and (d) of this Supplement, this Supplement may only be amended in accordance with Article IX of the Credit and Security Agreement.

(b)    Promptly upon the execution of any such amendment, (i) the Servicer will send a copy of such amendment to the Indenture Trustee, and (ii) the Indenture Trustee will notify each 2021-3 Exchange Noteholder of the substance of such amendment.

(c)    Notwithstanding Article IX of the Credit and Security Agreement, the parties hereto agree that they shall not amend the Credit and Security Agreement or this Supplement pursuant to Section 9.1 of the Credit and Security Agreement without the consent of the 2021-3 Exchange Noteholder unless the 2021-3 Exchange Noteholder shall have received an Opinion of Counsel to the effect that such amendment will not materially adversely affect the interests of the 2021-3 Exchange Noteholder.

(d)    In the case of any amendment pursuant to Section 9.2 of the Credit and Security Agreement, the consent of the 2021-3 Exchange Noteholder shall be deemed to have been granted only upon receipt of the consent thereto by the Majority Noteholders.

SECTION 7.2.    2021-3 Exchange Noteholders Entitled to Benefits of this Supplement. GM Financial Automobile Leasing Trust 2021-3, as transferee of GM Financial, as Lender, will be the initial 2021-3 Exchange Noteholder. Any subsequent 2021-3 Exchange Noteholder, by accepting the 2021-3 Exchange Note, will be deemed to have agreed to the terms and conditions of the Credit and Security Agreement and this Supplement and will be entitled to the benefits of the Credit and Security Agreement and this Supplement with the same effect as if such 2021-3 Exchange Noteholder had been a party thereto or hereto.

SECTION 7.3.    GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

SECTION 7.4.    Submission to Jurisdiction; Service of Process. The Administrative Agent submits to the nonexclusive jurisdiction of any United States District Court sitting in New York and of any New York state court for purposes of all legal proceedings arising out of or relating to this Supplement. The Administrative Agent irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. The Administrative Agent irrevocably appoints Wells Fargo Bank, National Association, at its Corporate Trust Office, as its authorized agent on which any and all legal process may be served in any such legal proceeding brought in any such court. If for any reason such agent ceases to be available to act as such, the

 

7


Administrative Agent agrees to designate a new agent in the State of New York for receipt of service of legal process.

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

SECTION 7.6.    Counterparts and Consent to Do Business Electronically. This Supplement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Supplement and any documents to be delivered in connection with this Supplement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Supplement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

SECTION 7.7.    Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

SECTION 7.8.    No Petition. Each party to this Supplement covenants that for a period of one (1) year and one (1) day (or, if longer, any applicable preference period) after payment in full of the Notes, all Exchange Notes, and all distributions to all Certificateholders the payments on which are derived in any material part from amounts received with respect to any Trust Assets, it will not institute against, or join any Person in instituting against, the Issuer, the Depositor, the Borrower, the Settlor or the Holder of the Series CSA Interest Certificate any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the 2021-3 Exchange Note, the Notes, this Supplement or any of the other Program Documents and agrees it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer, the Depositor, the Borrower, the Settlor or the Holder of the Series CSA Interest Certificate during the same period.

SECTION 7.9.    Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Supplement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee, Administrative Trustee and Delaware Trustee of the Borrower, in the exercise of the powers and authority conferred and vested in it under the Titling Trust Agreement, (b) each of the representations, undertakings and agreements

 

8


herein made on the part of the Borrower is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Borrower, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Borrower or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Borrower under this Supplement or the other related documents.

[Remainder of Page Intentionally Left Blank]

 

9


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

 

ACAR LEASING LTD.,
as Borrower

By:

 

Wilmington Trust Company,
not in its individual capacity, but solely as Owner Trustee

By:

 

/s/ Drew Davis

Name:

 

Drew Davis

Title:

 

Vice President

AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Lender and as Servicer

By:

 

/s/ Robert T. Pigott III

Name:

 

Robert T. Pigott III

Title:

 

Senior Vice President, Corporate Treasury

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as Collateral Agent

By:

 

/s/ Marianna Stershic

Name:

 

Marianna Stershic

Title:

 

Vice President

[Signature Page to the 2021-3 Exchange Note Supplement]


Schedule A

Collateral Leases and Collateral Leased Vehicles in 2021-3 Designated Pool

 

SA-1


Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

    

Lease Number

 
  112003834833        112020417682        112024291675        112027153697        112029576654        112031649681        112034756829        112036951996        112038547281        112039764430        112040874838        112041942914        112042992369        112044042222        112044937146        112045477843        112045974283        112046495574        112047045453        112047589704  
  112003838860        112020424961        112024291754        112027153754        112029577071        112031649715        112034757594        112036952021        112038547348        112039764485        112040874849        112041942958        112042992729        112044042277        112044937168        112045477887        112045975105        112046495697        112047045521        112047589771  
  112003857805        112020425692        112024291877        112027154979        112029577408        112031649782        112034758371        112036954865        112038547393        112039764542        112040875097        112041943005        112042995384        112044042952        112044937225        112045478035        112045975149        112046496171        112047045723        112047591224  
  112003940369        112020430429        112024292126        112027155756        112029578566        112031649973        112034758922        112036956047        112038547540        112039766667        112040875345        112041943083        112042995508        112044043087        112044937236        112045478057        112045975161        112046496834        112047045824        112047591280  
  112003945814        112020430474        112024294881        112027158041        112029579343        112031650133        112034758933        112036956193        112038547731        112039766702        112040875424        112041945782        112042995722        112044043830        112044937269        112045478068        112045975239        112046496845        112047045879        112047591381  
  112003956401        112020432768        112024295242        112027158669        112029579994        112031650245        112034762332        112036957701        112038550825        112039767310        112040877538        112041946154        112042996015        112044043863        112044937281        112045478080        112045975284        112046497598        112047046072        112047591404  
  112003963803        112020434007        112024295679        112027158939        112029580008        112031652786        112034763120        112036957835        112038551477        112039767455        112040877549        112041946514        112042996363        112044044303        112044938046        112045479126        112045975868        112046497600        112047046195        112047591426  
  112004645328        112020435941        112024295781        112027160112        112029582527        112031653484        112034766730        112036957936        112038554593        112039767691        112040878797        112041946547        112042996587        112044044909        112044938068        112045479575        112045975891        112046497633        112047046230        112047591550  
  112004672812        112020437415        112024297749        112027160123        112029583281        112031654586        112034766763        112036957947        112038555741        112039768513        112040878865        112041946592        112042996611        112044044910        112044939643        112045479597        112045975903        112046497947        112047046252        112047591808  
  112004689595        112020438562        112024297761        112027160167        112029583629        112031655004        112034768057        112036957958        112038556326        112039768557        112040878876        112041946615        112042998129        112044044965        112044939711        112045479698        112045975947        112046497969        112047046320        112047591875  
  112004713425        112020439428        112024297817        112027160426        112029583674        112031655060        112034769755        112036958364        112038556382        112039768771        112040881106        112041946952        112042998208        112044045247        112044939777        112045480139        112045975958        112046498094        112047046331        112047591909  
  112004717205        112020439675        112024297862        112027160538        112029583933        112031655374        112034771578        112036961852        112038558339        112039769873        112040881229        112041947188        112042998253        112044045269        112044939890        112045480151        112045975981        112046499017        112047046724        112047591943  
  112004791937        112020440835        112024297941        112027160875        112029584068        112031657871        112034772445        112036962123        112038558485        112039770583        112040881678        112041948077        112043000472        112044045988        112044939968        112045480263        112045976027        112046499354        112047046825        112047592089  
  112004801120        112020442646        112024299280        112027161067        112029584080        112031657916        112034773941        112036962314        112038560927        112039771214        112040882512        112041948167        112043001136        112044046103        112044940027        112045480308        112045976061        112046499365        112047047006        112047592944  
  112004812896        112020445773        112024299325        112027161168        112029584158        112031658018        112034775099        112036962606        112038561502        112039771933        112040884570        112041948763        112043001271        112044046114        112044940083        112045480320        112045976072        112046499567        112047048131        112047593035  
  112005320611        112020448631        112024300531        112027161449        112029584372        112031658883        112034775336        112036962774        112038562660        112039771955        112040885267        112041948774        112043001293        112044046428        112044940454        112045480443        112045976094        112046499602        112047048209        112047593057  
  112005322365        112020448697        112024300823        112027161652        112029585171        112031658906        112034777978        112036962819        112038563548        112039774183        112040885368        112041951251        112043001338        112044047597        112044940869        112045480511        112045976218        112046499703        112047048333        112047593406  
  112005324828        112020454379        112024300935        112027161764        112029585205        112031660224        112034778081        112036962886        112038563605        112039774295        112040886459        112041951688        112043001350        112044047744        112044940948        112045480544        112045977129        112046499758        112047048355        112047593495  
  112005329935        112020457079        112024302218        112027163205        112029585711        112031660763        112034778126        112036962987        112038565944        112039775139        112040886897        112041952162        112043001664        112044047801        112044941017        112045480555        112045977208        112046499770        112047048434        112047593518  
  112005343278        112020457754        112024302364        112027164116        112029585902        112031660819        112034778137        112036963113        112038566204        112039775443        112040887023        112041952364        112043002351        112044048688        112044941118        112045481994        112045977309        112046499983        112047048456        112047593552  
  112005344437        112020458014        112024302926        112027164228        112029585924        112031660965        112034778351        112036963179        112038567643        112039777029        112040887124        112041953455        112043003981        112044048969        112044941567        112045482737        112045977332        112046500054        112047048478        112047593563  
  112005348396        112020458261        112024304490        112027165364        112029586082        112031661012        112034780646        112036963236        112038567823        112039777377        112040887225        112041954715        112043004319        112044049241        112044941613        112045482782        112045977578        112046500177        112047048557        112047594351  
  112005361098        112020460556        112024305255        112027165544        112029586936        112031661034        112034783267        112036963494        112038567968        112039777401        112040889205        112041954726        112043004779        112044049274        112044941770        112045482894        112045977646        112046500188        112047048568        112047594441  
  112005379749        112020463133        112024306986        112027166185        112029587623        112031661089        112034783818        112036963584        112038569117        112039777423        112040889520        112041954861        112043004847        112044050085        112044941826        112045482995        112045977679        112046501853        112047048591        112047594722  
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  112009437940        112020555562        112024347554        112027189326        112029619382        112031689887        112035055721        112036981540        112038598412        112039802242        112040907947        112041974964        112043024119        112044074339        112044954000        112045492435        112045987658        112046511753        112047056376        112047605770  
  112009443587        112020558723        112024347903        112027189810        112029620878        112031691037        112035055866        112036982439        112038598669        112039802332        112040908038        112041975066        112043024894        112044074384        112044954022        112045493087        112045987793        112046511898        112047056534        112047605792  
  112009447604        112020558756        112024347958        112027189911        112029620979        112031691699        112035058533        112036982495        112038600157        112039802613        112040909107        112041975112        112043024928        112044074520        112044954066        112045493201        112045987850        112046511944        112047056545        112047605826  
  112009450428        112020559353        112024347969        112027190014        112029621778        112031692050        112035059949        112036982866        112038601079        112039802949        112040909578        112041976359        112043025211        112044074531        112044954178        112045493212        112045988378        112046512002        112047057164        112047605983  
  112010290354        112020559678        112024347981        112027191295        112029622544        112031692331        112035061762        112036983902        112038602025        112039803254        112040910334        112041976900        112043025244        112044075464        112044954392        112045494123        112045988389        112046512080        112047057243        112047606322  
  112010353129        112020559803        112024350862        112027191554        112029622599        112031693769        112035062369        112036984543        112038602115        112039804323        112040910345        112041978665        112043025514        112044075521        112044954415        112045494167        112045989559        112046512091        112047057456        112047606591  
  112010372265        112020562852        112024351188        112027191835        112029622836        112031694401        112035064844        112037000576        112038602272        112039805458        112040911784        112041979037        112043025929        112044077983        112044954460        112045495315        112045989896        112046512103        112047057513        112047606614  
  112010385191        112020565136        112024351223        112027191857        112029623297        112031695851        112035065227        112037006347        112038603767        112039806189        112040911908        112041979981        112043027213        112044078928        112044954527        112045495348        112045990214        112046512181        112047057670        112047608335  
  112010394742        112020566474        112024351975        112027192139        112029623512        112031695907        112035065418        112037028194        112038603824        112039806257        112040911986        112041980051        112043027279        112044079547        112044954550        112045495371        112045990416        112046512192        112047057704        112047609022  
  112010401628        112020567497        112024353595        112027192577        112029623578        112031696920        112035066723        112037028240        112038604544        112039806291        112040911997        112041980107        112043027921        112044080011        112044955146        112045495382        112045990517        112046512226        112047057726        112047609033  
  112010434556        112020567734        112024353843        112027193860        112029623860        112031697347        112035066756        112037028420        112038604577        112039806303        112040912314        112041980130        112043028012        112044080022        112044955517        112045495405        112045990539        112046512237        112047058626        112047609246  
  112010444344        112020568825        112024355429        112027195547        112029625749        112031697369        112035067500        112037029173        112038604724        112039806347        112040912392        112041980196        112043028292        112044080112        112044955775        112045495427        112045990708        112046512260        112047058705        112047609426  
  112010472952        112020568904        112024355496        112027195637        112029627268        112031697684        112035067825        112037029577        112038605242        112039806538        112040912404        112041980343        112043029710        112044080336        112044956394        112045495528        112045990719        112046512552        112047058941        112047609550  
  112010474505        112020570862        112024355609        112027195952        112029627471        112031698685        112035069737        112037029645        112038605365        112039806606        112040912426        112041980354        112043030420        112044084239        112044956417        112045495540        112045990786        112046513092        112047059054        112047609707  
  112010491111        112020571469        112024355632        112027196054        112029627707        112031699271        112035069917        112037029869        112038605725        112039807348        112040912437        112041980398        112043030475        112044084745        112044956451        112045495719        112045991428        112046513250        112047059098        112047609729  
  112010504374        112020573102        112024356239        112027197369        112029627729        112031699338        112035070290        112037032807        112038605792        112039808822        112040912460        112041981669        112043030509        112044085252        112044956484        112045496080        112045991473        112046513362        112047059100        112047609774  
  112010507579        112020573203        112024356262        112027197392        112029627864        112031699361        112035071381        112037033123        112038608256        112039809889        112040912583        112041982457        112043032589        112044085500        112044956541        112045496417        112045992003        112046513744        112047059122        112047609897  
  112010508312        112020577139        112024356329        112027197550        112029628203        112031699473        112035072472        112037033336        112038610473        112039810049        112040912640        112041982558        112043032590        112044085544        112044957070        112045496428        112045992036        112046514037        112047059144        112047610080  

 

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  112010520877        112020578051        112024357386        112027198258        112029629002        112031701590        112035072876        112037033594        112038612644        112039810083        112040912741        112041983739        112043032804        112044085612        112044957238        112045496439        112045992069        112046514161        112047059188        112047610147  
  112010523779        112020579388        112024357702        112027198393        112029630149        112031701602        112035073888        112037033628        112038612891        112039810094        112040912886        112041983874        112043033164        112044085645        112044957249        112045496574        112045992126        112046514284        112047059199        112047610440  
  112010524860        112020579401        112024358501        112027199440        112029631364        112031703749        112035077309        112037034843        112038613397        112039810173        112040912987        112041984370        112043033210        112044087726        112044957250        112045497193        112045992171        112046514385        112047059324        112047610620  
  112010527469        112020579580        112024358679        112027199710        112029631577        112031704403        112035077499        112037035798        112038613522        112039810397        112040915115        112041986147        112043033850        112044087748        112044957463        112045497542        112045992878        112046514420        112047059403        112047610653  
  112010548282        112020579861        112024360740        112027199743        112029632499        112031704458        112035081955        112037037431        112038613544        112039810487        112040915272        112041986877        112043035223        112044087928        112044957553        112045497586        112045993352        112046514453        112047059492        112047610855  
  112010551297        112020583024        112024362528        112027199923        112029633872        112031704470        112035082417        112037037509        112038613577        112039810511        112040915496        112041987092        112043035559        112044088053        112044957700        112045497766        112045993385        112046514521        112047059571        112047611003  
  112010556720        112020583169        112024364867        112027200016        112029633995        112031705112        112035082552        112037037622        112038613612        112039811039        112040916015        112041987373        112043035885        112044088110        112044957722        112045498004        112045993408        112046514600        112047061024        112047611025  
  112010563335        112020583338        112024366252        112027200128        112029634053        112031705392        112035084352        112037037633        112038613645        112039811332        112040916060        112041987441        112043036000        112044088558        112044957755        112045498048        112045993475        112046514655        112047061035        112047613320  
  112010569050        112020584182        112024367635        112027200544        112029634143        112031705538        112035084846        112037037644        112038613803        112039811433        112040917690        112041988598        112043036628        112044089010        112044957889        112045498655        112045993554        112046514677        112047061192        112047614130  
  112010579860        112020584238        112024367826        112027201028        112029634187        112031705662        112035085195        112037037677        112038613825        112039811455        112040917779        112041989296        112043036707        112044089111        112044957902        112045498666        112045994151        112046514688        112047061271        112047614141  
  112010592089        112020586140        112024368827        112027202513        112029635188        112031705718        112035087287        112037037891        112038614938        112039811556        112040917847        112041990197        112043036763        112044089458        112044957935        112045499454        112045994342        112046514734        112047061349        112047614679  
  112010595082        112020586173        112024369930        112027203312        112029635649        112031707518        112035087298        112037038768        112038615041        112039812692        112040917926        112041991682        112043037023        112044089481        112044957968        112045499522        112045994432        112046514767        112047061529        112047614950  
  112010595925        112020586319        112024371405        112027205640        112029640050        112031707709        112035087322        112037039040        112038615737        112039813402        112040917960        112041991716        112043037720        112044089874        112044957991        112045499735        112045994690        112046517096        112047062328        112047614983  
  112010602227        112020586858        112024371528        112027205673        112029640195        112031707721        112035087670        112037039590        112038615883        112039813547        112040917993        112041994359        112043037887        112044091260        112044959151        112045499870        112045994791        112046517243        112047062407        112047615041  
  112011177393        112020587242        112024372260        112027206214        112029640971        112031707844        112035087726        112037039635        112038615917        112039813671        112040919018        112041994607        112043038079        112044091406        112044959195        112045499959        112045994858        112046517254        112047062463        112047615052  
  112011304665        112020587387        112024376433        112027206225        112029641107        112031709925        112035087805        112037039859        112038617054        112039813862        112040919221        112041994629        112043038226        112044091675        112044959229        112045500839        112045994915        112046517276        112047063565        112047615074  
  112011305745        112020587466        112024376668        112027206450        112029641152        112031710501        112035089919        112037041458        112038618358        112039815369        112040919276        112041996755        112043038709        112044094768        112044959342        112045500895        112045994926        112046517489        112047063880        112047615096  
  112011305903        112020587488        112024376758        112027206483        112029641433        112031710590        112035090810        112037095097        112038618594        112039815583        112040919423        112041996845        112043038743        112044094791        112044959432        112045500930        112045994982        112046517524        112047063914        112047615120  
  112011309468        112020589143        112024378031        112027206506        112029641635        112031710871        112035092733        112037120490        112038620766        112039817394        112040921561        112041996957        112043039553        112044094836        112044959443        112045500941        112045995017        112046517625        112047063958        112047615164  
  112011339663        112020589839        112024378323        112027206674        112029642041        112031712592        112035093138        112037211851        112038620823        112039817495        112040921639        112041996980        112043039924        112044094858        112044960142        112045502044        112045995972        112046517771        112047063981        112047615175  
  112011348258        112020589974        112024378626        112027207529        112029642119        112031713032        112035094241        112037254061        112038621071        112039817552        112040921673        112041997060        112043040993        112044094881        112044960243        112045502156        112045996052        112046517782        112047064016        112047615287  
  112011396576        112020590190        112024378772        112027208283        112029642748        112031713267        112035095039        112037254623        112038621138        112039817608        112040921741        112041998229        112043041028        112044095141        112044960254        112045502268        112045996063        112046517805        112047064027        112047615636  
  112011399041        112020590279        112024380089        112027208407        112029643390        112031713931        112035098010        112037256366        112038621598        112039819284        112040921820        112041998263        112043041141        112044095365        112044960311        112045502325        112045996614        112046517861        112047064207        112047616716  
  112011402990        112020590381        112024382283        112027208519        112029643558        112031715416        112035098458        112037256412        112038623466        112039819420        112040921864        112041998386        112043041220        112044096322        112044960647        112045502347        112045996715        112046518086        112047064274        112047616727  
  112011456225        112020590785        112024588898        112027209510        112029643705        112031716541        112035098526        112037256524        112038623657        112039820196        112040922461        112041999321        112043041275        112044096692        112044964832        112045502404        112045996861        112046518143        112047064678        112047616806  
  112011478083        112020590910        112024641573        112027210635        112029645000        112031716631        112035100418        112037257110        112038623792        112039820242        112040922517        112042000066        112043042085        112044096805        112044965620        112045502437        112045996973        112046520269        112047064735        112047616884  
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  112012580538        112020630915        112024929987        112027235531        112029669231        112031745813        112035137520        112037293626        112038655168        112039848792        112040941732        112042027357        112043062425        112044120195        112044974765        112045513530        112046007898        112046529729        112047076266        112047629989  
  112012584385        112020631286        112024932262        112027235597        112029670974        112031746027        112035139139        112037293671        112038656271        112039848905        112040941901        112042027515        112043062492        112044120803        112044975047        112045513596        112046009104        112046531205        112047076378        112047629990  
  112012587850        112020632142        112024932329        112027236048        112029671199        112031746814        112035139274        112037293873        112038656620        112039849401        112040943701        112042027559        112043062661        112044120926        112044975126        112045514003        112046009137        112046531250        112047076413        112047630037  
  112012587940        112020632704        112024932385        112027238040        112029672459        112031747028        112035139320        112037295279        112038658307        112039849535        112040943756        112042027672        112043064607        112044121185        112044975148        112045514036        112046009441        112046531643        112047076468        112047630048  
  112012591316        112020632771        112024932396        112027238196        112029673001        112031748186        112035139656        112037295314        112038658330        112039849557        112040944319        112042027773        112043064696        112044121961        112044975159        112045514081        112046009520        112046531654        112047076604        112047630273  
  112012594588        112020633592        112024932587        112027238523        112029673304        112031748298        112035139689        112037296731        112038658419        112039849827        112040945152        112042027829        112043064854        112044122489        112044975182        112045514171        112046009586        112046531687        112047076626        112047630352  
  112012595400        112020635493        112024932655        112027239939        112029674316        112031748984        112035140366        112037297754        112038658509        112039849861        112040945242        112042027830        112043064911        112044122625        112044975351        112045514711        112046009654        112046531856        112047076682        112047630408  
  112012595916        112020635527        112024933375        112027239973        112029674529        112031749086        112035141604        112037299756        112038658745        112039849883        112040945758        112042028257        112043065215        112044124032        112044975485        112045514722        112046009676        112046532655        112047076716        112047630981  
  112012595938        112020635662        112024933432        112027240357        112029674855        112031749132        112035143190        112037299789        112038660850        112039850087        112040946670        112042028404        112043065260        112044124278        112044975609        112045514744        112046009777        112046534657        112047076772        112047630992  
  112012596502        112020635684        112024935108        112027240841        112029674866        112031749233        112035145732        112037300074        112038661042        112039850100        112040946771        112042030362        112043066610        112044124504        112044976206        112045514845        112046009788        112046534804        112047076941        112047631117  
  112012596524        112020636551        112024935782        112027241213        112029675418        112031749389        112035149635        112037300142        112038663044        112039850212        112040946782        112042030463        112043066845        112044125303        112044976262        112045514878        112046009799        112046534949        112047076952        112047631308  
  112012596557        112020636584        112024937717        112027241538        112029676026        112031749604        112035149691        112037300298        112038663404        112039851842        112040947097        112042030496        112043067149        112044125538        112044976307        112045515611        112046009890        112046534994        112047076985        112047631904  
  112012596704        112020636966        112024937986        112027242012        112029676071        112031752484        112035150424        112037300388        112038664797        112039851943        112040947884        112042031363        112043067284        112044125550        112044976318        112045515688        112046010454        112046535120        112047077054        112047631915  
  112012599628        112020637271        112024938112        112027242326        112029676150        112031752709        112035150615        112037300579        112038666935        112039852078        112040947929        112042031442        112043067396        112044125561        112044976329        112045515701        112046010498        112046535254        112047077065        112047631926  
  112012599695        112020638261        112024940171        112027242685        112029677678        112031752967        112035151751        112037302324        112038667767        112039853259        112040947996        112042032588        112043068320        112044125910        112044976352        112045515745        112046011332        112046535265        112047077425        112047632983  
  112012603893        112020638519        112024941789        112027242720        112029678310        112031753104        112035153124        112037302346        112038668364        112039853271        112040948559        112042032612        112043070749        112044126742        112044976420        112045515756        112046012108        112046535276        112047077436        112047633052  
  112012605930        112020638553        112024942342        112027244418        112029678365        112031755106        112035153179        112037302931        112038668375        112039853495        112040948582        112042032645        112043070974        112044128564        112044976497        112045515767        112046012119        112046535333        112047080306        112047633085  

 

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  112012610127        112020638711        112024945794        112027244621        112029678433        112031755285        112035153180        112037304517        112038670312        112039853642        112040949460        112042032814        112043071111        112044128698        112044976598        112045516005        112046012175        112046536255        112047080317        112047633175  
  112012613579        112020638788        112024946649        112027244957        112029678916        112031755331        112035153225        112037304551        112038670547        112039853732        112040949651        112042032870        112043072808        112044128812        112044976622        112045516027        112046012197        112046536266        112047080339        112047633221  
  112012613658        112020640624        112024947000        112027245037        112029678950        112031755432        112035155452        112037304562        112038673326        112039856162        112040949730        112042034478        112043072831        112044128913        112044976688        112045516083        112046012726        112046536468        112047080384        112047633298  
  112012614817        112020642165        112024947527        112027245442        112029679322        112031755476        112035155508        112037304573        112038673427        112039856601        112040950507        112042034513        112043073573        112044128968        112044976802        112045516094        112046012760        112046536682        112047080553        112047633399  
  112012615661        112020642277        112024948696        112027245891        112029681213        112031756512        112035155586        112037304630        112038673450        112039856612        112040950530        112042034568        112043073652        112044131142        112044976936        112045516195        112046012793        112046536727        112047080665        112047633467  
  112012618013        112020644213        112024949204        112027246724        112029681785        112031756769        112035155766        112037306069        112038673562        112039857017        112040950619        112042034579        112043073696        112044131557        112044978321        112045516319        112046012805        112046537706        112047081127        112047633579  
  112012623019        112020644549        112024949259        112027246948        112029681910        112031759481        112035155788        112037307026        112038673584        112039857073        112040950945        112042035356        112043073809        112044133504        112044978332        112045516364        112046013592        112046537751        112047082173        112047634312  
  112012627721        112020644640        112024949899        112027248456        112029682045        112031759751        112035155801        112037307071        112038675148        112039858838        112040951070        112042035525        112043074439        112044134246        112044978343        112045516487        112046013604        112046537784        112047082353        112047634435  
  112012630949        112020646192        112024952297        112027249064        112029682315        112031760089        112035156183        112037307150        112038676059        112039858928        112040952341        112042035682        112043074732        112044134279        112044978354        112045516566        112046013637        112046537896        112047083095        112047635166  
  112012631951        112020647104        112024952400        112027249301        112029683743        112031760124        112035158264        112037307183        112038676475        112039859390        112040952475        112042035929        112043074765        112044134774        112044978376        112045517523        112046013659        112046537908        112047083107        112047636033  
  112012634774        112020648183        112024954479        112027249985        112029683901        112031761350        112035159838        112037307622        112038676655        112039859525        112040953421        112042036122        112043075777        112044134921        112044978567        112045517668        112046013727        112046537953        112047083118        112047636178  
  112012640007        112020648251        112024954547        112027250404        112029684148        112031761754        112035159849        112037307723        112038676813        112039859547        112040955401        112042036177        112043075991        112044134943        112044978657        112045517691        112046013750        112046537997        112047083163        112047636189  
  112012641288        112020648408        112024955144        112027250583        112029684328        112031762744        112035159861        112037307903        112038677072        112039860639        112040955603        112042036278        112043078422        112044135258        112044978994        112045517703        112046013817        112046538055        112047083231        112047636257  
  112012644494        112020648453        112024955504        112027250628        112029684373        112031762788        112035159872        112037308892        112038677241        112039861629        112040956727        112042036289        112043078488        112044136956        112044979063        112045517826        112046014032        112046538460        112047083264        112047636336  
  112012645305        112020648824        112024955694        112027251933        112029684654        112031764342        112035160043        112037308993        112038677331        112039862800        112040957133        112042037044        112043078714        112044136978        112044979276        112045517893        112046014043        112046538527        112047083275        112047636561  
  112012649219        112020649724        112024958248        112027252002        112029685925        112031764612        112035160289        112037310053        112038680852        112039864318        112040957223        112042038753        112043078815        112044138868        112044979333        112045517938        112046014100        112046538572        112047083321        112047636741  
  112012655575        112020650412        112024959902        112027252046        112029686117        112031764645        112035160324        112037311492        112038681167        112039865375        112040957953        112042038898        112043079670        112044139566        112044980650        112045517994        112046014728        112046538583        112047083354        112047636785  
  112012657230        112020650490        112024959924        112027253474        112029686308        112031764667        112035160357        112037311908        112038681246        112039868109        112040958774        112042038911        112043079962        112044140681        112044980717        112045518108        112046016191        112046540531        112047083567        112047636820  
  112012659401        112020651064        112024960016        112027255522        112029686397        112031764814        112035166038        112037312583        112038681426        112039868187        112040958987        112042038922        112043079984        112044140737        112044981729        112045518197        112046016236        112046540575        112047083589        112047637629  
  112012660649        112020651211        112024960106        112027255566        112029686409        112031764892        112035168276        112037312640        112038683563        112039868266        112040959090        112042039125        112043080010        112044144494        112044981730        112045518209        112046016292        112046540700        112047083613        112047637641  
  112012666342        112020651457        112024960319        112027255599        112029687556        112031765769        112035168287        112037314945        112038683653        112039868288        112040959168        112042039259        112043080087        112044144517        112044981819        112045518232        112046016315        112046540711        112047083691        112047637652  
  112012672338        112020652492        112024960960        112027255982        112029688265        112031766489        112035168625        112037315272        112038683697        112039868367        112040962049        112042039338        112043080234        112044145091        112044981864        112045518254        112046016371        112046540777        112047083703        112047637719  
  112012672675        112020652762        112024960993        112027256073        112029688502        112031766580        112035169019        112037316778        112038684531        112039868389        112040962588        112042039417        112043080368        112044145192        112044981954        112045518311        112046016393        112046541059        112047084063        112047637764  
  112012673924        112020654089        112024964515        112027258143        112029688669        112031767110        112035170156        112037318635        112038685453        112039868592        112040962612        112042039923        112043080391        112044145417        112044982034        112045519389        112046016461        112046541105        112047084119        112047637775  
  112012678109        112020654405        112024964694        112027258244        112029689772        112031767200        112035170853        112037319940        112038685464        112039868604        112040962702        112042039990        112043080425        112044147330        112044982157        112045519783        112046016483        112046541183        112047084120        112047637810  
  112012680090        112020654438        112024964784        112027259403        112029690370        112031768807        112035171405        112037320010        112038685510        112039869245        112040963107        112042040048        112043081347        112044147419        112044984036        112045519884        112046016528        112046541194        112047084142        112047638181  
  112012680304        112020654797        112024964920        112027259571        112029690404        112031768841        112035171876        112037320087        112038686094        112039869380        112040963130        112042040172        112043081381        112044147633        112044984047        112045519895        112046016584        112046541284        112047084164        112047638361  
  112012680360        112020656115        112024965112        112027259650        112029690897        112031768942        112035172653        112037320111        112038686308        112039869818        112040963613        112042040239        112043081404        112044150222        112044984069        112045519952        112046016618        112046541329        112047084243        112047638462  
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  112013447036        112020693789        112025002654        112027286616        112029715828        112031797708        112035220501        112037337984        112038709865        112039894108        112040990185        112042067586        112043102868        112044170426        112044993867        112045530708        112046026079        112046551791        112047094200        112047649880  
  112013447362        112020694061        112025002890        112027287358        112029715884        112031797764        112035226259        112037338121        112038710159        112039894210        112040990196        112042067867        112043103038        112044170471        112044993957        112045530764        112046026091        112046551881        112047094772        112047650051  
  112013451558        112020694195        112025003318        112027287369        112029716469        112031797809        112035227531        112037338154        112038710182        112039894658        112040990444        112042067913        112043103588        112044170561        112044994150        112045530900        112046026169        112046552129        112047094873        112047650152  
  112013455664        112020696546        112025003420        112027287370        112029716515        112031797854        112035228633        112037338176        112038710508        112039894692        112040990714        112042067979        112043104376        112044170572        112044994172        112045531002        112046026271        112046553883        112047094884        112047650174  
  112013457666        112020697345        112025004342        112027288258        112029717066        112031798361        112035229702        112037339403        112038710654        112039894737        112040990972        112042068071        112043104477        112044171078        112044994228        112045531305        112046026383        112046553995        112047095548        112047650185  
  112013467173        112020697862        112025004601        112027288540        112029717123        112031799744        112035229904        112037340180        112038712735        112039895648        112040991456        112042068138        112043104770        112044171157        112044994419        112045531316        112046026406        112046554132        112047095560        112047650411  
  112013471280        112020698009        112025004735        112027288652        112029717482        112031800679        112035230210        112037341934        112038712937        112039895671        112040991849        112042068217        112043104815        112044171449        112044994475        112045531350        112046026428        112046554198        112047095616        112047650455  
  112013473619        112020702566        112025004746        112027288809        112029718809        112031800736        112035230355        112037342148        112038713635        112039896908        112040992660        112042068509        112043105355        112044171911        112044994486        112045531439        112046026439        112046554266        112047095672        112047650488  
  112013473990        112020702779        112025005039        112027289901        112029719811        112031800972        112035230388        112037344061        112038713837        112039896919        112040992749        112042069184        112043106097        112044171988        112044994497        112045531642        112046026596        112046554334        112047095706        112047651108  
  112013474025        112020704052        112025008896        112027290026        112029719866        112031801175        112035230456        112037345411        112038713961        112039896920        112040992783        112042069511        112043106211        112044172800        112044994521        112045531664        112046027137        112046554367        112047095885        112047651119  
  112013476140        112020705042        112025010293        112027290059        112029721533        112031802637        112035230670        112037345501        112038715097        112039897123        112040992828        112042069634        112043106277        112044174172        112044994576        112045531709        112046027159        112046554480        112047095920        112047651816  
  112013476656        112020707583        112025011047        112027290677        112029722534        112031802671        112035231750        112037347345        112038715165        112039897808        112040992840        112042069656        112043106693        112044174217        112044994598        112045531721        112046027520        112046554514        112047095931        112047651838  
  112013479503        112020707662        112025012082        112027291049        112029722781        112031802918        112035232100        112037348694        112038715503        112039897910        112040995292        112042069689        112043106727        112044175229        112044994633        112045531732        112046027665        112046555829        112047095964        112047651894  
  112013484509        112020707875        112025012161        112027291544        112029723513        112031806305        112035233516        112037349178        112038715547        112039897965        112040995360        112042072199        112043106772        112044175500        112044994824        112045532047        112046028251        112046556000        112047095997        112047651906  
  112013486567        112020707932        112025013342        112027291555        112029724840        112031807069        112035233741        112037349202        112038715772        112039899484        112040995438        112042072267        112043108853        112044177658        112044994835        112045532069        112046028329        112046556123        112047096000        112047652277  
  112013492171        112020709002        112025013443        112027291667        112029726235        112031807182        112035235226        112037349246        112038715828        112039899967        112040995955        112042072380        112043109113        112044177669        112044994846        112045532081        112046028330        112046556246        112047096088        112047652334  

 

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  112013498368        112020710385        112025013454        112027292051        112029726246        112031807946        112035235305        112037349954        112038716032        112039900128        112040997171        112042072560        112043109506        112044177906        112044994868        112045532137        112046028341        112046556347        112047096099        112047652457  
  112013499640        112020710868        112025013465        112027292163        112029726527        112031809005        112035236351        112037351171        112038716391        112039900151        112040998352        112042074360        112043109584        112044178020        112044994879        112045532351        112046028408        112046556493        112047096112        112047652503  
  112013501295        112020711162        112025013612        112027292624        112029726538        112031809173        112035236407        112037353207        112038718427        112039900252        112040998374        112042074618        112043110429        112044178974        112044994936        112045532946        112046030434        112046556808        112047096729        112047653324  
  112013504298        112020711465        112025013713        112027294457        112029726673        112031809320        112035237677        112037353230        112038719248        112039900397        112040999982        112042074641        112043110430        112044178985        112044995768        112045532968        112046030478        112046556819        112047096741        112047654369  
  112013504322        112020711511        112025013892        112027294840        112029726831        112031810535        112035237745        112037353858        112038719271        112039900566        112041000054        112042076249        112043110441        112044179009        112044995779        112045533048        112046030513        112046556842        112047096819        112047654392  
  112013504557        112020712578        112025014837        112027296145        112029727540        112031811255        112035240547        112037355164        112038721106        112039900612        112041000403        112042076272        112043110687        112044179010        112044996804        112045534139        112046030579        112046557012        112047097551        112047655034  
  112013506920        112020712646        112025015580        112027296752        112029730645        112031812638        112035240862        112037356491        112038721151        112039900623        112041000414        112042076283        112043110755        112044179997        112044997265        112045534218        112046030715        112046557056        112047098417        112047655045  
  112013507044        112020712826        112025015591        112027298406        112029730746        112031812672        112035242101        112037356682        112038721229        112039900779        112041001482        112042076294        112043111712        112044180135        112044997311        112045534331        112046030759        112046557775        112047098563        112047655089  
  112013509439        112020715616        112025016198        112027298417        112029731398        112031812920        112035243371        112037358189        112038721308        112039900780        112041002359        112042076485        112043111723        112044180359        112044997322        112045534511        112046030816        112046557797        112047098888        112047656035  
  112013513388        112020718619        112025016222        112027299586        112029731488        112031814652        112035246554        112037359708        112038722174        112039902423        112041002360        112042077307        112043113893        112044180393        112044997388        112045534522        112046030962        112046557809        112047098923        112047656125  
  112013513456        112020718899        112025016727        112027299676        112029731602        112031814887        112035246891        112037361048        112038722444        112039903985        112041003473        112042077408        112043113972        112044180539        112044997489        112045534588        112046031299        112046557944        112047098934        112047656350  
  112013513524        112020720623        112025017010        112027300860        112029731769        112031814999        112035249041        112037361217        112038723377        112039904234        112041004430        112042078049        112043114906        112044181158        112044997546        112045535365        112046031301        112046557966        112047098990        112047656417  
  112013517012        112020720667        112025017032        112027301085        112029731871        112031815721        112035249917        112037362577        112038723490        112039904368        112041004610        112042079365        112043115019        112044182441        112044997568        112045535769        112046031334        112046558417        112047099070        112047656653  
  112013517573        112020720814        112025017043        112027301984        112029731983        112031815765        112035252843        112037362746        112038723502        112039904548        112041006500        112042079758        112043115121        112044182531        112044997580        112045535916        112046031491        112046558428        112047099092        112047656709  
  112013522580        112020721275        112025019012        112027302705        112029733154        112031816003        112035253024        112037362768        112038725133        112039905280        112041006522        112042079916        112043116425        112044182878        112044997625        112045535927        112046031569        112046558552        112047099845        112047657328  
  112013524638        112020721613        112025020946        112027305225        112029733648        112031817329        112035253169        112037362892        112038725166        112039906641        112041006678        112042079949        112043116526        112044182890        112044999009        112045535938        112046031615        112046560386        112047099980        112047657384  
  112013525752        112020722467        112025021295        112027305898        112029734290        112031817453        112035256386        112037363174        112038725346        112039906720        112041006724        112042080020        112043117280        112044184623        112044999054        112045535949        112046031659        112046560409        112047100084        112047657395  
  112013526775        112020723727        112025021307        112027306260        112029734368        112031817903        112035260886        112037365222        112038725414        112039906900        112041006870        112042081874        112043117303        112044184702        112044999065        112045535961        112046031985        112046560566        112047100185        112047659128  
  112013528047        112020725134        112025021880        112027306787        112029734425        112031818454        112035261034        112037365233        112038725447        112039906933        112041006926        112042082460        112043117370        112044186298        112044999425        112045536052        112046032043        112046560577        112047100354        112047659140  
  112013532491        112020726168        112025022139        112027306844        112029734548        112031819376        112035264161        112037365413        112038725515        112039908744        112041009727        112042082471        112043118528        112044186311        112044999672        112045536164        112046032087        112046560601        112047100534        112047659689  
  112013535506        112020726630        112025022184        112027307047        112029734661        112031819938        112035264194        112037365435        112038725863        112039908845        112041009738        112042082549        112043118562        112044186456        112045000003        112045536221        112046032122        112046560623        112047100624        112047660074  
  112013535540        112020727002        112025022274        112027307351        112029734751        112031820075        112035264408        112037365985        112038727090        112039908935        112041010235        112042083089        112043118887        112044186928        112045000700        112045536254        112046032144        112046560757        112047101175        112047660445  
  112013538992        112020731524        112025022409        112027307610        112029735145        112031820176        112035264486        112037368157        112038727775        112039909004        112041010303        112042085126        112043119091        112044187480        112045000812        112045536467        112046032177        112046560768        112047101333        112047660467  
  112013543145        112020731951        112025022959        112027308633        112029735178        112031820806        112035264600        112037369181        112038727786        112039909071        112041010392        112042085306        112043121285        112044187569        112045001385        112045538032        112046032201        112046560814        112047101344        112047660502  
  112013543224        112020732424        112025024681        112027308688        112029737349        112031822730        112035265555        112037369204        112038727911        112039909127        112041010550        112042085586        112043121397        112044187615        112045001431        112045538111        112046033213        112046560836        112047101355        112047660940  
  112013543437        112020732547        112025024726        112027308723        112029737811        112031823034        112035265634        112037369237        112038727966        112039909475        112041012271        112042085755        112043121645        112044187648        112045001453        112045538201        112046033257        112046560870        112047101377        112047660984  
  112013546508        112020733605        112025027033        112027308756        112029738238        112031823067        112035269290        112037369765        112038728068        112039909510        112041012327        112042086699        112043122400        112044187941        112045001891        112045538212        112046034281        112046561400        112047101456        112047661479  
  112013548386        112020739230        112025027459        112027310164        112029738418        112031823102        112035269302        112037370363        112038728372        112039909521        112041012462        112042086723        112043122590        112044187952        112045001958        112045538278        112046034292        112046561769        112047101513        112047662065  
  112013552404        112020739375        112025027785        112027310670        112029738429        112031827511        112035269380        112037372365        112038728383        112039910208        112041012822        112042087612        112043122635        112044188391        112045001969        112045538302        112046034371        112046561916        112047102682        112047662245  
  112013557421        112020739487        112025028179        112027311255        112029738665        112031827702        112035269649        112037372444        112038730533        112039910321        112041012989        112042089254        112043123973        112044188492        112045002027        112045538548        112046034405        112046561949        112047102772        112047662278  
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  112013681261        112020778435        112025069905        112027343777        112029760996        112031875716        112035315663        112037391120        112038763720        112039935643        112041036817        112042110507        112043149971        112044214425        112045016426        112045550115        112046040402        112046570534        112047113460        112047675373  
  112013684602        112020778705        112025071278        112027344969        112029762033        112031876447        112035316945        112037391164        112038763900        112039935687        112041036840        112042110608        112043150074        112044214672        112045016437        112045550294        112046041177        112046570556        112047114168        112047675430  
  112013685142        112020778794        112025073078        112027345498        112029762156        112031877022        112035316990        112037391412        112038765340        112039936879        112041036907        112042110675        112043150153        112044215325        112045016448        112045550306        112046042224        112046570589        112047114179        112047675531  
  112013685232        112020781642        112025073382        112027346983        112029762190        112031877167        112035317047        112037391467        112038767791        112039936936        112041036941        112042111889        112043150210        112044216247        112045017214        112045550373        112046042448        112046570590        112047114281        112047675586  
  112013685445        112020781877        112025073472        112027347782        112029762718        112031877718        112035317092        112037391513        112038767904        112039936970        112041036996        112042111913        112043150412        112044216887        112045017281        112045550407        112046042471        112046570703        112047114337        112047675665  
  112013686514        112020782384        112025073753        112027348312        112029763292        112031878090        112035317744        112037391614        112038768703        112039937117        112041038707        112042113252        112043150445        112044217529        112045017337        112045550430        112046042482        112046570770        112047114405        112047676521  
  112013686581        112020782834        112025076565        112027348536        112029763337        112031878258        112035321176        112037392581        112038769153        112039937319        112041038718        112042113308        112043150524        112044218104        112045017461        112045550957        112046042516        112046571579        112047114483        112047676554  
  112013688224        112020783903        112025078242        112027349605        112029764709        112031878708        112035321457        112037392839        112038769366        112039937588        112041038808        112042114297        112043151299        112044220231        112045017483        112045551936        112046042561        112046571603        112047114719        112047676611  
  112013688572        112020784645        112025078668        112027349627        112029764945        112031879114        112035322100        112037393155        112038770357        112039939805        112041038819        112042114837        112043151794        112044221704        112045018642        112045551958        112046042572        112046571614        112047114809        112047676712  
  112013688943        112020784960        112025081055        112027350708        112029765047        112031879305        112035324416        112037393199        112038770469        112039939827        112041039742        112042114893        112043151828        112044222053        112045018686        112045551970        112046042628        112046571658        112047114832        112047676824  
  112013693758        112020785051        112025081246        112027352957        112029767184        112031879541        112035324584        112037393650        112038771505        112039940335        112041039775        112042114916        112043151873        112044222356        112045018833        112045552128        112046043045        112046571670        112047114900        112047676903  
  112013693848        112020785972        112025082034        112027353116        112029767634        112031879732        112035329871        112037393795        112038771628        112039940380        112041040935        112042114949        112043152223        112044222389        112045018866        112045552252        112046043089        112046571984        112047114988        112047677421  
  112013695154        112020786209        112025082067        112027353161        112029768185        112031881465        112035329916        112037393829        112038771864        112039940391        112041041879        112042117054        112043152335        112044223548        112045019069        112045554467        112046043102        112046571995        112047115170        112047677443  

 

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  112013695907        112020787750        112025083686        112027353431        112029768668        112031882488        112035330301        112037393852        112038772045        112039940425        112041041925        112042117717        112043152964        112044223863        112045019159        112045554546        112046043113        112046572042        112047115316        112047677533  
  112013698449        112020789011        112025085914        112027353442        112029768758        112031884547        112035331155        112037394268        112038772078        112039940559        112041042195        112042117986        112043152975        112044223896        112045019283        112045554557        112046043225        112046572053        112047115844        112047677555  
  112013700106        112020789370        112025087051        112027353600        112029769265        112031884738        112035331683        112037394370        112038773068        112039941044        112041042926        112042119494        112043153011        112044224011        112045019441        112045554614        112046043270        112046572064        112047115866        112047677599  
  112013702827        112020793678        112025089503        112027353723        112029769401        112031885302        112035331706        112037394460        112038773079        112039941077        112041043758        112042119539        112043153325        112044224493        112045019508        112045554737        112046043438        112046572086        112047116733        112047677768  
  112013705819        112020794949        112025089558        112027355084        112029770380        112031885458        112035331931        112037394628        112038775206        112039941987        112041045110        112042119630        112043153369        112044224516        112045019687        112045554759        112046043449        112046573571        112047116845        112047678668  
  112013706157        112020795322        112025089929        112027355196        112029770458        112031886538        112035333067        112037396484        112038776825        112039942102        112041046324        112042120384        112043153987        112044225326        112045019777        112045554760        112046043450        112046573605        112047116878        112047678725  
  112013706854        112020795366        112025089963        112027355466        112029770537        112031886639        112035336228        112037396675        112038776858        112039944328        112041046458        112042120463        112043154045        112044227160        112045019845        112045554827        112046044350        112046573627        112047117015        112047678804  
  112013708575        112020795524        112025089974        112027356153        112029771178        112031886808        112035336453        112037396776        112038776869        112039944722        112041047022        112042121284        112043154203        112044227339        112045020296        112045554951        112046044372        112046573638        112047117026        112047679131  
  112013713065        112020795849        112025091764        112027356221        112029771448        112031887034        112035338657        112037397036        112038777286        112039944777        112041048168        112042121329        112043154607        112044227654        112045021376        112045555121        112046044394        112046573728        112047117048        112047679210  
  112013715988        112020795850        112025091887        112027356254        112029771998        112031887102        112035339210        112037397047        112038777343        112039946779        112041048607        112042122083        112043157059        112044227687        112045021523        112045555389        112046044428        112046573740        112047117262        112047680199  
  112013719319        112020797526        112025092169        112027356265        112029772089        112031888901        112035339287        112037397474        112038778502        112039946791        112041048641        112042122353        112043157330        112044227890        112045021624        112045555457        112046044529        112046573751        112047117307        112047680223  
  112013722098        112020798651        112025092293        112027356276        112029773967        112031889238        112035340313        112037397980        112038779457        112039947567        112041048685        112042122476        112043157341        112044227979        112045021657        112045555503        112046044574        112046573773        112047117329        112047680234  
  112013723752        112020801601        112025093205        112027356311        112029775048        112031890342        112035340335        112037398532        112038779985        112039948377        112041048764        112042122533        112043157385        112044229869        112045022311        112045555536        112046046947        112046573874        112047117330        112047680278  
  112013723853        112020802321        112025093575        112027358751        112029775183        112031893334        112035341707        112037398598        112038780000        112039949323        112041051544        112042124030        112043157497        112044230007        112045022333        112045555558        112046046981        112046574033        112047117385        112047680289  
  112013725158        112020802859        112025096208        112027358762        112029775228        112031893378        112035341718        112037398699        112038780156        112039949570        112041051702        112042124096        112043157565        112044230074        112045022456        112045555570        112046047128        112046574235        112047117408        112047680335  
  112013725293        112020802949        112025096264        112027562196        112029775802        112031895628        112035341808        112037398903        112038780257        112039950583        112041052141        112042124175        112043157633        112044230119        112045022524        112045555659        112046047207        112046575416        112047117453        112047680380  
  112013726362        112020804750        112025097265        112027593303        112029775970        112031897046        112035341954        112037398936        112038780763        112039951089        112041052231        112042125390        112043158960        112044230209        112045022535        112045555705        112046047241        112046575472        112047117756        112047680694  
  112013727846        112020805076        112025098457        112027762176        112029776117        112031898014        112035342034        112037399623        112038782473        112039951180        112041052567        112042125446        112043159590        112044230232        112045022557        112045555749        112046047263        112046575584        112047117846        112047682528  
  112013729455        112020805199        112025099346        112027762266        112029776960        112031898193        112035342067        112037399645        112038782798        112039951214        112041053300        112042125514        112043159602        112044232098        112045022568        112045555828        112046047319        112046575674        112047117925        112047682618  
  112013742135        112020805278        112025099380        112027763076        112029777635        112031898812        112035342089        112037399667        112038782912        112039951315        112041053973        112042125851        112043159668        112044232245        112045022579        112045557235        112046047320        112046575685        112047117970        112047682629  
  112013744362        112020805638        112025099492        112027764549        112029778366        112031901660        112035342124        112037399746        112038783171        112039951449        112041054491        112042125952        112043160750        112044232436        112045022625        112045557853        112046047498        112046575742        112047117992        112047682742  
  112013744643        112020805830        112025100518        112027765359        112029778647        112031902582        112035342146        112037400390        112038783250        112039951472        112041054895        112042126616        112043160895        112044232694        112045022658        112045557987        112046047511        112046575876        112047118016        112047682797  
  112013746780        112020805852        112025100552        112027766495        112029779301        112031902706        112035344070        112037400479        112038783755        112039951483        112041056864        112042126740        112043163078        112044232706        112045022670        112045558056        112046047577        112046575898        112047118117        112047682898  
  112013750134        112020807214        112025101328        112027767430        112029779547        112031903257        112035344126        112037401346        112038783845        112039951506        112041057179        112042126863        112043164440        112044232740        112045024942        112045558113        112046047634        112046577171        112047118140        112047683372  
  112013753014        112020808192        112025101441        112027768363        112029779604        112031903279        112035344328        112037401357        112038783902        112039951630        112041058147        112042126908        112043166240        112044232751        112045025099        112045558876        112046047847        112046577193        112047118151        112047684205  
  112013753935        112020808574        112025101564        112027768611        112029779693        112031903493        112035344700        112037401773        112038784194        112039952451        112041058350        112042128450        112043166385        112044233572        112045025156        112045558887        112046048275        112046577339        112047118218        112047684801  
  112013755331        112020809227        112025102037        112027768992        112029781393        112031903538        112035347635        112037402213        112038784374        112039952787        112041058428        112042128887        112043167139        112044233583        112045025257        112045558933        112046048332        112046577429        112047120198        112047684856  
  112013755803        112020810443        112025103207        112027769285        112029781573        112031903549        112035347882        112037403179        112038784431        112039952798        112041058822        112042129024        112043167184        112044236799        112045025268        112045558966        112046048365        112046578059        112047120222        112047684867  
  112013762137        112020810454        112025103375        112027771198        112029781674        112031903550        112035348175        112037403203        112038784723        112039952811        112041058855        112042129361        112043167229        112044237789        112045025280        112045558977        112046048422        112046578093        112047120402        112047684902  
  112013766300        112020811141        112025103937        112027771390        112029782877        112031903572        112035348210        112037403427        112038786387        112039954611        112041059654        112042129574        112043168365        112044237790        112045025369        112045559079        112046048488        112046578105        112047121694        112047684935  
  112013768997        112020812041        112025104039        112027771873        112029784228        112031904427        112035350336        112037403876        112038787591        112039954712        112041061679        112042130622        112043168433        112044239466        112045025459        112045559114        112046048501        112046578149        112047121773        112047685059  
  112013769088        112020813794        112025104657        112027772469        112029784239        112031905451        112035350516        112037404237        112038788413        112039955982        112041061983        112042130723        112043168523        112044239477        112045025493        112045559158        112046048590        112046578554        112047121807        112047685082  
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  112013886550        112020847319        112025134313        112027808728        112029812163        112031940281        112035387684        112037435781        112038810543        112039979900        112041083639        112042158284        112043194735        112044266983        112045036956        112045571129        112046059019        112046586676        112047135273        112047697322  
  112013889698        112020847656        112025134942        112027809088        112029812455        112031942047        112035387695        112037436748        112038810745        112039981251        112041083965        112042158431        112043194746        112044267647        112045037003        112045571185        112046059244        112046586698        112047135295        112047697883  
  112013889889        112020847768        112025136146        112027809550        112029813175        112031942216        112035389440        112037436928        112038811803        112039981385        112041085024        112042159195        112043195174        112044267704        112045037069        112045571231        112046059424        112046586711        112047135318        112047697939  
  112013890982        112020847858        112025136326        112027811597        112029813232        112031942272        112035390048        112037438537        112038812141        112039981532        112041085057        112042159207        112043195231        112044267771        112045037126        112045571275        112046059491        112046587509        112047135329        112047698109  
  112013894728        112020851202        112025137507        112027811980        112029813816        112031942553        112035392781        112037438986        112038813490        112039981622        112041085103        112042159724        112043195309        112044268503        112045037193        112045571297        112046059569        112046588005        112047135396        112047698637  
  112013894751        112020851606        112025137934        112027813397        112029813939        112031944364        112035396336        112037439246        112038813962        112039981723        112041085260        112042159836        112043195376        112044268581        112045037227        112045571433        112046059570        112046588038        112047135420        112047698806  
  112013895224        112020852090        112025138283        112027814949        112029814963        112031945208        112035396471        112037439268        112038816549        112039981767        112041085978        112042163033        112043195534        112044268705        112045037362        112045572793        112046059604        112046588151        112047135622        112047698930  
  112013896922        112020852292        112025138339        112027815041        112029814996        112031945219        112035396505        112037439415        112038816561        112039982780        112041086137        112042163077        112043195635        112044269043        112045037395        112045572805        112046059806        112046588230        112047135655        112047699571  
  112014465420        112020854272        112025139587        112027815377        112029815009        112031945455        112035396932        112037440574        112038816617        112039982915        112041086171        112042163101        112043195679        112044269166        112045037430        112045572906        112046059840        112046588274        112047135969        112047699582  
  112014468119        112020854373        112025139644        112027816143        112029815166        112031946333        112035396976        112037440697        112038816695        112039983062        112041086340        112042163707        112043196164        112044269414        112045037452        112045572940        112046060426        112046588296        112047137433        112047699650  

 

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  112014471708        112020854418        112025142019        112027817672        112029815357        112031946524        112035396987        112037441788        112038816965        112039983107        112041087969        112042163752        112043196759        112044269470        112045037463        112045572951        112046060482        112046588331        112047137657        112047700080  
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  112014513323        112020855509        112025142435        112027817919        112029815896        112031947198        112035397270        112037444501        112038817292        112039983433        112041089174        112042164641        112043197839        112044273363        112045039814        112045572984        112046061089        112046589084        112047137714        112047700653  
  112014521748        112020857062        112025142592        112027818684        112029820274        112031947794        112035398024        112037445063        112038817674        112039983499        112041089444        112042165372        112043197873        112044274454        112045039870        112045572995        112046061214        112046589275        112047137736        112047700934  
  112014525157        112020857163        112025144482        112027820014        112029820803        112031952600        112035398057        112037445412        112038817708        112039983747        112041090671        112042167745        112043197929        112044275422        112045039937        112045573020        112046061359        112046589747        112047137792        112047700945  
  112014547016        112020857646        112025145371        112027820867        112029821545        112031953005        112035398068        112037445995        112038818440        112039984423        112041090727        112042167824        112043197952        112044276197        112045039982        112045573110        112046061393        112046589758        112047137804        112047700967  
  112014557365        112020858524        112025145382        112027821554        112029821859        112031953825        112035400769        112037446974        112038819867        112039984535        112041093157        112042167936        112043198098        112044276478        112045040018        112045573154        112046061551        112046589792        112047137826        112047701014  
  112014558782        112020860707        112025145775        112027822342        112029821961        112031954118        112035401412        112037446985        112038820263        112039984614        112041094181        112042167992        112043198199        112044278155        112045040366        112045573244        112046062024        112046589815        112047138063        112047702228  
  112014578403        112020862293        112025145955        112027823354        112029822018        112031954163        112035404752        112037448202        112038821871        112039984636        112041094259        112042168735        112043199527        112044278638        112045040412        112045573277        112046062057        112046589848        112047138119        112047702240  
  112014584871        112020864969        112025146013        112027825817        112029823671        112031955658        112035407148        112037449865        112038821882        112039985165        112041094260        112042170604        112043199583        112044278649        112045040434        112045573299        112046062068        112046589882        112047138131        112047702251  
  112014587234        112020865061        112025146237        112027825918        112029823930        112031955906        112035407182        112037449966        112038822120        112039985570        112041094316        112042170682        112043199617        112044278830        112045040456        112045573367        112046062079        112046590008        112047138221        112047703296  
  112014597684        112020865410        112025146350        112027826245        112029824245        112031956288        112035407575        112037450036        112038822232        112039985671        112041096408        112042170716        112043199640        112044279101        112045040490        112045573413        112046062080        112046590031        112047138232        112047703320  
  112014615315        112020865432        112025146989        112027827257        112029824908        112031956389        112035407687        112037450430        112038822513        112039985682        112041096611        112042170794        112043199853        112044280417        112045040546        112045574021        112046062259        112046590738        112047138298        112047703353  
  112014625428        112020865982        112025148712        112027827280        112029825033        112031956446        112035409106        112037451015        112038823468        112039985806        112041096688        112042170817        112043200687        112044280495        112045040647        112045574122        112046062316        112046590749        112047138894        112047703375  
  112014630659        112020867052        112025149049        112027827291        112029825190        112031958280        112035410513        112037451329        112038824964        112039985839        112041096756        112042170963        112043202005        112044281801        112045040771        112045574481        112046062394        112046590817        112047138940        112047703397  
  112014639726        112020868053        112025149296        112027827673        112029825583        112031960395        112035410557        112037451699        112038827552        112039985884        112041097274        112042170974        112043202016        112044282127        112045040838        112045574515        112046063711        112046590828        112047138973        112047703599  
  112014647826        112020868413        112025152324        112027827831        112029825684        112031960845        112035413426        112037451903        112038829408        112039986245        112041097353        112042171010        112043202173        112044282138        112045040850        112045574526        112046063722        112046590839        112047139143        112047703623  
  112014662014        112020868468        112025152346        112027828001        112029826001        112031961217        112035413796        112037451958        112038829509        112039986346        112041097421        112042171111        112043202184        112044282217        112045040928        112045574953        112046063755        112046590851        112047139165        112047705276  
  112014668841        112020870528        112025152807        112027828708        112029827620        112031961442        112035416003        112037452151        112038829789        112039986379        112041097443        112042172707        112043203646        112044282284        112045041086        112045575000        112046063777        112046591414        112047139198        112047705344  
  112014671586        112020871710        112025153145        112027828900        112029827642        112031961521        112035416058        112037452498        112038829835        112039986706        112041097522        112042173146        112043204333        112044282318        112045041109        112045576203        112046063834        112046591481        112047139222        112047705377  
  112014673094        112020871732        112025154843        112027829158        112029828553        112031962803        112035417431        112037453501        112038829969        112039986717        112041098804        112042173360        112043204412        112044286008        112045042931        112045576270        112046063935        112046592325        112047139288        112047705423  
  112014675018        112020871934        112025155361        112027829271        112029828733        112031962869        112035418218        112037454366        112038830860        112039986751        112041098882        112042173719        112043204445        112044286053        112045042953        112045576315        112046064037        112046592550        112047139299        112047705625  
  112014676154        112020872430        112025157510        112027830543        112029829105        112031965086        112035421931        112037455873        112038831850        112039986896        112041098916        112042173720        112043205211        112044286323        112045042997        112045577406        112046065106        112046592606        112047139479        112047705669  
  112014678617        112020872463        112025157712        112027830554        112029829802        112031965109        112035421964        112037456133        112038831973        112039987178        112041098983        112042173775        112043205323        112044286468        112045043011        112045577743        112046065139        112046592617        112047139581        112047706211  
  112014679775        112020872508        112025159073        112027830565        112029830006        112031966267        112035423933        112037458517        112038834910        112039987347        112041098994        112042173786        112043205479        112044286547        112045043022        112045577787        112046065173        112046593359        112047139659        112047706222  
  112014682241        112020873497        112025159129        112027830701        112029831030        112031966278        112035423999        112037458551        112038834921        112039987437        112041099872        112042174169        112043207673        112044286615        112045043055        112045577800        112046065229        112046593539        112047141225        112047706435  
  112014685086        112020874016        112025159141        112027831162        112029831119        112031967583        112035424046        112037458607        112038835540        112039987932        112041100280        112042174170        112043207729        112044288291        112045043538        112045578463        112046065230        112046593742        112047141337        112047706514  
  112014685132        112020874308        112025159703        112027831218        112029831423        112031968753        112035424080        112037460880        112038835685        112039988056        112041100303        112042174259        112043208641        112044288347        112045043741        112045578687        112046065397        112046593775        112047141360        112047706536  
  112014686076        112020876388        112025159826        112027831241        112029831546        112031969114        112035426138        112037461308        112038836002        112039988832        112041100909        112042174787        112043208674        112044288358        112045043763        112045578766        112046065410        112046594518        112047142372        112047707830  
  112014686122        112020876490        112025161335        112027831746        112029831557        112031970194        112035426723        112037462781        112038836035        112039988898        112041100943        112042174912        112043208708        112044288606        112045043820        112045579633        112046065544        112046594552        112047142833        112047707896  
  112014693366        112020876816        112025161762        112027833490        112029831579        112031970790        112035426789        112037462826        112038836956        112039989080        112041101832        112042175025        112043209080        112044288998        112045043897        112045579644        112046066264        112046594574        112047142844        112047707931  
  112014693579        112020876984        112025161841        112027833535        112029832086        112031971588        112035426824        112037463030        112038837249        112039989620        112041102800        112042175058        112043209091        112044289191        112045044157        112045579857        112046066343        112046594608        112047142945        112047708000  
  112014696190        112020877132        112025162189        112027834705        112029832244        112031971689        112035426835        112037464514        112038837496        112039989697        112041102923        112042175160        112043209169        112044289225        112045044214        112045580208        112046066411        112046594675        112047142989        112047708066  
  112014703931        112020879033        112025163124        112027835357        112029832312        112031971746        112035427106        112037465616        112038837609        112039989787        112041103003        112042176879        112043210408        112044291644        112045044258        112045580893        112046067401        112046594710        112047143047        112047708088  
  112014705180        112020880349        112025163203        112027835548        112029834482        112031974031        112035430672        112037465706        112038837610        112039990228        112041105612        112042176925        112043210970        112044291756        112045044382        112045582367        112046067412        112046595159        112047143058        112047708134  
  112014706226        112020882464        112025165069        112027837191        112029834549        112031974558        112035430863        112037465773        112038838138        112039990453        112041105634        112042176947        112043211128        112044292746        112045044393        112045582604        112046067423        112046595205        112047143115        112047708145  
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  112014861633        112021499638        112025196120        112027869332        112029868412        112032004160        112035464703        112037487193        112038863833        112040021607        112041127740        112042196051        112043232974        112044317586        112045056846        112045592144        112046079381        112046606185        112047157277        112047723197  
  112014862588        112021502408        112025196265        112027869499        112029869626        112032004317        112035466389        112037487351        112038864553        112040021696        112041127942        112042196107        112043233065        112044317610        112045056868        112045592290        112046079415        112046606354        112047157323        112047723625  
  112014863219        112021505478        112025196591        112027870828        112029870291        112032005510        112035466390        112037490423        112038864744        112040023058        112041128347        112042196264        112043233076        112044317687        112045056891        112045592997        112046079426        112046606859        112047157468        112047723647  
  112014863286        112021505591        112025197424        112027872022        112029870358        112032005880        112035467122        112037490490        112038864856        112040023148        112041129258        112042196466        112043233245        112044317766        112045056903        112045593055        112046079448        112046606860        112047157503        112047723658  
  112014863343        112021510812        112025197693        112027873630        112029870954        112032006263        112035467661        112037490647        112038864867        112040023621        112041129270        112042196567        112043233256        112044318093        112045056992        112045593088        112046079550        112046606905        112047157604        112047724187  

 

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  112014866403        112021518641        112025198919        112027873955        112029871304        112032006555        112035467953        112037492571        112038864946        112040023755        112041129315        112042196668        112043233324        112044318611        112045057016        112045593099        112046082835        112046606916        112047157637        112047724390  
  112014868821        112021520251        112025199695        112027874091        112029872956        112032008478        112035470395        112037494416        112038865701        112040024903        112041129438        112042196769        112043234448        112044319724        112045057128        112045594988        112046082857        112046606927        112047157671        112047724457  
  112014869518        112021521397        112025200126        112027874103        112029873115        112032010820        112035473545        112037494427        112038866072        112040025061        112041129472        112042196916        112043234482        112044320276        112045057173        112045595945        112046082903        112046606983        112047157682        112047724480  
  112014869967        112021524211        112025200250        112027875250        112029873227        112032011427        112035474333        112037494652        112038866106        112040025544        112041131116        112042197018        112043234516        112044320287        112045057296        112045595978        112046082914        112046606994        112047158076        112047724514  
  112014882737        112021527810        112025202421        112027875351        112029875364        112032011731        112035474399        112037494731        112038866117        112040025869        112041131183        112042197063        112043234538        112044322885        112045057656        112045595989        112046083252        112046607018        112047158087        112047725100  
  112014883301        112021528899        112025204085        112027875935        112029876905        112032015263        112035474401        112037494955        112038867905        112040027197        112041132454        112042197467        112043234617        112044322908        112045059580        112045595990        112046083296        112046608378        112047158098        112047725278  
  112014885594        112021533570        112025205761        112027876206        112029876972        112032015904        112035475008        112037498285        112038868849        112040027254        112041132623        112042197647        112043234853        112044322931        112045059603        112045596014        112046083320        112046608479        112047158447        112047725896  
  112014893245        112021537765        112025206256        112027876240        112029877164        112032015960        112035475020        112037499130        112038869693        112040027298        112041133084        112042197658        112043235663        112044324977        112045059670        112045596137        112046083386        112046608503        112047158649        112047725908  
  112014894369        112021542266        112025206717        112027876262        112029877298        112032016028        112035475110        112037500829        112038870224        112040028132        112041134175        112042197771        112043235753        112044324988        112045059782        112045596171        112046083454        112046608581        112047158650        112047725931  
  112014896888        112021542570        112025207280        112027876475        112029877489        112032016624        112035478214        112037501268        112038871258        112040028222        112041134333        112042198840        112043236709        112044325169        112045059838        112045596249        112046083465        112046609975        112047158661        112047725942  
  112014902257        112021542660        112025207875        112027876914        112029878266        112032016860        112035478641        112037501358        112038871629        112040028255        112041136032        112042199212        112043236721        112044327789        112045059861        112045596250        112046083476        112046609997        112047158807        112047725986  
  112014902943        112021547654        112025208483        112027876970        112029878288        112032018244        112035478764        112037501987        112038873137        112040028390        112041136076        112042199920        112043236877        112044327824        112045059872        112045596272        112046083544        112046610023        112047160338        112047726718  
  112014906329        112021552425        112025208607        112027877094        112029879290        112032018334        112035480453        112037502517        112038873205        112040030483        112041136469        112042200080        112043238206        112044327835        112045059928        112045596384        112046083577        112046610090        112047160349        112047726730  
  112014909164        112021554685        112025208630        112027877353        112029879346        112032019616        112035481612        112037503732        112038875487        112040031091        112041136841        112042201373        112043238251        112044328016        112045059939        112045596485        112046083612        112046610203        112047161430        112047726741  
  112014909401        112021556687        112025209169        112027877724        112029880034        112032019773        112035481847        112037504384        112038875500        112040031136        112041137088        112042201418        112043239049        112044328285        112045060649        112045597431        112046083869        112046610236        112047161463        112047726808  
  112014909412        112021558713        112025209215        112027877779        112029880472        112032019896        112035483030        112037506241        112038876231        112040031259        112041137112        112042201542        112043239285        112044328364        112045060683        112045597543        112046083904        112046610315        112047161496        112047726819  
  112014913989        112021563416        112025209282        112027878826        112029881912        112032020742        112035483186        112037506252        112038876332        112040031271        112041138168        112042202509        112043239353        112044328432        112045060717        112045597554        112046084051        112046610618        112047161553        112047727911  
  112014918625        112021563708        112025209349        112027878961        112029881956        112032022069        112035483243        112037506342        112038876499        112040032250        112041138225        112042202576        112043239498        112044329354        112045060728        112045597598        112046084826        112046610652        112047161700        112047727944  
  112014919659        112021564181        112025210723        112027879287        112029882148        112032022935        112035483546        112037506533        112038876736        112040032452        112041138337        112042202622        112043240524        112044330761        112045060773        112045597879        112046084893        112046610663        112047161867        112047727977  
  112014921685        112021564574        112025210767        112027879298        112029882485        112032023194        112035484626        112037510381        112038876769        112040034656        112041139147        112042204017        112043242100        112044330918        112045060829        112045597880        112046084905        112046610821        112047161878        112047728136  
  112014922271        112021565351        112025211263        112027880986        112029883206        112032026502        112035486707        112037512653        112038876972        112040034791        112041139585        112042204231        112043242593        112044331223        112045060997        112045597903        112046084927        112046613251        112047163757        112047728147  
  112014924127        112021569704        112025212051        112027881099        112029883341        112032026917        112035486998        112037512787        112038877490        112040034915        112041139653        112042204275        112043242751        112044331289        112045061280        112045597970        112046085029        112046613329        112047163904        112047728192  
  112014925409        112021575015        112025212220        112027881268        112029883486        112032026940        112035487382        112037514734        112038877928        112040034982        112041139787        112042204668        112043242807        112044331335        112045062292        112045598162        112046085647        112046613420        112047163959        112047728204  
  112014925498        112021579682        112025212286        112027882371        112029883611        112032027097        112035487630        112037516826        112038878952        112040035130        112041142006        112042206356        112043242841        112044332684        112045062506        112045598218        112046085658        112046613509        112047164792        112047728541  
  112014931024        112021579974        112025212769        112027882438        112029883701        112032027222        112035488552        112037516871        112038879908        112040035220        112041142220        112042206435        112043242908        112044333269        112045062539        112045598386        112046085737        112046613611        112047164938        112047729003  
  112014941069        112021580022        112025212804        112027882450        112029883723        112032027952        112035491242        112037516994        112038879919        112040035321        112041143063        112042206468        112043242920        112044333315        112045062584        112045598487        112046085861        112046613745        112047164961        112047729250  
  112014942442        112021584093        112025213333        112027884036        112029884566        112032028739        112035491321        112037517142        112038880034        112040037086        112041143096        112042208235        112043243077        112044335070        112045062629        112045598511        112046085940        112046613756        112047165007        112047729306  
  112014942543        112021584318        112025214941        112027884542        112029884623        112032028919        112035492478        112037517322        112038880382        112040037143        112041143142        112042208549        112043243987        112044335373        112045062663        112045598814        112046086008        112046615804        112047165041        112047729339  
  112014946558        112021589874        112025215133        112027884823        112029885602        112032030158        112035494111        112037517456        112038880483        112040037536        112041143153        112042208617        112043244270        112044335395        112045062786        112045598825        112046086851        112046615837        112047165805        112047729395  
  112014950104        112021590663        112025215481        112027885475        112029886748        112032030732        112035494166        112037519852        112038880630        112040037558        112041144198        112042208741        112043245833        112044336071        112045062809        112045598869        112046086918        112046615848        112047166008        112047729597  
  112014953422        112021591462        112025217012        112027885510        112029886973        112032031328        112035495268        112037520304        112038881675        112040038975        112041144233        112042209528        112043247767        112044336802        112045062810        112045599107        112046087032        112046615905        112047166075        112047729609  
  112014954018        112021591507        112025217786        112027886410        112029888379        112032031632        112035497361        112037521259        112038883600        112040039718        112041144402        112042209618        112043247891        112044336813        112045062887        112045599220        112046087559        112046616085        112047166211        112047729643  
  112014957392        112021593936        112025219508        112027886544        112029889639        112032033386        112035497417        112037522070        112038884016        112040040934        112041145425        112042209685        112043248083        112044338219        112045062999        112045599668        112046087560        112046616210        112047166312        112047729665  
  112014957763        112021594195        112025219553        112027886780        112029889718        112032033881        112035497507        112037522339        112038884128        112040040990        112041145740        112042209854        112043248308        112044340492        112045063035        112045600874        112046087593        112046616647        112047166334        112047729698  
  112014957910        112021594892        112025219610        112027886948        112029890709        112032034826        112035499756        112037522430        112038884139        112040041474        112041145975        112042209887        112043248993        112044340504        112045064430        112045601189        112046087762        112046616726        112047166367        112047729733  
  112014960701        112021595231        112025222445        112027887488        112029892396        112032035445        112035500232        112037524140        112038884195        112040044589        112041147371        112042209977        112043249567        112044340559        112045064452        112045601202        112046087863        112046617176        112047166389        112047729788  
  112015296119        112021595781        112025222490        112027888108        112029892431        112032035872        112035502942        112037524218        112038884397        112040044893        112041148631        112042210126        112043250165        112044340650        112045065330        112045601246        112046087942        112046617187        112047167133        112047729856  
  112015732114        112021597424        112025222546        112027888254        112029893971        112032035917        112035503022        112037524252        112038884500        112040044950        112041149676        112042211442        112043250615        112044340717        112045065521        112045601257        112046087964        112046617233        112047167559        112047729913  
  112015734981        112021597963        112025223705        112027888973        112029894095        112032035951        112035503314        112037524353        112038884870        112040044983        112041149700        112042213994        112043250660        112044341796        112045065565        112045601280        112046087975        112046617244        112047167560        112047729924  
  112015736321        112021598021        112025223738        112027889110        112029894107        112032036266        112035503460        112037524588        112038884937        112040045030        112041149711        112042214209        112043251650        112044341998        112045065846        112045601291        112046088471        112046617288        112047167672        112047729946  
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  112015780117        112021650424        112025250547        112027913185        112029920769        112032399268        112035544106        112037562805        112038904985        112040070386        112041179512        112042231725        112043271056        112044365152        112045075689        112045613205        112046095727        112046631824        112047177774        112047741603  
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  112015780230        112021653449        112025251201        112027914175        112029922761        112032400878        112035546579        112037564672        112038905414        112040070825        112041179736        112042232153        112043271494        112044365387        112045076578        112045614532        112046096098        112046631969        112047177886        112047741771  

 

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  112015780599        112021653731        112025252099        112027914186        112029924000        112032400902        112035546658        112037564740        112038905436        112040071174        112041179781        112042232209        112043271809        112044365455        112045076589        112045614587        112046097594        112046632218        112047178933        112047742682  
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  112015784166        112021654079        112025252280        112027914647        112029924167        112032402106        112035546782        112037564964        112038905830        112040071703        112041180615        112042234133        112043272080        112044367996        112045077377        112045614778        112046098393        112046632689        112047179248        112047742783  
  112015784391        112021654204        112025252336        112027914669        112029924202        112032403376        112035551508        112037565000        112038907966        112040072063        112041180985        112042234201        112043272844        112044368098        112045077467        112045615465        112046098427        112046632702        112047179260        112047742840  
  112015784829        112021654349        112025252606        112027916065        112029924257        112032403589        112035551531        112037565246        112038907999        112040072670        112041181256        112042234795        112043272912        112044368458        112045077489        112045615555        112046098461        112046634636        112047179327        112047742918  
  112015785651        112021655238        112025252651        112027916436        112029924998        112032404771        112035552532        112037565257        112038908800        112040072692        112041182325        112042235774        112043275252        112044368751        112045077502        112045615577        112046098472        112046634692        112047179585        112047743773  
  112015785684        112021655834        112025252987        112027916605        112029925089        112032404940        112035553285        112037565415        112038909610        112040072793        112041182426        112042237631        112043275263        112044370563        112045077579        112045615601        112046099169        112046634726        112047179642        112047743795  
  112015789105        112021655845        112025254226        112027917280        112029925483        112032405132        112035553511        112037565910        112038909654        112040073525        112041182684        112042237866        112043275342        112044370642        112045078749        112045615746        112046099237        112046634759        112047180217        112047743986  
  112015790073        112021656453        112025254798        112027918225        112029925528        112032405806        112035556097        112037566988        112038912692        112040073930        112041182695        112042239329        112043275421        112044371227        112045078750        112045615768        112046099316        112046634782        112047180240        112047744022  
  112015790310        112021657049        112025254877        112027918315        112029925911        112032406830        112035556132        112037567732        112038913143        112040073941        112041182730        112042239521        112043276040        112044374433        112045078783        112045615780        112046099383        112046634805        112047180251        112047744415  
  112015791771        112021660391        112025255003        112027920059        112029925988        112032406908        112035556154        112037567923        112038913367        112040073963        112041183450        112042239677        112043276073        112044374512        112045078794        112045615870        112046099439        112046634962        112047180318        112047744437  
  112015794730        112021660593        112025256385        112027920150        112029926440        112032407224        112035556446        112037567934        112038913378        112040074313        112041183540        112042239756        112043276578        112044375164        112045078806        112045615926        112046101938        112046635176        112047180329        112047744459  
  112015794820        112021663125        112025256396        112027921016        112029926978        112032409057        112035559786        112037568070        112038913389        112040075268        112041184945        112042239789        112043278143        112044375209        112045078884        112045615937        112046102007        112046635255        112047180970        112047744549  
  112015794853        112021663271        112025256745        112027921982        112029927373        112032409204        112035560384        112037568092        112038913660        112040075392        112041184956        112042240994        112043279166        112044375287        112045078941        112045616028        112046102063        112046635390        112047181274        112047744707  
  112015797003        112021664902        112025257937        112027922196        112029928105        112032409316        112035560395        112037569228        112038913682        112040075628        112041185621        112042241276        112043280157        112044375355        112045078985        112045616084        112046102074        112046635503        112047181285        112047744729  
  112015797137        112021665004        112025257948        112027922578        112029928598        112032409338        112035562656        112037569510        112038913873        112040075639        112041185867        112042241490        112043280168        112044377021        112045080810        112045616365        112046102164        112046637718        112047181432        112047744842  
  112015799533        112021665015        112025257993        112027922680        112029929443        112032410172        112035563141        112037570196        112038915437        112040076652        112041186161        112042243010        112043280304        112044377065        112045080876        112045616512        112046102366        112046637752        112047181803        112047746372  
  112015799869        112021665082        112025258130        112027922703        112029929690        112032411858        112035563231        112037571221        112038915538        112040077237        112041187623        112042243627        112043280494        112044377403        112045080955        112045616523        112046102647        112046638270        112047181948        112047746844  
  112015801784        112021669367        112025258534        112027923647        112029930142        112032416279        112035563321        112037571276        112038915639        112040077293        112041188578        112042244437        112043280607        112044377447        112045080999        112045616545        112046102726        112046638449        112047182040        112047746855  
  112015802684        112021673586        112025258589        112027923759        112029932076        112032416549        112035563501        112037571298        112038916685        112040077912        112041188804        112042244909        112043280630        112044378415        112045081383        112045616657        112046102805        112046638753        112047182095        112047747485  
  112015804608        112021673698        112025258893        112027923760        112029932694        112032419362        112035563624        112037571333        112038918159        112040078654        112041189872        112042245911        112043282733        112044378471        112045081473        112045616769        112046102861        112046638922        112047182174        112047747553  
  112015809524        112021673711        112025260087        112027924020        112029933628        112032421567        112035566627        112037573560        112038918171        112040078968        112041190289        112042246383        112043282856        112044378549        112045081507        112045616905        112046103042        112046639114        112047182275        112047747564  
  112015809591        112021673924        112025260818        112027925795        112029933886        112032421882        112035566807        112037573683        112038918340        112040079228        112041190504        112042246888        112043283116        112044379146        112045081518        112045616916        112046103097        112046639147        112047182332        112047748846  
  112015810425        112021675544        112025261190        112027926044        112029933897        112032422816        112035566908        112037573740        112038918632        112040079981        112041190740        112042247137        112043283194        112044379191        112045081541        112045616961        112046103109        112046639192        112047183254        112047748868  
  112015813631        112021676242        112025262674        112027929193        112029933910        112032424830        112035567022        112037574156        112038918687        112040081423        112041190863        112042247429        112043283677        112044379225        112045081552        112045617131        112046103154        112046639215        112047183984        112047748891  
  112015813675        112021676365        112025262696        112027929878        112029936070        112032426214        112035567033        112037574257        112038919778        112040081524        112041192573        112042247519        112043283879        112044379348        112045081596        112045618536        112046103198        112046639743        112047183995        112047748903  
  112015814250        112021678840        112025263530        112027930331        112029936283        112032426809        112035568719        112037574291        112038920657        112040081771        112041193394        112042247687        112043283880        112044379461        112045081653        112045619267        112046103233        112046640150        112047184075        112047748914  
  112015815868        112021678895        112025265419        112027930353        112029936890        112032428238        112035570600        112037574369        112038920725        112040081928        112041193440        112042249005        112043284274        112044379887        112045081675        112045619380        112046103288        112046640183        112047184165        112047749050  
  112015816937        112021680427        112025265475        112027930836        112029938173        112032430804        112035571511        112037575832        112038920826        112040082200        112041193686        112042249229        112043284296        112044380126        112045081855        112045619414        112046103323        112046640251        112047184176        112047749061  
  112015819053        112021680528        112025265554        112027931321        112029938229        112032431445        112035571724        112037575876        112038920938        112040083144        112041193800        112042249498        112043284421        112044381846        112045081877        112045621462        112046105134        112046640385        112047184211        112047749140  
  112015820707        112021681989        112025265633        112027931624        112029938296        112032431502        112035572635        112037576518        112038921074        112040083728        112041194676        112042249612        112043284465        112044381857        112045082238        112045621619        112046105167        112046641072        112047184345        112047749151  
  112015824228        112021682474        112025265778        112027932153        112029940020        112032431849        112035573209        112037576743        112038922075        112040083740        112041195004        112042250793        112043284511        112044381880        112045082351        112045621653        112046105347        112046641195        112047184367        112047749173  
  112015824307        112021685095        112025266689        112027933514        112029940132        112032431928        112035573478        112037577429        112038922828        112040084628        112041195093        112042250917        112043284623        112044382645        112045082474        112045622137        112046105561        112046641218        112047184479        112047749229  
  112015824880        112021685501        112025268142        112027933558        112029940143        112032431940        112035574839        112037577665        112038922941        112040085113        112041195273        112042251109        112043285275        112044382667        112045082508        112045622193        112046107215        112046641241        112047185188        112047749342  
  112015824891        112021685905        112025268782        112027933772        112029940367        112032432828        112035574862        112037577687        112038923740        112040085449        112041195295        112042251750        112043285567        112044382702        112045082597        112045622272        112046107282        112046641263        112047185616        112047750759  
  112015825128        112021688357        112025268838        112027934661        112029940446        112032432929        112035575122        112037579757        112038924055        112040086091        112041195543        112042251783        112043285758        112044382971        112045082733        112045622328        112046107305        112046641285        112047185773        112047750805  
  112015826916        112021688548        112025270617        112027934863        112029942246        112032433672        112035577146        112037579847        112038924280        112040086192        112041195970        112042251806        112043286502        112044385581        112045082755        112045622351        112046107338        112046641342        112047185986        112047750838  
  112015829166        112021688627        112025273520        112027935459        112029942763        112032435056        112035577865        112037580298        112038924291        112040087823        112041196049        112042252223        112043286636        112044386043        112045084465        112045622362        112046107349        112046641353        112047185997        112047750861  
  112015832946        112021688885        112025273788        112027935516        112029942886        112032435089        112035578855        112037580300        112038924303        112040087890        112041196207        112042252278        112043287008        112044386111        112045084487        112045622384        112046107417        112046642141        112047186022        112047752234  
  112015832968        112021688919        112025275982        112027936012        112029943090        112032435517        112035578877        112037582223        112038924336        112040088228        112041196241        112042254540        112043287121        112044386201        112045084500        112045622463        112046109295        112046642152        112047186033        112047752290  
  112015835859        112021691586        112025276073        112027937271        112029943506        112032435595        112035579519        112037583189        112038924561        112040088330        112041196397        112042254652        112043288414        112044386245        112045084667        112045622508        112046109442        112046642770        112047186044        112047752302  
  112015836939        112021692004        112025276466        112027937473        112029943540        112032437261        112035579676        112037583202        112038926158        112040088442        112041196443        112042254674        112043288458        112044386616        112045084892        112045622519        112046109509        112046642804        112047186066        112047752324  
  112015837110        112021693421        112025278480        112027937811        112029944136        112032439500        112035579902        112037583336        112038928734        112040089162        112041197141        112042254685        112043288683        112044387123        112045085219        112045622597        112046109510        112046642848        112047186101        112047752357  
  112015838223        112021694589        112025279302        112027938621        112029945924        112032440131        112035579913        112037584911        112038928947        112040089230        112041197691        112042254720        112043288717        112044387437        112045085231        112045622609        112046109712        112046642938        112047186123        112047752425  
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  112015840866        112021695669        112025280843        112027939756        112029946802        112032445349        112035583356        112037586328        112038929353        112040090366        112041199671        112042256698        112043289101        112044389619        112045087255        112045622913        112046109891        112046643872        112047187269        112047752548  
  112015841340        112021697076        112025281002        112027940118        112029946958        112032445585        112035583637        112037586834        112038929735        112040091547        112041201495        112042256924        112043289178        112044391229        112045087299        112045623206        112046109969        112046643883        112047187360        112047753066  
  112015841407        112021697436        112025282441        112027940130        112029949007        112032446610        112035583929        112037588689        112038930254        112040092313        112041201596        112042257251        112043289819        112044391331        112045087301        112045624319        112046110028        112046643928        112047187483        112047753178  
  112015841621        112021699371        112025282575        112027940275        112029949210        112032446698        112035585741        112037589590        112038930300        112040092481        112041201642        112042257486        112043289998        112044391409        112045087312        112045624724        112046110691        112046643939        112047188349        112047754933  
  112015842341        112021699652        112025283385        112027940376        112029949423        112032448623        112035586629        112037589680        112038930445        112040092650        112041201798        112042258443        112043290103        112044392398        112045087345        112045624746        112046110826        112046643984        112047188350        112047754977  
  112015842352        112021699966        112025284544        112027941388        112029949759        112032448724        112035587530        112037589994        112038930568        112040093583        112041201800        112042258780        112043290484        112044393861        112045087402        112045624779        112046110882        112046644031        112047188530        112047755024  
  112015842497        112021701599        112025284612        112027941456        112029949793        112032448959        112035588070        112037590378        112038931211        112040093730        112041201888        112042258814        112043291788        112044393872        112045087424        112045624858        112046111355        112046645391        112047188619        112047755103  
  112015843780        112021701814        112025284623        112027942659        112029950942        112032451043        112035588137        112037590569        112038931424        112040095552        112041202160        112042258836        112043291834        112044394042        112045088997        112045624960        112046111759        112046645403        112047188620        112047755204  
  112015844477        112021706808        112025284971        112027942727        112029951213        112032451458        112035588283        112037591728        112038931547        112040095653        112041203868        112042259422        112043292217        112044394985        112045089011        112045625006        112046111849        112046645526        112047188743        112047755226  
  112015847403        112021708338        112025285365        112027942839        112029951853        112032451537        112035590354        112037593236        112038931581        112040095709        112041204274        112042260840        112043293645        112044395302        112045089022        112045625567        112046111917        112046646099        112047188833        112047755406  
  112015848617        112021708417        112025285949        112027943098        112029952618        112032451649        112035591603        112037593539        112038931693        112040096182        112041204498        112042260985        112043294095        112044396741        112045089055        112045625646        112046113155        112046646808        112047188877        112047755529  
  112015848741        112021708776        112025287301        112027943122        112029955295        112032452101        112035591771        112037593551        112038931705        112040096351        112041205703        112042261144        112043294882        112044396954        112045089088        112045625668        112046113177        112046646864        112047188934        112047755563  
  112015851802        112021708787        112025289033        112027943346        112029956443        112032452123        112035591984        112037593584        112038934102        112040096373        112041205770        112042261425        112043295120        112044397157        112045089112        112045625972        112046113188        112046647113        112047188956        112047755608  
  112015853703        112021711770        112025289426        112027943447        112029956847        112032452145        112035595180        112037593641        112038934517        112040098443        112041206894        112042262055        112043295209        112044397337        112045089123        112045626007        112046113278        112046647483        112047189025        112047757217  
  112015853770        112021712782        112025289471        112027943504        112029957433        112032452426        112035595405        112037595126        112038934832        112040098656        112041207312        112042262134        112043296042        112044397517        112045089189        112045626074        112046113290        112046647663        112047189058        112047757251  
  112015853848        112021712816        112025289684        112027943537        112029958119        112032452651        112035595719        112037595542        112038935327        112040099590        112041207323        112042263944        112043296075        112044397562        112045089224        112045626377        112046113470        112046647944        112047189665        112047757262  
  112015855266        112021712883        112025289987        112027943560        112029958502        112032453168        112035595821        112037596509        112038935338        112040101167        112041207569        112042263988        112043296378        112044397696        112045089235        112045626546        112046114022        112046647999        112047189698        112047757318  
  112015855288        112021715864        112025291250        112027943638        112029959514        112032455328        112035598284        112037596992        112038935394        112040101606        112041207862        112042264844        112043297931        112044397821        112045089358        112045626557        112046114099        112046648035        112047189722        112047757431  
  112015855334        112021715965        112025292677        112027943740        112029959536        112032455395        112035599443        112037597139        112038936014        112040102292        112041207963        112042264934        112043297986        112044398024        112045089808        112045626580        112046114550        112046648305        112047189812        112047757509  
  112015857785        112021716157        112025292790        112027945270        112029959660        112032456969        112035600031        112037597173        112038936058        112040103024        112041208605        112042264978        112043298077        112044398158        112045089819        112045626591        112046114617        112046648406        112047189845        112047758476  
  112015857842        112021721018        112025293982        112027945360        112029961113        112032458309        112035601256        112037599186        112038936812        112040103046        112041210989        112042265227        112043298088        112044398316        112045089875        112045626614        112046114875        112046648541        112047189902        112047759297  
  112015857909        112021723267        112025294084        112027945540        112029962619        112032458477        112035601324        112037599197        112038936890        112040104339        112041210990        112042265485        112043298101        112044400736        112045089976        112045626636        112046114909        112046649946        112047190409        112047759466  
  112015857998        112021723302        112025294129        112027946417        112029963193        112032458679        112035601380        112037599388        112038937217        112040104430        112041211351        112042266521        112043298156        112044400938        112045090024        112045626658        112046115573        112046650241        112047191196        112047759488  
  112015858405        112021726451        112025296378        112027946495        112029963238        112032458826        112035601481        112037599771        112038938533        112040105150        112041211373        112042266565        112043298178        112044403188        112045091014        112045626670        112046115809        112046650296        112047191297        112047759499  
  112015858696        112021726697        112025296424        112027946529        112029964802        112032459300        112035601683        112037599973        112038940176        112040105374        112041214646        112042267016        112043299696        112044403414        112045091092        112045626805        112046115854        112046650319        112047193198        112047759679  
  112015860903        112021726934        112025298943        112027947137        112029965331        112032459759        112035601728        112037600538        112038941010        112040105644        112041214949        112042267128        112043299742        112044403436        112045091171        112045626917        112046116956        112046650342        112047193255        112047759725  
  112015861229        112021727496        112025299146        112027948846        112029965960        112032460740        112035603551        112037600684        112038941874        112040107185        112041216772        112042267140        112043300217        112044403649        112045091339        112045628335        112046116978        112046650814        112047193299        112047760121  
  112015861331        112021727632        112025301869        112027948903        112029966275        112032460885        112035605632        112037602091        112038941975        112040108175        112041216817        112042267218        112043300442        112044404662        112045092352        112045628391        112046117058        112046650982        112047193312        112047760154  
  112015861410        112021727665        112025301892        112027949005        112029966343        112032461235        112035605823        112037602158        112038942965        112040108377        112041218448        112042267342        112043300576        112044404763        112045092385        112045628559        112046117069        112046651174        112047193334        112047760244  
  112015861588        112021731570        112025301971        112027949027        112029966400        112032462168        112035606802        112037604879        112038943034        112040108692        112041218730        112042267353        112043302422        112044404808        112045092879        112045628571        112046117182        112046651309        112047193356        112047760468  
  112015861869        112021733044        112025302084        112027949544        112029966466        112032464317        112035608950        112037604981        112038943315        112040108704        112041218752        112042267421        112043302545        112044404864        112045093263        112045628739        112046117261        112046651332        112047193402        112047761807  
  112015865065        112021733336        112025302219        112027950490        112029966938        112032464508        112035608972        112037605375        112038944305        112040108805        112041219999        112042269243        112043302602        112044405843        112045093274        112045628863        112046118329        112046651859        112047193570        112047761818  
  112015866460        112021733459        112025302602        112027950625        112029967423        112032464609        112035609221        112037605410        112038944596        112040108973        112041220586        112042269377        112043302837        112044406552        112045093285        112045628896        112046118352        112046652399        112047193660        112047761964  
  112015866943        112021733482        112025303704        112027950647        112029967456        112032464777        112035609300        112037605454        112038945104        112040109648        112041220801        112042269580        112043302916        112044406888        112045093421        112045628964        112046118385        112046652591        112047193974        112047762044  
  112015867168        112021733493        112025303748        112027950704        112029967478        112032466757        112035610683        112037606792        112038945991        112040109783        112041220812        112042272225        112043302972        112044407890        112045094589        112045630383        112046118419        112046652614        112047194267        112047762538  
  112015867191        112021733673        112025303771        112027950715        112029967715        112032469165        112035610863        112037607029        112038947162        112040109873        112041222779        112042272258        112043303007        112044408497        112045094635        112045630721        112046118497        112046652692        112047194694        112047762550  
  112015868079        112021735248        112025304053        112027950805        112029967793        112032469176        112035611077        112037607715        112038947263        112040111607        112041222892        112042272269        112043303704        112044408969        112045094646        112045630833        112046119285        112046652726        112047196382        112047762583  
  112015868686        112021735327        112025304682        112027950917        112029968626        112032469637        112035611178        112037607805        112038947566        112040111685        112041223433        112042272304        112043303737        112044409296        112045094691        112045630844        112046120614        112046652737        112047196427        112047762617  
  112015872210        112021737475        112025306156        112027950984        112029968660        112032470066        112035611572        112037607906        112038947825        112040112204        112041224131        112042272865        112043303759        112044409713        112045094950        112045631070        112046120636        112046653301        112047196438        112047762729  
  112015874830        112021737532        112025307708        112027951345        112029968996        112032470101        112035611673        112037607939        112038948691        112040113632        112041224265        112042273293        112043303760        112044409904        112045095041        112045631160        112046120681        112046653312        112047196449        112047762796  
  112015875381        112021737554        112025307821        112027952278        112029969054        112032470369        112035615116        112037609379        112038949153        112040113744        112041224579        112042274564        112043304749        112044409960        112045095063        112045631171        112046120850        112046653356        112047196494        112047764855  
  112015875426        112021739297        112025308608        112027952324        112029969324        112032470695        112035615206        112037609414        112038949175        112040113968        112041225233        112042274610        112043305481        112044410311        112045095085        112045631227        112046120883        112046653648        112047196595        112047765003  
  112015876674        112021739422        112025309799        112027952672        112029970977        112032470741        112035615789        112037610179        112038949209        112040116332        112041225727        112042275172        112043306134        112044410366        112045095175        112045631294        112046120894        112046653693        112047196607        112047765036  
  112015878025        112021740198        112025310702        112027952717        112029971529        112032470864        112035615868        112037610203        112038949344        112040116400        112041225985        112042275206        112043306202        112044411132        112045095209        112045631340        112046120939        112046654447        112047196629        112047765047  

 

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  112015947370        112021789146        112025346824        112027979996        112030001176        112032531154        112035654489        112037649137        112038978043        112040144412        112041254684        112042291923        112043330197        112044433440        112045109744        112045643129        112046132639        112046666103        112047211414        112047784341  
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  112015947763        112021791240        112025348095        112027980415        112030002830        112032535169        112035655884        112037650117        112038980709        112040144614        112041257069        112042293802        112043330399        112044434238        112045109799        112045643220        112046133034        112046666305        112047211593        112047785106  
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  112015950385        112021791879        112025348747        112027981405        112030003189        112032536238        112035656470        112037650746        112038980833        112040145323        112041257553        112042293879        112043331682        112044434339        112045109902        112045643297        112046133214        112046666383        112047211717        112047785252  
  112015950936        112021792320        112025348893        112027981450        112030003459        112032539444        112035656504        112037650791        112038981159        112040147921        112041257621        112042294016        112043331828        112044434643        112045111983        112045643309        112046133258        112046666394        112047211728        112047785319  
  112015954851        112021792331        112025349029        112027981898        112030004001        112032539512        112035656638        112037651141        112038981261        112040147954        112041257823        112042294151        112043332010        112044435318        112045112423        112045643332        112046133270        112046666417        112047211739        112047785386  
  112015955829        112021793422        112025349322        112027982754        112030004168        112032539679        112035656649        112037652557        112038981519        112040147976        112041257845        112042294577        112043332098        112044436724        112045112445        112045643365        112046135609        112046666732        112047212268        112047785454  
  112015956202        112021795165        112025349344        112027982866        112030004180        112032540851        112035656661        112037652579        112038981980        112040148056        112041258149        112042294892        112043333101        112044439064        112045112456        112045643400        112046135711        112046666765        112047212314        112047785476  
  112015959137        112021795244        112025350166        112027982956        112030004214        112032540873        112035656728        112037652603        112038982037        112040148089        112041258251        112042296906        112043333134        112044439132        112045112894        112045643567        112046136015        112046666787        112047212369        112047785522  
  112015959249        112021795604        112025350414        112027983553        112030004562        112032540996        112035657864        112037652625        112038982194        112040148124        112041258352        112042297020        112043333235        112044439367        112045113389        112045643668        112046136071        112046666912        112047213843        112047786095  
  112015960173        112021797527        112025350559        112027983777        112030007903        112032541256        112035658090        112037652715        112038982318        112040148270        112041258532        112042297154        112043334562        112044439413        112045113446        112045643815        112046136149        112046666934        112047213898        112047786927  
  112015960544        112021798898        112025352090        112027985252        112030008027        112032542538        112035658157        112037652940        112038982396        112040148281        112041259443        112042297244        112043334775        112044440392        112045113682        112045643848        112046136723        112046668329        112047213900        112047786950  
  112015960612        112021798933        112025352157        112027985892        112030008285        112032542673        112035660060        112037653334        112038983274        112040148304        112041259454        112042297378        112043334933        112044440730        112045113963        112045643916        112046137139        112046668341        112047213944        112047786983  
  112015960645        112021799158        112025352461        112027986028        112030008780        112032542886        112035660666        112037653402        112038983757        112040150778        112041259690        112042299000        112043335170        112044441102        112045115493        112045643983        112046137140        112046668352        112047214002        112047786994  
  112015962838        112021799484        112025352630        112027986646        112030008904        112032544327        112035662017        112037654975        112038984309        112040150835        112041259702        112042300003        112043336586        112044441214        112045115842        112045644782        112046137151        112046668420        112047214013        112047787254  
  112015963277        112021799653        112025353002        112027987872        112030008993        112032546475        112035662242        112037655392        112038984578        112040150903        112041259713        112042300014        112043336654        112044441326        112045116045        112045645110        112046137184        112046668486        112047214664        112047787467  
  112015967350        112021800342        112025353080        112027987928        112030009589        112032547735        112035663917        112037655684        112038984646        112040150914        112041261570        112042300025        112043337262        112044442596        112045116359        112045645121        112046137195        112046668587        112047214800        112047787579  
  112015967361        112021800421        112025354373        112027987940        112030009646        112032549120        112035664727        112037657226        112038985052        112040150925        112041261963        112042301431        112043338960        112044442642        112045116427        112045645143        112046137308        112046668611        112047214844        112047787580  
  112015967484        112021800656        112025354429        112027988761        112030009680        112032549322        112035666730        112037657541        112038985276        112040150970        112041262841        112042301936        112043339400        112044443711        112045116517        112045646986        112046138118        112046668790        112047214899        112047787669  
  112015967709        112021800926        112025354722        112027989795        112030009758        112032549377        112035668406        112037657608        112038988044        112040151454        112041263763        112042301969        112043339499        112044443801        112045116528        112045647000        112046138297        112046670759        112047214945        112047787760  
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  112015969914        112021803761        112025355273        112027991013        112030011021        112032549805        112035669621        112037659374        112038988178        112040153131        112041264966        112042304186        112043339590        112044444082        112045116551        112045647033        112046138365        112046670827        112047216701        112047787838  
  112015971478        112021805123        112025355509        112027991046        112030011447        112032550021        112035671163        112037659532        112038988886        112040153209        112041264999        112042307774        112043340299        112044444846        112045116630        112045647055        112046138501        112046672313        112047216936        112047787861  
  112015971591        112021805167        112025355677        112027991372        112030011504        112032550065        112035671376        112037659554        112038988910        112040154075        112041265349        112042308652        112043340794        112044444880        112045116719        112045647099        112046138646        112046672425        112047216947        112047787872  
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  112015979702        112021806988        112025357770        112027993352        112030014215        112032552483        112035674841        112037661030        112038991666        112040156808        112041266902        112042310329        112043341559        112044450753        112045117967        112045647370        112046140245        112046673460        112047217375        112047789559  
  112015983437        112021808283        112025357916        112027994511        112030014226        112032552696        112035676078        112037662064        112038992252        112040156831        112041267105        112042310543        112043341661        112044450887        112045118025        112045647482        112046140289        112046673482        112047217386        112047790146  
  112015983651        112021808890        112025359929        112027994656        112030014338        112032552821        112035676775        112037662187        112038992634        112040157113        112041267161        112042310857        112043341863        112044451574        112045118328        112045647527        112046140357        112046673549        112047217522        112047790281  
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  112015986463        112021811535        112025359985        112027995310        112030014585        112032552911        112035676865        112037664819        112038993567        112040157304        112041267262        112042311296        112043343562        112044452193        112045118632        112045648843        112046140650        112046675260        112047217588        112047790416  

 

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  112015986643        112021811603        112025360011        112027996906        112030014642        112032553013        112035676900        112037664842        112038994153        112040158080        112041268836        112042311971        112043344215        112044452250        112045118777        112045648955        112046140683        112046675350        112047217814        112047790630  
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  112016061367        112021864342        112025402287        112028025067        112030218042        112032585344        112035711775        112037690986        112039021492        112040176136        112041300912        112042337834        112043372261        112044472117        112045131828        112045660690        112046151966        112046689063        112047234734        112047804524  
  112016065798        112021864555        112025402614        112028025102        112030218592        112032585793        112035711887        112037693484        112039023528        112040176259        112041301508        112042337845        112043372306        112044472230        112045131873        112045661343        112046153924        112046689197        112047234925        112047804614  
  112016066070        112021865310        112025403086        112028025179        112030220090        112032585894        112035714644        112037694036        112039023618        112040176653        112041301531        112042338116        112043372777        112044472601        112045131918        112045661411        112046153935        112046689209        112047235005        112047805020  
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  112016066205        112021867761        112025405707        112028026529        112030222014        112032586323        112035715634        112037694182        112039025991        112040178509        112041304455        112042338363        112043373475        112044474467        112045133921        112045664054        112046154228        112046690065        112047235443        112047805299  
  112016068331        112021867918        112025405796        112028026765        112030223341        112032586659        112035715690        112037694452        112039026464        112040178532        112041305838        112042338420        112043373644        112044475008        112045134472        112045664100        112046154318        112046690212        112047235465        112047806537  
  112016068566        112021870181        112025405897        112028027395        112030223543        112032586727        112035715746        112037694654        112039026666        112040178835        112041305973        112042338442        112043374803        112044475132        112045134539        112045664144        112046154431        112046690256        112047235476        112047806650  
  112016068623        112021870282        112025407046        112028027610        112030223925        112032587469        112035715780        112037695857        112039026688        112040179005        112041306198        112042338543        112043374825        112044475996        112045134540        112045664661        112046154464        112046690278        112047235724        112047806706  
  112016069017        112021870473        112025407248        112028027632        112030226311        112032592386        112035715904        112037697714        112039026802        112040179027        112041306312        112042338587        112043374858        112044476470        112045135574        112045664683        112046154509        112046690302        112047236040        112047806739  
  112016072011        112021870484        112025407844        112028029061        112030226366        112032592409        112035715915        112037697781        112039026925        112040179049        112041306637        112042338622        112043375028        112044477460        112045135620        112045664694        112046154600        112046690324        112047236095        112047806784  
  112016072145        112021870541        112025407923        112028030603        112030226388        112032592465        112035716501        112037698298        112039026947        112040180142        112041306671        112042338880        112043378942        112044478393        112045135664        112045664773        112046154611        112046690403        112047236129        112047808056  
  112016072213        112021873241        112025408036        112028030614        112030226456        112032592803        112035716589        112037698399        112039026992        112040180243        112041307762        112042339027        112043379000        112044478573        112045135686        112045665954        112046154846        112046690436        112047236219        112047808214  
  112016072347        112021873263        112025408047        112028030760        112030227569        112032592982        112035720034        112037700034        112039027320        112040180344        112041307920        112042340984        112043379099        112044479080        112045136564        112045666045        112046154891        112046690470        112047236309        112047808225  
  112016072415        112021873465        112025409857        112028030849        112030228234        112032595592        112035723734        112037700135        112039030076        112040180467        112041308044        112042341020        112043379291        112044480396        112045136610        112045666089        112046154903        112046690537        112047236501        112047808315  
  112016075575        112021873533        112025410387        112028030894        112030229729        112032596852        112035727569        112037700742        112039030223        112040180546        112041308213        112042341042        112043379493        112044481229        112045136643        112045666113        112046157388        112046691594        112047236736        112047808696  
  112016076655        112021873588        112025411287        112028030973        112030230248        112032596896        112035728492        112037700911        112039030313        112040180579        112041308426        112042341503        112043379538        112044481308        112045136654        112045666124        112046157568        112046691640        112047236781        112047808999  
  112016076701        112021873689        112025413098        112028031974        112030231542        112032596942        112035728953        112037701350        112039031033        112040181042        112041312634        112042341750        112043379673        112044481331        112045136812        112045666247        112046157579        112046692236        112047236859        112047809002  
  112016078680        112021873948        112025413504        112028032559        112030231889        112032596986        112035728986        112037701574        112039031145        112040181075        112041312667        112042341895        112043379763        112044483513        112045136902        112045666258        112046157625        112046692270        112047237243        112047809877  
  112016078781        112021876749        112025415371        112028032593        112030232385        112032597190        112035729000        112037701596        112039031549        112040181110        112041312713        112042342379        112043379774        112044483759        112045137341        112045666270        112046157726        112046692539        112047237322        112047810565  
  112016078815        112021878101        112025416002        112028032616        112030232420        112032597415        112035729954        112037702351        112039031695        112040181187        112041312779        112042342458        112043379831        112044483760        112045137464        112045666326        112046157760        112046692562        112047237412        112047810600  
  112016079041        112021879247        112025416035        112028033921        112030232813        112032597516        112035730125        112037703475        112039033642        112040181244        112041312960        112042342548        112043380002        112044484682        112045137532        112045666663        112046157849        112046692630        112047237535        112047810633  
  112016080458        112021881802        112025416305        112028034270        112030233397        112032597594        112035730945        112037704342        112039033697        112040181299        112041313017        112042343202        112043382116        112044484749        112045137565        112045666742        112046157940        112046692696        112047237917        112047810756  
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  112016081561        112021882195        112025417104        112028034696        112030234837        112032599642        112035733342        112037706838        112039033901        112040182638        112041313343        112042345282        112043382622        112044484974        112045139400        112045666821        112046158288        112046693877        112047238277        112047811308  
  112016082113        112021884614        112025417373        112028034719        112030234882        112032599697        112035733858        112037706850        112039033934        112040182830        112041313354        112042345866        112043382778        112044485032        112045139433        112045666843        112046158389        112046693899        112047238435        112047811353  
  112016082528        112021884748        112025417407        112028034720        112030235120        112032601297        112035735276        112037707503        112039034025        112040183314        112041314591        112042345888        112043382824        112044485087        112045139444        112045666887        112046159010        112046693901        112047238514        112047813445  
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  112016092473        112021887099        112025420221        112028035811        112030240878        112032606708        112035738448        112037710226        112039036690        112040186003        112041315637        112042347723        112043384691        112044489519        112045140345        112045667428        112046160023        112046694249        112047239234        112047815582  
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  112016093205        112021891465        112025427048        112028036519        112030242005        112032607811        112035739887        112037713274        112039037219        112040187745        112041316199        112042349545        112043387852        112044492681        112045141470        112045670107        112046160124        112046695914        112047239762        112047817089  

 

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  112016157790        112021935453        112025924231        112028067388        112030414477        112032638084        112035779825        112037751939        112039065816        112040212081        112041344965        112042378716        112043410062        112044517094        112045158197        112045681615        112046173926        112046707907        112047251801        112047833425  
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  112016158533        112021935543        112025927560        112028067984        112030414938        112032640166        112035952615        112037752064        112039065838        112040212227        112041345102        112042380539        112043410972        112044517443        112045159042        112045681873        112046174006        112046708403        112047251979        112047833515  
  112016159062        112021936061        112025927931        112028068985        112030415984        112032640302        112035953313        112037753087        112039065940        112040212317        112041345168        112042380797        112043411018        112044517454        112045159121        112045682098        112046174039        112046709033        112047252284        112047833548  
  112016159118        112021939569        112025928280        112028069076        112030417065        112032640379        112035953324        112037753649        112039066110        112040213059        112041345247        112042380821        112043411074        112044517926        112045159301        112045682267        112046174084        112046709224        112047252420        112047833627  
  112016160918        112021939604        112025929483        112028069087        112030417111        112032642023        112035953368        112037754022        112039066266        112040213206        112041346046        112042380898        112043411108        112044518039        112045159390        112045682403        112046174095        112046709628        112047252442        112047833683  
  112016163775        112021939637        112025929742        112028069111        112030417166        112032643260        112035953931        112037755326        112039066480        112040214140        112041346620        112042381248        112043411670        112044518174        112045159435        112045682830        112046174130        112046709718        112047252611        112047833773  
  112016165003        112021939693        112025930542        112028069278        112030417492        112032645251        112035954426        112037755382        112039068189        112040215253        112041346686        112042381990        112043411760        112044519973        112045159581        112045684247        112046174578        112046709774        112047252969        112047833818  
  112016165328        112021940033        112025930553        112028070359        112030418123        112032645846        112035954482        112037756170        112039068190        112040215398        112041346709        112042382261        112043412378        112044522641        112045159626        112045684270        112046174602        112046709796        112047253555        112047836316  
  112016166655        112021940785        112025930856        112028072485        112030420823        112032649738        112035954763        112037756350        112039068213        112040215400        112041346800        112042383206        112043412446        112044522652        112045159660        112045684371        112046174613        112046709820        112047253689        112047836338  
  112016167151        112021944701        112025931217        112028073521        112030421004        112032650235        112035954864        112037756495        112039068291        112040215466        112041346912        112042383453        112043413515        112044522708        112045159851        112045684438        112046174691        112046709853        112047253814        112047836507  
  112016167319        112021947221        112025933624        112028073532        112030421891        112032650662        112035957272        112037756530        112039068482        112040215477        112041346990        112042383475        112043413526        112044523855        112045160314        112045684809        112046175580        112046709909        112047253904        112047836529  
  112016170212        112021949346        112025934502        112028073655        112030422702        112032653238        112035957395        112037757496        112039069269        112040215602        112041347632        112042383576        112043413919        112044523901        112045160347        112045684887        112046175591        112046709943        112047254422        112047836574  
  112016171000        112021951204        112025936054        112028074915        112030423725        112032653610        112035957553        112037757744        112039069281        112040215646        112041348037        112042383644        112043414910        112044524025        112045160426        112045684922        112046175861        112046710743        112047254567        112047837014  
  112016171022        112021951495        112025936177        112028075017        112030424388        112032653632        112035957801        112037759162        112039070463        112040215714        112041348093        112042383712        112043415146        112044524069        112045163205        112045685013        112046175917        112046710800        112047254602        112047837104  
  112016171471        112021952801        112025938124        112028075286        112030424445        112032654352        112035958992        112037759847        112039070766        112040216175        112041348138        112042385028        112043415775        112044524935        112045163766        112045685046        112046176648        112046711159        112047254624        112047837362  
  112016172348        112021954308        112025938405        112028075657        112030426289        112032655184        112035959566        112037760007        112039070845        112040216197        112041348330        112042386445        112043415810        112044524980        112045163801        112045685080        112046176749        112046711171        112047254679        112047837496  
  112016173507        112021954476        112025938449        112028075691        112030426649        112032658187        112035963145        112037760164        112039071015        112040216333        112041348408        112042386984        112043415865        112044527983        112045163845        112045686148        112046176806        112046711373        112047254758        112047837520  
  112016174609        112021956209        112025938461        112028075837        112030428988        112032659199        112035963235        112037761592        112039073387        112040216524        112041348835        112042387086        112043416147        112044528344        112045165162        112045686306        112046176895        112046711496        112047254781        112047837676  
  112016174610        112021956298        112025938540        112028075871        112030430756        112032662160        112035965080        112037761783        112039073488        112040216636        112041349072        112042387143        112043416192        112044528399        112045165858        112045686485        112046176907        112046712363        112047254916        112047838622  
  112016174676        112021956490        112025938573        112028075983        112030431847        112032662227        112035965327        112037761839        112039073781        112040216670        112041349083        112042388256        112043416259        112044528401        112045177132        112045686698        112046176963        112046712431        112047255704        112047838666  
  112016181742        112021958784        112025938674        112028076153        112030433524        112032665433        112035965518        112037761884        112039073859        112040217435        112041349140        112042388290        112043416327        112044528995        112045177491        112045687093        112046177010        112046712464        112047255748        112047838756  
  112016183610        112021959000        112025938821        112028076209        112030434941        112032665602        112035965664        112037762076        112039074625        112040217660        112041350018        112042388403        112043416417        112044529772        112045177547        112045687633        112046177706        112046712510        112047255816        112047838835  
  112016184396        112021961306        112025939024        112028076243        112030436291        112032665859        112035966519        112037762920        112039075345        112040217693        112041350119        112042388830        112043416451        112044531214        112045177569        112045687666        112046177728        112046712521        112047255928        112047840614  
  112016184509        112021961823        112025939653        112028077738        112030436572        112032667008        112035966542        112037763011        112039075435        112040218234        112041350816        112042388852        112043416495        112044531360        112045177705        112045687745        112046177751        112046712532        112047255973        112047840669  
  112016185881        112021964242        112025939697        112028077794        112030436752        112032667514        112035966654        112037763303        112039075996        112040218379        112041350928        112042388931        112043416552        112044533520        112045179156        112045687756        112046177773        112046712587        112047256109        112047840771  
  112016185960        112021964275        112025940790        112028077963        112030437270        112032667536        112035967554        112037763358        112039076144        112040218616        112041351198        112042388964        112043417913        112044533553        112045179189        112045687790        112046177829        112046712600        112047256121        112047840838  
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  112016191293        112021966110        112025941410        112028078896        112030439294        112032669055        112035971795        112037765002        112039076740        112040222891        112041352807        112042390642        112043419904        112044534903        112045179482        112045688667        112046177920        112046713094        112047257414        112047840995  
  112016191305        112021966222        112025941836        112028079088        112030440432        112032670169        112035972583        112037765507        112039076975        112040223094        112041352863        112042390686        112043420489        112044535443        112045179516        112045689141        112046178033        112046714275        112047257447        112047841592  
  112016191967        112021968493        112025943131        112028079404        112030440612        112032671553        112035972594        112037767206        112039077167        112040223140        112041352953        112042390833        112043421806        112044535544        112045179527        112045689387        112046178099        112046715175        112047257537        112047841615  
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  112016195006        112021968808        112025946123        112028079460        112030441680        112032675186        112035973281        112037768229        112039077314        112040223386        112041353000        112042392699        112043421851        112044537670        112045179572        112045689512        112046178886        112046715254        112047257582        112047842010  

 

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  112016203905        112021974726        112025951758        112028081924        112030450602        112032678280        112035981325        112037772325        112039084020        112040224758        112041355978        112042397728        112043422919        112044538446        112045180428        112045690536        112046180069        112046716312        112047259810        112047844113  
  112016204872        112021974861        112025951848        112028081957        112030450769        112032678516        112035982179        112037772594        112039084165        112040225805        112041356058        112042398594        112043422953        112044538503        112045180484        112045690648        112046180812        112046717425        112047259911        112047844135  
  112016734038        112021974940        112025952030        112028082655        112030451759        112032682498        112035983260        112037772774        112039084233        112040225850        112041358016        112042399506        112043423033        112044538884        112045180541        112045693023        112046180867        112046717436        112047260890        112047845293  
  112016742600        112021976199        112025952827        112028083713        112030451951        112032683297        112035983462        112037772819        112039084839        112040226738        112041358072        112042399719        112043424359        112044539245        112045181115        112045693067        112046180979        112046718594        112047260924        112047845428  
  112016743858        112021978146        112025953154        112028084039        112030452255        112032683466        112035983574        112037772932        112039085133        112040228044        112041358106        112042400846        112043424450        112044539852        112045181126        112045693786        112046181611        112046718976        112047260946        112047845530  
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  112016823677        112022617248        112025983843        112028115236        112030490099        112032715349        112036030398        112037799571        112039114057        112040246886        112041373260        112042422086        112043447578        112044563354        112045190272        112045701719        112046191140        112046733412        112047275896        112047856363  
  112016823813        112022626293        112025984462        112028115315        112030490134        112032716395        112036030736        112037800192        112039114103        112040246909        112041373349        112042423256        112043449110        112044563916        112045190283        112045701898        112046191252        112046733467        112047276022        112047856598  
  112016827356        112022628879        112025985182        112028116204        112030490224        112032717486        112036030815        112037801317        112039114169        112040246954        112041374261        112042423290        112043449187        112044564018        112045190407        112045701900        112046191308        112046733478        112047276066        112047856655  
  112016831632        112022635013        112025985834        112028116259        112030490516        112032717790        112036030837        112037801834        112039114237        112040247102        112041374979        112042423324        112043449244        112044564131        112045190452        112045701988        112046191353        112046734660        112047276213        112047857162  
  112016832217        112022640176        112025986071        112028116428        112030490527        112032717903        112036032929        112037802341        112039115003        112040247562        112041375116        112042423627        112043449660        112044564377        112045190531        112045702013        112046191487        112046734828        112047276415        112047857207  
  112016835287        112022646925        112025986228        112028117384        112030490628        112032718320        112036033100        112037802880        112039115069        112040247607        112041375183        112042424336        112043449761        112044564603        112045190845        112045702024        112046191533        112046735829        112047276460        112047857230  
  112016840126        112022651752        112025986510        112028117395        112030490752        112032719893        112036033256        112037802903        112039115407        112040247630        112041375217        112042425708        112043450101        112044564636        112045190867        112045702147        112046192152        112046736415        112047276505        112047857353  
  112016846199        112022651774        112025986532        112028117531        112030492417        112032719949        112036033302        112037802992        112039115632        112040247652        112041376780        112042426147        112043451270        112044566212        112045190935        112045702192        112046192983        112046736437        112047276954        112047857409  
  112016850262        112022652045        112025987780        112028118138        112030492530        112032720468        112036033458        112037804613        112039115979        112040247865        112041377905        112042426259        112043451461        112044567820        112045190991        112045702215        112046193041        112046736550        112047277113        112047857566  
  112016850925        112022658759        112025988220        112028118307        112030492765        112032720918        112036034842        112037804770        112039116015        112040247900        112041379042        112042426282        112043451539        112044567853        112045191037        112045702394        112046193074        112046736561        112047277922        112047858747  
  112016853973        112022664880        112025988275        112028118442        112030494015        112032721065        112036035405        112037805209        112039117140        112040248237        112041379110        112042426383        112043451764        112044569215        112045191059        112045702406        112046193085        112046736606        112047277955        112047858769  
  112016874123        112022668389        112025988725        112028120197        112030494059        112032722381        112036035551        112037805254        112039117522        112040248978        112041379121        112042427148        112043452394        112044569428        112045191082        112045703261        112046193119        112046736639        112047278002        112047858770  
  112016879779        112022669403        112025988826        112028120276        112030494295        112032722459        112036035595        112037805322        112039118602        112040249025        112041379817        112042427193        112043453148        112044571634        112045191127        112045703294        112046193243        112046736673        112047278046        112047858848  
  112016882515        112022671046        112025989029        112028120928        112030494655        112032722561        112036035663        112037805388        112039118646        112040249238        112041380156        112042428071        112043453193        112044572545        112045191138        112045703328        112046193265        112046736875        112047278068        112047858893  
  112016884449        112022673116        112025989063        112028121345        112030496062        112032722752        112036036507        112037805412        112039118703        112040250511        112041380404        112042428161        112043453980        112044572882        112045191172        112045703418        112046193322        112046737157        112047278192        112047858916  
  112016884685        112022675477        112025989322        112028121738        112030496107        112032722774        112036036574        112037806716        112039118848        112040251040        112041380448        112042428228        112043454228        112044572927        112045191374        112045703430        112046193546        112046737180        112047278226        112047859580  
  112016888601        112022677211        112025990649        112028121941        112030497298        112032722820        112036039094        112037806895        112039118871        112040251477        112041381393        112042428284        112043454420        112044573007        112045191396        112045703519        112046194660        112046737214        112047278866        112047859737  
  112016888645        112022679471        112025990694        112028122447        112030497344        112032723157        112036039296        112037807212        112039119063        112040251556        112041381405        112042428307        112043454521        112044574895        112045191521        112045703676        112046194693        112046739452        112047279575        112047859782  
  112016888768        112022684433        112025991820        112028122616        112030497366        112032723179        112036041963        112037807245        112039120144        112040252490        112041381416        112042430681        112043454554        112044574985        112045191699        112045703687        112046194716        112046740386        112047279609        112047859940  
  112016892594        112022689461        112025993732        112028123628        112030499278        112032725485        112036043404        112037809461        112039120201        112040252658        112041381483        112042430715        112043455982        112044575043        112045191778        112045703823        112046194783        112046740454        112047279654        112047859962  
  112016894271        112022692184        112025994171        112028124157        112030499997        112032725632        112036043516        112037810058        112039122922        112040254683        112041381551        112042430838        112043456062        112044575380        112045192049        112045703856        112046194840        112046740522        112047281624        112047860212  
  112016896790        112022695895        112025994519        112028124641        112030501687        112032726015        112036043741        112037810205        112039122955        112040254841        112041381696        112042431941        112043456073        112044575391        112045192342        112045703878        112046194851        112046740555        112047281859        112047860470  
  112016901168        112022701848        112025994609        112028126935        112030502295        112032728095        112036044012        112037810216        112039122966        112040254920        112041381719        112042432740        112043456242        112044576279        112045192364        112045703946        112046195199        112046740566        112047281938        112047860717  
  112016904093        112022701859        112025995307        112028127004        112030502363        112032728523        112036046104        112037810632        112039124485        112040255268        112041381731        112042432964        112043456264        112044576628        112045192409        112045704183        112046195245        112046740588        112047282063        112047860740  
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  112016922857        112022704650        112025996106        112028128926        112030503364        112032730335        112036046890        112037811071        112039125970        112040255684        112041384138        112042434809        112043456837        112044577933        112045193219        112045704510        112046196044        112046740713        112047282221        112047860874  
  112016923195        112022706843        112025996229        112028129400        112030503779        112032730391        112036046946        112037811206        112039126061        112040256157        112041384273        112042434922        112043457232        112044578787        112045193859        112045704565        112046197225        112046741118        112047282243        112047861695  
  112016925861        112022708148        112025996432        112028130615        112030503959        112032730560        112036046979        112037813679        112039126656        112040257619        112041384341        112042434988        112043459379        112044579485        112045193916        112045704644        112046197258        112046741141        112047282377        112047861707  
  112016926402        112022718666        112025997781        112028130907        112030504118        112032730762        112036051267        112037813792        112039126757        112040257912        112041384408        112042436047        112043459447        112044580926        112045194243        112045704699        112046198147        112046742658        112047282423        112047861718  
  112016927920        112022718891        112025999200        112028130918        112030504332        112032730908        112036051302        112037814535        112039128658        112040258744        112041385241        112042436104        112043459469        112044580948        112045194254        112045704958        112046198204        112046742670        112047282434        112047861785  

 

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  112016927964        112022722010        112025999873        112028131267        112030504365        112032731000        112036051346        112037814850        112039130156        112040258788        112041387355        112042436160        112043459515        112044580982        112045194861        112045704969        112046198226        112046742681        112047282445        112047861820  
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  112016932443        112022722313        112026000709        112028132549        112030505737        112032733192        112036051470        112037815491        112039131315        112040260725        112041387412        112042436441        112043459841        112044581310        112045195042        112045705117        112046198350        112046742850        112047282478        112047862720  
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  112016938933        112022724113        112026001384        112028133393        112030506929        112032735127        112036053191        112037815884        112039131696        112040260859        112041387793        112042436553        112043461057        112044583772        112045195750        112045705522        112046199351        112046742939        112047282546        112047862786  
  112016939125        112022724269        112026001441        112028133821        112030506985        112032735914        112036054798        112037815985        112039133845        112040260961        112041387827        112042436632        112043461079        112044583952        112045195783        112045705689        112046199722        112046743053        112047282568        112047862887  
  112016942387        112022724337        112026002194        112028134743        112030508189        112032736106        112036056734        112037817639        112039133890        112040261085        112041387940        112042436665        112043461170        112044585011        112045195840        112045705702        112046199799        112046743839        112047283277        112047863046  
  112016942433        112022725204        112026002981        112028134800        112030508415        112032737354        112036056745        112037817662        112039135331        112040261210        112041387951        112042436687        112043461260        112044586405        112045195851        112045705735        112046199889        112046744335        112047283301        112047863068  
  112016943445        112022725428        112026003779        112028135148        112030508516        112032737400        112036056790        112037817718        112039136028        112040261366        112041388749        112042437701        112043462294        112044586562        112045195873        112045705803        112046200411        112046745246        112047284807        112047863125  
  112016944109        112022727475        112026004028        112028135182        112030508639        112032740099        112036058848        112037818191        112039136231        112040261377        112041388839        112042437723        112043463914        112044588036        112045196650        112045705858        112046201355        112046745707        112047284852        112047863181  
  112016948844        112022730604        112026007289        112028136475        112030508864        112032740819        112036058916        112037818753        112039136354        112040261625        112041388873        112042437925        112043464061        112044589273        112045196706        112045706826        112046201502        112046745763        112047284885        112047863192  
  112016950779        112022730615        112026008088        112028136745        112030510058        112032740965        112036059704        112037818821        112039138301        112040261681        112041388884        112042439297        112043464421        112044589330        112045196751        112045706916        112046201546        112046745820        112047284931        112047863271  
  112016958890        112022733135        112026008268        112028136891        112030510104        112032741034        112036060627        112037820363        112039138367        112040263199        112041389403        112042439310        112043465905        112044589532        112045196863        112045707018        112046201579        112046745853        112047285572        112047863327  
  112016960130        112022733191        112026008460        112028138040        112030510126        112032741304        112036060795        112037820431        112039138424        112040263256        112041389458        112042440592        112043466883        112044591041        112045197279        112045707254        112046202110        112046747282        112047285594        112047863350  
  112016961704        112022734024        112026009157        112028138219        112030510171        112032741999        112036061729        112037820600        112039138457        112040263335        112041390034        112042440693        112043466928        112044591209        112045197369        112045707265        112046202930        112046747327        112047285628        112047864632  
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  112017122995        112022787695        112026041715        112028167176        112030537091        112032775918        112036104389        112037852784        112039169002        112040290661        112041410149        112042467692        112043489563        112044621517        112045206595        112045718133        112046217835        112046761794        112047300569        112047879021  
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  112017123301        112022789686        112026047340        112028169921        112030537439        112032776043        112036105829        112037853077        112039169046        112040291932        112041410600        112042468446        112043490947        112044622259        112045206629        112045718302        112046218005        112046762054        112047300581        112047879111  
  112017123413        112022790419        112026048105        112028170901        112030537620        112032776919        112036105830        112037854483        112039169114        112040292001        112041411173        112042469267        112043491106        112044622316        112045206652        112045718313        112046218252        112046762076        112047300952        112047880236  
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  112017125268        112022790666        112026048880        112028171373        112030538711        112032777785        112036106482        112037857835        112039169327        112040292854        112041411195        112042469346        112043491140        112044622529        112045206720        112045718357        112046218296        112046762144        112047301043        112047880315  
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  112017223492        112022858346        112026095297        112028213392        112030584396        112032824216        112036154878        112037896625        112039205711        112040322577        112041436170        112042506450        112043524686        112044663793        112045225136        112045734771        112046232304        112046779939        112047319468        112047897403  
  112017223593        112022859448        112026099088        112028213448        112030584497        112032824801        112036156386        112037896849        112039205890        112040322678        112041436989        112042506461        112043524787        112044664851        112045225181        112045735109        112046232337        112046779940        112047319581        112047897447  
  112017224381        112022859909        112026099190        112028214012        112030585724        112032824991        112036159402        112037896917        112039205924        112040322836        112041437003        112042507305        112043524978        112044666145        112045225349        112045735110        112046232371        112046779984        112047321102        112047898381  
  112017226440        112022859921        112026099213        112028214191        112030585869        112032825004        112036159952        112037897110        112039205980        112040323871        112041437070        112042507361        112043525081        112044666202        112045226193        112045735132        112046232427        112046780010        112047321168        112047898471  
  112017226833        112022860013        112026099291        112028214281        112030585926        112032825688        112036166006        112037897121        112039206015        112040324502        112041437261        112042507383        112043527195        112044666336        112045226306        112045735233        112046232449        112046780032        112047321179        112047898987  
  112017230502        112022860136        112026099886        112028215057        112030586534        112032826050        112036166084        112037898627        112039206880        112040324557        112041440298        112042507406        112043527432        112044667203        112045226340        112045735277        112046234148        112046781000        112047321674        112047898998  
  112017232975        112022861272        112026100249        112028215316        112030587344        112032826162        112036166905        112037898830        112039206891        112040324805        112041440333        112042507697        112043527465        112044667258        112045226395        112045735334        112046234429        112046781101        112047321708        112047899270  
  112017233785        112022861373        112026100519        112028215518        112030587377        112032828502        112036167029        112037898908        112039207724        112040325277        112041440737        112042508025        112043527612        112044667359        112045226463        112045735390        112046234531        112046781167        112047321753        112047899292  
  112017233976        112022861485        112026101509        112028216081        112030587973        112032829514        112036168211        112037899167        112039208073        112040327943        112041440793        112042508036        112043527690        112044667551        112045226542        112045735491        112046234676        112046781279        112047321786        112047899360  
  112017234988        112022861823        112026101622        112028216249        112030589278        112032829592        112036168244        112037899325        112039210436        112040328359        112041441233        112042509363        112043528781        112044667618        112045227093        112045736458        112046234700        112046781280        112047321809        112047899685  
  112017236474        112022861845        112026102140        112028216463        112030590236        112032829693        112036168266        112037899358        112039210469        112040328607        112041441446        112042509666        112043528938        112044668237        112045227464        112045736560        112046234799        112046781707        112047323283        112047900093  
  112017237105        112022865580        112026102645        112028216474        112030590540        112032829772        112036169931        112037900610        112039211831        112040328742        112041442324        112042509992        112043529007        112044668305        112045227486        112045737088        112046234812        112046781842        112047323597        112047900183  
  112017239804        112022867537        112026102667        112028217408        112030591226        112032829839        112036170203        112037900733        112039212078        112040328887        112041443189        112042510871        112043529906        112044668383        112045227509        112045737123        112046234889        112046782742        112047323621        112047902073  
  112017239938        112022868774        112026104388        112028217622        112030591338        112032830932        112036170315        112037902397        112039213596        112040328922        112041443796        112042511816        112043530133        112044669069        112045227543        112045737673        112046234957        112046782988        112047323643        112047902635  
  112017243966        112022869416        112026104580        112028217745        112030591866        112032831922        112036170472        112037902803        112039213978        112040330385        112041443853        112042512648        112043530661        112044669070        112045227622        112045737831        112046236847        112046783079        112047323777        112047902758  
  112017244080        112022871060        112026104670        112028218274        112030592553        112032832473        112036172003        112037902847        112039214047        112040331320        112041444315        112042512716        112043530751        112044669182        112045227666        112045737864        112046236892        112046783091        112047324116        112047903142  
  112017244103        112022873095        112026106920        112028218285        112030592777        112032832507        112036172193        112037904951        112039214070        112040332400        112041444450        112042512851        112043532517        112044669250        112045228555        112045737998        112046236948        112046783169        112047324127        112047903153  
  112017244507        112022874603        112026106997        112028219095        112030594263        112032832697        112036172698        112037904995        112039214227        112040333502        112041446553        112042512996        112043532528        112044669418        112045228702        112045738089        112046237084        112046783215        112047324149        112047903355  
  112017245700        112022874636        112026108674        112028219422        112030596535        112032833014        112036172733        112037905064        112039216713        112040333737        112041446654        112042513087        112043532809        112044669452        112045229400        112045738113        112046237129        112046783507        112047324150        112047903669  
  112017249175        112022877448        112026109361        112028219545        112030598166        112032833092        112036174140        112037906481        112039217219        112040333850        112041446823        112042514088        112043535127        112044669474        112045230480        112045738179        112046237141        112046783765        112047324217        112047903726  
  112017250447        112022877459        112026109417        112028219691        112030598368        112032834600        112036174690        112037907897        112039217343        112040334738        112041447598        112042514752        112043535183        112044670667        112045230536        112045738225        112046237499        112046783800        112047324273        112047903771  
  112017251864        112022877538        112026109530        112028224833        112030598380        112032837007        112036176366        112037908696        112039218108        112040334794        112041447745        112042515157        112043535228        112044670690        112045230569        112045738236        112046237501        112046783888        112047324284        112047903782  
  112017253608        112022877550        112026111971        112028225924        112030598571        112032839043        112036176377        112037909046        112039218568        112040334806        112041448241        112042515382        112043535789        112044670937        112045230974        112045738258        112046237578        112046783956        112047325331        112047903849  
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  112017254632        112022878618        112026112354        112028226723        112030599448        112032841293        112036177222        112037909877        112039219200        112040335100        112041448410        112042517700        112043535981        112044671028        112045231155        112045738292        112046237679        112046785138        112047325375        112047905458  

 

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  112017255688        112022880026        112026112387        112028226868        112030599785        112032841394        112036177468        112037911500        112039219356        112040335201        112041448870        112042517755        112043536016        112044671062        112045231166        112045738304        112046237680        112046785688        112047325443        112047905964  
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  112017262013        112022889092        112026115324        112028229692        112030607257        112032843004        112036183050        112037917168        112039223317        112040337876        112041450851        112042521783        112043541304        112044675662        112045232729        112045740431        112046239547        112046787871        112047327490        112047907225  
  112017262664        112022890904        112026115436        112028229850        112030607549        112032843037        112036183106        112037917247        112039223531        112040338877        112041451504        112042521974        112043542260        112044676618        112045232796        112045740611        112046239604        112046787905        112047327502        112047907898  
  112017269199        112022890948        112026115728        112028230065        112030607741        112032843172        112036185489        112037917472        112039223755        112040339036        112041451515        112042522111        112043542619        112044678452        112045232909        112045740790        112046239693        112046788737        112047327524        112047907955  
  112017269212        112022893233        112026117315        112028231358        112030608001        112032843712        112036187076        112037918956        112039225263        112040339070        112041453045        112042522289        112043544846        112044678485        112045233001        112045740868        112046239761        112046788760        112047327636        112047908068  
  112017271697        112022894469        112026118620        112028231516        112030609787        112032844915        112036187144        112037918989        112039225498        112040339160        112041453236        112042522470        112043544981        112044678586        112045233089        112045742242        112046239806        112046788771        112047329166        112047908136  
  112017272788        112022894537        112026119014        112028231583        112030610587        112032845589        112036188099        112037920375        112039225511        112040339609        112041453696        112042523190        112043545038        112044678889        112045233090        112045742309        112046239851        112046788816        112047329201        112047908327  
  112017273295        112022895639        112026119395        112028231910        112030610677        112032845602        112036188202        112037920971        112039225522        112040341433        112041454507        112042523550        112043545791        112044678890        112045233191        112045742343        112046241674        112046788849        112047329212        112047908372  
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  112017277200        112022898115        112026119711        112028232405        112030611038        112032847390        112036191419        112037921567        112039225690        112040341758        112041454631        112042523662        112043545937        112044679554        112045233281        112045742534        112046241810        112046788962        112047329762        112047908495  
  112017278368        112022898126        112026119946        112028232528        112030611072        112032847828        112036191497        112037921657        112039225825        112040341804        112041456307        112042523796        112043546927        112044680848        112045233685        112045742635        112046241821        112046788995        112047330326        112047908664  
  112017281788        112022900726        112026120375        112028233237        112030611162        112032849460        112036191756        112037922197        112039225847        112040342085        112041456431        112042523831        112043546961        112044680893        112045233708        112045742646        112046241854        112046789514        112047330359        112047908710  
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  112017332987        112022938930        112026144269        112028689894        112030638701        112032883930        112036229972        112037949040        112039251060        112040364900        112041472798        112042556488        112043572263        112044694854        112045244621        112045754144        112046255073        112046800002        112047342419        112047914784  
  112017334855        112022938941        112026144753        112028692742        112030638868        112032884324        112036230413        112037949118        112039251408        112040364999        112041472811        112042556578        112043572397        112044694887        112045244665        112045754166        112046255141        112046800079        112047342464        112047914830  
  112017335070        112022940720        112026144810        112028694867        112030638891        112032885819        112036230558        112037949220        112039251420        112040365013        112041475005        112042556635        112043572612        112044694911        112045244755        112045754212        112046255152        112046800091        112047342532        112047914841  
  112017335328        112022941765        112026145899        112028695532        112030640838        112032886179        112036230974        112037949376        112039251532        112040366216        112041475229        112042556646        112043572667        112044694977        112045245598        112045754335        112046256254        112046800147        112047342543        112047914863  
  112017336745        112022941776        112026147273        112028696487        112030640849        112032886742        112036233090        112037951593        112039252027        112040366249        112041475498        112042557579        112043574074        112044696115        112045245600        112045754368        112046256265        112046800226        112047342734        112047914874  
  112017338332        112022941990        112026147778        112028698489        112030641097        112032886832        112036233102        112037951863        112039252140        112040366519        112041475500        112042557591        112043574243        112044696148        112045246870        112045754379        112046256276        112046801946        112047342756        112047915011  
  112017338792        112022943149        112026148386        112028699121        112030641266        112032888171        112036233876        112037952448        112039253488        112040367161        112041475533        112042558659        112043574276        112044696788        112045247130        112045755099        112046256322        112046802600        112047343757        112047915482  
  112017339085        112022943273        112026148746        112028699334        112030641491        112032888193        112036234248        112037952752        112039254502        112040367374        112041475623        112042558783        112043574513        112044696845        112045247231        112045755156        112046256423        112046804545        112047344871        112047915594  
  112017341628        112022944140        112026149343        112028699402        112030642436        112032888519        112036234967        112037952864        112039255143        112040367813        112041475678        112042558840        112043575019        112044696889        112045247804        112045755213        112046256445        112046804668        112047344893        112047916191  
  112017341730        112022944218        112026150064        112028700809        112030642683        112032888553        112036235070        112037952886        112039255277        112040368331        112041476040        112042559537        112043575446        112044697048        112045248018        112045755392        112046256546        112046804703        112047344916        112047916281  
  112017342742        112022944285        112026151313        112028700988        112030642863        112032888609        112036235081        112037953427        112039255761        112040369770        112041477085        112042560449        112043575727        112044698465        112045248052        112045755415        112046256557        112046804747        112047344949        112047916292  
  112017344665        112022944487        112026151593        112028701428        112030643381        112032888777        112036235171        112037953483        112039255907        112040369792        112041477108        112042561798        112043575806        112044698544        112045248085        112045755437        112046256580        112046804837        112047345030        112047916326  
  112017346162        112022944500        112026151740        112028701585        112030643594        112032889059        112036235665        112037953652        112039256065        112040369804        112041477388        112042561912        112043575839        112044698566        112045248142        112045755459        112046256636        112046806345        112047346479        112047916405  
  112017347310        112022944713        112026152550        112028701642        112030643707        112032891311        112036236655        112037953731        112039256076        112040369961        112041477805        112042562014        112043575907        112044698735        112045248603        112045755471        112046256647        112046807447        112047346491        112047916438  
  112017353193        112022944735        112026153135        112028702058        112030644360        112032891445        112036239096        112037954035        112039256199        112040370086        112041478851        112042563060        112043576627        112044699871        112045248726        112045756168        112046256658        112046807560        112047346536        112047916461  
  112017353250        112022945927        112026154237        112028704128        112030644595        112032891489        112036239209        112037955025        112039256212        112040370693        112041479289        112042563385        112043576694        112044699972        112045249097        112045756292        112046256692        112046807605        112047347481        112047916517  
  112017356297        112022945972        112026154518        112028704982        112030644764        112032891579        112036239210        112037955227        112039256357        112040370738        112041480225        112042564432        112043576795        112044700751        112045249121        112045756382        112046256793        112046807649        112047347492        112047916843  
  112017356309        112022946119        112026154619        112028705141        112030645417        112032891580        112036239681        112037957038        112039256650        112040370783        112041481552        112042564454        112043576942        112044700830        112045249143        112045756731        112046256805        112046807728        112047348077        112047916898  
  112017358255        112022947514        112026154822        112028705545        112030646160        112032891636        112036239962        112037957229        112039256740        112040370817        112041481608        112042565589        112043576986        112044700896        112045249198        112045756753        112046257985        112046807739        112047348099        112047916911  
  112017358503        112022948010        112026155115        112028708087        112030646238        112032891760        112036242146        112037957948        112039256885        112040370839        112041481866        112042566692        112043579675        112044701077        112045249277        112045756854        112046258009        112046807784        112047348123        112047917002  
  112017360797        112022949022        112026155979        112028709482        112030646306        112032894077        112036242191        112037957959        112039256896        112040370840        112041481877        112042567749        112043579743        112044701303        112045249312        112045756922        112046258043        112046807997        112047348291        112047917068  
  112017362216        112022949101        112026156026        112028709684        112030646542        112032894998        112036243822        112037958208        112039256964        112040370907        112041482047        112042568278        112043580879        112044701358        112045249839        112045756933        112046258155        112046808033        112047348303        112047917147  
  112017364218        112022949864        112026156082        112028709741        112030646609        112032898891        112036244171        112037958264        112039257943        112040371098        112041482137        112042568324        112043581061        112044701460        112045249862        112045756999        112046258223        112046808101        112047348606        112047917158  
  112017365848        112022950192        112026157544        112028710989        112030646700        112032899375        112036245240        112037959142        112039258012        112040371324        112041482351        112042568841        112043581151        112044701527        112045249918        112045757024        112046258245        112046808156        112047349584        112047917181  

 

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  112017367109        112022950473        112026157779        112028711036        112030646867        112032899465        112036246342        112037959557        112039258078        112040374170        112041482407        112042568931        112043582309        112044703204        112045249930        112045757079        112046258605        112046808662        112047349720        112047917642  
  112017367839        112022950552        112026157780        112028711801        112030646980        112032900312        112036251506        112037961606        112039258258        112040374271        112041482452        112042569808        112043583254        112044703259        112045249985        112045757091        112046258649        112046808730        112047349753        112047918148  
  112017370305        112022951407        112026158208        112028711878        112030648566        112032902628        112036251708        112037961662        112039258337        112040374518        112041482575        112042570215        112043583467        112044703394        112045251405        112045757541        112046258717        112046809843        112047351172        112047918160  
  112017373667        112022951463        112026159355        112028711991        112030648601        112032902910        112036252372        112037961695        112039259259        112040374552        112041482812        112042570260        112043584402        112044703484        112045251461        112045757631        112046258751        112046809854        112047351239        112047918182  
  112017376569        112022951485        112026159366        112028712060        112030648959        112032904440        112036253687        112037962821        112039259361        112040375339        112041484555        112042570798        112043585054        112044703585        112045251472        112045757934        112046258784        112046809865        112047351240        112047918643  
  112018009259        112022952543        112026159456        112028712374        112030650761        112032906554        112036253801        112037963013        112039259462        112040375395        112041484757        112042570811        112043585188        112044703596        112045251494        112045757989        112046259347        112046809911        112047351251        112047918654  
  112018012679        112022952644        112026159669        112028714578        112030650930        112032906655        112036253968        112037963361        112039260150        112040375531        112041484814        112042571889        112043586336        112044703619        112045251607        112045758092        112046259358        112046809966        112047351318        112047918722  
  112018013186        112022952701        112026160290        112028715984        112030652550        112032906723        112036254093        112037963732        112039260341        112040376497        112041486614        112042572037        112043587450        112044703664        112045251629        112045758126        112046259561        112046810621        112047351408        112047918755  
  112018014299        112022952903        112026160324        112028716963        112030655823        112032908433        112036255645        112037965486        112039260510        112040376587        112041487121        112042572093        112043587461        112044703686        112045251652        112045758845        112046261698        112046810654        112047352601        112047918788  
  112018015537        112022954310        112026160526        112028717100        112030656318        112032909221        112036258480        112037966229        112039260598        112040376677        112041487457        112042572273        112043587696        112044703721        112045252091        112045758890        112046261799        112046810801        112047353444        112047918845  
  112018015807        112022956109        112026161123        112028717559        112030656431        112032909333        112036259504        112037966230        112039261038        112040376688        112041487750        112042573959        112043587742        112044703822        112045252147        112045758946        112046261924        112046811622        112047353477        112047918890  
  112018019991        112022956277        112026161842        112028719810        112030657656        112032909748        112036261990        112037966713        112039262185        112040377252        112041487873        112042574354        112043587786        112044705172        112045252215        112045759284        112046261979        112046811688        112047353556        112047918991  
  112018022478        112022956389        112026162630        112028719876        112030658499        112032911314        112036262126        112037967444        112039263838        112040377690        112041487884        112042574365        112043588046        112044705374        112045252237        112045759307        112046262015        112046811734        112047353578        112047919015  
  112018022625        112022956682        112026163125        112028720496        112030658512        112032911369        112036262968        112037967703        112039264143        112040377757        112041487930        112042574545        112043588147        112044705420        112045252327        112045759363        112046262138        112046811835        112047353602        112047919060  
  112018022838        112022957537        112026163776        112028720698        112030658679        112032912089        112036262979        112037967905        112039264244        112040379625        112041488290        112042574589        112043588169        112044705981        112045253766        112045759408        112046262149        112046812702        112047354333        112047919071  
  112018024739        112022959180        112026164160        112028723624        112030658792        112032912269        112036263228        112037968085        112039264402        112040379939        112041488425        112042576592        112043588798        112044706049        112045253913        112045760006        112046262486        112046812779        112047354423        112047919082  
  112018024784        112022959348        112026168748        112028724131        112030660201        112032913945        112036265646        112037970022        112039264817        112040379962        112041488559        112042576749        112043588978        112044706274        112045254048        112045760073        112046262554        112046812836        112047354434        112047919127  
  112018027417        112022960104        112026168906        112028724311        112030660436        112032914148        112036265691        112037970279        112039265672        112040380021        112041488650        112042576840        112043589036        112044707095        112045254059        112045760321        112046262688        112046812847        112047354445        112047919161  
  112018027664        112022964096        112026169020        112028724344        112030661729        112032914159        112036268100        112037971988        112039265717        112040380065        112041488672        112042577649        112043589081        112044707174        112045254105        112045760332        112046262701        112046812982        112047354467        112047920679  
  112018029228        112022964355        112026170088        112028726054        112030661785        112032914272        112036270204        112037972147        112039266000        112040381314        112041489909        112042577661        112043589216        112044707275        112045254138        112045760646        112046262712        112046812993        112047355288        112047920691  
  112018031456        112022964557        112026171168        112028726672        112030661842        112032914632        112036271328        112037972282        112039266178        112040381808        112041490091        112042577830        112043589227        112044707411        112045254206        112045761940        112046263139        112046813017        112047355446        112047920758  
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  112018085859        112022992682        112026198077        112028765642        112030692521        112032950935        112036298147        112037991722        112039289050        112040400316        112041505762        112042593298        112043618668        112044716398        112045263587        112045771637        112046276234        112046821117        112047362703        112047930579  
  112018085950        112022992738        112026198369        112028766294        112030692958        112032951598        112036298686        112037991766        112039290041        112040400350        112041505852        112042593771        112043619018        112044718266        112045264498        112045771660        112046276368        112046821195        112047362725        112047930647  
  112018087288        112022992840        112026198640        112028766306        112030693094        112032953545        112036299452        112037991856        112039291266        112040400417        112041506088        112042593782        112043619041        112044718323        112045264555        112045771817        112046276414        112046821230        112047362747        112047930670  
  112018089347        112022992941        112026198763        112028766722        112030693117        112032955198        112036299632        112037991878        112039291480        112040400619        112041506167        112042594233        112043619186        112044718345        112045264645        112045771862        112046276492        112046821274        112047363153        112047930872  
  112018089527        112022993188        112026198909        112028767284        112030693139        112032955266        112036299700        112037992150        112039291851        112040401272        112041506213        112042594446        112043619300        112044718413        112045265141        112045771873        112046276515        112046821443        112047363232        112047930883  
  112018091340        112022994156        112026199001        112028768803        112030693274        112032955402        112036299777        112037992240        112039293325        112040401407        112041506235        112042594772        112043620605        112044718424        112045265196        112045771952        112046276605        112046821566        112047363243        112047931378  
  112018091823        112022994202        112026199012        112028768847        112030693296        112032956166        112036300488        112037992329        112039293516        112040401597        112041508147        112042595201        112043620728        112044718435        112045265286        112045772009        112046276683        112046821577        112047363973        112047931424  
  112018091856        112022995911        112026199113        112028769567        112030693689        112032957426        112036300668        112037992420        112039293549        112040401700        112041508204        112042595278        112043620920        112044718446        112045265321        112045772065        112046277886        112046821634        112047364097        112047931435  
  112018092217        112022995966        112026199157        112028770895        112030695131        112032957516        112036301456        112037992521        112039294865        112040402150        112041508811        112042596088        112043621617        112044718659        112045265433        112045772582        112046277921        112046821645        112047364930        112047931468  
  112018094196        112022996046        112026199371        112028770918        112030695186        112032957606        112036303526        112037992712        112039294922        112040403454        112041508822        112042596099        112043621853        112044718660        112045265477        112045773358        112046277987        112046822916        112047365133        112047931569  
  112018094499        112022996248        112026199461        112028771100        112030695254        112032958214        112036303661        112037993331        112039295147        112040403465        112041508956        112042596156        112043621864        112044718761        112045267110        112045773437        112046278326        112046823153        112047365380        112047931626  
  112018095669        112022997643        112026202163        112028771122        112030695355        112032958269        112036303751        112037993375        112039295552        112040403476        112041511095        112042596314        112043621921        112044719111        112045267154        112045773459        112046278405        112046823186        112047365425        112047933280  
  112018097199        112022998408        112026202624        112028772055        112030695568        112032958371        112036303896        112037993409        112039295686        112040403599        112041511253        112042596381        112043622191        112044719212        112045267233        112045773550        112046278595        112046823265        112047365436        112047934001  
  112018097335        112022998419        112026206336        112028772448        112030695579        112032959136        112036305078        112037993476        112039295800        112040403768        112041511747        112042596628        112043622506        112044721530        112045267334        112045773617        112046279596        112046823298        112047365504        112047934012  
  112018097492        112022999465        112026206684        112028772550        112030695704        112032960194        112036305551        112037994950        112039295811        112040404129        112041512007        112042597214        112043622663        112044721620        112045267367        112045773628        112046279901        112046823388        112047365582        112047934089  
  112018097616        112023000447        112026206921        112028772628        112030696020        112032960587        112036305629        112037995434        112039297857        112040404556        112041513165        112042597517        112043622696        112044721743        112045268021        112045773730        112046279912        112046823524        112047365638        112047934180  
  112018097661        112023000605        112026208912        112028773023        112030697672        112032961308        112036308509        112037996480        112039297879        112040404589        112041513761        112042597551        112043623406        112044721765        112045268032        112045773741        112046280363        112046823535        112047365739        112047934281  
  112018098415        112023000807        112026210599        112028774192        112030698156        112032961724        112036312470        112037996862        112039297958        112040405445        112041514605        112042598192        112043623585        112044721787        112045268065        112045773897        112046280408        112046825100        112047365964        112047935192  
  112018098437        112023001730        112026210667        112028774204        112030699416        112032961768        112036312526        112037996941        112039298027        112040405467        112041517169        112042598833        112043623765        112044721877        112045268188        112045773909        112046280431        112046825166        112047365986        112047935204  
  112018098471        112023002696        112026211433        112028775373        112030700385        112032961937        112036312649        112037997009        112039298050        112040405793        112041517552        112042599014        112043623800        112044721888        112045268278        112045774090        112046280532        112046826617        112047365997        112047935338  
  112018098617        112023003158        112026211646        112028775812        112030700497        112032963625        112036312683        112037997672        112039298230        112040405838        112041517798        112042599306        112043623901        112044722070        112045268290        112045774203        112046280543        112046826853        112047366189        112047935372  
  112018098639        112023004395        112026212209        112028776677        112030701454        112032963692        112036313347        112037997795        112039298331        112040405883        112041517811        112042599463        112043624430        112044722148        112045268391        112045775147        112046280576        112046826910        112047366347        112047935428  

 

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  112018099786        112023004508        112026212298        112028777083        112030702231        112032963726        112036313460        112037997874        112039298353        112040405951        112041518733        112042600376        112043624777        112044722182        112045268403        112045775169        112046280611        112046826998        112047366583        112047935495  
  112018100217        112023004586        112026212636        112028778174        112030702422        112032963827        112036313549        112037998167        112039299129        112040406165        112041520433        112042600398        112043624788        112044722430        112045268425        112045775361        112046280644        112046827056        112047367472        112047935596  
  112018102758        112023007073        112026213592        112028778668        112030703063        112032963883        112036313561        112037999720        112039299163        112040408314        112041521029        112042600411        112043624935        112044723071        112045268593        112045775451        112046280734        112046827102        112047367843        112047935822  
  112018104547        112023007107        112026213840        112028778972        112030703119        112032966099        112036315631        112037999753        112039299376        112040408505        112041522895        112042600422        112043626791        112044723396        112045268717        112045776081        112046280767        112046827506        112047367900        112047935967  
  112018106099        112023008849        112026215459        112028779782        112030703906        112032966123        112036317554        112038000050        112039299590        112040408774        112041523694        112042600703        112043626904        112044723420        112045268751        112045776092        112046280778        112046827900        112047368440        112047936036  
  112018107393        112023009200        112026215651        112028779849        112030703962        112032966190        112036317598        112038000083        112039300379        112040408897        112041523762        112042601535        112043627006        112044723464        112045268908        112045776160        112046280992        112046828091        112047368844        112047936182  
  112018108169        112023011933        112026216573        112028780650        112030704794        112032966538        112036318319        112038001332        112039300885        112040408976        112041523829        112042601580        112043627039        112044723543        112045268919        112045776182        112046281342        112046828170        112047368912        112047936205  
  112018111354        112023012844        112026216696        112028780986        112030704985        112032967001        112036318476        112038001758        112039301370        112040409911        112041523830        112042601647        112043627163        112044723554        112045268920        112045776294        112046281410        112046828192        112047369036        112047936283  
  112018111411        112023013485        112026216708        112028781101        112030705290        112032967225        112036318511        112038002018        112039301415        112040410003        112041525113        112042601962        112043627275        112044723611        112045268975        112045777127        112046282578        112046828237        112047369328        112047936531  
  112018111590        112023014004        112026217002        112028782810        112030705425        112032967270        112036318599        112038004403        112039301459        112040410205        112041525326        112042602468        112043627422        112044724847        112045270552        112045777239        112046282590        112046828282        112047369722        112047936744  
  112018111792        112023015117        112026217181        112028783035        112030705447        112032967281        112036320378        112038006731        112039301493        112040410249        112041525348        112042602480        112043628322        112044724881        112045270710        112045777565        112046282602        112046828305        112047370072        112047936755  
  112018112906        112023016680        112026217226        112028783541        112030705751        112032969957        112036320985        112038007406        112039302450        112040411891        112041525393        112042602569        112043629378        112044724904        112045270776        112045777666        112046282613        112046828327        112047370128        112047936823  
  112018115112        112023016703        112026217271        112028783563        112030705830        112032970252        112036321009        112038007507        112039302618        112040412386        112041525551        112042603357        112043629569        112044724948        112045271485        112045779725        112046282668        112046829058        112047370218        112047937150  
  112018117293        112023017209        112026218317        112028785004        112030706033        112032970319        112036321212        112038008126        112039302854        112040412454        112041525786        112042603403        112043629581        112044724993        112045271610        112045779792        112046282680        112046829261        112047370274        112047937587  
  112018118014        112023018288        112026218441        112028786016        112030707416        112032970522        112036321728        112038010602        112039304261        112040414489        112041525977        112042604336        112043629615        112044725028        112045271687        112045779927        112046282703        112046829339        112047370353        112047938511  
  112018119835        112023019133        112026219228        112028786027        112030707630        112032970566        112036321931        112038010668        112039304777        112040414625        112041526417        112042604459        112043630460        112044725051        112045271878        112045779983        112046282781        112046829395        112047370465        112047938533  
  112018119868        112023019582        112026219240        112028786768        112030707999        112032971028        112036321953        112038010826        112039304924        112040414849        112041526451        112042604471        112043630730        112044725129        112045272004        112045780042        112046282826        112046829429        112047370522        112047939264  
  112018120231        112023020876        112026219576        112028787893        112030708192        112032971196        112036322055        112038010927        112039305004        112040416773        112041526530        112042605146        112043630998        112044725163        112045272611        112045780053        112046282837        112046829463        112047371770        112047939613  
  112018122165        112023021035        112026220501        112028788029        112030709418        112032971387        112036322178        112038012356        112039305037        112040416885        112041527351        112042605180        112043631360        112044726175        112045272666        112045780064        112046283388        112046829519        112047372007        112047939848  
  112018122402        112023023105        112026220972        112028788096        112030709542        112032973233        112036322684        112038014404        112039305206        112040416908        112041527890        112042605247        112043631382        112044726209        112045272699        112045780109        112046283399        112046829597        112047372063        112047939882  
  112018122424        112023023509        112026221175        112028788232        112030709902        112032975897        112036322910        112038014662        112039305318        112040416919        112041528330        112042605292        112043631416        112044726388        112045272701        112045780132        112046283658        112046830409        112047372197        112047939893  
  112018125315        112023027378        112026221377        112028788816        112030709991        112032976012        112036326363        112038015595        112039305677        112040418247        112041528420        112042607205        112043633047        112044726502        112045272734        112045780200        112046283692        112046830522        112047373053        112047940581  
  112018125461        112023027435        112026221546        112028788850        112030710184        112032976933        112036326565        112038016800        112039307006        112040418551        112041529656        112042607632        112043633058        112044726513        112045272745        112045780222        112046283715        112046830544        112047373389        112047941010  
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  112018131211        112023029886        112026223740        112028789929        112030710533        112033175632        112036326712        112038018172        112039307602        112040421702        112041530018        112042608172        112043633193        112044726951        112045273375        112045780323        112046285481        112046831365        112047373457        112047942314  
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  112018181520        112023068070        112026248826        112028819574        112030732537        112033293329        112036359257        112038046601        112039331351        112040443728        112041550425        112042626914        112043655614        112044738066        112045286458        112045789186        112046294391        112046841614        112047385540        112047955037  
  112018181609        112023068159        112026249489        112028819608        112030733224        112033293824        112036359279        112038046656        112039331890        112040443795        112041551000        112042627779        112043655838        112044738101        112045286548        112045789209        112046294458        112046841760        112047387081        112047955879  
  112018181610        112023068508        112026250313        112028821173        112030733729        112033294005        112036359572        112038046689        112039332037        112040444066        112041551123        112042628006        112043656660        112044738167        112045286559        112045789221        112046294481        112046842121        112047387104        112047957927  
  112018181733        112023070545        112026250975        112028821207        112030735327        112033294847        112036359583        112038046724        112039332341        112040444415        112041551235        112042628095        112043656705        112044738404        112045286616        112045789254        112046294504        112046842176        112047387115        112047958063  
  112018181823        112023070624        112026251954        112028821308        112030735462        112033295804        112036359718        112038047017        112039333487        112040446215        112041552056        112042628253        112043657739        112044739999        112045286661        112045789322        112046294818        112046842356        112047387159        112047958096  
  112018184095        112023072772        112026252416        112028821982        112030735709        112033295972        112036361193        112038047095        112039334129        112040446305        112041552089        112042629568        112043657841        112044740070        112045286852        112045789388        112046294863        112046843267        112047387227        112047958210  
  112018184286        112023073199        112026252461        112028823636        112030736553        112033296254        112036361485        112038047152        112039334130        112040447171        112041552090        112042630010        112043657885        112044740126        112045288023        112045789412        112046294874        112046843571        112047387250        112047958388  
  112018184422        112023073290        112026254036        112028823726        112030738386        112033296298        112036361632        112038048210        112039334185        112040447238        112041552168        112042630346        112043659393        112044740261        112045288090        112045789445        112046294920        112046843593        112047387340        112047958704  
  112018184523        112023075629        112026254418        112028824121        112030738690        112033299145        112036361980        112038049301        112039337289        112040447485        112041552225        112042632269        112043659955        112044740272        112045288258        112045789647        112046297574        112046843638        112047388295        112047959660  
  112018188224        112023076147        112026254430        112028824165        112030738825        112033299224        112036362127        112038049761        112039337302        112040447531        112041552315        112042632281        112043660058        112044740339        112045288359        112045790076        112046297743        112046843807        112047388329        112047960156  
  112018188583        112023078307        112026255105        112028824402        112030739646        112033299640        112036364310        112038049817        112039337481        112040447575        112041552326        112042632371        112043660069        112044740395        112045288517        112045790100        112046297754        112046843931        112047388363        112047960167  
  112018191611        112023078363        112026255352        112028824424        112030741942        112033299673        112036364466        112038049828        112039338077        112040447610        112041552898        112042632539        112043660104        112044740801        112045290150        112045790122        112046297822        112046844077        112047388475        112047960381  
  112018191655        112023080344        112026255611        112028824503        112030742415        112033299707        112036364826        112038050000        112039338123        112040448497        112041553158        112042632652        112043660249        112044742049        112045290172        112045790155        112046297934        112046844336        112047388497        112047960561  
  112018191846        112023080760        112026255622        112028824514        112030742561        112033299752        112036365018        112038051360        112039338235        112040448598        112041553215        112042633068        112043660373        112044742094        112045290228        112045790166        112046298036        112046844404        112047388532        112047960741  
  112018194625        112023082795        112026256735        112028824705        112030742707        112033299897        112036365096        112038051551        112039338482        112040449757        112041553495        112042633899        112043660384        112044742252        112045290273        112045790302        112046298081        112046845214        112047388543        112047960752  
  112018194782        112023082841        112026257994        112028825403        112030744530        112033299921        112036367559        112038054307        112039338628        112040450355        112041553709        112042633912        112043662218        112044742320        112045290307        112045791864        112046298104        112046845348        112047388701        112047960785  
  112018196638        112023083415        112026258131        112028825908        112030744743        112033300698        112036367605        112038054341        112039338921        112040451334        112041554047        112042634586        112043662432        112044742331        112045290396        112045792078        112046298902        112046845797        112047388723        112047960808  
  112018198764        112023084360        112026259974        112028827056        112030744855        112033300711        112036368943        112038054420        112039339371        112040451345        112041554137        112042635958        112043662454        112044742353        112045290745        112045792281        112046299071        112046846226        112047388790        112047960954  
  112018198854        112023085743        112026260077        112028827225        112030745632        112033300845        112036369001        112038054509        112039340531        112040451491        112041554148        112042637129        112043662588        112044742397        112045290824        112045792359        112046299149        112046846271        112047388891        112047960998  
  112018204537        112023086766        112026260134        112028827371        112030747083        112033300968        112036369012        112038054565        112039340564        112040451996        112041554508        112042637444        112043662634        112044742410        112045290868        112045792416        112046299262        112046846327        112047388925        112047961348  

 

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  112018204593        112023087059        112026260459        112028827382        112030747375        112033301060        112036369146        112038054846        112039341127        112040452302        112041554801        112042638052        112043663422        112044742443        112045290936        112045793350        112046299273        112046846765        112047388981        112047962967  
  112018204661        112023087992        112026260527        112028827427        112030748691        112033302319        112036369315        112038054936        112039341284        112040453279        112041555060        112042638096        112043663725        112044742454        112045291656        112045793428        112046299284        112046846798        112047389038        112047962989  
  112018208586        112023088005        112026261258        112028828934        112030751280        112033302409        112036370867        112038055230        112039343028        112040453583        112041555453        112042638108        112043664636        112044742511        112045292039        112045793439        112046299925        112046848037        112047391132        112047964813  
  112018209284        112023088904        112026262507        112028829520        112030753451        112033305277        112036372836        112038055432        112039343039        112040453707        112041558377        112042638164        112043664748        112044742544        112045292231        112045793530        112046300232        112046848093        112047391176        112047964868  
  112018210253        112023089534        112026262709        112028829643        112030753709        112033305312        112036374906        112038055443        112039343073        112040453853        112041559019        112042638186        112043664771        112044742678        112045293197        112045793619        112046300254        112046848127        112047391873        112047964891  
  112018212121        112023090783        112026262798        112028830768        112030753765        112033305457        112036375840        112038055465        112039343152        112040453864        112041559918        112042638535        112043664917        112044742780        112045293209        112045793642        112046300355        112046848329        112047391918        112047965319  
  112018212525        112023090985        112026263160        112028830858        112030754418        112033305491        112036377965        112038055599        112039344186        112040454304        112041559929        112042638580        112043664940        112044743602        112045293232        112045793664        112046300579        112046848509        112047391974        112047965342  
  112018214695        112023092213        112026263395        112028831006        112030755396        112033305985        112036378001        112038056815        112039344311        112040454371        112041559930        112042638669        112043665064        112044743657        112045294974        112045794159        112046300591        112046848532        112047392021        112047965364  
  112018215629        112023092617        112026263676        112028831141        112030756072        112033306188        112036379035        112038056859        112039344625        112040454416        112041560426        112042638704        112043667077        112044743679        112045295638        112045794160        112046300737        112046848723        112047392739        112047965375  
  112018215641        112023092684        112026264981        112028831196        112030756959        112033307303        112036379136        112038056882        112039344771        112040455350        112041560482        112042640471        112043667088        112044743826        112045295874        112045794328        112046300928        112046848778        112047392829        112047965746  
  112018219117        112023094057        112026265005        112028831770        112030757039        112033307314        112036379147        112038057254        112039344883        112040455372        112041560707        112042640651        112043667246        112044744401        112045295953        112045795475        112046300939        112046848846        112047392964        112047965881  
  112018220557        112023094406        112026265308        112028832298        112030757286        112033308102        112036379473        112038058211        112039344984        112040455495        112041561135        112042640819        112043667381        112044744412        112045295975        112045795497        112046300940        112046849432        112047393112        112047965959  
  112018221109        112023095261        112026265342        112028832793        112030757321        112033308225        112036379484        112038058828        112039345378        112040455800        112041561393        112042641887        112043667853        112044744557        112045296684        112045795532        112046302133        112046849511        112047393381        112047967816  
  112018223572        112023096172        112026265500        112028833244        112030757343        112033311982        112036379619        112038058851        112039346290        112040455811        112041561539        112042642147        112043667932        112044744579        112045296707        112045795598        112046302155        112046849522        112047393392        112047968121  
  112018223639        112023096262        112026266028        112028834245        112030757444        112033312073        112036382365        112038059706        112039346403        112040455978        112041563317        112042643744        112043667954        112044744580        112045296763        112045795600        112046302199        112046849544        112047393606        112047968154  
  112018225833        112023096486        112026266905        112028834728        112030757455        112033313603        112036384255        112038060584        112039348236        112040456126        112041563351        112042643788        112043668191        112044744591        112045296796        112045795666        112046302212        112046849588        112047393718        112047968165  
  112018226610        112023096655        112026267119        112028835392        112030759345        112033316134        112036384299        112038060810        112039348540        112040456238        112041563777        112042644149        112043668270        112044744625        112045296998        112045795835        112046302256        112046850344        112047394179        112047968198  
  112018227914        112023097533        112026267861        112028835415        112030759389        112033316325        112036384671        112038063802        112039350554        112040456317        112041563799        112042644228        112043668483        112044744670        112045297955        112045795868        112046302267        112046850490        112047394270        112047968244  
  112018229220        112023097948        112026271248        112028835516        112030759615        112033316729        112036384884        112038063992        112039352219        112040457789        112041564116        112042644385        112043669967        112044744883        112045298147        112045796027        112046302739        112046851479        112047394292        112047968266  
  112018229297        112023100886        112026271901        112028836797        112030759727        112033316763        112036385559        112038064858        112039352556        112040457868        112041564723        112042644587        112043669978        112044745446        112045298170        112045796061        112046302964        112046851480        112047394843        112047968323  
  112018232684        112023101236        112026272665        112028836977        112030762664        112033317348        112036385874        112038065039        112039353546        112040457903        112041564891        112042645106        112043670015        112044745503        112045298204        112045796094        112046303077        112046851514        112047394944        112047968334  
  112018233281        112023103553        112026273071        112028836999        112030764138        112033317461        112036385896        112038068504        112039354772        112040458566        112041565498        112042645397        112043670060        112044745514        112045298338        112045796139        112046303099        112046851547        112047396283        112047968457  
  112018236699        112023105533        112026273273        112028837057        112030764600        112033317551        112036388934        112038069022        112039355368        112040459039        112041566534        112042645803        112043670093        112044745525        112045298349        112045796140        112046303123        112046851592        112047396845        112047968468  
  112018243372        112023106398        112026273307        112028837068        112030764701        112033318428        112036389081        112038070237        112039355481        112040459073        112041566590        112042645993        112043670105        112044745547        112045299025        112045796959        112046303257        112046852548        112047396890        112047968491  
  112018245385        112023108750        112026273475        112028837259        112030764712        112033320195        112036389092        112038070260        112039355560        112040459107        112041566635        112042646174        112043670172        112044746942        112045299047        112045796960        112046303280        112046852559        112047396902        112047968514  
  112018245879        112023109885        112026274218        112028837877        112030764723        112033320476        112036390184        112038070608        112039357506        112040459275        112041566725        112042647726        112043671690        112044746975        112045299104        112045797130        112046303369        112046852649        112047396946        112047968547  
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  112018312098        112023153020        112026303187        112028861278        112030796650        112033357768        112036422393        112038096774        112039379072        112040481753        112041592702        112042665614        112043692660        112044757056        112045307047        112045807895        112046316431        112046862774        112047410505        112047978762  
  112018312559        112023154616        112026303581        112028861739        112030798540        112033357847        112036424575        112038097922        112039379410        112040482316        112041593275        112042665636        112043692738        112044757089        112045307160        112045807918        112046316543        112046863359        112047410583        112047978773  
  112018313774        112023154874        112026303615        112028862864        112030798652        112033360009        112036424643        112038098035        112039380030        112040483104        112041594793        112042665850        112043692750        112044757203        112045307182        112045807996        112046316587        112046863360        112047410606        112047978863  
  112018316339        112023156708        112026304403        112028865182        112030798922        112033360021        112036424700        112038099238        112039381615        112040484352        112041595413        112042665872        112043692772        112044757225        112045308161        112045809314        112046316598        112046863371        112047410639        112047978908  
  112018316384        112023157563        112026304548        112028865272        112030800094        112033360111        112036424878        112038099328        112039381626        112040484813        112041595446        112042667087        112043692862        112044757775        112045309139        112045809404        112046317364        112046863607        112047410651        112047979426  
  112018316441        112023157574        112026304593        112028865586        112030800342        112033360289        112036425712        112038099610        112039381761        112040485386        112041596324        112042667481        112043693122        112044757809        112045309364        112045809415        112046317410        112046863618        112047410662        112047979527  
  112018316597        112023158474        112026305561        112028866486        112030800904        112033360335        112036427310        112038099654        112039383022        112040485443        112041596380        112042667795        112043693166        112044757865        112045309544        112045809426        112046317432        112046863900        112047410673        112047980877  
  112018316698        112023159127        112026306810        112028867252        112030801095        112033362731        112036427332        112038100792        112039383033        112040485555        112041596504        112042667830        112043694178        112044757876        112045309588        112045809448        112046317498        112046863977        112047411360        112047981272  
  112018317453        112023159723        112026306876        112028867263        112030802939        112033362742        112036427444        112038100927        112039383965        112040485959        112041596852        112042667874        112043694189        112044758046        112045309757        112045809493        112046317522        112046864068        112047411854        112047981317  
  112018318195        112023160253        112026306988        112028869478        112030803479        112033363608        112036427499        112038101568        112039384001        112040486196        112041597897        112042669337        112043694831        112044758114        112045309971        112045809527        112046317544        112046864091        112047411865        112047981373  
  112018320592        112023161074        112026307361        112028870605        112030805527        112033364306        112036427534        112038101580        112039384102        112040486286        112041597910        112042669528        112043696079        112044758901        112045310119        112045809741        112046317735        112046864103        112047411876        112047981430  
  112018320930        112023161771        112026307686        112028870616        112030805707        112033367736        112036427578        112038101692        112039384135        112040486422        112041597943        112042669674        112043696462        112044759058        112045310131        112045809909        112046317746        112046864125        112047411887        112047981508  
  112018321009        112023162581        112026308047        112028870627        112030806045        112033368096        112036427703        112038101805        112039384203        112040486578        112041598168        112042669742        112043696507        112044759081        112045310153        112045809910        112046317780        112046866600        112047411944        112047982712  
  112018322707        112023162716        112026309082        112028870885        112030806652        112033369211        112036427747        112038101838        112039384337        112040486590        112041598696        112042670621        112043696563        112044759104        112045310221        112045810024        112046317847        112046866622        112047411988        112047982802  
  112018323023        112023162895        112026309307        112028872247        112030807136        112033369569        112036430538        112038101872        112039384382        112040486624        112041599620        112042671644        112043697834        112044759216        112045310355        112045810495        112046317869        112046867072        112047412024        112047982813  
  112018323472        112023163032        112026310567        112028872449        112030807451        112033369604        112036430549        112038101894        112039384393        112040486826        112041600296        112042671677        112043697878        112044759261        112045311109        112045810507        112046317870        112046867094        112047412136        112047982868  
  112018327689        112023163054        112026311456        112028872450        112030807473        112033369963        112036430718        112038102132        112039384461        112040486994        112041600454        112042671778        112043698059        112044759777        112045311200        112045810563        112046318141        112046867106        112047412259        112047982880  
  112018328051        112023165102        112026311850        112028874597        112030807899        112033372002        112036430831        112038102198        112039384483        112040487142        112041602489        112042671790        112043698071        112044759856        112045311211        112045810574        112046318185        112046867128        112047412776        112047982891  

 

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  112018330212        112023166642        112026311951        112028876027        112030809442        112033372057        112036430998        112038102211        112039384584        112040487186        112041602568        112042671879        112043698116        112044759913        112045311648        112045810709        112046318589        112046867162        112047412877        112047982914  
  112018330795        112023166697        112026313032        112028876094        112030809576        112033372080        112036432136        112038102233        112039384809        112040487197        112041602636        112042673411        112043698217        112044759946        112045311659        112045810776        112046318668        112046867331        112047413564        112047986075  
  112018330919        112023166787        112026313807        112028876386        112030809600        112033372316        112036432170        112038102266        112039387329        112040487322        112041603996        112042674377        112043698273        112044759957        112045311671        112045810800        112046318770        112046867375        112047414497        112047986198  
  112018333417        112023166811        112026314549        112028876465        112030810512        112033372563        112036432192        112038102345        112039388915        112040487401        112041604087        112042674445        112043698284        112044759980        112045311682        112045812352        112046318792        112046867465        112047414509        112047986211  
  112018333901        112023166866        112026314752        112028876656        112030810859        112033375050        112036432226        112038102389        112039388959        112040487579        112041604234        112042674546        112043699779        112044761792        112045311828        112045812420        112046318826        112046868040        112047414532        112047986255  
  112018333923        112023169331        112026314943        112028876858        112030811513        112033375061        112036432248        112038102547        112039389006        112040490449        112041604313        112042674647        112043699881        112044761815        112045311963        112045814040        112046319928        112046868073        112047414543        112047986266  
  112018334058        112023169364        112026315742        112028878849        112030811962        112033375511        112036433586        112038102592        112039390378        112040490595        112041604447        112042675323        112043700143        112044762007        112045312021        112045814073        112046319940        112046868130        112047414587        112047986389  
  112018336049        112023169397        112026316158        112028879334        112030812312        112033375566        112036433935        112038102604        112039391458        112040490607        112041604807        112042675468        112043701728        112044762030        112045312627        112045814084        112046320212        112046868220        112047414644        112047986525  
  112018336308        112023169768        112026316170        112028879345        112030814268        112033376376        112036436769        112038102626        112039391469        112040490719        112041604964        112042675479        112043701795        112044762164        112045312694        112045814163        112046320256        112046868264        112047414756        112047986705  
  112018336432        112023169869        112026316462        112028879413        112030816901        112033376455        112036436848        112038103098        112039391931        112040490843        112041605022        112042675525        112043701874        112044762782        112045312784        112045814220        112046320335        112046868286        112047414789        112047986716  
  112018336522        112023169937        112026316495        112028879817        112030817676        112033376703        112036436949        112038104088        112039392291        112040491114        112041605033        112042675817        112043701885        112044763109        112045313774        112045814310        112046320469        112046868310        112047414802        112047986749  
  112018338669        112023170917        112026317766        112028879974        112030818936        112033377456        112036437243        112038104235        112039392369        112040491226        112041606180        112042675930        112043703438        112044764908        112045313853        112045814387        112046320504        112046868400        112047414813        112047986750  
  112018340246        112023172379        112026317812        112028880639        112030818947        112033377524        112036437276        112038104325        112039393359        112040491439        112041606360        112042675941        112043703539        112044764919        112045314191        112045814411        112046321459        112046868567        112047414857        112047986761  
  112018340662        112023172425        112026317878        112028880684        112030819140        112033378536        112036437355        112038104662        112039394103        112040492216        112041606540        112042677718        112043703731        112044764920        112045314203        112045814444        112046321460        112046868590        112047414891        112047986806  
  112018341113        112023172492        112026318251        112028881236        112030820243        112033378581        112036437726        112038104741        112039394114        112040492788        112041606696        112042677875        112043703797        112044765077        112045314472        112045814477        112046322225        112046868916        112047414925        112047986918  
  112018341876        112023173932        112026318329        112028881269        112030820322        112033381125        112036437894        112038104752        112039394181        112040492979        112041606775        112042677910        112043704361        112044765156        112045314506        112045814837        112046322900        112046869209        112047414969        112047986930  
  112018342675        112023174012        112026318701        112028881337        112030820906        112033381237        112036439560        112038106888        112039394732        112040493903        112041606865        112042678045        112043704462        112044765167        112045314528        112045814893        112046323383        112046870436        112047415500        112047986941  
  112018342899        112023174483        112026319713        112028881427        112030821356        112033381383        112036439694        112038107227        112039394855        112040495107        112041606933        112042679563        112043704787        112044765190        112045314551        112045814916        112046323440        112046870470        112047415533        112047986952  
  112018346679        112023176351        112026319847        112028882260        112030823088        112033381529        112036442351        112038107676        112039394956        112040495152        112041607776        112042680150        112043705115        112044765280        112045314674        112045814949        112046323484        112046870492        112047415566        112047987043  
  112018348446        112023176519        112026319960        112028882552        112030823730        112033382878        112036442508        112038107823        112039396037        112040495309        112041607888        112042680183        112043706116        112044765640        112045314797        112045814972        112046323495        112046870504        112047415612        112047987885  
  112018348648        112023176553        112026321570        112028882901        112030824674        112033382980        112036445062        112038111503        112039396868        112040495466        112041608766        112042680330        112043706194        112044765718        112045315024        112045815591        112046323653        112046870559        112047415678        112047988189  
  112018348817        112023177251        112026321626        112028882978        112030825192        112033383138        112036445141        112038111615        112039396880        112040495512        112041609981        112042680341        112043706431        112044765875        112045315417        112045816750        112046324171        112046870560        112047416691        112047988268  
  112018355039        112023177655        112026321839        112028885027        112030825877        112033383992        112036445646        112038111907        112039396914        112040495602        112041610028        112042680431        112043706598        112044765998        112045315462        112045816817        112046324238        112046871707        112047416769        112047988370  
  112018355275        112023180435        112026323000        112028885207        112030827824        112033385185        112036445769        112038114292        112039397533        112040495668        112041611018        112042680600        112043706880        112044766045        112045316441        112045816918        112046324722        112046872607        112047416848        112047988437  
  112018355714        112023180491        112026323235        112028885230        112030827970        112033385275        112036447367        112038114494        112039397847        112040496489        112041611108        112042681139        112043707409        112044767912        112045316474        112045817100        112046324733        112046872696        112047417704        112047988460  
  112018356052        112023180615        112026323505        112028885791        112030827981        112033385297        112036447390        112038114618        112039397858        112040497491        112041611119        112042682084        112043707656        112044767923        112045316553        112045817201        112046324777        112046872708        112047418682        112047988482  
  112018356085        112023181021        112026323741        112028887311        112030828836        112033388144        112036447435        112038114685        112039397904        112040497569        112041611333        112042683333        112043707689        112044767978        112045316889        112045817223        112046325464        112046872775        112047418794        112047988550  
  112018356311        112023181065        112026325383        112028888086        112030829882        112033388223        112036448234        112038114708        112039398152        112040497783        112041611366        112042683377        112043708501        112044768025        112045317127        112045817278        112046325712        112046872911        112047418839        112047990610  
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  112018399071        112023758830        112026356028        112028913265        112030854688        112033420297        112036472770        112038136027        112039415792        112040520577        112041639579        112042701468        112043728301        112044777643        112045322741        112045823826        112046336107        112046882451        112047429460        112048003054  
  112018399105        112023758931        112026356174        112028913456        112030855577        112033420309        112036473243        112038136184        112039416355        112040520588        112041639816        112042701480        112043728480        112044779331        112045322752        112045823871        112046336118        112046882518        112047429527        112048003515  
  112018400063        112023759954        112026357131        112028913771        112030856893        112033420983        112036475201        112038136364        112039416445        112040520599        112041639939        112042701783        112043728996        112044779465        112045322785        112045823882        112046336624        112046882596        112047429549        112048003728  
  112018400669        112023760013        112026357221        112028914211        112030857377        112033421007        112036476022        112038136522        112039416625        112040520612        112041639984        112042702201        112043729098        112044779623        112045322831        112045823927        112046336646        112046882619        112047430327        112048003841  
  112018401648        112023763476        112026357692        112028914985        112030857490        112033421063        112036478732        112038137602        112039416704        112040521837        112041640122        112042702481        112043729188        112044779667        112045322921        112045824322        112046336725        112046882653        112047430350        112048003953  
  112018402021        112023763645        112026357748        112028915368        112030857883        112033421254        112036478754        112038137983        112039416748        112040521972        112041640155        112042703325        112043729223        112044779678        112045322932        112045824399        112046336792        112046882664        112047430372        112048003997  
  112018402559        112023767278        112026357838        112028915537        112030859290        112033421412        112036479452        112038138030        112039416838        112040521983        112041640201        112042704416        112043729245        112044779858        112045323012        112045824894        112046337119        112046882697        112047430440        112048004123  
  112018404214        112023767289        112026358211        112028915649        112030859324        112033422750        112036483277        112038138221        112039416883        112040523659        112041640212        112042704720        112043729436        112044780018        112045323023        112045824906        112046337254        112046882888        112047430473        112048004426  
  112018404337        112023767302        112026361967        112028915739        112030860102        112033422761        112036485820        112038139312        112039417020        112040523705        112041641202        112042704843        112043732160        112044780142        112045324226        112045824917        112046337287        112046884879        112047431036        112048004527  
  112018405697        112023767368        112026362531        112028916077        112030860326        112033424505        112036485954        112038139435        112039418313        112040523884        112041641550        112042704865        112043732205        112044780186        112045324259        112045825031        112046338828        112046884958        112047431823        112048004831  
  112018407295        112023767795        112026362711        112028919272        112030861068        112033425887        112036486203        112038140280        112039420226        112040523907        112041641651        112042705811        112043734702        112044780322        112045324293        112045825288        112046338839        112046885117        112047431889        112048004921  
  112018408421        112023770306        112026362799        112028919463        112030861787        112033426103        112036486359        112038141089        112039420271        112040524043        112041641741        112042705877        112043734869        112044780388        112045324350        112045826773        112046338851        112046885173        112047432015        112048004932  
  112018409107        112023772195        112026364184        112028919575        112030861798        112033426428        112036486360        112038142899        112039422712        112040525965        112041643338        112042706755        112043734971        112044780401        112045324361        112045826818        112046340225        112046885252        112047432318        112048004965  
  112018409602        112023772207        112026364601        112028920117        112030862957        112033429577        112036486865        112038143384        112039422767        112040526034        112041643990        112042708049        112043735051        112044780412        112045324620        112045826885        112046340876        112046885421        112047432420        112048004998  
  112018411414        112023773220        112026365152        112028920599        112030864027        112033429678        112036486876        112038144970        112039423555        112040526584        112041645082        112042708139        112043735770        112044780445        112045324686        112045827055        112046340900        112046887029        112047432464        112048005023  
  112018411537        112023773310        112026366568        112028921310        112030864162        112033429814        112036487046        112038145162        112039425232        112040526663        112041645161        112042708184        112043736108        112044781244        112045324800        112045827066        112046341619        112046887670        112047432497        112048005089  

 

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  112018411605        112023773444        112026366759        112028922322        112030864690        112033429904        112036487057        112038145230        112039425322        112040526720        112041645239        112042708308        112043736940        112044781255        112045324811        112045827088        112046341620        112046887759        112047432532        112048005124  
  112018411751        112023773512        112026367019        112028922614        112030864869        112033430186        112036489194        112038145375        112039425423        112040526843        112041645251        112042708353        112043737020        112044783044        112045324833        112045827202        112046341631        112046887760        112047432699        112048005168  
  112018416396        112023773578        112026367952        112028922715        112030867288        112033433505        112036489239        112038145386        112039425579        112040526854        112041645408        112042708397        112043737031        112044783077        112045324855        112045827336        112046342788        112046887816        112047432723        112048005843  
  112018417016        112023773679        112026369426        112028923457        112030867930        112033433628        112036489442        112038147018        112039425580        112040526865        112041645419        112042708623        112043737110        112044783572        112045324866        112045827392        112046342834        112046887883        112047432745        112048005933  
  112018417612        112023776065        112026371362        112028923479        112030867985        112033433707        112036490893        112038147232        112039428426        112040527215        112041645475        112042708803        112043737727        112044783640        112045325429        112045827583        112046342902        112046887917        112047432813        112048005944  
  112018419478        112023776289        112026371373        112028924278        112030868021        112033433909        112036490972        112038147423        112039428505        112040527877        112041645699        112042708814        112043737761        112044783695        112045325531        112045827628        112046342991        112046887940        112047432879        112048006293  
  112018420470        112023778359        112026371979        112028924289        112030868065        112033437824        112036490994        112038147692        112039428594        112040529329        112041645767        112042709501        112043738177        112044783707        112045325553        112045827718        112046343093        112046889762        112047432903        112048006428  
  112018422506        112023778539        112026372295        112028924324        112030868414        112033440536        112036492020        112038149582        112039428640        112040529622        112041645824        112042709871        112043738212        112044783785        112045325597        112045827774        112046343105        112046891574        112047434758        112048006686  
  112018422764        112023778663        112026372453        112028924379        112030868469        112033440569        112036492086        112038149717        112039428741        112040529824        112041645879        112042710503        112043738324        112044783831        112045325609        112045827785        112046343116        112046891585        112047434792        112048006721  
  112018424238        112023779495        112026372723        112028924717        112030868515        112033440592        112036492187        112038149784        112039428796        112040532378        112041645958        112042711559        112043739011        112044783853        112045325755        112045828146        112046343150        112046892250        112047434804        112048006800  
  112018429132        112023779899        112026373308        112028924740        112030870462        112033441706        112036492334        112038149953        112039428965        112040532390        112041646005        112042711762        112043739808        112044783998        112045325801        112045828337        112046343172        112046892294        112047434826        112048006888  
  112018431258        112023780295        112026373926        112028925965        112030870541        112033444035        112036493199        112038150832        112039428998        112040532424        112041647545        112042711784        112043740518        112044784045        112045327140        112045828595        112046343251        112046892306        112047434859        112048007812  
  112018431270        112023780633        112026375388        112028926337        112030870710        112033444585        112036493201        112038150999        112039430317        112040532569        112041647567        112042711841        112043740541        112044784236        112045327207        112045828618        112046343307        112046892519        112047434893        112048007878  
  112018431999        112023783973        112026376097        112028929015        112030870721        112033444776        112036493425        112038152418        112039430328        112040532693        112041647590        112042713483        112043740574        112044784797        112045327386        112045828641        112046343352        112046892520        112047434927        112048008161  
  112018432035        112023784244        112026376121        112028929655        112030870743        112033448444        112036493492        112038152632        112039430777        112040533009        112041647680        112042713506        112043740743        112044786182        112045328275        112045828898        112046343363        112046892575        112047434949        112048008239  
  112018432215        112023784570        112026378482        112028929712        112030871025        112033448602        112036493650        112038152722        112039430801        112040533289        112041647758        112042714305        112043740822        112044786362        112045328332        112045829002        112046343396        112046892654        112047434961        112048009904  
  112018432248        112023786279        112026379124        112028930332        112030872082        112033448613        112036495292        112038153138        112039430867        112040533346        112041647769        112042714349        112043740901        112044786407        112045328387        112045829619        112046343419        112046893723        112047435029        112048009915  
  112018433924        112023786369        112026379236        112028930354        112030875658        112033448972        112036495494        112038153183        112039430979        112040534831        112041647837        112042714383        112043740978        112044786496        112045329142        112045829787        112046343666        112046893756        112047435041        112048010029  
  112018434408        112023786426        112026379708        112028930949        112030875928        112033449502        112036495517        112038154421        112039432689        112040534976        112041648131        112042714406        112043741395        112044786542        112045329399        112045829866        112046345422        112046893903        112047436110        112048010063  
  112018434655        112023788035        112026379719        112028931007        112030875939        112033449715        112036495630        112038154476        112039433141        112040534998        112041648142        112042714608        112043741463        112044786575        112045329412        112045829923        112046345444        112046893936        112047436222        112048010456  
  112018434734        112023789036        112026379832        112028931298        112030876075        112033451774        112036496451        112038155590        112039433455        112040535898        112041648197        112042715171        112043741722        112044786609        112045329423        112045829990        112046345680        112046893992        112047436277        112048010489  
  112018435139        112023789205        112026381363        112028931502        112030876086        112033451875        112036496686        112038155691        112039435671        112040538037        112041648243        112042715306        112043741777        112044786700        112045329456        112045830048        112046345747        112046894162        112047436299        112048010524  
  112018435319        112023789586        112026381532        112028931692        112030877605        112033452449        112036496787        112038155848        112039436526        112040538183        112041648456        112042715575        112043742857        112044786799        112045329490        112045830060        112046345770        112046894218        112047437290        112048010579  
  112018435320        112023789597        112026382757        112028932008        112030878998        112033455318        112036496822        112038155961        112039438236        112040538240        112041648524        112042716082        112043746581        112044786834        112045329535        112045830082        112046345792        112046894779        112047437302        112048011491  
  112018436219        112023789733        112026382971        112028932671        112030880104        112033455879        112036496888        112038155972        112039438483        112040539050        112041650448        112042716633        112043747346        112044787756        112045329579        112045830318        112046345826        112046894881        112047437324        112048011536  
  112018436242        112023793143        112026383275        112028932727        112030880474        112033456588        112036496923        112038156478        112039438876        112040539421        112041650594        112042717139        112043747379        112044787789        112045329636        112045830396        112046345837        112046894960        112047438235        112048011604  
  112018436556        112023794199        112026384647        112028933133        112030880968        112033456959        112036496945        112038156546        112039439103        112040539443        112041650673        112042717612        112043747717        112044787835        112045329771        112045831599        112046346502        112046894993        112047438268        112048011851  
  112018439032        112023795752        112026384692        112028933302        112030881475        112033457231        112036497014        112038156568        112039441421        112040539522        112041650910        112042717768        112043747964        112044787846        112045329782        112045831678        112046346692        112046895062        112047438381        112048012245  
  112018441316        112023795831        112026384782        112028933559        112030881576        112033457398        112036497047        112038156580        112039441555        112040539948        112041651157        112042718804        112043748145        112044788162        112045330032        112045831689        112046346715        112046895084        112047438729        112048012481  
  112018448324        112023795965        112026385312        112028933751        112030883073        112033460066        112036497126        112038158942        112039441566        112040540175        112041651371        112042718950        112043748325        112044788173        112045330717        112045831982        112046346759        112046895141        112047438741        112048012605  
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  112018501403        112023831797        112026402053        112028955801        112031125657        112033492960        112036523654        112038180824        112039460758        112040563002        112041664678        112042740179        112043760723        112044799355        112045343700        112045844010        112046355524        112046905075        112047450419        112048026004  
  112018501874        112023832428        112026402480        112028956161        112031125837        112033494186        112036523665        112038183344        112039461940        112040563046        112041664690        112042740269        112043760891        112044799388        112045343812        112045844043        112046355580        112046905110        112047450431        112048027971  
  112018506206        112023834093        112026402895        112028958635        112031125994        112033494221        112036523722        112038183423        112039463234        112040563080        112041664926        112042740393        112043761218        112044799401        112045344475        112045844155        112046355603        112046905121        112047450486        112048027982  
  112018506835        112023834486        112026403043        112028958916        112031126647        112033494489        112036524510        112038184008        112039463346        112040563350        112041664948        112042740427        112043761320        112044799579        112045344486        112045844289        112046355704        112046905402        112047450521        112048028040  
  112018507599        112023835320        112026403548        112028959164        112031127930        112033497178        112036524666        112038186471        112039463627        112040564306        112041664993        112042740506        112043761678        112044799591        112045344587        112045844346        112046356435        112046905468        112047450644        112048028095  
  112018508455        112023835397        112026403582        112028959243        112031128043        112033497392        112036524699        112038186774        112039463706        112040566320        112041665433        112042740708        112043761735        112044799603        112045344622        112045844357        112046356446        112046905637        112047450655        112048028152  
  112018512146        112023835544        112026403638        112028959625        112031128267        112033497426        112036524734        112038187078        112039463740        112040566331        112041665444        112042740753        112043762073        112044799636        112045344745        112045844403        112046356929        112046906100        112047450688        112048028343  
  112018514317        112023835713        112026403773        112028959647        112031128403        112033497505        112036524903        112038187146        112039463920        112040566375        112041665826        112042740944        112043762422        112044799704        112045344778        112045844425        112046357773        112046906212        112047451735        112048028512  
  112018514430        112023835779        112026403997        112028959748        112031129730        112033500173        112036524970        112038187528        112039464000        112040566432        112041666265        112042741079        112043763018        112044799715        112045344789        112045844537        112046357795        112046906447        112047451825        112048028567  
  112018514474        112023835780        112026406091        112028959850        112031130642        112033500184        112036525117        112038188529        112039465315        112040566487        112041667750        112042741248        112043763816        112044800257        112045344835        112045844616        112046357829        112046906469        112047452006        112048028624  
  112018515048        112023836758        112026406282        112028959939        112031131115        112033500252        112036525533        112038188620        112039465337        112040566498        112041667963        112042741383        112043763849        112044801461        112045345409        112045845662        112046357964        112046906504        112047452017        112048028657  
  112018516959        112023836950        112026406383        112028960470        112031131317        112033501590        112036525599        112038188697        112039465382        112040566599        112041668223        112042742092        112043763928        112044801506        112045345915        112045845684        112046358000        112046906650        112047452062        112048029883  
  112018517231        112023837209        112026406934        112028961145        112031133500        112033501680        112036527647        112038188912        112039465461        112040566601        112041668256        112042743521        112043764165        112044802473        112045345948        112045845752        112046358123        112046906931        112047452084        112048029928  
  112018518041        112023838817        112026407159        112028961718        112031133702        112033501758        112036528592        112038189014        112039465483        112040566791        112041668717        112042743587        112043764266        112044802529        112045346130        112045845831        112046358145        112046906997        112047452174        112048030009  

 

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  112018519862        112023839267        112026407160        112028961752        112031134062        112033502445        112036528727        112038189250        112039466495        112040566881        112041668773        112042744960        112043764312        112044802596        112045346152        112045845886        112046358224        112046907268        112047452297        112048030043  
  112018519918        112023839302        112026407542        112028961842        112031134196        112033502489        112036529582        112038189272        112039466518        112040567871        112041669055        112042745231        112043764604        112044802620        112045346512        112045845897        112046358303        112046907639        112047452309        112048030076  
  112018520987        112023839346        112026407643        112028964025        112031134466        112033502513        112036529740        112038189474        112039466541        112040568760        112041669088        112042745275        112043764761        112044802754        112045346556        112045846001        112046358347        112046908247        112047452321        112048030313  
  112018523395        112023839380        112026407991        112028964261        112031134567        112033505471        112036529773        112038189508        112039466619        112040568850        112041669268        112042745354        112043765795        112044802800        112045346691        112045846023        112046358493        112046908281        112047453287        112048030403  
  112018525825        112023841552        112026408161        112028964418        112031134578        112033505640        112036530887        112038189553        112039466709        112040569075        112041669404        112042746715        112043766606        112044803014        112045346860        112045846337        112046358651        112046908304        112047453355        112048030425  
  112018526286        112023841833        112026409779        112028964676        112031134871        112033507800        112036531013        112038189621        112039467384        112040569413        112041669448        112042746995        112043767472        112044803115        112045346905        112045846809        112046358910        112046908461        112047453366        112048030436  
  112018526590        112023841934        112026410535        112028964733        112031135197        112033508621        112036533486        112038191679        112039467979        112040569941        112041669505        112042747110        112043768046        112044803632        112045347298        112045846876        112046359090        112046908528        112047454053        112048030447  
  112018528143        112023842621        112026411233        112028965060        112031135298        112033508632        112036533497        112038192490        112039468598        112040570099        112041669741        112042747244        112043768338        112044803755        112045348109        112045846911        112046360698        112046908966        112047454075        112048030458  
  112018533510        112023842643        112026411468        112028965071        112031135377        112033509363        112036533521        112038194267        112039468655        112040570213        112041670305        112042747301        112043768361        112044803766        112045348435        112045846944        112046360700        112046908988        112047454659        112048030661  
  112018534320        112023842889        112026411637        112028965172        112031137469        112033510321        112036533611        112038195673        112039468688        112040571056        112041670350        112042748267        112043768956        112044803801        112045348479        112045846966        112046360711        112046909350        112047454671        112048030694  
  112018534342        112023844319        112026411918        112028965228        112031137829        112033510679        112036533633        112038195707        112039469072        112040571090        112041670631        112042748447        112043769069        112044804419        112045348929        112045846977        112046360722        112046909530        112047454682        112048030740  
  112018534746        112023844487        112026412100        112028967152        112031138853        112033510758        112036535422        112038195796        112039469948        112040571180        112041673443        112042749314        112043769070        112044804420        112045349548        112045847024        112046360766        112046909541        112047454783        112048030874  
  112018534869        112023844735        112026413257        112028967264        112031138976        112033510770        112036537198        112038196023        112039469993        112040571258        112041673465        112042749415        112043769159        112044804857        112045349560        112045847631        112046360913        112046909552        112047454817        112048032977  
  112018537187        112023845040        112026414124        112028967983        112031139191        112033511524        112036537266        112038197035        112039470131        112040573025        112041673476        112042749493        112043770016        112044804914        112045349571        112045848238        112046361004        112046909619        112047454918        112048034946  
  112018537402        112023845848        112026414191        112028968029        112031139281        112033514257        112036537323        112038197147        112039470366        112040573890        112041674219        112042749549        112043770656        112044805184        112045349582        112045848250        112046361127        112046909664        112047454929        112048034957  
  112018537963        112023845961        112026414854        112028968063        112031140261        112033514268        112036537468        112038197204        112039470894        112040573980        112041674387        112042750620        112043771703        112044805218        112045350797        112045848283        112046362803        112046909710        112047454952        112048034980  
  112018538054        112023846311        112026416711        112028969402        112031140744        112033514932        112036538403        112038197248        112039471402        112040574093        112041674411        112042752688        112043773154        112044805690        112045350809        112045848317        112046362836        112046909989        112047456022        112048035060  
  112018538245        112023847312        112026416788        112028970774        112031140812        112033515023        112036538458        112038197282        112039472324        112040574116        112041674501        112042752789        112043773165        112044805713        112045350821        112045848339        112046362892        112046910835        112047456875        112048035183  
  112018538920        112023847334        112026416878        112028970932        112031141059        112033517036        112036538616        112038198227        112039472694        112040574127        112041674613        112042752879        112043773176        112044805735        112045351585        112045848429        112046363107        112046910880        112047456886        112048035206  
  112018542396        112023847547        112026419107        112028971157        112031141161        112033519577        112036538818        112038198328        112039472829        112040574217        112041674725        112042753948        112043773200        112044805847        112045351754        112045848430        112046363185        112046910914        112047456954        112048035273  
  112018542767        112023847581        112026419220        112028971281        112031141273        112033519735        112036538863        112038198957        112039473909        112040574891        112041675377        112042754129        112043773233        112044805869        112045351776        112045848441        112046363208        112046910958        112047456965        112048035374  
  112018546839        112023847862        112026419297        112028971393        112031141329        112033523167        112036540798        112038199194        112039474045        112040575689        112041675557        112042754163        112043773693        112044805892        112045351899        112045848485        112046363321        112046910969        112047456998        112048035442  
  112018547346        112023848559        112026815196        112028971809        112031141363        112033524595        112036542622        112038199666        112039474124        112040576499        112041675894        112042754422        112043775190        112044805926        112045352249        112045848542        112046363411        112046911263        112047457001        112048035510  
  112018548325        112023850721        112026816513        112028972079        112031141699        112033526351        112036542734        112038202188        112039474269        112040576972        112041676435        112042755142        112043776326        112044805993        112045352430        112045848698        112046363444        112046911296        112047457742        112048035521  
  112018548370        112023850732        112026816524        112028972215        112031143680        112033528296        112036542767        112038202368        112039476362        112040579100        112041676828        112042755276        112043777361        112044806152        112045353341        112045848788        112046363635        112046911364        112047457797        112048036106  
  112018552027        112023850811        112026818087        112028973924        112031143792        112033529668        112036543083        112038202481        112039477341        112040579201        112041676941        112042755513        112043778227        112044806220        112045353701        112045848878        112046363646        112046911454        112047457809        112048036139  
  112018552410        112023850956        112026818425        112028973935        112031143916        112033530031        112036543274        112038202504        112039478229        112040579559        112041677032        112042757201        112043778362        112044807636        112045354869        112045849004        112046363691        112046911533        112047458002        112048036803  
  112018552476        112023851249        112026824208        112028974396        112031145750        112033530121        112036544376        112038202661        112039478724        112040579571        112041677100        112042759483        112043778496        112044808019        112045355174        112045849026        112046364153        112046912185        112047458013        112048037679  
  112018552522        112023851272        112026826367        112028974677        112031145851        112033531313        112036544488        112038203101        112039479118        112040580753        112041677166        112042759797        112043778553        112044809076        112045355309        112045849127        112046364287        112046912208        112047458563        112048039660  
  112018553499        112023851395        112026826479        112028974857        112031145907        112033533102        112036547649        112038203662        112039479130        112040580810        112041678011        112042759809        112043778575        112044809256        112045355422        112045850196        112046364333        112046912264        112047458934        112048039749  
  112018553590        112023851856        112026827122        112028975094        112031147448        112033535711        112036547717        112038205192        112039479208        112040581664        112041678257        112042760171        112043778632        112044809289        112045355477        112045850848        112046364445        112046912275        112047458978        112048039817  
  112018556504        112023851935        112026828459        112028975162        112031147505        112033536408        112036547784        112038205204        112039479309        112040581956        112041678303        112042760216        112043781164        112044809346        112045355916        112045850961        112046364478        112046912309        112047458989        112048040875  
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  112018619223        112023894695        112026861838        112029004009        112031224657        112033573533        112036581085        112038232305        112039502722        112040611668        112041697528        112042779159        112043802348        112044818874        112045367470        112045858510        112046376112        112046922490        112047470433        112048047546  
  112018619324        112023894921        112026863920        112029005134        112031225298        112033573869        112036581210        112038234677        112039502777        112040611680        112041699249        112042779250        112043802359        112044819011        112045367515        112045858543        112046376448        112046922524        112047470455        112048047591  
  112019015730        112023894965        112026865887        112029005325        112031225344        112033573915        112036581434        112038234947        112039502799        112040613154        112041699272        112042779395        112043802360        112044819022        112045367526        112045858598        112046376718        112046923176        112047470466        112048048648  
  112019431923        112023895449        112026866473        112029005774        112031226952        112033573971        112036581692        112038235005        112039503217        112040613176        112041700220        112042779632        112043803091        112044819066        112045367605        112045858600        112046376842        112046923660        112047470477        112048048862  
  112019432463        112023895630        112026866529        112029005853        112031227043        112033576042        112036581737        112038235229        112039503420        112040613299        112041700286        112042780982        112043803125        112044820787        112045367616        112045858655        112046377124        112046923705        112047470488        112048049414  
  112019434690        112023896305        112026866686        112029005910        112031227504        112033577605        112036581793        112038235634        112039503576        112040613334        112041700725        112042781163        112043803136        112044821069        112045367830        112045858699        112046377157        112046923862        112047470556        112048049481  
  112019444017        112023897092        112026866697        112029007271        112031227593        112033578369        112036583425        112038238198        112039504768        112040613446        112041700769        112042781826        112043803585        112044821171        112045367997        112045858723        112046377179        112046923929        112047471401        112048049492  
  112019446682        112023897159        112026867531        112029007338        112031228280        112033578392        112036583447        112038238424        112039504780        112040613503        112041701366        112042783110        112043803620        112044821182        112045368224        112045858745        112046377225        112046924054        112047472772        112048049661  
  112019446761        112023900198        112026867980        112029007530        112031229551        112033579922        112036584044        112038241349        112039504904        112040613660        112041701625        112042783132        112043803664        112044821238        112045368291        112045858767        112046377416        112046924065        112047472862        112048049717  
  112019452454        112023900345        112026869117        112029008609        112031231172        112033579999        112036584099        112038241462        112039505130        112040613772        112041703043        112042783761        112043803743        112044821249        112045368314        112045858789        112046377517        112046924076        112047472873        112048049784  
  112019454007        112023901379        112026870209        112029010129        112031231789        112033581138        112036585113        112038241585        112039505185        112040613794        112041703065        112042785516        112043803866        112044821294        112045368347        112045858857        112046377652        112046924133        112047472941        112048049986  

 

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  112019454399        112023902213        112026870568        112029010310        112031231824        112033583152        112036586260        112038241653        112039505208        112040614739        112041704909        112042786056        112043804159        112044821340        112045368471        112045858914        112046377854        112046924144        112047473021        112048050023  
  112019456739        112023903797        112026872087        112029010691        112031232083        112033585187        112036586394        112038243116        112039505411        112040614807        112041705056        112042786124        112043804902        112044821520        112045369258        112045858936        112046378349        112046924212        112047473403        112048050056  
  112019457280        112023904372        112026872346        112029010848        112031233107        112033585233        112036586866        112038243150        112039505499        112040614931        112041705124        112042787013        112043806117        112044821621        112045369269        112045859016        112046378552        112046924256        112047473526        112048050090  
  112019457886        112023906565        112026872649        112029011861        112031235749        112033585299        112036587643        112038243532        112039505545        112040614942        112041705157        112042787103        112043806230        112044823555        112045369416        112045859689        112046378619        112046924289        112047473616        112048052148  
  112019458056        112023909614        112026874124        112029012110        112031237796        112033586728        112036588262        112038243846        112039506951        112040616630        112041705652        112042787125        112043806252        112044823599        112045369427        112045859993        112046378653        112046924302        112047474257        112048052496  
  112019463276        112023910009        112026874135        112029012402        112031238360        112033588528        112036588341        112038243936        112039506973        112040618193        112041705663        112042787888        112043806465        112044823601        112045369472        112045860041        112046378664        112046925459        112047474268        112048052597  
  112019472940        112023910155        112026875035        112029013032        112031239529        112033589563        112036588464        112038243981        112039507042        112040618867        112041706192        112042787901        112043806533        112044823656        112045369506        112045860276        112046378978        112046925561        112047474279        112048052610  
  112019476292        112023910267        112026876148        112029014695        112031240880        112033591005        112036590030        112038244555        112039508830        112040620062        112041706248        112042788137        112043806803        112044823713        112045369517        112045860502        112046379193        112046925572        112047475562        112048052687  
  112019478362        112023910740        112026878061        112029015270        112031296915        112033591308        112036590120        112038244689        112039508953        112040620343        112041706260        112042789240        112043808153        112044823724        112045369528        112045860557        112046379340        112046925662        112047476181        112048052755  
  112019486091        112023911404        112026878599        112029017058        112031297815        112033591971        112036590175        112038245758        112039509910        112040620411        112041706327        112042790242        112043808265        112044824051        112045369674        112045861480        112046379441        112046927248        112047476237        112048053510  
  112019495226        112023911583        112026879376        112029017676        112031299525        112033594974        112036591176        112038246210        112039509921        112040620938        112041706563        112042790387        112043808344        112044824141        112045370665        112045861536        112046379643        112046927282        112047476316        112048053543  
  112019496160        112023913619        112026879602        112029018981        112031299806        112033594996        112036592133        112038247109        112039510226        112040621579        112041707407        112042790400        112043808434        112044824185        112045371745        112045863370        112046380319        112046927372        112047476394        112048053587  
  112019497532        112023915183        112026879770        112029019162        112031300270        112033595021        112036592661        112038247132        112039510406        112040622468        112041707520        112042791502        112043808603        112044824365        112045371914        112045863516        112046380410        112046929015        112047476462        112048053622  
  112019498656        112023915251        112026879826        112029019690        112031302799        112033595436        112036593358        112038247323        112039510901        112040624415        112041707766        112042791614        112043810000        112044824411        112045372005        112045863561        112046380533        112046929082        112047476495        112048053633  
  112019504137        112023916487        112026879882        112029020311        112031302979        112033595672        112036593505        112038247985        112039510923        112040624471        112041707935        112042792109        112043810291        112044824422        112045372296        112045863695        112046380544        112046929105        112047476507        112048053767  
  112019506106        112023917815        112026879994        112029020760        112031307648        112033595773        112036593516        112038248100        112039511328        112040624549        112041708745        112042792200        112043810369        112044824433        112045372320        112045863763        112046381398        112046929149        112047476552        112048054498  
  112019508142        112023918029        112026880008        112029021165        112031308863        112033595986        112036596766        112038248166        112039511407        112040624606        112041709027        112042792660        112043810404        112044824444        112045372364        112045863820        112046381433        112046929194        112047476642        112048054904  
  112019509604        112023918074        112026881908        112029021176        112031308975        112033598642        112036598971        112038250338        112039511441        112040624707        112041709353        112042794673        112043810493        112044824455        112045372421        112045863909        112046381455        112046929251        112047476765        112048055365  
  112019512530        112023918445        112026882246        112029021345        112031309460        112033600107        112036599297        112038251250        112039511520        112040625034        112041709410        112042796046        112043810662        112044824499        112045372443        112045863976        112046381556        112046929307        112047476855        112048055523  
  112019514071        112023918467        112026883573        112029022133        112031309493        112033601647        112036599343        112038251654        112039511889        112040625067        112041709511        112042796079        112043810729        112044824501        112045372656        112045864089        112046381624        112046929396        112047477441        112048055556  
  112019514228        112023919705        112026883786        112029022683        112031311609        112033602110        112036599354        112038251665        112039511980        112040625786        112041709779        112042796181        112043810752        112044824590        112045372667        112045864113        112046381646        112046929622        112047478745        112048055602  
  112019515308        112023919783        112026883887        112029024911        112031313465        112033602480        112036601314        112038251766        112039513612        112040626002        112041709858        112042796215        112043813799        112044824668        112045372690        112045864236        112046382489        112046930545        112047478790        112048055624  
  112019515319        112023919806        112026884967        112029025428        112031314309        112033602570        112036601796        112038253566        112039513847        112040626046        112041712470        112042796248        112043814116        112044825209        112045372836        112045864393        112046382625        112046930578        112047478824        112048058391  
  112019517681        112023919996        112026884978        112029025530        112031315861        112033603908        112036601842        112038253814        112039515052        112040626080        112041712537        112042796260        112043814217        112044825221        112045375019        112045864405        112046383075        112046930646        112047478891        112048058458  
  112019518187        112023920369        112026885610        112029025899        112031316086        112033605461        112036601943        112038253960        112039516233        112040626114        112041713202        112042796271        112043814239        112044825287        112045375020        112045864483        112046383097        112046930657        112047478925        112048058559  
  112019529785        112023920459        112026887768        112029026867        112031316457        112033609768        112036602775        112038253982        112039516367        112040626170        112041713268        112042796282        112043814295        112044825490        112045375053        112045864517        112046383121        112046930770        112047479038        112048058638  
  112019532206        112023921742        112026887847        112029027408        112031318213        112033612021        112036602810        112038254477        112039516446        112040626440        112041713280        112042796484        112043814745        112044825513        112045375109        112045864595        112046383143        112046930792        112047482616        112048058649  
  112019538730        112023921865        112026887926        112029027880        112031318460        112033615642        112036603585        112038255131        112039516525        112040627968        112041715451        112042797182        112043814846        112044826996        112045375132        112045864821        112046384414        112046930837        112047482672        112048058661  
  112019538897        112023921966        112026888286        112029027891        112031319832        112033615978        112036605307        112038255232        112039516592        112040628172        112041715596        112042797362        112043818356        112044827043        112045375143        112045864832        112046384469        112046930859        112047482740        112048058717  
  112019540047        112023921988        112026888455        112029028072        112031324467        112033615989        112036606072        112038255850        112039517481        112040628396        112041715653        112042799432        112043820045        112044827201        112045375996        112045864876        112046384481        112046931085        112047483101        112048058728  
  112019543859        112023922372        112026888466        112029028522        112031324625        112033617509        112036606937        112038256143        112039517672        112040629511        112041716058        112042799487        112043820124        112044827357        112045376009        112045864900        112046384492        112046931108        112047483112        112048058740  
  112019546863        112023922619        112026888859        112029030491        112031325840        112033617992        112036607130        112038257414        112039517740        112040630614        112041717026        112042799577        112043821260        112044827526        112045376021        112045865158        112046384571        112046931186        112047483167        112048058795  
  112019551386        112023924273        112026889445        112029030536        112031326302        112033618386        112036607141        112038257885        112039517874        112040630984        112041718173        112042799667        112043821417        112044827582        112045376133        112045865596        112046384638        112046932468        112047483178        112048058863  
  112019551825        112023926916        112026889917        112029031155        112031327505        112033622493        112036607297        112038257908        112039517964        112040631020        112041718195        112042799690        112043822542        112044827593        112045376379        112045865675        112046386236        112046932480        112047483190        112048058919  
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  112019694755        112023958933        112026921060        112029063093        112031353177        112033660002        112036652860        112038288744        112039542737        112040657118        112041735835        112042819390        112043844995        112044840251        112045384660        112045876442        112046396798        112046942166        112047494068        112048071486  
  112019695206        112023962118        112026922050        112029063701        112031353324        112033660877        112036652916        112038288935        112039542827        112040657129        112041735879        112042820998        112043845468        112044840318        112045384682        112045877072        112046396833        112046942234        112047494147        112048071868  
  112019696218        112023962130        112026922106        112029063790        112031354550        112033661913        112036653029        112038289767        112039542962        112040657174        112041737332        112042821034        112043845525        112044840329        112045384738        112045877454        112046396855        112046942346        112047494800        112048072151  
  112019697635        112023963142        112026922128        112029064689        112031355292        112033663252        112036653052        112038289778        112039543536        112040660101        112041737354        112042821191        112043846290        112044840352        112045384750        112045877847        112046396923        112046942638        112047494877        112048072735  
  112019697668        112023965380        112026922296        112029064702        112031355539        112033663410        112036653096        112038291119        112039544953        112040660370        112041737400        112042821225        112043846313        112044840790        112045384840        112045877858        112046396978        112046942773        112047494888        112048072825  
  112019701574        112023965650        112026922577        112029065815        112031356002        112033663544        112036653377        112038291287        112039544997        112040660886        112041737466        112042821269        112043846425        112044840846        112045385010        112045877926        112046397160        112046943088        112047494912        112048072881  
  112019703239        112023965672        112026922937        112029065893        112031358105        112033664534        112036653412        112038291546        112039545583        112040661034        112041737613        112042822406        112043846852        112044840868        112045385087        112045878006        112046397250        112046943134        112047494945        112048073567  
  112019703431        112023965706        112026923039        112029066041        112031358251        112033667469        112036654581        112038291557        112039547822        112040661191        112041737657        112042822439        112043847279        112044840947        112045385201        112045878398        112046397339        112046943145        112047494967        112048073578  

 

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  112019705354        112023966145        112026923758        112029066085        112031358363        112033667560        112036654907        112038291636        112039547833        112040662596        112041737905        112042823137        112043847437        112044841241        112045385234        112045878657        112046397340        112046943482        112047495081        112048073590  
  112019705815        112023966303        112026924164        112029066917        112031358554        112033667582        112036656325        112038292659        112039547877        112040663205        112041738445        112042823362        112043848203        112044841656        112045385245        112045879029        112046397418        112046943527        112047495823        112048073602  
  112019707918        112023966404        112026924883        112029067569        112031358655        112033670317        112036657258        112038292862        112039548070        112040664082        112041738760        112042823430        112043848292        112044841724        112045385267        112045879771        112046398385        112046943549        112047495845        112048073646  
  112019709011        112023966459        112026924906        112029068155        112031358936        112033671464        112036657551        112038292907        112039548395        112040664880        112041738894        112042823463        112043848911        112044841881        112045385852        112045879861        112046398408        112046943673        112047495902        112048073983  
  112019709572        112023968136        112026924995        112029068278        112031358970        112033671655        112036657630        112038293638        112039551164        112040665308        112041739244        112042823542        112043849035        112044842747        112045386055        112045880571        112046398846        112046943932        112047496015        112048074333  
  112019712329        112023970229        112026925301        112029068526        112031359847        112033671767        112036658068        112038293694        112039551254        112040666444        112041739255        112042824633        112043849046        112044842871        112045388800        112045880706        112046398857        112046943987        112047496059        112048074388  
  112019712374        112023970241        112026926267        112029069729        112031360827        112033673152        112036660319        112038293773        112039551535        112040666477        112041739828        112042824677        112043849080        112044842972        112045388833        112045880740        112046398868        112046944809        112047496071        112048075525  
  112019714242        112023970634        112026927066        112029070080        112031361019        112033673220        112036661646        112038294897        112039552020        112040666949        112041740437        112042824778        112043849158        112044843209        112045388844        112045880829        112046398880        112046946799        112047496093        112048075536  
  112019714714        112023971972        112026927101        112029070978        112031361031        112033673231        112036661938        112038295641        112039553559        112040668299        112041740460        112042824824        112043849215        112044843412        112045388855        112045880919        112046398947        112046946889        112047496127        112048075581  
  112019714927        112023972197        112026928810        112029072093        112031361042        112033673242        112036662007        112038295674        112039553672        112040668367        112041740785        112042824835        112043849383        112044843445        112045389328        112045880920        112046398970        112046946913        112047496206        112048075592  
  112019715704        112023972322        112026928999        112029072194        112031361132        112033673938        112036662917        112038295708        112039554235        112040668378        112041740820        112042825005        112043850004        112044843513        112045389339        112045880997        112046399049        112046947082        112047496239        112048075682  
  112019715939        112023972401        112026929103        112029072251        112031361211        112033673994        112036663244        112038295944        112039554268        112040668446        112041740954        112042825128        112043850015        112044844020        112045389351        112045881101        112046399858        112046947149        112047496262        112048076403  
  112019715995        112023972513        112026929305        112029073162        112031362357        112033674018        112036663288        112038296079        112039554549        112040668491        112041743205        112042827164        112043850194        112044844031        112045389429        112045881134        112046399870        112046947239        112047498264        112048076469  
  112019716110        112023972591        112026929620        112029073601        112031362504        112033674041        112036664188        112038298813        112039555012        112040669571        112041743328        112042827456        112043850239        112044844086        112045389531        112045881257        112046399904        112046948881        112047498310        112048076481  
  112019717166        112023972603        112026931241        112029074860        112031362616        112033674120        112036664212        112038298925        112039555168        112040671440        112041743452        112042829032        112043850295        112044844121        112045389979        112045881392        112046401098        112046948959        112047498332        112048076953  
  112019717795        112023974931        112026931342        112029075670        112031363460        112033675176        112036664245        112038299050        112039556530        112040671529        112041743485        112042829245        112043851195        112044844154        112045389991        112045881628        112046401199        112046949039        112047498387        112048076964  
  112019718561        112023976719        112026931881        112029077852        112031364944        112033675356        112036664661        112038299083        112039556934        112040671530        112041743698        112042829379        112043851331        112044844165        112045390005        112045881820        112046401234        112046949073        112047498400        112048077392  
  112019720586        112023978553        112026932028        112029077908        112031365394        112033675772        112036664997        112038299094        112039556956        112040671934        112041746321        112042829481        112043851409        112044844794        112045390038        112045881921        112046401267        112046949095        112047498411        112048077404  
  112019720676        112023979712        112026932523        112029077964        112031366137        112033676223        112036666023        112038299151        112039557610        112040672104        112041746679        112042829492        112043853771        112044846033        112045390117        112045882551        112046401403        112046949118        112047498488        112048077943  
  112019721969        112023979745        112026932804        112029078314        112031368285        112033676504        112036666326        112038299342        112039557980        112040672384        112041747311        112042829582        112043853995        112044846077        112045390195        112045882595        112046401414        112046949185        112047498534        112048078539  
  112019722072        112023979868        112026935267        112029078628        112031369848        112033677516        112036666528        112038299588        112039558239        112040673307        112041747388        112042829616        112043854097        112044846088        112045390241        112045882663        112046402033        112046949411        112047498567        112048078629  
  112019722162        112023979879        112026935368        112029078763        112031371065        112033677640        112036666719        112038299858        112039558521        112040673329        112041747760        112042829661        112043854211        112044846112        112045390386        112045882821        112046402279        112046949422        112047498589        112048079079  
  112019723815        112023979880        112026936033        112029079922        112031371256        112033677752        112036669116        112038299869        112039558554        112040674735        112041747838        112042830427        112043854266        112044846213        112045390791        112045883394        112046402347        112046949444        112047499232        112048079260  
  112019723983        112023980163        112026936123        112029080294        112031372965        112033678731        112036669149        112038300558        112039558598        112040674780        112041747883        112042830539        112043854514        112044846392        112045390836        112045883428        112046402875        112046949523        112047499445        112048079349  
  112019725413        112023984943        112026936695        112029081464        112031373090        112033678843        112036670073        112038302033        112039561266        112040674858        112041749379        112042831080        112043854772        112044846404        112045390959        112045883440        112046402886        112046949556        112047499546        112048079945  
  112019726458        112023985416        112026937720        112029081879        112031375586        112033679372        112036670118        112038302066        112039561749        112040676186        112041749818        112042831406        112043856617        112044846471        112045391040        112045883800        112046404866        112046949589        112047499580        112048082073  
  112019726672        112023985483        112026938260        112029081981        112031378387        112033680666        112036675023        112038302965        112039563189        112040677503        112041749863        112042831697        112043856640        112044846527        112045391073        112045884317        112046404923        112046949590        112047499614        112048082130  
  112019727055        112023985551        112026938743        112029082139        112031379120        112033680824        112036675090        112038303078        112039563190        112040678649        112041749975        112042832227        112043856718        112044846651        112045391095        112045884801        112046405126        112046949792        112047499669        112048082208  
  112019727145        112023988497        112026939665        112029083275        112031379872        112033681005        112036675450        112038303865        112039563235        112040678829        112041750078        112042832801        112043856831        112044847270        112045391152        112045884935        112046405216        112046950491        112047499692        112048082242  
  112019728258        112023988510        112026940331        112029083343        112031379917        112033681308        112036675933        112038306026        112039563516        112040678920        112041750214        112042833240        112043856897        112044847337        112045391231        112045885026        112046405261        112046950536        112047499816        112048082286  
  112019728663        112023989072        112026940971        112029083466        112031380368        112033681601        112036676484        112038306150        112039563617        112040679853        112041750269        112042833453        112043857247        112044847371        112045391422        112045885059        112046405272        112046950615        112047499827        112048082703  
  112019729215        112023989342        112026941219        112029083477        112031380649        112033681746        112036676552        112038306183        112039564449        112040679998        112041750326        112042833543        112043857304        112044848035        112045391523        112045885475        112046406116        112046951571        112047499906        112048082747  
  112019729327        112023989533        112026941286        112029084254        112031380740        112033681948        112036676563        112038306341        112039564685        112040681003        112041750416        112042834195        112043857416        112044848057        112045393121        112045885677        112046406183        112046951807        112047499939        112048082770  
  112019729596        112023989566        112026941477        112029085884        112031381190        112033683838        112036676608        112038306442        112039565271        112040681070        112041751675        112042834285        112043857843        112044848080        112045393154        112045885699        112046406217        112046952976        112047500088        112048082905  
  112019730857        112023989577        112026942838        112029085930        112031381370        112033684154        112036676619        112038307094        112039565844        112040681092        112041751732        112042835107        112043857876        112044848248        112045393165        112045885723        112046406240        112046953258        112047500167        112048082938  
  112019732499        112023989645        112026945392        112029086021        112031381426        112033684884        112036676664        112038307117        112039568094        112040682284        112041751743        112042835118        112043859968        112044848710        112045393211        112045885778        112046406251        112046953269        112047500178        112048083052  
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  112019733467        112023991660        112026945549        112029086908        112031382843        112033685278        112036678521        112038309300        112039568151        112040683094        112041753161        112042835646        112043860263        112044848811        112045393288        112045886533        112046406813        112046953393        112047500280        112048083210  
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  112019766979        112024027593        112026968768        112029112964        112031411958        112033726308        112036711125        112038336142        112039588838        112040704380        112041780475        112042853927        112043882032        112044858609        112045401312        112045894330        112046417107        112046962944        112047510348        112048096214  
  112019766980        112024028370        112026968780        112029113011        112031412016        112033726386        112036711248        112038336580        112039590370        112040706269        112041780688        112042854063        112043882065        112044858643        112045401356        112045894419        112046417961        112046962999        112047510494        112048096764  
  112019768218        112024029607        112026969646        112029113145        112031412038        112033726432        112036713431        112038336816        112039590549        112040706786        112041780813        112042854164        112043883257        112044858665        112045401413        112045894565        112046418502        112046963024        112047511046        112048096809  
  112019768702        112024030070        112026969826        112029113291        112031413534        112033726634        112036713543        112038336849        112039590550        112040707372        112041780846        112042854197        112043883437        112044858711        112045401806        112045894666        112046418580        112046963158        112047511181        112048096865  
  112019769691        112024031543        112026970479        112029113842        112031413792        112033729266        112036714173        112038337097        112039590639        112040707440        112041786044        112042854726        112043883482        112044858890        112045401839        112045894723        112046419604        112046963822        112047511361        112048096876  
  112019769703        112024031981        112026970626        112029115349        112031413916        112033730381        112036714184        112038340619        112039590730        112040707451        112041786347        112042854838        112043883954        112044858957        112045401963        112045894767        112046419749        112046963855        112047511462        112048096898  

 

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  112019769972        112024032016        112026970648        112029115899        112031415749        112033733070        112036714487        112038340822        112039590808        112040707833        112041786370        112042854894        112043884001        112044859004        112045402054        112045895926        112046419817        112046963934        112047511484        112048096900  
  112019770042        112024033691        112026970682        112029115901        112031415783        112033733968        112036715725        112038341081        112039590819        112040707866        112041787056        112042855075        112043884865        112044859880        112045402065        112045895959        112046419839        112046964025        112047511541        112048097877  
  112019770233        112024035110        112026970772        112029115978        112031415884        112033734059        112036716861        112038341126        112039590998        112040707888        112041787203        112042856953        112043884999        112044859925        112045402087        112045896927        112046419840        112046964047        112047511697        112048097888  
  112019770941        112024035301        112026970930        112029116306        112031415941        112033734116        112036716917        112038341182        112039592529        112040708249        112041787315        112042857011        112043885833        112044859947        112045402098        112045896938        112046419884        112046964069        112047511934        112048098137  
  112019771100        112024035570        112026971436        112029116351        112031415985        112033734183        112036716951        112038341216        112039592541        112040708317        112041788686        112042857101        112043886485        112044860646        112045402256        112045897029        112046420594        112046964081        112047513149        112048098160  
  112019772549        112024036829        112026971526        112029116452        112031416155        112033734969        112036717334        112038342701        112039592574        112040708418        112041788912        112042858247        112043886755        112044860703        112045402267        112045897063        112046420651        112046964182        112047513172        112048098238  
  112019776778        112024036908        112026971559        112029116542        112031418809        112033735241        112036717479        112038342778        112039592956        112040709453        112041788990        112042858304        112043889084        112044861041        112045402313        112045897096        112046421012        112046964272        112047513183        112048098430  
  112019778208        112024037471        112026971751        112029116553        112031418911        112033736129        112036717862        112038344242        112039593159        112040709543        112041789014        112042859068        112043889152        112044861052        112045404012        112045897221        112046423160        112046964294        112047513240        112048098441  
  112019778792        112024038584        112026971953        112029119141        112031419305        112033736130        112036717918        112038344769        112039593441        112040709981        112041789092        112042859125        112043889411        112044861131        112045404034        112045897232        112046423575        112046964340        112047513374        112048099262  
  112019778994        112024039035        112026973810        112029119343        112031419428        112033737322        112036717930        112038346839        112039594284        112040709992        112041789137        112042860329        112043889691        112044861737        112045404090        112045897276        112046423755        112046964902        112047513396        112048100478  
  112019779041        112024039170        112026975340        112029120008        112031420329        112033739605        112036717985        112038347065        112039595061        112040710680        112041789193        112042860352        112043889747        112044861771        112045404168        112045897322        112046424330        112046965475        112047513408        112048100726  
  112019779063        112024039394        112026975441        112029120075        112031420385        112033739706        112036718649        112038347100        112039595768        112040710950        112041789306        112042860891        112043889769        112044861849        112045404180        112045897423        112046424598        112046965486        112047513431        112048101301  
  112019780290        112024041836        112026976082        112029120086        112031420396        112033740595        112036720754        112038349506        112039598851        112040711041        112041789395        112042862084        112043889804        112044861861        112045404359        112045897489        112046424947        112046965655        112047513475        112048101479  
  112019780751        112024042477        112026977229        112029120299        112031420509        112033744252        112036721069        112038350171        112039598918        112040711153        112041790094        112042864121        112043889949        112044861951        112045404393        112045897535        112046424970        112046965712        112047513521        112048101918  
  112019780830        112024042534        112026977432        112029121223        112031422523        112033745040        112036722093        112038351802        112039598941        112040711759        112041790128        112042864154        112043891111        112044864246        112045404922        112045899256        112046426747        112046965745        112047513554        112048101952  
  112019782832        112024043096        112026977566        112029124147        112031422646        112033746748        112036722318        112038352072        112039599447        112040711850        112041790140        112042864323        112043891155        112044864257        112045404988        112045899694        112046426758        112046965756        112047514072        112048101963  
  112019783945        112024043490        112026978062        112029124170        112031422770        112033746917        112036722802        112038352173        112039599458        112040711940        112041790195        112042864783        112043891470        112044864314        112045405563        112045899784        112046426769        112046965835        112047514106        112048102638  
  112019784069        112024043535        112026978118        112029124192        112031422859        112033748931        112036724185        112038352241        112039599571        112040712042        112041790218        112042864974        112043892178        112044864550        112045405664        112045899852        112046426826        112046965857        112047514139        112048102863  
  112019784115        112024046864        112026978220        112029125834        112031423849        112033749022        112036724411        112038352410        112039600912        112040712064        112041791848        112042865379        112043892314        112044864695        112045405675        112045900226        112046427377        112046965891        112047514162        112048102942  
  112019785060        112024046965        112026978556        112029126464        112031425234        112033751395        112036725704        112038353893        112039601069        112040714392        112041791938        112042865391        112043894507        112044864718        112045405709        112045900237        112046427399        112046965969        112047514421        112048103189  
  112019786791        112024048305        112026978747        112029126790        112031426336        112033751698        112036725827        112038353916        112039602273        112040714538        112041791972        112042865829        112043895722        112044864763        112045406104        112045900305        112046427759        112046966005        112047514465        112048103864  
  112019787242        112024049137        112026979030        112029127421        112031427247        112033751755        112036728482        112038353950        112039602307        112040714606        112041793390        112042865874        112043895946        112044865045        112045406250        112045900327        112046427850        112046967073        112047514623        112048103954  
  112019789750        112024049508        112026979131        112029127825        112031429632        112033751878        112036730250        112038354030        112039602745        112040714695        112041793468        112042866516        112043896611        112044865146        112045407026        112045900383        112046427951        112046967118        112047514656        112048104012  
  112019791405        112024049519        112026981516        112029127926        112031431264        112033753724        112036730261        112038354074        112039602925        112040715359        112041793525        112042866538        112043896925        112044865179        112045407228        112045900406        112046428042        112046967152        112047514735        112048104540  
  112019792024        112024050667        112026982641        112029129007        112031431297        112033759708        112036730373        112038354658        112039602969        112040716002        112041793648        112042866572        112043898501        112044865225        112045407239        112045900462        112046428053        112046967208        112047515714        112048104933  
  112019792158        112024051118        112026983686        112029129760        112031431668        112033759719        112036730429        112038354793        112039604983        112040718082        112041794661        112042866594        112043899287        112044865269        112045407666        112045900473        112046428435        112046967668        112047515758        112048104944  
  112019793597        112024052412        112026983945        112029129793        112031434661        112033759764        112036731071        112038354827        112039605030        112040718239        112041794694        112042867438        112043899704        112044865337        112045407699        112045901597        112046428468        112046967679        112047515770        112048104966  
  112019793609        112024052478        112026984968        112029131617        112031434706        112033760115        112036731116        112038355121        112039605119        112040718262        112041794751        112042868642        112043899793        112044866248        112045407824        112045901632        112046428479        112046967815        112047515781        112048105361  
  112019793733        112024052513        112026985273        112029132045        112031436775        112033762634        112036731206        112038356638        112039606187        112040718486        112041795493        112042868800        112043899872        112044866260        112045407846        112045902509        112046428480        112046968737        112047515815        112048106283  
  112019793935        112024054896        112026985420        112029132078        112031436797        112033762713        112036731228        112038357178        112039606480        112040718532        112041796315        112042868978        112043901999        112044866282        112045408027        112045902756        112046428514        112046968760        112047515893        112048106418  
  112019794161        112024055134        112026985611        112029132236        112031436898        112033764423        112036731981        112038357224        112039607054        112040718666        112041800557        112042869014        112043902103        112044866305        112045408117        112045902868        112046428750        112046968827        112047515905        112048106430  
  112019795263        112024055145        112026985756        112029132999        112031436922        112033764478        112036732870        112038357279        112039607201        112040719308        112041800692        112042869081        112043902259        112044866316        112045408162        112045902936        112046428772        112046968917        112047515950        112048106979  
  112019795410        112024056292        112026986814        112029133158        112031437002        112033766683        112036733433        112038358371        112039607346        112040719803        112041800928        112042869744        112043902260        112044867025        112045408218        112045902947        112046428918        112046969389        112047515961        112048107015  
  112019795454        112024059464        112026987354        112029133170        112031438766        112033767561        112036734333        112038360161        112039607380        112040719858        112041801187        112042870724        112043902293        112044867216        112045408375        112045902969        112046429021        112046969525        112047515972        112048107273  
  112019796297        112024059936        112026988669        112029133260        112031438935        112033770060        112036734760        112038360307        112039607391        112040721121        112041801266        112042871714        112043902316        112044868352        112045408397        112045903151        112046429098        112046970550        112047516344        112048107284  
  112019799470        112024062312        112026989626        112029133440        112031439015        112033770307        112036734917        112038360509        112039607526        112040721154        112041802290        112042871781        112043903115        112044868509        112045409488        112045903162        112046429177        112046970741        112047516355        112048107295  
  112019799537        112024062457        112026989749        112029133518        112031439318        112033770330        112036735200        112038360767        112039607537        112040721211        112041802324        112042871972        112043903205        112044868510        112045409501        112045904804        112046429740        112046970820        112047516366        112048107341  
  112019800956        112024063436        112026990145        112029133833        112031439587        112033770374        112036735738        112038360778        112039611161        112040721266        112041802403        112042872322        112043906196        112044868576        112045409523        112045904826        112046430326        112046971315        112047517301        112048107408  
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  112019843100        112024093585        112027013401        112029157963        112031470650        112033813721        112036762884        112038389757        112039631118        112040749479        112041828513        112042893246        112043919066        112044879602        112045418376        112045913916        112046437682        112046980236        112047525939        112048119254  
  112019843177        112024093721        112027013478        112029160439        112031470683        112033815116        112036764291        112038389779        112039632355        112040749671        112041830707        112042893673        112043919167        112044880154        112045418387        112045914007        112046437761        112046981350        112047525940        112048119287  
  112019844921        112024096128        112027013681        112029160776        112031471268        112033815228        112036765719        112038389926        112039632557        112040749727        112041831898        112042893774        112043919189        112044880345        112045418398        112045914850        112046437794        112046981383        112047525962        112048119377  
  112019845258        112024097613        112027013939        112029162857        112031471369        112033815262        112036765922        112038389959        112039632849        112040749738        112041831911        112042894089        112043919235        112044880367        112045418624        112045915132        112046437828        112046981406        112047526929        112048119467  
  112019845551        112024097826        112027014075        112029163050        112031471820        112033816836        112036765955        112038389993        112039632872        112040750437        112041832024        112042894371        112043919505        112044880941        112045418691        112045915143        112046437873        112046981417        112047526996        112048119557  
  112019845618        112024098603        112027014345        112029163364        112031472449        112033817310        112036765966        112038391727        112039632995        112040750459        112041832068        112042894382        112043919549        112044882235        112045418859        112045915165        112046439965        112046981451        112047527043        112048119973  

 

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  112019845843        112024098940        112027014446        112029164680        112031473103        112033817736        112036766978        112038393246        112039634391        112040750572        112041832990        112042894393        112043919606        112044882279        112045418893        112045915187        112046440002        112046981473        112047527076        112048119995  
  112019845944        112024098951        112027014514        112029164893        112031473215        112033820505        112036767058        112038393370        112039634616        112040751539        112041833092        112042894483        112043919774        112044882651        112045421011        112045915299        112046440024        112046981552        112047527223        112048120740  
  112019845955        112024099176        112027014727        112029164949        112031474878        112033820606        112036768521        112038393527        112039634739        112040751540        112041833137        112042895181        112043919853        112044882662        112045421190        112045916616        112046440046        112046981563        112047527290        112048120751  
  112019845988        112024099367        112027014851        112029166132        112031475723        112033820617        112036769162        112038393538        112039635763        112040751595        112041833148        112042895260        112043921362        112044882886        112045421426        112045916683        112046440204        112046981596        112047527302        112048120818  
  112019846989        112024099930        112027014862        112029166255        112031476151        112033820673        112036769184        112038393842        112039635819        112040751685        112041833216        112042895305        112043922060        112044882897        112045421460        112045916728        112046440350        112046981608        112047527379        112048122023  
  112019847261        112024099985        112027015683        112029166660        112031476656        112033821179        112036770861        112038395620        112039635932        112040751696        112041833283        112042895462        112043922116        112044882909        112045421505        112045916751        112046440383        112046981675        112047527391        112048122135  
  112019848408        112024100584        112027016752        112029166817        112031479255        112033821573        112036771514        112038395642        112039635965        112040753407        112041834307        112042895585        112043922127        112044882965        112045421550        112045916818        112046440394        112046981787        112047527481        112048122449  
  112019848600        112024100641        112027016763        112029166840        112031479367        112033823126        112036773022        112038396553        112039635987        112040753654        112041834341        112042895822        112043922150        112044882976        112045421594        112045916841        112046440439        112046981800        112047527964        112048123844  
  112019849173        112024103509        112027016820        112029167784        112031483104        112033825421        112036773370        112038397307        112039637530        112040754587        112041834464        112042895934        112043922161        112044883001        112045422359        112045916874        112046440608        112046981855        112047527986        112048123877  
  112019849252        112024103543        112027016943        112029167975        112031483294        112033825904        112036773459        112038397329        112039639172        112040754598        112041834936        112042896867        112043923454        112044883113        112045422416        112045916885        112046440653        112046981899        112047528044        112048124698  
  112019849522        112024104038        112027017214        112029168347        112031483441        112033827096        112036774528        112038399051        112039639486        112040754666        112041834969        112042898218        112043923498        112044883146        112045422427        112045916896        112046440732        112046982014        112047528055        112048124812  
  112019849623        112024104151        112027017269        112029168370        112031483788        112033827120        112036774786        112038399972        112039640602        112040754835        112041835128        112042898465        112043924545        112044883214        112045422449        112045917022        112046440811        112046982036        112047529135        112048124856  
  112019851233        112024104791        112027017281        112029170227        112031484914        112033828839        112036774887        112038402135        112039640804        112040755274        112041835139        112042898623        112043924578        112044883595        112045422450        112045917033        112046441946        112046983497        112047530092        112048125026  
  112019851525        112024104904        112027017292        112029170766        112031486905        112033830416        112036775024        112038402854        112039641490        112040755667        112041835195        112042898735        112043925850        112044883618        112045422472        112045917099        112046442059        112046983701        112047530159        112048125868  
  112019851930        112024104960        112027017731        112029171037        112031487210        112033831596        112036776081        112038403349        112039641715        112040757489        112041835263        112042898960        112043926198        112044883674        112045423574        112045917134        112046442431        112046985332        112047530160        112048126926  
  112019852593        112024105152        112027018147        112029171464        112031490102        112033831697        112036776171        112038403596        112039641760        112040759010        112041835410        112042899444        112043927874        112044883731        112045423642        112045917190        112046442453        112046985444        112047530205        112048126993  
  112019855383        112024105242        112027021444        112029171891        112031490506        112033832294        112036777486        112038403619        112039641805        112040759885        112041837906        112042899488        112043928055        112044884732        112045423697        112045917415        112046442497        112046985455        112047530362        112048127017  
  112019856676        112024108649        112027021770        112029171947        112031490641        112033832463        112036778386        112038403620        112039642064        112040759986        112041837973        112042899499        112043929168        112044884855        112045423822        112045917459        112046442633        112046985477        112047530430        112048128355  
  112019856823        112024108841        112027023255        112029172319        112031490663        112033833947        112036779174        112038404979        112039642121        112040760618        112041838019        112042899501        112043929281        112044885070        112045423901        112045918641        112046442666        112046985512        112047530496        112048128366  
  112019857824        112024108919        112027025167        112029172498        112031491776        112033833958        112036779310        112038405149        112039642840        112040761732        112041838110        112042899657        112043929315        112044885081        112045423923        112045918652        112046444792        112046985556        112047530520        112048128412  
  112019858218        112024108997        112027025235        112029172544        112031491798        112033835545        112036779624        112038406599        112039644167        112040763060        112041838200        112042899747        112043929900        112044885126        112045424003        112045918764        112046444882        112046985567        112047530564        112048128456  
  112019859624        112024112082        112027025471        112029172634        112031491901        112033836951        112036779680        112038406678        112039644268        112040763262        112041838211        112042899781        112043933219        112044886745        112045424014        112045919158        112046444916        112046986298        112047530597        112048128524  
  112019860648        112024112138        112027025505        112029172645        112031491967        112033837884        112036780873        112038407196        112039644369        112040763318        112041839032        112042899882        112043933253        112044887106        112045424474        112045920813        112046444950        112046986401        112047530867        112048128782  
  112019860918        112024114815        112027025516        112029172904        112031495253        112033837929        112036781009        112038407400        112039644415        112040763554        112041840203        112042900829        112043933309        112044887140        112045425318        112045920846        112046445478        112046986456        112047530924        112048129132  
  112019861155        112024114882        112027025897        112029175031        112031495950        112033843971        112036782673        112038407905        112039644460        112040763576        112041840315        112042900919        112043933466        112044887353        112045425352        112045920970        112046445546        112046986478        112047530935        112048129211  
  112019862808        112024115535        112027026034        112029175277        112031496052        112033846806        112036784552        112038408579        112039645685        112040764263        112041842272        112042901493        112043934366        112044887375        112045425363        112045920992        112046445580        112046986782        112047532083        112048129390  
  112019863652        112024115704        112027027530        112029175299        112031496300        112033849078        112036786510        112038408704        112039647485        112040764375        112041842328        112042901549        112043934546        112044887454        112045425756        112045921005        112046445737        112046986850        112047532106        112048129929  
  112019863742        112024118864        112027027956        112029175435        112031497840        112033849146        112036786947        112038408737        112039647519        112040764410        112041842384        112042902001        112043936492        112044887601        112045425891        112045921061        112046445748        112046986861        112047532139        112048129941  
  112019865159        112024120463        112027029903        112029175468        112031497929        112033849168        112036786970        112038409053        112039647621        112040764904        112041842474        112042902562        112043936672        112044887713        112045425936        112045921139        112046445760        112046986894        112047532162        112048129996  
  112019866251        112024120485        112027030477        112029176065        112031497952        112033849203        112036787117        112038410684        112039648958        112040765747        112041842531        112042902663        112043936773        112044887768        112045426049        112045921195        112046445805        112046986928        112047532173        112048130011  
  112019867713        112024123174        112027030859        112029176111        112031498021        112033849461        112036787409        112038410796        112039650300        112040765905        112041842698        112042902911        112043938359        112044890199        112045426094        112045921353        112046445849        112046987075        112047532184        112048130055  
  112019868253        112024123714        112027030893        112029176661        112031498087        112033851138        112036787656        112038410808        112039650423        112040766557        112041843958        112042903035        112043939103        112044890212        112045426432        112045921410        112046447267        112046987110        112047532207        112048130101  
  112019868310        112024125356        112027031513        112029176885        112031498942        112033853208        112036790166        112038411966        112039650603        112040766771        112041843969        112042903147        112043939114        112044890245        112045426522        112045921465        112046447313        112046987323        112047532218        112048130134  
  112019869939        112024125637        112027033357        112029176896        112031499055        112033853635        112036790201        112038413452        112039650658        112040767536        112041844263        112042903282        112043939451        112044890436        112045426533        112045921487        112046448369        112046987334        112047532230        112048130190  
  112019872810        112024125705        112027034077        112029177505        112031499820        112033853769        112036790267        112038413788        112039650704        112040767693        112041846502        112042903327        112043939620        112044890582        112045426791        112045921599        112046448415        112046987367        112047532319        112048130202  
  112019874036        112024125851        112027034257        112029177651        112031499886        112033854108        112036790290        112038416309        112039650771        112040767750        112041846579        112042903417        112043939866        112044890616        112045426836        112045921623        112046448538        112046988548        112047532410        112048130213  
  112019877118        112024128270        112027034448        112029177808        112031499987        112033857505        112036790672        112038416534        112039652380        112040767783        112041847075        112042903855        112043939912        112044890762        112045426858        112045921780        112046448561        112046988559        112047533354        112048130235  
  112019877253        112024128315        112027036349        112029178023        112031501318        112033857549        112036792304        112038418862        112039652414        112040767929        112041847244        112042904003        112043941241        112044891257        112045426892        112045922264        112046448639        112046988571        112047533422        112048130695  
  112019877332        112024128472        112027036541        112029178258        112031501486        112033857606        112036792708        112038419122        112039652470        112040768672        112041847323        112042904249        112043941454        112044891268        112045426959        112045922512        112046448662        112046989651        112047533545        112048130707  
  112019878029        112024128719        112027038554        112029179327        112031502353        112033859787        112036792719        112038419289        112039652908        112040768740        112041847514        112042904687        112043941904        112044891314        112045429042        112045922589        112046448695        112046989730        112047533602        112048130730  
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  112019922782        112024156372        112027060571        112029202032        112031531120        112033941813        112036832185        112038449338        112039677815        112040791331        112041872253        112042923127        112043964066        112044901440        112045437513        112045933356        112046457156        112046999551        112047545920        112048143284  

 

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  112019922816        112024157575        112027060863        112029202100        112031531197        112033942634        112036832860        112038449675        112039678850        112040791443        112041872512        112042923318        112043964077        112044902441        112045437850        112045933378        112046457190        112046999663        112047545931        112048143374  
  112019922849        112024157935        112027062146        112029202650        112031532446        112033942690        112036833243        112038450868        112039679301        112040791803        112041872736        112042923420        112043966260        112044902508        112045438648        112045933389        112046457235        112047000218        112047548248        112048143431  
  112019922917        112024158071        112027064632        112029202683        112031533571        112033944726        112036833467        112038451072        112039679378        112040791836        112041872747        112042923453        112043967227        112044902575        112045438660        112045933390        112046457370        112047000229        112047548361        112048143688  
  112019923019        112024159320        112027065105        112029203998        112031538846        112033948292        112036836404        112038451184        112039681764        112040792321        112041873872        112042923565        112043967384        112044902610        112045438738        112045934032        112046457460        112047000432        112047548440        112048143701  
  112019923097        112024160164        112027067073        112029204012        112031538981        112033951184        112036836987        112038451207        112039682653        112040792466        112041874378        112042924162        112043967508        112044902845        112045438794        112045934087        112046457493        112047000487        112047548451        112048144016  
  112019923266        112024160805        112027067578        112029204146        112031539364        112033951207        112036837001        112038451353        112039682721        112040792938        112041874693        112042925860        112043968431        112044902889        112045438839        112045934111        112046457516        112047000533        112047548462        112048144230  
  112019923615        112024162009        112027067668        112029204236        112031539386        112033951229        112036837124        112038452534        112039682877        112040792949        112041874929        112042926175        112043970254        112044902890        112045438862        112045934166        112046458494        112047000555        112047548518        112048146030  
  112019924560        112024162188        112027067859        112029204900        112031539601        112033954110        112036837483        112038452589        112039684532        112040795199        112041875368        112042927277        112043970276        112044903048        112045438941        112045934188        112046458562        112047000566        112047548530        112048146063  
  112019924751        112024165114        112027068962        112029204933        112031540423        112033954121        112036839171        112038452668        112039685498        112040795234        112041875931        112042927402        112043970401        112044903082        112045439830        112045934762        112046458595        112047000869        112047548563        112048147480  
  112019925370        112024166722        112027069097        112029204955        112031540434        112033954176        112036839250        112038454996        112039685522        112040795458        112041876011        112042928380        112043970535        112044903857        112045439852        112045934773        112046458652        112047000881        112047548585        112048147536  
  112019927057        112024166935        112027069222        112029205877        112031540760        112033959777        112036839261        112038456156        112039685926        112040795504        112041878653        112042928391        112043970681        112044903891        112045440113        112045934795        112046458663        112047000892        112047548631        112048147581  
  112019927169        112024167082        112027069569        112029206069        112031542122        112033960768        112036840296        112038456842        112039686141        112040795515        112041878721        112042929415        112043972043        112044903925        112045440179        112045934829        112046461005        112047001141        112047548664        112048147604  
  112019928654        112024167239        112027069570        112029206205        112031542368        112033960803        112036842300        112038456853        112039686185        112040796987        112041879058        112042929774        112043972896        112044903936        112045440258        112045934919        112046461061        112047002625        112047548709        112048147705  
  112019928744        112024167318        112027069660        112029206238        112031542908        112033960825        112036842692        112038456954        112039686297        112040797326        112041879272        112042929819        112043973280        112044903969        112045440281        112045935358        112046461094        112047002647        112047548765        112048147761  
  112019928902        112024169905        112027070640        112029206362        112031542919        112033960948        112036842849        112038457382        112039688266        112040797360        112041879373        112042929910        112043973325        112044904555        112045440933        112045935392        112046461230        112047002805        112047548776        112048149190  
  112019931906        112024171133        112027070707        112029206407        112031542942        112033960960        112036842872        112038457405        112039689582        112040797494        112041879799        112042930697        112043973369        112044904599        112045440944        112045935606        112046461285        112047002849        112047548787        112048149224  
  112019931939        112024171559        112027071236        112029206418        112031543022        112033961006        112036842894        112038457416        112039689863        112040798798        112041879845        112042930776        112043973392        112044904645        112045441103        112045935897        112046461296        112047003233        112047548822        112048149257  
  112019932334        112024172178        112027071270        112029207565        112031544157        112033964425        112036842962        112038457630        112039689986        112040798888        112041880342        112042930800        112043973516        112044904779        112045441114        112045935921        112046461364        112047003727        112047548866        112048149280  
  112019932536        112024172482        112027073159        112029209893        112031544179        112033965910        112036842984        112038457641        112039690449        112040798967        112041880353        112042930844        112043973730        112044905040        112045441136        112045936326        112046461443        112047003750        112047548934        112048149291  
  112019934561        112024172909        112027073261        112029210020        112031544191        112033973920        112036843659        112038457696        112039691484        112040798978        112041880779        112042931441        112043973897        112044905107        112045441158        112045936382        112046461500        112047003840        112047549126        112048149303  
  112019936147        112024172954        112027073294        112029210907        112031544225        112033976192        112036843806        112038457854        112039691518        112040799036        112041880881        112042932778        112043974157        112044905129        112045441248        112045936865        112046461937        112047004098        112047550027        112048149336  
  112019936259        112024173696        112027074712        112029210918        112031546485        112033979667        112036844728        112038457999        112039691732        112040799148        112041881309        112042932835        112043974887        112044905141        112045441653        112045936922        112046461971        112047004133        112047550050        112048149347  
  112019936439        112024175047        112027074947        112029211830        112031546520        112033988050        112036844852        112038459575        112039692610        112040799182        112041881602        112042932846        112043975079        112044905174        112045442148        112045936999        112046462039        112047004199        112047550128        112048149369  
  112019936462        112024177296        112027075083        112029211863        112031546643        112033994585        112036844874        112038460724        112039692632        112040801579        112041881635        112042932903        112043975743        112044905208        112045442159        112045937091        112046462084        112047004278        112047550173        112048149459  
  112019936596        112024177454        112027075094        112029211931        112031548094        112033995058        112036845370        112038461523        112039692665        112040801681        112041881815        112042932925        112043975844        112044905297        112045442306        112045937282        112046462297        112047005459        112047550195        112048149538  
  112019937339        112024177746        112027075195        112029212202        112031548128        112033997735        112036847675        112038462232        112039692766        112040801838        112041882108        112042934118        112043976003        112044905376        112045443554        112045937383        112046462309        112047005493        112047550230        112048150721  
  112019938374        112024177768        112027075252        112029212314        112031548432        112034000438        112036847710        112038462489        112039692834        112040801940        112041882120        112042934185        112043976014        112044905411        112045443666        112045937529        112046462354        112047005561        112047550735        112048150798  
  112019938486        112024178893        112027075285        112029213023        112031548544        112034001260        112036847855        112038463851        112039692902        112040802884        112041882197        112042935355        112043976104        112044906311        112045443880        112045937989        112046463412        112047006506        112047550892        112048150901  
  112019938598        112024178983        112027076275        112029213045        112031548656        112034001945        112036848014        112038463895        112039694241        112040803010        112041882456        112042935366        112043977015        112044906412        112045443903        112045937990        112046463434        112047006517        112047550948        112048150945  
  112019938655        112024179164        112027077108        112029214259        112031550109        112034001956        112036848047        112038463941        112039694476        112040803098        112041882580        112042935388        112043977228        112044906445        112045444005        112045938643        112046463467        112047006540        112047550959        112048151025  
  112019939814        112024179254        112027077221        112029214642        112031550367        112034188277        112036849228        112038464043        112039696333        112040803762        112041884313        112042935973        112043977554        112044906524        112045444072        112045938687        112046463502        112047007732        112047550993        112048151441  
  112019940287        112024180975        112027077276        112029214697        112031551920        112034432651        112036849273        112038464065        112039697413        112040803784        112041885842        112042936132        112043978858        112044906535        112045444094        112045938711        112046463513        112047007912        112047551028        112048151553  
  112019940546        112024182843        112027077399        112029214721        112031552662        112034438792        112036850512        112038464133        112039698144        112040804752        112041885886        112042936176        112043980053        112044906636        112045444139        112045938788        112046463670        112047008014        112047551051        112048151799  
  112019941288        112024183833        112027077489        112029214765        112031553191        112034441000        112036850545        112038464986        112039698177        112040804853        112041886089        112042936301        112043980266        112044906681        112045444353        112045938823        112046463748        112047008058        112047551129        112048151801  
  112019941367        112024184047        112027077849        112029215182        112031554260        112034514393        112036850747        112038465011        112039698313        112040806114        112041886225        112042936356        112043980468        112044907907        112045444410        112045938834        112046464659        112047009161        112047551163        112048151946  
  112019941705        112024185587        112027077995        112029215328        112031554327        112034515776        112036851153        112038465561        112039698368        112040807362        112041886247        112042936839        112043980525        112044907918        112045444465        112045938991        112046466549        112047009251        112047551196        112048152666  
  112019941862        112024186083        112027078794        112029215373        112031554844        112034516395        112036851197        112038465639        112039698605        112040808431        112041886304        112042936952        112043981065        112044907930        112045446434        112045939015        112046466639        112047009352        112047551792        112048152712  
  112019943370        112024186218        112027079829        112029215531        112031555968        112034516418        112036852806        112038465987        112039700250        112040808745        112041886326        112042937931        112043981852        112044908032        112045446445        112045939026        112046466707        112047009363        112047552399        112048152734  
  112019944955        112024186780        112027080809        112029215553        112031556307        112034517868        112036852828        112038466753        112039701431        112040809162        112041888395        112042938415        112043981975        112044908616        112045446456        112045939093        112046466718        112047009396        112047552748        112048152813  
  112019947891        112024187174        112027081428        112029215733        112031557757        112034519398        112036853920        112038468025        112039702858        112040809184        112041888407        112042938516        112043982088        112044908649        112045446535        112045939149        112046466729        112047009408        112047552760        112048153443  
  112019948779        112024188681        112027082182        112029215946        112031557847        112034519411        112036856125        112038469206        112039702982        112040810940        112041888485        112042938561        112043982099        112044908953        112045446579        112045939150        112046466831        112047009420        112047552771        112048153689  
  112019950233        112024191764        112027082283        112029216228        112031557881        112034521683        112036856709        112038469745        112039703006        112040811312        112041888676        112042938583        112043983348        112044909099        112045446591        112045939644        112046466886        112047009453        112047552805        112048153779  
  112019952246        112024192417        112027084094        112029216756        112031558343        112034522752        112036858105        112038470185        112039703253        112040811390        112041888698        112042938628        112043983506        112044909561        112045446681        112045940006        112046466897        112047009633        112047552838        112048153814  
  112019952583        112024194071        112027084263        112029216790        112031558398        112034522763        112036858138        112038471276        112039703433        112040812234        112041888834        112042938684        112043983764        112044909583        112045446793        112045940152        112046467337        112047009688        112047552995        112048153825  
  112019953584        112024194105        112027084511        112029217173        112031558916        112034526295        112036859139        112038472345        112039703499        112040813415        112041889352        112042938695        112043983865        112044909606        112045446827        112045940208        112046467528        112047009701        112047553031        112048153858  
  112019954147        112024194521        112027085376        112029217274        112031558949        112034528882        112036860287        112038474606        112039704120        112040813493        112041889442        112042938808        112043983944        112044910013        112045446849        112045940242        112046467810        112047009981        112047553053        112048153870  
  112019955126        112024194598        112027085703        112029217511        112031559872        112034529164        112036860298        112038474886        112039704232        112040813516        112041889554        112042938820        112043985294        112044910147        112045446984        112045940422        112046467832        112047010196        112047553165        112048153892  
  112019955182        112024194688        112027086164        112029219355        112031560010        112034531921        112036860355        112038475012        112039704243        112040813606        112041889666        112042938910        112043985306        112044910349        112045446995        112045940499        112046467887        112047010365        112047553198        112048153926  
  112019957713        112024195173        112027087480        112029219399        112031562236        112034540909        112036860366        112038476136        112039704557        112040814416        112041889701        112042938998        112043985632        112044910439        112045447109        112045940501        112046467898        112047010422        112047553288        112048153959  
  112019957870        112024195768        112027087569        112029219579        112031563978        112034544060        112036861480        112038476226        112039706278        112040814696        112041890118        112042939247        112043985913        112044910473        112045447165        112045941850        112046468002        112047010545        112047554526        112048154006  
  112019957959        112024195904        112027087985        112029220526        112031565284        112034545320        112036861660        112038476888        112039706289        112040815507        112041890983        112042939270        112043985968        112044910888        112045447176        112045943380        112046468024        112047010679        112047554582        112048154107  
  112019958163        112024195971        112027088223        112029220706        112031565699        112034548312        112036863404        112038477137        112039706469        112040815596        112041891030        112042939977        112043986284        112044911014        112045447334        112045943436        112046468035        112047011175        112047554616        112048154129  
  112019958512        112024197108        112027088908        112029220784        112031565857        112034548356        112036865282        112038479184        112039708360        112040816654        112041891108        112042940148        112043986385        112044911058        112045447367        112045943458        112046468136        112047011647        112047554683        112048154141  
  112019959276        112024198930        112027089099        112029220818        112031567398        112034548402        112036865552        112038479308        112039708506        112040816700        112041891366        112042940418        112043986701        112044911665        112045447402        112045943469        112046468204        112047011726        112047554728        112048154679  
  112019959401        112024198963        112027089134        112029221651        112031568737        112034548536        112036866092        112038480692        112039708708        112040816801        112041891805        112042940654        112043986756        112044911676        112045447570        112045943470        112046468912        112047011760        112047554863        112048154758  
  112019959478        112024200158        112027089314        112029223035        112031568759        112034548547        112036866777        112038480748        112039709608        112040816980        112041892525        112042940676        112043987533        112044911711        112045447581        112045944213        112046468989        112047011816        112047555088        112048154893  
  112019959658        112024200169        112027089336        112029223327        112031568805        112034551608        112036867633        112038480759        112039709697        112040817015        112041892592        112042940834        112043987645        112044911733        112045447716        112045944314        112046469339        112047011850        112047555112        112048155221  
  112019960830        112024200248        112027090338        112029223406        112031568894        112034551620        112036867824        112038480793        112039709765        112040819039        112041893470        112042940935        112043988848        112044911823        112045450697        112045944347        112046469340        112047012918        112047555189        112048156435  
  112019962034        112024200406        112027093858        112029223721        112031569064        112034554308        112036868049        112038480805        112039711634        112040819691        112041893638        112042941532        112043988950        112044912475        112045450710        112045944493        112046469407        112047013076        112047555190        112048158123  
  112019962360        112024200619        112027094545        112029223798        112031570505        112034555736        112036868094        112038480827        112039713287        112040819983        112041893997        112042942814        112043988961        112044912510        112045450967        112045944527        112046469665        112047013199        112047555224        112048158167  
  112019962629        112024201193        112027094613        112029223923        112031570684        112034555758        112036868836        112038480939        112039714334        112040821166        112041895977        112042942937        112043989108        112044913421        112045451014        112045944875        112046469913        112047013223        112047555235        112048158213  
  112019962810        112024202149        112027095737        112029224700        112031571023        112034555938        112036869095        112038481132        112039714345        112040821526        112041897564        112042943006        112043989142        112044913487        112045451058        112045944965        112046470139        112047013302        112047555325        112048158246  
  112019963798        112024203027        112027095805        112029224722        112031571045        112034557200        112036869152        112038481277        112039714378        112040822886        112041897698        112042943017        112043990177        112044913500        112045451069        112045944976        112046470140        112047013346        112047555640        112048158314  
  112019963888        112024205669        112027095827        112029224935        112031571472        112034561968        112036869163        112038482504        112039715986        112040822909        112041897845        112042943039        112043990302        112044913522        112045451104        112045945045        112046470263        112047013368        112047555684        112048158336  
  112019964722        112024205771        112027096154        112029225543        112031571641        112034561979        112036869253        112038483000        112039716011        112040823089        112041897968        112042943578        112043991987        112044913601        112045451182        112045945102        112046470487        112047014347        112047555695        112048161150  
  112019964924        112024206626        112027096301        112029226049        112031571696        112034562082        112036869578        112038483808        112039717977        112040824721        112041898082        112042943657        112043992034        112044913623        112045451340        112045945203        112046470533        112047014358        112047558687        112048161161  
  112019964968        112024206682        112027096413        112029226128        112031573159        112034567177        112036870873        112038484843        112039718855        112040824743        112041898745        112042944030        112043993844        112044913915        112045451351        112045945225        112046470544        112047014369        112047558755        112048161206  
  112019964991        112024210755        112027096424        112029320695        112031573294        112034571947        112036871795        112038484955        112039718866        112040824934        112041901346        112042944423        112043993855        112044913937        112045451395        112045945236        112046470601        112047015102        112047559521        112048161318  
  112019965004        112024210777        112027096446        112029456280        112031573654        112034572465        112036872336        112038485316        112039718901        112040825261        112041901942        112042944445        112043993956        112044914051        112045451430        112045945304        112046470982        112047015113        112047559891        112048161363  
  112019965037        112024210788        112027096468        112029508626        112031574767        112034573129        112036872954        112038485495        112039719014        112040827005        112041903876        112042946100        112043994025        112044914545        112045451485        112045946563        112046471017        112047015168        112047559925        112048161431  
  112019967208        112024211947        112027096862        112029508783        112031575151        112034574298        112036873023        112038487060        112039719058        112040827049        112041903977        112042947134        112043996364        112044914567        112045451553        112045946620        112046471220        112047015999        112047560321        112048161532  
  112019968311        112024213130        112027098347        112029509076        112031576310        112034574962        112036876464        112038487374        112039719137        112040827128        112041904147        112042947145        112043996375        112044914578        112045451586        112045946721        112046471231        112047016170        112047561322        112048162500  
  112019970022        112024213804        112027098404        112029509111        112031577298        112034575187        112036877410        112038488050        112039719328        112040827162        112041904192        112042947381        112043996409        112044914589        112045451665        112045948273        112046471242        112047016237        112047561401        112048162522  
  112019970044        112024215200        112027098549        112029509548        112031578165        112034579114        112036878264        112038490693        112039719463        112040827195        112041904552        112042947392        112043996432        112044914703        112045451687        112045948565        112046471376        112047017698        112047563010        112048162601  
  112019971326        112024217774        112027099270        112029510045        112031579874        112034585627        112036879456        112038492268        112039719508        112040827511        112041904675        112042947437        112043997130        112044914736        112045452981        112045948666        112046472535        112047017834        112047563661        112048162656  
  112019971371        112024217842        112027099326        112029511068        112031580236        112034585830        112036879467        112038492505        112039720218        112040828310        112041904686        112042947516        112043997185        112044915311        112045452992        112045948802        112046472658        112047017889        112047563739        112048162746  
  112019971630        112024218393        112027099337        112029511518        112031580618        112034589935        112036879489        112038492639        112039721882        112040829119        112041904754        112042948405        112043997309        112044915322        112045454804        112045948970        112046472704        112047018644        112047564471        112048162757  
  112019971809        112024218898        112027099494        112029511574        112031580641        112034594469        112036879490        112038492932        112039722030        112040829625        112041905047        112042948472        112043997398        112044915940        112045454815        112045949713        112046472726        112047018712        112047565247        112048162779  
  112019972439        112024219013        112027101320        112029512171        112031581697        112034596168        112036879658        112038493102        112039722041        112040829782        112041905137        112042948775        112043997624        112044916031        112045455164        112045950221        112046472861        112047018802        112047566226        112048162847  
  112019973812        112024219080        112027101498        112029513666        112031582058        112034597967        112036879737        112038493348        112039722063        112040829883        112041906486        112042949349        112043998018        112044916154        112045455175        112045950311        112046472906        112047019443        112047566417        112048162881  
  112019974666        112024221724        112027102141        112029513958        112031582384        112034598047        112036881976        112038494563        112039722120        112040832304        112041906600        112042949383        112044001250        112044916176        112045455546        112045950322        112046473952        112047019487        112047566989        112048162904  
  112019974789        112024221735        112027102589        112029515703        112031582429        112034601907        112036883046        112038495733        112039723244        112040832887        112041906611        112042949495        112044002048        112044916299        112045455557        112045950524        112046474346        112047019735        112047567036        112048162948  
  112019974891        112024221858        112027102590        112029516401        112031582564        112034608241        112036883619        112038495777        112039723266        112040832988        112041906666        112042949518        112044002138        112044916457        112045455579        112045950658        112046474357        112047019825        112047567047        112048163028  
  112019975948        112024222196        112027102646        112029520800        112031582610        112034608308        112036883631        112038495799        112039723479        112040833013        112041906734        112042949596        112044002745        112044916682        112045455591        112045951390        112046474368        112047020614        112047567205        112048163039  
  112019975959        112024222253        112027102747        112029521137        112031583723        112034615171        112036883822        112038495878        112039723491        112040834856        112041907364        112042950936        112044002879        112044916783        112045455603        112045951457        112046474526        112047020647        112047567294        112048164063  
  112019980786        112024224288        112027102769        112029523386        112031583767        112034616723        112036883855        112038496082        112039724728        112040834913        112041907667        112042951106        112044004837        112044916806        112045455647        112045951491        112046475123        112047020748        112047567373        112048164153  
  112019982485        112024224479        112027103760        112029524556        112031585411        112034617757        112036884160        112038496992        112039724762        112040837219        112041907689        112042951320        112044005085        112044916828        112045457447        112045951514        112046475134        112047020759        112047568598        112048164254  
  112019982733        112024224772        112027103793        112029525096        112031585545        112034621257        112036885813        112038497049        112039725033        112040837512        112041908455        112042951331        112044005333        112044916862        112045457548        112045952829        112046475426        112047021716        112047568879        112048164298  
  112019982744        112024226718        112027104660        112029525906        112031585578        112034621763        112036886757        112038497139        112039725336        112040837668        112041908613        112042951421        112044005445        112044916884        112045457560        112045953022        112046475897        112047022166        112047568992        112048164322  
  112019982924        112024229384        112027104907        112029526031        112031587064        112034621774        112036887073        112038497768        112039725369        112040837736        112041908905        112042953445        112044005658        112044916941        112045457739        112045953123        112046475943        112047022245        112047569027        112048164355  

 

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  112020358417        112024264800        112027139602        112029559745        112031626619        112034693054        112036918359        112038526165        112039745383        112040858245        112041928053        112042976574        112044028192        112044927796        112045468405        112045965575        112046484404        112047035575        112047582695        112048178518  
  112020359227        112024265902        112027139916        112029561197        112031627687        112034696013        112036919462        112038526390        112039745563        112040858267        112041928121        112042976989        112044028226        112044927808        112045468416        112045966453        112046484415        112047036352        112047582808        112048178552  
  112020360869        112024266172        112027140536        112029562806        112031628037        112034696259        112036919552        112038526402        112039747060        112040858357        112041929144        112042977104        112044028282        112044927909        112045468461        112045966510        112046484437        112047036374        112047582820        112048178765  
  112020360915        112024267814        112027141391        112029562952        112031628228        112034696338        112036919574        112038528392        112039747307        112040858368        112041929223        112042977834        112044028440        112044929552        112045469169        112045966565        112046485898        112047036419        112047583281        112048178798  
  112020360926        112024269276        112027141458        112029563009        112031628329        112034698206        112036919934        112038528741        112039748296        112040859886        112041929234        112042978217        112044028800        112044929585        112045469215        112045967331        112046485933        112047036521        112047583315        112048179351  
  112020361321        112024269490        112027142099        112029563021        112031628330        112034698239        112036922039        112038530395        112039750165        112040859954        112041929324        112042978239        112044030601        112044929596        112045470273        112045967465        112046485944        112047036565        112047583326        112048179610  
  112020362838        112024269962        112027142224        112029563324        112031630243        112034699476        112036922220        112038530979        112039750660        112040860170        112041929481        112042979702        112044030982        112044929675        112045470318        112045967511        112046486103        112047037195        112047584697        112048179700  
  112020366405        112024270469        112027142561        112029564998        112031631918        112034704024        112036922983        112038532027        112039752178        112040862408        112041930281        112042979746        112044031040        112044929899        112045470543        112045967577        112046486125        112047037207        112047584710        112048180904  
  112020369576        112024270559        112027142763        112029565326        112031632054        112034707038        112036923142        112038532117        112039752235        112040863241        112041930708        112042979836        112044031422        112044930004        112045470565        112045967601        112046487160        112047037386        112047584787        112048180948  
  112020369622        112024271853        112027142796        112029565405        112031632481        112034707757        112036923333        112038532410        112039752662        112040863702        112041932069        112042980063        112044033839        112044930071        112045470789        112045967667        112046487294        112047037465        112047584811        112048180960  
  112020370422        112024272719        112027142842        112029565416        112031633943        112034708253        112036923366        112038532667        112039752864        112040863847        112041932148        112042980760        112044033873        112044930206        112045470880        112045967735        112046489083        112047037544        112047584855        112048181006  
  112020375696        112024272786        112027143832        112029565427        112031634001        112034709300        112036924705        112038532689        112039752910        112040864422        112041932159        112042980827        112044034324        112044930251        112045470969        112045968141        112046489094        112047037791        112047584923        112048182478  
  112020377283        112024272999        112027143876        112029565696        112031634157        112034709478        112036924738        112038533398        112039753089        112040864512        112041932250        112042980951        112044034335        112044930295        112045471623        112045968163        112046489117        112047037825        112047585283        112048182489  
  112020378015        112024274980        112027144653        112029565821        112031634955        112034711101        112036924840        112038533422        112039753113        112040864938        112041932328        112042981097        112044035639        112044930307        112045471656        112045968196        112046489195        112047038028        112047585542        112048182524  
  112020379803        112024275015        112027145340        112029566642        112031635114        112034711819        112036925504        112038535356        112039754697        112040864961        112041932362        112042981187        112044036843        112044930363        112045473311        112045969210        112046489342        112047038635        112047585575        112048182568  
  112020380120        112024275082        112027145395        112029567014        112031635192        112034711886        112036925515        112038535413        112039754866        112040866772        112041932441        112042981198        112044037125        112044930419        112045473377        112045969232        112046489623        112047039131        112047585586        112048182647  
  112020382852        112024275284        112027145889        112029567160        112031635462        112034712225        112036926617        112038536188        112039754989        112040866794        112041932485        112042981266        112044037675        112044930442        112045473423        112045970076        112046489634        112047039524        112047585610     
  112020383213        112024275295        112027146295        112029567306        112031635901        112034712304        112036926684        112038537516        112039754990        112040866862        112041932586        112042982807        112044037765        112044930475        112045473489        112045970111        112046489656        112047039603        112047585654     
  112020386328        112024275958        112027147083        112029568330        112031637071        112034712944        112036927528        112038539787        112039755979        112040866884        112041932834        112042982919        112044037912        112044930509        112045473568        112045970223        112046489690        112047039658        112047585733     
  112020386474        112024275969        112027147230        112029568442        112031637116        112034716375        112036928574        112038540127        112039757780        112040866907        112041933105        112042982964        112044037934        112044932376        112045473805        112045970256        112046489814        112047039962        112047586150     
  112020386531        112024276072        112027147285        112029568688        112031637206        112034718108        112036928642        112038540138        112039757869        112040866974        112041933846        112042983404        112044039442        112044932477        112045473872        112045970672        112046489959        112047040155        112047586273     
  112020386845        112024276511        112027147465        112029568723        112031639040        112034724240        112036928787        112038540295        112039759029        112040868000        112041934061        112042983594        112044039486        112044932545        112045473928        112045970728        112046489960        112047040425        112047586374     
  112020387790        112024279761        112027147601        112029569285        112031639769        112034724374        112036930195        112038540363        112039759131        112040868099        112041934117        112042983774        112044039532        112044932848        112045474198        112045970773        112046490052        112047040470        112047586587     
  112020393562        112024281641        112027148185        112029569735        112031640356        112034726501        112036932625        112038544053        112039760199        112040868246        112041934892        112042985664        112044039622        112044933018        112045474312        112045971325        112046490186        112047040526        112047586677     
  112020394046        112024281663        112027148219        112029570894        112031640402        112034727591        112036932669        112038544659        112039760290        112040868325        112041934915        112042986047        112044040130        112044933029        112045474334        112045971370        112046491772        112047040818        112047586712     
  112020396947        112024281720        112027149344        112029571132        112031641076        112034728479        112036933233        112038544851        112039760368        112040868583        112041937277        112042986654        112044040141        112044933063        112045474547        112045971426        112046492267        112047040863        112047588444     
  112020398400        112024281753        112027149827        112029571503        112031641605        112034748044        112036933930        112038545313        112039761370        112040869078        112041937288        112042986698        112044040219        112044934514        112045474570        112045971459        112046492290        112047041044        112047588455     
  112020398714        112024282518        112027150076        112029571862        112031641717        112034748763        112036935426        112038545357        112039761448        112040869090        112041937929        112042988702        112044040365        112044934895        112045474952        112045971482        112046492313        112047041763        112047588501     
  112020399805        112024283777        112027150885        112029572199        112031641728        112034748774        112036935448        112038546336        112039761561        112040869315        112041938111        112042988735        112044040590        112044934952        112045475548        112045971527        112046493279        112047041796        112047588523     
  112020400134        112024285285        112027150964        112029572212        112031641852        112034749685        112036939341        112038546459        112039763169        112040869438        112041938302        112042988825        112044040714        112044935065        112045475649        112045971549        112046493426        112047043237        112047588534     
  112020401135        112024285926        112027151044        112029573460        112031642796        112034750092        112036939431        112038546516        112039763237        112040869528        112041938997        112042988904        112044040736        112044935098        112045475773        112045971864        112046493583        112047044115        112047588578     
  112020401427        112024287120        112027151369        112029574270        112031644822        112034750980        112036941344        112038546527        112039763248        112040870766        112041939257        112042989231        112044040792        112044935111        112045475841        112045971921        112046493628        112047044777        112047588646     
  112020407355        112024287232        112027152933        112029574810        112031646879        112034753163        112036947564        112038546583        112039763967        112040870935        112041939471        112042989556        112044040804        112044935199        112045476156        112045971998        112046494719        112047045004        112047588703     
  112020407502        112024287366        112027152944        112029574911        112031648387        112034754210        112036950030        112038546606        112039763978        112040871633        112041939819        112042992033        112044040815        112044935661        112045476437        112045972720        112046494764        112047045150        112047588714     
  112020413486        112024287513        112027153237        112029574977        112031648433        112034755660        112036950052        112038546639        112039764014        112040871778        112041939820        112042992178        112044041557        112044936235        112045477113        112045973923        112046494999        112047045161        112047589287     
  112020414331        112024287535        112027153383        112029575372        112031648567        112034756223        112036950456        112038547078        112039764137        112040872870        112041941126        112042992213        112044041603        112044936921        112045477562        112045974070        112046495484        112047045251        112047589298     
  112020414601        112024288244        112027153495        112029575563        112031649647        112034756818        112036950513        112038547090        112039764250        112040874816        112041941395        112042992314        112044041782        112044937056        112045477708        112045974160        112046495541        112047045341        112047589344     

 

SA-28


Exhibit A

Form of 2021-3 Exchange Note

THIS 2021-3 EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 2021-3 EXCHANGE NOTE, AGREES THAT THIS 2021-3 EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY TO EITHER (1) A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, THAT IS ALSO A QUALIFIED PURCHASER (A “QUALIFIED PURCHASER”) WITHIN THE MEANING THEREOF IN SECTION 3(C)(7) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, (2) AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS A QUALIFIED PURCHASER OR (3) TO APGO TRUST OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE BORROWER OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE BORROWER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

THIS 2021-3 EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE LENDER, THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

EACH HOLDER OF THIS 2021-3 EXCHANGE NOTE SHALL BE DEEMED TO REPRESENT THAT IT IS NOT, AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR (D) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A BENEFIT PLAN INVESTOR BUT IS SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR

 

EA-1


REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

 

EA-2


REGISTERED

No. 1

2021-3 EXCHANGE NOTE

ACAR LEASING LTD., as Borrower (the “Borrower”), for value received, hereby promises to pay to GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3, as 2021-3 Exchange Noteholder (the “2021-3 Exchange Noteholder”), for its benefit and the benefit of the other transferees from time to time acquiring interests herein pursuant to the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (the “Exchange Note Supplement”), among the Borrower, AmeriCredit Financial Services, Inc. d/b/a GM Financial (“GM Financial”), as Lender and Servicer, and Wells Fargo Bank, National Association, as Administrative Agent and as Collateral Agent, and other transferees or registered assigns, a principal sum equal to $1,335,000,000, payable on each Payment Date in an amount equal to the Exchange Note Principal Payment Amount for such Payment Date pursuant to Section 2.5 of the Exchange Note Supplement. The entire unpaid principal amount of this 2021-3 Exchange Note will be due and payable on December 22, 2025. Capitalized terms used but not defined in this 2021-3 Exchange Note are defined in Appendix 1 to the Exchange Note Supplement or Appendix A to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (the “Credit and Security Agreement”), among the Borrower, GM Financial, as Lender and Servicer, and Wells Fargo Bank, National Association, as Administrative Agent and as Collateral Agent.

The Borrower will pay interest on this 2021-3 Exchange Note in an amount equal to the Exchange Note Interest Payment Amount until the principal of this 2021-3 Exchange Note is paid or made available for payment. The amount of interest due on this 2021-3 Exchange Note on each Payment Date will be calculated on the basis of the Exchange Note Balance outstanding on each day of such Exchange Note Interest Period (after giving effect to all payments of principal made on the preceding Payment Date), and will be subject to certain limitations contained in Section 2.4 of the Exchange Note Supplement. Such principal of and interest on this 2021-3 Exchange Note will be paid in the manner specified on the reverse hereof.

The principal of and interest on this 2021-3 Exchange Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Borrower with respect to this 2021-3 Exchange Note will be applied to interest on and principal of this 2021-3 Exchange Note in the manner set forth in the Exchange Note Supplement.

Reference is made to the further provisions of this 2021-3 Exchange Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this 2021-3 Exchange Note.

Unless the certificate of authentication hereon has been executed by the Administrative Agent whose name appears below by manual or facsimile signature, this 2021-3 Exchange Note will not be entitled to any benefit under the Credit and Security Agreement or the Exchange Note Supplement referred to on the reverse hereof, or be valid or obligatory for any purpose.

[Remainder of This Page Intentionally Left Blank]

 

EA-3


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

Date: August 18, 2021

 

ACAR LEASING LTD., as Borrower
By:  

Wilmington Trust Company,
not in its individual capacity but solely as Owner Trustee

By:

 

 

  Authorized Signatory

 

EA-4


ADMINISTRATIVE AGENT’S CERTIFICATE OF AUTHENTICATION

This is the 2021-3 Exchange Note designated above and referred to in the within-mentioned Exchange Note Supplement.

Date: August 18, 2021

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Administrative Agent

By:

 

 

  Authorized Signatory

 

EA-5


REVERSE OF 2021-3 EXCHANGE NOTE

This 2021-3 Exchange Note is one of the duly authorized issue of Exchange Notes, which may be issued under the Credit and Security Agreement, to which Credit and Security Agreement and all Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective rights and obligations thereunder of the Borrower, the Lender, the Servicer, the Administrative Agent, the Collateral Agent and the 2021-3 Exchange Noteholders. This 2021-3 Exchange Note is subject to all terms of the Credit and Security Agreement and the Exchange Note Supplement. In the event of a conflict between the terms of this 2021-3 Exchange Note, the terms of the Credit and Security Agreement and the terms of the Exchange Note Supplement, the Exchange Note Supplement will prevail.

Interest on and principal of this 2021-3 Exchange Note will be payable in accordance with the priority of payments set forth in Section 5.1 of the Exchange Note Supplement.

Principal of this 2021-3 Exchange Note will be payable on each Payment Date in an amount equal to the Exchange Note Principal Payment Amount for such Payment Date. “Payment Date” means the twentieth (20th) day of each calendar month or, if any such day is not a Business Day, the next Business Day, commencing September 20, 2021.

As described on the face hereof, the entire unpaid principal amount of this 2021-3 Exchange Note will be due and payable on the Exchange Note Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of this 2021-3 Exchange Note will be due and payable on the date on which an Exchange Note Default with respect to this 2021-3 Exchange Note has occurred and is continuing and the 2021-3 Exchange Noteholder has declared this 2021-3 Exchange Note to be immediately due and payable, or the 2021-3 Exchange Note has automatically been declared immediately due and payable, in each case in the manner provided in the Credit and Security Agreement and the Exchange Note Supplement.

Payments of interest on this 2021-3 Exchange Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this 2021-3 Exchange Note, will be made either by wire transfer in immediately available funds, to the account of the 2021-3 Exchange Noteholder or an account designated by the 2021-3 Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such 2021-3 Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if not, by check mailed first-class mail postage prepaid to the 2021-3 Exchange Noteholder’s address as it appears on the Exchange Note Register prior to such Payment Date, except that the final installment of principal payable on this 2021-3 Exchange Note on a Payment Date or the Exchange Note Final Scheduled Payment Date will be payable only upon the presentation and surrender of this 2021-3 Exchange Note in the manner set forth the Credit and Security Agreement. Such payments will be made without requiring that this 2021-3 Exchange Note be submitted for notation of payment. Any reduction in the principal amount of this 2021-3 Exchange Note effected by any payments made on any Payment Date or due to a reallocation of any Collateral Lease Agreements and Collateral Leased Vehicle from the 2021-3 Designated Pool will be binding upon all future 2021-3 Exchange Noteholders of this 2021-3 Exchange Note and of any 2021-3 Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted

 

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hereon. If funds are expected to be available, as provided in the Exchange Note Supplement and the Credit and Security Agreement, for payment in full of the then remaining unpaid principal amount of this 2021-3 Exchange Note on a Payment Date, then the Administrative Agent will notify the 2021-3 Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this 2021-3 Exchange Note will be paid not later than 5 days prior to such date. Such notice will specify that such final installment will be payable only upon presentation and surrender of this 2021-3 Exchange Note and will specify the place where this 2021-3 Exchange Note may be presented and surrendered for payment of such installment.

As provided in the Exchange Note Supplement, the principal amount of this 2021-3 Exchange Note may be decreased from time to time, in the manner and to the extent described in Section 2.6 of the Exchange Note Supplement.

The transfer of this 2021-3 Exchange Note is subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Credit and Security Agreement and the Exchange Note Supplement. Subject to the satisfaction of such restrictions and limitations, the transfer of this 2021-3 Exchange Note may be registered on the Exchange Note Register upon surrender of this 2021-3 Exchange Note for registration of transfer at the office or agency designated by the Borrower pursuant to the Credit and Security Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent duly executed by the 2021-3 Exchange Noteholder hereof or the 2021-3 Exchange Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Exchange Note Registrar, and thereupon a new 2021-3 Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for any registration of transfer or exchange of this 2021-3 Exchange Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

The 2021-3 Exchange Noteholder, by accepting this 2021-3 Exchange Note acknowledges and agrees that (i) if an Insolvency Event occurs with respect to the Borrower, any claim that the 2021-3 Exchange Noteholder may seek to enforce at any time against the Borrower will be limited in recourse to the 2021-3 Designated Pool and (ii) if, notwithstanding clause (i), the 2021-3 Exchange Noteholder is deemed to have any claim against the assets of the Borrower other than the assets included in the 2021-3 Designated Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and the holders of (A) all other Exchange Notes and (B) in the case of assets allocated to a Series Interest other than the Series CSA Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements.

THE RECITATION SET FORTH IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

 

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The 2021-3 Exchange Noteholder, by accepting this 2021-3 Exchange Note, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all obligations under the Credit and Security Agreement, the Exchange Note Supplement, the Exchange Notes, the outstanding Certificates and any other outstanding Securities, it will not institute against the Borrower or the Settlor, or join in any institution against the Borrower or the Settlor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law in connection with any obligations relating to this 2021-3 Exchange Note, the Credit and Security Agreement, the Exchange Note Supplement or any of the other Program Documents.

The Borrower has entered into the Exchange Note Supplement and this 2021-3 Exchange Note is issued with the intention that, for U.S. federal, State and local income, single business and franchise tax purposes, this 2021-3 Exchange Note will qualify as indebtedness of the Borrower. The 2021-3 Exchange Noteholder, by its acceptance of this 2021-3 Exchange Note, will be deemed to agree to treat this 2021-3 Exchange Note for U.S. federal, State and local income, single business and franchise tax purposes as indebtedness of the Borrower.

Prior to the due presentment for registration of transfer of this 2021-3 Exchange Note, the Borrower and the Administrative Agent and any agent of the Borrower or the Administrative Agent may treat the Person in whose name this 2021-3 Exchange Note (as of the day of determination or as of such other date as may be specified in the Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or not this 2021-3 Exchange Note be overdue, and, to the fullest extent permitted by applicable law, none of the Borrower, the Administrative Agent or any such agent will be affected by notice to the contrary.

The Credit and Security Agreement permits the amendment thereof (in any manner and for any purpose) by the Borrower, the Collateral Agent, the Lender and the Administrative Agent so long as each Exchange Noteholder of an Outstanding Exchange Note has consented to such amendment. The Credit and Security Agreement also permits the amendment thereof to amend or waive certain terms and conditions set forth therein without the consent of the Noteholders provided that certain conditions are satisfied. Any such consent by the 2021-3 Exchange Noteholder will be conclusive and binding upon the 2021-3 Exchange Noteholder and upon all future holders of this 2021-3 Exchange Note and of any 2021-3 Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this 2021-3 Exchange Note.

The term “Borrower”, as used in this 2021-3 Exchange Note, includes any successor to the Borrower under the Credit and Security Agreement.

This 2021-3 Exchange Note is issuable only in registered form as provided in the Credit and Security Agreement and the Exchange Note Supplement, subject to certain limitations therein set forth.

This 2021-3 Exchange Note, the Credit and Security Agreement and the Exchange Note Supplement will be governed by, and construed in accordance with the laws of the State of New York.

 

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No reference herein to the Credit and Security Agreement or the Exchange Note Supplement, and no provision of this 2021-3 Exchange Note or of the Credit and Security Agreement will alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and interest on this 2021-3 Exchange Note at the time, place and rate, and in the coin or currency herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wells Fargo Bank, National Association, in its individual capacity, or any of its affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor will recourse be had to any of them for, the payment of principal or of interest on this 2021-3 Exchange Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Credit and Security Agreement or the Exchange Note Supplement. The 2021-3 Exchange Noteholder, by its acceptance hereof, agrees that, except as expressly provided in the Program Documents, in the case of an Exchange Note Default under the Credit and Security Agreement or the Exchange Note Supplement, the 2021-3 Exchange Noteholder will have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein will be taken to prevent recourse to, and enforcement against, the assets of the Borrower for any and all liabilities, obligations and undertakings contained in the Credit and Security Agreement, the Exchange Note Supplement or in this 2021-3 Exchange Note.

 

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ASSIGNMENT

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

                                                                                                                                                                    

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

(name and address of assignee)

the within 2021-3 Exchange Note and all rights thereunder, and hereby irrevocably constitutes and appoints                             , attorney, to transfer said 2021-3 Exchange Note on the books kept for registration thereof, with full power of substitution in the premises.

Date:

 

 

Signature Guaranteed:*

 

 

*

Note: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within 2021-3 Exchange Note in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Exchange Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Exchange Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

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APPENDIX 1

DEFINITIONS

[See Tab 9]

 

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APPENDIX 1

To 2021-3 Exchange Note Supplement

DEFINITIONS

2021-3 Asset Representations Review Agreement” means the 2021-3 Asset Representations Review Agreement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among the Servicer, the Issuer, and Clayton.

2021-3 Closing Date” means August 18, 2021.

2021-3 Designated Pool” means the Collateral Leases and Collateral Leased Vehicles listed on the Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles attached as Schedule A to the 2021-3 Exchange Note Supplement.

2021-3 Designated Pool Collections” means with respect to any Collection Period, all Collections relating to the 2021-3 Designated Pool.

2021-3 Eligible Deposit Account” means either (i) a segregated account with a 2021-3 Eligible Institution, or (ii) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as (1) the long-term unsecured debt of such depository institution shall have a credit rating from S&P and from Fitch of at least A and from Moody’s in one of its generic rating categories which signifies investment grade and (2) such depository institutions’ deposits are insured by the Federal Deposit Insurance Corporation.

2021-3 Eligible Institution” means a depository institution organized under the laws of the United States of America or any one of the States (or any domestic branch of a foreign bank), which (i) has either (A) a long-term unsecured debt rating of “A” or better by Fitch and “AA” or better by S&P or (B) a certificate of deposit rating of “F-1” by Fitch and “A-1” by S&P and (ii) whose deposits are insured by the FDIC.

2021-3 Exchange Note” means the note, substantially in the form set forth in Exhibit A to the 2021-3 Exchange Note Supplement, executed and authenticated in accordance with the Credit and Security Agreement and under the 2021-3 Exchange Note Supplement.

2021-3 Exchange Note Assets” means as of any date, the Collateral Lease Agreements and Collateral Leased Vehicles allocated to the 2021-3 Designated Pool and the related rights with respect thereto.

2021-3 Exchange Note Collections Account” has the meaning set forth in Section 2.3(a) of the 2021-3 Servicing Supplement.

 

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2021-3 Exchange Note Collections” means with respect to any Payment Date, all amounts paid to the Issuer as the 2021-3 Exchange Noteholder since the immediately preceding Payment Date (or, with respect to the first Payment Date, since the Cutoff Date).

2021-3 Exchange Note Sale Agreement” means the 2021-3 Exchange Note Sale Agreement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, between the Lender and the Depositor.

2021-3 Exchange Note Supplement” means the 2021-3 Exchange Note Supplement to the Credit and Security Agreement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among the parties to the Credit and Security Agreement.

2021-3 Exchange Note Transfer Agreement” means the 2021-3 Exchange Note Transfer Agreement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, between the Depositor and the Issuer.

2021-3 Exchange Noteholder” means the Issuer or any endorsee of the 2021-3 Exchange Note.

2021-3 Lease Agreements” means as of any date, the Collateral Lease Agreements allocated to the 2021-3 Designated Pool.

2021-3 Leased Vehicles” means the Leased Vehicles leased under the 2021-3 Lease Agreements.

2021-3 Permitted Investments” means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence:

 

  (i)

direct obligations of, and obligations fully guaranteed as to full and timely payment by, the full faith and credit of the United States of America;

 

  (ii)

demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities (which may include the Administrative Agent); provided, however, that at the time of the investment or contractual commitment to invest therein the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) thereof shall have a short-term credit rating of “A-1” or better from S&P and “F1” or better from Fitch;

 

  (iii)

commercial paper, variable amount notes or other short term debt obligations having, at the time of the investment or contractual commitment to invest therein, a short-term credit rating of “A-1” or better from S&P and “F1” or better from Fitch;

 

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  (iv)

investments in money market funds (including funds for which the Collateral Agent or the Indenture Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having, at the time the investment or contractual commitment to invest is made, a rating in the highest investment grade category from each of Moody’s and S&P, and, if rated by Fitch, Fitch’s equivalent rating;

 

  (v)

bankers’ acceptances issued by any depository institution or trust company referred to in clause (ii) above; or

 

  (vi)

repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof, the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (ii) above.

2021-3 Secured Parties” means the Noteholders.

2021-3 Servicing Agreement” means the Basic Servicing Agreement, as supplemented by the 2021-3 Servicing Supplement.

2021-3 Servicing Supplement” means the 2021-3 Servicing Supplement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among the parties to the Basic Servicing Agreement and the Indenture Trustee.

Accelerated Principal Amount” means, for a Payment Date, the lesser of (i) the excess, if any, of (A) Total Available Funds for such Payment Date, minus (B) the aggregate amount payable pursuant to clauses (i) through (xv) of Section 8.3(a) of the Indenture on such Payment Date, and (ii) the excess, if any, of (A) the Pro Forma Note Balance for such Payment Date, minus (B) the Required Pro Forma Note Balance for such Payment Date.

Accounts” means the 2021-3 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account.

Act” has the meaning set forth in Section 11.3(a) of the Indenture.

Administration Agreement” means the Administration Agreement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among the Administrator, the Issuer, the Depositor and the Indenture Trustee.

Administrator” means GM Financial, in its capacity as administrator of the Issuer under the Administration Agreement, and its successors in such capacity.

ADR Organization” means The American Arbitration Association or, if The American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by GM Financial.

 

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ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable, of commercial disputes in effect on the Closing Date.

Aggregate Securitization Value” means on any date of determination, the sum of the Securitization Values of the Collateral Assets that are allocated to the 2021-3 Designated Pool as of such date.

Asset Representations Reviewer” means Clayton Fixed Income Services LLC, a Delaware limited liability company.

Asset Review” has the meaning set forth in the 2021-3 Asset Representations Review Agreement.

Asset Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review.

Asset Review Receivable” means, with respect to any Asset Review, each Receivable that is not a Defaulted Lease or a Liquidated Lease and the related lessee fails to make at least 90% of a Monthly Payment by the related Payment Due Date and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered, remained unpaid for 60 days or more from the Payment Due Date.

Asset Test” means, for an Asset Review, each Test, as defined in the 2021-3 Asset Representations Review Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables.

Available Funds” means for any Payment Date and the related Collection Period, the sum of the following amounts:

(i)     2021-3 Exchange Note Collections with respect to such Collection Period;

(ii)    Investment Earnings for such Payment Date;

(iii)   in the case of an Optional Purchase, the Optional Purchase Price;

(iv)   in the case of a sale or other disposition of Collateral pursuant to Section 5.4 of the Indenture, any money or property available therefrom after application by the Indenture Trustee pursuant to Section 5.4(b) of the Indenture; and

(v)    amounts, if any, released from the Reserve Account pursuant to Section 2.14(b)(ii) of the 2021-3 Servicing Supplement on such Payment Date.

Base Residual Value” means, with respect to any 2021-3 Lease Agreement, the least of (i) the Contract Residual Value, (ii) the residual value of the total manufacturer’s suggested retail price of the related 2021-3 Leased Vehicle (including all options authorized by the Servicer in connection with the origination of the related 2021-3 Lease Agreement, without making a

 

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distinction between value-adding options that add little or no value to the resale price of the related 2021-3 Leased Vehicle) on the related Maturity Date as determined in accordance with the then-current Automotive Lease Guide upon origination of the related 2021-3 Lease Agreement, (iii) the residual value of the total manufacturer’s suggested retail price of the related 2021-3 Leased Vehicle (including all options authorized by the Servicer in connection with the origination of the related 2021-3 Lease Agreement, without making a distinction between value-adding options that add little or no value to the resale price of the related 2021-3 Leased Vehicle) on the related Maturity Date calculated utilizing as a “mark-to-market” value a residual value estimate as determined in accordance with the May/June 2021 Automotive Lease Guide, (iv) the residual value of the Maximum Residualizable MSRP of the related 2021-3 Leased Vehicle on the related Maturity Date as determined in accordance with the then-current Automotive Lease Guide upon origination of the related 2021-3 Lease Agreement, and (v) the residual value of the Maximum Residualizable MSRP of the related 2021-3 Leased Vehicle on the related Maturity Date calculated utilizing as a “mark-to-market” value a residual value estimate as determined in accordance with the May/June 2021 Automotive Lease Guide.

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

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

Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.11 of the Indenture.

Calculation Agent” has the meaning set forth in Section 11.20 of the Indenture.

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

Certificate Register” has the meaning specified in Section 1.1 of the Trust Agreement.

Certificateholder” means the Person in whose name a Certificate is registered on the Certificate Register.

Certificate of Trust” means the certificate of trust of the Issuer substantially in the form of Exhibit B to the Issuer Trust Agreement.

Class” means the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes, as the context requires.

Class A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

Class A-1 Interest Rate” means 0.12945% per annum (computed on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period).

Class A-1 Notes” means the Class A-1 0.12945% Asset Backed Notes, substantially in the form of Exhibit A-1 to the Indenture.

 

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Class A-2 Interest Rate” means 0.24% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class A-2 Notes” means the Class A-2 0.24% Asset Backed Notes, substantially in the form of Exhibit A-2 to the Indenture.

Class A-3 Interest Rate” means 0.39% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class A-3 Notes” means the Class A-3 0.39% Asset Backed Notes, substantially in the form of Exhibit A-3 to the Indenture.

Class A-4 Interest Rate” means 0.50% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class A-4 Notes” means the Class A-4 0.50% Asset Backed Notes, substantially in the form of Exhibit A-4 to the Indenture.

Class A Principal Parity Amount” means, with respect to any Payment Date, the lesser of (i) the excess, if any, of (A) the aggregate remaining principal balance of the Class A Notes immediately prior to such Payment Date, over (B) the Aggregate Securitization Value as of the end of the immediately preceding Collection Period, and (ii) the amount of Total Available Funds remaining on deposit in the Indenture Collections Account after the funding of the items described in clauses (i) and (ii) of Section 8.3(a) of the Indenture on such Payment Date.

Class B Interest Rate” means 0.76% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class B Notes” means the Class B 0.76% Asset Backed Notes, substantially in the form of Exhibit B to the Indenture.

Class B Principal Parity Amount” means, with respect to any Payment Date, the lesser of (i) the excess of (A) the excess, if any, of (1) the aggregate remaining principal balance of the Class A Notes and of the Class B Notes, in each case immediately prior to such Payment Date, over (2) the Aggregate Securitization Value as of the end of the immediately preceding Collection Period, over (B) the sum of the Class A Principal Parity Amount for such Payment Date plus any payments made on the Class A Notes as a Matured Principal Shortfall on such Payment Date, and (ii) the amount of Total Available Funds remaining on deposit in the Indenture Collections Account after the funding of the items described in clauses (i) through (v) of Section 8.3(a) of the Indenture on such Payment Date.

Class C Interest Rate” means 1.03% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class C Notes” means the Class C 1.03% Asset Backed Notes, substantially in the form of Exhibit C to the Indenture.

Class C Principal Parity Amount” means, with respect to any Payment Date, the lesser

 

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of (i) the excess of (A) the excess, if any, of (1) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes and of the Class C Notes, in each case immediately prior to such Payment Date, over (2) the Aggregate Securitization Value as of the end of the immediately preceding Collection Period, over (B) the sum of the Class A Principal Parity Amount and the Class B Principal Parity Amount for such Payment Date plus any payments made on the Class A Notes or the Class B Notes as a Matured Principal Shortfall on such Payment Date, and (ii) the amount of Total Available Funds remaining on deposit in the Indenture Collections Account after the funding of the items described in clauses (i) through (viii) of Section 8.3(a) of the Indenture on such Payment Date.

Class D Interest Rate” means 1.16% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class D Notes” means the Class D 1.16% Asset Backed Notes, substantially in the form of Exhibit D to the Indenture.

Class D Principal Parity Amount” means, with respect to any Payment Date, the lesser of (i) the excess of (A) the excess, if any, of (1) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes and of the Class D Notes, in each case immediately prior to such Payment Date, over (2) the Aggregate Securitization Value as of the end of the immediately preceding Collection Period, over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount and the Class C Principal Parity Amount for such Payment Date plus any payments made on the Class A Notes, the Class B Notes or the Class C Notes as a Matured Principal Shortfall on such Payment Date, and (ii) the amount of Total Available Funds remaining on deposit in the Indenture Collections Account after the funding of the items described in clauses (i) through (xi) of Section 8.3(a) of the Indenture on such Payment Date.

Clayton” means Clayton Fixed Income Services LLC.

Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

Code” means the Internal Revenue Code of 1986, as amended.

Collection Period” means, with respect to the 2021-3 Exchange Note and the Notes, a calendar month (or in the case of the first Collection Period, with respect to the 2021-3 Exchange Note and the Notes, the period from and excluding the Cutoff Date and ending at the close of business on August 31, 2021). The “related Collection Period” for a Payment Date is the Collection Period ending immediately prior to such Payment Date.

Commission” means the United States Securities and Exchange Commission.

 

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Commonly Controlled Entity” means with respect to a Person, an entity, whether or not incorporated, which is under common control with such Person within the meaning of Section 4001 of ERISA or is part of a group which includes such Person and which is treated as a single employer under Section 414 of the Code.

Contractual Obligation” means as to any Person as of any day, any provision of any security issued by such Person or of any agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound as of such day.

Controlling Party” means the Indenture Trustee, acting on behalf of the Noteholders and solely at the prior written direction of the Majority Noteholders.

Corporate Trust Office” means with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which any particular time its corporate trust business shall be administered which office at the date of the execution of the Indenture is located at 600 South 4th Street, MAC N9300-061, Minneapolis, Minnesota 55415, Attention: Corporate Trust Administration or at any other time at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders.

Credit Risk Retention Rules” has the meaning set forth in Section 2.9(a) of the 2021-3 Servicing Supplement.

Cutoff Date” means the close of business on June 30, 2021.

Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

Defaulted Lease” means any 2021-3 Lease Agreement (other than a Liquidated Lease) with respect to which at any time prior to the related Maturity Date, (i) an amount at least equal to 10% of any Monthly Payment remains unpaid for more than one hundred and twenty (120) days from the original Payment Due Date, (ii) the related 2021-3 Leased Vehicle has been repossessed, or (iii) such 2021-3 Lease Agreement has been written off by the Servicer in accordance with its Customary Servicing Practices.

Definitive Notes” has the meaning set forth in Section 2.11 of the Indenture.

Delinquency Rate” means, for any Collection Period, the number, expressed as a percentage, equal to (i) the aggregate Securitization Value of all Delinquent Trigger Leases as of the end of such Collection Period divided by (ii) the Aggregate Securitization Value as of the end of such Collection Period.

Delinquency Trigger” means, that (i) as of the end of any of the first through twelfth Collection Periods, the Delinquency Rate exceeds 1.40%, (ii) as of the end of any of the thirteenth through twenty-fourth Collection Periods, the Delinquency Rate exceeds 2.10% or (iii) as of the end of any subsequent Collection Period, the Delinquency Rate exceeds 2.90%.

Delinquent Lease” means any 2021-3 Lease Agreement that is not a Defaulted Lease or a Liquidated Lease and a lessee fails to make at least 90% of a Monthly Payment by the related

 

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Payment Due Date and remains unpaid for more than thirty (30) days from the original Payment Due Date for such payment.

Delinquent Trigger Lease” means any 2021-3 Lease Agreement that is not a Defaulted Lease or a Liquidated Lease and which a lessee fails to make at least 90% of a Monthly Payment by the related Payment Due Date and remains unpaid for sixty-one (61) or more days from the original Payment Due Date for such payment.

Deposit Date” means with respect to a Collection Period and Payment Date, the Business Day immediately preceding such Payment Date.

Depositor” means GMF Leasing LLC, a Delaware limited liability company.

Depositor Administration Agreement” means the Administration Agreement, dated as of January 31, 2011, between the Depositor and GM Financial, as the administrator of the Depositor.

Depositor Certificate of Formation” means the certificate of formation of the Depositor filed with the Secretary of State of the State of Delaware.

Depositor LLC Agreement” means the limited liability company agreement of the Depositor, dated January 31, 2011, as amended, modified and supplemented from time to time.

Designated Pool Balance” means on any date of determination and with respect to the 2021-3 Designated Pool, the sum of the Securitization Values of the Collateral Assets that are allocated to the 2021-3 Designated Pool on such date that are not Defaulted Leases as of such date.

Designated Pool Servicing Fee” has the meaning set forth in Section 2.7 of the 2021-3 Servicing Supplement.

Discount Rate” means with respect to each 2021-3 Lease Agreement, the greater of (i) the APR of such 2021-3 Lease Agreement, and (ii) 6.00%.

Eligible Collateral Assets” means, on any date of determination, all 2021-3 Lease Agreements and the related 2021-3 Leased Vehicles that (i) satisfy the respective criteria on Exhibit A to this Appendix 1, and (ii) are not (and are not 2021-3 Leased Vehicles leased under) Delinquent Leases, Defaulted Leases, Matured Leases, Terminated Leases or 2021-3 Lease Agreements that the Servicer is required to have reallocated from the 2021-3 Designated Pool pursuant to Section 2.5 of the 2021-3 Servicing Supplement but has not so reallocated.

Eligible Collateral Balance” means the sum of the Securitization Values of all Eligible Collateral Assets.

Event of Default” means any of the events specified in Section 5.1 of the Indenture; provided, that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

 

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Excess Exchange Note Payments” means, for each payment date, all amounts payable pursuant to Section 5.1(e) of the 2021-3 Exchange Note Supplement.

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

Exchange Note Balance” means as of any date of determination, the Exchange Note Initial Principal Balance, as reduced by all amounts distributed on the 2021-3 Exchange Note pursuant to Section 5.1 of the 2021-3 Exchange Note Supplement and allocable to principal through and including such date.

Exchange Note Final Scheduled Payment Date” means December 22, 2025.

Exchange Note Initial Principal Balance” has the meaning set forth in Section 2.1(b)(ii) of the 2021-3 Exchange Note Supplement.

Exchange Note Interest Payment Amount” has the meaning set forth in Section 2.4 of the 2021-3 Exchange Note Supplement.

Exchange Note Interest Period” means for the 2021-3 Exchange Note and with respect to any Payment Date, the period from and including the most recent Payment Date on which interest has been paid on the 2021-3 Exchange Note (or in the case of the first Payment Date, from and including the 2021-3 Closing Date) to, but excluding, the following Payment Date.

Exchange Note Interest Rate” has the meaning set forth in Section 2.1(b)(iv) of the 2021-3 Exchange Note Supplement.

Exchange Note Issuance Date” has the meaning set forth in Section 2.1(b)(i) of the 2021-3 Exchange Note Supplement.

Exchange Note Principal Payment Amount” has the meaning set forth in Section 2.5 of the 2021-3 Exchange Note Supplement.

Final Scheduled Payment Date” means with respect to (i) the Class A-1 Notes, the August 22, 2022 Payment Date, (ii) the Class A-2 Notes, the December 20, 2023 Payment Date, (iii) the Class A-3 Notes, the October 21, 2024 Payment Date, (iv) the Class A-4 Notes, the July 21, 2025 Payment Date, (v) the Class B Notes, the July 21, 2025 Payment Date, (vi) the Class C Notes, the July 21, 2025 Payment Date and (vii) the Class D Notes, December 22, 2025 Payment Date.

Financial Assets” has the meaning set forth in Section 2.3(g)(i) of the 2021-3 Servicing Supplement.

Fitch” means Fitch Inc. d/b/a Fitch Ratings.

Foreign Noteholder” means any Noteholder that is organized under the laws of a jurisdiction other than that in which the Issuer is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

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GM Financial” means AmeriCredit Financial Services, Inc. d/b/a GM Financial.

Indenture” means the Indenture, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among the Issuer, the Servicer and the Indenture Trustee.

Indenture Collateral” has the meaning set forth in the Granting Clause of the Indenture.

Indenture Collections Account” has the meaning set forth in Section 2.3(b) of the 2021-3 Servicing Supplement.

Indenture Trustee” means Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee under the Indenture, or any successor Indenture Trustee under the Indenture.

Independent” means, when used with respect to any specified Person, that the Person (i) is in fact independent of the Issuer, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons, and (iii) is not connected with the Issuer, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

Independent Accountants” shall have the meaning set forth in Section 2.10(a) of the 2021-3 Servicing Supplement.

Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, prepared by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” (as such term is defined for purposes of the Indenture) and that the signer is Independent within the meaning thereof.

Interest Accrual Period” means the period from and including the most recent Payment Date on which interest has been paid (or, in the case of the first Payment Date, the 2021-3 Closing Date) to but excluding the following Payment Date.

Issuer” means GM Financial Automobile Leasing Trust 2021-3, a Delaware statutory trust.

Issuer Obligations” means all amounts and obligations which the Issuer may at any time owe to the Indenture Trustee, the Noteholders or the Issuer Owner Trustee under any of the Program Documents.

Issuer Order” or “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee.

 

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Issuer Owner Trustee” means Wilmington Trust Company, not in its individual capacity but solely as owner trustee under the Issuer Trust Agreement, or any successor Issuer Owner Trustee under the Issuer Trust Agreement.

Issuer Trust Agreement” means the Amended and Restated Trust Agreement of the Issuer, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, between the Depositor and the Issuer Owner Trustee.

Issuer Trust Certificate” means a “Trust Certificate”, as defined in Section 1.1 of the Issuer Trust Agreement.

Issuer Trust Certificateholder” means a “Trust Certificateholder”, as defined in Section 1.1 of the Issuer Trust Agreement.

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

Liquidated Lease” means with respect to any Collection Period, a 2021-3 Lease Agreement: (i) in respect of which the related 2021-3 Leased Vehicle was sold or otherwise disposed of by the Servicer following the scheduled or early termination of such 2021-3 Lease Agreement, (ii) that became a Terminated Lease or a Matured Lease more than one hundred and eighty (180) days prior to the end of such Collection Period and the related 2021-3 Leased Vehicle has not been sold or otherwise disposed of by the Servicer as of the end of such Collection Period, or (iii) in respect of which the Servicer’s records, in accordance with the Customary Servicing Practices, indicate that all Insurance Proceeds expected to be received have been received following a casualty or other loss with respect to the related 2021-3 Leased Vehicle.

Majority Noteholders” means the Holders of Notes representing a majority of the principal balance of the most senior Class of Notes then outstanding; provided, that neither Holders of Notes who are employees or Affiliates of the Issuer, the Seller, the Servicer or General Motors Financial Company, Inc. nor the Notes held by such Holders shall be counted when calculating such majority of the related principal balance.

Matured Principal Shortfall” means, with respect to any Payment Date and for any Class of Notes which would have a remaining principal balance greater than zero on such Payment Date after taking into account the payment of all other principal amounts to such Class on such Payment Date and as to which such Payment Date is either the Final Scheduled Payment Date for such Class, or a Payment Date subsequent to such Final Scheduled Payment Date, the remaining principal balance of such Class on such Payment Date.

Moody’s” means Moody’s Investors Service, Inc., or its successor.

Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note, a Class A-4 Note, a Class B Note, a Class C Note, or a Class D Note.

 

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Note Interest Rate” means, with respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3 Notes, the Class A-3 Interest Rate, (iv) Class A-4 Notes, the Class A-4 Interest Rate, (v) Class B Notes, the Class B Interest Rate, (vi) Class C Notes, the Class C Interest Rate, and (vii) Class D Notes, the Class D Interest Rate.

Note Owner” means, with respect to a Book Entry Note, the person who is the owner of such Book Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

Note Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.10 of the Indenture and is authorized by the Issuer to make the payments to and distributions from the Indenture Collections Account and the Note Payment Account, including payment of principal of or interest on the Notes on behalf of the Issuer.

Note Payment Account” has the meaning set forth in Section 2.3(c) of the 2021-3 Servicing Supplement.

Note Principal Balance” means (i) on the 2021-3 Closing Date, $1,296,550,000, and (ii) on any other date, an amount equal to the excess, if any, of (a) the Note Principal Balance on the 2021-3 Closing Date, over (b) the aggregate amount of all Noteholders’ Principal Distributable Amounts and other payments of principal in respect of the Notes, in each case, made on Payment Dates pursuant to the Indenture through and including such date.

Note Register” and “Note Registrar” have the meanings specified in Section 2.4 of the Indenture.

Noteholder” or “Holder” means the Person in whose name a Note is registered in the Note Register.

Noteholders’ Distributable Amount” means, with respect to any Payment Date, the sum of the Noteholders’ Principal Distributable Amount and the Noteholders’ Interest Distributable Amount.

Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, any Noteholders’ Interest Distributable Amount for such Class of Notes from the immediately preceding Payment Date which remains unpaid as of such date of determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective Note Interest Rate borne by the applicable Class of Notes from such immediately preceding Payment Date to but excluding the related Payment Date.

Noteholders’ Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Noteholders’ Monthly Interest Distributable Amount for each Class of Notes for such Payment Date and the Noteholders’ Interest Carryover Amount, if any, for each Class of Notes, calculated as of such Payment Date.

 

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Noteholders’ Monthly Interest Distributable Amount” with respect to any Payment Date and any Class of Notes, the interest accrued at the respective Note Interest Rate during the applicable Interest Accrual Period that shall accrue (i) on the principal amount of the Notes of such Class Outstanding as of the end of the prior Payment Date or, in the case of the first Payment Date, as of the 2021-3 Closing Date, and (ii) on either an “actual/360” basis (with respect to the Class A-1 Notes) or, a “30/360” basis (with respect to all other Classes of Notes).

Noteholders’ Principal Carryover Amount” means, as of any date of determination, all or any portion of the Noteholders’ Principal Distributable Amount from the preceding Payment Date which remains unpaid as of such date of determination.

Noteholders’ Principal Distributable Amount” means, with respect to any Payment Date (other than the Final Scheduled Payment Date for any Class of Notes), the sum of:

 

  (1)

the lesser of (a) the sum of the Principal Distributable Amount for such Payment Date, plus the Noteholders’ Principal Carryover Amount, if any, as of the close of business on the preceding Payment Date, and (b) the positive amount, if any, necessary to reduce the Outstanding Amount on such Payment Date, after giving effect to distributions made pursuant to clauses (i) through (xiii) of Section 8.3(a) of the Indenture, to the Required Pro Forma Note Balance for such Payment Date,

plus

 

  (2)

on the Final Scheduled Payment Date for any Class of Notes, the excess of the outstanding principal amount of such Class of Notes, if any, over the amount described in clause (1).

Notice of Event of Default” means a Notice of Event of Default delivered to the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial, as the case may be, pursuant to Section 5.1(c) or (d) of the Indenture.

Optional Purchase” has the meaning set forth in Section 10.1 of the Indenture

Optional Purchase Price” has the meaning set forth in Section 10.1 of the Indenture.

Outstanding” means as of the date of determination, all Notes theretofore authenticated and delivered under the Indenture except:

(i) Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

(ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee in trust for the Noteholders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision for such notice has been made, satisfactory to the Indenture Trustee); and

 

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(iii) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;

provided, that in determining whether the Holders of the requisite principal amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Program Document, Notes owned by the Issuer, any other obligor upon the Notes or any Affiliate thereof shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes or any Affiliate thereof.

Outstanding Amount” means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date of determination.

Payment Date” means the twentieth (20th) day of each month, or, if such day is not a Business Day, the immediately following Business Day, commencing on September 20, 2021.

PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

Predecessor Note” means with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

Principal Distributable Amount” means, with respect to any Payment Date, the amount, if any, equal to the difference of:

 

  (1)

the Aggregate Securitization Value at the close of business on the last day of the prior Collection Period,

minus

 

  (2)

the Aggregate Securitization Value at the close of business on the last day of the related Collection Period.

Pro Forma Note Balance” means, with respect to any Payment Date, the aggregate remaining principal amount of the Notes outstanding on such Payment Date, after giving effect to distributions pursuant to clauses (i) through (xv) of Section 8.3(a) of the Indenture.

Program Documents” means the Indenture, the Underwriting Agreement, the Issuer Trust Agreement, the Administration Agreement, the Certificate of Trust, the 2021-3 Exchange Note Sale Agreement, the 2021-3 Exchange Note Transfer Agreement, the Titling Trust Agreement, the 2021-3 Exchange Note Supplement, the Credit and Security Agreement, the

 

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Basic Servicing Agreement, the 2021-3 Servicing Supplement, the 2021-3 Asset Representations Review Agreement, the Depositor Certificate of Formation, APGO’s trust agreement, the Depositor LLC Agreement and the Depositor Administration Agreement.

Prohibited Transaction Class Exemption” means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor.

Protected Purchaser” means a protected purchaser within the meaning of Section 8-303 of the UCC of the Notes.

Rating Agency” means each of Fitch and S&P so long as such Persons maintain a rating on the Notes; and if any of Fitch and S&P no longer maintains a rating on the Notes, such other nationally recognized statistical rating organization engaged by the Depositor.

Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof by GM Financial and that such Rating Agency has not notified the Depositor, the Servicer, the Indenture Trustee, the Issuer Owner Trustee or the Issuer in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes.

Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by the Administrator or the Issuer pursuant to Section 10.1 of the Indenture.

Redemption Price” means in connection with a redemption of the Notes pursuant to Section 10.1 of the Indenture, an amount equal to the sum of the Note Principal Balance plus accrued and unpaid interest thereon to and excluding the Redemption Date.

Regulation AB” means Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

Representatives” means CIBC World Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., in each case, as a representative of the underwriters set forth in the Underwriting Agreement.

Repurchase Payment” means, with respect to any 2021-3 Lease Agreement that is to be purchased by the Servicer pursuant to Section 2.6 of the Basic Servicing Agreement or reallocated from the 2021-3 Designated Pool to the Lending Facility Pool in accordance with the 2021-3 Servicing Supplement due to the breach of any representation, warranty or covenant under the 2021-3 Servicing Supplement, the difference of (i) the Securitization Value of such 2021-3 Lease Agreement as of the end of the Collection Period in which (a) the cure period

 

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ended with respect to Section 2.6(b) of the Basic Servicing Agreement or Section 2.5 of the 2021-3 Servicing Supplement, as applicable or (b) the Servicer discovers or receives notice of such change with respect to Section 2.6(c) of the Basic Servicing Agreement, minus (ii) any Monthly Payments received by the Servicer from the related Lessee as of the date of purchase or reallocation by the Servicer that were not yet due from the Lessee as of such date.

Required Noteholders” means Holders of Outstanding Notes evidencing more than 66 2/3% of the principal balance of the most senior Class of Notes Outstanding.

Required Pro Forma Note Balance” means, with respect to any Payment Date, a dollar amount equal to the difference of (i) the Aggregate Securitization Value as of the end of the related Collection Period, minus (ii) 7.00% of the Aggregate Securitization Value as of the Cutoff Date; provided, that, if the resulting value is less than $0, the “Required Pro Forma Note Balance” will be deemed to equal $0.

Reserve Account” means the account designated as such, established and maintained pursuant to Section 2.3(d) of the 2021-3 Servicing Supplement.

Reserve Account Required Amount” means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiii) of Section 8.3(a) of the Indenture.

Reserve Account Redemption Date” means the first Payment Date on which the sum of (i) Available Funds for such Payment Date, plus (ii) the amount on deposit in the Reserve Account immediately prior to such Payment Date, is greater than the sum of all amounts due on that Payment Date pursuant to clauses (i) through (xiv) and clause (xvii) of Section 8.3(a) of the Indenture (calculated assuming the total outstanding principal amount of each Class of Notes then Outstanding is due and payable pursuant to the definition of Noteholders’ Principal Distributable Amount).

Reserve Account Withdrawal Amount” means, with respect to any Payment Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xiii) of Section 8.3 of the Indenture (taking into account application of Available Funds to the priority of payments specified in Section 8.3 of the Indenture and ignoring any provision thereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Payment Date prior to application of amounts on deposit therein pursuant to Section 8.3 of the Indenture; provided, that on the Reserve Account Redemption Date the Reserve Account Withdrawal Amount will equal the entire amount on deposit in the Reserve Account.

Retained Interest” has the meaning set forth in Section 3.17 of the 2021-3 Servicing Supplement.

S&P” means S&P Global Ratings, or its successor.

 

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Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles” means the schedule of Lease Agreements and Leased Vehicles leased under those Lease Agreements attached as Schedule A to the 2021-3 Exchange Note Supplement, which shall set forth certain information with respect to each 2021-3 Lease Agreement as of the Cutoff Date.

Secretary of State” means the Secretary of State of the State of Delaware.

Securities Act” means the Securities Act of 1933, as amended.

Securities Intermediary” has the meaning set forth in Section 2.3(g) of the 2021-3 Servicing Supplement.

Securitization Value” means, on any date of determination, with respect to any 2021-3 Lease Agreement that is not a Defaulted Lease, a Liquidated Lease, a Terminated Lease or a Matured Lease, the sum of: (i) the present values, as of the last day of the immediately preceding Collection Period, of each remaining Monthly Payment due under such 2021-3 Lease Agreement as of such day, discounted from the last day of the Collection Period in which such Monthly Payment is due (or, in the case of a delinquent Monthly Payment, from the last day of the Collection Period in which the next Monthly Payment is due) to such day, at a rate equal to the Discount Rate applicable on such date of determination with respect to such 2021-3 Lease Agreement, in each case, computed on the basis of the assumption that each Collection Period is thirty (30) days, plus (ii) the present value of the Base Residual Value with respect to such 2021-3 Lease Agreement, as of the last day of the immediately preceding Collection Period, discounted from the last day of the Collection Period in which the Maturity Date with respect to such 2021-3 Lease Agreement is scheduled to occur to such day, at a rate equal to the Discount Rate applicable on such date of determination with respect to such 2021-3 Lease Agreement, in each case, computed on the basis of the assumption that each Collection Period is thirty (30) days. The Securitization Value of a Defaulted Lease will be reduced to zero at the close of business on the last day of the Collection Period in which it becomes a Defaulted Lease; the Securitization Value of a Liquidated Lease will be reduced to zero at the close of business on the last day of the Collection Period in which it becomes a Liquidated Lease; the Securitization Value of a Terminated Lease will be the Base Residual Value from and after the time it becomes a Terminated Lease and prior to the time it becomes a Liquidated Lease; and the Securitization Value of a Matured Lease will be the Base Residual Value from and after the time it becomes a Matured Lease and prior to the time it becomes a Liquidated Lease.

Servicer Default” has the meaning set forth in Section 2.11(a) of the 2021-3 Servicing Supplement.

Servicer Report” means the monthly report prepared by the Servicer pursuant to the 2021-3 Servicing Supplement containing the information listed on Exhibit A thereto.

Servicing Fee Rate” means 1.00% per annum.

Similar Law” has the meaning specified in Section 2.4 of the Indenture.

Specified Reserve Balance” means, $3,430,052.

 

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STAMP” has the meaning specified in Section 2.4 of the Indenture.

State” means any one of the fifty states of the United States of America or the District of Columbia.

Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code.

Termination Date” means the date on which the Indenture Trustee shall have received payment and performance of all Obligations.

Total Available Funds” has the meaning set forth in Section 8.3 of the Indenture.

Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the date hereof, unless otherwise specifically provided.

Trust Officer” means in the case of the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

Underwriting Agreement” means the Underwriting Agreement, dated as of August 10, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among GM Financial, the Depositor and the Representatives.

 

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EXHIBIT A

ELIGIBLE COLLATERAL ASSETS CRITERIA

(1)    Origination. The 2021-3 Lease Agreement (a) was originated in the United States by the Titling Trust or a Dealer in the ordinary course of business and in accordance with GM Financial’s underwriting guidelines for lease agreements, and, in the case of a 2021-3 Lease Agreement originated by a Dealer, pursuant to a Dealer Agreement which allows for recourse to the Dealer in the event of certain defects in the 2021-3 Lease Agreement (but not for a default by the related Lessee), and (b) was not originated under a master lease contract.

(2)    Good Title. The Titling Trust has good title, or the Servicer has commenced procedures that will result in good title, to each 2021-3 Lease Agreement and each 2021-3 Leased Vehicle, free and clear of any Liens (other than the Liens in favor of the Collateral Agent granted in accordance with the Credit and Security Agreement); and the Collateral Agent has a security interest in each 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle which was validly created and is a perfected, first priority security interest, and is noted as lienholder on the related Certificate of Title.

(3)    Compliance with Law. Each 2021-3 Lease Agreement complied in all material respects at the time it was originated, and as of the date of the 2021-3 Servicing Supplement will comply in all material respects, with all requirements of federal, State and local laws.

(4)    Necessary Licenses and Approvals. All material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the originator of such 2021-3 Lease Agreement in connection with (a) the origination or acquisition of such 2021-3 Lease Agreement, (b) the execution, delivery and performance of such 2021-3 Lease Agreement by the Titling Trust, and (c) the acquisition of such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle by the Titling Trust, were duly obtained, effected or given and were in full force and effect as of such date of creation or acquisition.

(5)    Binding Obligation. The 2021-3 Lease Agreement and all related Lease Documents were fully and properly executed by the parties thereto and such 2021-3 Lease Agreement represents the legal, valid and binding full-recourse payment obligation of the related Lessee, enforceable against such Lessee in accordance with its terms, except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of creditors’ rights in general or principles of equity (whether considered in a suit at law or in equity).

(6)    No Defenses. The 2021-3 Lease Agreement is not subject, to the best of the Seller’s and Servicer’s knowledge, to any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to payment of the amounts due thereunder, and no such right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened.

 

EX-1


(7)    Satisfaction of Obligations. Each of GM Financial, the Titling Trust and, to the best of the Seller’s and Servicer’s knowledge, the Dealer which originated the 2021-3 Lease Agreement, if any, has satisfied all respective obligations required to be fulfilled on its part with respect to such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle.

(8)    U.S. Dollars. The 2021-3 Lease Agreement is payable solely in Dollars in the United States.

(9)    No Government Obligors. The related Lessee is a Person other than GM Financial, any Affiliate or employee thereof or a Governmental Authority and at the time of origination of the 2021-3 Lease Agreement, based on information provided by the Lessee, the Lessee is located in and has a billing address within the United States.

(10)    No Bankrupt Lessees. As of the Cutoff Date, the related Lessee has not been identified on the records of GM Financial as being the subject of a current bankruptcy proceeding.

(11)    Insurance. The 2021-3 Lease Agreement requires the Lessee thereunder to maintain (a) physical damage and liability insurance covering the related 2021-3 Leased Vehicle, and (b) insurance against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage.

(12)    Security Interest in Financed Vehicle. The related 2021-3 Leased Vehicle is titled in the name of a Titling Trust Permissible Name and the Collateral Agent is listed as the recorded lienholder or recorded holder of a security interest in such 2021-3 Leased Vehicle, or the Servicer has commenced procedures that will result in such 2021-3 Leased Vehicle being titled in the name of a Titling Trust Permissible Name and the Collateral Agent being listed as recorded lienholder or recorded holder of a security interest in such 2021-3 Leased Vehicle.

(13)    Simple Interest. The 2021-3 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2021-3 Lease Agreement to the Contract Residual Value by the end of the Lease Term, based on the related APR.

(14)    Lawful Assignment. The 2021-3 Lease Agreement is fully assignable by the lessor and does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale, assignment or granting of a security interest of the rights thereunder to or by the Titling Trust.

(15)    No Material Amendments or Modifications. The 2021-3 Lease Agreement has not been modified in any way except in accordance with the Customary Servicing Practices.

(16)    No Default. As of the Cutoff Date, the 2021-3 Lease Agreement is not a Liquidated Lease, a Defaulted Lease or a Delinquent Lease and, except as permitted in this paragraph, to the best of the Seller’s and Servicer’s knowledge, no default, breach, violation or event permitting acceleration under its terms has occurred; and to the best of the Seller’s and Servicer’s knowledge, no continuing condition that with notice or the lapse of time would

 

EX-2


constitute a default, breach, violation or event permitting acceleration under its terms has arisen; and GM Financial has not waived, and shall not waive, any of the foregoing.

(17)    Vehicle. The related 2021-3 Leased Vehicle is a car, light truck or utility vehicle manufactured by General Motors Company or an Affiliate thereof.

(18)    Chattel Paper. The 2021-3 Lease Agreement constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC.

(19)    Leases in Force. The 2021-3 Lease Agreement is in full force and effect and, to the best of the Seller’s and the Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated.

(20)    Schedule of Leases. The 2021-3 Lease Agreement has been identified in the Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles and such Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles is accurate in all material respects and the 2021-3 Lease Agreement has not been allocated to any other Designated Pool.

(21)    Maturity Date. At origination the Maturity Date with respect to the 2021-3 Lease Agreement was not less than twelve (12) months or more than sixty (60) months after the date of origination.

(22)    Securitization Value. As of the 2021-3 Cutoff Date, each 2021-3 Lease Agreement had a Securitization Value not less than $5,000.00 and no more than $150,000.00.

(23)    One Original. With respect to any 2021-3 Lease Agreement that constitutes “electronic chattel paper” under the UCC, (a) a single electronically authenticated authoritative copy (within the meaning of the UCC) of the 2021-3 Lease Agreement is continuously maintained by the Servicer, and (b) the Servicer is able (1) to transfer the electronically authenticated authoritative copy of the related 2021-3 Lease Agreement to a separate electronic vault at the related econtracting facilitator that is controlled by the applicable Successor Servicer or to an electronic vault at the applicable Successor Servicer, or (2) to export the electronically authenticated authoritative copy from the electronic vault and deliver a physical copy of the exported 2021-3 Lease Agreement to the successor Servicer.

 

EX-3

EX-10.1 5 d86912dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

Execution Version

 

 

GM FINANCIAL,

as Lender

and

GMF LEASING LLC,

as Depositor

 

 

2021-3 EXCHANGE NOTE SALE AGREEMENT

Dated as of June 30, 2021

 

 

 

 


TABLE OF CONTENTS

 

              Page  

ARTICLE I DEFINITIONS

     2
 

SECTION 1.1.

  

Definitions

     2

ARTICLE II TRANSFER OF THE CONVEYED ASSETS

     2
 

SECTION 2.1.

  

Transfer of the Conveyed Assets

     2
 

SECTION 2.2.

  

True Sale

     3
 

SECTION 2.3.

  

Representations and Warranties of the Lender and the Depositor

     4
 

SECTION 2.4.

  

Financing Statements and Books and Records

     7
 

SECTION 2.5.

  

Affirmative Covenants of the Lender

     7
 

SECTION 2.6.

  

Acceptance by the Depositor

     8

ARTICLE III CONDITIONS

     8
 

SECTION 3.1.

  

Conditions Precedent to Effectiveness of this Agreement

     8

ARTICLE IV MISCELLANEOUS

     9
 

SECTION 4.1.

  

Amendment

     9
 

SECTION 4.2.

  

GOVERNING LAW

     10
 

SECTION 4.3.

  

Severability

     10
 

SECTION 4.4.

  

Binding Effect

     10
 

SECTION 4.5.

  

Table of Contents and Headings

     10
 

SECTION 4.6.

  

Counterparts and Consent to Do Business Electronically

     10
 

SECTION 4.7.

  

Further Assurances

     10
 

SECTION 4.8.

  

Third-Party Beneficiaries

     10
 

SECTION 4.9.

  

No Petition

     11
 

SECTION 4.10.

  

Limited Recourse

     11
 

SECTION 4.11.

  

Subordination

     11

 

i


2021-3 EXCHANGE NOTE SALE AGREEMENT, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), between AmeriCredit Financial Services, Inc. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as Lender (in such capacity, the “Lender”), and GMF Leasing LLC, a Delaware limited liability company, as Depositor (the “Depositor”).

RECITALS

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust Agreement”), among APGO Trust, as Settlor, and Wilmington Trust Company, as Owner Trustee, Administrative Trustee and Delaware Trustee, the Titling Trust (the “Titling Trust”) was continued to, among other things, take assignments and conveyances of and hold in trust various assets (the “Trust Assets”);

WHEREAS, pursuant to a Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Titling Trust, the Lender and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”), the Lender has agreed to lend money to the Titling Trust from time to time to acquire Trust Assets and the Lender is entitled, from time to time thereunder, to request that the Titling Trust issue, execute and deliver Exchange Notes to the Lender representing a portion of the debt incurred by the Titling Trust thereunder;

WHEREAS, pursuant to the Credit and Security Agreement and the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Supplement”), among the parties to the Credit and Security Agreement, the Titling Trust has so issued, executed and delivered to the Lender such an Exchange Note (the “2021-3 Exchange Note”);

WHEREAS, pursuant to (i) a Third Amended and Restated Servicing Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing Agreement”), among the Titling Trust, GM Financial, as the Servicer (in such capacity, the “Servicer”) and the Lender, and the Collateral Agent, the Servicer has agreed to perform certain servicing duties with respect to the Trust Assets, and (ii) a 2021-3 Servicing Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Servicing Supplement”), among the Titling Trust, the Servicer, the Lender, the Collateral Agent and Wells Fargo, as Indenture Trustee, the Servicer has agreed to perform certain additional and/or revised servicing duties with respect to those Trust Assets comprising the 2021-3 Designated Pool relating to the 2021-3 Exchange Note;

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

 

1


WHEREAS, immediately after the transfer and assignment of the Conveyed Assets to the Depositor pursuant to this Agreement, the Depositor shall transfer and assign all of its right, title and interest in the Conveyed Assets and this Agreement to GM Financial Automobile Leasing Trust 2021-3 (the “Issuer”), pursuant to the 2021-3 Exchange Note Transfer Agreement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Transfer Agreement”), between the Depositor and the Issuer.

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

ARTICLE I

DEFINITIONS

SECTION 1.1.    Definitions. Capitalized terms used in this Agreement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2021-3 Exchange Note Supplement or, if not defined therein, in Appendix A to the Credit and Security Agreement.

ARTICLE II

TRANSFER OF THE CONVEYED ASSETS

SECTION 2.1.    Transfer of the Conveyed Assets.

(a)    Effective as of the 2021-3 Closing Date and immediately before the transactions contemplated by the 2021-3 Exchange Note Transfer Agreement, the Lender sells and assigns to the Depositor, without recourse, all right, title and interest of the Lender, whether now owned or hereunder acquired, in the following “Conveyed Assets”:

(i)    the 2021-3 Exchange Note;

(ii)    all of the Lender’s rights and benefits, as Exchange Noteholder of the 2021-3 Exchange Note under the 2021-3 Exchange Note, the Credit and Security Agreement, the 2021-3 Exchange Note Supplement and the 2021-3 Servicing Agreement; and

(iii)    all proceeds, accounts, money, general intangibles, instruments, chattel paper, goods, investment property and other property consisting of, arising from or relating to the foregoing.

(b)    In consideration for the Conveyed Assets, the Depositor will pay to the Lender an amount equal to the net proceeds of the sale of the Notes in cash by federal wire transfer on the 2021-3 Closing Date. The Depositor and the Lender each represents and warrants to the other that the amount of cash paid by the Depositor, together with the increase in the value in the Lender’s capital in the Depositor, is equal to the fair market value of the Conveyed Assets.

 

2


(c)    The sale, transfer, assignment and conveyance of the Conveyed Assets pursuant to this Agreement is without recourse, and the Lender does not guarantee payment on the 2021-3 Exchange Note or collection of any underlying asset included in the 2021-3 Designated Pool.

SECTION 2.2.    True Sale.

(a)    The parties hereto intend that the sale, transfer, assignment and conveyance of the Conveyed Assets hereunder constitutes a true sale and assignment of the Conveyed Assets such that any interest in and title to the Conveyed Assets would not be property of the Lender’s estate in the event the Lender becomes a debtor in a case under any Insolvency Law. To the extent that the conveyance of any Conveyed Asset hereunder is characterized by a court or similar Governmental Authority as a financing (a “Recharacterization”), it is intended by the Lender and the Depositor that the interest conveyed constitute a grant of a first priority perfected security interest under the UCC as in effect in the State of New York by the Lender to the Depositor to secure the payment of the sale price of the Conveyed Assets to the Lender. The Lender does hereby grant to the Depositor a security interest in all of its rights, title and privileges and interest, whether now owned or existing or hereafter acquired or arising, in the Conveyed Assets and the parties hereto agree that this Agreement constitutes a “security agreement” under all applicable law. In the case of any Recharacterization, each of the Depositor and the Lender represents and warrants as to itself that each remittance of 2021-3 Exchange Note Collections made to the Depositor will have been (i) in payment of a debt incurred by the Lender in the ordinary course of business or financial affairs of the Lender and the Depositor, and (ii) made in the ordinary course of business or financial affairs of the Lender and the Depositor.

(b)    The Lender makes the following representations and warranties to the Depositor in the event that, notwithstanding the express intent of the parties, the sale, transfer, assignment and conveyance of the Conveyed Assets hereunder is not a true sale and assignment of the Conveyed Assets to the Depositor. The representations and warranties speak as of the 2021-3 Closing Date and shall survive the sale of the Conveyed Assets to the Depositor hereunder, the transfer of the Conveyed Assets to the Issuer pursuant to the 2021-3 Exchange Note Transfer Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture.

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

(ii)    The 2021-3 Exchange Note constitutes a “certificated security” within the meaning of the relevant UCC.

(iii)    The Lender has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law in order to perfect the Depositor’s security interest in the Conveyed Assets.

 

3


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

SECTION 2.3.    Representations and Warranties of the Lender and the Depositor.

(a)    The Lender hereby represents and warrants to the Depositor as of the 2021-3 Closing Date that:

(i)    Organization and Good Standing. The Lender is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware, and has power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power, authority and legal right to acquire, own and sell the Conveyed Assets.

(ii)    Due Qualification. The Lender is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such license, approval or qualification could not reasonably be expected to have a material adverse effect with respect to the Lender.

(iii)    Power and Authority. The Lender has the power and authority to execute and deliver this Agreement, and all other Program Documents to which it is a party, and to carry out their respective terms; and the execution, delivery and performance of this Agreement and all other Program Documents to which it is a party have been or will be duly authorized by the Lender by all necessary action.

(iv)    Binding Obligation. Each of this Agreement and all other Program Documents to which the Lender is a party constitutes a legal, valid and binding obligation of the Lender, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

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

 

4


(vi)    No Proceedings. There are no proceedings or investigations pending or, to the best of its knowledge, threatened before any court, arbitrator or other Governmental Authority having jurisdiction over the Lender or any of its properties which could reasonably be expected to have a material adverse effect with respect to the Lender.

(vii)    No Consent. Except as expressly contemplated by the Program Documents, no consent or authorization of, filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with its execution, delivery or performance or the validity or enforceability against the Lender of the Program Documents.

(viii)    No Default. The Lender is not in default in any material respect under or with respect to any of its Contractual Obligations.

(ix)    Compliance with Law. The Lender has complied in all material respects with all Requirements of Law.

(x)    Title to Conveyed Assets. Immediately prior to the transfer of the Conveyed Assets pursuant to this Agreement, the Lender (A) is the true and lawful owner of the Conveyed Assets and has the legal right to transfer the Conveyed Assets, (B) has good and valid title to the Conveyed Assets and the Conveyed Assets are on such date free and clear of all Liens and (C) will convey good, valid and indefeasible title to the Conveyed Assets to the Depositor under this Agreement.

(xi)    Investment Company Act. The Lender is not an “investment company” within the meaning of the Investment Company Act of 1940.

(xii)    Solvency of the Lender. The Lender is, and after giving effect to the transactions contemplated to occur on such date, will be, Solvent and is not the subject of any Insolvency Event.

(xiii)    Tax Returns. The Lender has filed or caused to be filed all tax returns which are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and has paid or properly accrued and provided for payment at such time as is required or permitted all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any of the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books and records of the Lender); no tax Lien has been filed and, to the knowledge of the Lender, no claim is being asserted with respect to any such tax, fee or other charge.

(b)    The Depositor hereby represents and warrants to the Lender as of the 2021-3 Closing Date that:

(i)    Organization and Good Standing. The Depositor is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware, and has power and authority to own its properties and to conduct its

 

5


business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power, authority and legal right to acquire, own and pledge the Conveyed Assets.

(ii)    Due Qualification. The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such license, approval or qualification could not reasonably be expected to have a material adverse effect with respect to the Depositor.

(iii)    Power and Authority. The Depositor has the power and authority to execute and deliver this Agreement and all other Program Documents to which it is a party and to carry out its terms; and the execution, delivery and performance of this Agreement and all other Program Documents to which it is a party have been duly authorized by the Depositor by all necessary action.

(iv)    Binding Obligation. Each of this Agreement and all other Program Documents to which the Depositor is a party constitutes a legal, valid and binding obligation of the Depositor, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

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

(vi)    No Proceedings. There are no proceedings or investigations pending or, to the best of its knowledge, threatened before any court, arbitrator or other Governmental Authority having jurisdiction over the Depositor or any of its properties which could reasonably be expected to have a material adverse effect with respect to the Depositor.

(vii)    No Consent. Except as expressly contemplated by the Program Documents, no consent or authorization of, filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with its execution, delivery or performance or the validity or enforceability against the Depositor of the Program Documents.

(viii)    No Default. The Depositor is not in default in any material respect under or with respect to any of its Contractual Obligations.

 

6


(ix)    Compliance with Law. The Depositor has complied in all material respects with all Requirements of Law.

(c)    The representations and warranties set forth in this Section shall survive the transfer, sale, assignment and conveyance of the Conveyed Assets by the Lender to the Depositor hereunder, the transfer, sale, assignment and conveyance of the Conveyed Assets by the Depositor to the Issuer pursuant to the 2021-3 Exchange Note Transfer Agreement and the pledge of the Conveyed Assets by the Issuer to the Indenture Trustee pursuant to the Indenture. Upon discovery by the Lender or the Depositor of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other, the Noteholders and the Indenture Trustee. In addition to the foregoing, the Depositor shall comply with the obligations set forth in Section 2.5(b) of the Servicing Supplement.

SECTION 2.4.    Financing Statements and Books and Records.

(a)    In connection with the conveyance of the Conveyed Assets hereunder, the Lender agrees that on or prior to the 2021-3 Closing Date, it will deliver at the direction of the Lender to the Depositor, with all requisite endorsements, the 2021-3 Exchange Note and will file, at its own expense, one or more financing statements with respect to the Conveyed Assets meeting the requirements of applicable State law in such manner as necessary to perfect the transfer of the Conveyed Assets to the Lender, and the proceeds thereof (and any continuation statements as are required by applicable State law), and to deliver a file-stamped copy of each such financing statement (or continuation statement) or other evidence of such filings (which may, for purposes of this Section, consist of telephone confirmation of such filings with the file stamped copy of each such filings to be provided to the Depositor in due course), as soon as is practicable after receipt by the Lender thereof.

(b)    The Lender further agrees that it will treat the transfer of the Conveyed Assets as a sale for accounting purposes, take no actions inconsistent with the Depositor’s ownership of the assets sold to the Depositor pursuant to Section 2.1 hereof and on or prior to the 2021-3 Closing Date indicate on its books, records and statements that the 2021-3 Exchange has been sold to the Depositor.

SECTION 2.5.    Affirmative Covenants of the Lender. Until the date on which all Issuer Obligations are paid in full, the Lender shall:

(a)    Preservation of Existence. Preserve, renew and keep in full force and effect its existence and good standing and take all necessary action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business and comply with all Contractual Obligations, including, without limitation, all its obligations under the Program Documents, and all Requirements of Law.

(b)    Payment of Taxes. File (or cause to be filed on its behalf as a member of a consolidated group) all tax returns required by law to be filed by it and pay all taxes, assessments and governmental charges shown to be owing by it, except for any such taxes, assessments or charges which are not yet delinquent or are being diligently contested in good faith by

 

7


appropriate proceedings, for which adequate reserves in accordance with GAAP shall have been set aside on its books and that have not given rise to any Liens.

(c)    Books and Records. Keep proper books and records of account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and, at its expense, shall permit representatives or designees of the Indenture Trustee, the Owner Trustee or any Noteholder or their duly authorized attorneys or auditors to visit and inspect any of its properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, employees and independent public accountants, all at such reasonable times upon reasonable notice and as often as may reasonably be requested.

(d)    Maintenance of Separate Existence. Do all things necessary to remain readily distinguishable from the Depositor and maintain its corporate existence separate and apart from that of the Depositor, including maintaining in place all policies and procedures and taking all action, described in the factual assumptions set forth in the opinion letter of Katten Muchin Rosenman LLP, dated August 18, 2021 addressing the issues of substantive consolidation as they may relate to the Titling Trust, the Depositor and the Issuer on the one hand and the Lender on the other hand.

SECTION 2.6.    Acceptance by the Depositor. The Depositor agrees to comply with all covenants and restrictions applicable to an Exchange Noteholder of the 2021-3 Exchange Note, whether set forth in the 2021-3 Exchange Note, in the Credit and Security Agreement, in the 2021-3 Exchange Note Supplement or otherwise, and assumes all obligations and liabilities, if any, associated therewith.

ARTICLE III

CONDITIONS

SECTION 3.1.    Conditions Precedent to Effectiveness of this Agreement. The effectiveness of this Agreement and of the obligation of the Depositor to purchase, and of the Lender to sell, the Conveyed Assets in accordance with the terms hereof is subject to the satisfaction of the following conditions:

(a)    Agreement. The Depositor shall have received this Agreement, duly executed and delivered by the Lender.

(b)    2021-3 Exchange Note Transfer Agreement. The Depositor shall have received the 2021-3 Exchange Note Transfer Agreement, duly executed and delivered by the Issuer.

(c)    2021-3 Exchange Note Supplement. The Depositor shall have received the 2021-3 Exchange Note Supplement, duly executed and delivered by the parties thereto.

(d)    2021-3 Servicing Agreement. The Depositor shall have received the 2021-3 Servicing Agreement, duly executed and delivered by the parties thereto.

 

8


(e)    Effective Date. All conditions set forth in Article III of the Note Purchase Agreement shall have been satisfied.

(f)    Certificate of Incorporation; Bylaws. The Depositor shall have received a true and complete copy of the certificate of incorporation and bylaws of the Lender, each certified as a true and correct copy by an Authorized Officer of GM Financial.

(g)    Resolutions. The Depositor shall have received copies of duly adopted resolutions of the Lender as in effect on the date hereof and in form and substance reasonably satisfactory to the Depositor, authorizing the execution, delivery and performance of this Agreement, the 2021-3 Exchange Note Supplement and the 2021-3 Servicing Agreement, the other documents to be delivered by the Lender hereunder and thereunder and the transactions contemplated hereby and thereby, certified by an Authorized Officer of GM Financial.

(h)    Lien Searches. The Depositor shall have received certified copies of requests for information or copies dated a date reasonably near the date hereof listing all effective financing statements which name the Lender (under its present name or any previous name) as transferor or debtor and which are filed in jurisdictions in which the filings were made pursuant to item (i) below and in any other jurisdictions that are necessary or appropriate, together with copies of such financing statements (none of which shall cover any 2021-3 Lease Agreements or other 2021-3 Exchange Note Assets, except any filing made in connection with a security interest granted under the Credit and Security Agreement), and tax and judgment lien searches showing no such liens that are not permitted by the Program Documents.

(i)    UCCs. The Depositor shall have received acknowledgement copies of proper financing statements (Form UCC-1), naming the Lender as the seller (debtor) of the Conveyed Assets and the Depositor as buyer (secured party) or other similar instruments or documents as may be necessary or in the opinion of the Depositor desirable under the UCC or any comparable law to perfect the Depositor’s interest in the Conveyed Assets and executed copies of proper financing statements (Form UCC-3), if any, necessary to release all security interests and other rights of any Person in the Conveyed Assets previously granted by the Lender.

ARTICLE IV

MISCELLANEOUS

SECTION 4.1.    Amendment.

(a)    This Agreement may be amended by the parties hereto, with the prior written consent of the Indenture Trustee (acting at the direction of the Majority Noteholders).

(b)    The parties hereto acknowledge and agree that the right of the Indenture Trustee to consent to any amendment of this Agreement is subject to the terms and provisions of Section 3.7(g) of the Indenture and that any consent provided by the Indenture Trustee in violation of such terms and provisions shall be of no force or effect hereunder.

 

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SECTION 4.2.    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

SECTION 4.3.    Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement, as applicable, and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions and terms of this Agreement.

SECTION 4.4.    Binding Effect. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns.

SECTION 4.5.    Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 4.6.    Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

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

SECTION 4.8.    Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and each 2021-3 Exchange Noteholder or pledgee of the 2021-3 Exchange Note and each Noteholder who shall be considered third-party beneficiaries

 

10


hereof. Except as otherwise provided in this Agreement, no other Person shall have any right or obligation hereunder.

SECTION 4.9.    No Petition. Each of the parties hereto, by entering into this Agreement, hereby covenants and agrees that it will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding, or other Proceeding under any Insolvency Law for a period of one (1) year and one (1) day after the date upon which all the Notes and all other Issuer Obligations have been paid in full, against the Titling Trust or the Issuer.

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

SECTION 4.11.    Subordination.

(a)    The Lender and the Depositor agree that any claim that the Lender or the Depositor may seek to enforce at any time against any assets of the Lender or the Depositor other than the Conveyed Assets will be subordinate to payment in full of all other claims with respect to such other assets. However, this Section will not limit, subordinate or otherwise modify any claims against the Lender or the Depositor with respect to any right to indemnification or other obligation of the Lender or the Depositor relating to (i) the Conveyed Assets, (ii) any related credit enhancement, (iii) any transaction entered into in connection with the Conveyed Assets, (iv) any administrative services performed in connection with the Conveyed Assets, or (v) any obligation to any Person acting as a trustee or an administrator. The Depositor hereby releases all claims to the assets of the Titling Trust that are not allocated to the 2021-3 Designated Pool, and, in the event that such release is not given effect, the Depositor hereby agrees to fully subordinate any claims it may have against such other assets of the Titling Trust.

(b)    The Lender agrees that any claim the Lender may seek to enforce against the Depositor or any of its assets will be subordinate to the payment in full of all obligations of the Depositor under the 2021-3 Exchange Note Transfer Agreement and the Note Purchase Agreement.

(c)    The parties to this Agreement intend that Section 4.11(a) constitutes an enforceable subordination agreement under Section 510(a) of the Bankruptcy Code.

[Remainder of Page Intentionally Left Blank]

 

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

 

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

By:

 

/s/ Robert T. Pigott III

Name: Robert T. Pigott III

Title:   Senior Vice President, Corporate Treasury

GMF LEASING LLC,

as Depositor

By:

 

/s/ Meredith S. Dormire

Name: Meredith S. Dormire

Title:   Vice President, Corporate Treasury

 

[Signature Page to the 2021-3 Exchange Note Sale Agreement]

EX-10.2 6 d86912dex102.htm EX-10.2 EX-10.2

Exhibit 10.2

Execution Version

 

 

GMF LEASING LLC,

as Transferor,

and

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3,

as Transferee

 

 

2021-3 EXCHANGE NOTE TRANSFER AGREEMENT

Dated as of June 30, 2021

 

 

 

 


TABLE OF CONTENTS

 

              Page  

ARTICLE I DEFINITIONS

     2
 

SECTION 1.1.

  

Definitions

     2

ARTICLE II TRANSFER OF THE TRANSFERRED ASSETS

     2
 

SECTION 2.1.

  

Transfer of the Transferred Assets

     2
 

SECTION 2.2.

  

True Sale

     3
 

SECTION 2.3.

  

Representations and Warranties of the Transferor and the Transferee

     4
 

SECTION 2.4.

  

Financing Statements and Books and Records.

     7
 

SECTION 2.5.

  

Covenants of the Transferor

     7
 

SECTION 2.6.

  

Acceptance by the Transferee

     8

ARTICLE III CONDITIONS

     8
 

SECTION 3.1.

  

Conditions Precedent to Transfer

     8

ARTICLE IV MISCELLANEOUS

     9
 

SECTION 4.1.

  

Amendment

     9
 

SECTION 4.2.

  

Governing Law

     10
 

SECTION 4.3.

  

Severability

     10
 

SECTION 4.4.

  

Binding Effect

     10
 

SECTION 4.5.

  

Table of Contents and Headings

     10
 

SECTION 4.6.

  

Counterparts and Consent to Do Business Electronically

     10
 

SECTION 4.7.

  

Further Assurances

     10
 

SECTION 4.8.

  

Third-Party Beneficiaries

     11
 

SECTION 4.9.

  

No Petition

     11
 

SECTION 4.10.

  

Limitation of Liability of Owner Trustee

     11
 

SECTION 4.11.

  

Limited Recourse

     11
 

SECTION 4.12.

  

Subordination

     11

 

i


2021-3 EXCHANGE NOTE TRANSFER AGREEMENT, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), between GMF Leasing LLC, a Delaware limited liability company, as transferor (the “Transferor”), and GM Financial Automobile Leasing Trust 2021-3, a Delaware statutory trust (the “Issuer”), as transferee (the “Transferee”).

RECITALS

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust Agreement”), among APGO Trust, as Settlor, and Wilmington Trust Company, as Owner Trustee, Administrative Trustee and Delaware Trustee, the Titling Trust (the “Titling Trust”) was continued to, among other things, take assignments and conveyances of and hold in trust various assets (the “Trust Assets”);

WHEREAS, pursuant to a Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Titling Trust, the Lender and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”), the Lender has agreed to lend money to the Titling Trust from time to time to acquire Trust Assets and the Lender is entitled, from time to time thereunder, to request that the Titling Trust issue, execute and deliver Exchange Notes to the Lender representing a portion of the debt incurred by the Titling Trust thereunder;

WHEREAS, pursuant to the Credit and Security Agreement and the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Supplement”), among the parties to the Credit and Security Agreement, the Titling Trust has so issued, executed and delivered to the Lender such an Exchange Note (the “2021-3 Exchange Note”);

WHEREAS, pursuant to (i) a Third Amended and Restated Servicing Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing Agreement”), among the Titling Trust, AmeriCredit Financial Services, Inc. d/b/a GM Financial (“GM Financial”), as Servicer (in such capacity, the “Servicer”) and Lender, and the Collateral Agent, the Servicer has agreed to perform certain servicing duties with respect to the Trust Assets and (ii) a 2021-3 Servicing Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Servicing Supplement”), among the Titling Trust, the Servicer, the Lender, the Collateral Agent and Wells Fargo, as Indenture Trustee, the Servicer has agreed to perform certain additional and/or revised servicing duties with respect to those Trust Assets comprising the 2021-3 Designated Pool relating to the 2021-3 Exchange Note;

WHEREAS, the Lender has agreed to transfer and assign, without recourse, all of its right, title and interest in the 2021-3 Exchange Note and certain related property to the Transferor pursuant to an 2021-3 Exchange Note Sale Agreement, dated as of June 30, 2021 (as


the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Sale Agreement”), among the Lender and the Depositor, as transferee (in such capacity, the “Sale Agreement Transferee”);

WHEREAS, the Transferee is governed by its Amended and Restated Trust Agreement, dated as of June 30, 2021 (the “Trust Agreement”), between the Transferor and Wilmington Trust Company, as Owner Trustee (not in its individual capacity, but solely as Owner Trustee, the “Owner Trustee”); and

WHEREAS, the Transferor and the Transferee desire to provide for the transfer and assignment by the Transferor to the Transferee, without recourse, of all of the Transferor’s right, title and interest in the Transferred Assets (as defined below).

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

ARTICLE I

DEFINITIONS

SECTION 1.1.    Definitions. Capitalized terms used in this Agreement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2021-3 Exchange Note Supplement or, if not defined therein, in Appendix A to the Credit and Security Agreement.

ARTICLE II

TRANSFER OF THE TRANSFERRED ASSETS

SECTION 2.1.    Transfer of the Transferred Assets.

(a)    Effective as of the 2021-3 Closing Date and immediately after the transactions contemplated by the 2021-3 Exchange Note Sale Agreement and the Trust Agreement and immediately before the transaction contemplated by the Indenture, the Transferor sells and assigns to the Transferee, without recourse, all right, title and interest of the Transferee, whether now owned or hereafter acquired, in the following “Transferred Assets”:

(i)    the 2021-3 Exchange Note;

(ii)    all of the Lender’s rights and benefits, as Exchange Noteholder of the 2021-3 Exchange Note under the 2021-3 Exchange Note, the Credit and Security Agreement, the 2021-3 Exchange Note Supplement and the 2021-3 Servicing Agreement;

(iii)    all of the Depositor’s rights and benefits, as Exchange Noteholder of the 2021-3 Exchange Note under the 2021-3 Exchange Note, the Credit and Security Agreement, the 2021-3 Exchange Note Supplement and the 2021-3 Servicing Agreement;

 

2


(iv)    all of the Transferor’s rights and benefits, as Sale Agreement Transferee under the 2021-3 Exchange Note Sale Agreement (including, without limitation, its rights pursuant to Section 2.5 thereof); and

(v)    all proceeds, accounts, money, general intangibles, instruments, chattel paper, goods, investment property and other property consisting of, arising from or relating to the foregoing.

(b)    In consideration for (i) the Transferred Assets, and (ii) the Transferor’s performance of its obligations under Section 2.14(a) of the 2021-3 Servicing Supplement to deposit the Specified Reserve Balance into the Reserve Account on the 2021-3 Closing Date, the Transferee will transfer to the Transferor, without recourse, all right, title and interest of the Transferee, whether now owned or hereafter acquired, in, to and under the Notes and the rights to distributions under Section 8.3 of the Indenture, as payment for the Transferred Assets.

(c)    The sale, transfer, assignment and conveyance of the Transferred Assets pursuant to this Agreement is without recourse, and the Transferor does not guarantee payment on the 2021-3 Exchange Note or any collection of underlying asset included in the 2021-3 Designated Pool.

SECTION 2.2.    True Sale.

(a)    The parties hereto intend that the sale, transfer, assignment and conveyance of the Transferred Assets hereunder constitutes a true sale and assignment of the Transferred Assets such that any interest in and title to the Transferred Assets would not be property of the Transferor’s estate in the event the Transferor becomes a debtor in a case under any Insolvency Law. To the extent that the conveyance of the Transferred Assets hereunder is characterized by a court or similar Governmental Authority as a financing (a “Recharacterization”), it is intended by the Transferor and the Transferee that the interest conveyed constitute a grant of a first priority perfected security interest under the UCC as in effect in the State of New York by the Transferor to the Transferee to secure the sale price of the Transferred Assets to the Transferor. The Transferor does hereby grant to the Transferee a security interest in and to all of its rights, title and privileges and interest, whether now owned or existing or hereafter acquired or arising, in the Transferred Assets and the parties hereto agree that this Agreement constitutes a “security agreement” under all applicable law. In the case of any Recharacterization, each of the Transferor and the Transferee represents and warrants as to itself that each remittance of 2021-3 Exchange Note Collections made to the Transferee will have been (i) in payment of a debt incurred by the Transferor in the ordinary course of business or financial affairs of the Transferor and the Transferee, and (ii) made in the ordinary course of business or financial affairs of the Transferor and the Transferee.

(b)    The Transferor makes the following representations and warranties to the Transferee in the event that, notwithstanding the express intent of the parties, the sale, transfer, assignment and conveyance of the Transferred Assets hereunder is not a true sale and assignment of the Transferred Assets to the Transferee. The representations and warranties speak as of the 2021-3 Closing date and shall survive the sale of the Transferred Assets to the Transferee

 

3


hereunder and the pledge thereof by the Transferee to the Indenture Trustee pursuant to the Indenture.

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

(ii)    The 2021-3 Exchange Note constitutes a “certificated security” within the meaning of the relevant UCC.

(iii)    The Transferor has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law in order to perfect the Transferee’s security interest in the Transferred Assets.

(iv)    Other than the security interest granted to the Transferee pursuant to this Agreement, the Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Transferred Assets. 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 Transferred Assets other than any financing statement relating to the security interest granted to the Transferee hereunder or that has been terminated. The Transferor is not aware of any judgment or tax lien filings against it.

SECTION 2.3.    Representations and Warranties of the Transferor and the Transferee.

(a)    The Transferor hereby represents and warrants to the Transferee as of the 2021-3 Closing Date that:

(i)    Organization and Good Standing. The Transferor is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware, and has power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power, authority and legal right to acquire, own and sell the Transferred Assets.

(ii)    Due Qualification. The Transferor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such license, approval or qualification could not reasonably be expected to have a material adverse effect with respect to the Transferor.

(iii)    Power and Authority. The Transferor has the power and authority to execute and deliver this Agreement and all other Program Documents to which it is a party and to carry out their respective terms; and the execution, delivery and performance

 

4


of this Agreement and all other Program Documents to which it is a party have been or will be duly authorized by the Transferor by all necessary action.

(iv)    Binding Obligation. Each of this Agreement and all other Program Documents to which the Transferor is a party constitutes a legal, valid and binding obligation of the Transferor, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

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

(vi)    No Proceedings. There are no proceedings or investigations pending or, to the best of its knowledge, threatened before any court, arbitrator or other Governmental Authority having jurisdiction over the Transferor or any of its properties which could reasonably be expected to have a material adverse effect with respect to the Transferor.

(vii)    No Consent. Except as expressly contemplated by the Program Documents, no consent or authorization of, filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with its execution, delivery or performance or the validity or enforceability against the Transferor of the Program Documents.

(viii)    No Default. The Transferor is not in default in any material respect under or with respect to any of its Contractual Obligations.

(ix)    Compliance with Law. The Transferor has complied in all material respects with all Requirements of Law.

(x)    Title to Transferred Assets. Immediately prior to the transfer of the Transferred Assets pursuant to this Agreement, the Transferor (A) is the true and lawful owner of the Transferred Assets and it has the legal right to transfer the Transferred Assets, (B) has good and valid title to the Transferred Assets and the Transferred Assets are on such date free and clear of all Liens and (C) will convey good, valid and indefeasible title to the Transferred Assets to the Transferee under this Agreement.

(xi)    Investment Company Act. The Transferor is not an “investment company” within the meaning of the Investment Company Act of 1940.

(xii)    Solvency of the Transferor. The Transferor is, and after giving effect to the transactions contemplated to occur on such date, will be, Solvent and is not the subject of any Insolvency Event.

 

5


(xiii)    Tax Returns. The Transferor has filed or caused to be filed all tax returns which are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and has paid or properly accrued and provided for payment at such time as is required or permitted all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any of the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books and records of the Transferor); no tax Lien has been filed and, to the knowledge of the Transferor, no claim is being asserted with respect to any such tax, fee or other charge.

(b)    The Transferee hereby represents, and warrants to the Transferor as of the 2021-3 Closing Date that:

(i)    Organization and Good Standing. The Transferee is a statutory trust duly formed, validly existing; and in good standing under the laws of the State of Delaware, and has power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power, authority and legal right to acquire, own and pledge the Transferred Assets.

(ii)    Due Qualification. The Transferee is duly qualified to do business as a foreign statutory trust in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such license, approval or qualification could not reasonably be expected to have a material adverse effect with respect to the Transferee.

(iii)    Power and Authority. The Transferee has the power and authority to execute and deliver this Agreement and all other Program Documents to which it is a party and to carry out its terms; and the execution, delivery and performance of this Agreement and all other Program Documents to which it is a party have been duly authorized by the Transferee by all necessary action.

(iv)    Binding Obligation. Each of this Agreement and all other Program Documents to which the Transferee is a party constitutes a legal, valid and binding obligation of the Transferee, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

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

 

6


of any Lien on any of its property, assets or revenues pursuant to any such Requirement of Law or Contractual Obligation.

(vi)    No Proceedings. There are no proceedings or investigations pending or, to the best of its knowledge, threatened before any court, arbitrator or other Governmental Authority having jurisdiction over the Transferee or any of its properties which could reasonably be expected to have a material adverse effect with respect to the Transferee.

(vii)    No Consent. Except as expressly contemplated by the Program Documents, no consent or authorization of, filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with its execution, delivery or performance or the validity or enforceability against the Transferee of the Program Documents.

(c)    The representations and warranties set forth in this Section shall survive the transfer, sale, assignment and conveyance of the Transferred Assets by the Transferor to the Transferee and the pledge of the Transferred Assets by the Transferee to the Indenture Trustee pursuant to the Indenture. Upon discovery by the Transferor or the Transferee of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other, the Noteholders and the Indenture Trustee.

SECTION 2.4.    Financing Statements and Books and Records.

(a)    In connection with the conveyance of the Transferred Assets hereunder, the Transferor agrees that on or prior to the 2021-3 Closing Date, it will deliver at the direction of the Lender to the Transferee, with all requisite endorsements, the 2021-3 Exchange Note and will file, at its own expense, one or more financing statements with respect to the Transferred Assets meeting the requirements of applicable State law in such manner as necessary to perfect the transfer of the Transferred Assets to the Transferee, and the proceeds thereof (and any continuation statements as are required by applicable State law), and to deliver a file-stamped copy of each such financing statement (or continuation statement) or other evidence of such filings (which may, for purposes of this Section, consist of telephone confirmation of such filings with the file stamped copy of each such filings to be provided to the Transferee in due course), as soon as is practicable after receipt by the Transferor thereof.

(b)    The Transferor further agrees that it will treat the transfers of the Transferred Assets as a sale for accounting purposes, take no actions inconsistent with the Transferee’s ownership of the assets sold to the Transferee pursuant to Section 2.1 hereof and on the 2021-3 Closing Date indicate on its books, records and statements that the Transferred Assets have been sold to the Transferee.

SECTION 2.5.    Covenants of the Transferor. Until the date on which all Issuer Obligations are paid in full:

(a)    Preservation of Existence. The Transferor shall preserve, renew and keep in full force and effect its existence and good standing and take all necessary action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business and

 

7


comply with all Contractual Obligations, including, without limitation, all its obligations under the Program Documents, and all Requirements of Law.

(b)    Payment of Taxes. The Transferor shall file (or cause to be filed on its behalf as a member of a consolidated group) all tax returns required by law to be filed by it and pay all taxes, assessments and governmental charges shown to be owing by it, except for any such taxes, assessments or charges which are not yet delinquent or are being diligently contested in good faith by appropriate proceedings, for which adequate reserves in accordance with GAAP shall have been set aside on its books and that have not given rise to any Liens.

(c)    Books and Records. The Transferor shall keep proper books and records of account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and, at its expense, shall permit representatives or designees of the Indenture Trustee, the Owner Trustee or any Noteholder or their duly authorized attorneys or auditors to visit and inspect any of its properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors; employees and independent public accountants, all at such reasonable times upon reasonable notice and as often as may reasonably be requested.

(d)    Maintenance of Separate Existence. The Transferor shall do all things necessary to remain readily distinguishable from GM Financial and its Affiliates (other than the Transferee) and maintain its limited liability company existence separate and apart from that of the Transferee, including maintaining in place all policies and procedures and taking all action, described in the factual assumptions set forth in the opinion letter of Katten Muchin Rosenman LLP, dated August 18, 2021 addressing the issues of substantive consolidation as they may relate to the Transferee, the Transferor and the Titling Trust on the one hand and GM Financial on the other hand.

SECTION 2.6.    Acceptance by the Transferee. The Transferee agrees to comply with all covenants and restrictions applicable to an Exchange Noteholder of the 2021-3 Exchange Note, whether set forth in the 2021-3 Exchange Note, in the Credit and Security Agreement, in the 2021-3 Exchange Note Supplement or otherwise, and assumes all obligations and liabilities, if any, associated therewith.

ARTICLE III

CONDITIONS

SECTION 3.1.    Conditions Precedent to Transfer. The effectiveness of this Agreement and of the obligation of the Transferee to purchase, and of the Transferor to sell, the Transferred Assets in accordance with the terms hereof is subject to the satisfaction of the following conditions:

(a)    Agreement. The Transferee shall have received this Agreement, duly executed and delivered by the Transferor.

 

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(b)    2021-3 Exchange Note Sale Agreement. The Transferee shall have received the 2021-3 Exchange Note Sale Agreement, duly executed and delivered by the Transferor and the Lender.

(c)    2021-3 Exchange Note Supplement. The Transferee shall have received the 2021-3 Exchange Note Supplement, duly executed and delivered by the parties thereto.

(d)    2021-3 Servicing Agreement. The Transferee shall have received the 2021-3 Servicing Agreement, duly executed and delivered by the parties thereto.

(e)    Effective Date. All conditions set forth in Article III of the Note Purchase Agreement shall have been satisfied.

(f)    Depositor Certificate of Formation; Limited Liability Company Agreement. The Transferee shall have received a true and complete copy of certificate of formation and the limited liability company agreement of the Transferor, each certified as a true and correct copy by an Authorized Officer of the Transferor.

(g)    Lien Searches. The Transferee shall have received certified copies of requests for information or copies dated a date reasonably near the date hereof listing all effective financing statements which name the Transferor (under its present name or any previous name) as transferor or debtor and which are filed in jurisdictions in which the filings were made pursuant to item (h) below and in any other jurisdictions that are necessary or appropriate, together with copies of such financing statements (none of which shall cover any 2021-3 Lease Agreements or other 2021-3 Exchange Note Assets, except any filing made in connection with a security interest granted under the Credit and Security Agreement), and tax and judgment lien searches showing no such liens that are not permitted by the Program Documents.

(h)    UCCs. The Transferee shall have received acknowledgement copies of proper financing statements (Form UCC-1), naming the Transferor as the seller (debtor) of the Transferred Assets the Transferee as buyer (secured party) or other similar instruments or documents as may be necessary or in the opinion of the Transferee desirable under the UCC or any comparable law to perfect the Transferee’s interest in the Transferred Assets and executed copies of proper financing statements (Form UCC-3), if any, necessary to release all security interests and other rights of any Person in the Transferred Assets previously granted by the Transferor.

ARTICLE IV

MISCELLANEOUS

SECTION 4.1.    Amendment.

(a)    This Agreement may be amended by the parties hereto, with the prior written consent of the Indenture Trustee (acting at the direction of the Majority Noteholders).

(b)    The parties hereto acknowledge and agree that the right of the Indenture Trustee to consent to any amendment of this Agreement is subject to the terms and provisions of Section

 

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3.7(g) of the Indenture and that any consent provided by the Indenture Trustee in violation of such terms and provisions shall be of no force or effect hereunder.

SECTION 4.2.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

SECTION 4.3.    Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement, as applicable, and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions and terms of this Agreement.

SECTION 4.4.    Binding Effect. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns.

SECTION 4.5.    Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 4.6.    Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

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

 

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SECTION 4.8.    Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and each 2021-3 Exchange Noteholder or Pledgee of the 2021-3 Exchange Note and each Noteholder who shall be considered third-party beneficiaries hereof. Except as otherwise provided in this Agreement, no other Person shall have any right or obligation hereunder.

SECTION 4.9.    No Petition. Each of the parties hereto, by entering into this Agreement, hereby covenants and agrees that it will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding, or other Proceeding under any Insolvency Law for a period of one (1) year and one (1) day after the date upon which all the Notes and all other Issuer Obligations have been paid in full, against the Titling Trust or the Issuer.

SECTION 4.10.    Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Transferee, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Transferee is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Transferee, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Transferee or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Transferee under this Agreement or the other related documents.

SECTION 4.11.    Limited Recourse. Each of the parties hereto, by entering into this Agreement, agrees that any claim that the Transferor or the Transferee may seek to enforce against each other is limited to the Transferred Assets only and does not represent a claim against the assets of the Transferor or the Transferee as a whole or any assets other than the Transferred Assets.

SECTION 4.12.    Subordination.

(a)    The Transferor and the Transferee agree that any claim that the Transferor or the Transferee may seek to enforce at any time against any assets of the Transferor or the Transferee other than the Transferred Assets, will be subordinate to payment in full of all other claims with respect to such other assets. However, this Section will not limit, subordinate or otherwise modify any claims against the Transferor or the Transferee with respect to any right to indemnification or other obligation of the Transferor or the Transferee relating to (i) the Transferred Assets, (ii) any related credit enhancement, (iii) any transaction entered into in connection with the Transferred Assets, (iv) any administrative services performed in connection

 

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with the Transferred Assets, or (v) any obligation to any Person acting as a trustee or an administrator. The Transferee hereby releases all claims to the assets of the Titling Trust that are not allocated to the 2021-3 Designated Pool, and, in the event that such release is not given effect, the Transferee hereby agrees to fully subordinate any claims it may have against such other assets of the Titling Trust.

(b)    The Transferor agrees that any claim the Transferor may seek to enforce against the Transferee or any of its assets will be subordinate to the payment in full of the principal of and interest on the Notes and all other Issuer Obligations.

(c)    The parties to this Agreement intend that Section 4.12(a) constitutes an enforceable subordination agreement under Section 510(a) of the Bankruptcy Code.

[Remainder of This Page Intentionally Left Blank]

 

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

 

GMF LEASING LLC,

as Transferor

By:  

/s/ Meredith S. Dormire

Name: Meredith S. Dormire

Title:   Vice President, Corporate Treasury

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3,

as Transferee

By:

 

Wilmington Trust Company,

not in its individual capacity but solely as Owner

Trustee

By:

 

/s/ Drew Davis

Name: Drew Davis

Title:   Vice President

 

[Signature Page to the 2021-3 Exchange Note Transfer Agreement]

EX-10.4 7 d86912dex104.htm EX-10.4 EX-10.4

Exhibit 10.4

Execution Version

 

 

ACAR LEASING LTD.,

as the Titling Trust,

GM FINANCIAL,

as Servicer,

APGO TRUST, as Settlor,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent and Indenture Trustee

 

 

2021-3 SERVICING SUPPLEMENT

 

Dated as of June 30, 2021

 

 

 

 


TABLE OF CONTENTS

 

         Page  

ARTICLE I DEFINITIONS AND INTERPRETIVE PROVISIONS

     1

SECTION 1.1.

  General Definitions      1

ARTICLE II SERVICING OF 2021-3 DESIGNATED POOL

     2

SECTION 2.1.

  Servicing of 2021-3 Designated Pool      2

SECTION 2.2.

  Identification of 2021-3 Lease Agreements and 2021-3 Leased Vehicles; Securitization Value      2

SECTION 2.3.

  Accounts      2

SECTION 2.4.

  General Provisions Regarding Accounts      4

SECTION 2.5.

  Reallocation and Repurchase of 2021-3 Lease Agreements and 2021-3 Leased Vehicles; Purchase of Matured Vehicles      5

SECTION 2.6.

  2021-3 Designated Pool Collections.      7

SECTION 2.7.

  Servicing Compensation; Expenses      8

SECTION 2.8.

  Third Party Claims      8

SECTION 2.9.

  Reporting by the Servicer; Delivery of Certain Documentation; Inspection; Asset-Level Information      8

SECTION 2.10.

  Annual Independent Accountant’s Report      9

SECTION 2.11.

  Servicer Defaults; Termination of the Servicer      10

SECTION 2.12.

  Representations and Warranties      12

SECTION 2.13.

  Custody of Lease Documents      13

SECTION 2.14.

  Reserve Account      13

SECTION 2.15.

  Liability of Successor Servicer      14

SECTION 2.16.

  Merger or Consolidation of, or Assumption of Obligations of the Servicer      14

SECTION 2.17.

  Resignation of the Servicer      15

SECTION 2.18.

  Separate Existence      15

SECTION 2.19.

  Like Kind Exchange Program; Pull Ahead Program      15

SECTION 2.20.

  Dispute Resolution.      16

ARTICLE III MISCELLANEOUS

     19

SECTION 3.1.

  Termination of 2021-3 Servicing Supplement      19

SECTION 3.2.

  Amendment      19

SECTION 3.3.

  GOVERNING LAW      20

SECTION 3.4.

  Relationship of 2021-3 Servicing Supplement to Other Trust Documents      20

SECTION 3.5.

  [Reserved]      20

SECTION 3.6.

  Notices      20

SECTION 3.7.

  Severability of Provisions      20

SECTION 3.8.

  Binding Effect      21

 

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SECTION 3.9.

  Table of Contents and Headings      21

SECTION 3.10.

  Counterparts and Consent to Do Business Electronically      21

SECTION 3.11.

  Further Assurances      21

SECTION 3.12.

  Third-Party Beneficiaries      21

SECTION 3.13.

  No Petition      21

SECTION 3.14.

  Limitation of Liability      21

SECTION 3.15.

  Preparation of Securities and Exchange Commission Filings      22

SECTION 3.16.

  Review Reports      22

SECTION 3.17.

  Regulation RR Risk Retention      22

EXHIBITS

    

Exhibit A – Form of Servicer Report

     A-1              

 

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2021-3 SERVICING SUPPLEMENT, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “2021-3 Servicing Supplement” or this “Agreement”), among ACAR Leasing Ltd., a Delaware statutory trust (the “Titling Trust”), AmeriCredit Financial Services, Inc. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as servicer (in such capacity, the “Servicer”), APGO Trust (“APGO”), a Delaware statutory trust, as settlor of the Titling Trust (in such capacity, the “Settlor”), and Wells Fargo Bank, National Association (“Wells Fargo”), a national banking association, as collateral agent (in such capacity, the “Collateral Agent”) and indenture trustee (the “Indenture Trustee”).

RECITALS

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust Agreement”), between the Settlor and Wilmington Trust Company, as Owner Trustee (in such capacity, the “Owner Trustee”), Administrative Trustee and Delaware Trustee, the Titling Trust was created to, among other things, take assignments and conveyances of and hold in trust various assets (the “Trust Assets”);

WHEREAS, the Titling Trust, the Servicer, the Settlor and the Collateral Agent, have entered into a Third Amended and Restated Servicing Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing Agreement”), which provides for, among other things, the servicing of the Trust Assets by the Servicer; and

WHEREAS, the parties hereto acknowledge that in connection with the execution of the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Supplement”) to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), each among the Titling Trust, as borrower, GM Financial, as lender and Servicer, and Wells Fargo, as Administrative Agent and Collateral Agent, pursuant to which an Exchange Note (the “2021-3 Exchange Note”) will be created, it is necessary and desirable to enter into a supplement to the Basic Servicing Agreement to provide for, among other things, the servicing of the Trust Assets allocated to the 2021-3 Designated Pool.

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

ARTICLE I

DEFINITIONS AND INTERPRETIVE PROVISIONS

SECTION 1.1.    General Definitions. Capitalized terms used in this 2021-3 Servicing Supplement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2021-3 Exchange Note Supplement or, if not defined therein, in Appendix A


to the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Basic Servicing Agreement are incorporated by reference into this 2021-3 Servicing Supplement.

ARTICLE II

SERVICING OF 2021-3 DESIGNATED POOL

SECTION 2.1.    Servicing of 2021-3 Designated Pool. The parties hereto agree that the Servicer shall service, administer and make collections on the 2021-3 Designated Pool in accordance with the terms and provisions of the Basic Servicing Agreement, as amended and supplemented by the terms and provisions of this 2021-3 Servicing Supplement.

SECTION 2.2.    Identification of 2021-3 Lease Agreements and 2021-3 Leased Vehicles; Securitization Value. On the Closing Date, the Servicer shall identify as 2021-3 Exchange Note Assets the Lease Agreements and the Leased Vehicles relating to such Lease Agreements listed on the Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles attached as Schedule A to the 2021-3 Exchange Note Supplement. The Servicer shall calculate the Securitization Value for each 2021-3 Lease Agreement as of the Cutoff Date.

SECTION 2.3.    Accounts.

(a)    The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2021-3 Eligible Deposit Account in the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “2021-3 Exchange Note Collections Account” and being initially identified as “GM Financial 2021-3 Exchange Note Collections Account”). Deposits to and withdrawals from the 2021-3 Exchange Note Collections Account shall be made as set forth in the 2021-3 Servicing Agreement, the 2021-3 Exchange Note Supplement and the Indenture.

(b)    The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2021-3 Eligible Deposit Account in the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Indenture Collections Account” and being initially identified as “GM Financial 2021-3 Indenture Collections Account”). Deposits to and withdrawals from the 2021-3 Indenture Collections Account shall be made as set forth in the 2021-3 Exchange Note Supplement and the Indenture.

(c)    The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2021-3 Eligible Deposit Account in the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Note Payment Account” and being initially identified as “GM Financial 2021-3 Note Payment Account”). Deposits to and withdrawals from the Note Payment Account shall be made as set forth in the Indenture.

(d)    The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2021-3 Eligible Deposit Account in the name of and under control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Reserve Account” and being initially identified as “GM Financial 2021-3 Reserve Account”).

 

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(e)    All monies deposited from time to time in the Accounts pursuant to this 2021-3 Servicing Supplement and the other Program Documents and the Accounts shall be held by the Indenture Trustee as part of the Indenture Collateral and shall be applied to the purposes herein and therein provided. If any Account shall cease to be a 2021-3 Eligible Deposit Account, the Indenture Trustee shall, as necessary, assist the Servicer in causing such Account to be moved to an institution at which it shall be a 2021-3 Eligible Deposit Account.

(f)    If, at any time, any of the Accounts ceases to be a 2021-3 Eligible Deposit Account, the Servicer shall within thirty (30) days (or such longer period as to which the Rating Agencies rating any securities backed by the related Exchange Note may consent) establish a new Account as a 2021-3 Eligible Deposit Account and shall transfer any cash and/or any investments on deposit or credited to such earlier existing Account into such new Account.

(g)    The Indenture Trustee or other Person holding the Accounts shall be the “Securities Intermediary” with respect to the Accounts. If the Securities Intermediary in respect of the Accounts is not the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this Section 2.3(g). The Securities Intermediary agrees that:

(i)    Each of the Accounts is an account to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York will be credited;

(ii)    All securities or other property underlying any Financial Assets credited to any Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to an Account be registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer;

(iii)    All property delivered to the Securities Intermediary pursuant to the 2021-3 Servicing Agreement and the Indenture will be promptly credited to the applicable Account;

(iv)    Each item of property (whether investment property, security, instrument or cash) credited to an Account shall be treated as a Financial Asset;

(v)    If at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to an Account, the Securities Intermediary shall comply with such entitlement order without further consent by the Issuer or the Servicer;

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

 

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(vii)    The Securities Intermediary has not entered into, and until termination of the Indenture, will not enter into, any agreement with any other Person relating to the Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of the Indenture will not enter into, any agreement with the Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 2.4; and

(viii)    Except for the claims and interest of the Indenture Trustee and the Issuer in the Accounts, the Securities Intermediary knows of no claim to, or interest in, the Accounts or in any Financial Asset credited thereto. If any other Person asserts any Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee, the Noteholders and the Issuer thereof.

The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Accounts and in all proceeds thereof, and shall be the only Person authorized to originate entitlement orders in respect of the Accounts.

SECTION 2.4.    General Provisions Regarding Accounts.

(a)    So long as no Event of Default shall have occurred and be continuing, all or a portion of the funds in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account shall be invested at the direction of the Servicer in 2021-3 Permitted Investments that mature no later than the Business Day prior to the next Payment Date in the Collection Period following the Collection Period during which the investment is made. All income or other gain from investments of monies deposited in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account during a Collection Period shall be deposited into the 2021-3 Exchange Note Collections Account, the Indenture Collections Account or the Reserve Account, as applicable, on the related Payment Date, and any loss resulting from such investments shall be charged to 2021-3 Exchange Note Collections Account, the Indenture Collections Account or the Reserve Account, as applicable. The Titling Trust will be the tax owner of the 2021-3 Exchange Note Collections Account and all investment earnings on the 2021-3 Exchange Note Collections Account will be taxable to the Titling Trust. The Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder will be the tax owner of the Indenture Collections Account and all investment earnings on the Indenture Collections Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. The Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder, will be the tax owner of the Reserve Account and all investment earnings on the Reserve Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be.

The Indenture Trustee will not be directed to make any investment of any funds or to sell any 2021-3 Permitted Investment held in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account unless the security interest Granted and

 

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perfected in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account will continue to be perfected in such 2021-3 Permitted Investment or the proceeds of such sale, in either case without any further action by any Person. Except as directed by the Note Purchaser after the occurrence and during the continuance of an Event of Default, no such 2021-3 Permitted Investment shall be sold prior to maturity. The Servicer acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each such investment or the Indenture Trustee’s receipt of a broker’s confirmation. The Servicer agrees that such notifications will not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available if no activity has occurred in the relevant Account during such period.

(b)    If (i) the Servicer shall have failed to give investment directions for funds on deposit in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account to the Indenture Trustee by 12:00 noon, New York City time (or such other time as may be agreed by the Indenture Trustee), on any Business Day, (ii) an Event of Default shall have occurred and be continuing but the Notes shall not have been declared due and payable pursuant to Section 5.2 of the Indenture, or (iii) if the Notes shall have been declared due and payable following an Event of Default but amounts collected or receivable from the Issuer Trust Estate are being applied as if there had not been such a declaration, then the Indenture Trustee shall hold funds on deposit in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account uninvested.

(c)    Subject to Section 6.1(c) of the Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in the 2021-3 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account resulting from any loss on any 2021-3 Permitted Investment included therein except for losses attributable to the Indenture Trustee as obligor as a result of the Indenture Trustee’s failure to make payments on such 2021-3 Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

SECTION 2.5.    Reallocation and Repurchase of 2021-3 Lease Agreements and 2021-3 Leased Vehicles; Purchase of Matured Vehicles.

(a)    In the event the Servicer (i) grants certain payment deferments or end of lease extensions with respect to any 2021-3 Lease Agreement that are inconsistent with the Customary Servicing Practices or that extend the term of such 2021-3 Lease Agreement past the Exchange Note Final Scheduled Payment Date, (ii) modifies any 2021-3 Lease Agreement to change the related Contract Residual Value or Monthly Payment, or (iii) is notified the Titling Trust no longer owns any 2021-3 Leased Vehicle, except to the extent that any such modification listed in clauses (i) and (ii) of this Section 2.5(a) is required by law or court order, the Servicer shall, on the Deposit Date related to the Collection Period in which such extension was granted, modification was made or notice was received, as applicable, cause the reallocation of the affected 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle to the Lending Facility Pool by depositing to the 2021-3 Exchange Note Collections Account an amount equal to the

 

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Repurchase Payment with respect to such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle.

(b)    Upon (i) discovery by the Servicer, the Depositor or any Noteholder, or (ii) the receipt of written notice by or actual knowledge of an Authorized Officer of the Owner Trustee or Indenture Trustee, that any representation or warranty contained in Section 2.12 was incorrect in respect of any 2021-3 Lease Agreement or the related 2021-3 Leased Vehicle as of the Cutoff Date or the 2021-3 Closing Date, as applicable, in a manner that materially adversely affects the interest of the Issuer or the Noteholders in such 2021-3 Lease Agreement or such 2021-3 Leased Vehicle, the entity discovering such incorrectness, (i) in the case such entity is a Noteholder, may, and (ii) in the case such entity is the Depositor, Owner Trustee or Indenture Trustee, shall, give prompt written notice to the Servicer requesting that the Servicer reallocate the affected 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle to the Lending Facility Pool; provided, that if the Noteholder providing such notice is not a Noteholder of record, such Noteholder must provide the Servicer with a written certification stating that it is a beneficial owner of a Note, together with supporting documentation supporting that statement (which may include, but is not limited to, a trade confirmation, an account statement or a letter from a broker or dealer verifying ownership) together with such notice. If Noteholders representing five percent or more of the Outstanding Amount of the most senior Class of Notes inform the Indenture Trustee, by notice in writing, of any breach of the Servicer’s representations and warranties made pursuant to Section 2.12(c), the Indenture Trustee shall inform the Servicer in the manner specified in the preceding sentence on behalf of such Noteholders. By no later than the end of the Collection Period including the date that is two (2) months after the date on which the Servicer discovers or is notified of such incorrectness, the Servicer shall cure in all material respects the circumstance or condition with respect to which the representation or warranty was incorrect as of the Cutoff Date or the 2021-3 Closing Date, as applicable. If the Servicer does not cure such circumstance or condition by such date, then the Servicer shall cause the reallocation of the affected 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle to the Lending Facility Pool by depositing to the 2021-3 Exchange Note Collections Account on the Deposit Date relating to the next succeeding Payment Date an amount equal to the Repurchase Payment with respect to such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle. The Indenture Trustee will (i) notify the Servicer, GM Financial and the Depositor, as soon as practicable and in any event within five (5) Business Days and in the manner set forth for providing notices hereunder, of all demands or requests communicated (in writing or orally) to the Indenture Trustee for the reallocation of any 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle pursuant to this clause (b), (ii) promptly upon request by the Servicer, GM Financial or the Depositor, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB, and (iii) if requested by the Servicer, GM Financial or the Depositor, provide a written certification no later than fifteen (15) days following any calendar quarter or calendar year that the Indenture Trustee has not received any reallocation demands for such period, or if reallocation demands have been received during such period, that the Indenture Trustee has provided all the information reasonably requested under clause (ii) above with respect to such demands. In no event will the Indenture Trustee or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

 

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(c)    Notwithstanding the provisions of Section 2.6(b) of the Basic Servicing Agreement, if the Servicer discovers a breach, or is provided with any notice of a breach pursuant to such section, regarding a Lease Agreement or Leased Vehicle that is a 2021-3 Lease Agreement or 2021-3 Leased Vehicle on the date that such breach is discovered or such notice is provided, the Servicer shall be obligated to take the actions described in such Section 2.6(b) by no later than the Payment Date following the Collection Period in which the related breach is discovered or the related notice is provided (rather than by the Payment Date following the Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such breach).

(d)    The Servicer shall provide written notice to the Indenture Trustee and the Noteholders of each reallocation to the Lending Facility Pool of a 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle pursuant to Section 2.5(a) or (b) that was made during a Collection Period in the Servicer Report that is delivered for such Collection Period.

(e)    The Servicer may purchase any 2021-3 Leased Vehicle that becomes a Matured Vehicle pursuant to Section 2.6(f) of the Basic Servicing Agreement for a purchase price equal to the Contract Residual Value of the related 2021-3 Lease Agreement.

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

(g)    For so long as the Notes are Outstanding, the Servicer will not be permitted to reallocate any 2021-3 Lease Agreements and related 2021-3 Leased Vehicles from the 2021-3 Designated Pool to the Lending Facility Pool except in accordance with the terms of this Section 2.5 and Section 3.1 of the 2021-3 Exchange Note Supplement.

(h)    If a Lessee changes its domicile and such change would reasonably be expected to result in the Titling Trust doing business in a jurisdiction in which it is not licensed and authorized to conduct business in the manner contemplated by the Program Documents, then on the Payment Date related to the Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such change, the Servicer shall purchase such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle by either (i) depositing to the Indenture Collections Account an amount equal to the Repurchase Payment, or (ii) appropriately segregating and designating an amount equal to the Repurchase Payment on its records, pending application thereof pursuant to 2021-3 Servicing Agreement.

SECTION 2.6.    2021-3 Designated Pool Collections.

(a)    The Servicer shall, with respect to all 2021-3 Designated Pool Collections, from time to time determine the amount of such 2021-3 Designated Pool Collections and during each Collection Period shall deposit all such 2021-3 Designated Pool Collections in the 2021-3 Exchange Note Collections Account when required pursuant to clause (b).

(b)    Notwithstanding Section 2.7(b) of the Basic Servicing Agreement, the Servicer shall remit, or shall cause its agent to remit, all 2021-3 Designated Pool Collections to the 2021-3 Exchange Note Collections Account by the close of business on the second (2nd) Business Day after receipt thereof or, in the case of any 2021-3 Designated Pool Collections received by the

 

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Servicer or such agent for which the Servicer or such agent, as applicable, does not have all Payment Information by the close of business on such second (2nd) Business Day, by the close of business on the day on which all such Payment Information is received. Pending deposit into the 2021-3 Exchange Note Collections Account, 2021-3 Designated Pool Collections may be employed by the Servicer at its own risk and for its own benefit and need not be segregated from its own funds.

SECTION 2.7.    Servicing Compensation; Expenses. As compensation for the performance of its obligations under the 2021-3 Servicing Agreement, on each Payment Date the Servicer shall be entitled to receive a fee for its performance during the immediately preceding Collection Period or, with respect to the first Payment Date, the period from and excluding the Cutoff Date to and including August 31, 2021 (the “Designated Pool Servicing Fee”) in accordance with Article V of the 2021-3 Exchange Note Supplement in an amount equal the sum of (x) to the product of (i) one-twelfth (1/12th) (or, with respect to the first Payment Date, a fraction equal to the number of days from and excluding the Cutoff Date through and including August 31, 2021, over 360), times (ii) the Servicing Fee Rate, times (iii) the Aggregate Securitization Value as of the opening of business on the first day of such Collection Period, plus (y) any Administrative Charges collected on the 2021-3 Lease Agreements and 2021-3 Leased Vehicles and any other expenses reimbursable to the Servicer.

SECTION 2.8.    Third Party Claims. In addition to the requirements set forth in Section 2.14 of the Basic Servicing Agreement, upon learning of a Claim or Lien of whatever kind of a third party that would be likely to have a material adverse effect on the interests of the Depositor or the Issuer with respect to the 2021-3 Exchange Note Assets, the Servicer shall immediately notify the Depositor, the Indenture Trustee and the Noteholders of any such Claim or Lien.

SECTION 2.9.    Reporting by the Servicer; Delivery of Certain Documentation; Inspection; Asset-Level Information.

(a)    On each Determination Date, prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the Indenture Trustee, the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period. The Issuer shall also cause the Servicer to deliver a Servicer Report to each Rating Agency on the same date the Servicer Report is publicly available (provided that if the Servicer Report is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than the twenty-second (22nd) of each month (or if not a Business Day, the next succeeding Business Day)). Solely in the case of the Servicer Report delivered on the first Determination Date, such Servicer Report will contain the disclosure required by Rule 4(c)(1)(ii) of Regulation RR, 17 C.F.R. §246.1, et seq. (the “Credit Risk Retention Rules”). In addition, upon the determination by the Servicer of a Benchmark Replacement and/or the making of any Benchmark Replacement Conforming Changes, the Servicer will include in the Servicer’s Certificate any information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment, any such Benchmark Replacement Conforming Changes and the Interest Accrual Period in which such Benchmark Replacement will be implemented. Notwithstanding Section 3.2(a) of the Basic Servicing Agreement, the Servicer shall deliver such Servicer Reports in accordance with this Section 2.9 until the date on which the Notes are no longer Outstanding.

 

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(b)    In addition to the report with respect to the 2021-3 Exchange Note which the Servicer is obligated to deliver pursuant to Section 3.1(c) of the Basic Servicing Agreement, the Servicer shall deliver to the Depositor, the Indenture Trustee and the Titling Trust, on or before March 31 (or ninety (90) days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning March 31, 2022, an Officer’s Certificate, dated as of March 31 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding twelve (12) month period (or, in the case of the first such Officer’s Certificate, the period from the Closing Date to the date of the first such Officer’s Certificate) and of its performance under the 2021-3 Servicing Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under the 2021-3 Servicing Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof.

(c)    The Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March 31, 2022, a report regarding the Servicer’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

(d)    To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March 31, 2022, 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.

(e)    Each of Wells Fargo Bank, National Association, in its capacity as Collateral Agent under this 2021-3 Servicing Supplement and in its capacity as Indenture Trustee under the Program Documents, acknowledges that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by the Servicer to ensure compliance with the requirements of Section 2.9(d) and Section 2.10(b) hereof and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by March 15 of each calendar year.

(f)    The Servicer shall deliver copies of all reports, notices and certificates delivered by it pursuant to the 2021-3 Servicing Agreement to the Depositor, the Indenture Trustee and the Titling Trust on the date or dates due, including any notice of material failure given pursuant to Section 2.2(a) of the Basic Servicing Agreement and the Officer’s Certificate relating to the 2021-3 Exchange Note delivered by it pursuant to Section 2.9(b) of this 2021-3 Servicing Supplement.

(g)    On or before the fifteenth (15th) day following each Payment Date, the Servicer will prepare a Form ABS-EE, including an asset data file and asset-related document containing the asset-level information for each 2021-3 Exchange Note Asset for the prior Collection Period as required by Item 1A of Form 10-D.

SECTION 2.10.    Annual Independent Accountant’s Report.

 

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(a)    The Servicer shall cause the cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee and the Collateral Agent, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning on March 31, 2022, a report with respect to the preceding calendar year, addressed to the board of directors of the Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 2.9(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

(b)    Each party required to deliver an assessment of compliance described in Section 2.9(d) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee, the Collateral Agent and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning on March 31, 2022, a report with respect to the preceding calendar year, addressed to the board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 2.9(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

(c)    The Servicer shall cause the Independent Accountants to deliver to the Depositor, the Indenture Trustee, the Issuer and the Titling Trust, on or before April 30 (or one-hundred and twenty (120) days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 2022 with respect to the twelve (12) months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the 2021-3 Closing Date to the date of such certificate (which period shall not be less than six (6) months)), a statement (the “Accountants’ Report”) addressed to the Board of Directors of the Servicer, to the effect that such firm has audited the books and records of GM Financial, in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements of GM Financial and that (i) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances, and (ii) the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

SECTION 2.11.    Servicer Defaults; Termination of the Servicer.

(a)    Each of the following acts or occurrences constitutes a “Servicer Default” under the 2021-3 Servicing Agreement with respect to the 2021-3 Exchange Note:

(i)    any failure by the Servicer to deposit in the 2021-3 Exchange Note Collections Account any required payment, any failure by the Servicer to make or cause the Titling Trust to make any required payments from the 2021-3 Exchange Note

 

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Collections Account on account of the 2021-3 Exchange Note or any failure of the Servicer to make any required payment under any other Program Document, which failure continues unremedied for a period of five (5) Business Days after the earlier of the date on which (1) notice of such failure is given to the Servicer by the Indenture Trustee, or (2) an Authorized Officer of the Servicer has actual knowledge of such failure;

(ii)    any failure by the Servicer duly to observe or to perform any covenants or agreements of the Servicer set forth in the 2021-3 Servicing Agreement or any other Program Document (other than a covenant or agreement a default in the observance or performance of which is elsewhere in this Section specifically dealt with), which failure shall materially and adversely affects the interests of the 2021-3 Secured Parties and shall continue unremedied for a period of sixty (60) days after written notice of such failure is received by the Servicer from the Indenture Trustee or after discovery of such failure by the Servicer;

(iii)    any representation or warranty made or deemed made by the Servicer in the 2021-3 Servicing Agreement or in any other Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection herewith or therewith shall prove to have been incorrect, and such incorrectness has a material adverse effect on the interests of the 2021-3 Secured Parties or the Issuer which failure, if capable of being cured, has not been cured for a period of sixty (60) days after written notice of such breach is received by the Servicer from the Indenture Trustee or after discovery of such breach by the Servicer; or

(iv)    an Insolvency Event occurs with respect to the Servicer.

(b)    Promptly after having obtained knowledge of any Servicer Default, but in no event later than two (2) Business Days thereafter, the Servicer shall deliver to the Indenture Trustee and the Noteholders, written notice thereof in an Officer’s Certificate, accompanied in each case by a description of the nature of the default and the efforts of the Servicer to remedy the same.

(c)    In addition to the provisions of Section 4.1(d) of the Basic Servicing Agreement, if a Servicer Default shall have occurred and be continuing with respect to the 2021-3 Exchange Note, the Titling Trust shall, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of Issuer Trust Certificateholder, by notice given to the Servicer, terminate the rights and obligations of the Servicer under the 2021-3 Servicing Agreement in accordance with such Section and the Indenture Trustee, acting at the written direction of the Majority Noteholders, shall appoint a Successor Servicer to fulfill the obligations of the Servicer hereunder in respect of the 2021-3 Lease Agreements and 2021-3 Leased Vehicles. Any such Person shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event the Servicer is removed as servicer of the 2021-3 Exchange Note Assets, (i) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all Lease Documents with respect to the 2021-3 Lease Agreements and the 2021-3 Leased Vehicles that are then in the possession of the Servicer, (ii) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all Security Deposits held by the Servicer with respect to the

 

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2021-3 Exchange Note Assets, and (iii) the Servicer shall deliver to the Successor Servicer all servicing records directly maintained by the Servicer, containing as of the close of business on the date of demand all of the data maintained by the Servicer, in computer format in connection with servicing the 2021-3 Exchange Note Assets. If no Person has accepted its appointment as Successor Servicer when the predecessor Servicer ceases to act as Servicer in accordance with this Section 2.11, the Indenture Trustee, will, without further action, be automatically appointed the Successor Servicer. Notwithstanding the above, if the Indenture Trustee is unwilling or legally unable to act as Successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business includes the servicing of lease agreements and the related lease assets, as Successor Servicer. The Indenture Trustee will be released from its duties and obligations as Successor Servicer on the date that a new servicer agrees to appointment as Successor Servicer hereunder. All reasonable costs and expenses incurred in connection with transferring the servicing of the 2021-3 Exchange Note Assets to the successor Servicer and amending this agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Any Successor Servicer shall be entitled to such compensation as the Servicer would have been entitled to under this 2021-3 Servicing Supplement if the Servicer had not resigned or been terminated hereunder or such additional compensation as the Majority Noteholders and such Successor Servicer may agree on.

(d)    Notwithstanding the provisions of Section 4.1(f) of the Basic Servicing Agreement, with respect to any Servicer Default related to the 2021-3 Exchange Note Assets, only the Indenture Trustee, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of the Issuer Trust Certificateholder, may waive any default of the Servicer in the performance of its obligations under the 2021-3 Servicing Agreement and its consequences with respect to the 2021-3 Exchange Note and, upon any such waiver, such default shall cease to exist and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of the 2021-3 Exchange Note Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

SECTION 2.12.    Representations and Warranties. The Servicer makes the following representations and warranties to the Depositor, the Indenture Trustee and the Noteholders as of the 2021-3 Closing Date:

(a)    The representations and warranties contained in Section 2.6(a) of the Basic Servicing Agreement as to each 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle were true and correct as of the Cutoff Date;

(b)    The representations and warranties set forth in Section 5.1 of the Basic Servicing Agreement are true and correct as of the date hereof;

(c)    Each 2021-3 Lease Agreement and 2021-3 Leased Vehicle is an Eligible Collateral Asset as of the date hereof;

(d)    All information heretofore furnished by the Servicer or any of its Affiliates to the Indenture Trustee or the Owner Trustee for purposes of or in connection with the 2021-3

 

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Servicing Agreement or any of the other Program Documents or any transaction contemplated hereby or thereby is, and all information hereafter furnished by the Servicer or any of its Affiliates to the Indenture Trustee, the Owner Trustee or any of the Noteholders will be, (i) true and accurate in every material respect on the date such information is stated or certified, and (ii) does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein misleading, in the case of each of (i) and (ii) when taken together with all other information provided on or prior to the date hereof; and

(e)    No Servicer Default or event which with the giving of notice or lapse of time, or both, would become a Servicer Default has occurred and is continuing as of the 2021-3 Closing Date.

(f)    With respect to any 2021-3 Lease Agreement that constitutes “electronic chattel paper” under the UCC, the Servicer, as custodian of the Lease Documents relating to the 2021-3 Designated Pool, maintains control of a single electronically authenticated authoritative copy of the related 2021-3 Lease Agreement.

SECTION 2.13.    Custody of Lease Documents.

(a)    Pursuant to Section 2.3 of the Basic Servicing Agreement, the Servicer, either directly or through an agent, will act as custodian of the Lease Documents relating to the 2021-3 Designated Pool, as agent and bailee for the benefit of the Issuer and the Indenture Trustee. All Lease Documents relating to the 2021-3 Designated Pool shall be identified and maintained in such a manner so as to permit retrieval and access. If a Successor Servicer has been appointed hereunder, the Servicer shall promptly deliver all such Lease Documents to the Successor Servicer. If the Servicer is terminated under the 2021-3 Servicing Agreement upon the occurrence of a Servicer Default, the costs associated with transferring all such Lease Documents shall be paid by the Servicer.

(b)    With respect to any 2021-3 Lease Agreement that constitutes “electronic chattel paper” under the UCC, the Servicer, as custodian of the Lease Documents relating to the 2021-3 Designated Pool, shall at all times maintain control of a single electronically authenticated authoritative copy of the related 2021-3 Lease Agreement.

(c)    In accordance with Section 2.10(h)(ii) of the Indenture and with respect to any Indenture Collateral that constitutes an instrument or tangible chattel paper, the Servicer, as custodian of the Lease Documents relating to the 2021-3 Designated Pool, acknowledges that it is holding such instruments and tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee.

SECTION 2.14.    Reserve Account.

(a)    On the 2021-3 Closing Date, GMF Leasing LLC shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders.

 

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(b)    On each Payment Date (i) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, then the Indenture Trustee shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xiv) of Section 8.3(a) of the Indenture, deposit in the Reserve Account the Reserve Account Required Amount pursuant to Section 8.3(a)(xv) of the Indenture, and (ii) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Payment Date is greater than the Specified Reserve Balance, in which case the Indenture Trustee shall distribute the amount of such excess as part of Available Funds on such Payment Date.

(c)    On each Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Indenture Collections Account to be included as Total Available Funds for that Payment Date.

SECTION 2.15.    Liability of Successor Servicer. No Successor Servicer will have any responsibility and will not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their duties under this Supplement if such failure or delay results from such Successor Servicer acting in accordance with information prepared or supplied by any Person other than the Successor Servicer or the failure of any such other Person to prepare or provide such information. No Successor Servicer will have any responsibility for and will not be in default and will incur no liability for, (a) any act or failure to act of any third party, including the Servicer, (b) any inaccuracy or omission in a notice or communication received by such Successor Servicer from any third party, (c) the invalidity or unenforceability of any 2021-3 Lease Agreement under applicable law, (d) the breach or inaccuracy of any representation or warranty made with respect to any 2021-3 Lease Agreement or 2021-3 Leased Vehicle, or (e) the acts or omissions of any successor to it as Successor Servicer.

SECTION 2.16.    Merger or Consolidation of, or Assumption of Obligations of the Servicer. Notwithstanding the provisions of Section 5.3 of the Basic Servicing Agreement, GM Financial shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to GM Financial’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of GM Financial contained in this Agreement. Any corporation (a) into which GM Financial may be merged or consolidated, (b) resulting from any merger or consolidation to which GM Financial shall be a party, (c) which acquires by conveyance, transfer, or lease substantially all of the assets of GM Financial, or (d) succeeding to the business of GM Financial, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of GM Financial under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to GM Financial under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release GM Financial from any obligation. GM Financial shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Indenture Trustee and the Noteholders. Notwithstanding the

 

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foregoing, GM Financial shall not merge or consolidate with any other Person or permit any other Person to become a successor to GM Financial’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.12 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction), (y) GM Financial shall have delivered to the Owner Trustee, the Indenture Trustee and the Noteholders an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) GM Financial shall have delivered to the Owner Trustee, the Collateral Agent and the Indenture Trustee an Opinion of Counsel stating, in the opinion of such counsel, either that (i) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the 2021-3 Exchange Note and the Other Conveyed Property (and reciting the details of the filings), or (ii) no such action shall be necessary to preserve and protect such interest.

SECTION 2.17.    Resignation of the Servicer. Notwithstanding Section 5.4 of the Basic Servicing Agreement, the Servicer shall not resign as Servicer under the 2021-3 Servicing Agreement except if it is prohibited by law from performing its obligations in respect of the 2021-3 Exchange Note Assets under the Basic Servicing Agreement or hereunder and delivers to the Owner Trustee, the Indenture Trustee and the Noteholders an Opinion of Counsel to such effect concurrently with the delivery of any notice of resignation pursuant to Section 5.4 of the Basic Servicing Agreement.

SECTION 2.18.    Separate Existence. The Servicer shall take all reasonable steps to maintain the Titling Trust’s, the Settlor’s, the Depositor’s and the Issuer’s identities as separate legal entities, and shall make it manifest to third parties that each of the Titling Trust, the Settlor, the Depositor and the Issuer is an entity with assets and liabilities distinct from those of the Servicer and not a division of the Servicer. All transactions and dealings between the Servicer, on the one hand, and the Settlor, the Titling Trust, the Depositor and the Issuer, on the other hand, will be conducted on an arm’s-length basis. The Servicer shall take all other actions necessary on its part to ensure that the Depositor complies with Section 2.5(d) of the Exchange Note Transfer Agreement and, to the extent within its control, take all action necessary to ensure that the Issuer complies with Section 3.16 of the Indenture. The Servicer shall take all action necessary to ensure that the Titling Trust shall not take any of the following actions:

(a)    engage in any business other than that contemplated by the Titling Trust Agreement or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by the Titling Trust Documents; and

(b)    issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any obligations, liabilities or responsibilities other than as set forth in the Titling Trust Documents.

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

 

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(a)    Notwithstanding the provisions of the Basic Servicing Agreement, a 2021-3 Leased Vehicle may be reallocated from the 2021-3 Designated Pool to the Lending Facility Pool in connection with a Like Kind Exchange if the full Base Residual Value of the related 2021-3 Leased Vehicle is deposited to the 2021-3 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date of such reallocation; provided, that if the Net Liquidation Proceeds with respect to such 2021-3 Leased Vehicle are determined prior to the deposit of such Base Residual Value to the 2021-3 Exchange Note Collections Account, then such Net Liquidation Proceeds may instead be deposited to the 2021-3 Exchange Note Collections Account in full satisfaction of this Section 2.19(a). If the Servicer has deposited the full Base Residual Value of a 2021-3 Leased Vehicle to the 2021-3 Exchange Note Collections Account in connection with a Like Kind Exchange and (i) the related Net Liquidation Proceeds are determined thereafter to be less than such Base Residual Value, then the Servicer shall be permitted to withdraw the excess of the related Base Residual Value so deposited over the related Net Liquidation Proceeds from the 2021-3 Exchange Note Collections Account for its own account, and (ii) the related Net Liquidation Proceeds are determined thereafter to be greater than such Base Residual Value, then the Servicer shall be obligated to deposit the excess of the related Net Liquidation Proceeds over the Base Residual Value to the 2021-3 Exchange Note Collections Account from its own funds by no later than the second (2nd) Business Day following the date on which such Net Liquidation Proceeds are determined.

(b)    Notwithstanding the provisions of the Basic Servicing Agreement, a 2021-3 Lease Agreement may be a Pull Ahead Lease Agreement pursuant to a Pull Ahead Program if all amounts due and payable under the related 2021-3 Lease Agreement (other than (i) Excess Mileage/Wear and Tear Fees, which shall be charged to such Lessee to the extent applicable in accordance with the terms of such 2021-3 Lease Agreement and the Servicer’s Customary Servicing Practices, and (ii) Monthly Payments that are waived in connection with such Lessee’s participation in the Pull Ahead Program and in connection with which a Pull Ahead Payment is received by the Titling Trust or by the Servicer on its behalf and allocated to the 2021-3 Exchange Note Collections Account) are deposited to the 2021-3 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date that such 2021-3 Lease Agreement would terminate pursuant to the Pull Ahead Program. The Servicer will not be entitled to reimbursement from any 2021-3 Designated Pool Collections for any amounts that it deposits to the 2021-3 Collections Account from its own funds in connection with any Pull Ahead Lease Agreement.

SECTION 2.20.    Dispute Resolution.

(a)    If the Owner Trustee, the Indenture Trustee, any Noteholder, the Depositor or the Indenture Trustee on behalf of certain Noteholders in accordance with Section 2.5(b) hereof has requested that the Servicer reallocate any 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle to the Lending Facility Pool pursuant to Section 2.5(b) hereof due to an alleged breach of a representation and warranty with respect to such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle (each, a “Reallocation Request”), and the Reallocation Request has not been resolved within 180 days of the receipt of notice of the Reallocation Request by the Servicer (which resolution may take the form of a reallocation of the related 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle to the Lending Facility Pool against payment of the related Repurchase Amount by GM Financial, a withdrawal of the related Reallocation

 

16


Request by the party that originally requested the reallocation or a cure of the condition that led to the related breach in the manner set forth herein), then the Servicer or Depositor shall describe the unresolved Reallocation Request on the Form 10-D that is filed that relates to the Collection Period during with the related 180-day period ended, and any of the party that originally requested the reallocation, any Noteholder or the Indenture Trustee on behalf of certain Noteholders in accordance with the following sentence (any such Person, a “Requesting Party”) may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration; provided, that if the Noteholder seeking to refer the matter to mediation or arbitration is not a Noteholder of record, such Noteholder must provide the Servicer and the Indenture Trustee with a written certification stating that it is a beneficial owner of a Note, together with supporting documentation supporting that statement (which may include, but is not limited to, a trade confirmation, an account statement or a letter from a broker or dealer verifying ownership) before the Servicer will be obligated to participate in the related mediation or arbitration. Noteholders representing five percent or more of the Outstanding Amount of the most senior Class of Notes may direct the Indenture Trustee, by notice in writing, in relation to any matter described in the preceding sentence, to initiate either mediation (including non-binding arbitration) or binding third party arbitration, as directed by such Noteholders, on behalf of such Noteholders and to conduct such mediation or arbitration pursuant to instructions provided by such Noteholders in accordance with the Indenture. The Requesting Party shall provide notice to the Sponsor and the Depositor and refer the matter to mediation or arbitration according to the ADR Rules of the ADR Organization within 90 days following the date on which the Form 10-D is filed that relates to the Collection Period during which the related 180-day period ended. The Servicer agrees to participate in the dispute resolution method selected by the Requesting Party.

(b)    If the Requesting Party selects mediation for dispute resolution:

(i)    The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for mediation stated in this Section 2.20, the procedures in this Section 2.20 will control.

(ii)    A single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

(iii)    Commercially reasonable efforts shall be used to begin the mediation within 15 Business Days after the selection of the mediator and conclude within 30 days after the start of the mediation.

(iv)    Expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

(v)    If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Reallocation Request to arbitration under this Section 3.13 or may initiate litigation regarding such Reallocation Request.

 

17


(c)    If the Requesting Party selects arbitration for dispute resolution:

(i)    The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this Section 2.20, the procedures in this Section 2.20 will control.

(ii)    A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator must be an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule.    The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

(iii)    The arbitrator will have the authority to schedule, hear and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be completed with 30 days of selection of the arbitrator and will be limited for each party to two witness depositions, each not to exceed five hours, two interrogatories, one document request and one request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than ten pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than 60 days after selection of the arbitrator and will proceed for no more than six consecutive Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

(iv)    The arbitrator will make its final determination no later than 90 days after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other Basic Documents in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction. The arbitrator may not award remedies that are not consistent with this Agreement and the other Basic Documents.

 

18


(v)    By selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

(vi)    The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

(d)    For each mediation or arbitration:

(i)    Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location selected by the Servicer. Any party or witness may participate by teleconference or video conference.

(ii)    The Servicer and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law.

(e)    The Servicer will not be required to produce personally identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Reallocation Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section 2.6), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information.

ARTICLE III

MISCELLANEOUS

SECTION 3.1.    Termination of 2021-3 Servicing Supplement. This 2021-3 Servicing Supplement (and, accordingly, the Basic Servicing Agreement insofar as it relates to the 2021-3 Exchange Note) will be terminated in the event that the Basic Servicing Agreement is terminated in accordance therewith and may also be terminated at the option of the Servicer or the Titling Trust at any time following the payment in full of the 2021-3 Exchange Note.

SECTION 3.2.    Amendment.

(a)    This 2021-3 Servicing Supplement (and, accordingly, the Basic Servicing Agreement, insofar as it relates to the 2021-3 Exchange Note) may be amended by the parties hereto with the consent of the Majority Noteholders; provided, that to the extent that any such

 

19


amendment materially affects any Other Exchange Note, such amendment shall require the consent of the Exchange Noteholder thereof affected thereby.

(b)    The parties hereto acknowledge and agree that (i) the right of the Indenture Trustee to consent to any amendment of this 2021-3 Servicing Supplement is subject to the following terms: the parties hereto will not (1) without the prior written consent of the Required Noteholders, waive timely performance or observance by the Servicer under the 2021-3 Servicing Agreement and (2) without the prior written consent of all Noteholders, reduce the required percentage of the Notes that is required to consent to any amendment pursuant to this Section 3.2 and (ii) any consent provided by the Indenture Trustee in violation of such terms shall be of no force or effect hereunder.

SECTION 3.3.    GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

SECTION 3.4.    Relationship of 2021-3 Servicing Supplement to Other Trust Documents. Unless the context otherwise requires, this 2021-3 Servicing Supplement and the other Trust Documents shall be interpreted so as to give full effect to all provisions hereof and thereof. In the event of any actual conflict between the provisions of this 2021-3 Servicing Supplement and the Basic Servicing Agreement, with respect to the servicing of any 2021-3 Exchange Note Assets, the provisions of this 2021-3 Servicing Supplement shall prevail. This 2021-3 Servicing Supplement shall supplement the Basic Servicing Agreement as it relates to the 2021-3 Exchange Note and the 2021-3 Designated Pool and not to any other Exchange Note or Designated Pool or the Lending Facility Pool.

SECTION 3.5.    [Reserved].

SECTION 3.6.    Notices. For purposes of the 2021-3 Servicing Agreement, all demands, notices, directions, requests and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or facsimile transmission, and addressed in each case as follows: (a) if to the Servicer, GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas, 76102, Attention: Chief Financial Officer, and (b) if to the Indenture Trustee, Wells Fargo Bank, National Association, 600 South 4th Street, MAC N9300-061, Minneapolis, Minnesota 55415. Notices to the other parties to this 2021-3 Servicing Supplement shall be delivered as provided in Section 6.5 of the Basic Servicing Agreement.

SECTION 3.7.    Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this 2021-3 Servicing Supplement or the 2021-3 Servicing Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this 2021-3 Servicing Supplement or the 2021-3 Servicing Agreement, as applicable, and shall in no way affect the validity or enforceability of the other covenants,

 

20


agreements, provisions and terms of this 2021-3 Servicing Supplement or the 2021-3 Servicing Agreement.

SECTION 3.8.    Binding Effect. The provisions of this 2021-3 Servicing Supplement and the 2021-3 Servicing Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns.

SECTION 3.9.    Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 3.10.    Counterparts and Consent to Do Business Electronically. This 2021-3 Servicing Supplement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this 2021-3 Servicing Supplement and any documents to be delivered in connection with this 2021-3 Servicing Supplement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this 2021-3 Servicing Supplement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

SECTION 3.11.    Further Assurances. Each party shall take such acts, and execute and deliver to any other party such additional documents or instruments as may be reasonably requested in order to effect the purposes of this 2021-3 Servicing Supplement and the 2021-3 Servicing Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder.

SECTION 3.12.    Third-Party Beneficiaries. The Issuer, the Depositor and each Noteholder shall be third-party beneficiaries of the 2021-3 Servicing Agreement. Except as otherwise provided in the 2021-3 Servicing Agreement, no other Person shall have any rights hereunder.

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

SECTION 3.14.    Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this 2021-3 Servicing Supplement is executed and delivered by

 

21


Wilmington Trust Company, not individually or personally but solely as owner trustee of the Titling Trust and the Settlor, in the exercise of the powers and authority conferred and vested in it under the Titling Trust Agreement and Settlor Trust Agreement, as applicable, (b) each of the representations, undertakings and agreements herein made on the part of the Titling Trust and the Settlor is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Titling Trust and the Settlor, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Titling Trust and the Settlor or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Titling Trust and the Settlor under this 2021-3 Servicing Supplement or the other related documents.

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

SECTION 3.16.    Review Reports.

Upon the request of any Noteholder to the Servicer for a copy of any Review Report (as defined in the 2021-3 Asset Representations Review Agreement), the Servicer shall promptly provide a copy of such Review Report to such Noteholder; provided, that if the requesting Noteholder is not a Noteholder of record, such Noteholder must provide the Servicer with a written certification stating that it is a beneficial owner of a Note, together with supporting documentation supporting that statement (which may include, but is not limited to, a trade confirmation, an account statement or a letter from a broker or dealer verifying ownership) before the Servicer delivers such Review Report to such Noteholder; provided, further, that if such Review Report contains personally identifiable information regarding Lessees, then the Servicer may condition its delivery of that portion of the Review Report to the requesting Noteholder on such Noteholder’s delivery to the Servicer of an agreement acknowledging that such Noteholder may use such information only for the limited purpose of assessing the nature of the related breaches of representations and warranties and may not use that information for any other purpose.

SECTION 3.17.    Regulation RR Risk Retention. GM Financial, as Sponsor, agrees that (a) GM Financial will cause the Depositor to, and the Depositor will, retain the “eligible horizontal residual interest” (the “Retained Interest”) (as defined in the Credit Risk Retention Rules) on the 2021-3 Closing Date, and (b) GM Financial will not, and will cause the Depositor and each affiliate of GM Financial not to, sell, transfer, finance, pledge or hedge the Retained Interest except as permitted by the Credit Risk Retention Rules. The representations and

 

22


warranties set forth in this Section 3.17 shall survive the termination of this Agreement and resignation by, or termination of, GM Financial in its capacity as Servicer hereunder.

[Remainder of Page Intentionally Left Blank]

 

23


IN WITNESS WHEREOF, the parties hereto have caused this 2021-3 Servicing Supplement to be duly executed by their respective officers duly authorized as of the day and year first above written.

 

ACAR LEASING LTD.,

By:

  Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee

By:

 

/s/ Drew Davis

Name:

 

Drew Davis

Title:

 

Vice President

AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, in its individual capacity and as Servicer

By:

 

/s/ Robert T. Pigott III

Name:

 

Robert T. Pigott III

Title:

 

Senior Vice President, Corporate Treasury

APGO TRUST, as Settlor

By:

  Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee

By:

 

/s/ Drew Davis

Name:

 

Drew Davis

Title:

 

Vice President

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

By:

 

/s/ Marianna Stershic

Name:

 

Marianna Stershic

Title:

 

Vice President

 

[Signature Page to the 2021-3 Servicing Supplement]


EXHIBIT A

FORM OF SERVICER REPORT

 

A-1


GM Financial Automobile Leasing Trust 2021-3

_____% Exchange Note

Class A-1 _______% Asset Backed Notes

Class A-2 _____% Asset Backed Notes

Class A-3 _____% Asset Backed Notes

Class A-4 _____% Asset Backed Notes

Class B _____% Asset Backed Notes

Class C _____% Asset Backed Notes

Class D _____% Asset Backed Notes

Servicer’s Certificate

 

Beginning of Period:         2021-3                      Original Agg.
End of Period:         Designated Pool    Units    Start Date    Closing Date    Securitization Value
Number of days in Interest Period (Actual/360):                      
Number of days in Collection Period:   

        

                        
Report Due Date:       Total              
Distribution Date:                          
Transaction Month:                  

 

RECONCILIATION OF 2021-3 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE

 

{1}

   Beginning of period Aggregate Securitization Value                  {1}           
                    

{2}

   Reduction in Agg. Securitization Value due to payments               {2}              

{3}

   Reduction in Agg. Securitization Value due to Defaulted Leases               {3}              

{4}

   Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases      {4}              

{5}

   Other adjustments               {5}              

{6}

   Total change in Agg. Securitization Value                  {6}           
                    

{7}

   End of period Aggregate Securitization Value                  {7}     
                                
                    

{8}

   Pool Factor                  {8}     
                                
                    
RECONCILIATION OF 2021-3 EXCHANGE NOTE

 

{9}

   Original Exchange Note Balance                              {9}           
                    

{10}

   Beginning of period Exchange Note Balance                  {10}           
                    

{11}

   Exchange Note Principal Payment Amount                  {11}           
                    

    {12}

   End of period Exchange Note Balance                  {12}     
                                
                    

{13}

   Note Pool Factor                  {13}     
                                
                    
RECONCILIATION OF THE ASSET BACKED NOTES         Class A-1            Class A-2              Class A-3                Class A-4                   

{14}

   Original Note Balance    {14}                                     
                        

{15}

   Beginning of period Note Balance    {15}                 
                        

{16}

   Noteholders’ Principal Distributable Amount    {16}                 

{17}

   Noteholders’ Accelerated Principal Amount    {17}                 

{18}

   Aggregate Principal Parity Amount    {18}                 

{19}

   Matured Principal Shortfall    {19}                 
                        

{20}

   End of period Note Balance    {20}                 
                    
                        

{21}

   Note Pool Factor    {21}                 
                    
                                            
           Class B    Class C      Class D           TOTAL  

{22}

   Original Note Balance    {22}                                     
                        

{23}

   Beginning of period Note Balance    {23}                 
                        

{24}

   Noteholders’ Principal Distributable Amount    {24}                 

{25}

   Noteholders’ Accelerated Principal Amount    {25}                 

{26}

   Aggregate Principal Parity Amount    {26}                 

{27}

   Matured Principal Shortfall    {27}                 
                        

{28}

   End of period Note Balance    {28}                 
                    
                        

{29}

   Note Pool Factor    {29}                 
                    
                                                 

 

1


EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
    
   Principal payment calculation:        

                    

                                                                            
        {30}    Beginning of period Designated Pool Balance

 

      {30}     
           
{31}    Ending Designated Pool Balance

 

   {31}        
{32}    Unpaid prior Exchange Note Principal Payment Amount

 

   {32}        
{33}    Sum of {31} + {32}

 

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

 

      {34}   
                            
           
   Interest calculation:

 

        
      Beg Note Balance      Interest Carryover    Interest Rate        Days        Days Basis      Interest      
{35}                                 30/360             
                          
RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
   Additions:                        
{36}    2021-3 Designated Pool Collections (net of Liquidation Proceeds and fees)

 

      {36}        
{37}    Net Liquidation Proceeds collected during period

 

      {37}        
{38}    Investment Earnings

 

      {38}        
{39}    Investment Earnings - transferred to Indenture Note Collection Account

 

      {39}        
{40}    Deposit from Servicer

 

      {40}        
              
{41}    Total Additions:

 

         {41}     
              
   Distributions:

 

           
{42}    To the Servicer, Designated Pool Servicing Fee

 

      {42}        
{43}    To the 2021-3 Exchange Noteholder, the Exchange Note Interest Payment Amount

 

      {43}        
{44}    To the 2021-3 Exchange Noteholder, the Exchange Note Principal Payment Amount

 

      {44}        
{45}    To the 2021-3 Exchange Noteholder, any funds available to pay obligations pursuant

 

      {45}        
   to Indenture Section 8.3 (a)(i) through (xvii)

 

           
{46}    To the 2021-3 Exchange Noteholder, all remaining funds to be applied as Excess

 

      {46}        
   Exchange Note Payments

 

           
              
{47}    Total Distributions:

 

         {47}   
                            
              
NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
   Noteholders’ Principal Distributable calculation:               
{48}    Beginning Agg. Securitization Value      {48}                    
{49}    Ending Agg. Securitization Value      {49}                    
{50}    Principal Distributable Amount {48} - {49}         {50}             
                 
{51}    Noteholders’ Principal Carryover Amount

 

     {51}             
           
{52}    Principal Distributable Amount + Noteholders’ Principal Carryover Amount

 

   {52}        
           
{53}    Amount required to reduce Outstanding Amount after giving effect to distributions made pursuant to

 

   {53}        
   Indenture Section 8.3 (i) through (xiii) to the Required Pro Forma Note Balance

 

        
           
{54}    Noteholders’ Principal Distributable Amount Lessor of {52} and {53}

 

      {54}   
                            
                 
   Noteholders’ Interest Distributable calculation:               
   Class    Beg Note Balance    Interest Carryover    Interest Rate      Days        Days Basis      Interest      
{55}    Class A-1                          Actual/360             
{56}    Class A-2                          30/360             
{57}    Class A-3                          30/360             
{58}    Class A-4                          30/360             
{59}    Class B                          30/360             
{60}    Class C                          30/360             
{61}    Class D                              30/360             
                          
RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
   Available Funds:

 

        
{62}    2021-3 Exchange Note Collections

 

   {62}        
{63}    Investment Earnings

 

   {63}        
{64}    Investment Earnings - transferred from Exchange Note Collection Account

 

   {64}        
{65}    Investment Earnings - and amounts released from Reserve Account pursuant to Section 2.14(b)(ii) of Servicing Supplement

 

   {65}        
{66}    Optional Purchase Price

 

   {66}        
{67}    Indenture Section 5.4 disposition of Collateral

 

   {67}        
{68}    Available Funds:

 

      {68}     
{69}    Reserve Account Withdrawal Amount

 

   {69}        
{70}    Total Distributable Funds:

 

      {70}     
                            
           
   Distributions:

 

        
{71}    To the Successor Servicer, unpaid transition expenses, pro rata

 

   {71}        
{72}    To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata

 

   {72}        

 

2


{73}    To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata    {73}        
{74}    To the Asset Representations Reviewer, any accrued and unpaid fees & expenses, pro rata    {74}        
{75}    Class A-1 Noteholders’ Interest Distributable Amount pari passu    {75}        
{76}    Class A-2 Noteholders’ Interest Distributable Amount pari passu    {76}        
{77}    Class A-3 Noteholders’ Interest Distributable Amount pari passu    {77}        
{78}    Class A-4 Noteholders’ Interest Distributable Amount pari passu    {78}        
{79}    Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall    {79}        
{80}    Class B Noteholders’ Interest Distributable Amount    {80}        
{81}    Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall    {81}        
{82}    Class C Noteholders’ Interest Distributable Amount    {82}        
{83}    Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall    {83}        
{84}    Class D Noteholders’ Interest Distributable Amount    {84}        
{85}    Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall    {85}        
{86}    Noteholders’ Principal Distributable Amount    {86}        
{87}    To the Reserve Account, the Reserve Amount Required Amount    {87}        
{88}    To the Noteholders, the Accelerated Principal Amount (as calculated below)    {88}        
{89}    To the Successor Servicer, any amounts in excess of the caps set forth, pro rata    {89}        
{90}    To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata    {90}        
{91}    To the Asset Representations Reviewer, any amounts in excess of the caps set forth, pro rata    {91}        
{92}    To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata    {92}        
{93}    To the Issuer Trust Certificateholders, the aggregate amount remaining    {93}        
{94}    Total Distributions:           {94}     
             

 

3


PRINCIPAL PARITY AMOUNT CALCULATION
    
        (X)    (Y)    (I)      (II)                 
      Cumulative    Aggregate    Excess of      Total Available Funds        Lesser of        
   Class    Note Balance    Securitization Value    (X) - (Y)      in Indenture Collection Account        (I) or (II)        
{95}    Class A                               
{96}    Class B                               
        {97}    Class C                               
{98}    Class D                                       
                          
ACCELERATED PRINCIPAL AMOUNT CALCULATION
{99}    Excess Total Available Funds            {99}              
                 
{100}    Beginning Note Balance      {100}                    
{101}    Principal payments through Indenture Section 8.3 (a) (i) through (xv)      {101}                    
{102}    Pro-Forma Note Balance         {102}                 
                 
{103}    Ending Aggregate Securitization Value      {103}                    
{104}    __% of Aggregate Securitization Value as of Cutoff Date      {104}                    
{105}    Required Pro Forma Note Balance {103} - {104}

 

     {105}                 
              
{106}    Excess of Pro Forma Balance minus Required Pro Forma Balance {102} - {105}

 

        {106}              
              
{107}    Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance

 

           {107}     
 
                            
                          
OVERCOLLATERALIZATION CALCULATIONS
   Exchange Note:               
{108}    Ending Aggregate Securitization Value            {108}              
{109}    End of Period Note Balance            {109}              
{110}    Overcollateralization            {110}              
{111}    Overcollateralization %               {111}       
                 
   Asset Backed Notes:               
{112}    Ending Aggregate Securitization Value            {112}              
{113}    End of Period Note Balance            {113}              
{114}    Overcollateralization            {114}              
{115}    Overcollateralization %               {115}     
                            
                          
RECONCILIATION OF 2021-3 CASH RESERVE ACCOUNT
{116}    Specified Reserve Balance                                 {116}       
{117}    Beginning of Period Reserve Account balance               {117}       
{118}    Investment Earnings            {118}              
{119}    From the Indenture Collection Account, the Reserve Account Required Amount            {119}              
{120}    To the Indenture Collection Account, the Reserve Account Withdrawal Amount            {120}              
{121}    Total Reserve balance available:               {121}       
                          
{122}    Specified Reserve Balance               {122}       
                          
{123}    Release Excess Cash to Indenture Collection Available Funds               {123}       
                          
{124}    End of period Reserve Account balance               {124}     
                            
                 
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
    
                 Dollars      Percentage
{125}    Receivables with Scheduled Payment delinquent 61 days or more

 

     {125}                
                          
{126}    Compliance (Trigger Violation is a Delinquency Rate Greater Than ____ % )

 

     {126}          
           
CREDIT RISK RETENTION (1)
    
                          Dollars      Percentage
{127}    Fair Value of Residual Interest

 

     {127}                
{128}    Total Fair Value of Notes and Residual Interest

 

     {128}                
                          
{130}    Compliance (Fair Value must be at least 5% of the aggregate value of the Notes and Residual Interest)

 

     {130}          

(1) Recalculated as of the closing date. Changes in the fair value methodology or inputs and assumptions as described in the prospectus include final interest rates and final tranche sizes as of the closing date and listed above.

 

By:    
Name:                    
Title:    
Date:    

 

4


GM Financial

GMALT 2021-3

Supplemental Monthly Data

Date

 

   

Aggregate

Securitization Value

     

Residual Value

               

Beginning of Period

             

Change

                 

End of Period

             
             
             
             

Residual Value as % of Agg. Securitization Value

             
             
             

Delinquency

             
Leases with scheduled payment delinquent   Number of Leases        Agg. Securitization Value        Percentage(1)        

0 - 30 days

               

31 - 60 days

               

61 - 90 days

               

91 - 120 days

                       

Total

                       
             

Lease Terminations

  Current Period     Cumulative
    Number of Leases        Agg. Securitization Value       Number of Leases        Agg. Securitization Value

Retained vehicles by lessee

             

Early terminations

             

Standard terminations

                     

Total retained by lessee

             
             

Returned Vehicles

             

Early terminations

             

Standard terminations

                     

Total returned to dealer

             
             

Charged off leases / Repossessed vehicles

             

Repurchases

             
Other                      

Total terminations

             
             

Lease Extensions/Deferments

  Current Period    
  Number of Leases       Agg. Securitization Value       Percentage    
             

Term Extensions

             
             

Deferments

             
             

Net Credit (Gain) Loss

      Current Period     Cumulative    

Agg. Securitized Value of early term defaults

             

less: Sales proceeds

             

less: Excess wear and excess mileage received

           

less: Other amounts received

                 

Net Credit (Gain) Loss                     

           
             

Residual (Gain) Loss on Returned Vehicles

           

Agg. Securitized Value of returned vehicles sold by Servicer

           

add: Reimbursement of outstanding residual advance

           

less: Sales proceeds

             

less: Excess wear and excess mileage received

           

less: Other recovery amounts

                 
Residual (Gain) Loss                                    
             
             
      Current Period     Prev. Month    

Prepay Speed

             
             

Return Rate based on Scheduled to Terminate(2)

           
           

Return Rate based on Terminated Leases(3)

           

(1) Percentages may not add to 100% due to rounding.

(2) Percentage of total number of vehicles returned to dealer over number of vehicles scheduled to terminate per month.

(3) Percentage of total number of vehicles returned to dealer over number of vehicles terminated per month.

EX-10.5 8 d86912dex105.htm EX-10.5 EX-10.5

Exhibit 10.5

Execution Version

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

among

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3,

as Issuer

GM FINANCIAL,

as Servicer

and

CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

Dated as of June 30, 2021

 


TABLE OF CONTENTS

 

ARTICLE I DEFINITIONS      1

Section 1.1.

     Definitions      1

Section 1.2.

     Additional Definitions      1
ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER      2

Section 2.1.

     Engagement; Acceptance      2

Section 2.2.

     Confirmation of Status      2
ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS      3

Section 3.1.

     Asset Review Notices      3

Section 3.2.

     Identification of Asset Review Receivables      3

Section 3.3.

     Asset Review Materials      3

Section 3.4.

     Performance of Asset Reviews      3

Section 3.5.

     Asset Review Reports      4

Section 3.6.

     Asset Review Representatives      5

Section 3.7.

     Dispute Resolution      5

Section 3.8.

     Limitations on Asset Review Obligations      5
ARTICLE IV ASSET REPRESENTATIONS REVIEWER      6

Section 4.1.

     Representations and Warranties      6

Section 4.2.

     Covenants      7

Section 4.3.

     Fees and Expenses      8

Section 4.4.

     Limitation on Liability      9

Section 4.5.

     Indemnification      9

Section 4.6.

     Right to Audit      10

Section 4.7.

     Delegation of Obligations      10

Section 4.8.

     Confidential Information      10

Section 4.9.

     Security and Safeguarding Information      13
ARTICLE V . RESIGNATION AND REMOVAL      14

Section 5.1.

     Resignation and Removal of Asset Representations Reviewer      14

Section 5.2.

     Engagement of Successor      15

Section 5.3.

     Merger, Consolidation or Succession      15
ARTICLE VI OTHER AGREEMENTS      16

Section 6.1.

     Independence of Asset Representations Reviewer      16

Section 6.2.

     No Petition      16

Section 6.3.

     Limitation of Liability of Owner Trustee      16

Section 6.4.

     Termination of Agreement      16
ARTICLE VII MISCELLANEOUS PROVISIONS      17

Section 7.1.

     Amendments      17

Section 7.2.

     Assignment; Benefit of Agreement; Third Party Beneficiaries      17

Section 7.3.

     Notices      17

Section 7.4.

     GOVERNING LAW      18

Section 7.5.

     Submission to Jurisdiction      18

Section 7.6.

     No Waiver; Remedies      18

Section 7.7.

     Severability      18

Section 7.8.

     Headings      19

Section 7.9.

     Counterparts and Consent to Do Business Electronically      19
SCHEDULES        
Schedule A    Representations and Warranties and Procedures to be Performed   

 

i


ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of June 30, 2021 (this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (“GM Financial”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset Representations Reviewer”).

WHEREAS, in the regular course of its business, GM Financial causes its affiliated titling trust to purchase leased vehicles and to originate lease agreements related to such leased vehicles.

WHEREAS, in connection with a securitization transaction sponsored by GM Financial, GM Financial sold an exchange note backed by the 2021-3 Exchange Note Assets (a designated pool of leased vehicles and associated lease agreements) to GMF Leasing LLC (the “Depositor”) which, in turn, sold that exchange note to the Issuer.

WHEREAS, the Issuer has granted a security interest in the exchange note to the Indenture Trustee, for the benefit of the Issuer Secured Parties, pursuant to the Indenture.

WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain 2021-3 Exchange Note Assets for compliance with the representations and warranties made by GM Financial about such 2021-3 Exchange Note Assets in the 2021-3 Servicing Supplement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties agree as follows.

ARTICLE I

DEFINITIONS

Section 1.1.    Definitions. Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings assigned to them in the 2021-3 Exchange Note Supplement, dated as of June 30, 2021, to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018, both by and between ACAR Leasing Ltd., as borrower, GM Financial, as lender and servicer, and Wells Fargo Bank, National Association, as administrative agent and as collateral agent.

Section 1.2.    Additional Definitions. The following terms have the meanings given below:

Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Asset Review Receivable in accordance with Section 3.4.

Asset Review Demand Date” means, for an Asset Review, the date when the Indenture Trustee determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture.


Asset Review Fee” has the meaning assigned to such term in Section 4.3(b).

Asset Review Materials” means, with respect to an Asset Review and an Asset Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule A.

Asset Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review.

Asset Review Receivables” means, with respect to any Asset Review, each Receivable that is not a Defaulted Lease or a Liquidated Lease and which the related lessee fails to make at least the lesser of (i) 90% of a Monthly Payment or (ii) all but $25 of the Monthly Payment in either case by the related Payment Due Date and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered, remained unpaid for 60 days or more from the Payment Due Date.

Asset Review Report” means, with respect to any Asset Review, the report of the Asset Representations Reviewer prepared in accordance with Section 3.5.

Clayton” means Clayton Fixed Income Services LLC.

Confidential Information” has the meaning assigned to such term in Section 4.8(a).

Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of GM Financial, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by GM Financial or any Underwriter to perform any due diligence on the Lease Assets prior to the 2021-3 Closing Date.

Test” has the meaning assigned to such term in Section 3.4(a).

Test Complete” has the meaning assigned to such term in Section 3.4(c).

Test Fail” has the meaning assigned to such term in Section 3.4(a).

Test Pass” has the meaning assigned to such term in Section 3.4(a).

ARTICLE II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

Section 2.1.    Engagement; Acceptance. The Issuer hereby engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.

Section 2.2.    Confirmation of Status. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Asset Review Receivables for

 

2


compliance with the representations and warranties under the Program Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Program Documents.

ARTICLE III

ASSET REPRESENTATIONS REVIEW PROCESS

Section 3.1.    Asset Review Notices. Upon receipt of an Asset Review Notice from the Indenture Trustee in the manner set forth in Section 7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review Notice is received.

Section 3.2.    Identification of Asset Review Receivables. Within ten (10) Business Days of receipt of an Asset Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the related Asset Review Receivables.

Section 3.3.    Asset Review Materials.

(a)    Access to Asset Review Materials. The Servicer will give the Asset Representations Reviewer access to the Asset Review Materials for all of the Asset Review Receivables within sixty (60) days of receipt of the Asset Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s lease asset systems, either remotely or at one of the properties of the Servicer; (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access; (iii) by providing originals or photocopies at one of the properties of the Servicer where the Asset Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Non-Public Personal Information (as defined in Section 4.8) from the Asset Review Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for purposes of the Asset Review.

(b)    Missing or Insufficient Asset Review Materials. If any of the Asset Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) days before completing the Asset Review, and the Servicer will have fifteen (15) days to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Asset Review Materials have not been provided by the Servicer within fifteen (15) days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Asset Review Report will indicate the reason for the Test Fail.

Section 3.4.    Performance of Asset Reviews.

(a)    Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Asset Review Receivable the procedures listed under “Procedures to be Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset Review Materials listed for each such Test in Schedule A. For each Test and Asset Review

 

3


Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).

(b)    Asset Review Period. The Asset Representations Reviewer will complete the Asset Review of all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer in accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days.

(c)    Completion of Asset Review for Certain Asset Review Receivables. Following the delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full by the related Obligor or purchased from the Issuer by GM Financial, the Seller or the Servicer according to the Program Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Asset Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and the related reason.

(d)    Previously Reviewed Receivable. If any Asset Review Receivable was included in a prior Asset Review, then the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review, unless (i) any representation or warranty about such Asset Review Receivable that would be subject to a Test as part of the Asset Review relates to a date that is after the date on which the prior Asset Review was performed with respect to such Asset Review Receivable or (ii) the Asset Representations Reviewer has provided the Servicer with evidence that reasonably demonstrates that the Asset Representations Reviewer was unable during such prior Asset Review to conduct a review of such Asset Review Receivable in a manner that would have ascertained compliance or non-compliance with a specific representation or warranty.

(e)    Termination of Asset Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report.

Section 3.5.    Asset Review Reports. Within five (5) days of the end of the Asset Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Asset Review Report is received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information.

 

4


Section 3.6.    Asset Review Representatives.

(a)    Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Asset Review Materials on the Servicer’s receivables systems, obtaining missing or insufficient Asset Review Materials and/or providing clarification of any Asset Review Materials or Tests.

(b)    Asset Representations Reviewer Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review.

(c)    Questions About Asset Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

Section 3.7.    Dispute Resolution. If an Asset Review Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 2.20 of the 2021-3 Servicing Supplement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the parties to the dispute resolution in the course of the mediation (in the case of a mediation) or by the arbitrator for the dispute resolution (in the case of an arbitration), in either case according to Section 2.20 of the 2021-3 Servicing Supplement. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d).

Section 3.8.    Limitations on Asset Review Obligations.

(a)    Asset Review Process Limitations. The Asset Representations Reviewer will have no obligation:

(i)    to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Indenture Trustee;

(ii)    to determine which Receivables are subject to an Asset Review, and is entitled to rely on the lists of Asset Review Receivables provided by the Servicer;

 

5


(iii)    to obtain or confirm the validity of the Asset Review Materials and no liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials;

(iv)    to obtain missing or insufficient Asset Review Materials from any party or any other source;

(v)    to take any action or cause any other party to take any action under any of the Program Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables.

(vi)    to determine the reason for the delinquency of any Asset Review Receivable, the creditworthiness of any Obligor, the overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Asset Review Receivable; or

(vii)     to establish cause, materiality or recourse for any failed Test as described in Section 3.4.

(b)    Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information other than an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review.

ARTICLE IV

ASSET REPRESENTATIONS REVIEWER

Section 4.1.    Representations and Warranties.

(a)    Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the date of this Agreement:

(i)    Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

(ii)    Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this

 

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Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

(iii)    No Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture, agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each case, which conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

(iv)    No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties: (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

(v)    Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

(b)    Notice of Breach. Upon (i) the discovery by the Asset Representations Reviewer, the Issuer or the Servicer or (ii) the receipt of written notice by or actual knowledge of a Responsible Officer of the Owner Trustee or the Indenture Trustee, of a material breach of any of the representations and warranties in Section 4.1(a), the party discovering such breach will give prompt notice to the other parties.

Section 4.2.    Covenants. The Asset Representations Reviewer covenants and agrees that:

(a)    Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer.

 

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(b)    Review Systems. It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement.

(c)    Personnel. It will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide any Asset Review under this Agreement; provided, however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of which are no less protective than those set forth in this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have arising out of this Agreement or due to the performance or non-performance of Services.

(d)    Changes to Personnel. It will promptly notify Servicer in the event that it undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement.

(e)    Maintenance of Asset Review Materials. It will maintain copies of any Asset Review Materials, Asset Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.

Section 4.3.    Fees and Expenses.

(a)    Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $5,000. The annual fee will be paid on the 2021-3 Closing Date and on each anniversary of the 2021-3 Closing Date until this Agreement is terminated, payable pursuant to the priority of payments in Section 8.3 of the Indenture.

(b)    Asset Review Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250 for each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). If the detailed invoice is submitted on or before the first day of a month, the Asset Review Fee will be paid by the Issuer

 

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pursuant to the priority of payments in Section 8.3 of the Indenture starting on or before the Distribution Date in that month. However, if an Asset Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order to be reimbursed no later than the final Distribution Date. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid Asset Review Fees.

(c)    Reimbursement of Travel Expenses. If the Servicer provides access to the Asset Review Materials at one of its properties, the Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice, payable pursuant to the priority of payments in Section 8.3 of the Indenture.    To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid travel expenses.

(d)    Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in Section 8.3 of the Indenture.    To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid expenses.

Section 4.4.    Limitation on Liability. The Asset Representations Reviewer will not be liable to any person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential damages.

Section 4.5.    Indemnification

(a)    Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Owner Trustee, the Collateral Agent and the Indenture Trustee (both in its individual capacity and in its capacity as Indenture Trustee on behalf of the Noteholders) and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party intellectual property claim. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this

 

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Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

(b)    Indemnification of Asset Representations Reviewer. The Issuer will, or will cause the Servicer to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Issuer acknowledges and agrees that its obligation to indemnify the Asset Representations Reviewer in accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of such incurred but otherwise unpaid indemnities.

Section 4.6.    Right to Audit. During the term of this Agreement and not more than once per year (unless circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this Agreement to ensure compliance with this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by Servicer’s governmental or regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a material operational problem or issue that poses a threat to Servicer’s business.

Section 4.7.    Delegation of Obligations. Subject to the terms of Section 4.2(c) of this Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer.

Section 4.8.    Confidential Information.

(a)    Definitions.

(i)    In performing its obligations pursuant to this Agreement, the parties may have access to and receive disclosure of certain Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives; advertising and promotional copy; competitive advantages and disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public Personal Information (defined below); credit scoring criteria, formulas and programs; research and development efforts; any investor, financial, commercial, technical or scientific information (including, but not limited to, patents, copyrights, trademarks, service marks, trade names and dress, and applications relating to same, trade secrets,

 

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software, code, inventions, know-how and similar information) and any and all other business information (hereinafter “Confidential Information”).

(ii)    “Non-Public Personal Information” shall include all Personally Identifiable Financial Information in any list, description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally Identifiable Financial Information that is not publicly available, and shall further include all Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as amended from time to time, and any state statues or regulations governing this agreement.

(iii)    “Personally Identifiable Financial Information” means any information a consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any information about a consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a consumer.

(b)    Use of Confidential Information. The parties agree that during the term of this Agreement and thereafter, Confidential Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any third party, nor use Confidential Information for its own benefit, except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be.

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to know” basis and then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection(iv) below; (iii) to their own affiliates, provided that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s non-compliance.

(c)    Compelled Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions set forth herein shall apply during the term and after the termination of this Agreement. All Confidential Information furnished to the Asset Representations Reviewer or

 

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Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing party.

(d)    Use by Agents, Employees, Subcontractors. The parties shall take reasonable measures to prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall include, but not be limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and subcontractors that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement.

(e)    Remedies. The parties agree and acknowledge that in order to prevent the unauthorized use or disclosure of Confidential Information, it may be necessary for a party to seek injunctive or other equitable relief, and that money damages may not constitute adequate relief, standing alone, in the event of actual or threatened disclosure of Confidential Information. In addition, the harmed party shall be entitled to all other remedies available at law or equity including injunctive relief.

(f)    Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that:

(i)    is or becomes part of the public domain other than by disclosure by a Party or its Agents in violation of this Agreement;

(ii)    was disclosed to a Party prior to the Effective Date without a duty of confidentiality;

(iii)    is independently developed by a Party outside of this Agreement and without reference to or reliance on any Confidential Information of the other Party; or

(iv)    was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality.

The foregoing exceptions shall not apply to any Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law, statute, or regulation.

(g)    Return of Confidential Information. Subject to Section 4.2(e) of this Agreement, upon the request of a party, the other party shall return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential

 

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Information so retained will (x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not use the retained Confidential Information for any other purpose.

Section 4.9.    Security and Safeguarding Information

(a)    Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are necessary to protect the security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under the Act, and any state specific laws, and this Agreement.

With respect to Confidential Information, including Non-Public Personal Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that:

(i)    It will use commercially reasonable efforts to safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any Confidential Information.

(ii)    It will not disclose or use Confidential Information provided except for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law.

(iii)    It acknowledges that the providing party is required by the Safeguards Rule to take reasonable steps to assure itself that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security failures by its service providers. It agrees to furnish to the providing party that appropriate documentation to provide such assurance.

(iv)    It understands that the FTC may, from time to time, issue amendments to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures regarding the collection, use, protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of the parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order to comply with any such new requirements.

(v)    By the signing of this Agreement, each party certifies that it has a written, comprehensive information security program that is in compliance with federal and state

 

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laws that are applicable to its respective organization and the types of Confidential Information it receives.

(b)    The Asset Representations Reviewer represents and warrants that it has, and will continue to have, adequate administrative, technical, and physical safeguards designed to (i) protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure against anticipated threats or hazards to the security or integrity of Non-Public Personal Information, (iii) protect against unauthorized access to or use of Non-Public Personal Information and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

(c)     Asset Representations Reviewer will promptly notify Servicer in the event it becomes aware of any unauthorized or suspected acquisition of data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The disclosure will include the date and time of the breach along with specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such breach.

(d)    The Asset Representations Reviewer will cooperate with and provide information to the Issuer and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9.

ARTICLE V.

RESIGNATION AND REMOVAL

Section 5.1.    Resignation and Removal of Asset Representations Reviewer.

(a)    Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations Reviewer, except:

(i)    upon determination that (A) the performance of its obligations under this Agreement is no longer permitted under applicable law, (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law and (C) it ceases to be an Eligible Asset Representations Reviewer; or

(ii)    with the consent of the Issuer.

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its resignation. Any determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee, the Collateral Agent and the Indenture Trustee. No resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place.

 

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(b)    Removal of Asset Representations Reviewer. The Issuer may remove the Asset Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, (ii) on a breach of any of the representations, warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer, by notifying the Asset Representations Reviewer, the Indenture Trustee and the Servicer of the removal.

(c)    Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a successor asset Representations Reviewer is in place.

Section 5.2.    Engagement of Successor.

(a)    Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will accept its engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review Agreement with the Issuer that is on substantially the same terms as this Agreement.

(b)    Transition and Expenses. The predecessor Asset Representations Reviewer will cooperate with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer will pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer.

Section 5.3.    Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party, (c) which acquires substantially all of the assets of the Asset Representations Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which Person is an Eligible Asset Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). No such transaction will be deemed to release the Asset Representations Reviewer from its obligations under this Agreement.

 

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ARTICLE VI

OTHER AGREEMENTS

Section 6.1.    Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer and, with respect to the Owner Trustee, the Owner Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

Section 6.2.    No Petition. Each of the Servicer and the Asset Representations Reviewer, by entering into this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement.

Section 6.3.    Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) 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 Wilmington Trust Company but is made and intended for the purpose of binding only the issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either 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, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

Section 6.4.    Termination of Agreement. This Agreement will terminate, except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer.

 

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ARTICLE VII

MISCELLANEOUS PROVISIONS

Section 7.1.    Amendments.

(a)    The parties may amend this Agreement:

(i)    without the consent of the Noteholders, to clarify an ambiguity or to correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer;

(ii)    without the consent of the Noteholders, if the Servicer delivers an Officer’s Certificate to the Issuer, the Owner Trustee, the Collateral Agent and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Notes; or

(iii)    with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes materially and adversely affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

(b)    Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating Agencies. Promptly after the execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies.

Section 7.2.    Assignment; Benefit of Agreement; Third Party Beneficiaries.

(a)    Assignment. Except as stated in Section 5.3, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer.

(b)    Benefit of the Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee (both in its individual capacity and in its capacity as Indenture Trustee), for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement.

Section 7.3.    Notices.

(a)    Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement must be in writing and will be considered given:

(i)    on delivery or, for a letter mailed by registered first class mail, postage prepaid, three (3) days after deposit in the mail;

(ii)    for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

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(iii)    for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)    for an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

(b)    Notice Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed as follows: via electronic mail to ARRNotices@clayton.com, and to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, Florida 33578, Attn: SVP, with a copy to Covius Services, LLC, 720 S. Colorado Blvd., Suite 200, Glendale, CO 80246, Attn: Legal Department, or at any another address as the related party may designate by notice to the other parties hereto.

Section 7.4.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

Section 7.5.    Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally:

(a)    submits for itself and, as applicable, its property, in any legal action relating to this Agreement, the Program Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof;

(b)    consents that any such action may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and

(c)    waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Program Documents or the transactions contemplated hereby.

Section 7.6.    No Waiver; Remedies. No party’s failure or delay in exercising any power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 7.7.    Severability. 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

 

18


such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 7.8.    Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

Section 7.9.    Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

[Remainder of Page Intentionally Left Blank]

 

19


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

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3

By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
By:  

/s/ Drew Davis

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

/s/ Robert T. Pigott III

Name: Robert T. Pigott III
Title:   Senior Vice President, Corporate Treasury

CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

By:  

/s/ Anthony Neske

Name: Anthony Neske
Title:   Senior Vice President

 

[Signature Page to Asset Representations Review Agreement]


Schedule A

Representation

1.    Origination. The 2021-3 Lease Agreement (a) was originated in the United States by the Titling Trust or a Dealer in the ordinary course of business and in accordance with GM Financial’s underwriting guidelines for lease agreements, and, in the case of a 2021-3 Lease Agreement originated by a Dealer, pursuant to a Dealer Agreement which allows for recourse to the Dealer in the event of certain defects in the 2021-3 Lease Agreement (but not for a default by the related Lessee), and (b) was not originated under a master lease contract.

Documents

Lease Documents

Procedures to be Performed

 

    i.

Confirm the Lease Agreement lists the Titling Trust or an approved Dealer as the Lessor

   ii.

If the Lessor is listed as a Dealer, confirm the Dealer name on the Lease Agreement matches the Dealer name on the Dealer Agreement

  iii.

If the Lessor is listed as a Dealer, confirm the Dealer Agreement allows for recourse to the Dealer in the event of certain defects in the Lease Agreement

  iv.

Confirm the Lease Agreement was not originated under a master lease contract

   v.

If Steps (i) through (iv) are confirmed, then Test Pass

 

Schedule A-1


Representation

2.    Good Title. The Titling Trust has good title, or the Servicer has commenced procedures that will result in good title, to each 2021-3 Lease Agreement and each 2021-3 Leased Vehicle, free and clear of any Liens (other than the Liens in favor of the Collateral Agent granted in accordance with the Credit and Security Agreement); and the Collateral Agent has a security interest in each 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle which was validly created and is a perfected, first priority security interest, and is noted as lienholder on the related Certificate of Title.

Documents

Lease Documents

Procedures to be Performed

 

    i.

Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the titleholder of the Leased Vehicle

   ii.

Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the Lease Agreement

  iii.

Confirm there is no evidence of any lien that would take priority over the Collateral Agent’s security interest

  iv.

Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder

   v.

If Steps (i) through (v) are confirmed, then Test Pass

 

Schedule A-2


Representation

3.    Compliance with Law. Each 2021-3 Lease Agreement complied in all material respects at the time it was originated, and as of the date of the 2021-3 Servicing Supplement will comply in all material respects, with all requirements of federal, State and local laws.

Documents

Lease Documents

Procedures to be Performed

 

  i.

Confirm the following sections are present on the contract and filled out:

 

  a.

Name and address of Lessor

 

  b.

Name and address of Lessee

 

  c.

Vehicle Description

 

  d.

Amount Due at Lease Signing

 

  e.

Amount of Monthly Payment

 

  f.

Number of Monthly Payments

 

  g.

Other Charges

 

  h.

Total of Payments

 

 ii.

Confirm there is an itemization of the Amount Due at Lease Signing.

 

iii.

Confirm there is an itemization of the Monthly Payment

 

iv.

Confirm the following disclosures are included in the contract:

 

  a.

Early Termination

 

  b.

Excessive Wear

 

  c.

Purchase Option

 

  d.

Insurance Requirements

 

  e.

Late Charges

 

 v.

If Step (i) through (iv) are confirmed, then Test Pass

 

Schedule A-3


Representation

4.    Necessary Licenses and Approvals. All material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the originator of such 2021-3 Lease Agreement in connection with (a) the origination or acquisition of such 2021-3 Lease Agreement, (b) the execution, delivery and performance of such 2021-3 Lease Agreement by the Titling Trust, and (c) the acquisition of such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle by the Titling Trust, were duly obtained, effected or given and were in full force and effect as of such date of origination or acquisition.

Documents

Lease Documents

Dealer Agreement

Procedures to be Performed

 

  i.

If the Lease Agreement was originated by GM Financial, review the Lease Documents and confirm GM Financial had all necessary licenses and permits as required by the state in which it was originated

 ii.

If the Lease Agreement was originated by a Dealer, confirm the Dealer Agreement contains language confirming the dealer was required to have all necessary licenses and permits and there was no evidence to the contrary.

iii.

If (i) and (ii) are confirmed, then Test Pass

 

Schedule A-4


Representation

5.    Binding Obligation. The 2021-3 Lease Agreement and all related Lease Documents were fully and properly executed by the parties thereto and such 2021-3 Lease Agreement represents the legal, valid and binding full-recourse payment obligation of the related Lessee, enforceable against such Lessee in accordance with its terms, except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of creditors’ rights in general or principles of equity (whether considered in a suit at law or in equity).

Documents

Lease Documents

Procedures to be Performed

 

   i.

Confirm the Lessee, Co-lessee and Lessor have signed the Lease Agreement

  ii.

If Steps (i) and (ii) are confirmed, then Test Pass

 

Schedule A-5


Representation

6.    No Defenses. The 2021-3 Lease Agreement is not subject, to the best of the Seller’s and Servicer’s knowledge, any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to payment of the amounts due thereunder, and no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened.

Documents

Lease Documents

Procedures to be Performed

 

   i.

Confirm there is no indication the Lease Agreement is subject to any right or threat of rescission, cancellation, setoff, claim, counterclaim or other defense

  ii.

If confirmed, then Test Pass

 

Schedule A-6


Representation

7.    Satisfaction of Obligations. Each of GM Financial, the Titling Trust and, to the best of the Seller’s and Servicer’s knowledge, the Dealer which originated the 2021-3 Lease Agreement, if any, has satisfied all respective obligations required to be fulfilled on its part with respect to such 2021-3 Lease Agreement and the related 2021-3 Leased Vehicle.

Documents

Lease Documents

Procedures to be Performed

 

   i.

Confirm the Lease Agreement contains a Truth in Lending statement

  ii.

If confirmed, then Test Pass

 

Schedule A-7


Representation

8.    U.S. Dollars. The 2021-3 Lease Agreement is payable solely in Dollars in the United States.

Documents

Lease Documents

Procedures to be Performed

 

 i.

Confirm all dollar amounts within the Lease Agreement are denominated in US Dollars

ii.

If confirmed, then Test Pass

 

Schedule A-8


Representation

9.    No Government Obligors. The related Lessee is a Person other than GM Financial, any Affiliate or employee thereof or a Governmental Authority and at the time of origination of the 2021-3 Lease Agreement, based on information provided by the Lessee, the Lessee is located in and has a billing address within the United States.

Documents

Lease Documents

Procedures to be Performed

 

  i.

Confirm the Lessee is not GM Financial

 

 ii.

Confirm the Lessee is not a Governmental Authority as of the origination of the Lease Agreement

 

iii.

Confirm the Lease Agreement reports the Lessee’s billing address within the United States

 

iv.

If tests (i) through (iii) are confirmed, then Test Pass

 

Schedule A-9


Representation

10.    No Bankrupt Lessees. As of the Cutoff Date, the related Lessee has not been identified on the records of GM Financial as being the subject of a current bankruptcy proceeding.

Documents

data tape

Procedures to be Performed

 

 i.

Review the data tape and confirm the Lessee is not involved in active bankruptcy proceeding as of the Cutoff Date

ii.

If confirmed, then Test Pass

 

Schedule A-10


Representation

11.    Insurance. The 2021-3 Lease Agreement requires the Lessee thereunder to maintain (a) physical damage and liability insurance covering the related 2021-3 Leased Vehicle, and (b) insurance against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage.

Documents

Lease Documents

Procedures to be Performed

 

  i.

Confirm the Lease Agreement contains language requiring the Lessee to maintain physical damage and liability insurance on the vehicle

 ii.

Confirm the Lease Agreement contains language requiring the Lessee to obtain insurance against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage

iii.

If (i) and (ii) are confirmed, then Test Pass

 

Schedule A-11


Representation

12.    Security Interest in Leased Vehicle. The related 2021-3 Leased Vehicle is titled in the name of a Titling Trust Permissible Name and the Collateral Agent is listed as the recorded lienholder or recorded holder of a security interest in such 2021-3 Leased Vehicle, or the Servicer has commenced procedures that will result in such 2021-3 Leased Vehicle being titled in the name of a Titling Trust Permissible Name and the Collateral Agent being listed as recorded lienholder or recorded holder of a security interest in such 2021-3 Leased Vehicle.

Documents

Lease Documents

Procedures to be Performed

 

    i.

Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the titleholder of the Leased Vehicle

 

   ii.

Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the Lease Agreement

 

  iii.

Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder

 

  iv.

If Steps (i) through (iii) are confirmed, then Test Pass

 

Schedule A-12


Representation

13.    Simple Interest. The 2021-3 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2021-3 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR.

Documents

Lease Documents

Procedures to be Performed

 

    i.

Confirm the monthly payment reported on the Lease Agreement are level

 

   ii.

Confirm the product of the number of payments and the amount of the payments fully amortizes the net capitalized cost

 

  iii.

If Steps (i) and (ii) are confirmed, then Test Pass

 

Schedule A-13


Representation

14.    Lawful Assignment. The 2021-3 Lease Agreement is fully assignable by the Lessor and does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale, assignment or granting of a security interest of the rights thereunder to or by the Titling Trust.

Documents

Lease Documents

Procedures to be Performed

 

   i.

Confirm the Lease Agreement contains disclosures that grant the lessor the ability to fully assign its interests without the consent of the related Lessee or any other Person

  ii.

If confirmed, then Test Pass

 

Schedule A-14


Representation

15.    No Material Amendments or Modifications. The 2021-3 Lease Agreement has not been modified in any way except in accordance with the Customary Servicing Practices.

Documents

Lease Documents

Procedures to be Performed

 

   i.

Confirm the Lease Agreement has not been modified in any way except in accordance with the Customary Servicing Practices

  ii.

If confirmed, then Test Pass

 

Schedule A-15


Representation

16.    No Default. As of the Cutoff Date, the 2021-3 Lease Agreement is not a Liquidated Lease, a Defaulted Lease or a Delinquent Lease and, except as permitted in this paragraph, to the best of the Seller’s and Servicer’s knowledge, no default, breach, violation or event permitting acceleration under its terms has occurred; and to the best of the Seller’s and Servicer’s knowledge, no continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under its terms has arisen; and GM Financial has not waived, and shall not waive, any of the foregoing.

Documents

data tape

Procedures to be Performed

 

    i.

Confirm the Lease is active as of the Cutoff Date

 

   ii.

Confirm the Lease is not delinquent as of the Cutoff Date

 

  iii.

Confirm there is no evidence of a breach, violation or event permitting acceleration of the terms of the Lease Agreement

 

  iv.

Confirm there is no continuing conditions that has arisen that would lead to a default, breach, violation or even permitting acceleration under the Lease terms

 

   v.

If (i) through (iv) are confirmed, then Test Pass

 

Schedule A-16


Representation

17.    Vehicle. The related 2021-3 Leased Vehicle is a car, light truck or utility vehicle manufactured by General Motors Company or an Affiliate thereof.

Documents

Lease Documents

Procedures to be Performed

 

  i.

Confirm the Vehicle is a car, light truck or utility vehicle

 ii.

Confirm the Vehicle was manufactured by General Motors Company or an Affiliate

iii.

If (i) and (ii) are confirmed, then Test Pass

 

Schedule A-17


Representation

18.    Chattel Paper. The 2021-3 Lease Agreement constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC.

Documents

Lease Documents

Procedures to be Performed

 

  i.

Confirm there is a signature under the appropriate lessee, co-lessee and lessor signature lines within the Lease Agreement

 ii.

Confirm the Lease Agreement reports an monetary obligation greater than zero

iii.

Confirm the Title Documents report the Collateral Agent has a security interest in the Lease Agreement

iv.

If Steps (i) through (iii) are confirmed, then Test Pass

 

Schedule A-18


Representation

19.    Leases in Force. The 2021-3 Lease Agreement is in full force and effect and, to the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated.

Documents

Lease Documents

Procedures to be Performed

 

  i.

Confirm there is no evidence within the Lease Documents that the Lease has been subordinated, rescinded, cancelled or terminated

 ii.

Confirm there is no evidence within the Lease Documents that the Lease has been satisfied prior to the Cutoff Date

iii.

If Steps (i) through (ii) are confirmed, then Test Pass

 

Schedule A-19


Representation

20.    Schedule of Leases. The 2021-3 Lease Agreement has been identified in the Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles and such Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles is accurate in all material respects and the 2021-3 Lease Agreement has not been allocated to any other Designated Pool.

Documents

data tape

Procedures to be Performed

 

   i.

Confirm the Lease number reported in the data tape matches the Lease number reported in the Schedule of 2021-3 Lease Agreements and 2021-3 Leased Vehicles

  ii.

If confirmed, then Test Pass

 

Schedule A-20


Representation

21.    Maturity Date. At origination the Maturity Date with respect to the 2021-3 Lease Agreement was not less than twelve (12) months or more than sixty (60) months after the date of origination.

Documents

Lease Documents

Procedures to be Performed

 

 i.

Confirm the Lease Agreement reports the lease term within the allowable range

ii.

If confirmed, then Test Pass

 

Schedule A-21


Representation

22.    Securitization Value. As of the 2021-3 Cutoff Date, each 2021-3 Lease Agreement had a Securitization Value not less than $5,000.000 and no more than $150,000.00.

Documents

Lease Documents

Procedures to be Performed

 

   i.

Confirm the Lease Agreement reports the Securitization value within the allowable range.

  ii.

If confirmed, then Test Pass

 

Schedule A-22


Representation

23.    One Original. With respect to any 2021-3 Lease Agreement that constitutes “electronic chattel paper” under the UCC, (a) a single electronically authenticated authoritative copy (within the meaning of the UCC) of the 2021-3 Lease Agreement is continuously maintained by the Servicer, and (b) the Servicer is able (1) to transfer the electronically authenticated authoritative copy of the related 2021-3 Lease Agreement to a separate electronic vault at the related econtracting facilitator that is controlled by the applicable Successor Servicer or to an electronic vault at the applicable successor Servicer, or (2) to export the electronically authenticated authoritative copy from the electronic vault and deliver a physical copy of the exported 2021-3 Lease Agreement to the successor Servicer.

Documents

Lease Documents

E-Vault

Procedures to be Performed

 

  i.

If the Lease Agreement constitutes “electronic chattel paper”, confirm it is an electronically authenticated authoritative copy and

 ii.

Confirm the authoritative copy of the Lease Agreement was signed by all parties

iii.

If (i) and (ii) are confirmed, then Test Pass

 

Schedule A-23

EX-99.1 9 d86912dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Execution Version

 

 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-3,

GMF LEASING LLC,

as Depositor,

GM FINANCIAL,

as Administrator

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Indenture Trustee

 

 

ADMINISTRATION AGREEMENT

Dated as of June 30, 2021

 

 

 

 


TABLE OF CONTENTS

 

          Page  

Section 1.01.

   Capitalized Terms; Interpretive Provisions      1  

Section 1.02.

   Duties of the Administrator      2  

Section 1.03.

   Records      7  

Section 1.04.

   Compensation      7  

Section 1.05.

   Additional Information to be Furnished to the Issuer      7  

Section 1.06.

   Independence of the Administrator      7  

Section 1.07.

   No Joint Venture      7  

Section 1.08.

   Other Activities of the Administrator      7  

Section 1.09.

   Term of Agreement; Resignation and Removal of the Administrator      7  

Section 1.10.

   Action Upon Termination, Resignation or Removal      8  

Section 1.11.

   Notices      8  

Section 1.12.

   Amendments      9  

Section 1.13.

   Successors and Assigns      9  

Section 1.14.

   GOVERNING LAW      9  

Section 1.15.

   Headings      9  

Section 1.16.

   Counterparts and Consent to Do Business Electronically      9  

Section 1.17.

   Severability      10  

Section 1.18.

   Limitation of Liability of Owner Trustee and Indenture Trustee      10  

Section 1.19.

   Third-Party Beneficiary      10  

 

i


ADMINISTRATION AGREEMENT, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), among GM Financial Automobile Leasing Trust 2021-3, a Delaware statutory trust (the “Issuer”), AmeriCredit Financial Services, Inc. d/b/a GM Financial (“GM Financial”), as administrator (in such capacity, the “Administrator”), GMF Leasing LLC, a Delaware limited liability company, as Depositor (the “Depositor”), and Wells Fargo Bank, National Association (“Wells Fargo”), as Indenture Trustee (the “Indenture Trustee”).

RECITALS

WHEREAS, the Issuer is governed pursuant to an Amended and Restated Trust Agreement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (not in its individual capacity, but solely as owner trustee, the “Owner Trustee”); and

WHEREAS, the parties desire to enter into this Agreement to provide for, among other things, the providing of certain services by the Administrator to and on behalf of the Issuer.

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

Section 1.01.    Capitalized Terms; Interpretive Provisions.

(a)    Capitalized terms used in this Agreement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2021-3 Exchange Note Supplement, dated as of June 30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2021-3 Exchange Note Supplement”), among ACAR Leasing Ltd., as Borrower (in such capacity, the “Borrower”), GM Financial, as Lender (in such capacity, the “Lender”) and as Servicer (in such capacity, the “Servicer”) and Wells Fargo, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”) or, if not defined therein, in Appendix A to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Borrower, the Lender, the Servicer, the Administrative Agent and the Collateral Agent. Whenever used in this Agreement, unless the context otherwise requires, the following words and phrases shall have the following meanings. In the event of any conflict between a definition appearing below and in the Indenture, the definition appearing below shall control for purposes of this Agreement.

2021-3 Servicing Agreement” means the Third Amended and Restated Servicing Agreement, dated as of January 24, 2018, as the same may be further amended, restated, supplemented or otherwise modified from time to time, among ACAR Leasing Ltd., the Servicer, APGO Trust and the Collateral Agent as supplemented by the 2021-3 Servicing Supplement, dated as of June 30, 2021, as the same may be amended, restated, supplemented or

 

1


otherwise modified from time to time, among ACAR Leasing Ltd., the Servicer, APGO Trust, the Collateral Agent and the Indenture Trustee.

Agreement” has the meaning set forth in the preamble.

Indenture” means the Indenture, dated as of June 30, 2021, as the same may be amended, restated, supplemented or otherwise modified from time to time, among the Issuer, the Servicer and the Indenture Trustee.

Percentage Interests” has the meaning set forth in the Trust Agreement.

Related Documents” means all Program Documents to which the Issuer or the Owner Trustee is a party.

Trust Agreement” has the meaning set forth in the recitals.

Trust Certificateholder” has the meaning set forth in the Trust Agreement.

Trust Certificates” has the meaning set forth in the Trust Agreement.

(b)    For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used in this Agreement include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein”, “hereof”, “hereunder” and the like shall refer to this Agreement as a whole and not to any particular, part or Section herein, (iii) references to a Section or Exhibit such as “Section 1.01” or “Exhibit A” shall refer to the applicable Section or Exhibit of this Agreement, (iv) the term “include” and all variations thereof shall mean “include without limitation”, (v) the term “or” shall include “and/or”, (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, and (vii) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, restated, modified, supplemented or replaced (in the case of a statute) and includes (in the case of agreements or instruments) references to all attachments, annexes, exhibits and schedules thereto and instruments incorporated therein.

Section 1.02.    Duties of the Administrator.

(a)    The Administrator agrees to perform all its duties as Administrator and the obligations and duties of the Issuer and the Owner Trustee under the Related Documents. In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the Related Documents. The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the respective duties of the Issuer and the Owner Trustee under the Related Documents. The Administrator shall prepare for execution by the Issuer or the Owner Trustee, as the case may be, or shall cause the preparation by other appropriate persons of, all such documents, reports, notices, filings, instruments, certificates and opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Documents. In furtherance of the foregoing, the Administrator shall take (or, in the case of the immediately preceding sentence, cause to be taken) all appropriate action that the Issuer or the Owner Trustee

 

2


is required to take pursuant to the Indenture including such of the foregoing as are required with respect to the following matters under the Indenture (references are to Sections of the Indenture):

(i)    the preparation of or obtaining of the documents and instruments required for execution and authentication of the Notes and delivery of the same to the Indenture Trustee (Section 2.2);

(ii)    the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.4);

(iii)    the maintenance of an office at the Indenture Trustee in Minneapolis, Minnesota for registration of transfer or exchange of Notes (Section 3.2);

(iv)    the obtaining and preservation of the Issuer’s qualifications to do business (Section 3.4);

(v)    the preparation of all supplements and amendments to the Indenture and all financing statements, continuation statements, instruments of further assurance and other instruments and the taking of such other action as are necessary or advisable to protect the Issuer Trust Estate (Section 3.5);

(vi)    the delivery of the Opinion of Counsel on the 2021-3 Closing Date, and the annual delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture (Section 3.6 and 3.9);

(vii)    the identification to the Indenture Trustee in an Officer’s Certificate of any Person with whom the Issuer has contracted to perform its duties under the Indenture (Section 3.7(b));

(viii)    the notification of the Indenture Trustee of each Servicer Default under the 2021-3 Servicing Agreement and, if such Servicer Default arises from the failure of the Servicer to perform any of its duties or obligations under the 2021-3 Servicing Agreement, the taking of all reasonable steps available to remedy such failure (Section 3.7(d));

(ix)    the delivery of the Officer’s Certificate as to compliance with the Program Documents (Section 3.10);

(x)    the notification of the Indenture Trustee and the Issuer Owner Trustee of each Event of Default or Servicer Default (Section 3.20);

(xi)    the notification of the Indenture Trustee and the Issuer Owner Trustee of each event described in Section 3.22 of the Indenture (Section 3.21);

(xii)    the delivery of the 2021-3 Exchange Note to the Indenture Trustee in Minneapolis, Minnesota on the 2021-3 Closing Date (Section 3.23);

 

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(xiii)    the preparation and obtaining of documents and instruments required for the release of the Issuer from its obligations under the Indenture (Section 4.1);

(xiv)    the maintenance of books and records of the Issuer (Section 3.24);

(xv)    the monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel relating thereto (Section 4.1);

(xvi)    the appointment of a successor Indenture Trustee or removal of the Indenture Trustee (Sections 6.7 and 6.10);

(xvii)    the preparation of any written instruments required to confirm more fully the authority of any co-trustee or separate trustee and any written instruments necessary in connection with the resignation or removal of the Indenture Trustee or any co-trustee or separate trustee (Sections 6.7 and 6.9);

(xviii)    the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is not the Note Registrar (Section 7.1);

(xix)    the filing with the Indenture Trustee of copies of the annual reports and other information, documents and other reports the Issuer is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act within fifteen (15) days after the issuer is required to file the same with the Commission (Section 7.3(a)(i));

(xx)    the filing with the Indenture Trustee and the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of the Indenture as may be required from time to time by the rules and regulations prescribed from time to time by the Commission (Section 7.3(a)(ii));

(xxi)    the furnishing of the Indenture Trustee with summaries of any information, documents and reports required to be filed by the Issuer pursuant to Sections 7.3(a)(i) and (ii) of the Indenture as may be required by the regulations prescribed from time to time by the Commission (Section 7.3(a)(iii));

(xxii)    the notification of the Indenture Trustee if and when the Notes are listed on any stock exchange (Section 7.4(b));

(xxiii)    the preparation of an Issuer Request for the release of the Issuer Trust Estate (Section 8.4);

(xxiv)    the preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.1 and 9.2);

 

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(xxv)    the execution of new Notes conforming to any supplemental indenture (Section 9.4);

(xxvi)    the preparation and delivery of all Officer’s Certificates and Opinions of Counsel with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.1(a)); and

(xxvii)    the preparation and delivery of Officer’s Certificates for the release of property from the Lien of the Indenture (Section 11.1(b)).

(b)    The Administrator shall:

(i)    pay the Owner Trustee in its individual capacity from time to time reasonable compensation for all services rendered by the Owner Trustee under the Trust Agreement (which compensation shall not be limited by any provision of law in regard to the compensation for a trustee of an express trust);

(ii)    except as otherwise expressly provided in the Trust Agreement, reimburse the Owner Trustee (as such or in its individual capacity) upon its request for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee (as such or in its individual capacity) in accordance with any provision of the Trust Agreement (including reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its own gross negligence or willful misconduct;

(iii)    to the extent not paid pursuant to Section 8.3(a) of the Indenture, pay the Indenture Trustee from time to time reasonable compensation for all services rendered by the Indenture Trustee (including the fees and expenses of its counsel) under the Program Documents (which compensation shall not be limited by any provision of law in regard to the compensation for a trustee of an express trust); and

(iv)    indemnify the Indenture Trustee in accordance with Section 6.6 of the Indenture and indemnify the Owner Trustee in accordance with Section 8.2 of the Trust Agreement.

(c)    In addition to the duties set forth in Sections 1.02(a) and (b), the Administrator shall perform such calculations and shall prepare or shall cause the preparation by other appropriate Persons of, and shall execute on behalf of the Issuer or the Owner Trustee, all such documents, notices, reports, filings, instruments, certificates and opinions that the Issuer or the Owner Trustee are required to prepare, file or deliver pursuant to the Related Documents, including those required under or requested pursuant to the TIA, and at the request of the Owner Trustee shall take all appropriate action that the Issuer or the Owner Trustee are required to take pursuant to the Related Documents. Subject to Section 1.06, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Indenture Collateral (including the Related Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator.

 

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(d)    Notwithstanding anything in this Agreement or the Related Documents to the contrary, the Administrator shall be responsible for promptly notifying the Note Paying Agent in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Trust Certificateholder as contemplated in Section 5.1(d) of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required to be withheld by the Note Paying Agent pursuant to such provision.

(e)    Notwithstanding anything in this Agreement or the Related Documents to the contrary, the Administrator shall be responsible for performance of the duties of the Owner Trustee or the Note Paying Agent, as applicable, set forth (i) in Section 9.1(b) of the Trust Agreement with respect to notifying the Trust Certificateholders of the Payment Date with respect to which final payment of the Trust Certificates shall be made, and (ii) Section 5.3(b) of the Trust Agreement with respect to accounting and reports to Trust Certificateholders and preparation and filing of tax returns.

(f)    The Administrator shall satisfy its obligations with respect to clauses (d) and (e) above by retaining, at the expense of the Issuer, payable by the Administrator, accountants, which shall perform the obligations of the Administrator thereunder.

(g)    The Administrator shall perform any duties that are expressly required under the Trust Agreement to be performed by the Administrator.

(h)    In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from unaffiliated parties.

(i)    With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include:

(i)    amendment of or any supplement to the Indenture;

(ii)    the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the 2021-3 Exchange Note);

(iii)    the amendment, change or modification of the Related Documents;

(iv)    the appointment of successor Note Registrars and successor Indenture Trustees pursuant to the Indenture or the appointment of successor Administrators or Successor Servicers, or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture; and

 

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(v)    the removal of the Indenture Trustee.

(j)    Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (i) make any payments to the Noteholders under the Related Documents, or (ii) take any other action that the Issuer directs the Administrator not to take on its behalf.

Section 1.03.    Records. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer and the Depositor at any time during normal business hours.

Section 1.04.    Compensation. As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to an annual payment of compensation, which shall be solely an obligation of the Servicer.

Section 1.05.    Additional Information to be Furnished to the Issuer. The Administrator shall furnish to the Issuer from time to time such additional information regarding the Indenture Collateral as the Issuer shall reasonably request.

Section 1.06.    Independence of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

Section 1.07.    No Joint Venture. Nothing contained in this Agreement (a) shall constitute the Administrator and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (b) shall be construed to impose any liability as such on any of them, or (c) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

Section 1.08.    Other Activities of the Administrator. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person or entity, even though such person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

Section 1.09.    Term of Agreement; Resignation and Removal of the Administrator. This Agreement shall continue in force until the termination of the Issuer, upon which event this Agreement shall automatically terminate.

(a)    Subject to Section 1.09(d), the Administrator may resign its duties hereunder by providing the Issuer with at least sixty (60) days’ prior written notice.

 

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(b)    Subject to Section 1.09(d), the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty (60) days’ prior written notice.

(c)    Subject to Section 1.09(d), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur:

(i)    the Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within ten (10) days; or

(ii)    an Insolvency Event occurs with respect to the Administrator.

The Administrator agrees that if any Insolvency Event occurs with respect to it, it shall give written notice thereof to the Issuer and the Indenture Trustee within seven (7) days after the occurrence of such event.

(d)    No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator acceptable to the Required Noteholders shall have been appointed by the Issuer, and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder.

(e)    Subject to Section 1.09(d), the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the 2021-3 Servicing Agreement, the Administrator shall immediately resign and such Successor Servicer shall automatically become the Administrator under this Agreement; provided, however, that any Successor Servicer shall not be obligated to perform the obligations of the Administrator set forth in Section 1.02(b).

Section 1.10.    Action Upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to the first sentence of Section 1.09 or the resignation or removal of the Administrator pursuant to Section 1.09, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to the first sentence of Section 1.09 deliver to the Issuer all property and documents of or relating to the Indenture Collateral then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 1.09, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

Section 1.11.    Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each case as follows: (a) if to the Issuer or the Administrator, at 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (b) if to the Owner Trustee, at Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware, 19890-0001, Attention: Corporate Trust Administration, (c) if to the Indenture Trustee, at the Corporate Trust Office, or (d) at such other address as shall be designated by any

 

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of the foregoing in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder.

Section 1.12.    Amendments. This Agreement may be amended by the parties hereto with the written consent of the Owner Trustee, the Majority Noteholders and the holders of Trust Certificates evidencing at least a majority of the Percentage Interests for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement; provided, however, that no such amendment may (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the 2021-3 Exchange Note, or (b) reduce the aforesaid percentage of the holders of Notes and Trust Certificates which are required to consent to any such amendment, without the consent of the holders of all outstanding Notes and Trust Certificates.

Section 1.13.    Successors and Assigns. This Agreement may not be assigned by the Administrator unless the Administrator obtains (a) the consent in writing of the Issuer, the Indenture Trustee acting at the direction of the Majority Noteholders and the Owner Trustee in respect thereof, and (b) satisfaction of the Rating Agency Condition for such action. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder.

Section 1.14.    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

Section 1.15.    Headings. The headings of the various Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

Section 1.16.    Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

 

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Section 1.17.    Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement, and such invalidity shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement.

Section 1.18.    Limitation of Liability of Owner Trustee and Indenture Trustee.

(a)    It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely in its capacity as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer are made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents.

(b)    Notwithstanding anything contained herein to the contrary, this Agreement has been executed by Wells Fargo Bank, National Association, as Indenture Trustee and in no event shall Wells Fargo Bank, National Association have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

Section 1.19.    Third-Party Beneficiary. Each of the Owner Trustee and the Indenture Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

[Remainder of Page Intentionally Left Blank]

 

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

 

GM FINANCIAL AUTOMOBILE LEASING
TRUST 2021-3,

as Issuer

By:

 

Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee

By:

 

/s/ Drew Davis

Name:

 

Drew Davis

Title:

 

Vice President

GMF LEASING LLC, as Depositor

By:

 

/s/ Meredith S. Dormire

Name:

 

Meredith S. Dormire

Title:

 

Vice President, Corporate Treasury

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

By:

 

/s/ Marianna Stershic

Name:

 

Marianna Stershic

Title:

 

Vice President

AMERICREDIT FINANCIAL SERVICES, INC.

d/b/a GM FINANCIAL, as Administrator

By:

 

/s/ Robert T. Pigott III

Name:

 

Robert T. Pigott III

Title:

  Senior Vice President, Corporate Treasury

[Signature Page to the Administration Agreement]