Contract

Exhibit 4.3

SALE AND SERVICING

AGREEMENT

among

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2018-1,

Issuer,

AFS SENSUB CORP.,

Seller,

GM FINANCIAL,

Servicer,

and

WELLS FARGO BANK, N.A.,

Trust Collateral Agent

Dated as of January 18, 2018


TABLE OF CONTENTS

 

         Page  
ARTICLE I Definitions      1  

SECTION 1.1.

 

Definitions

     1  

SECTION 1.2.

 

Other Definitional Provisions

     19  
ARTICLE II Conveyance of Receivables      20  

SECTION 2.1.

 

Conveyance of Receivables

     20  

SECTION 2.2.

 

[Reserved]

     21  

SECTION 2.3.

 

Further Encumbrance of Trust Property

     21  

SECTION 2.4.

 

Intention of the Parties

     21  
ARTICLE III The Receivables      22  

SECTION 3.1.

 

Representations and Warranties of Seller

     22  

SECTION 3.2.

 

Repurchase upon Breach

     24  

SECTION 3.3.

 

Custody of Receivable Files

     25  

SECTION 3.4.

 

Maintenance and Safekeeping of the Receivable Files

     26  

SECTION 3.5.

 

Location of Receivable Files

     26  

SECTION 3.6.

 

Access to Records

     26  

SECTION 3.7.

 

Advice of Counsel

     26  

SECTION 3.8.

 

Administration; Reports

     27  

SECTION 3.9.

 

Instructions; Authority to Act

     27  

SECTION 3.10.

 

Custodian Fee

     27  

SECTION 3.11.

 

Indemnification by the Custodian

     27  

SECTION 3.12.

 

Effective Period and Termination of Custodian

     27  

SECTION 3.13.

 

Dispute Resolution

     27  
ARTICLE IV Administration and Servicing of Receivables      30  

SECTION 4.1.

 

Duties of the Servicer

     30  

SECTION 4.2.

 

Collection of Receivable Payments; Modifications of Receivables

     31  

SECTION 4.3.

 

Realization upon Receivables

     33  

SECTION 4.4.

 

Insurance

     34  

SECTION 4.5.

 

Maintenance of Security Interests in Vehicles

     36  

SECTION 4.6.

 

Covenants, Representations, and Warranties of Servicer

     37  

SECTION 4.7.

 

Purchase of Receivables Upon Breach of Covenant

     37  

SECTION 4.8.

 

Total Servicing Fee; Payment of Certain Expenses by Servicer

     38  

SECTION 4.9.

 

Servicer’s Certificate and Asset-Level Information

     38  

SECTION 4.10.

 

Annual Statement as to Compliance, Notice of Servicer Termination Event

     39  

SECTION 4.11.

 

Annual Independent Public Accountants’ Reports

     40  

SECTION 4.12.

 

Access to Certain Documentation and Information Regarding Receivables

     41  

 

i


ARTICLE V Trust Accounts; Distributions; Statements to Noteholders      41  

SECTION 5.1.

 

Establishment of Trust Accounts

     41  

SECTION 5.2.

 

[Reserved]

     43  

SECTION 5.3.

 

Certain Reimbursements to the Servicer

     44  

SECTION 5.4.

 

Application of Collections

     44  

SECTION 5.5.

 

[Reserved]

     44  

SECTION 5.6.

 

Additional Deposits

     44  

SECTION 5.7.

 

Distributions

     44  

SECTION 5.8.

 

Reserve Account

     48  

SECTION 5.9.

 

Statements to Noteholders

     49  

SECTION 5.10.

 

Determination of LIBOR

     50  
ARTICLE VI [Reserved]      51  
ARTICLE VII The Seller      51  

SECTION 7.1.

 

Representations of Seller

     51  

SECTION 7.2.

 

Corporate Existence

     53  

SECTION 7.3.

 

Liability of Seller; Indemnities

     53  

SECTION 7.4.

 

Merger or Consolidation of, or Assumption of the Obligations of, Seller

     54  

SECTION 7.5.

 

Limitation on Liability of Servicer, Seller and Others

     55  

SECTION 7.6.

 

Ownership of the Certificates or Notes

     55  
ARTICLE VIII The Servicer      55  

SECTION 8.1.

 

Representations of Servicer

     55  

SECTION 8.2.

 

Liability of Servicer; Indemnities

     57  

SECTION 8.3.

 

Merger or Consolidation of, or Assumption of the Obligations of the Servicer

     58  

SECTION 8.4.

 

Limitation on Liability of Servicer and Others

     59  

SECTION 8.5.

 

Delegation of Duties

     59  

SECTION 8.6.

 

Servicer Not to Resign

     60  
ARTICLE IX Default      60  

SECTION 9.1.

 

Servicer Termination Event

     60  

SECTION 9.2.

 

Consequences of a Servicer Termination Event

     60  

SECTION 9.3.

 

Appointment of Successor

     61  

SECTION 9.4.

 

Notification to Noteholders

     62  

SECTION 9.5.

 

Waiver of Past Defaults

     62  
ARTICLE X Termination      62  

SECTION 10.1.

 

Optional Purchase of All Receivables

     62  
ARTICLE XI Administrative Duties of the Servicer      63  

SECTION 11.1.

 

Administrative Duties

     63  

SECTION 11.2.

 

Records

     65  

 

ii


SECTION 11.3.

 

Additional Information to be Furnished to the Issuer

     65  

SECTION 11.4.

 

Review Reports

     65  
ARTICLE XII Miscellaneous Provisions      66  

SECTION 12.1.

  Amendment      66  

SECTION 12.2.

  Protection of Title to Trust      67  

SECTION 12.3.

  Notices      69  

SECTION 12.4.

  Assignment      69  

SECTION 12.5.

  Limitations on Rights of Others      69  

SECTION 12.6.

  Severability      70  

SECTION 12.7.

  Separate Counterparts      70  

SECTION 12.8.

  Headings      70  

SECTION 12.9.

  Governing Law      70  

SECTION 12.10.

  Assignment to Trust Collateral Agent      70  

SECTION 12.11.

  Nonpetition Covenants      70  

SECTION 12.12.

  Limitation of Liability of Owner Trustee and Trust Collateral Agent      71  

SECTION 12.13.

  Trust Collateral Agent to Report Repurchase Demands due to Breaches of Representations and Warranties      72  

SECTION 12.14.

  Independence of the Servicer      72  

SECTION 12.15.

  No Joint Venture      72  

SECTION 12.16.

  State Business Licenses      72  

SECTION 12.17.

  Regulation RR Risk Retention      72  

SECTION 12.18.

  Submission to Jurisdiction; Waiver of Jury Trial      73  

SCHEDULES

 

Schedule A    Schedule of Receivables
Schedule B-1    Representations and Warranties of the Seller and the Servicer Regarding the Receivables
Schedule B-2    Representations and Warranties of the Seller and the Servicer Regarding the Pool of Receivables

 

EXHIBITS

 

  
Exhibit A   

Form of Servicer’s Certificate

 

iii


SALE AND SERVICING AGREEMENT, dated as of January 18, 2018, among GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2018-1, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, a Delaware corporation (the “Servicer”), and WELLS FARGO BANK, N.A., a national banking association, in its capacity as Trust Collateral Agent.

WHEREAS the Issuer desires to purchase a portfolio of receivables arising in connection with motor vehicle retail installment sale contracts made by GM Financial or an Originating Affiliate or acquired by GM Financial or an Originating Affiliate through motor vehicle dealers;

WHEREAS the Seller has purchased such receivables from GM Financial and is willing to sell such receivables to the Issuer;

WHEREAS the Servicer is willing to service all such receivables;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings:

Adjusted Pool Balance” means, for any Distribution Date, the Pool Balance as of the end of the previous Collection Period (and, for the first Distribution Date, as of the Cutoff Date) less the Yield Supplement Overcollateralization Amount with respect to such Distribution Date.

Accounting Date” means, with respect to any Collection Period the last day of such Collection Period.

Accountants’ Report” means the report of a firm of nationally recognized Independent Accountants described in Section 4.11.

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.

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 at the time of the mediation or arbitration.

Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.


Aggregate Principal Balance” means, with respect to any date of determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related Collection Period) as of the date of determination.

Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time.

Amount Financed” means, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service contracts, car club and warranty contracts, other items customarily financed as part of motor vehicle retail installment sale contracts or promissory notes, and related costs.

Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in the related Contract.

Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of January 18, 2018, by and among the Issuer, the Servicer and the Asset Representations Reviewer.

Asset Representations Reviewer” means Clayton Fixed Income Services LLC, a Delaware limited liability company.

Asset Review” means, for any Asset Review Notice, the performance by the Asset Representations Reviewer of each Asset Test stated in Schedule A to the Asset Representations Review Agreement for each Asset Review Receivable.

Asset Review Notice” means the notice from the Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review under Section 3.4 of the Asset Representations Review Agreement.

Asset Review Receivable” means, for any Asset Review, each Receivable that is not a Liquidated Receivable and with respect to which the related Obligor failed to make at least 90% of the related Scheduled Receivables Payment by the date on which it was due 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 original payment due date.

Asset Test” means, for an Asset Review, each Test, as defined in the Asset Representations Review Agreement, in Schedule A to the Asset Representations Review Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables.

 

2


Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related Collection Period, plus (ii) all Purchase Amounts deposited in the Trust Accounts during the related Collection Period, plus (iii) Investment Earnings with respect to the Trust Accounts for the related Collection Period, plus (iv) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Trust Collateral Agent for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, plus (v) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 plus (vi) amounts, if any, released from the Reserve Account pursuant to Section 5.8(c) on such Distribution Date.

Base Servicing Fee” means, with respect to any Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to the product of (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of such Collection Period (or, in the case of the first Distribution Date, December 1, 2017) times (iii) one-twelfth (or, in the case of the first Distribution Date, a fraction equal to (x) the number of days from and including December 1, 2017 through and including January 31, 2018, divided by (y) 360).

Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Indenture, the Asset Representations Review Agreement, the Underwriting Agreement and other documents and certificates delivered in connection therewith.

Business Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, Minneapolis, Minnesota, or New York, New York or any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed.

Calculation Agent” shall have the meaning set forth in Section 5.10.

Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust.

Certificate Distribution Account” has the meaning assigned to such term in the Trust Agreement.

Certificateholder” means the Person in whose name the Certificate is registered.

Class” means the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 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 Notes” has the meaning assigned to such term in the Indenture.

 

3


Class A-2 Notes” has the meaning assigned to such term in the Indenture.

Class A-2-A Notes” has the meaning assigned to such term in the Indenture.

Class A-2-B Notes” has the meaning assigned to such term in the Indenture.

Class A-3 Notes” has the meaning assigned to such term in the Indenture.

Class A-4 Notes” has the meaning assigned to such term in the Indenture.

Class B Notes” has the meaning assigned to such term in the Indenture.

Class C Notes” has the meaning assigned to such term in the Indenture.

Class D Notes” has the meaning assigned to such term in the Indenture.

Closing Date” means January 18, 2018.

Collateral Insurance” shall have the meaning set forth in Section 4.4(a).

Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts).

Collection Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(i).

Collection Period” means, with respect to the first Distribution Date, the period beginning as of the close of business on November 30, 2017 and ending as of the close of business on January 31, 2018. With respect to each subsequent Distribution Date, “Collection Period” means the period beginning as of the close of business on the last day of the second preceding calendar month and ending as of the close of business on the last day of the immediately preceding calendar month. Any amount stated “as of the close of business” shall give effect to the following calculations as determined as of the end of the day on such day: (i) all applications of collections and (ii) all distributions.

Collection Records” means all manually prepared or computer generated records relating to collection efforts or payment histories with respect to the Receivables.

Commission” means the United States Securities and Exchange Commission.

Computer Tape” means the computer tapes or other electronic media furnished by the Servicer to the Issuer and its assigns describing certain characteristics of the Receivables as of the Cutoff Date.

Contract” means a motor vehicle retail installment sale contract or promissory note.

 

4


Controlling Class” means, (i) the Class A Notes so long as any class of the Class A Notes are outstanding, (ii) if no class of Class A Notes is 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.

Controlling Party” means the Trust Collateral Agent, for the benefit of the Noteholders.

Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee, which at the time of execution of this agreement is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration and (ii) with respect to the Trustee and the Trust Collateral Agent, for all purposes, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 600 S. 4th Street, MAC N9300–061, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services – Asset -Backed Administration.

Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if the Servicer expects the Principal Balance or effective rate of interest on the automobile loan contract to be reduced by a court of appropriate jurisdiction in a proceeding related to an Insolvency Event, the Servicer’s estimate of the reduction in the Principal Balance that will be so ordered by the court.

Credit Risk Retention Rules” shall have the meaning set forth in Section 4.9(a).

Custodian” means GM Financial and any other Person named from time to time as custodian hereunder acting as agent for the Trust Collateral Agent, which Person must be acceptable to the Controlling Party (the Custodian as of the Closing Date is acceptable to the Controlling Party).

Cutoff Date” means November 30, 2017.

DBRS” means DBRS, Inc. or its successor.

Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to GM Financial or an Originating Affiliate under a Dealer Agreement or pursuant to a Dealer Assignment.

Dealer Agreement” means any agreement between a Dealer and GM Financial or an Originating Affiliate relating to the acquisition of Receivables from a Dealer by GM Financial or an Originating Affiliate.

Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to GM Financial or an Originating Affiliate.

Delinquency Rate” means, for any Collection Period, (i) the aggregate Principal Balance of all Delinquent Receivables as of the end of such Collection Period divided by (ii) the Pool Balance as of the end of such Collection Period.

 

5


Delinquency Trigger” means, that (i) as of the end of any of the first through twelfth Collection Periods, the Delinquency Rate exceeds 1.10%, (ii) as of the end of any of the thirteenth through twenty-fourth Collection Periods, the Delinquency Rate exceeds 1.80%, (iii) as of the end of any of the twenty-fifth through thirty-sixth Collection Periods, the Delinquency Rate exceeds 2.80% or (iv) as of the end of any subsequent Collection Period, the Delinquency Rate exceeds 4.90%.

Delinquent Receivable” means any Receivable that is not a Liquidated Receivable and which the related Obligor fails to make at least 90% of the related Scheduled Receivables Payment by the date on which it is due and remains unpaid for more than sixty (60) days from the original payment due date.

Delivery” when used with respect to Trust Account Property means:

(a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent by physical delivery to the Trust Collateral Agent endorsed to, or registered in the name of, the Trust Collateral Agent or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery thereof to the Trust Collateral Agent of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Trust Collateral Agent by the amount of such certificated security and the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the Trust Collateral Agent (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Trust Collateral Agent or its nominee; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof;

(b) with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities intermediary that is also a “depository” pursuant to applicable federal regulations; the making by such securities intermediary of entries in its books and records crediting such Trust Account Property to the Trust Collateral Agent’s securities account at the securities intermediary and identifying such book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations as belonging to the Trust Collateral Agent; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent, consistent with changes in applicable law or regulations or the interpretation thereof;

 

6


(c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the Trust Collateral Agent or its nominee or custodian who either (i) becomes the registered owner on behalf of the Trust Collateral Agent or (ii) having previously become the registered owner, acknowledges that it holds for the Trust Collateral Agent; and

(d) with respect to any item of Trust Account Property that is a financial asset under Article 8 of the UCC and that is not governed by clause (b) above, causing the securities intermediary to indicate on its books and records that such financial asset has been credited to a securities account of the Trust Collateral Agent.

Depositor” means the Seller.

Determination Date” means, with respect to any Collection Period, the second Business Day prior to the related Distribution Date.

Distribution Date” means, with respect to each Collection Period, the sixteenth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing February 16, 2018. If GM Financial is no longer acting as Servicer, the distribution date may be a different day of the month.

Electronic Ledger” means the electronic master record of the retail installment sale contracts or installment loans of the Servicer.

Eligible Deposit Account” means 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 (i) the long-term unsecured debt of such depository institution shall have a credit rating from Moody’s of at least Baa2 and from Fitch in one of its generic rating categories which signifies investment grade and (ii) such depository institutions’ deposits are insured by the FDIC.

Eligible Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence:

(a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America;

(b) 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 the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date), the commercial paper or other

 

7


short-term senior 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) of such depository institution or trust company shall have a credit rating from Standard & Poor’s of A-1+, from Moody’s of Prime-1, to the extent rated by DBRS or Fitch, from DBRS of R-1 (middle) and from Fitch of F1+;

(c) commercial paper and demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+, from Moody’s of Prime-1, to the extent rated by DBRS or Fitch, from DBRS of R-1 (middle) and from Fitch of F1+;

(d) investments in money market funds (including funds for which the Trust Collateral Agent or the Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of Aaa;

(e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above;

(f) 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) referred to in clause (b) above;

(g) any other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; and

(h) cash denominated in United States dollars.

Any of the foregoing Eligible Investments may be purchased by or through the Trust Collateral Agent, the Trustee or any of their respective Affiliates.

Exchange Act” means the Securities Exchange Act of 1934, as amended.

FDIC” means the Federal Deposit Insurance Corporation.

Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the January 16, 2019 Distribution Date, (ii) the Class A-2-A Notes, the January 19, 2021 Distribution Date, (iii) the Class A-2-B Notes, the January 19, 2021 Distribution Date, (iv) the Class A-3 Notes, the July 18, 2022 Distribution Date, (v) the Class A-4 Notes, the July 17, 2023 Distribution Date, (vi) the Class B Notes, the July 17, 2023 Distribution Date, (vii) the Class C Notes, the July 17, 2023 Distribution Date and (viii) the Class D Notes, the August 16, 2024 Distribution Date.

Financed Vehicle” means an automobile or light-duty truck or utility vehicle, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable.

 

8


First Priority Principal Distribution Amount” means, with respect to any Distribution Date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes on such Distribution Date), over (b) the Adjusted Pool Balance as of the last day of the related Collection Period; provided, however, that (i) the First Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class A-1 Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class A-1 Notes to zero; (ii) the First Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class A-2-A Notes and Class A-2-B Notes shall not be less than the amount that is necessary to reduce the aggregate outstanding principal amount of the Class A-2-A Notes and Class A-2-B Notes to zero; (iii) the First Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class A-3 Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class A-3 Notes to zero; and (iv) the First Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class A-4 Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class A-4 Notes to zero.

Fitch” means Fitch Ratings, Inc. or its successor.

Force-Placed Insurance” shall have the meaning set forth in Section 4.4.

Fourth Priority Principal Distribution Amount” means, with respect to any Distribution Date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes, Class B Notes, Class C Notes and Class D Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes, Class B Notes, Class C Notes and Class D Notes on such Distribution Date), over (ii) the Adjusted Pool Balance as of the last day of the related Collection Period minus (b) the First Priority Principal Distribution Amount, Second Priority Principal Distribution Amount and Third Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Fourth Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class D Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class D Notes to zero.

General Motors Financial Company, Inc.” means General Motors Financial Company, Inc.

GM Financial” means AmeriCredit Financial Services, Inc. d/b/a GM Financial

Indenture” means the Indenture, dated as of January 18, 2018, between the Issuer and Wells Fargo Bank, N.A., as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time.

Independent Accountants” shall have the meaning set forth in Section 4.11(a).

Insolvency Event” means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,

 

9


liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

Insurance Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described in Section 4.4) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor.

Interest Period” means, with respect to any Distribution Date, the period from and including the most recent Distribution Date on which interest has been paid (or in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the following Distribution Date.

Interest Rate” means, with respect to:

(a) the Class A-1 Notes, 1.70000% per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period);

(b) the Class A-2-A Notes, 2.08% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months);

(c) the Class A-2-B Notes, the greater of (i) LIBOR plus 0.09% per annum and (ii) 0.00% (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period);

(d) the Class A-3 Notes, 2.32% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months);

(e) the Class A-4 Notes, 2.46% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months);

(f) the Class B Notes, 2.57% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months);

(g) the Class C Notes, 2.77% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months); and

 

10


(h) the Class D Notes, 0.00% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months);

Investment Company Act” means the Investment Company Act of 1940, as amended.

Investment Earnings” means, with respect to any date of determination and Trust Accounts, the investment earnings on amounts on deposit in such Trust Accounts on such date.

Issuer” means GM Financial Consumer Automobile Receivables Trust 2018-1.

Issuer Secured Parties” means the Trustee in respect of the Trustee Issuer Secured Obligations.

Item 1122 Letter Agreement” means the Item 1122 Letter Agreement, dated as of January 18, 2018, between the Servicer and Wells Fargo Bank, National Association, as the same may be amended and supplemented from time to time.

LIBOR” shall have the meaning set forth in Section 5.10.

LIBOR Determination Date” shall have the meaning set forth in Section 5.10.

Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor.

Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party. For Financed Vehicles registered in states which issue confirmation of the lienholder’s interest electronically, the “Lien Certificate” may consist of notification of an electronic recordation, by either a third-party service provider or the relevant Registrar of Titles of the applicable state, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable state.

Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, as of the last day of the Collection Period (i) 90 days have elapsed since the Servicer repossessed the Financed Vehicle; provided, however, that in no case shall 10% or more of a Scheduled Receivables Payment have become 210 or more days delinquent in the case of a repossessed Financed Vehicle, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received, (iii) 10% or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, or (iv) that is, without duplication, a Sold Receivable.

 

11


Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable and, with respect to a Sold Receivable, the related Sale Amount.

London Business Day” shall have the meaning set forth in Section 5.10.

Majority Noteholders” means the Holders of the Notes representing a majority of the principal balance of the Controlling Class.

Minimum Sale Price” means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or (y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold at auction, the greater of (A) the product of (1) 55% times (2) the Principal Balance of such Receivable and (B) the product of (1) the three month rolling average recovery rate (expressed as a percentage) for the Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, times (2) the Principal Balance of such Receivable or (ii) with respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold at auction and the Net Liquidation Proceeds for which have been deposited in the Collection Account, or (y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has not been repossessed by the Servicer despite the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the Financed Vehicle, $1.

Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables, including the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment; and past due late charges.

Monthly Remittance Condition” means, as of any date, that (i) GM Financial is the Servicer, (ii) GM Financial (or General Motors Financial Company, Inc., for so long as it is an Affiliate of GM Financial) has a short-term unsecured debt rating of at least “F1” by Fitch and at least “Prime-1” by Moody’s and (iii) no Servicer Termination Event or Event of Default has occurred and is continuing.

Moody’s” means Moody’s Investors Service, Inc. or its successor.

Net Liquidation Proceeds” means, with respect to a Liquidated Receivable, Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero.

 

12


Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

Note Pool Factor” for each Class of Notes as of the close of business on any date of determination means a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes.

Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion of the Noteholders’ Interest Distributable Amount for such Class of Notes for the immediately preceding Distribution 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 Interest Rate borne by the applicable Class of Notes from such immediately preceding Distribution Date to but excluding such date of determination.

Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date and Class of Notes, the sum of (i) the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date plus (ii) each Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date and each such Class. Interest on the Class A-1 Notes and the Class A-2-B Notes shall be computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period; interest on all other Classes of Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date and any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 Notes and the Class A-2-B Notes on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and (y) for all other Classes of Notes on the basis of a 360-day year consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period), except with respect to the first Interest Period.

Noteholders’ Principal Distributable Amount” for a Distribution Date will equal the lesser of

(x) the excess, if any, of the amount of Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to clauses (i) through (xi) of Section 5.7(a); and

(y) the excess, if any, on such Distribution Date of (i) the Pro Forma Note Balance for such Distribution Date over (ii) the Required Pro Forma Note Balance for such Distribution Date.

Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable.

Officer’s Certificate” means a certificate signed by the chief executive officer, the president, any executive vice president, any senior vice president, any vice president, any assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or the Servicer, as appropriate.

 

13


Opinion of Counsel” means a written opinion of counsel satisfactory in form and substance to the recipient(s) thereof.

Original Pool Balance” means the Pool Balance as of the Cutoff Date.

Originating Affiliate” means an Affiliate of GM Financial that has originated Receivables and assigned its full interest therein to GM Financial.

Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (i).

Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement.

Owner Trustee” means Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement.

Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

Physical Property” has the meaning assigned to such term in the definition of “Delivery” above.

Pool Balance” means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding Purchased Receivables and Liquidated Receivables) at the end of the preceding calendar month.

Principal Balance” means, with respect to any Receivable, as of any date, the sum of (x) the Amount Financed minus (i) that portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable minus (ii) any Cram Down Loss in respect of such Receivable.

Pro Forma Note Balance” means, with respect to any Distribution Date, the aggregate remaining principal amount of the Notes outstanding on such Distribution Date, after giving effect to distributions pursuant to clauses (i) through (x) of Section 5.7(a) hereof.

Prospectus” means the prospectus, dated January 9, 2018, relating to the offering of the Offered Notes, as filed with the Commission.

Purchase Agreement” means the Purchase Agreement between the Seller and GM Financial, dated as of January 18, 2018, pursuant to which the Seller acquires the Receivables, as such agreement may be amended from time to time.

 

14


Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Receivable, if any.

Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

Rating Agency” means Fitch and Moody’s. If no such organization or successor maintains a rating on the Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person engaged by the Seller, notice of which engagement shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer.

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 such Rating Agency has not notified the Seller, the Servicer, the Owner Trustee and the Trust Collateral Agent (or the Trustee, as applicable) in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes.

Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal.

Receivables” means the Contracts listed on Schedule A attached hereto (which Schedule may be in an electronic format).

Receivable Files” means the documents specified in Section 3.3.

Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or Redemption Date, unless otherwise specified in the Indenture.

Registrar of Titles” means, with respect to any state, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

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.

Requesting Party” shall have the meaning set forth in Section 3.13(a).

 

15


Required Pro Forma Note Balance” means, with respect to any Distribution Date, a dollar amount equal to (x) the Adjusted Pool Balance as of the end of the prior calendar month minus (y) 2.00% of the Adjusted Pool Balance as of the Cutoff Date.

Required Rate” means (a) 5.00%, with respect to the Cutoff Date and any Distribution Date on or prior to the date on which the Class A-2-B Notes are paid in full, or, (b) 4.50%, with respect to any Distribution Date after the Class A-2-B Notes are paid in full, or, in each case, such other percentage approved by the Rating Agencies.

Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(iii).

Reserve Account Deposit Amount” means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (x) of Section 5.7(a).

Reserve Account Withdrawal Amount” means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (x) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof 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 Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

Responsible Officer” means, with respect to any Person, any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary, or any other officer of such Person 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.

Retained Interest” shall have the meaning set forth in Section 12.17(a).

Reuters Screen LIBOR01 Page” shall have the meaning set forth in Section 5.10.

Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such Sold Receivable.

Sale and Servicing Agreement Collateral” shall have the meaning set forth in Section 2.4.

Schedule of Receivables” means the schedule of all motor vehicle retail installment sale contracts and promissory notes originally held as part of the Trust which is attached as Schedule A (which Schedule may be in the form of microfiche or a disk).

 

16


Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified.

Second Priority Principal Distribution Amount” means, with respect to any Distribution Date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes and Class B Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes and Class B Notes on such Distribution Date), over (ii) the Adjusted Pool Balance as of the last day of the related Collection Period minus (b) the First Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Second Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class B Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero.

Seller” means AFS SenSub Corp., a Nevada corporation, and its successors in interest to the extent permitted hereunder.

Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle.

Servicer” means GM Financial, as the servicer of the Receivables, and each successor servicer pursuant to Section 9.3.

Servicer Termination Event” means an event specified in Section 9.1.

Servicer’s Certificate” means an Officer’s Certificate of the Servicer delivered pursuant to Section 4.9, substantially in the form of Exhibit A.

Servicing Fee” shall have the meaning set forth in Section 4.8.

Servicing Fee Rate” means 1.00% per annum.

Servicing Policies and Procedures” means the customary servicing policies and procedures of GM Financial relating to motor vehicle retail installment sales contracts made by GM Financial or an Originating Affiliate or acquired by GM Financial or an Originating Affiliate, as such policies and procedures may be updated from time to time.

Simple Interest Method” means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (i) the fixed rate of interest on such obligation times (ii) the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made.

 

17


Sold Receivable” means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c).

Specified Reserve Balance” means, with respect to any Distribution Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date after giving effect to distributions pursuant to clauses (i) through (x) of Section 5.7(a).

Standard & Poor’s” means S&P Global Ratings, or its successor.

Supplemental Servicing Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding any fees or expenses related to extensions.

Third Priority Principal Distribution Amount” means, with respect to any Distribution Date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes, Class B Notes and Class C Notes on such Distribution Date), over (ii) the Adjusted Pool Balance as of the last day of the related Collection Period minus (b) the First Priority Principal Distribution Amount and Second Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Third Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class C Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero.

Total Available Funds” shall have the meaning set forth in Section 5.7(a).

Trust” means the Issuer.

Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

Trust Accounts” shall have the meaning set forth in Section 5.1.

Trust Agreement” means the Trust Agreement, dated as of November 28, 2017, between the Seller and the Owner Trustee, as amended and restated as of January 18, 2018 as the same may be amended and supplemented from time to time.

 

18


Trust Collateral Agent” means the Person acting as Trust Collateral Agent hereunder, its successors in interest and any successor Trust Collateral Agent hereunder.

Trust Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies paid after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Reserve Account (including all Eligible Investments therein and all proceeds therefrom), the Note Distribution Account (including all Eligible Investments therein and all proceeds therefrom) and certain other rights under this Agreement.

Trustee” means the Person acting as Trustee under the Indenture, its successors in interest and any successor trustee under the Indenture.

UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on the date of the Agreement.

Underwriting Agreement” means the Underwriting Agreement, dated as of January 9, 2018, among the Seller, the Servicer and Barclays Capital Inc., on its own behalf and as a representative of the underwriters named therein.

Yield Supplement Overcollateralization Amount” means with respect to any calendar month and the related Distribution Date, or with respect to the Cutoff Date, the aggregate amount by which the Principal Balance as of the last day of such calendar month or the Cutoff Date, as applicable, of each of the related Receivables with an Annual Percentage Rate as stated in the related Contract is less than the Required Rate, other than a Liquidated Receivable, exceeds the present value, calculated using a discount rate of the Required Rate, of each Scheduled Receivables Payment of each such Receivable assuming such Scheduled Receivables Payment is made on the last day of each month and each month has 30 days.

SECTION 1.2. Other Definitional Provisions.

(a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement.

(b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

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

 

19


(d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.”

(e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

(f) 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, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns.

ARTICLE II

Conveyance of Receivables

SECTION 2.1. Conveyance of Receivables. In consideration of the Issuer’s delivery to or upon the order of the Seller on the Closing Date of an amount equal to the book value of the Receivables sold by the Seller, as set forth on the books and records of the Seller, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse (subject to the Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the property listed in clauses (a) – (i) below, whether now owned or existing or hereafter acquired or arising. The foregoing consideration will be paid by the Issuer using net proceeds from the sale of the Notes and the other amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement and the balance will be deemed a capital contribution from the Seller to the Issuer.

(a) the Receivables and all moneys received thereon after the Cutoff Date;

(b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles;

(c) any proceeds and the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables;

(d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of representation or warranty in the related Dealer Agreement;

(e) all rights under any Service Contracts on the related Financed Vehicles;

 

20


(f) the related Receivable Files;

(g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of GM Financial under the Purchase Agreement;

(h) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and

(i) all proceeds and investments with respect to items (a) through (h).

SECTION 2.2. [Reserved]

SECTION 2.3. Further Encumbrance of Trust Property.

(a) Immediately upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement).

(b) Immediately upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing the repayment of the Notes. The Certificate shall represent the beneficial ownership interest in the Trust Property, and the Certificateholder shall be entitled to receive distributions with respect thereto as set forth herein.

(c) Following the payment in full of the Notes and the release and discharge of the Indenture, all covenants of the Issuer under Article III of the Indenture shall, until payment in full of the Certificate, remain as covenants of the Issuer for the benefit of the Certificateholder, enforceable by the Certificateholder to the same extent as such covenants were enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in the Certificateholder.

(d) The Trust Collateral Agent shall, at such time as there are no Notes or Certificate outstanding and all sums due to the Trustee and Trust Collateral Agent pursuant to the Basic Documents have been paid, execute such documents as are reasonably provided to it by the Seller (which documents shall be prepared at the Seller’s expense) in order to release any remaining portion of the Trust Property to the Seller.

SECTION 2.4. Intention of the Parties.

The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller and the Issuer that they intend that the assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and Other

 

21


Conveyed Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the Seller to the Issuer, and that the Receivables and the Other Conveyed Property shall not be a part of the Seller’s estate in the event of a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the Seller. In the event that such conveyance is determined to be made as security for a loan made by the Issuer, the Noteholders or the Certificateholder to the Seller, the Seller hereby grants to the Issuer a security interest in all of the Seller’s right, title and interest in and to the following property for the benefit of the Issuer Secured Parties, whether now owned or existing or hereafter acquired or arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Sale and Servicing Agreement Collateral”):

(a) the Receivables and all moneys received thereon after the Cutoff Date;

(b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles;

(c) any proceeds and the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables;

(d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of representation or warranty in the related Dealer Agreement;

(e) all rights under any Service Contracts on the related Financed Vehicles;

(f) the related Receivable Files;

(g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of GM Financial under the Purchase Agreement;

(h) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and

(i) all proceeds and investments with respect to items (a) through (h).

ARTICLE III

The Receivables

SECTION 3.1. Representations and Warranties of Seller.

(a) The Seller hereby represents and warrants that each of the representations and warranties regarding the Receivables that are set forth in Schedule B-1 is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the

 

22


Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived.

(b) The Seller hereby represents and warrants that each of the representations and warranties regarding the pool of Receivables that are set forth in Schedule B-2 is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived.

(c) The Seller hereby represents and warrants that each of the following representations and warranties is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived:

(i) to the best of the Seller’s knowledge, each Receivable (a) that was originated by GM Financial was sold by GM Financial to the Seller without any fraud or misrepresentation on the part of GM Financial and (b) that was originated by a Dealer was sold by the Dealer to GM Financial and by GM Financial to the Seller without any fraud or misrepresentation on the part of such Dealer or GM Financial, respectively;

(ii) no Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Notes;

(iii) the Seller has not done anything to convey any right to any Person that would result in such Person having a right to payments due under the Receivables or otherwise to impair the rights of the Trust, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust hereunder or that has been terminated. The Seller is not aware of any judgment, ERISA or tax lien filings against it; and

(iv) no funds have been advanced by the Seller or anyone acting on behalf of GM Financial in order to cause any Receivable to qualify under the representation and warranty set forth as clause 20(E) of Schedule B-1.

 

23


SECTION 3.2. Repurchase upon Breach.

(a) The Seller, the Servicer, the Trust Collateral Agent, the Trustee, the Trust or the Owner Trustee, as the case may be, shall inform, and any Noteholder may inform, the other parties to this Agreement (or, in the case of notice provided by the Trustee or a Noteholder, all parties of this Agreement) promptly, by notice in writing, upon the discovery of any breach of the Seller’s representations and warranties made pursuant to Section 3.1(a) that materially and adversely affects the interests of the Noteholders in any Receivable. If Noteholders representing five percent or more of the Outstanding Amount of the Controlling Class inform the Trust Collateral Agent, by notice in writing, of any breach of the Seller’s representations and warranties made pursuant to Section 3.1(a), the Trust Collateral Agent shall inform the other parties to this Agreement in the manner specified in the preceding sentence on behalf of such Noteholders. Any such notice delivered by the Servicer, the Trust Collateral Agent, the Trust, the Trustee, any Noteholder or the Owner Trustee, as the case may be, shall constitute a request by such party that the Seller repurchase the affected Receivable. As of the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by the Seller of notice of such breach, unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders are materially and adversely affected by any such breach as of such date. The “second month” shall mean the month following the month in which discovery occurs or notice is given, and the “first month” shall mean the month in which discovery occurs or notice is given. In consideration of and simultaneously with the repurchase of the Receivable, the Seller shall remit, or cause GM Financial to remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6(a) and the Issuer shall execute such assignments and other documents reasonably requested by such person in order to effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Trustee or the Noteholders with respect to a breach of representations and warranties pursuant to Section 3.1(a) and the agreement contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions contained herein or to enforce the obligation of GM Financial to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. Neither the Owner Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section.

In addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased by the Seller, the Seller shall indemnify the Trust, the Trustee, the Trust Collateral Agent and the officers, directors, agents and employees thereof, and the Noteholders against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach.

(b) Pursuant to Section 2.1 of this Agreement, the Seller conveyed to the Trust all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement including the Seller’s rights under the Purchase Agreement and the delivery requirements, representations and warranties and the cure or repurchase obligations of GM Financial thereunder. The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and effective to permit the Trust to enforce such obligations of GM Financial under the Purchase Agreement. Any purchase by GM Financial pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and the definition of Purchased Receivable.

 

24


SECTION 3.3. Custody of Receivable Files.

(a) In connection with the sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement and simultaneously with the execution and delivery of this Agreement, the Trust Collateral Agent hereby revocably appoints the Custodian, and the Custodian hereby accepts such appointment, to act as the agent of the Trust Collateral Agent as custodian of the following documents or instruments in its possession or control (the “Receivable Files”) which shall be delivered to the Custodian as agent of the Trust Collateral Agent on or before the Closing Date (with respect to each Receivable):

(i) The fully executed original (or with respect to “electronic chattel paper”, the authoritative copy) of the Contract; and

(ii) The Lien Certificate (when received), and otherwise such documents, if any, that GM Financial keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of GM Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered “doing business as” (“DBA”) name in the applicable jurisdiction) as first lienholder or secured party (including any Lien Certificate received by GM Financial), or, if such Lien Certificate has not yet been received, a copy of the application therefor or other documentation (which may include a dealer guaranty) that indicates that GM Financial has commenced procedures that will result in such Lien Certificate showing GM Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as secured party.

The Receivable Files are constructively delivered to the Trust Collateral Agent, as pledgee of the Issuer pursuant to the Indenture, and the Custodian hereby, as of the Closing Date, acknowledges receipt of the Receivable File for each Receivable listed in Schedule A hereto. No initial review or any periodic review of the Receivable Files by the Issuer, the Owner Trustee, the Trustee or the Trust Collateral Agent is required.

(b) If the Trust Collateral Agent, or its agent, as the case may be, is acting as the Custodian pursuant to Section 3.12, the Trust Collateral Agent, or its agent, as the case may be, shall be deemed to have assumed the obligations of the Custodian (except for any liabilities incurred by the predecessor Custodian) specified in this Agreement until such time as a successor Custodian has been appointed. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to the effect that all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the Receivable and Receivable File to the Servicer; provided, that no such certificate will be required to be delivered for so long as GM Financial is the Servicer. Upon the sale of any Receivable pursuant to Section 4.3(c), the Servicer (if GM

 

25


Financial is not the Servicer) will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to the effect that all amounts received in connection with such sale which are required to be deposited in the Collection Account pursuant to Section 4.3(c) have been so deposited) and shall request delivery of the Receivable and Receivable File to the purchaser of such Receivable. From time to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request of an officer of the Servicer and delivery to the Custodian of a receipt signed by such officer, cause the original Receivable and the related Receivable File to be released to the Servicer; provided, that no such written request shall be required for so long as GM Financial is the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related Receivable File to the Custodian when its need by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2, 4.2, 4.4(c) or 4.7.

SECTION 3.4. Maintenance and Safekeeping of the Receivable Files. The Custodian will accurately maintain and keep current the Receivable Files, including any computer systems on which the Receivable Files are electronically stored, all in a manner that will permit the Servicer and the Issuer to comply with this Agreement and the Trust Collateral Agent to comply with the Indenture. The Custodian will act with reasonable care, using that degree of skill and attention that a commercial bank acting in the capacity of a custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for itself or others. The Custodian shall promptly report to the Trust Collateral Agent in writing any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure.

SECTION 3.5. Location of Receivable Files. The Custodian will maintain the Receivable Files in the United States in such a manner as to permit retrieval thereof and access thereto in the manner contemplated by this Agreement. The Custodian’s records will at all times indicate that it is holding the Receivable Files on behalf of the Trust, separate from any other instruments and files that it holds.

SECTION 3.6. Access to Records. The Custodian shall, subject only to the Custodian’s security requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, and at such times as may be reasonably imposed by the Custodian, permit only the Noteholders and the Trust Collateral Agent or their duly authorized representatives, attorneys or auditors to inspect, at the Servicer’s expense, the Receivable Files and the related accounts, records, and computer systems maintained by the Custodian pursuant hereto at such times as the Noteholders or the Trust Collateral Agent may reasonably request.

SECTION 3.7. Advice of Counsel. The Custodian shall be entitled to rely and act upon advice of counsel with respect to its performance hereunder as custodian and shall be without liability for any action reasonably taken pursuant to such advice, provided that such action is not in violation of applicable Federal or state law.

 

26


SECTION 3.8. Administration; Reports. The Custodian shall, in general, attend to all non-discretionary details in connection with maintaining custody of the Receivable Files on behalf of the Trust Collateral Agent. In addition, the Custodian shall assist the Trust Collateral Agent generally in the preparation of any routine reports to Noteholders or to regulatory bodies, to the extent necessitated by the Custodian’s custody of the Receivable Files.

SECTION 3.9. Instructions; Authority to Act. The Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Trust Collateral Agent. Such instructions may be general or specific in terms. A copy of any such instructions shall be furnished by the Trust Collateral Agent to the Trustee (if they are separate entities) and the Issuer.

SECTION 3.10. Custodian Fee. For its services under this Agreement, the Custodian shall be entitled to reasonable compensation to be paid by the Servicer.

SECTION 3.11. Indemnification by the Custodian. The Custodian agrees to indemnify the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee for any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or asserted against the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee and their respective officers, directors, employees, agents, attorneys and successors and assigns as the result of any act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files; provided, however, that the Custodian shall not be liable for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses due to the Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s or the Trustee’s or the officers’, directors’, employees’ and agents’ thereof own willful misfeasance, bad faith or gross negligence. In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian.

SECTION 3.12. Effective Period and Termination of Custodian. GM Financial’s appointment as custodian is effective as of the Cutoff Date and will continue until terminated pursuant to this Section 3.12. So long as GM Financial is serving as Custodian, any termination of GM Financial as Servicer hereunder shall terminate GM Financial as Custodian. As soon as practicable after termination of its appointment as custodian, the Custodian shall deliver, at the Custodian’s expense, the Receivable Files to the Trust Collateral Agent on behalf of the Noteholders at such place or places as the Trust Collateral Agent may designate, and the Trust Collateral Agent, or its agent, as the case may be, shall act as custodian for such Receivable Files on behalf of the Noteholders until such time as a successor custodian has been appointed. If, within seventy-two (72) hours after the termination of this Agreement, the Custodian has not delivered the Receivable Files in accordance with the preceding sentence, the Trust Collateral Agent may enter the premises of the Custodian and remove the Receivable Files from such premises.

SECTION 3.13. Dispute Resolution.

(a) If the Servicer, the Trust, the Owner Trustee, the Trustee, the Trust Collateral Agent, a Noteholder or the Trust Collateral Agent on behalf of certain Noteholders in accordance with the following sentence (the “Requesting Party”) requests that the Seller and/or GM Financial repurchase a Receivable due to an alleged breach of a representation and warranty in Section 5.1 of the Purchase Agreement or in Section 3.2(a) hereof (each, a “Repurchase

 

27


Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request by the Seller or GM Financial, as the case may be (which resolution may take the form of a repurchase of the related Receivable by the Seller or GM Financial, as applicable, a withdrawal of the related Repurchase Request by the related Requesting Party or a cure of the condition that led to the related breach in the manner set forth herein or in the Purchase Agreement, as applicable), the Requesting Party may refer the matter, in its sole discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. Noteholders representing five percent or more of the Outstanding Amount of the Controlling Class may direct the Trust Collateral Agent, 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. The Requesting Party must start the mediation or arbitration proceeding 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 Seller and GM Financial agree 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 3.13(b), the procedures in this Section 3.13(b) 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) The mediation will start 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 Repurchase Request to arbitration under this Section 3.13.

(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 3.13(c), the procedures in this Section 3.13(c) will control.

 

28


(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 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.

(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.

 

29


(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 Seller or GM Financial. Any party or witness may participate by teleconference or video conference.

(ii) The Seller, GM Financial 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.

(iii) Neither the Seller nor GM Financial will be required to produce personally identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Repurchase 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 3.13), 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 IV

Administration and Servicing of Receivables

SECTION 4.1. Duties of the Servicer. The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which service motor vehicle retail installment sale contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for itself or others. In performing such duties, so long as GM Financial is the Servicer, it shall substantially comply with the Servicing Policies and Procedures. The Servicer’s duties shall include, without limitation, collecting and posting all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment invoices to Obligors, reporting any required tax information to Obligors, monitoring the collateral, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent and the Trustee with respect to distributions, and performing the other duties specified herein.

 

30


The Servicer, or if GM Financial is no longer the Servicer, GM Financial, at the request of the Servicer, shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain possession of the Dealer Agreements, to the extent it is necessary to do so), the Dealer Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s customary practices.

The Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement.

As set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the successor Servicer shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, provided that the successor Servicer shall not be liable for the Servicer’s breach of its obligations.

SECTION 4.2. Collection of Receivable Payments; Modifications of Receivables.

(a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies and the Other Conveyed

 

31


Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect thereto, including directing the Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable.

(b) The Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments with respect to any Receivable in accordance with its Servicing Policies and Procedures; provided, however, that if the Servicer (i) extends a Receivable beyond the Collection Period immediately preceding the latest Final Scheduled Distribution Date, or (ii) reduces the Amount Financed or APR with respect to any Receivable, it will repurchase such Receivable in the manner provided in Section 3.2 if such change in the Receivable would materially and adversely affect the interests of the Noteholders, unless the Servicer is required to take such action by law (including, without limitation, by the Servicemembers Civil Relief Act) or court order.

(c) Subject to the proviso of the first sentence in Section 4.2(b), the Servicer or its Affiliates may engage in any marketing practice or promotion of any sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not such practices, promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster or slower timing of the payment of the Receivables.

(d) The Servicer shall remit all payments by or on behalf of the Obligors received directly by the Servicer to the Collection Account as soon as practicable, but in no event later than the second (2nd) Business Day after receipt thereof; provided, however, that if the Monthly Remittance Condition is satisfied, then the Servicer shall not be required to deposit into the Collection Account all payments by or on behalf of the Obligors received directly by the Servicer until noon, New York City time, on the Business Day prior to the Distribution Date immediately following receipt thereof. (For purposes of the preceding sentence, “receipt” of a payment shall mean the initial deposit thereof in the Servicer’s bank account.)

(e) [Reserved].

(f) GM Financial shall not cause or permit the substitution of the Financed Vehicle relating to a Receivable unless: (i) the substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the Financed Vehicle originally financed under the related Receivable was either (x) insured under an Insurance Policy as required under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) deemed to be a “lemon” pursuant to applicable state law and repurchased by the related Dealer or (z) the subject of an order by a court of competent jurisdiction directing GM Financial to substitute another vehicle under the related Receivable; (iii) the related Receivable is not more than 30 days delinquent; (iv) the Obligor is deemed to be in “good standing” by the Servicer and is not in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle has a book value (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the Financed Vehicle that is being replaced, measured immediately before the

 

32


casualty loss or replacement by the Dealer and (vi) as of the date of such substitution, the replacement Financed Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that is being replaced; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through (vi) inclusive, shall not be applicable. GM Financial shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an original aggregate Principal Balance greater than two percent (2%) of the Original Pool Balance, (the “Substitution Limit”). In the event that the Substitution Limit is exceeded for any reason, (i) GM Financial shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit or (ii) if GM Financial is not the Servicer and the Servicer has caused substitutions to be made hereunder pursuant to the circumstances described in clause (ii)(x), above, the Servicer shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit.

SECTION 4.3. Realization upon Receivables.

(a) In addition to the Servicer’s ability to direct the Issuer to sell Receivables pursuant to Section 4.3(c), and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable; provided, however, that the Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it expects in its sole discretion, that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof (or, if the Monthly Remittance Condition is satisfied, by no later than noon, New York City time, on the Business Day prior to the Distribution Date immediately following receipt thereof). The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer, which amounts in reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable.

 

33


(b) If the Servicer, or if GM Financial is no longer the Servicer, GM Financial at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to GM Financial at the request of the Servicer, of the rights under such Dealer Agreement or Dealer Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or GM Financial, as appropriate, may not enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee and/or the Trust Collateral Agent, at GM Financial’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(e).

(c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third-party purchaser that is not affiliated with the Servicer, the Seller or the Issuer to purchase from the Issuer any Receivable that has become more than 60 days delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Cutoff Date may be sold by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the Issuer to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third-party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third-party purchasers which is materially adverse to the interest of the Noteholders. The Issuer shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Issuer for all Receivables sold to a single third-party purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof.

SECTION 4.4. Insurance.

(a) The Servicer shall require, in accordance with the Servicing Policies and Procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph 18 of Schedule B-1 hereto and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with the Servicing Policies and Procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming GM Financial or an Originating Affiliate (which may be

 

34


accomplished by the use of a properly registered DBA name in the applicable jurisdiction) and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in such Paragraph 18 (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with the Servicing Policies and Procedures. The Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. The Servicer shall cause itself or an Originating Affiliate, and may cause the Trust Collateral Agent (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction), to be named as named insured under all policies of Collateral Insurance. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.

(b) The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as “Force-Placed Insurance”). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c).

(c) In connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount Financed under the Receivable. For all purposes of this Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the Obligor and will not be added to the Principal Balance of such Receivable, and amounts allocable thereto will not be available for distribution on the Notes and the Certificate. The Servicer shall retain and separately administer the right to receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the Principal Balance and accrued interest on such Receivable and then to pay the related Insurance Add-On Amount. If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent Determination Date. Any such Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer.

 

35


(d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Issuer and/or the Trust Collateral Agent, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders.

SECTION 4.5. Maintenance of Security Interests in Vehicles.

(a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of GM Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust.

(b) Upon the occurrence of a Servicer Termination Event, the Servicer or the successor Servicer (if no successor Servicer has been appointed, then the Trust Collateral Agent) shall take or cause to be taken such action as may, in the Opinion of Counsel to the Majority Noteholders, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the Opinion of Counsel to the Majority Noteholders, be necessary or prudent.

GM Financial hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. GM Financial hereby appoints the Trust Collateral Agent as its attorney-in-fact to take any and all steps required to be performed by GM Financial pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust Collateral Agent shall have no obligation to take such steps with respect to all perfection or reperfection,

 

36


except as pursuant to the Basic Documents to which it is a party and to which GM Financial has paid all expenses), including execution of Lien Certificates or any other documents in the name and stead of GM Financial (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction), and the Trust Collateral Agent hereby accepts such appointment.

SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its execution and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables and on which the Trustee relies in authenticating the Notes.

(a) The Servicer covenants as follows:

(i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein;

(ii) No Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein;

(iii) No Amendments. The Servicer shall not extend or otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and

(iv) Restrictions on Liens. The Servicer shall not (A) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Trust Collateral Agent for the benefit of the Noteholders and the restrictions on transferability imposed by this Agreement or (B) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names GM Financial or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders.

SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Servicer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee or a Responsible Officer of the Trustee of a breach of any of the covenants set forth in Sections 3.4, 3.5, 3.6, 4.5(a) or 4.6 that materially and adversely affects the interests of the Noteholders in any Receivable (including any Liquidated Receivable), the party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to give any such notice shall not affect any obligation of GM Financial as Servicer under this Section. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 3.4, 3.5, 3.6, 4.5(a) or 4.6 which materially and adversely affects the interests of the Noteholders in any Receivable (including any Liquidated Receivable) (or, at GM Financial’s

 

37


election, the first Accounting Date so following) or the related Financed Vehicle, GM Financial shall, unless such breach shall have been cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, GM Financial shall pay the related Purchase Amount. It is understood and agreed that the obligation of GM Financial to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against GM Financial for such breach available to the Noteholders, the Issuer, the Owner Trustee or the Trust Collateral Agent; provided, however, that GM Financial shall indemnify the Trust, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach.

SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to the Noteholders and all other fees and expenses of the Owner Trustee, the Trust Collateral Agent or the Trustee; provided, however, the Servicer shall not be required to pay taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification unless such taxes and claims are expressly stated to be for the account of GM Financial). The Servicer shall be liable for the fees and expenses of the Owner Trustee, the Trust Collateral Agent, the Trustee, the Custodian and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be GM Financial, a successor to GM Financial as Servicer permitted by Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above.

SECTION 4.9. Servicer’s Certificate and Asset-Level Information.

(a) Servicer’s Certificate. No later than noon Eastern time on each Determination Date, the Servicer shall deliver (electronic delivery being acceptable) to the Trustee, the Owner Trustee and the Trust Collateral Agent the monthly Servicer’s Certificate. The Servicer will also deliver the Servicer’s Certificate to each Rating Agency on the same date the Servicer’s Certificate is publicly available (provided that if the Servicer’s Certificate is not made publicly available, the Servicer will deliver it to each Rating Agency no later than the 25th of each month (or if not a Business Day, the next succeeding Business Day)). Each Servicer’s Certificate will be executed by a Responsible Officer of the Servicer and contain among other things: (i) all information necessary to enable the Trust Collateral Agent to make the distributions required by Sections 5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the Trust Collateral Agent to make such statements available to Noteholders as required by Section 5.9 and (iv) solely in the case of the first monthly Servicer’s Certificate, 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”).

 

38


Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables).

(b) Asset-Level Information. On or before the 15th day following each Distribution 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 Receivable for the prior Collection Period as required by Item 1A of Form 10-D.

SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event.

(a) To the extent required by Section 1123 of Regulation AB, the Servicer, shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent and each Rating Agency, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year (regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March 31, 2019, an officer’s certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled in all material respects all its obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known to such officer and the nature and status of such failure.

(b) The Seller or the Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any clause of Section 9.1.

(c) The Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March 31. 2019, 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, 2019, 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.

 

39


(e) Wells Fargo Bank, National Association acknowledges, in its capacity as Trust Collateral Agent under this Agreement and in its capacity as Trustee under the Basic Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any such action as outlined in the Item 1122 Letter Agreement to ensure compliance with the requirements of Section 4.10(d) and Section 4.11(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.

SECTION 4.11. Annual Independent Public Accountants’ Reports.

(a) The Servicer shall cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to the Trustee, the Owner Trustee and the Trust Collateral Agent, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2019, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of the Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(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 4.10(d) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2019, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(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 a firm of Independent Accountants, who may also render other services to the Servicer or to the Seller, (1) to deliver to the Trustee, the Owner Trustee and the Trust Collateral Agent, on or before April 30 (or 120 days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 2019, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the Commission for General Motors Financial Company, Inc., which filing includes a statement that such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; and (2) upon request of the Trustee, the Owner Trustee or the Trust Collateral Agent, to issue an acknowledgement to the effect that such firm has audited the books and records of General Motors Financial Company, Inc., in which the Servicer is included as a consolidated subsidiary, and issued its report pursuant to item (1) of this section and that the accounting firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants

 

40


SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of the Trustee, the Owner Trustee and the Trust Collateral Agent reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section.

ARTICLE V

Trust Accounts; Distributions; Statements to Noteholders

SECTION 5.1. Establishment of Trust Accounts.

(a) (i) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders. The Collection Account shall initially be established with the Trust Collateral Agent.

(ii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders. The Note Distribution Account shall initially be established with the Trust Collateral Agent.

(iii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders. The Reserve Account shall initially be established with the Trust Collateral Agent.

(b) Funds on deposit in the Collection Account, the Reserve Account and the Note Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). Absent receipt of such written investment direction from the Servicer, funds on deposit in the Trust Accounts shall be held uninvested. All such Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders. Other than as permitted by the Rating Agencies, funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Distribution Date. All Eligible

 

41


Investments will be held to maturity. Each institution at which the relevant Trust Account is maintained shall invest the funds therein as directed in writing by the Servicer in Eligible Investments. 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 Trust Collateral Agent’s receipt of a broker confirmation. The Servicer agrees that such notifications will not be provided by the Trust Collateral Agent hereunder, and the Trust Collateral Agent 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 Trust Account during such period.

(c) All Investment Earnings of moneys deposited in each Trust Account shall be deposited (or caused to be deposited) in the Collection Account on each Distribution Date by the Trust Collateral Agent and applied as Available Funds on such Distribution Date, and any loss resulting from such investments shall be charged to the related Trust Account. The Servicer will not direct the Trust Collateral Agent to make any investment of any funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person, and, in connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect.

(d) The Trust Collateral Agent shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Trust Collateral Agent, in its commercial capacity as principal obligor and not as Trust Collateral Agent or as Trustee, in accordance with their terms.

(e) If (i) the Servicer shall have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or received from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in accordance with the instructions outlined in the most recent investment direction letter between the Servicer and the Trust Collateral Agent.

(f) (i) The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof for the benefit of the Noteholders and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Trust Collateral Agent (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency may consent) establish a new Trust Account as an

 

42


Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account.

(ii) With respect to the Trust Account Property, the Trust Collateral Agent agrees that:

(A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature authority with respect thereto;

(B) any Trust Account Property that constitutes Physical Property shall be delivered to the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a securities intermediary (as such term is defined in Section 8-102(14) of the UCC) acting solely for the Trust Collateral Agent;

(C) the “securities intermediary’s jurisdiction” for purposes of Section 8-110 of the UCC shall be the State of New York;

(D) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph;

(E) any Trust Account Property that is an “uncertificated security” or a “security entitlement” under Article 8 of the UCC and that is not governed by clause (D) above shall be delivered to the Trust Collateral Agent in accordance with paragraph (c) or (d), if applicable, of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its nominee’s) ownership of such security; and

(F) any cash that is Trust Account Property shall be considered a “financial asset” under Article 8 of the UCC.

(g) The Servicer shall have the power to instruct the Trust Collateral Agent to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer and the Trust Collateral Agent to carry out their respective duties hereunder.

SECTION 5.2. [Reserved]

 

43


SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.

SECTION 5.4. Application of Collections. All collections for the Collection Period shall be applied by the Servicer as follows:

(a) With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method.

(b) All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(a).

SECTION 5.5. [Reserved].

SECTION 5.6. Additional Deposits.

(a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables.

(b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 shall be deposited in the Collection Account.

SECTION 5.7. Distributions.

(a) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer’s Certificate delivered with respect to the related Determination Date) apply or cause to be applied the sum of (x) the Available Funds (after withdrawing amounts deposited in error and Liquidation Proceeds relating to Purchased Receivables) for the related Collection Period plus (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum, the “Total Available Funds”) to distribute the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of funds stated to be available therefor, and in the following order of priority:

 

44


(i) to the Servicer, (1) the Base Servicing Fee for the related Collection Period, (2) any Supplemental Servicing Fees for the related Collection Period, (3) any amounts specified in Section 5.3 and (4), to the extent the Servicer has not reimbursed itself in respect of such amounts pursuant to Section 5.3, and to the extent not retained by the Servicer, to pay to GM Financial any amounts paid by Obligors during the preceding calendar month that did not relate to (x) principal and interest payments due on the Receivables and (y) any fees or expenses related to extensions due on the Receivables;

(ii) to each of the Trustee, the Trust Collateral Agent, the Asset Representations Reviewer and the Owner Trustee, their respective accrued and unpaid fees, expenses and indemnities (in each case, to the extent such fees, expenses or indemnities have not been previously paid by the Servicer, and provided that such fees, expenses and indemnities shall not exceed (x) $100,000 in the aggregate in any calendar year to the Owner Trustee, (y) $100,000 in the aggregate in any calendar year to the Trust Collateral Agent and the Trustee and (z) $200,000 in the aggregate in any calendar year to the Asset Representations Reviewer);

(iii) to the Note Distribution Account for distribution to the Class A Noteholders, pari passu, the Noteholders’ Interest Distributable Amount for the Class A Notes for such Distribution Date;

(iv) to the Note Distribution Account, for distribution as provided in paragraph (b) below, the First Priority Principal Distribution Amount;

(v) to the Note Distribution Account for distribution to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date;

(vi) to the Note Distribution Account, for distribution as provided in paragraph (b) below, the Second Priority Principal Distribution Amount;

(vii) to the Note Distribution Account for distribution to the Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Distribution Date;

(viii) to the Note Distribution Account, for distribution as provided in paragraph (b) below, the Third Priority Principal Distribution Amount;

(ix) to the Note Distribution Account for distribution to the Class D Noteholders, the Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date;

(x) to the Note Distribution Account, for distribution as provided in paragraph (b) below, the Fourth Priority Principal Distribution Amount;

(xi) to the Reserve Account, the Reserve Account Deposit Amount for such Distribution Date;

 

45


(xii) to the Note Distribution Account, for distribution as provided in paragraph (b) below, the Noteholders’ Principal Distributable Amount;

(xiii) to pay each of the Trustee, the Owner Trustee, the Trust Collateral Agent and the Asset Representations Reviewer any fees, expenses and indemnities then due to such party that are in excess of the related cap or annual limitation specified in clause (ii) above; and

(xiv) to the Certificate Distribution Account for distribution to the Certificateholder in accordance with the Trust Agreement, the aggregate amount remaining in the Collection Account.

On any Distribution Date with respect to which no Servicer’s Certificate was delivered, to the extent there are Available Funds in the Collection Account, the Trust Collateral Agent will make payments of the Noteholders’ Interest Distributable Amounts described in (iii), (v), (vii) and (ix) above.

(b) On each Distribution Date, the Trust Collateral Agent shall apply or cause to be applied the amounts that are allocated to the Class A-2 Notes in accordance with clause (iii) of paragraph (a) above on that Distribution Date to the Class A-2-A Notes and the Class A-2-B Notes pro rata based on the principal balance of the Class A-2-A Notes and the Class A-2-B Notes, respectively; provided, that if the amount so allocated to the Class A-2-A Notes or the Class A-2-B Notes on any Distribution Date exceeds the Noteholders’ Interest Distributable Amount with respect to such Distribution Date and such Class, then the amount of such excess shall be allocated to the other such Class on that Distribution Date. On each Distribution Date, the Trust Collateral Agent shall apply or cause to be applied the aggregate of the amounts described in clause (iv), (vi), (viii), (x) and (xii) of paragraph (a) above on that Distribution Date in the following order of priority:

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

(ii) to the Class A-2 Noteholders in reduction of the remaining principal balance of the Class A-2 Notes, ratably based on the outstanding principal balance of each Class of 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;

 

46


(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 the Indenture, (B) the occurrence of an Event of Default pursuant to Sections 5.1(a), 5.1(b) or 5.1(d) of the Indenture or (C) the receipt of Insolvency Proceeds pursuant to Section 10.1(b), the Total Available Funds and amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders pursuant to Section 5.6(a) of the Indenture.

(c) In the event that the Collection Account is maintained with an institution other than the Trust Collateral Agent, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(a) and 5.7(b) on the related Distribution Date.

(d) In the event that any withholding tax is imposed on the Trust’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 Trust Collateral Agent 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 Trust (but such authorization shall not prevent the Trust Collateral Agent 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 Trust 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-US Noteholder), the Trust Collateral Agent may in its sole discretion withhold such amounts in accordance with this clause (d). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred.

(e) Distributions required to be made to Noteholders on any Distribution 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 Distribution 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 Distribution 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 2.4 of the Indenture.

 

47


(f) Subject to Section 5.1 and this Section, monies received by the Trust Collateral Agent 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 Trust Collateral Agent shall not be liable for any interest thereon.

SECTION 5.8. Reserve Account.

(a) On the Closing Date, the Seller 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 Trust Collateral Agent for the benefit of the Noteholders.

(b) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, the use of such new formula will be deemed to be approved upon the satisfaction of the Rating Agency Condition with respect to the use of such new formula, and the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder.

(c) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) 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, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (x) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xi), and (B) 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 Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date.

(d) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date.

(e) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.

 

48


SECTION 5.9. Statements to Noteholders.

(a) On or prior to each Distribution Date, the Trust Collateral Agent shall make available to each Noteholder of record a statement setting forth at least the following information as to the Notes solely to the extent such information has been received from the Servicer pursuant to Section 4.9:

(i) the amount of such distribution allocable to principal of each Class of Notes;

(ii) the amount of such distribution allocable to interest on or with respect to each Class of Notes;

(iii) the required Reserve Account Withdrawal Amount or any excess released from the Reserve Account and included in Available Funds;

(iv) the Pool Balance and Adjusted Pool Balance as of the close of business on the last day of the preceding Collection Period;

(v) the aggregate outstanding principal amount of each Class of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above;

(vi) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect to such Collection Period or prior Collection Periods, as the case may be;

(vii) the Noteholders’ Interest Carryover Amount, if any, and the change in that amount from the preceding statement;

(viii) the Yield Supplement Overcollateralization Amount as of the opening of business on the first day of the preceding Collection Period and as of the close of business on the last day of the preceding Collection Period;

(ix) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; and

(x) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer or the Seller in such period.

(b) The Trust Collateral Agent will make available each month to each Noteholder the statements referred to in Section 5.9(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s internet website, with the use of a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at www.CTSLink.com or at

 

49


such other address as the Trust Collateral Agent shall notify the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s technical assistance center at (866) 846-4526. The Trust Collateral Agent shall have the right to change the way the statements referred to in Section 5.9(a) above are distributed in order to make such distribution 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 Trust Collateral Agent shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate.

SECTION 5.10. Determination of LIBOR.

The Trust Collateral Agent, as calculation agent (in such capacity, the “Calculation Agent”), will determine LIBOR for purposes of calculating the Interest Rate for the Class A-2-B Notes (a) on January 16, 2018, for the period from the Closing Date to the first Distribution Date, and (b) for each given Interest Period thereafter, on the second London Business Day prior to the Distribution Date on which such Interest Period begins (each, a “LIBOR Determination Date”). For purposes of calculating LIBOR, a “London Business Day” means a day on which banking institutions in the City of London, England are not required or authorized by law to be closed.

LIBOR” means, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the Reuters Screen LIBOR01 Page (or any replacement page) as of 11:00 a.m., London time, on the related LIBOR Determination Date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate for that Interest Period will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by any four major banks in the London interbank market selected by the Calculation Agent to provide such bank’s offered quotation of such rates at approximately 11:00 a.m., London time, on the related LIBOR Determination Date to prime banks in the London interbank market for a period of one month, commencing on the first day of such Interest Period and in a principal amount of at least U.S.$1,000,000. The Calculation Agent, will request the principal London office of each of those four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Interest Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Calculation Agent at approximately 11:00 a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing on the first day of such Interest Period and in a principal amount of at least U.S.$1,000,000; provided, however, that if the banks selected by the Calculation Agent are not quoting rates as mentioned in this sentence, LIBOR for such Interest Period will be the same as LIBOR for the immediately preceding Interest Period.

Reuters Screen LIBOR01 Page” is the display designated on the Reuters service (or the successor display page, other published source, information vendor or provider that has been officially designated by Reuters).

 

50


ARTICLE VI

[Reserved]

ARTICLE VII

The Seller

SECTION 7.1. Representations of Seller. The Seller makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee and Trust Collateral Agent may rely. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture.

(a) Schedules of Representations. The representations and warranties set forth on the Schedules of Representations attached hereto as Schedule B-1 and Schedule B-2 are true and correct.

(b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Nevada, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust.

(c) Due Qualification. The Seller is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents.

(d) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly authorized by the Seller by all necessary corporate action.

(e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

51


(f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment of the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties.

(g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (i) asserting the invalidity of this Agreement or any of the Basic Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (iv) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes.

(h) Solvency. The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the Seller anticipate any pending insolvency.

(i) No Consents. The Seller is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained.

(j) True Sale. The Receivables are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time.

(k) Ordinary Course of Business. The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s business.

(l) Chief Executive Office and Principal Place of Business. The chief executive office and principal place of business of the Seller is at 2215-B Renaissance Drive, Suite 10, Las Vegas, Nevada 89119.

 

52


(m) Investment Company Act. Neither the Seller nor the Issuer is an “investment company” or a company “controlled by an investment company” within the meaning of the Investment Company Act.

SECTION 7.2. Corporate Existence.

(a) During the term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation 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 Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

(b) During the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal entity separate and apart from its Affiliates, including as follows:

(i) the Seller shall maintain corporate records and books of account separate from those of its Affiliates;

(ii) except as otherwise provided in this Agreement, the Seller shall not commingle its assets and funds with those of its Affiliates;

(iii) the Seller shall hold such appropriate meetings of its board of directors, or adopt resolutions pursuant to a unanimous written consent of the board of directors, as are necessary to authorize all the Seller’s corporate actions required by law to be authorized by the board of directors, shall keep minutes of such meetings and of meetings of its stockholder(s) and observe all other customary corporate formalities (and any successor Seller not a corporation shall observe similar procedures in accordance with its governing documents and applicable law);

(iv) the Seller shall at all times hold itself out to the public under the Seller’s own name as a legal entity separate and distinct from its Affiliates;

(v) all transactions and dealings between the Seller and its Affiliates will be conducted on an arm’s-length basis; and

(vi) the Seller shall pay from its assets all obligations and indebtedness of any kind incurred by the Seller.

SECTION 7.3. Liability of Seller; Indemnities. The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement.

(a) The Seller shall indemnify, defend and hold harmless the Owner Trustee, the Issuer, the Trustee and the Trust Collateral Agent and their respective officers, directors, employees and agents from and against any taxes that may at any time be asserted against any

 

53


such Person with respect to the transactions or activities contemplated in this Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent and the Trustee and except any taxes to which the Owner Trustee, the Trust Collateral Agent or the Trustee may otherwise be subject to, without regard to the transactions contemplated hereby), including any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, federal or other income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same.

(b) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Trustee and the Trust Collateral Agent and the officers, directors, employees and agents thereof and the Noteholders from and against any loss, liability or expense incurred by reason of (i) the Seller’s willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) the Seller’s or the Issuer’s violation of federal or state securities laws in connection with the offering and sale of the Notes.

(c) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, Trustee and the Trust Collateral Agent and the officers, directors, employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set forth herein and in the Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee, Trustee or the Trust Collateral Agent, respectively.

Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the Trustee or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel and other expenses of litigation. If the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest.

SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.1(a) shall have been breached and no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event shall have happened and be continuing, (ii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent and the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such

 

54


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, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent and the Trustee an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trust Collateral Agent, the Issuer and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above.

SECTION 7.5. Limitation on Liability of Servicer, Seller and Others. The Servicer, the Seller and any of its respective directors or officers or employees or agents of the Servicer or the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. Neither the Servicer nor the Seller shall be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability.

SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents. The Seller shall notify the Owner Trustee, the Trustee and the Trust Collateral Agent with respect to any other transfer of any Certificate.

ARTICLE VIII

The Servicer

SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture.

(a) Representations and Warranties. The representations and warranties set forth in Schedule B-1 and Schedule B-2 are true and correct, provided that such representations and warranties contained therein and herein shall not apply to any entity other than GM Financial;

 

55


(b) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under this Agreement;

(c) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation, is 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 (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

(d) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and the Basic Documents to which it is a party and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action;

(e) Binding Obligation. This Agreement and the Basic Documents to which the Servicer is a party shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law;

(f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents to which the Servicer is a party, and the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall 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 articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties;

(g) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes;

 

56


(h) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained.

(i) Chief Executive Office and Principal Place of Business. The chief executive office and principal place of business of the Servicer is located at 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102.

SECTION 8.2. Liability of Servicer; Indemnities.

(a) The Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer.

(b) The Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle.

(c) The Servicer (when the Servicer is GM Financial) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same.

(d) The Servicer (when the Servicer is not GM Financial) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Collateral Agent, their respective officers, directors, agents and employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same.

 

57


(e) The Servicer shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities, including reasonable fees and expenses of counsel and expenses of litigation, to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.

(f) GM Financial shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by reason of the violation by Servicer or Seller of federal or state securities laws in connection with the registration or the sale of the Notes. This section shall survive the termination of this Agreement, or the earlier removal or resignation of the Trustee or the Trust Collateral Agent.

(g) GM Financial shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent and the respective officers, directors, agents and employees thereof against any and all loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such loss, liability or expense was incurred by the Trustee, the Owner Trustee or the Trust Collateral Agent as a result of any such entity’s willful misconduct, bad faith or negligence.

(h) Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest.

(i) When the Trustee or the Trust Collateral Agent incurs expenses after the occurrence of a Servicer Termination Event specified in Section 9.1(c) with respect to the Servicer, 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.

SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations of the Servicer.

GM Financial shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to GM Financial’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of GM Financial contained in this Agreement and shall be acceptable to the Majority Noteholders, and shall be an eligible servicer. Any corporation (a) into which GM Financial may be merged or consolidated, (b) resulting from any merger or consolidation to which GM Financial shall be a party, (c) which acquires by conveyance, transfer, or lease substantially all of the assets of GM Financial, or (d) succeeding to the business of GM

 

58


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 Trust Collateral Agent, the Noteholders and each Rating Agency. Notwithstanding the foregoing, GM Financial shall not merge or consolidate with any other Person or permit any other Person to become a successor to GM Financial’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 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 Trust Collateral Agent, the Trustee and the Rating Agencies 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 Trust Collateral Agent, the Trustee and the Rating Agencies an Opinion of Counsel, stating in the opinion of such counsel, either (A) 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 Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest.

SECTION 8.4. Limitation on Liability of Servicer and Others.

Neither GM Financial nor any of the directors or officers or employees or agents of GM Financial shall be under any liability to the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect GM Financial or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties; provided, further, that this provision shall not affect any liability to indemnify the Trust Collateral Agent, the Trustee and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Trust Collateral Agent, the Trustee and the Owner Trustee, in their individual capacities. GM Financial and any director, officer, employee or agent of GM Financial may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement.

SECTION 8.5. Delegation of Duties. The Servicer may delegate duties under this Agreement and the other Basic Documents to which is it a party to an Affiliate of the Servicer without first obtaining the consent of any Person. The Servicer also may at any time perform specific duties through sub-contractors in accordance with the Servicing Policies and Procedures. No delegation or sub-contracting by the Servicer of its duties herein in the manner described in this Section 8.5 shall relieve the Servicer of its responsibility with respect to such duties.

 

59


SECTION 8.6. Servicer Not to Resign. Subject to the provisions of Section 8.3, the Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer if the Majority Noteholders do not elect to waive the obligations of the Servicer to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust Collateral Agent and the Owner Trustee. No resignation of the Servicer shall become effective until an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Servicer.

ARTICLE IX

Default

SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”:

(a) Any failure by the Servicer to deliver to the Trust Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of five Business Days after written notice is received by the Servicer from the Trust Collateral Agent (at the direction of the Majority Noteholders) or after actual knowledge of such failure by a Responsible Officer of the Servicer;

(b) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely affects the rights of Noteholders, and (ii) continues unremedied for a period of 60 days after actual knowledge thereof by a Responsible Officer of the Servicer or after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trust Collateral Agent (at the direction of the Majority Noteholders); or

(c) An Insolvency Event with respect to the Servicer;

provided, however, that if (i) any delay or failure of performance referred to in Section 9.1(a) above shall have been caused by force majeure or other similar occurrences, the five Business Day grace period shall be extended for an additional 60 calendar days and (ii) if any delay or failure of performance referred to in Section 9.1(b) above shall have been caused by force majeure or other similar occurrences, the 60 day grace period shall be extended for an additional 90 calendar days.

SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer Termination Event shall occur and be continuing, the Trust Collateral Agent may, or at the direction of the Majority Noteholders shall, by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Noteholders) terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and

 

60


responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificate or the Other Conveyed Property or otherwise, shall pass to, be vested in and become obligations and responsibilities of the successor Servicer appointed by the Majority Noteholders; provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral Agent, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense.

SECTION 9.3. Appointment of Successor.

(a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.6, the Controlling Party (acting at the written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person that it determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Any successor Servicer shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. If no Person has accepted its appointment as successor Servicer when the predecessor Servicer ceases to act as Servicer in accordance with Section 9.2 or Section 8.6, the Trust Collateral Agent or other eligible successor servicer appointed by the Trust Collateral Agent and who has accepted such appointment, will, without further action, be automatically appointed the successor Servicer. Notwithstanding the above, if the Trust Collateral Agent is unwilling or legally unable to act as

 

61


successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business includes the servicing of motor vehicle receivables, as successor Servicer. All reasonable costs and expenses incurred in connection with transferring the servicing of the Receivables 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. The Trust Collateral Agent 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.

(b) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement 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.

SECTION 9.4. Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and to the Seller (who shall promptly deliver such notice to the Rating Agencies).

SECTION 9.5. Waiver of Past Defaults. The Majority Noteholders may, on behalf of all Noteholders, waive any default by the Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

ARTICLE X

Termination

SECTION 10.1. Optional Purchase of All Receivables.

(a) Subject to Section 10.1(a) of the Indenture, on the last day of any Collection Period as of which the Pool Balance shall be less than or equal to 10% of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts; provided, however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal, and interest then due and payable on the Notes. To exercise such option, the Servicer or the Seller, as the case may be, shall deposit pursuant to Section 5.6 in the Collection Account an amount equal to the greater of (i) the amount necessary to pay the full amount of principal and interest then due and payable on the Notes and (ii) the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, (such value to be determined by the Servicer, or if the Trust Collateral Agent has received written notice that there is a material error in the Servicer’s calculation, by an appraiser mutually agreed upon by the Servicer and the Trust Collateral Agent), and shall succeed to all interests in and to the Trust.

 

62


(b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account.

(c) Notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Trust Collateral Agent and the Rating Agencies as soon as practicable after the Servicer has received notice thereof.

(d) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholder will succeed to the rights of the Noteholders hereunder and the Certificateholder will succeed to the rights of, and assume the obligations of, the Trust Collateral Agent pursuant to this Agreement.

ARTICLE XI

Administrative Duties of the Servicer

SECTION 11.1. Administrative Duties.

(a) Duties with Respect to the Indenture. The Servicer shall perform all its duties and the duties of the Issuer under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture. The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuer to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 6.9, 8.2, 9.2, 9.3, 11.1 and 11.15 of the Indenture.

(b) Duties with Respect to the Issuer.

(i) In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in connection with the

 

63


Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee and are reasonably within the capability of the Servicer. The Servicer shall monitor the activities of the Issuer to ensure the Issuer’s compliance with Section 4.6 of the Trust Agreement and shall take all action necessary to ensure that the Issuer is operated in accordance with the provisions of such section.

(ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Holder (as defined in the Trust Agreement) as contemplated by this Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision.

(iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer in accordance with Section 10.11 of the Trust Agreement with respect to, among other things, tax reporting and returns, accounting and reports to Holders (as defined in the Trust Agreement); provided, however, that once prepared by the Servicer, the Owner Trustee shall retain responsibility for the distribution of any necessary Schedule K-1s, as applicable, to enable the Certificateholder to prepare its federal and state income tax returns.

(iv) The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, the duties of the Servicer specified in Section 10.11 of the Trust Agreement, and any other duties expressly required to be performed by the Servicer under this Agreement or any of the Basic Documents.

(v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Servicer may enter into transactions with 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 Servicer’s opinion, no less favorable to the Issuer in any material respect.

(c) Tax Matters. The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Issuer as are necessary for preparation of tax reports, including without limitation forms 1099. All tax returns will be signed by the Seller or the Servicer.

(d) Non-Ministerial Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the Owner Trustee and the Trustee of the proposed action and the Owner Trustee (acting at the direction of the Certificateholder) and, with respect to items (i), (ii), (iii) and (iv) below, the Trustee shall not have withheld consent. For the purpose of the preceding sentence, “non-ministerial matters” shall include:

 

64


(i) the 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 Receivables);

(iii) the amendment, change or modification of this Agreement or any of the Basic Documents;

(iv) the appointment of successor Note Registrars, successor Paying Agents and successor Trustees pursuant to the Indenture or the appointment of successor Servicers or the consent to the assignment by the Note Registrar, Paying Agent or Trustee of its obligations under the Indenture; and

(v) the removal of the Trustee or the Trust Collateral Agent.

(e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (i) make any payments to the Noteholders or the Certificateholder under the Basic Documents, (ii) sell the Trust Property pursuant to Section 5.5 of the Indenture, (iii) take any other action that the Issuer directs the Servicer not to take on its behalf or (iv) in connection with its duties hereunder assume any indemnification obligation of any other Person.

(f) No successor Servicer shall be responsible for any obligations or duties of the Servicer under this Section 11.1. Notwithstanding the foregoing or any other provision of this Agreement, GM Financial shall continue to perform the obligations of the Servicer under this Section 11.1.

SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer at any time during normal business hours.

SECTION 11.3. Additional Information to be Furnished to the Issuer. The Servicer shall furnish to the Issuer from time to time such additional information regarding the Collateral as the Issuer shall reasonably request.

SECTION 11.4. Review Reports. Upon the request of any Noteholder to the Servicer for a copy of any Review Report (as defined in the 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

 

65


such Review Report contains personally identifiable information regarding Obligors, 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.

ARTICLE XII

Miscellaneous Provisions

SECTION 12.1. Amendment.

(a) This Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), but without the consent of any of the Noteholders, to cure any ambiguity or to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that such amendments require: (i) satisfaction of the Rating Agency Condition or (ii) an Officer’s Certificate of the Servicer delivered to the Issuer, the Owner Trustee and the Trustee stating that the amendment will not materially and adversely affect the interest of any Noteholder.

(b) This Agreement may also be amended from time to time by the parties hereto, with the consent of the Trustee, and with the consent of the Majority Noteholders for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, 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 Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (ii) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby.

Promptly after the execution of any such amendment or consent, the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Seller (who shall deliver such notification to the Rating Agencies).

It shall not be necessary for the consent of the 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 Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Issuer, as applicable, may prescribe.

 

66


(c) Prior to the execution of any amendment to this Agreement, the Owner Trustee, the Trustee and the Trust Collateral Agent shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and, with respect to any amendment to this Agreement pursuant to Section 12.1(b), the Opinion of Counsel referred to in Section 12.2(h)(i) has been delivered. The Owner Trustee, the Trust Collateral Agent and the Trustee may, but shall not be obligated to, enter into any such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s or the Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

SECTION 12.2. Protection of Title to Trust.

(a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust Collateral Agent in the Receivables and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

(b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Owner Trustee, the Trust Collateral Agent and the Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the Trust Collateral Agent, stating either (i) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action shall be necessary to preserve and protect such interest.

(c) Each of the Seller and the Servicer shall have an obligation to give the Owner Trustee, the Trust Collateral Agent and the Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America.

(d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable.

 

67


(e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or repurchased or sold pursuant to this Agreement.

(f) If at any time the Seller or the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust.

(g) Upon request, the Servicer shall furnish to the Owner Trustee or to the Trustee, within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust.

(h) The Servicer shall deliver to the Owner Trustee and the Trustee:

(i) promptly after the execution and delivery of the Agreement and, if required pursuant to Section 12.1, of each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and

(ii) within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six months after the Closing Date, an Opinion of Counsel, dated as of a date during such 120-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest.

Each Opinion of Counsel referred to in clause (i) or (ii) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest.

 

68


SECTION 12.3. Notices.

(a) All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies (upon whom any demands, notices or communications shall be provided only by the Seller or the Servicer) under this Agreement shall be in writing, personally delivered, electronically delivered, mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt (i) in the case of the Seller, to AFS SenSub Corp., 2215-B Renaissance Drive, Suite 10, Las Vegas, Nevada 89119, Attention: Chief Financial Officer, with a copy to AFS SenSub Corp., c/o GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (ii) in the case of the Servicer, to GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (iii) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, (iv) in the case of the Trustee or the Trust Collateral Agent, at the applicable Corporate Trust Office of the Trustee and the Trust Collateral, (v) in the case of Fitch, to Fitch, Inc., 7 World Trade Center—250 Greenwich Street, New York, New York 10007, Attention: Asset Backed Surveillance, (vi) in the case of Moody’s, to Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th floor, New York, New York 10007, and (vii) Asset Representations Reviewer, to ARRNotices@clayton.com and to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attn: SVP, with a copy to Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC, 1500 Market Street, West Tower Suite 2050, Philadelphia, PA 19102, Attn: General Counsel. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. Where this Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder.

(b) If GM Financial is no longer the Servicer, any successor Servicer shall provide any required Rating Agency notices to the Seller, who shall promptly provide such notice to the Rating Agencies.

SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.3 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral Agent, the Trustee and the Majority Noteholders.

SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the parties hereto, the Trustee, the Owner Trustee and the Noteholders, as third-party beneficiaries. 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.

 

69


SECTION 12.6. 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 such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

SECTION 12.7. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one and the same instrument.

SECTION 12.8. 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 12.9. 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 12.10. Assignment to Trust Collateral Agent. The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and under the Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Trust Collateral Agent.

SECTION 12.11. Nonpetition Covenants.

(a) Notwithstanding any prior termination of this Agreement, the Servicer, the Seller and the Trust Collateral Agent shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer.

(b) Notwithstanding any prior termination of this Agreement, neither the Servicer nor the Trust Collateral Agent shall, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller.

 

70


SECTION 12.12. Limitation of Liability of Owner Trustee and Trust Collateral Agent

(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 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 obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

(b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Wells Fargo Bank, N.A., not in its individual capacity but solely as Trust Collateral Agent and in no event shall Wells Fargo Bank, N.A. 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.

(c) Neither the Owner Trustee nor the Trust Collateral Agent shall have any duty, responsibility or obligation to (or liability for failing to) monitor, supervise, confirm, verify, notify regarding or otherwise enforce the requirements or commitments applicable to any Person arising under, related to or otherwise in connection with any provision of this Agreement or any law, rule or regulation in connection with risk retention.

(d) In no event shall Wells Fargo Bank, N.A., in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement or of the Servicer hereunder (unless it is acting as successor Servicer hereunder or is recording, registering, filing, re-recording, re-filing, or re-registering any financing statement, continuation statement or other instrument required by the Trust Collateral Agent pursuant to Section 3.5 of the Indenture or is taking any action to perfect or re-perfect the security interests in the financed vehicles pursuant to Section 4.5(b)).

(e) The Trustee and the Trust Collateral Agent have the same rights, protections and immunities hereunder as they have under the Indenture as if such rights, protections and immunities were expressly set forth herein mutatis mutandis.

 

71


SECTION 12.13. Trust Collateral Agent to Report Repurchase Demands due to Breaches of Representations and Warranties. The Trust Collateral Agent will (a) notify the Servicer, GM Financial and the Seller, as soon as practicable and in any event within five Business Days and in the manner set forth for providing notices hereunder, of all demands or requests communicated (in writing or orally) to the Trustee or the Trust Collateral Agent for the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2, (b) promptly upon request by the Servicer, GM Financial or the Seller, 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 (c) if requested by the Servicer, GM Financial or the Seller, provide a written certification no later than fifteen days following any calendar quarter or calendar year that Wells Fargo Bank, N.A. has not received any repurchase demands for such period, or if repurchase demands have been received during such period, that the Trust Collateral Agent has provided all the information reasonably requested under clause (b) above with respect to such demands. In no event will the Trust Collateral Agent 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.

SECTION 12.14. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by this Agreement or any other Basic Document, the Servicer 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 12.15. No Joint Venture. Nothing contained in this Agreement (a) shall constitute the Servicer and any of the Issuer, the Trustee, the Trust Collateral Agent 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 12.16. State Business Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation.

SECTION 12.17. Regulation RR Risk Retention. GM Financial, as Sponsor, and the Depositor agree 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 Closing Date and (b) GM Financial will not permit the Depositor to, and the Depositor will not, sell, transfer, finance or hedge the Retained Interest except as permitted by the Credit Risk Retention Rules.

 

72


SECTION 12.18. Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

(a) submits for itself and its property in any legal action relating to this Agreement, the Basic 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 Basic Documents or the transactions contemplated hereby.

[Remainder of Page Intentionally Left Blank]

 

73


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 CONSUMER AUTOMOBILE RECEIVABLES TRUST 2018-1
By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
By:    
Name:  
Title:  
AFS SENSUB CORP.,
Seller  
By:    
Name:  
Title:  
AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as Servicer
By:    
Name:  
Title:  

WELLS FARGO BANK, N.A.,

not in its individual capacity but solely as Trust Collateral Agent

By:    
Name:  
Title:  

[Signature Page to Sale and Servicing Agreement]


SCHEDULE A

SCHEDULE OF RECEIVABLES

[See Attached]

 

SCH-A-1


Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

111001345107   111000861929   111001379632   111001753425   111001381590   111001882170   111000926235   465379592   465023463   464973296   464865617   464366012   464306901   464134352   462599648   461518854   459335451   111000532979   111000929395   111000473243
111001862785   111000603732   111000481354   111000962752   111001419974   111000536579   111001389633   465379477   465023471   464973312   464865385   464366020   464306984   464134139   462599457   461518904   459335485   111000539910   111001312774   111000975374
111000967353   111001813871   111000500547   111001350710   111001318196   111001412988   111000902723   465379501   465023489   464973320   464865393   464366046   464306844   464134048   462599465   461518763   459335493   111000957510   111001749060   111000979132
111000986095   111000929845   111001895646   111000482546   111000470688   111001882406   111001343778   465379337   465023497   464973379   464865419   464366053   464306851   464133453   462599358   461518813   459335527   111000884968   111000898974   111000564604
111000946653   111001876443   111000487507   111001405913   111001872236   111000508466   111000584549   465379378   465023513   464973387   464865245   464366061   464306877   464133461   462599416   461518821   459335295   111000926684   111001407612   111000502628
111000559192   111000597958   111001883799   111000505542   111000238499   111001348414   111001397205   465379402   465023521   464973403   464865161   464365832   464306661   464133511   462599218   461518839   459335311   111000874541   111001317702   111001795049
111001852638   111001309556   111001413372   111000603338   111000975363   111000966330   111000856372   465379410   465023547   464973197   464865088   464365840   464306695   464133552   462599275   461518532   459335337   111001382748   111001387844   111000510986
111000584369   111001321213   111001820048   111001331393   111001831499   111001738013   111001786139   465379436   465023554   464973213   464864883   464365907   464306554   464133362   462599291   461518573   459335345   111000571253   111000958072   111000547739
111000463174   111000931961   111000912241   111000856237   111001297608   111000960952   111001400851   465379238   465023570   464973239   464864909   464365923   464306562   464133438   462599309   461518342   459335352   111001332776   111001867791   111001741512
111001826617   111000533217   111000880582   111001333104   111000496406   111000493414   111000479609   465379246   465023588   464973247   464864768   464365931   464306570   464133057   462599085   461518367   459335360   111000964787   111001894522   111001314035
111000575729   111001813264   111001414643   111000551790   111001369888   111000927810   111000936427   465379311   465023331   464973254   464864677   464365949   464306596   464132950   462599176   461518375   459335378   111001831129   111001860390   111001353319
111000263510   111001744278   111000896725   111001368012   111000578711   111000900990   111001300197   465379147   465023356   464973262   464864503   464365956   464306604   464132653   462598962   461518391   459335196   111001301862   111000856585   111000911655
111000916784   111000591738   111001380814   111001720306   111000945797   111000862818   111001764450   465379170   465023380   464973270   464864214   464365964   464306612   464132281   462599036   461518409   459335212   111001369170   111001753166   111000555963
111000913950   111000950412   111000961414   111001327994   111001413484   111000864449   111001877927   465379196   465023398   464973288   464863869   464365717   464306653   464132141   462598897   461518250   459335220   111000927551   111000913040   111001897682
111001829519   111000578597   111000268997   111000525465   111000965250   111000982642   111001331944   465379071   465023406   464973072   464863760   464365758   464306463   464131887   462598939   461518169   459335238   111000504574   111001342159   111001727291
111001342609   111001817000   111000522620   111000587564   111000536669   111001367437   111001753740   465379105   465023414   464973098   464863786   464365774   464306497   464131747   462598806   461518185   459335246   111001791595   111001294278   111001385101
111000876925   111000472916   111000901902   111000906121   111000869354   111000503438   111000569597   465378917   465023422   464973106   464863349   464365782   464306505   464131465   462598814   461518078   459335105   111001409423   111001328052   111000949409
111000942244   111001782012   111001417848   111001846473   111000886229   111000584886   111000855203   465378925   465023448   464973114   464863232   464365790   464306521   464131218   462598822   461517914   459335113   111001325947   111001725255   111001804657
111001744122   111000539932   111001393504   111000533048   111000933749   111001387103   111001373120   465378933   465023455   464973122   464863257   464365808   464306539   464130855   462598681   461517799   459335121   111001771762   111000969366   111000558629
111001811958   111000596429   111000500648   111000554524   111000947520   111000276345   111001891844   465378982   465023265   464973130   464863034   464365824   464306356   464130921   462598723   461517708   459335139   111000869028   111000898941   111000518849
111001897738   111000952201   111000894093   111001416690   111001321235   111000846810   111000511965   465379006   465023323   464973155   464862481   464365568   464306372   464129832   462598533   461517765   459335170   111000926392   111000480881   111000915301
111000933895   111000968275   111000464096   111000976397   111001795094   111000562657   111001789110   465378826   465022887   464973163   464862135   464365576   464306398   464129451   462598566   461517773   459335048   111001398565   111000594214   111001831422
111001398363   111001750635   111000962718   111000879467   111000478552   111000498206   111001414586   465378842   465022937   464973171   464861657   464365584   464306406   464129428   462598590   461517583   459334843   111001343116   111001734468   111000924031
111001300142   111001728179   111001741871   111001888110   111001810856   111001817448   111000527478   465378685   465022457   464972967   464861582   464365626   464306422   464128982   462598608   461517492   459334876   111000850691   111001315799   111000515037
111000910069   111000915558   111001794699   111001806615   111000527209   111001887760   111000558146   465378719   465022465   464972975   464861475   464365634   464306430   464126713   462598616   461517385   459334884   111000954168   111000934582   111001767666
111000914603   111000529975   111000586787   111000533947   111000930892   111000556458   111000592065   465378735   465022507   464972983   464861343   464365659   464306240   464126770   462598434   461517401   459334728   111001749352   111000957138   111000494460
111001773214   111000502954   111001734075   111001866868   111001331146   111000901788   111001866745   465378768   465022531   464973007   464861350   464365667   464306257   464126671   462598459   461517419   459334744   111001798637   111001884352   111001766227
111001724591   111000518636   111001309107   111001376943   111001408556   111000887376   111000916380   465378776   465022341   464973023   464861228   464365691   464306265   464126473   462598509   461517468   459334751   111000980640   111001748070   111000917471
111000461239   111000892596   111001336860   111001316183   111000866700   111001418254   111001765901   465378784   465022382   464973031   464861301   464365402   464306273   464126333   462598376   461517336   459334793   111001351700   111001744661   111001399937
111000918382   111001364726   111000520314   111000503517   111000600177   111001759432   111000595417   465378560   465022390   464973049   464861186   464365436   464306307   464125913   462598384   461517344   459334801   111001864136   111001357403   111001305372
111001889302   111000955125   111000595798   111000955529   111001732725   111001721239   111001311683   465378420   465022416   464973056   464860998   464365477   464306117   464125673   462598392   461517237   459334611   111000873427   111000472882   111001726212
111000964079   111001343532   111001889234   111000513754   111000551543   111000511112   111001374615   465378438   465022234   464972827   464861038   464365493   464306133   464125210   462598251   461517013   459334652   111001806200   111001838205   111001412371
111001293996   111001849230   111000542059   111000939622   111000916920   111001758206   111001804219   465378354   465022267   464972843   464860741   464365501   464306190   464124411   462598293   461516874   459334678   111001836078   111001349404   111000560273
111001348447   111000893339   111001370677   111001403326   111000931589   111001895905   111000461813   465378396   465022119   464972850   464860766   464365527   464306000   464123926   462598152   461516742   459334694   111000589713   111000857407   111001307172
111000874259   111001303718   111000867903   111000910249   111000488979   111000953156   111001315250   465378412   465022135   464972884   464860774   464365535   464306026   464123033   462598038   461516759   459334470   111001862482   111001411471   111000517714
111000238916   111001862998   111000924390   111000489004   111001327309   111001402561   111000601392   465378248   465022176   464972934   464860790   464365352   464306059   464122761   462598079   461516809   459334496   111000874079   111000476921   111000940118
111001757429   111000574830   111001835280   111000495326   111001302997   111000539875   111001397542   465378297   465022184   464972942   464860691   464365394   464306067   464122480   462597998   461516817   459334520   111000584381   111001394404   111001374626
111000470509   111001789468   111000521191   111001852830   111000944123   111000532148   111000960839   465378123   465022218   464972959   464860303   464365212   464306083   464122589   462598012   461516650   459334587   111001369282   111000915851   111000965902
111001312796   111001373108   111000271373   111000597846   111000591895   111001878704   111001339010   465378149   465022051   464972710   464860329   464365220   464306091   464122415   462597824   461516668   459334348   111000483930   111001816829   111000517433
111000943605   111000556649   111001842211   111000883675   111001840130   111000598184   111000941962   465378057   465022101   464972728   464860139   464365238   464305903   464122274   462597881   461516429   459334397   111001393908   111000846922   111000952391
111000455322   111001777410   111000943492   111001410829   111000458370   111000977691   111001362645   465377943   465021913   464972744   464860105   464364967   464305911   464121854   462597774   461516437   459334199   111000975228   111001364748   111000873663
111001787163   111001789806   111001868163   111001792541   111001791876   111000516207   111000846258   465377802   465021939   464972751   464860014   464364900   464305978   464121821   462597790   461516445   459334298   111001868242   111001785172   111000539448
111001845483   111000935437   111000961908   111001889133   111000896961   111001891417   111001774990   465377778   465021947   464972777   464859826   464364785   464305762   464121441   462597626   461516510   459334074   111001315542   111000934784   111001313124
111001850175   111000867868   111000531440   111001419738   111001806671   111000605082   111001735717   465377596   465021806   464972785   464859875   464364801   464305838   464121508   462597550   461516361   459334116   111001878793   111001357492   111000584516
111001778590   111001378035   111001320740   111000511943   111001845359   111000910700   111000984385   465377620   465021814   464972793   464859909   464364843   464305887   464121367   462597568   461516395   459334157   111000933222   111000848609   111000917033
111001812005   111000277661   111000940859   111001821702   111001318589   111000931916   111000858161   465377638   465021822   464972801   464859792   464364645   464305630   464120880   462597584   461516155   459334173   111001848565   111000457751   111001814322
111000984150   111001836977   111001418535   111001404484   111001380016   111000486247   111001807177   465377679   465021830   464972587   464859669   464364686   464305689   464120583   462597204   461516163   459334181   111001813646   111000880661   111001766317
111000893441   111000983249   111000516599   111001834885   111001836214   111001721015   111001382085   465377547   465021848   464972595   464859438   464364470   464305705   464120369   462597089   461516171   459333936   111001740690   111001794453   111000917741
111000584044   111001859815   111001765248   111000530562   111001848778   111001367987   111000902879   465377562   465021889   464972611   464859305   464364520   464305713   464120427   462597147   461516197   459333969   111001791775   111001837125   111000846191
111000598959   111001355625   111000948554   111000891517   111001891855   111000849330   111000964158   465377398   465021905   464972629   464859339   464364363   464305739   464119650   462597154   461516056   459333993   111000497766   111000908550   111001300827
111000559259   111000930803   111001301547   111001884341   111000557808   111000524464   111001878232   465377448   465021723   464972637   464859248   464364173   464305549   464119312   462596974   461516072   459334009   111000912094   111001306261   111000920666
111000576652   111000955877   111001316565   111001307745   111001872506   111000543779   111000857632   465377273   465021749   464972652   464859263   464364215   464305564   464119189   462596990   461516098   459333811   111001365165   111000939307   111001361981
111000547346   111000904781   111000979840   111001834009   111000856147   111000456480   111001374255   465377299   465021798   464972678   464859081   464363910   464305598   464119213   462597006   461515942   459333852   111001763291   111000851311   111001875970
111001338974   111001308487   111000957183   111000578216   111000966789   111001732118   111000455344   465377364   465021624   464972694   464859024   464363811   464305424   464119247   462597030   461515983   459333696   111001326544   111000845538   111001407533
111000863730   111001897334   111000878264   111001789491   111001800709   111000968354   111000917190   465377380   465021640   464972454   464858729   464363852   464305457   464119114   462596909   461515835   459333787   111000925481   111001335982   111001343262
111000575921   111001317140   111001290241   111001847036   111000854460   111000850488   111000467796   465377166   465021657   464972462   464858752   464363860   464305465   464119023   462596958   461515694   459333613   111000954405   111000511268   111001867162
111000584055   111001743952   111001878591   111001367897   111000527726   111000488711   111001347985   465377174   465021665   464972488   464858661   464363886   464305473   464118371   462596768   461515702   459333621   111000266726   111000903139   111000597374
111001320335   111000965777   111000256927   111000576528   111000251371   111000570162   111000900271   465377224   465021673   464972520   464858372   464363688   464305481   464118009   462596644   461515736   459333654   111001365514   111000508040   111000589690
111000602843   111001312640   111001837394   111001320627   111000960525   111001880639   111000259289   465377133   465021681   464972546   464858430   464363696   464305499   464117720   462596677   461515769   459333662   111001736505   111000455939   111001730060
111001859804   111001838407   111000530933   111000492334   111001419008   111001843144   111000971415   465377158   465021459   464972553   464857960   464363704   464305507   464117787   462596552   461515785   459333670   111001401997   111000490073   111001823759
111000922657   111001329895   111000456705   111000548381   111001320188   111001868657   111001356604   465376945   465021467   464972561   464857846   464363738   464305291   464117605   462596636   461515603   459333456   111001322797   111000882742   111001387530
111000570757   111000881853   111001835796   111000874383   111001313090   111000909472   111000500615   465376952   465021475   464972355   464857564   464363753   464305366   464117324   462596479   461515645   459333464   111001315069   111001350417   111001745651
111000601516   111000846876   111000891753   111000852693   111000585696   111000882720   111000561746   465376960   465021483   464972363   464857390   464363605   464305382   464116888   462596495   461515660   459333472   111000894576   111001338918   111001358505
111000505755   111000591862   111000923917   111000924503   111000945821   111001301570   111001352813   465377018   465021517   464972371   464857085   464363639   464305143   464116946   462596529   461515678   459333522   111001774372   111001784597   111001794071
111000480454   111001390017   111001736178   111000944909   111001340304   111000592199   111000505575   465376861   465021368   464972389   464856848   464363654   464305150   464117027   462596537   461515496   459333530   111000575684   111001741893   111000883305
111001824075   111000486146   111000602876   111000533419   111000907784   111000479227   111000886016   465376911   465021376   464972397   464856673   464363506   464305168   464116797   462596388   461515512   459333555   111000540721   111001325127   111001884307
111000877555   111000522754   111001368865   111000500413   111001729585   111000899278   111001414216   465376929   465021400   464972439   464856491   464363332   464305200   464116656   462596420   461515561   459333340   111000926156   111000506048   111001778770
111000919024   111001362353   111000541104   111001413079   111000923973   111000914490   111001720643   465376937   465021426   464972256   464856582   464363357   464305259   464116466   462596255   461515397   459333381   111001840736   111001821937   111001738800
111000487541   111000575112   111001344320   111000598027   111000846629   111000931231   111001372567   465376762   465021442   464972280   464856301   464363373   464305044   464116318   462596263   461515306   459333415   111000594001   111001421540   111001792080
111000849622   111000479519   111001368832   111001747002   111000601954   111000965003   111001780627   465376770   465021277   464972298   464855667   464363381   464305051   464116367   462596271   461515330   459333423   111000556100   111000501212   111000964800
111000928956   111000529920   111001310749   111000603248   111001302076   111000937888   111001741927   465376796   465021301   464972306   464855741   464363415   464305127   464115930   462596032   461515231   459333449   111000547481   111000976162   111001885005
111001858544   111001885993   111000897412   111000509951   111001364984   111000541610   111000913297   465376630   465021160   464972322   464855063   464363423   464305135   464116037   462596040   461515249   459333282   111001380432   111000902419   111000936034

 

SCH-A-2


Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

111001823489   111000461824   111000571365   111000849925   111001852144   111000845628   111000578609   465376713   465021194   464972157   464854942   464363241   464304930   464115807   462596107   461515124   459333167   111001316914   111000846438   111000909078
111001882934   111001413899   111000932265   111001320492   111000476729   111000985881   111000496765   465376549   465021244   464972165   464855006   464363258   464305010   464114610   462596115   461515132   459333175   111001408422   111000529784   111000931590
111000929564   111001861908   111000478990   111000256826   111001376527   111000255713   111000557482   465376598   465021038   464972199   464854900   464363282   464304807   464114263   462595943   461514994   459333191   111001390028   111000863808   111000872055
111000909809   111000602483   111000876879   111001881045   111000279809   111000896196   111001744313   465376440   465021046   464972207   464854918   464363308   464304815   464113968   462595984   461514820   459333217   111001369765   111000845729   111001758330
111001323035   111000454387   111001781796   111001304056   111001404417   111001761491   111000846865   465376457   465021079   464972215   464854637   464363118   464304849   464113984   462596024   461514838   459333001   111000973967   111000936113   111000947418
111000908785   111000571590   111001403966   111000903825   111001382355   111000492020   111001723882   465376515   465021087   464972223   464854439   464363134   464304864   464114032   462595547   461514846   459333019   111001333126   111000513901   111001742311
111001840758   111001398745   111001825133   111001853055   111001849869   111001878502   111000482030   465376325   465021111   464971985   464854447   464363159   464304914   464113802   462595554   461514564   459333076   111000900709   111000872415   111000459573
111000975914   111001353443   111000481703   111000480915   111000598465   111001807830   111000922118   465376358   465020923   464971993   464854462   464363167   464304674   464113828   462595604   461514614   459332862   111000249233   111000568136   111001869917
111001750039   111000584820   111000586024   111000555929   111000924165   111000477674   111001888514   465376374   465020931   464972025   464854355   464363175   464304708   464113711   462595430   461514366   459332912   111001888198   111001409816   111001302830
111000505373   111000454938   111001380454   111001864620   111000848261   111001804163   111000454242   465376218   465020949   464972058   464854157   464363217   464304716   464113455   462595463   461514242   459332938   111000539213   111001788030   111001804253
111001318253   111000475706   111000855281   111000874316   111000473995   111001408174   111000518546   465376242   465020980   464972082   464854249   464363001   464304732   464113166   462595489   461514259   459332946   111000922073   111000532261   111000571006
111000902329   111001841524   111000523711   111001892003   111000884159   111001800967   111001830588   465376275   465021004   464972108   464853936   464363019   464304765   464113117   462595513   461514184   459332953   111000864898   111000550452   111001403551
111000546895   111001319805   111001372039   111000964899   111001742524   111000847631   111000496204   465376093   465020816   464972116   464853589   464363050   464304609   464113125   462595356   461514218   459332722   111001752750   111001372826   111000883260
111000860883   111000852075   111001415228   111000931219   111000847619   111001389598   111001778028   465376127   465020899   464972124   464853597   464363068   464304625   464112036   462595414   461513111   459332755   111000876239   111000580961   111000557460
111000599680   111001892058   111001388755   111000595507   111001876780   111000490668   111001772178   465376150   465020907   464971878   464853605   464363084   464304633   464111293   462595174   461513012   459332805   111000863954   111000892338   111001412821
111001787691   111001874193   111000864135   111000966790   111001320571   111000272295   111001362342   465376184   465020683   464971886   464853431   464363092   464304658   464111343   462595026   461512949   459332839   111001776217   111001784890   111001389587
111000912869   111000882393   111001877286   111001386506   111000850792   111000887657   111000556425   465375889   465020709   464971894   464853456   464362896   464304492   464111103   462594920   461512766   459332607   111000476538   111001417433   111000535501
111001421607   111000899100   111000863280   111000580297   111000850916   111000923984   111001834638   465375913   465020717   464971902   464853258   464362904   464304500   464110998   462594953   461512394   459332714   111000588734   111001370835   111000459786
111000922477   111000979941   111000952920   111001733221   111000939611   111000982978   111001387631   465375939   465020758   464971910   464853266   464362912   464304518   464110840   462595000   461512048   459332490   111000876318   111001404507   111000883888
111000557774   111000866575   111000951828   111001320694   111000516993   111001330820   111001322023   465375962   465020790   464971951   464852862   464362946   464304534   464110766   462594821   461512071   459332508   111001852717   111001854382   111000560521
111000530652   111001786892   111000955103   111001806716   111000580433   111001878951   111000878129   465375764   465020808   464971969   464852946   464362763   464304542   464110303   462594862   461512097   459332516   111000941658   111000561522   111001405373
111001880538   111000959400   111000463860   111001854865   111000908358   111001883014   111001894106   465375822   465020576   464971977   464852342   464362789   464304336   464110246   462594904   461511917   459332375   111000863066   111000957374   111000456301
111001848666   111001390826   111001420572   111001392581   111000456895   111001764146   111000962381   465375830   465020584   464971753   464851971   464362805   464304351   464109982   462594763   461511792   459332383   111001834706   111001341529   111001891125
111000909641   111000887310   111001337692   111001362511   111000517152   111001402033   111001873169   465375863   465020592   464971803   464851815   464362813   464304369   464110014   462594789   461511685   459332391   111000461598   111000531529   111001854764
111000514553   111000461127   111001356109   111001395821   111001729338   111000911206   111000538706   465375731   465020626   464971811   464851377   464362821   464304401   464110030   462594615   461511701   459332409   111000604878   111001371487   111001365570
111001757092   111001291242   111001736909   111000855180   111000584303   111000933929   111000845774   465375749   465020642   464971829   464851443   464362847   464304427   464109917   462594680   461511750   459332417   111000961492   111001300434   111001399263
111001885241   111001420549   111000851254   111001775384   111000527568   111001741668   111000982541   465375541   465020469   464971837   464851484   464362854   464304435   464109719   462594540   461511768   459332433   111001897468   111000860524   111001363972
111001406992   111000861985   111001399623   111000532137   111000580310   111001807975   111000937912   465375558   465020485   464971852   464849462   464362649   464304260   464109529   462594599   461511560   459332441   111001401379   111000519941   111000893687
111001397889   111000482591   111001307701   111001750725   111001846226   111000592829   111000959422   465375566   465020493   464971860   464849009   464362706   464304278   464109396   462594342   461511610   459332250   111000864326   111000936797   111001730273
111000482973   111000474109   111001854056   111001410403   111000948217   111000912678   111001340146   465375616   465020519   464971662   464849074   464362714   464304286   464109289   462594193   461511388   459332276   111000529694   111000514867   111000570443
111001406677   111000519042   111001417578   111001337300   111001352420   111001793766   111001724636   465375657   465020535   464971688   464848845   464362722   464304302   464109305   462594268   461511412   459332292   111000968455   111001382074   111001351104
111000504529   111000950210   111001765394   111000267288   111001404855   111000487114   111000845123   465375434   465020543   464971712   464847326   464362730   464304112   464109362   462594292   461511438   459332300   111001897020   111001801159   111001361183
111001384773   111001788423   111000927348   111000886948   111001302133   111001365536   111001771391   465375509   465020329   464971720   464847177   464362748   464304161   464108679   462594094   461511255   459332144   111000904657   111001310413   111000491579
111000941119   111000895780   111001847991   111000456626   111000551688   111000936551   111000940916   465375319   465020337   464971563   464846872   464362755   464304179   464108703   462593880   461511305   459332151   111001394460   111001749970   111000976869
111001331573   111000895713   111001376279   111000984240   111000952863   111001388238   111001409614   465375194   465020386   464971589   464846724   464362524   464304187   464108497   462593906   461511347   459332177   111000917651   111001804488   111000871672
111000934896   111001402167   111001370857   111001776655   111001869737   111000902071   111000511617   465375228   465020394   464971605   464846559   464362557   464304195   464108364   462593955   461511164   459332193   111000919406   111001809821   111001745314
111000535141   111001352824   111001314282   111001354006   111001746854   111000541373   111001881168   465375277   465020212   464971621   464845346   464362565   464304005   464108414   462593682   461511198   459332227   111000952919   111000886960   111000515891
111000922129   111001759948   111000598218   111001839161   111001728933   111001400941   111000478057   465375079   465020253   464971639   464845130   464362623   464304013   464107952   462593732   461511222   459332011   111000905737   111000891854   111000493481
111000893250   111001356682   111000938205   111001795511   111000942288   111000544062   111000523463   465375095   465020279   464971647   464844935   464362425   464304039   464107978   462593534   461510943   459332029   111001414980   111000565054   111000863695
111001736099   111000590265   111000490938   111000947744   111000488575   111000453982   111000471353   465375137   465020295   464971399   464844604   464362433   464304062   464107820   462593559   461511008   459332078   111001724940   111000853560   111000456648
111001867904   111001878669   111000538212   111000476718   111001294076   111000912814   111001821320   465375145   465020311   464971407   464844455   464362441   464304096   464107671   462593302   461511024   459331781   111001891046   111000238343   111001404406
111000537345   111000563760   111001748362   111000888669   111000525230   111000874204   111000860142   465375152   465020121   464971415   464844331   464362458   464303890   464107291   462593005   461511032   459331807   111001786140   111001806019   111000456750
111001361699   111000580590   111001414519   111001729125   111000512292   111000528963   111000958263   465374973   465020139   464971431   464843929   464362482   464303924   464107333   462592908   461511040   459331849   111001342991   111001885151   111000513776
111000984318   111001343734   111001828754   111001731038   111000477001   111000925133   111001408242   465375020   465020154   464971472   464843762   464362490   464303932   464107218   462592916   461510919   459331898   111000600379   111000545928   111001394415
111001336679   111001337377   111001855923   111000953460   111000493436   111001414496   111001883395   465375038   465020162   464971480   464843622   464362508   464303940   464106459   462592932   461510927   459331989   111001889111   111001892889   111000887882
111000958623   111000485886   111000900967   111001394965   111000956014   111000917673   111000933413   465375061   465020170   464971514   464843093   464362292   464303957   464106467   462592940   461510752   459331682   111001359258   111001382546   111000979974
111000487798   111001865115   111001401931   111000973877   111001305361   111000463893   111001780830   465374916   465020188   464971522   464843101   464362300   464303999   464106483   462592957   461510703   459331716   111001296719   111000586473   111000943032
111001353858   111001393234   111000525869   111001760524   111001401357   111001361004   111000541722   465374957   465020006   464971530   464843200   464362318   464303825   464106210   462592841   461510406   459331757   111000922152   111000557167   111000974036
111000874776   111000558618   111000866519   111001890438   111000494055   111000940095   111001771144   465374635   465020014   464971548   464842962   464362334   464303833   464106095   462592866   461510463   459331765   111000845550   111000263015   111000598612
111001741488   111000259672   111000253643   111000927337   111000938058   111001393975   111001887793   465374650   465020022   464971290   464842632   464362359   464303841   464105865   462592890   461510505   459331773   111001893273   111001382276   111001384605
111000861008   111001839813   111001396574   111001761660   111001394943   111001403539   111000580129   465374668   465020048   464971308   464842541   464362383   464303858   464105568   462592791   461510281   459331526   111001895792   111001826640   111000928046
111001772864   111000589117   111000962370   111000574098   111001297620   111001762863   111000890101   465374528   465019842   464971316   464842418   464362391   464303874   464105410   462592569   461510315   459331559   111000578070   111000246498   111001797546
111000530843   111000959310   111001327039   111000896028   111000957318   111001385123   111000865989   465374544   465019859   464971332   464841998   464362144   464303882   464104546   462592353   461510356   459331591   111000856989   111000531035   111001784744
111001304427   111001292344   111000490163   111000926617   111000962527   111000953370   111001392109   465374379   465019875   464971357   464842020   464362151   464303650   464104603   462592288   461510257   459331609   111001343251   111000851546   111000922422
111001833693   111001354972   111000536984   111000527063   111000543016   111000924682   111000276985   465374387   465019966   464971365   464841857   464362169   464303775   464104264   462592312   461510133   459331617   111001324485   111000974025   111001401627
111000854527   111001375155   111000569227   111001293750   111001883137   111000484661   111001845810   465374411   465019750   464971373   464841899   464362185   464303544   464104306   462592338   461509978   459331625   111000955732   111000535219   111000950254
111001853235   111000969793   111000506879   111000888108   111001368371   111001372590   111000258301   465374429   465019776   464971381   464841907   464362201   464303551   464104314   462592171   461510000   459331450   111000938654   111000486180   111000532867
111001837440   111000570881   111001312303   111001411987   111000900620   111001292546   111001857194   465374478   465019784   464971241   464841741   464362235   464303601   464103837   462592064   461510042   459331484   111000489363   111001392020   111000480027
111001724894   111001745516   111001892643   111001340911   111000557695   111000531305   111001391760   465374338   465019834   464971258   464841774   464362243   464303619   464103944   462592072   461509879   459331500   111001883216   111000950221   111001366065
111000278673   111000927900   111001786443   111000570072   111000894644   111000531057   111001349774   465374155   465019610   464971266   464841626   464362037   464303643   464103688   462592148   461509887   459331310   111000530922   111001726425   111001770806
111000882359   111000567977   111001390938   111000490770   111001814816   111000934920   111001308320   465374189   465019628   464971274   464841006   464362045   464303478   464103415   462591793   461509945   459331351   111000478473   111000557785   111001408219
111001408017   111000938856   111000515947   111001720294   111000497508   111000983609   111000856877   465374221   465019636   464971092   464840826   464362052   464303486   464103175   462591801   461509788   459331369   111001847665   111001804411   111001832478
111001833301   111001763471   111000473209   111001421832   111000483637   111001292221   111000854246   465374056   465019693   464971126   464840842   464362078   464303510   464102888   462591645   461509747   459331385   111001725569   111000937002   111001378204
111001400895   111001747596   111000848711   111001324496   111000953640   111001325891   111001405508   465374072   465019719   464971142   464840479   464362086   464303528   464102599   462591678   461509614   459331138   111001381118   111000953998   111001774484
111001738204   111000921588   111001789569   111001753616   111001845236   111001300838   111001720474   465374114   465019727   464971167   464840545   464362094   464303536   464102417   462591702   461509432   459331278   111000532946   111001778444   111000470363
111000482007   111001852807   111000552780   111000495810   111000247624   111001415903   111000599174   465374122   465019503   464971175   464840578   464362110   464303379   464102250   462591710   461509366   459331005   111000938542   111001326735   111001307329
111001842929   111000969254   111001370666   111001765046   111001864899   111000970829   111000849666   465373900   465019529   464971183   464840438   464362136   464303387   464102128   462591546   461509390   459331047   111000852930   111001309231   111001880752
111000918933   111000504484   111001807199   111001804567   111000494886   111000910722   111000599927   465373934   465019545   464970995   464840230   464361930   464303395   464101807   462591561   461509200   459331062   111001389015   111000470071   111000914377
111001772572   111000977084   111001317555   111000234327   111000888591   111001374514   111000538100   465374015   465019552   464971001   464840297   464361948   464303437   464070689   462591603   461509259   459331088   111000572298   111000886296   111001393683
111000604902   111001742489   111001403078   111000484403   111000926370   111001307396   111001820307   465373793   465019578   464971043   464840123   464361955   464303197   464016393   462591330   461509143   459330908   111000875845   111000545546   111000455119
111000936247   111001291646   111001861605   111001870414   111001306182   111000882652   111001748722   465373801   465019594   464971068   464839729   464361963   464303205   464000678   462591348   461509051   459330924   111000513596   111000937530   111001355232
111001337861   111001370307   111001871965   111001417792   111001816324   111001308960   111001392042   465373835   465019388   464970854   464839828   464361971   464303247   464000603   462591355   461509069   459330999   111001327815   111000524138   111001352778

 

SCH-A-3


Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

111000879197   111000919923   111001780593   111001826280   111001341765   111001817123   111001800518   465373884   465019404   464970862   464839604   464361989   464303254   464000645   462591389   461508889   459330783   111001854326   111001836999   111001322090
111001788298   111000594506   111001752952   111001744391   111000593336   111000925515   111001838137   465373702   465019412   464970870   464839489   464361997   464303288   464000504   462591298   461508897   459330791   111000558113   111001799111   111000477753
111000499274   111001391973   111000462511   111001844066   111000501661   111000555143   111000877869   465373751   465019446   464970888   464839513   464362003   464303296   464000520   462591124   461508913   459330809   111001759005   111001396338   111000505306
111001787242   111000853100   111001862639   111000258356   111001293895   111000960772   111000541935   465373769   465019453   464970938   464839281   464362011   464303098   464000363   462591181   461508939   459330825   111000488744   111000466357   111001894993
111000588789   111000905557   111001359012   111001881911   111000584224   111000901722   111001832399   465373777   465019289   464970979   464839349   464361799   464303114   464000397   462591074   461508772   459330833   111000233360   111000501795   111000979323
111001835527   111000910395   111001375504   111001849050   111000262531   111000909450   111001295033   465373629   465019297   464970730   464839067   464361823   464303148   464000413   462590837   461508780   459330635   111001413451   111001422103   111000574009
111001853875   111001788210   111000592919   111001831275   111000970571   111000514799   111001776958   465373678   465019313   464970789   464838747   464361831   464303155   464000173   462590845   461508798   459330668   111000542970   111000876813   111001797771
111000951705   111001336657   111001834414   111001348515   111001763718   111000576258   111001824345   465373488   465019339   464970797   464838705   464361849   464303163   464000264   462590605   461508806   459330676   111001854731   111001754695   111001770626
111001301312   111000847394   111001329592   111001325734   111001826235   111000941074   111001726346   465373496   465019354   464970813   464838531   464361872   464303189   464000090   462590506   461508822   459330767   111001296977   111001745965   111001805838
111000465806   111000557303   111000585898   111001893475   111000918911   111000985993   111001378282   465373504   465019362   464970599   464838085   464361914   464302959   464000116   462590415   461508699   459330528   111001750444   111001819462   111001328412
111001374086   111000887512   111001294672   111000900901   111000238758   111001359449   111001821971   465373520   465019370   464970607   464838150   464361666   464302975   464000132   462590423   461508640   459330544   111000528301   111000524408   111000256433
111001774574   111001884060   111001366403   111001856632   111000965238   111000889895   111000597048   465373330   465019180   464970656   464837822   464361682   464302983   464000140   462590449   461508491   459330577   111000873270   111000604823   111000908763
111000584819   111001740971   111000583841   111001414711   111001312853   111001843481   111000848474   465373363   465019198   464970474   464837897   464361690   464303023   463999946   462590308   461508509   459330593   111000915952   111001355771   111001879558
111001394831   111001379474   111001360766   111000890268   111001727471   111001822073   111000536568   465373389   465019206   464970482   464837954   464361724   464303072   464000066   462590373   461508384   459330619   111001339009   111001749925   111000899841
111001737225   111000951266   111000853997   111001340270   111000243046   111001389611   111001375335   465373439   465019214   464970508   464837707   464361781   464303080   463999821   462590381   461508343   459330437   111000603833   111001843098   111001363398
111001397698   111000272341   111001869928   111001391669   111000965586   111001313584   111001755506   465373249   465019222   464970573   464837749   464361534   464302793   463999920   462590209   461508178   459330460   111000923489   111001784171   111000898402
111000530595   111000883338   111001412629   111001320919   111001391704   111001335061   111000485549   465373256   465019255   464970318   464837624   464361567   464302827   463999771   462590159   461508228   459330239   111001315665   111001895545   111001292311
111001747350   111000259436   111001765192   111000544466   111001311313   111000956283   111001753155   465373322   465019263   464970383   464837285   464361583   464302884   463999789   462589995   461508236   459330353   111001416173   111000589746   111000556739
111000883181   111001778860   111001827449   111001292041   111001822130   111001885713   111001365301   465373090   465019271   464970391   464837319   464361591   464302926   463999797   462589888   461508061   459330080   111001387912   111001855888   111001806198
111000506857   111001859613   111000907065   111000559507   111000518063   111001412573   111001301895   465373157   465019073   464970409   464837111   464361633   464302660   463999805   462589912   461508137   459330122   111001317285   111001791359   111000858958
111001419053   111000461688   111000893957   111000887028   111001420527   111000887433   111001396877   465373173   465019081   464970425   464468289   464361443   464302678   463999573   462589961   461507972   459330130   111000593044   111001394426   111000477922
111000917729   111000876677   111000930465   111001377326   111001360025   111001766362   111000930870   465373181   465019107   464970466   464417443   464361450   464302686   463999599   462589979   461507832   459330197   111000535567   111000875643   111001862909
111000947711   111001772280   111000581344   111000911914   111000276525   111001777892   111000471847   465372985   465019115   464970193   464416072   464361492   464302728   463999607   462589797   461507535   459330007   111000579633   111001892081   111000903533
111001739609   111000520291   111000979806   111000599141   111000863213   111001774899   111000914366   465373041   465019156   464970235   464416098   464361310   464302736   463999615   462589805   461507477   459329835   111000589320   111001293064   111000937754
111001829496   111000872730   111000270822   111000585674   111000922534   111001738989   111001356121   465372845   465019164   464970250   464415934   464361336   464302504   463999631   462589821   461507485   459329876   111001295864   111001883373   111001355209
111001387899   111001325059   111000884452   111000869332   111001355434   111000531631   111001299374   465372852   465019172   464970276   464415959   464361344   464302546   463999649   462589870   461507519   459329918   111000518894   111001823906   111000934683
111000949421   111000862458   111000555086   111000510795   111001839891   111000572412   111001888705   465372860   465018976   464970094   464415967   464361385   464302553   463999664   462589714   461507337   459329926   111000577956   111000267592   111000926347
111000280182   111001351261   111001375548   111000856721   111001744346   111001328131   111000515004   465372894   465018992   464970177   464415975   464361393   464302561   463999672   462589748   461507345   459329728   111000894295   111001801373   111000275636
111001798198   111000948790   111001870087   111001850995   111001817886   111000586686   111000466852   465372928   465019008   464970185   464416007   464361195   464302595   463999482   462589565   461507394   459329751   111000599613   111000971303   111001384267
111000968286   111000250099   111001321538   111000490972   111000453465   111001353139   111001394066   465372761   465019057   464969971   464416064   464361203   464302629   463999508   462589623   461507238   459329777   111001418344   111001305417   111000533161
111000550553   111000465008   111001758701   111000515251   111001887423   111001299992   111000562837   465372787   465019065   464969997   464415835   464361229   464302637   463999409   462589631   461507329   459329793   111001788591   111001320098   111000485831
111000256129   111001304078   111000547919   111000271351   111001879479   111000956845   111000523272   465372795   465018851   464970011   464415843   464361286   464302645   463999425   462589649   461507139   459329801   111001869681   111001333351   111000921252
111000932232   111001767330   111000911082   111001409625   111000556852   111000883989   111000876464   465372811   465018877   464970037   464415876   464361047   464302405   463999433   462589284   461507154   459329603   111001739373   111001314170   111000850893
111001412786   111000944099   111001409726   111001744885   111000477865   111000518210   111001792956   465372662   465018901   464970052   464415884   464361054   464302439   463999243   462589334   461507196   459329637   111001781358   111000878499   111001726830
111000533813   111000856653   111000562073   111000579576   111001888592   111000861176   111000539347   465372670   465018919   464970060   464415892   464361062   464302447   463999276   462589177   461507212   459329660   111000889963   111001400693   111000546143
111001727561   111001821173   111001777005   111001779737   111000904680   111000964316   111000885183   465372688   465018927   464969856   464415918   464361104   464302454   463999292   462589201   461507022   459329694   111001362713   111001896085   111000955518
111001787972   111000466504   111001357256   111001397081   111000555457   111000551093   111001792046   465372555   465018935   464969864   464415926   464361138   464302488   463999318   462589227   461506834   459329488   111001723860   111000591402   111001788579
111000267525   111001900250   111001310570   111001290993   111001742850   111001294896   111000861288   465372415   465018950   464969880   464415678   464361161   464302496   463999136   462589110   461506867   459329512   111000888434   111000574559   111000583403
111001329075   111001762111   111000911879   111000898480   111000964844   111000497373   111000576988   465372290   465018745   464969906   464415694   464361179   464302264   463999151   462588948   461506883   459329538   111001294290   111000462050   111001820442
111000574357   111000485965   111001340450   111000982754   111001754684   111000530955   111001858533   465372316   465018752   464969914   464415736   464360924   464302298   463999169   462588997   461506743   459329314   111001328670   111000892619   111000983799
111001728416   111000966509   111001361116   111000896590   111000952087   111000926561   111001326465   465372357   465018760   464969740   464415751   464360957   464302322   463999177   462588856   461506768   459329322   111000918416   111000567360   111000480779
111000490602   111001304584   111001777982   111001830533   111000532339   111001389565   111000887174   465372167   465018802   464969773   464415769   464360965   464302330   463999185   462588898   461506636   459329355   111001864046   111000845909   111001390152
111000595552   111001835303   111001307408   111000901924   111000503528   111001863203   111001801957   465372175   465018810   464969799   464415801   464360973   464302363   463999193   462588906   461506511   459329389   111001763808   111001395012   111001861414
111001865812   111001348942   111000877050   111000894071   111000482759   111000934010   111001421528   465372191   465018638   464969815   464415819   464360981   464302124   463999003   462588914   461506420   459329462   111001333430   111000516511   111001769354
111001291400   111001362544   111000848979   111000847844   111000856990   111001341338   111001734424   465372209   465018661   464969625   464415827   464360999   464302132   463999060   462588757   461506438   459329215   111001861650   111001884509   111001401920
111000985612   111000876194   111000945337   111001809764   111000463949   111000463231   111001836876   465372076   465018521   464969633   464415520   464361021   464302140   463999094   462588773   461506446   459329223   111001846080   111000488609   111000857957
111001871820   111000495876   111000523126   111000523283   111000870985   111001329413   111000950366   465372084   465018547   464969658   464415546   464360866   464302199   463998906   462588658   461506487   459329231   111001354365   111001390466   111000474828
111000916830   111001871033   111000466717   111000974496   111001406622   111001750275   111001332530   465372134   465018562   464969666   464415553   464360874   464302207   463998914   462588690   461506313   459329280   111000547212   111000604946   111001850737
111000528895   111000867419   111001896535   111001353678   111000542600   111000555693   111000927214   465372159   465018570   464969674   464415561   464360882   464302231   463998930   462588708   461506321   459329058   111000956542   111001764696   111000880357
111000907571   111000519693   111000579206   111000481804   111000512269   111001868590   111000985038   465371938   465018596   464969690   464415587   464360908   464302256   463998948   462588542   461506388   459329074   111000919811   111000505272   111001886130
111001347143   111000867453   111000906435   111001778422   111001809720   111001873158   111000914760   465371987   465018604   464969708   464415645   464360718   464301993   463998955   462588559   461506396   459329116   111001731027   111001356941   111000485684
111000910104   111000922815   111001418401   111000848216   111001321291   111000980572   111001749745   465371847   465018612   464969500   464415652   464360759   464302017   463998989   462588187   461506404   459329132   111001381983   111000508567   111000936584
111001894050   111001878614   111001874351   111000884182   111001380476   111000273836   111001883520   465371862   465018380   464969518   464415488   464360767   464302058   463998773   462588054   461506255   459329181   111000603989   111000912588   111000559574
111001343486   111000565100   111000508624   111000455850   111000850714   111000536973   111001337221   465371904   465018398   464969526   464415504   464360783   464302066   463998815   462588070   461506115   459328928   111001729316   111001886310   111000526264
111000508668   111001371027   111000498453   111001326768   111000560666   111000914254   111000465895   465371912   465018430   464969542   464415512   464360601   464302090   463998823   462585720   461505984   459328951   111001386719   111001848767   111000280463
111001382973   111000459810   111000257489   111000522507   111000889996   111001788007   111001340731   465371730   465018463   464969567   464415264   464360643   464302108   463998831   462583527   461505703   459328985   111000466548   111001336556   111001330280
111000577114   111000522776   111000495900   111000587609   111000564457   111000930577   111001361273   465371755   465018471   464969583   464415272   464360650   464301878   463998872   462583378   461505570   459328993   111000264409   111000602326   111001819653
111000264814   111000453656   111000523980   111000878084   111000889547   111001795779   111000864214   465371771   465018489   464969591   464415306   464360668   464301886   463998666   462582396   461505596   459328811   111001400389   111000937877   111001299240
111000514205   111001397946   111000866171   111001782113   111000958678   111000936450   111000547852   465371664   465018299   464969609   464415314   464360684   464301894   463998674   462581869   461505661   459328878   111000908998   111000893777   111000475773
111001723815   111001297013   111000549843   111001395269   111000543612   111001803858   111001774956   465371680   465018315   464969385   464415330   464360502   464301902   463998682   462581919   461505562   459328621   111001292894   111000887107   111001881720
111001334273   111001808842   111000543409   111000854325   111000465671   111001787556   111000862896   465371516   465018323   464969393   464415348   464360510   464301985   463998708   462581380   461505364   459328688   111001397665   111001347389   111001895196
111001823636   111000913938   111000940400   111000946158   111000917448   111001809630   111000846551   465371540   465018349   464969427   464415355   464360536   464301811   463998716   462581323   461505372   459328522   111001836461   111000924154   111000951075
111001416375   111001311616   111000978737   111000980213   111000869174   111001381556   111001857374   465371565   465018356   464969468   464415157   464360569   464301829   463998724   462581190   461505265   459328563   111000562523   111001370228   111001296348
111000526118   111000557640   111000577327   111000975015   111001807481   111000915615   111000254587   465371573   465018364   464969492   464415173   464360577   464301837   463998765   462581034   461505182   459328613   111000897399   111000958588   111001312886
111001730835   111001364399   111000910935   111000889941   111000864720   111001753830   111001840657   465371581   465018372   464969252   464415181   464360585   464301852   463998575   462580747   461505208   459328381   111000980022   111000498161   111000511730
111000960806   111000484267   111001391524   111001884633   111000568170   111000873944   111000941535   465371599   465018125   464969260   464415207   464360411   464301860   463998591   462580796   461505224   459328431   111000267097   111001304955   111001747024
111001745617   111000889569   111001375111   111001381512   111001339683   111000888928   111000975633   465371607   465018166   464969286   464415249   464360429   464301688   463998609   462580622   461505117   459328274   111001307240   111000493942   111000917066
111001301615   111001405395   111000267503   111000969467   111001340258   111001416791   111000927124   465371409   465018190   464969294   464415256   464360437   464301704   463998641   462580630   461504896   459328316   111001356042   111000876228   111000279865
111001855091   111000475436   111001324801   111001340214   111001723590   111000584662   111000907357   465371433   465018216   464969302   464415033   464360452   464301514   463998435   462579798   461504748   459328332   111000912230   111000490567   111001871695
111001305709   111001391232   111001375100   111001884576   111001297428   111001385910   111001790976   465371474   465018273   464969310   464415041   464360478   464301530   463998468   462579566   461504755   459328365   111001317645   111000559215   111000891584
111000930050   111000474435   111000602102   111000886498   111001383851   111001309770   111001800978   465371490   465018034   464969336   464415066   464360254   464301548   463998476   462577362   461504813   459328118   111001847812   111001838913   111001892014
111001870379   111001824615   111001734772   111001853178   111001854933   111000907481   111001839239   465371276   465018059   464969369   464415090   464360288   464301597   463998500   462576539   461504698   459328126   111000280148   111001380803   111001412304

 

SCH-A-4


Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

111001415880   111000594618   111000514946   111000877678   111001800495   111001340977   111000942659   465371375   465018117   464969112   464415108   464360304   464301605   463998518   462574740   461504722   459328134   111001881764   111001745853   111001783989
111001305822   111000847068   111000971516   111000897175   111000498352   111001757250   111000924604   465371383   465017903   464969120   464415124   464360312   464301415   463998278   462574195   461504730   459328167   111000454208   111001317342   111000951334
111000542037   111001733625   111001392378   111000566459   111000456031   111000524284   111001880640   465371177   465017937   464969138   464415132   464360361   464301431   463998310   462573536   461504573   459328209   111000940736   111001748856   111000587058
111000947586   111000922321   111001824255   111001403089   111000593088   111001379160   111000480409   465371243   465017945   464969161   464414903   464360106   464301480   463998344   462573296   461504433   459328217   111001404787   111000495315   111001372545
111001386157   111000872358   111000553837   111000494190   111000846900   111000532980   111000884777   465371078   465017960   464969211   464414929   464360148   464301308   463998351   462570912   461504391   459328225   111000943997   111000587159   111001761110
111001422215   111000905164   111001891349   111000927168   111001380768   111000269268   111001862921   465371094   465017986   464969245   464414937   464360163   464301316   463998427   462570318   461504235   459327987   111001861098   111001418030   111000923658
111000965496   111000894352   111001750613   111000569946   111001832041   111000980943   111000896938   465371136   465017804   464968999   464414952   464360205   464301340   463998138   462569955   461504326   459328027   111001389666   111000967746   111001839644
111000565133   111001294593   111000946631   111001316677   111000896635   111000966947   111000550902   465370989   465017812   464969005   464414960   464360247   464301357   463998161   462569757   461504128   459328043   111000881796   111001886792   111001800349
111001784339   111001755797   111001416612   111001324508   111000559967   111001389150   111000604575   465371037   465017820   464969021   464415009   464359991   464301373   463998195   462569385   461504144   459328076   111000267491   111001795005   111001769141
111001412685   111000970694   111000521944   111001400176   111001875622   111001740881   111001816638   465371060   465017861   464969039   464415017   464360015   464301381   463998211   462569443   461504003   459328092   111001359900   111001857936   111000571130
111001750994   111000920082   111000893575   111001355029   111001881214   111001764685   111000481961   465370831   465017887   464969062   464414796   464360031   464301407   463998237   462569484   461504078   459327854   111000911789   111001395337   111001763831
111001799649   111000970649   111000846348   111000552948   111000934616   111001801216   111001832603   465370732   465017630   464969070   464414812   464360049   464301209   463998021   462569179   461504102   459327862   111000491344   111000553916   111000523700
111001402819   111001417286   111000879377   111000534599   111000584145   111001726414   111000902149   465370815   465017648   464969088   464414820   464360056   464301217   463998039   462568148   461503971   459327953   111001890023   111001420954   111000983531
111001806648   111000931848   111000534151   111000901373   111001412360   111001349583   111000868117   465370609   465017671   464969096   464414838   464360072   464301233   463998054   462567926   461503690   459327961   111000973204   111001401908   111000900439
111001293042   111000551969   111000592874   111000962820   111001810722   111000941973   111000878028   465370641   465017689   464968882   464414853   464360080   464301241   463998062   462567728   461503625   459327698   111000479418   111000889974   111001326803
111001391614   111001747170   111001325082   111000476954   111001841074   111000559798   111000269224   465370666   465017705   464968916   464414663   464360098   464301266   463998096   462567207   461503658   459327706   111000844830   111000921139   111001375346
111001845023   111000487316   111001828271   111000506958   111000945528   111000538784   111000868319   465370674   465017739   464968924   464414671   464359926   464301290   463998104   462567074   461503484   459327714   111000943739   111000850703   111000598779
111001743794   111000960727   111000529605   111001408499   111001862145   111001761457   111001343183   465370583   465017507   464968932   464414689   464359934   464301092   463997882   462566738   461503518   459327763   111001336095   111000898312   111000855898
111000846113   111001823041   111001828507   111000585113   111000556661   111000867408   111001883081   465370419   465017515   464968965   464414697   464359942   464301100   463997890   462566480   461503526   459327805   111001327770   111000545221   111001298643
111001420729   111000462959   111000945865   111001296371   111000536872   111000489127   111001875228   465370450   465017531   464968767   464414713   464359975   464301134   463997916   462566399   461503450   459327557   111001778297   111001812465   111000940770
111000248456   111001418940   111001359450   111001309297   111000537693   111000913411   111001351429   465370468   465017556   464968775   464414721   464359777   464301183   463997932   462565185   461503336   459327581   111001408411   111000470408   111000491524
111000983474   111000925144   111000557550   111001892991   111000554412   111001747798   111001760771   465370476   465017572   464968791   464414739   464359801   464300920   463998005   462564592   461503369   459327607   111000955316   111001399184   111001750714
111001336398   111000564480   111001816290   111000934087   111000858947   111001813590   111000545276   465370278   465017622   464968817   464414747   464359819   464300938   463997742   462564469   461503211   459327623   111000478428   111000557358   111001828574
111000940411   111000852727   111000564244   111001304764   111001344601   111001379991   111001315317   465370286   465017416   464968833   464414762   464359827   464300946   463997759   462564279   461503229   459327458   111001720575   111000944831   111000600199
111000873911   111000507195   111000966026   111000539954   111000865080   111000484986   111001314855   465370336   465017432   464968858   464414770   464359835   464300953   463997783   462561937   461502973   459327482   111000580512   111001401795   111001337805
111001348739   111001742906   111001849577   111001764292   111000937956   111000497294   111000455085   465370351   465017440   464968643   464414523   464359850   464300979   463997833   462559345   461502940   459327300   111000562916   111001892384   111000524363
111001295932   111000520112   111000893485   111000933604   111000569148   111000969894   111001307127   465370146   465017457   464968676   464414549   464359876   464301035   463997619   462558834   461502791   459327334   111001369136   111001880167   111001398846
111000848463   111001327499   111001807717   111000603428   111001866116   111001349066   111000492187   465370179   465017481   464968684   464414580   464359652   464301050   463997692   462558685   461502825   459327367   111001851659   111000253238   111001349358
111000595967   111001781763   111001839992   111000862627   111001327343   111001893655   111001868196   465370039   465017499   464968692   464414598   464359702   464300839   463997726   462558503   461502858   459327102   111000473018   111000908606   111000486359
111000916694   111000892473   111001829485   111001777454   111000894587   111001724401   111000476167   465370088   465017275   464968700   464414606   464359728   464300847   463997494   462558230   461502643   459327169   111001359315   111001726043   111001882158
111000892888   111001881865   111001325431   111000565841   111001725648   111000864797   111001750130   465370138   465017309   464968718   464414648   464359520   464300862   463997536   462558131   461502684   459327219   111001359427   111000599309   111001783002
111001897064   111000247107   111001305552   111001319704   111000513080   111000849611   111001797502   465369924   465017317   464968726   464414374   464359553   464300870   463997569   462557281   461502601   459327235   111001399140   111000954001   111000966723
111000829068   111000901294   111001827001   111000876970   111001856407   111000968141   111001418737   465369957   465017333   464968734   464414382   464359348   464300680   463997577   462555731   461502411   459326971   111001826820   111000455401   111000983485
111000870738   111000527591   111000546682   111001855158   111001791809   111001340719   111000937259   465369965   465017341   464968536   464414481   464359355   464300706   463997452   462555558   461502312   459327029   111001322146   111000947643   111000932973
111001877365   111000550384   111001320368   111000558764   111001394998   111000453544   111000502415   465369858   465017358   464968544   464414515   464359439   464300714   463997478   462554593   461502387   459327052   111001397025   111000899919   111000905715
111001732196   111000465255   111000961931   111000920307   111001364502   111001419132   111000512371   465369866   465017374   464968569   464414259   464359454   464300722   463997312   462554403   461502254   459327060   111001753975   111000943728   111001876421
111001792316   111000982080   111000526927   111000846618   111000896589   111001822422   111001397755   465369882   465017382   464968585   464414283   464359462   464300730   463997148   462553975   461502304   459327078   111000562758   111001879963   111000891179
111000575864   111001841478   111001787141   111001786274   111001333250   111001297114   111001407623   465369890   465017184   464968601   464414325   464359470   464300748   463997171   462553892   461502098   459326856   111000588037   111001838788   111000917707
111001736561   111000928709   111001808549   111000504901   111001398082   111000944875   111000592986   465369593   465017192   464968619   464414341   464359488   464300771   463997197   462553223   461502130   459326872   111001403731   111000872460   111000946608
111001413697   111000593987   111000505957   111000847091   111001405924   111001354040   111001337962   465369619   465017200   464968627   464414077   464359249   464300789   463997213   462552308   461502163   459326898   111001358280   111000963304   111001388160
111000589331   111000565661   111001726908   111001773034   111001867522   111001793991   111001364063   465369635   465017226   464968635   464414101   464359322   464300581   463996991   462552076   461502171   459326765   111000518940   111001847137   111000863785
111001816672   111000856080   111000909135   111000584796   111001766250   111001391209   111000982204   465369650   465017242   464968437   464414119   464359132   464300664   463997007   462552001   461502197   459326815   111000549630   111001843188   111000269066
111001758149   111000554805   111001857240   111001315913   111001862088   111001379047   111001746382   465369494   465017036   464968452   464413970   464359165   464300466   463997023   462551631   461502049   459326567   111001352464   111001871178   111001760311
111001755786   111001292883   111001300120   111001854494   111001791821   111000523902   111000518524   465369528   465017044   464968460   464413988   464359009   464300490   463997031   462550823   461502080   459326583   111000527861   111001343420   111000881987
111000936483   111000530742   111000238613   111001831950   111000921623   111000535286   111001330819   465369544   465017051   464968478   464413996   464359041   464300508   463997056   462550526   461501926   459326609   111000976678   111000898660   111000574526
111000871683   111001773427   111000520358   111001827225   111000895094   111000600739   111001775003   465369569   465017069   464968494   464414010   464359066   464300557   463997064   462550419   461501983   459326617   111000943199   111000878017   111000856406
111000882506   111001353005   111001801115   111000272240   111001730958   111001736606   111001372578   465369387   465017119   464968528   464414028   464359090   464300383   463997080   462550336   461501793   459326443   111001826897   111000554502   111000858453
111001741332   111000894655   111000923298   111001419750   111001859624   111001823344   111000901991   465369403   465017135   464968312   464414051   464358878   464300417   463996892   462550401   461501835   459326450   111001320380   111000955248   111001396169
111000582974   111001386023   111001759375   111000936461   111000959905   111001825964   111001299442   465369460   465017143   464968361   464414069   464358886   464300433   463996926   462549924   461501868   459326492   111000893261   111001891035   111001408028
111000929610   111001309051   111001349415   111001372668   111000598128   111000916571   111001761929   465369478   465017150   464968379   464413871   464358894   464300227   463996934   462549841   461501637   459326559   111001836821   111000514834   111000550980
111000876082   111000912645   111001312695   111000531912   111001811138   111001394033   111000233911   465369163   465016905   464968395   464413897   464358951   464300250   463996959   462548298   461501645   459326260   111000601246   111000922310   111000916537
111001735683   111001301806   111001327781   111000512337   111001894140   111000533149   111000893878   465369205   465016939   464968403   464413905   464358787   464300268   463996967   462548132   461501413   459326401   111001321673   111000564727   111000577248
111000844942   111001294065   111001724962   111001330684   111001355052   111001868859   111001393436   465369213   465016947   464968429   464413939   464358795   464300300   463996975   462547753   461501421   459326195   111000517534   111001382849   111000913073
111000506712   111000545287   111001380498   111001384380   111001769668   111001341732   111000922826   465369254   465016954   464968114   464413954   464358811   464300318   463996769   462546847   461501439   459326229   111001859534   111001346175   111000852457
111000971033   111000470510   111000479722   111001814254   111000881235   111000893519   111000861413   465369262   465016962   464968122   464413962   464358829   464300144   463996777   462546490   461501306   459326237   111000565852   111000525027   111000539190
111000572793   111000475650   111000243899   111001785464   111001308724   111001775812   111001324610   465368959   465016996   464968148   464413764   464358837   464300177   463996793   462545237   461501330   459326013   111001321437   111001376426   111001749341
111000916548   111000909427   111001836753   111001326421   111001740948   111000536186   111001771896   465368520   465017002   464968155   464413806   464358845   464300185   463996819   462544891   461501348   459326096   111000547335   111000560655   111000518445
111000522710   111000587137   111000906413   111001794329   111001893329   111000949386   111000517095   465368546   465017010   464968163   464413814   464358852   464300219   463996850   462544917   461501389   459326120   111000509805   111000460744   111001754178
111000503652   111001745741   111001797759   111000951367   111001323394   111001418052   111000501043   465368165   465017028   464968213   464413665   464358860   464300029   463996645   462544735   461501231   459325890   111000855821   111000956463   111001370543
111000587294   111000879669   111000863145   111001317263   111000573659   111001293222   111000594494   465368090   465016822   464968288   464413681   464358696   464300060   463996660   462542424   461501082   459325932   111000868870   111000917594   111001854067
111000912982   111001364906   111000943087   111000927539   111000557145   111000898020   111001362623   465368140   465016830   464968304   464413699   464358712   464300078   463996686   462541616   461501116   459325940   111001325644   111000591503   111000466403
111000950311   111001370004   111001776004   111000905287   111001397384   111001848048   111000900844   465367993   465016863   464968007   464413715   464358738   464300102   463996694   462541103   461501157   459325957   111000868397   111001352879   111001891181
111001727943   111000569496   111001800990   111001859983   111000555828   111000893126   111001848587   465367787   465016871   464968015   464413723   464358563   464300110   463996710   462540766   461501025   459326005   111001341260   111001403348   111000927966
111000859487   111000862953   111000596889   111000879603   111000927012   111000557730   111001412898   465367373   465016889   464968064   464413749   464358571   464299924   463996728   462540121   461501033   459325817   111001789828   111001367505   111000526107
111000956362   111000908639   111000589375   111000599859   111000537277   111000981483   111000863763   465367043   465016681   464968080   464413756   464358597   464299932   463996744   462539982   461500860   459325858   111000906266   111000464456   111000492266
111001819754   111000492514   111000857193   111001317959   111000523159   111001309848   111000517017   465366912   465016707   464968098   464413509   464358605   464299940   463996538   462539727   461500753   459325676   111001822837   111000582547   111000940679
111001386977   111001886264   111000505979   111001295189   111001811701   111001391557   111000246735   465366631   465016723   464968106   464413517   464358621   464299965   463996546   462539453   461500779   459325692   111001795195   111001776059   111001301222
111001780582   111000598375   111000501537   111001772077   111001817134   111001875004   111000906468   465366722   465016749   464967892   464413608   464358639   464299981   463996595   462539511   461500787   459325718   111001745033   111001766878   111000903184
111001808583   111000260540   111001369125   111000913220   111000524699   111001766058   111001841490   465366169   465016772   464967918   464413616   464358464   464299833   463996637   462538828   461500811   459325734   111001808538   111001733355   111001387349
111000588183   111000939284   111001894555   111000888254   111001764764   111001751546   111001786050   465366102   465016780   464967934   464413632   464358480   464299890   463996421   462537135   461500829   459325601   111000596250   111000886432   111000566875
111000556773   111001371241   111001754280   111001863731   111001393302   111001347110   111000858026   465365682   465016541   464967967   464413384   464358498   464299684   463996462   462536723   461500647   459325619   111000550227   111001750152   111001301985
111000586732   111000857362   111001349246   111001862123   111000561500   111000953246   111001868578   465365328   465016558   464967983   464413392   464358514   464299700   463996496   462536590   461500670   459325627   111001390411   111000979435   111001889773

 

SCH-A-5


Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

 

Receivables

111000470352   111000545872   111000970469   111000490747   111001418995   111000986107   111000863088   465365245   465016574   464967769   464413400   464358522   464299767   463996504   462536111   461500522   459325643   111000899458   111000554467   111000589409
111001376662   111000899818   111001364209   111000601303   111001338930   111001774743   111000867936   465365112   465016582   464967785   464413426   464358530   464299775   463996512   462535469   461500548   459325395   111001359865   111001358202   111000602540
111001363028   111001306698   111001806895   111000468786   111001416678   111001370420   111001743435   465365146   465016590   464967793   464413434   464358332   464299601   463996520   462535261   461500563   459325403   111001769466   111001850748   111001738271
111001906874   111000574403   111001728843   111001812230   111001861357   111001791292   111001296023   465364875   465016608   464967801   464413475   464358357   464299619   463996231   462534215   461500316   459325429   111001382311   111000926493   111000907997
111000559721   111000984363   111001863382   111001309545   111001384199   111000898390   111000856642   465364925   465016624   464967629   464413301   464358381   464299635   463996298   462533217   461500365   459325452   111001819709   111001349314   111001749194
111001808527   111000599848   111001762931   111000966116   111000484346   111001412438   111000235429   465364438   465016632   464967694   464413327   464358399   464299643   463996330   462533225   461500407   459325510   111000471230   111000539617   111000554894
111000938171   111001403898   111001834975   111000867576   111000467381   111000562028   111001780098   465364255   465016640   464967702   464413368   464358407   464299650   463996348   462533258   461500233   459325528   111001309938   111001398576   111001351610
111000268458   111000948835   111000534162   111001324856   111000932243   111000467134   111000553297   465364339   465016426   464967710   464413160   464358449   464299676   463996371   462528217   461500241   459325288   111001849128   111001733816   111001791034
111001391467   111000919631   111001352172   111000896826   111000571893   111000258288   111000496888   465363158   465016434   464967736   464413178   464358183   464299551   463996397   462527466   461500274   459325312   111001742445   111000919305   111000897232
111000877173   111001795331   111001750107   111001314934   111000564491   111000535253   111001833637   465362879   465016459   464967751   464413228   464358274   464299569   463996132   462527276   461500282   459325338   111000940084   111000899133   111000907133
111000856619   111001883159   111000549663   111000557493   111000468630   111000904130   111001816436   465362929   465016475   464967470   464413236   464358068   464299577   463996223   462526195   461500209   459325361   111001819620   111000849127   111000855292
111001290342   111001800451   111001363691   111000948970   111000983801   111000981696   111000935673   465362622   465016483   464967512   464413244   464358076   464299403   463995969   462526039   461500050   459325379   111001374963   111000548617   111001725840
111001371353   111001331764   111000932647   111000907908   111000542509   111000478417   111001746034   465362663   465016491   464967546   464413038   464358092   464299452   463995985   462525759   461500084   459325171   111000858699   111000570634   111000246342
111000581063   111001872416   111000594304   111001325071   111000591121   111001726111   111001874698   465361780   465016509   464967603   464413095   464358100   464299460   463996025   462525189   461499915   459325205   111001745044   111000852749   111000557000
111000279247   111000580624   111000944224   111001300232   111001722847   111001779063   111001416094   465361715   465016327   464967363   464413103   464358134   464299478   463996066   462525072   461499949   459325213   111001339278   111001845966   111001777331
111000604564   111000583942   111000600661   111001303033   111000557572   111001780942   111001755517   465361426   465016335   464967371   464413145   464357912   464299296   463995886   462524042   461499998   459325254   111001415307   111000910003   111000881617
111001357009   111001828989   111000470879   111000563074   111001822040   111000859858   111001726526   465360899   465016343   464967389   464412899   464357920   464299304   463995894   462523929   461499865   459325049   111000935998   111000943122   111001798817
111000877229   111000522866   111001382434   111000485011   111001359090   111000454051   111001757654   465360683   465016350   464967413   464412915   464357938   464299338   463995928   462522665   461499899   459325056   111001769837   111001417343   111001815839
111001833952   111000906873   111001836540   111000522619   111001343666   111000551059   111000474749   465360543   465016368   464967421   464412923   464357987   464299148   463995936   462522285   461499675   459324901   111001897086   111000891595   111001845977
111001399050   111001413989   111000902554   111001770480   111001334172   111001780795   111001772909   465360311   465016376   464967439   464412931   464358001   464299213   463995712   462522152   461499683   459324927   111001790066   111001813466   111000942930
111000860805   111001350181   111000512719   111001301693   111001351755   111001888288   111001775609   465360022   465016392   464967256   464412956   464358027   464299262   463995753   462522012   461499386   459324968   111001319311   111000469529   111000907087
111000526297   111000855506   111001314293   111001836551   111001763268   111001406880   111000544422   465359768   465016418   464967280   464412980   464358035   464298967   463995811   462522020   461499477   459324992   111000454321   111000573390   111001748407
111000586709   111000464939   111001831691   111000877746   111000871267   111001414294   111001849634   465359628   465016236   464967298   464412998   464357805   464298975   463995530   462519703   461499212   459324836   111001789547   111001353915   111000859409
111001887490   111000588712   111001857677   111000570432   111000981865   111001750657   111001896333   465359552   465016244   464967306   464413004   464357821   464298983   463995563   462519323   461499063   459324877   111001799054   111000979637   111001319276
111001800080   111000980516   111000509748   111000926763   111000551183   111000473029   111001746708   465359206   465016251   464967132   464412766   464357854   464299049   463995571   462518770   461498982   459324885   111000569722   111001300962   111001300467
111001763921   111000462623   111000907199   111000923399   111001730633   111001821038   111000946743   465357747   465016277   464967157   464412774   464357862   464299072   463995589   462518788   461499030   459324653   111001334026   111000567933   111000603541
111000877285   111000586428   111001894061   111001305316   111000475166   111001357324   111001782821   465357283   465016285   464967173   464412782   464357870   464299080   463995597   462518341   461498867   459324752   111001802385   111000969715   111001816807
111001381343   111001802497   111000847327   111000570926   111001383097   111000876532   111000939554   465357184   465016293   464967181   464412790   464357888   464299098   463995613   462518127   461498891   459324638   111000487091   111000857070   111000929137
111000912252   111001744087   111000513046   111001870863   111000527951   111001365402   111000933750   465357218   465016087   464967199   464412824   464357896   464298843   463995423   462518085   461498933   459324422   111000852244   111000885600   111000600054
111001416320   111000553433   111001340371   111000597026   111001377517   111000845808   111001350620   465357044   465016095   464967215   464412857   464357722   464298876   463995431   462513508   461498800   459324448   111001776565   111001327107   111001733984
111000470598   111001327950   111001404169   111001797580   111001342508   111000541306   111001895185   465356756   465016103   464967223   464412865   464357771   464298884   463995449   462512120   461498651   459324455   111001364995   111000858891   111001828743
111000514058   111001335207   111001784610   111000560475   111000936674   111000256422   111000461251   465356467   465016152   464967017   464412873   464357573   464298918   463995464   462512062   461498701   459324471   111001384638   111000599208   111000476684
111001769376   111001337850   111000900642   111001826303   111000492233   111000507724   111001312808   465356558   465016160   464967025   464412659   464357607   464298934   463995472   462511775   461498511   459324489   111001411437   111001848307   111001816447
111001341620   111000598724   111000876846   111000947632   111000905894   111001347020   111000271081   465356277   465016186   464967041   464412667   464357623   464298942   463995282   462511742   461498586   459324497   111001859455   111001335623   111001330291
111001881944   111001319063   111001352734   111000546783   111000851535   111001350574   111000852547   465356152   465015972   464967058   464412675   464357649   464298819   463995290   462511270   461498628   459324513   111000913488   111001340191   111000259504
111001406420   111000957082   111001735548   111001344050   111000889716   111001822152   111000922804   465356210   465015980   464967082   464412683   464357664   464298827   463995340   462511148   461498446   459324299   111001828158   111000509232   111001892621
111000556706   111000467000   111000556256   111000932760   111001735560   111000565155   111001311953   465355998   465016004   464967116   464412691   464357433   464298835   463995357   462511163   461498487   459324356   111000967892   111001825728   111001732882
111000588497   111001314169   111001374233   111001315676   111000523766   111001333654   111000465930   465355949   465016038   464966928   464412717   464357466   464298629   463995399   462510777   461498297   459324364   111000938676   111000915390   111000577484
111001775058   111001294357   111000279292   111001357021   111000595765   111000479508   111001355186   465355881   465016079   464966969   464412733   464357474   464298645   463995167   462510116   461498370   459324158   111001772156   111000891719   111000960424
111000492031   111001340180   111001897345   111001777915   111000944033   111000545625   111001817088   465355204   465015857   464966985   464412535   464357482   464298678   463995183   462509191   461498198   459324166   111001385730   111001890179   111000593123
111001412124   111001321572   111000568732   111000968084   111001387888   111000465705   111000539336   465354850   465015865   464966993   464412543   464357524   464298686   463995191   462509076   461498230   459324208   111001775351   111001311942   111001876948
111000877982   111000913219   111001419682   111001806536   111001811509   111000525319   111000935460   465354686   465015873   464966787   464412550   464357532   464298694   463995258   462508367   461497976   459324018   111001338491   111001847687   111000948622
111001833626   111001422170   111000937169   111000459854   111001896737   111001389363   111001842378   465354280   465015899   464966795   464412568   464357318   464298710   463994962   462507641   461497869   459324034   111000479801   111000522833   111000554579
111001357043   111001315058   111000939217   111001833503   111001331696   111000544534   111000576898   465354157   465015907   464966811   464412600   464357326   464298520   463994970   462507567   461497877   459324109   111001739115   111000458640   111000949498
111000881527   111000532418   111000276558   111001794093   111000514227   111000948004   111001801777   465354173   465015923   464966829   464412618   464357359   464298538   463994988   462507468   461497810   459323887   111001747721   111000478462   111000454039
111000250493   111001883058   111001293031   111001353173   111001350866   111000899469   111001811273   465354181   465015931   464966837   464412402   464357383   464298546   463994996   462507245   461497729   459323978   111000888366   111001723657   111001299071
111000594887   111000888681   111000510818   111000949768   111000560026   111001374211   111001728359   465354033   465015956   464966878   464412410   464357391   464298561   463995043   462506924   461497547   459324000   111001886994   111000856507   111000589881
111000506824   111000529346   111001745796   111000585876   111001745493   111001397801   111000589353   465353753   465015964   464966662   464412444   464357219   464298587   463995068   462506957   461497570   459323770   111000961762   111001836652   111000258110
111001290432   111001406879   111000887646   111000882168   111001416904   111000890842   111000878556   465353431   465015766   464966670   464412477   464357235   464298389   463995076   462506494   461497323   459323812   111001290207   111000873179   111000572603
111001762492   111001340472   111001762425   111001319254   111000532014   111000846449   111001866161   465353258   465015774   464966688   464412279   464357292   464298488   463994871   462506395   461497208   459323820   111001807874   111001392435   111001894353
111000878815   111001860323   111001307239   111001820206   111001871426   111000559776   111000949443   465353308   465015782   464966738   464412303   464357300   464298249   463994889   462505272   461497034   459323838   111001884532   111000872673   111001789479
111000860333   111000458594   111001767509   111001417534   111001398970   111000490286   111001415464   465352458   465015790   464966761   464412311   464357136   464298264   463994897   462505132   461497042   459323853   111001769499   111000541407   111001307183
111001420426   111000476820   111001390602   111001879468   111001369248   111000603035   111001404912   465351799   465015808   464966779   464412329   464357144   464298280   463994905   462505215   461497018   459323523   111001389228   111001865823   111001305248
111000553736   111001861740   111001750815   111001771672   111001367976   111000277829   111001815851   465351815   465015816   464966597   464412352   464357169   464298298   463994921   462505231   461496754   459323549   111000543511   111001855057   111000928068
111001299802   111000255230   111001399858   111000543465   111001420796   111001390567   111001720003   465351872   465015832   464966605   464412378   464357177   464298306   463994939   462504937   461496069   459323564   111000874888   111001367404   111000978074
111000934335   111001876971   111001296854   111001847597   111000553635   111000930487   111000545041   465351583   465015642   464966613   464412386   464357193   464298330   463994954   462504499   461495574   459323598   111001802699   111001354624   111000974575
111000453218   111001393515   111001836988   111001887928   111000873618   111000860243   111001315137   465350841   465015659   464966621   464412220   464356989   464298348   463994749   462504408   461495582   459323390   111000557505   111001391850   111000590591
111000931141   111000862773   111001855383   111001342913   111001823838   111000531237   111000941603   465350593   465015667   464966639   464412246   464357029   464298363   463994756   462504481   461495590   459323408   111000604924   111000871537   111001728258
111000897298   111001749701   111000983586   111000273106   111001792585   111000592616   111000461611   465350601   465015675   464966647   464412261   464357052   464298140   463994764   462504341   461495376   459323473   111001845416   111000473838   111000864528
111000533464   111001757823   111000584729