Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of August 13, 2003 (this
“Amendment”), is entered into among AFS FUNDING CORP. (“AFS Funding”), AFS
SENSUB CORP. (“SenSub”; together with AFS Funding, each a “Borrower” and
collectively, the “Borrowers”), AMERICREDIT CORP. (“ACC”), AMERICREDIT FINANCIAL
SERVICES, INC. (“ACFS”; together with ACC, each a “Contingent Obligor” and
collectively, the “Contingent Obligors”), the LENDERS from time to time parties
to the Credit Agreement referred to below, DEUTSCHE BANK AG, a German banking
corporation acting through its New York Branch (“DBNY”), as an agent, and the
other AGENTS for the Lender Groups from time to time parties to the Credit
Agreement, and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Lender Collateral Agent
and as Administrative Agent.

 

RECITALS

 

1. The Borrowers, the Contingent Obligors, the Lenders, the Agents, the Lender
Collateral Agent and the Administrative Agent are parties to that certain Credit
Agreement, dated as of August 15, 2002 (as previously amended and as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

2. The parties hereto desire to amend the Credit Agreement as hereinafter set
forth.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1. Certain Defined Terms. Capitalized terms that are used herein without
definition and that are defined in the Credit Agreement shall have the same
meanings herein as therein.

 

2. Amendments. The Credit Agreement is hereby amended by:

 

(a) deleting paragraph (p) of Section 6.01 in its entirety:

 

(b) deleting paragraphs (r), (s) and (t) of Section 6.01 and substituting, in
lieu thereof, the following, respectively:

 

(r) The Tangible Net Worth of ACC shall be less than the sum of (a)
$1,700,000,000 minus the lesser of (i) the amount of common stock repurchased by
ACC after August 14, 2003 and (ii) $100,000,000; (b) 75% of the cumulative
positive net income (without deduction for negative net income) of ACC for each
fiscal quarter since March 31, 2003, as reported in each annual report on Form
10-K and periodic report on Form 10-Q filed by ACC with the Securities and
Exchange Commission; and (c) 75% of the net proceeds of any equity issued by ACC
since March 31, 2003; or

 

(s) any insurance agreement event of default or other similar event with respect
to any Receivables Pool with a pool factor greater than 25%, in each case,
relating to the cumulative net loss ratio with respect to such Receivables Pool
shall have occurred and be continuing and shall not have been waived or cured;
or

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(t) on the last day of any fiscal quarter, the ratio of the Adjusted Equity of
ACC to the outstanding principal amount of all receivables (whether or not
thereafter sold or disposed of) which are serviced by ACFS or any of its
Affiliates at such time is less than 8.0%; or

 

(c) deleting paragraph (b) of Section 6A.01 and substituting, in lieu thereof,
the following, respectively:

 

(b) either:

 

(i) the aggregate principal amount of all Receivables supporting outstanding
Designated Series with respect to which an event of default, servicer default,
amortization event, early termination event or insurance agreement event of
default or other similar event or a Required Spread Account Increase has
occurred and is continuing exceeds the product of (A) 5% and (B) the aggregate
principal amount of all Receivables supporting outstanding Designated Series; or

 

(ii) Any repurchase of common stock by ACC results in Liquidity of less than
$200,000,000 on the date of repurchase.

 

(d) deleting the definition of “Commitment Expiration Date” from Appendix A and
substituting, in lieu thereof, the following:

 

“Commitment Expiration Date”: With respect to a Committed Lender, November 12,
2003, as such date may be extended by such Committed Lender from time to time
pursuant to Section 2.09.

 

(e) adding the following definitions of “Eligible Receivable” and “Liquidity” to
Appendix A, in the proper alphabetical order:

 

“Eligible Receivable”: As defined in the Amended and Restated Sale and Servicing
Agreement, dated as of February 22, 2002, among AmeriCredit Master Trust,
AmeriCredit Funding Corp. VII, AmeriCredit Financial Services, Inc., and Bank
One, NA, as the same may from time to time be amended, supplemented or otherwise
modified.

 

“Liquidity”: The sum of (a) unrestricted cash of ACC and its subsidiaries,
determined on a consolidated basis in accordance with GAAP, and (b) 85% of the
unencumbered Eligible Receivables owned by ACC and its subsidiaries, determined
on a consolidated basis in accordance with GAAP.

 

(f) deleting the definitions of “Cumulative Net Loss Ratio” and “Securitization
Assets” from Appendix A;

 

(g) deleting Schedule II to the Credit Agreement; and

 

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(h) pursuant to Section 2.03 of the Credit Agreement, reducing the Commitment
Amount of each Committed Lenders to the amount set forth opposite the name of
such Committed Lender on Schedule I hereto.

 

3. Waivers. The Lenders and the Agents hereby waive (a) with respect to the
August, 2003 Ratings Reaffirmation Date only, the obligation of the Borrowers
pursuant to Section 5.01(v) of the Credit Agreement to obtain from S&P, and
distribute to the Administrative Agent and the Agents, a written reaffirmation
that the Notes have at least the Requisite Rating, (b) until such time after the
date hereof as the Borrowers request an Advance, the obligations of ACFS
pursuant to Section 5.01(a)(vii) of the Credit Agreement and Section 5(g) of the
Master Collateral and Intercreditor Agreement to deliver Senior Borrowing Base
Certificates and Revolver Borrowing Base Certificates (whether as part of
Revolver Servicer’s Certificates or otherwise).

 

4. Effect of Amendment. Except as expressly amended, waived and modified by this
Amendment, all provisions of the Credit Agreement shall remain in full force and
effect. After this Amendment becomes effective, all references in the Credit
Agreement to “this Agreement”, “hereof”, “herein” or words of similar effect
referring to the Credit Agreement shall be deemed to be references to the Credit
Agreement as amended and waived by this Amendment. This Amendment shall not be
deemed to expressly or impliedly waive, amend or supplement any provision of the
Credit Agreement other than as expressly set forth herein.

 

5. Effectiveness. This Amendment shall become effective as of the date hereof
upon receipt by the Administrative Agent of counterparts of this Amendment
(whether by facsimile or otherwise) executed by each of the other parties hereto
and by Lenders representing the Required Lenders.

 

6. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties on separate counterparts, and each counterpart shall be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

7. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
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).

 

8. Section Headings. The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this
Amendment, the Credit Agreement or any provision hereof or thereof.

 

9. Representations and Warranties. Each of the Borrowers and the Contingent
Obligors, as applicable, represents and warrants that (i) all of its
representations and warranties set forth in the Credit Agreement are true and
accurate in all material respects as though made on and as of the date hereof
(except representations and warranties which relate to a specific date, which
were true and correct as of such date) and (ii) no Event of Early Termination or
Event of Default has occurred and is continuing.

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first written above.

 

AFS FUNDING CORP.

By:

 

 

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Name:

   

Title:

AFS SENSUB CORP.

By:

 

 

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Name:

   

Title:

AMERICREDIT CORP.

By:

 

 

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Name:

   

Title:

AMERICREDIT FINANCIAL SERVICES, INC.

By:

 

 

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Name:

   

Title:

DEUTSCHE BANK TRUST COMPANY

AMERICAS, not in its individual capacity but

solely as Administrative Agent

By:

 

 

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Name:

   

Title:

 

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DEUTSCHE BANK TRUST COMPANY
AMERICAS, not in its individual capacity but
solely as Lender Collateral Agent

By:

 

 

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Name:

   

Title:

By:

 

 

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Name:

   

Title:

 

 

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TAHOE LENDER GROUP

DEUTSCHE BANK AG, NEW YORK BRANCH,
as Agent

By:

 

 

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Name:

   

Title:

By:

 

 

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Name:

   

Title:

TAHOE FUNDING CORP.

By:

 

 

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Name:

   

Title:

DEUTSCHE BANK AG, NEW YORK BRANCH,

By:

 

 

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Name:

   

Title:

By:

 

 

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Name:

   

Title:

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WACHOVIA BANK, NATIONAL ASSOCIATION

By:

 

 

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Name:

   

Title:

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JPMORGAN CHASE BANK

By:

 

 

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Name:

   

Title:

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BARCLAYS BANK PLC

By:

 

 

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Name:

   

Title:

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CREDIT SUISSE FIRST BOSTON, CAYMAN ISLANDS BRANCH

By:

 

 

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Name:

   

Title:

By:

 

 

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Name:

   

Title:

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SCHEDULE I

 

Commitment Amounts

 

Committed Lender

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   Commitment Amount

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Barclays Bank PLC

   $ 1,000,000

Deutsche Bank AG, New York Branch

   $ 1,000,000

Wachovia Bank, National Association

   $ 1,000,000

JPMorgan Chase Bank

   $ 1,000,000

Credit Suisse First Boston, Cayman Islands Branch

   $ 1,000,000