Exhibit 10.1

 

AMENDMENT NO. 4 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 4 TO CREDIT AGREEMENT, dated as of March 30, 2004 (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 the
definitions of “Adjusted Equity” and “Commitment Expiration Date” from Appendix
A and substituting, in lieu thereof, the following, respectively:

 

“Adjusted Equity” means, with respect to ACFS, at any time and determined in
accordance with GAAP, the net worth of ACFS at such time less the sum of (i) the
intangible assets of ACFS at such time and (ii) interest-only receivables of
ACFS from securitization trusts offset by any related interest rate swap
valuation, adjusted for taxes (based on the effective tax rate as presented in
the most recent report on Form 10-K or periodic report on Form 10-Q, as
applicable, filed by ACC with the Securities and Exchange Commission) at such
time.

 

“Commitment Expiration Date”: With respect to a Committed Lender, November 10,
2004, as such date may be extended by such Committed Lender from time to time
pursuant to Section 2.09.

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(b) inserting the following definition in Appendix A in the appropriate
alphabetical order:

 

“Managed Assets” means, as of any date, the aggregate outstanding balance of all
receivables that are serviced by ACFS or any of its Affiliates as of such date,
calculated in a manner consistent with the components of “managed receivables”
in the most recent reports on Form 10-K or Form 10-Q filed by ACC.

 

(c) deleting the definition of “Tax Adjusted Interest-Only Receivables” from
Appendix A; and (d) deleting paragraph (t) of Section 6.01 and substituting, in
lieu thereof, the following:

 

(t) the ratio, expressed as a percentage, of the Adjusted Equity of ACC to the
Managed Assets of ACC shall be less than 8.0% as of any fiscal quarter end; or

 

3. Waivers. (a) The Lenders and the Agents hereby waive, with respect to the
November, 2003 Ratings Reaffirmation Date and the February, 2004 Ratings
Reaffirmation Date and thereafter until such time, if any, after the date hereof
as the Borrowers request an Advance, 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) The Lenders and the Agents hereby waive, with respect to the fiscal year
ended June 30, 2003 and thereafter until such time, if any, after the date
hereof as the Borrowers request an Advance, the obligation of the Borrowers
pursuant to Section 5.01(a)(ii) of the Credit Agreement to deliver a Procedures
Report.

 

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).

 

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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:

 

5

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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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