Custodian Agreement, dated as of February 2, 2010



 Exhibit 10.3 
 Execution Copy 
 CUSTODIAN AGREEMENT 

among 
 AMERICREDIT FINANCIAL SERVICES, INC., 
 as Custodian, 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trust Collateral Agent 
 Dated as of February 2, 2010 







 THIS CUSTODIAN AGREEMENT, dated as of February 2, 2010, is made with respect to the
issuance of Notes and a Certificate by AmeriCredit Automobile Receivables Trust 2010-1 (the “Issuer”), and is between AMERICREDIT FINANCIAL SERVICES, INC., as custodian (in such capacity, the “Custodian”) and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trust collateral agent (the “Trust Collateral Agent”). Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and
Servicing Agreement (as hereinafter defined). 
 W I T N E S S E T
H: 
 WHEREAS, AmeriCredit Financial Services, Inc. (“AFS”) and AFS SenSub Corp. (“AFS
SenSub”) have entered into a Purchase Agreement dated as of February 2, 2010 (the “Purchase Agreement”), pursuant to which AFS has sold, transferred and assigned to AFS SenSub all of its right, title and interest in
and to the Receivables; 
 WHEREAS, the Issuer, AFS, as Servicer (the “Servicer”), AFS SenSub and Wells Fargo
Bank, National Association, as Trust Collateral Agent and Backup Servicer, have entered into a Sale and Servicing Agreement, dated as of February 2, 2010 (the “Sale and Servicing Agreement”), pursuant to which AFS SenSub has
sold, transferred and assigned to the Issuer all of AFS SenSub’s right, title and interest in and to the Receivables; 
 WHEREAS, the Trust Collateral Agent wishes to appoint the Custodian to hold the Receivable Files as the custodian on behalf of the Issuer and the Trust Collateral Agent; 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows: 
 1. Appointment of Custodian; Acknowledgement of
Receipt. Subject to the terms and conditions hereof, the Trust Collateral Agent hereby revocably appoints the Custodian, but shall not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts such appointment,
as custodian and bailee on behalf of the Issuer and the Trust Collateral Agent, to maintain exclusive custody of the Receivable Files relating to the Receivables from time to time pledged to the Trust Collateral Agent as part of the Other Conveyed
Property. In performing its duties hereunder, the Custodian agrees to 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 hereby, as of the Closing Date, acknowledges receipt of the Receivable File for each Receivable listed in the Schedule of Receivables attached
as Schedule A to the Sale and Servicing Agreement subject to any exceptions noted on the Custodian’s Acknowledgement (as defined below). As evidence of its acknowledgement of such receipt of such Receivables, the Custodian shall execute and
deliver on the Closing Date the Custodian’s Acknowledgement attached hereto as Exhibit A, (the “Custodian’s Acknowledgement”). 
  

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 2. Maintenance of Receivables Files at Office. The Custodian agrees to maintain the
Receivable Files at its office located at 4001 Embarcadero, Suite 200, Arlington, Texas 76014 or at such other office as shall from time to time be identified to the Trust Collateral Agent upon prior written notice and the Custodian will hold the
Receivable Files in such office on behalf of the Issuer and the Trust Collateral Agent, clearly identified as being separate from any other instruments and files on its records, including other instruments and files held by the Custodian and in
compliance with Section 3(c) hereof. 
 3. Duties of Custodian. 
 (a) [Reserved]. 
 (b) Safekeeping. The Custodian shall hold the Receivable Files on behalf of the Trust Collateral Agent clearly identified as being separate from all other files or records maintained by the Custodian at the same location and shall
maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as will enable the Trust Collateral Agent to comply with the terms and conditions of the Sale and Servicing Agreement. Each Receivable
representing tangible chattel paper (as such term is defined in the UCC) shall be stamped on both of the first page and the signature page (if different) to indicate the assignment and/or pledge of each such Receivable. Each Receivable shall be
identified on the books and records of the Custodian in a manner that (i) is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that the Receivables
are held by the Custodian on behalf of the Trust Collateral Agent and (iii) is otherwise necessary, as reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement. The Custodian shall conduct, or cause to be
conducted, periodic physical inspections of the Receivable Files held by it under this Custodian Agreement, and of the related accounts, records and computer systems, in such a manner as shall enable the Trust Collateral Agent and the Custodian to
verify the accuracy of the Custodian’s inventory and recordkeeping. Such inspections shall be conducted at such times, in such manner and by such persons including, without limitation, independent accountants, as the Trust Collateral Agent may
request and the cost of such inspections shall be borne directly by the Custodian and not by the Trust Collateral Agent. The Custodian shall promptly report to the Trust Collateral Agent 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. Upon request, the Custodian shall make copies or other electronic file records (e.g. diskettes, CD’s, etc.)
(the “Copies”) of the Receivable Files and shall deliver such Copies to the Trust Collateral Agent and the Trust Collateral Agent shall hold such Copies on behalf of the Noteholders. Subject to Section 3(d) hereof, the
Custodian shall at all times (i) maintain the original or with respect to “electronic chattel paper” as such term is defined in the UCC, and authoritative copy of the fully executed original retail installment sales contract or
promissory note and (ii) maintain the original of the Lien Certificate or application therefore (if no such Lien Certificate has yet been issued), in each case relating to each Receivable in a fireproof vault; provided, however,
the Lien Certificate may be maintained electronically by the Registrar of Titles of the applicable state pursuant to applicable state laws, with confirmation thereof maintained by the Custodian or a third party service provider. 
 (c) 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

  

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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. 
 (d) Release of Documents. Consistent with the
practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, the Custodian may release any Receivable in the Receivable Files to the Servicer, if appropriate, under the circumstances provided in
Section 3.3(b) of the Sale and Servicing Agreement. 
 (e) 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. 
 (f) Review of Lien Certificates. On or before the Closing Date, the Custodian shall deliver to the Trust Collateral Agent a listing in the form attached hereto as Schedule II of Exhibit A, of all
Receivables with respect to which a Lien Certificate, showing AFS (or an Originating Affiliate or a Titled Third-Party Lender) as secured party, was not included in the related Receivable File as of such date. In addition, the Custodian shall
deliver to the Trust Collateral Agent an exception report in the form attached hereto as Schedule II of Exhibit A, (i) no later than the last Business Day of the calendar month during which the 90th day after the Closing Date occurred, (ii) no later than the last Business Day of the calendar month
during which the 180th day after the Closing Date occurred
and (iii) no later than the last Business Day of the calendar month during which the 240th day after the Closing Date occurred. 
 4. 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 and the Issuer. 
 5. Custodian Fee. For its services under this Agreement, the Custodian shall be entitled to reasonable compensation to be paid by the Servicer. 
 6. Indemnification by the Custodian. The Custodian agrees to indemnify the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer 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, the Backup
Servicer 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

  

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or costs or expenses due to the willful misfeasance, bad faith or gross negligence of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer or the Trustee or the
officers, directors, employees and agents thereof. In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian. 
 7. Advice of Counsel. The Custodian and the Trust Collateral Agent further agree that 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. 
 8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. This Custodian Agreement shall become
effective as of the date hereof and shall continue in full force and effect until terminated as hereinafter provided. This Custodian Agreement may be amended at any time by mutual agreement of the parties hereto with the prior written consent of the
Backup Servicer and the Controlling Party, and may be terminated by any party by giving written notice to the other parties, such termination to take effect no sooner than thirty (30) days after the date of such notice. So long as AFS is
serving as Custodian, any termination of AFS as Servicer under the Sale and Servicing Agreement shall terminate AFS as Custodian under this Agreement. Upon any termination or amendment of this Custodian Agreement, the Trust Collateral Agent, in the
case of amendments, and the party seeking termination, in the case of terminations, shall give written notice to Standard & Poor’s, Ratings Services, a Standard & Poor’s Financial Services LLC business
(“Standard & Poor’s”), and Moody’s Investors Service, Inc. (“Moody’s”) (collectively, the “Rating Agencies”). Immediately after receipt of notice of termination of this
Custodian Agreement, the Custodian shall deliver the Receivable Files to the Trust Collateral Agent on behalf of the Noteholders and at the Custodian’s expense, 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 Receivables 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 Custodian 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. In connection with the administration of this Agreement, the parties may agree from time to time upon the interpretation of the provisions of this Agreement as may in their joint opinion be consistent with the general tenor and purposes of
this Agreement, any such interpretation to be signed by all parties and annexed hereto. 
 9. Governing Law. This
Custodian Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of law provisions thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

 10. Notices. All demands, notices and communications hereunder shall be in writing, electronically delivered or
mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the Custodian, at the following address: AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief
Financial Officer, (b) in the case of the Trust Collateral Agent, at the following address: Wells

  

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Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311–161, Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust Services/Asset
Backed Administration, (c) in the case of Moody’s, at the following address: 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th Floor, New York, New York 10007, and (d) in the case of Standard & Poor’s via electronic delivery
to Servicer_reports@sandp.com; for any information not available in electronic format, hard copies should be sent to the following address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, or at such
other address as shall be designated by such party in a written notice to the other parties. 
 11. Binding Effect. This
Custodian Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. Concurrently with the appointment of a successor trustee under the Sale and Servicing Agreement, the parties
hereto shall amend this Custodian Agreement to make said successor trustee, the successor to the Trust Collateral Agent hereunder. 
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian Agreement to be
executed in its name and on its behalf by a duly authorized officer on the day and year first above written. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trust Collateral Agent
		
	By:	 	/s/ Marianna C. Stershic
		 	Name: Marianna C. Stershic
		 	Title: Vice President
	
	AMERICREDIT FINANCIAL SERVICES, INC.,
	as Custodian
		
	By:	 	/s/ Susan B. Sheffield
		 	Name: Susan B. Sheffield
		 	Title: Executive Vice President, Structured Finance


 The foregoing Custodian Agreement 
 is hereby confirmed and accepted 
 as of the date first above written. 
  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-1,
	as Issuer
	
	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely
 as Owner Trustee on behalf of the Trust,

		
	By:	 	/s/ Erik E. Overcash
		 	Name: Erik E. Overcash
		 	Title: Assistant Vice President

 [Custodian
Agreement] 







 EXHIBIT A 
 CUSTODIAN’S ACKNOWLEDGEMENT 
 AmeriCredit Financial Services, Inc.
(the “Custodian”), acting as Custodian under a Custodian Agreement, dated as of February 2, 2010, between the Custodian and Wells Fargo Bank, National Association, as Trust Collateral Agent, pursuant to which the Custodian
holds on behalf of the Trust Collateral Agent for the benefit of the Noteholders certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of February 2, 2010 (the “Sale and Servicing
Agreement”), among AmeriCredit Automobile Receivables Trust 2010-1, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association as Trust Collateral Agent, and as Backup
Servicer, hereby acknowledges receipt of the Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to said Sale and Servicing Agreement except as noted in the Custodian Exception List attached as
Schedule I and the Lien Perfection Exception List attached as Schedule II hereto. 
 IN WITNESS WHEREOF, AmeriCredit Financial
Services, Inc. has caused this acknowledgement to be executed by its duly authorized officer as of this 12th day of February, 2010. 
  

			
	AMERICREDIT FINANCIAL SERVICES, INC.,
	as Custodian
		
	By:	 	 
	Name:	 	
	Title:	 	









 SCHEDULE I 
 Custodian Exception List 







 SCHEDULE II 
 Lien Perfection Exception List