Document:

exv4w4

 

Exhibit 4.4

 

RANGE RESOURCES CORPORATION

As Issuer

RANGE
RESOURCES—APPALACHIA, LLC

PINE MOUNTAIN ACQUISITION INC.

RANGE RESOURCES—PINE MOUNTAIN, INC.

PMOG HOLDINGS, INC.

RANGE ENERGY I, INC.

RANGE HOLDCO, INC.

RANGE OPERATING TEXAS, L.L.C.

RANGE TEXAS PRODUCTION, L.L.C.

RANGE PRODUCTION COMPANY

RANGE OPERATING NEW MEXICO, INC.

REVC HOLDCO, LLC

STROUD ENERGY GP, LLC

STROUD ENERGY LP, LLC

STROUD ENERGY, LTD.

STROUD ENERGY MANAGEMENT GP, LLC

STROUD OIL PROPERTIES, LP

As Guarantors

SENIOR SUBORDINATED DEBT SECURITIES

 

INDENTURE

Dated as of September [     ], 2007

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

As Trustee

 

 

 

 

CROSS -REFERENCE TABLE*

	 	 	 	 	 	 	 
	Trust Indenture	 	 	 	Indenture	 
	Act Section	 	 	 	Section	 
	310	 	(a) (1)
	 	 	7.10	 
	 	 	(a) (2)
	 	 	7.10	 
	 	 	(a) (3)
	 	 	N.A.	 
	 	 	(a) (4)
	 	 	N.A.	 
	 	 	(a) (5)
	 	 	7.10	 
	 	 	(b)
	 	 	7.10	 
	 	 	(c)
	 	 	N.A.	 
	311	 	(a)
	 	 	7.11	 
	 	 	(b)
	 	 	7.11	 
	 	 	(c)
	 	 	N.A.	 
	 	 	(b)
	 	 	12.03	 
	 	 	(c)
	 	 	12.03	 
	313	 	(a)
	 	 	7.06	 
	 	 	(b) (1)
	 	 	N.A.	 
	 	 	(b) (2)
	 	 	7.07	 
	 	 	(c)
	 	 	7.06, 12.02	 
	 	 	(d)
	 	 	7.06	 
	314	 	(a)
	 	 	4.03; 12.02	 
	 	 	(b)
	 	 	N.A.	 
	 	 	(c) (1)
	 	 	12.04	 
	 	 	(c) (2)
	 	 	12.04	 
	 	 	(c) (3)
	 	 	N.A.	 
	 	 	(d)
	 	 	10.03 - 10.05	 
	 	 	(e)
	 	 	12.05	 
	 	 	(f)
	 	 	N.A.	 
	315	 	(a)
	 	 	7.01	 
	 	 	(b)
	 	 	7.05; 12.02	 
	 	 	(c)
	 	 	7.01	 
	 	 	(d)
	 	 	7.01	 
	 	 	(e)
	 	 	6.11	 
	316	 	(a)
	 	 	2.07	 
	 	 	(a) (1) (A)
	 	 	6.05	 
	 	 	(a) (1) (B)
	 	 	6.04	 
	 	 	(a) (2)
	 	 	N.A.	 
	 	 	(b)
	 	 	6.07	 
	 	 	(c)
	 	 	12.02	 
	317	 	(a) (1)
	 	 	6.08	 
	 	 	(a) (2)
	 	 	6.09	 
	 	 	(b)
	 	 	2.05	 
	318	 	(a)
	 	 	12.01	 
	 	 	(b)
	 	 	N.A.	 
	 	 	(c)
	 	 	12.01	 

 

 

 

	
	N.A. means not applicable.
	 
	*This Cross-Reference Table is not part of the Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE 1

	Definitions And Incorporation By Reference

	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Other Definitions
	 	 	16	 
	Section 1.03. Incorporation by Reference of Trust Indenture Act
	 	 	17	 
	Section 1.04. Rules of Construction
	 	 	18	 
	 
	 	 	 	 
	ARTICLE 2

	The Securities

	 
	 	 	 	 
	Section 2.01. Forms Generally
	 	 	18	 
	Section 2.02. Form Of Trustee’s Certificate Of Authentication
	 	 	18	 
	Section 2.03. Amount Unlimited
	 	 	19	 
	Section 2.04. Execution and Authentication
	 	 	20	 
	Section 2.05. Registrar, Paying Agent and Authenticating Agent;
Paying Agent to Hold Money in Trust
	 	 	21	 
	Section 2.06. Replacement Securities
	 	 	21	 
	Section 2.07. Outstanding Securities
	 	 	21	 
	Section 2.08. Temporary Securities
	 	 	22	 
	Section 2.09. Cancellation
	 	 	22	 
	Section 2.10. CUSIP and CINS Numbers
	 	 	23	 
	Section 2.11 Registration, Transfer and Exchange
	 	 	23	 
	Section 2.12. Defaulted Interest
	 	 	25	 
	 
	 	 	 	 
	ARTICLE 3

	Redemption And Prepayment

	 
	 	 	 	 
	Section 3.01. Notices to Trustee
	 	 	26	 
	Section 3.02. Selection of Securities to be Redeemed
	 	 	26	 
	Section 3.03. Notice of Redemption
	 	 	27	 
	Section 3.04. Effect of Notice of Redemption
	 	 	28	 
	Section 3.05. Deposit of Redemption Price
	 	 	28	 
	Section 3.06. Securities Redeemed in Part
	 	 	28	 
	Section 3.07. Optional Redemption
	 	 	28	 
	Section 3.08. Mandatory Redemption
	 	 	28	 
	Section 3.09. Offer to Purchase by Application of Excess Proceeds
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 4

	Covenants

	 
	 	 	 	 
	Section 4.01. Payment of Securities
	 	 	30	 
	Section 4.02. Maintenance of Office or Agency
	 	 	31	 

 

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 4.03. Reports
	 	 	31	 
	Section 4.04. Compliance Certificate
	 	 	31	 
	Section 4.05. Taxes
	 	 	32	 
	Section 4.06. Stay, Extension and Usury Laws
	 	 	32	 
	Section 4.07. Restricted Payments
	 	 	33	 
	Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries
	 	 	35	 
	Section 4.09. Incurrence of Indebtedness and Issuance of Disqualified Stock
	 	 	36	 
	Section 4.10. Asset Sales
	 	 	38	 
	Section 4.11. Transactions with Affiliates
	 	 	39	 
	Section 4.12. Liens
	 	 	40	 
	Section 4.13. Offer to Repurchase Upon Change of Control
	 	 	40	 
	Section 4.14. Additional Subsidiary Guarantees
	 	 	41	 
	Section 4.15. Corporate Existence
	 	 	41	 
	Section 4.16. No Senior Subordinated Debt
	 	 	42	 
	Section 4.17. Business Activities
	 	 	42	 
	 
	 	 	 	 
	ARTICLE 5

	Successors

	 
	 	 	 	 
	Section 5.01. Merger, Consolidation, or Sale of Substantially All Assets
	 	 	42	 
	Section 5.02. Successor Corporation Substituted
	 	 	43	 
	 
	 	 	 	 
	ARTICLE 6

	Defaults And Remedies

	 
	 	 	 	 
	Section 6.01. Events of Default
	 	 	43	 
	Section 6.02. Acceleration
	 	 	45	 
	Section 6.03. Other Remedies
	 	 	46	 
	Section 6.04. Waiver of Past Defaults
	 	 	46	 
	Section 6.05. Control by Majority
	 	 	46	 
	Section 6.06. Limitation on Suits
	 	 	47	 
	Section 6.07. Rights of Holders of Securities to Receive Payment
	 	 	47	 
	Section 6.08. Collection Suit by Trustee
	 	 	47	 
	Section 6.09. Trustee May File Proofs of Claim
	 	 	47	 
	Section 6.10. Priorities
	 	 	48	 
	Section 6.11. Undertaking for Costs
	 	 	48	 
	 
	 	 	 	 
	ARTICLE 7

	Trustee

	 
	 	 	 	 
	Section 7.01. Duties of Trustee
	 	 	49	 
	Section 7.02. Rights of Trustee
	 	 	50	 
	Section 7.03. Individual Rights of Trustee
	 	 	51	 
	Section 7.04. Trustee’s Disclaimer
	 	 	51	 
	Section 7.05. Notice of Defaults
	 	 	51	 
	Section 7.06. Reports by Trustee to Holders of the Securities
	 	 	52	 
	Section 7.07. Compensation and Indemnity
	 	 	52	 

ii 

 

	 	 	 	 	 
	 	 	Page	 
	Section 7.08. Replacement of Trustee
	 	 	53	 
	Section 7.09. Successor Trustee by Merger, etc.
	 	 	54	 
	Section 7.10. Eligibility; Disqualification
	 	 	54	 
	Section 7.11. Preferential Collection of Claims Against Company
	 	 	54	 
	 
	 	 	 	 
	ARTICLE 8

	Legal Defeasance And Covenant Defeasance

	 
	 	 	 	 
	Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	54	 
	Section 8.02. Legal Defeasance and Discharge
	 	 	54	 
	Section 8.03. Covenant Defeasance
	 	 	55	 
	Section 8.04. Conditions to Legal or Covenant Defeasance
	 	 	56	 
	Section 8.05. Deposited Money and Government Securities to be Held in Trust;
Other Miscellaneous Provisions
	 	 	57	 
	Section 8.06. Repayment to Company
	 	 	57	 
	Section 8.07. Reinstatement
	 	 	58	 
	Section 8.08. Satisfaction and Discharge
	 	 	58	 
	 
	 	 	 	 
	ARTICLE 9

	Amendment, Supplement And Waiver

	 
	 	 	 	 
	Section 9.01. Without Consent of Holders of Securities
	 	 	59	 
	Section 9.02. With Consent of Holders of Securities
	 	 	59	 
	Section 9.03. Compliance with Trust Indenture Act
	 	 	61	 
	Section 9.04. Revocation and Effect of Consents
	 	 	61	 
	Section 9.05. Notation on or Exchange of Securities
	 	 	61	 
	Section 9.06. Trustee to Sign Amendment, etc.
	 	 	62	 
	 
	 	 	 	 
	ARTICLE 10

	Subordination

	 
	 	 	 	 
	Section 10.01. Agreement to Subordinate
	 	 	62	 
	Section 10.02. Certain Definitions
	 	 	62	 
	Section 10.03. Liquidation; Dissolution; Bankruptcy
	 	 	63	 
	Section 10.04. Default on Designated Senior Debt
	 	 	65	 
	Section 10.05. Acceleration of Securities
	 	 	66	 
	Section 10.06. When Distribution Must be Paid Over
	 	 	66	 
	Section 10.07. Notice by Company
	 	 	67	 
	Section 10.08. Subrogation
	 	 	67	 
	Section 10.09. Relative Rights
	 	 	67	 
	Section 10.10. Subordination May Not be Impaired by Company or the
Subsidiary Guarantors
	 	 	67	 
	Section 10.11. Payment, Distribution or Notice to Representative
	 	 	68	 
	Section 10.12. Rights of Trustee and Paying Agent
	 	 	68	 
	Section 10.13. Authorization to Effect Subordination
	 	 	68	 
	Section 10.14. Amendments
	 	 	69	 
	Section 10.15. No Waiver of Subordination Provisions
	 	 	69	 

iii 

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 11

	The Guarantees

	 
	 	 	 	 
	Section 11.01. The Guarantees
	 	 	69	 
	Section 11.02. Execution and Delivery of Guarantees
	 	 	70	 
	Section 11.03. Subsidiary Guarantors May Consolidate, etc., on Certain Terms
	 	 	71	 
	Section 11.04. Releases of Guarantees
	 	 	71	 
	Section 11.05. Limitation on Subsidiary Guarantor Liability
	 	 	72	 
	Section 11.06. “Trustee” to Include Paying Agent
	 	 	72	 
	Section 11.07. Subordination of Guarantees
	 	 	73	 
	 
	 	 	 	 
	ARTICLE 12

	Miscellaneous

	 
	 	 	 	 
	Section 12.01. Trust Indenture Act Controls
	 	 	73	 
	Section 12.02. Notices
	 	 	73	 
	Section 12.03. Communication by Holders of Securities with Other Holders of Securities
	 	 	74	 
	Section 12.04. Certificate and Opinion as to Conditions Precedent
	 	 	74	 
	Section 12.05. Statements Required in Certificate or Opinion
	 	 	75	 
	Section 12.06. Rules by Trustee and Agents
	 	 	75	 
	Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	75	 
	Section 12.08. Governing Law
	 	 	75	 
	Section 12.09. No Adverse Interpretation of Other Agreements
	 	 	76	 
	Section 12.10. Successors
	 	 	76	 
	Section 12.11. Severability
	 	 	76	 
	Section 12.12. Counterpart Originals
	 	 	76	 
	Section 12.13. Table of Contents, Headings, etc.
	 	 	76	 
	Section 12.14. Actions on Other than Business Days
	 	 	76	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	EXHIBIT A DTC Legend
	 	 	 	 
	EXHIBIT B Guarantee
	 	 	 	 

iv 

 

     INDENTURE dated as of September [___], 2007 among Range Resources Corporation, a Delaware
corporation (the “Company”), as issuer, the Subsidiary Guarantors (as hereinafter defined) as
guarantors and The Bank of New York Trust Company, N.A., as trustee (the “Trustee”).

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued as provided in this Indenture.

     The Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of
each other and for the equal and ratable benefit of the respective Holders from time to time of the
Securities:

ARTICLE 1

Definitions And Incorporation By Reference

     Section 1.01. Definitions.

     “Acquired Debt” means, with respect to any specified Person, (i) Indebtedness of any other
Person existing at the time such other Person is merged with or into or became a Subsidiary of such
specified Person, including, without limitation, Indebtedness incurred in connection with, or in
contemplation of, such other Person merging with or into or becoming a Subsidiary of such specified
Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person.

     “Additional Securities” means any Securities issued under the Indenture in addition to the
Initial Securities in accordance with Section 2.03. Additional Securities will be treated as part
of the same series of Securities as the Initial Securities for all purposes under this Indenture.

     “Adjusted Consolidated Net Tangible Assets” means (without duplication), as of the date of
determination, (i) the sum of (a) discounted future net revenues from proved oil and gas reserves
of the Company and its Restricted Subsidiaries calculated in accordance with the Commission’s
guidelines before any state or federal income taxes, with no less than 80% of the discounted future
net revenues estimated by one or more nationally recognized firms of independent petroleum
engineers in a reserve report prepared as of the end of the Company’s most recently completed
fiscal year, as increased by, as of the date of determination, the estimated discounted future net
revenues from (1) estimated proved oil and gas reserves acquired since the date of such year-end
reserve report, and (2) estimated oil and gas reserves attributable to upward revisions of
estimates of proved oil and gas reserves since the date of such year-end reserve report due to
exploration, development or exploitation activities, in each case calculated in accordance with the
Commission’s guidelines (utilizing the prices utilized in such year-end reserve report) increased
by the accretion of the discount from the date of the reserve report to the date of determination,
and decreased by, as of the date of determination, the estimated discounted future net revenues
from (3) estimated proved oil and gas reserves produced or disposed of since the date of such
year-end reserve report and (4) estimated oil and gas reserves attributable to downward revisions
of estimates of proved oil and gas reserves since the date of

1

 

such year-end reserve report due to changes in geological conditions or other factors which
would, in accordance with standard industry practice, cause such revisions, in each case calculated
in accordance with the Commission’s guidelines (utilizing the prices utilized in such year-end
reserve report); provided that, in the case of each of the determinations made pursuant to clause
(1) through (4), such increases and decreases shall be as estimated by the Company’s petroleum
engineers, unless in the event that there is a Material Change as a result of such acquisitions,
dispositions or revisions, then the discounted future net revenues utilized for purposes of this
clause (i) (a) shall be confirmed in writing by one or more nationally recognized firms of
independent petroleum engineers, (b) the capitalized costs that are attributable to oil and gas
properties of the Company and its Restricted Subsidiaries to which no proved oil and gas reserves
are attributable, based on the Company’s books and records as of a date no earlier than the date of
the Company’s latest annual or quarterly financial statements, (c) the Net Working Capital on a
date no earlier than the date of the Company’s latest annual or quarterly financial statements and
(d) the greater of (1) the net book value on a date no earlier than the date of the Company’s
latest annual or quarterly financial statements or (2) the book value of other tangible assets
(including, without duplication, investments in unconsolidated Restricted Subsidiaries and mineral
rights held under lease or other contractual arrangements) of the Company and its Restricted
Subsidiaries, as of the date no earlier than the date of the Company’s latest annual or quarterly
financial statements, minus (ii) the sum of (a) minority interests, (b) any gas balancing
liabilities of the Company and its Restricted Subsidiaries reflected in the Company’s latest
audited financial statements, and (c) the discounted future net revenues, calculated in accordance
with the Commission’s guidelines, attributable to reserves subject to Dollar-Denominated Production
Payments which, based on the estimates of production and price assumptions included in determining
the discounted future net revenues specified in clause (i)(a) above, would be necessary to fully
satisfy the payment obligations of the Company and its Restricted Subsidiaries with respect to
Dollar-Denominated Production Payments on the schedules specified with respect thereto. If the
Company changes its method of accounting from the successful efforts method to the full cost method
or a similar method of accounting, “Adjusted Consolidated Net Tangible Assets” will continue to be
calculated as if the Company was still using the successful efforts method of accounting.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the
voting securities of a Person shall be deemed to be control.

     “Agent” means any Registrar, Paying Agent or Authenticating Agent.

     “Agent Member” means a member of, or a participant in, the Depositary.

     “Asset Sale” means (i) the sale, lease, conveyance or other disposition (but excluding the
creation of or disposition pursuant to a Lien) of any assets including, without limitation, by way
of a sale and leaseback; provided that the sale, lease, conveyance or other disposition of all or

2

 

substantially all of the assets of the Company and its Subsidiaries taken as a whole shall be
governed by Sections 4.13 and/or 5.01 hereof and not by Section 4.10 hereof, and (ii) the issuance
or sale by the Company or any of its Restricted Subsidiaries of Equity Interests of any of the
Company’s Subsidiaries (including the sale by the Company or a Restricted Subsidiary of Equity
Interests in an Unrestricted Subsidiary), in the case of either clause (i) or (ii), whether in a
single transaction or a series of related transactions (a) that have a fair market value in excess
of $5.0 million or (b) for net proceeds in excess of $5.0 million. Notwithstanding the foregoing,
the following shall not be deemed to be Asset Sales: (1) a transfer of assets by the Company to a
Wholly Owned Restricted Subsidiary of the Company or by a Wholly Owned Restricted Subsidiary of the
Company to the Company or to another Wholly Owned Restricted Subsidiary of the Company, (2) an
issuance of Equity Interests by a Wholly Owned Restricted Subsidiary of the Company to the Company
or to another Wholly Owned Restricted Subsidiary of the Company, (3) the making of a Permitted
Investment or a Restricted Payment that is permitted by Section 4.07, (4) the abandonment,
farm-out, lease or sublease of undeveloped oil and gas properties in the ordinary course of
business, (5) the trade or exchange by the Company or any Restricted Subsidiary of the Company of
any oil and gas property owned or held by the Company or such Restricted Subsidiary for any oil and
gas property owned or held by another Person, which the Board of Directors of the Company
determines in good faith to be of approximately equivalent value, (6) the trade or exchange by the
Company or any Subsidiary of the Company of any oil and gas property owned or held by the Company
or such Subsidiary for Equity Interests in another Person engaged primarily in the Oil and Gas
Business which, together with all other such trades or exchanges (to the extent excluded from the
definition of Asset Sale pursuant to this clause (6)) since the date of this Indenture, do not
exceed 5% of Adjusted Consolidated Net Tangible Assets determined after such trade or exchange, (7)
the sale or transfer of hydrocarbons or other mineral products or other inventory or surplus or
obsolete equipment in the ordinary course of business or (8) sales of assets or property (including
Capital Stock) described in clause (c)(iv) of Section 4.07.

     “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of
determination, the present value (discounted at the rate of interest implicit in such transaction,
determined in accordance with GAAP) of the obligation of the lessee for net rental payments during
the remaining term of the lease included in such sale and leaseback transaction (including any
period for which such lease has been extended or may, at the option of the lessor, be extended).

     “Authenticating Agent” refers to a Person engaged to authenticate the Securities in the stead
of the Trustee.

     “Bankruptcy Code” means Title 11 of the United States Code, as amended.

     “Board of Directors” means the Board of Directors of the Company or a Subsidiary Guarantor, as
applicable, or any authorized committee of such Board of Directors.

     “Business Day” means any day other than a Legal Holiday.

3

 

     “Capital Lease Obligation” means, at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would at such time be required to be
capitalized on a balance sheet in accordance with GAAP.

     “Capital Stock” means (i) in the case of a corporation, corporate stock, (ii) in the case of
an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock, (iii) in the case of a partnership,
partnership interests (whether general or limited), (iv) in the case of a limited liability company
or similar entity, any membership or similar interests therein and (v) any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, in each case excluding debt securities
convertible or exchangeable for any of the foregoing.

     “Cash Equivalents” means (i) United States dollars, (ii) securities issued or directly and
fully guaranteed or insured by the United States government or any agency or instrumentality
thereof having maturities of not more than six months from the date of acquisition, (iii)
certificates of deposit and eurodollar time deposits with maturities of six months or less from the
date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight
bank deposits, in each case with any lender party to the Credit Agreement or with any domestic
commercial bank having capital and surplus in excess of $500 million and a Thompson Bank Watch
Rating of “B” or better, (iv) repurchase obligations with a term of not more than seven days for
underlying securities of the types described in clauses (ii) and (iii) above entered into with any
financial institution meeting the qualifications specified in clause (iii) above, (v) commercial
paper having a rating of at least P1 from Moody’s or a rating of at least Al from S&P, and (vi)
investments in money market or other mutual funds substantially all of whose assets comprise
securities of the types described in clauses (ii) through (v) above.

     “Certificated Security” means a Security in registered individual form without interest
coupons.

     “Change of Control” means the occurrence of any of the following: (i) the sale, lease,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of the assets of the Company and its
Subsidiaries taken as a whole to any “person” or group of related “persons” (as such terms are used
in Section 13(d)(3) of the Exchange Act), (ii) the adoption of a plan relating to the liquidation
or dissolution of the Company, (iii) the consummation of any transaction (including, without
limitation, any purchase, sale, acquisition, disposition, merger or consolidation) the result of
which is that any “person” (as defined above) or group of related “persons” becomes the “beneficial
owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) of more than
40% of the aggregate voting power of all classes of Capital Stock of the Company having the right
to elect directors under ordinary circumstances or (iv) the first day on which a majority of the
members of the Board of Directors of the Company are not Continuing Directors.

     “Commission” means the Securities and Exchange Commission.

4

 

     “Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated
Net Income of such Person and its Restricted Subsidiaries for such period plus (i) an amount equal
to any extraordinary loss, plus any net loss realized in connection with an Asset Sale (together
with any related provision for taxes), to the extent such losses were included in computing such
Consolidated Net Income, plus (ii) provision for taxes based on income or profits of such Person
and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was
included in computing such Consolidated Net Income, plus (iii) consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including,
without limitation, amortization of original issue discount, non-cash interest payments, the
interest component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt,
commissions, discounts and other fees and charges incurred in respect of letters of credit or
bankers’ acceptance financings, and net payments (if any) pursuant to Interest Rate Hedging
Agreements), to the extent that any such expense was included in computing such Consolidated Net
Income, plus (iv) depreciation, depletion and amortization expenses (including amortization of
goodwill and other intangibles) for such Person and its Restricted Subsidiaries for such period to
the extent that such depreciation, depletion and amortization expenses were included in computing
such Consolidated Net Income, plus (v) exploration expenses for such Person and its Restricted
Subsidiaries for such period to the extent such exploration expenses were included in computing
such Consolidated Net Income, plus (vi) other non-cash charges (excluding any such non-cash charge
to the extent that it represents an accrual of or reserve for cash charges in any future period or
amortization of a prepaid cash expense that was paid in a prior period) of such Person and its
Restricted Subsidiaries for such period to the extent that such other non-cash charges were
included in computing such Consolidated Net Income, in each case, on a consolidated basis and
determined in accordance with GAAP. Notwithstanding the foregoing, the provision for taxes on the
income or profits of, and the depreciation, depletion and amortization and other non-cash charges
and expenses of, a Restricted Subsidiary of the referent Person shall be added to Consolidated Net
Income to compute Consolidated Cash Flow only to the extent (and in same proportion) that the Net
Income of such Restricted Subsidiary was included in calculating the Consolidated Net Income of
such Person and only if a corresponding amount would be permitted at the date of determination to
be dividended to the referent Person by such Restricted Subsidiary without prior governmental
approval (that has not been obtained), and without direct or indirect restriction pursuant to the
terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules
and governmental regulations applicable to that Restricted Subsidiary or its stockholders.

     “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of
the Net Income of such Person and its Subsidiaries for such period, on a consolidated basis,
determined in accordance with GAAP; provided that (i) the Net Income (but not loss) of any Person
that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
shall be included only to the extent of the amount of dividends or distributions paid in cash to
the referent Person or a Wholly Owned Restricted Subsidiary thereof, (ii) the Net Income of any
Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends
or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of
determination permitted without any prior governmental approval (that has not been obtained) or,
directly or indirectly, by operation of the terms of its

5

 

charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, (iii) the Net Income of
any Person acquired in a pooling of interests transaction for any period prior to the date of such
acquisition shall be excluded, (iv) the cumulative effect of a change in accounting principles
shall be excluded, (v) any impairments or write-downs of oil and natural gas assets shall be
excluded, provided, however, that ceiling limitation write-downs in accordance with GAAP shall be
treated as capitalized costs, as if such write-downs had not occurred, (vi) extraordinary non-cash
losses shall be excluded, (vii) any non-cash compensation expenses realized for grants of
performance shares, stock options or stock awards to officers, directors and employees of the
Company or any of its Restricted Subsidiaries shall be excluded and (viii) any unrealized non-cash
gains or losses or charges in respect of hedge or non-hedge derivatives (including those resulting
from the application of the Financial Accounting Standards Board’s Statement of Financial
Accounting Standards No. 133) shall be excluded.

     “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Company who (i) was a member of such Board of Directors on the date of original
issuance of the Securities or (ii) was nominated for election or elected to such Board of Directors
with the approval of a majority of the Continuing Directors who were members of such Board at the
time of such nomination.

     “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company.

     “Credit Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of
October 25, 2006, by and among the Company, certain Subsidiaries of the Company, JPMorgan Chase
Bank, N.A. (successor by merger to Bank One, N.A., (Illinois), a national banking association), The
Frost National Bank, The Bank of Nova Scotia, Union Bank of California, N.A., Wachovia Bank,
National Association, Key Bank, BMO Capital Markets Financing, Inc., Amegy Bank, N.A., Capital One,
N.A., Comerica Bank, Natexis Banques Populaires, Fortis Capital Corp., Bank of America, N.A.,
Compass Bank, Calyon New York Branch and Bank of Scotland (hereinafter collectively referred to as
“Lenders”, and individually, “Lender”) and JPMorgan Chase Bank N.A. (formerly Bank One, NA), as
Administrative Agent, Bank of America, N.A., as Co-Documentation Agent, Fortis Capital Corp., as
Co-Documentation Agent, Calyon, New York Branch, as Co-Syndication Agent, BMO Capital Markets
Financing, Inc., as Co-Syndication Agent, J.P. Morgan Securities Inc. (formerly Banc One Capital
Markets, Inc.), as Sole Lead Arranger and Sole Bookrunner, as such credit agreement has been
amended or supplemented to the date of the Indenture, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection therewith, and in each case
as amended, restated, modified, renewed, refunded, replaced or refinanced, in whole or in part,
from time to time, whether or not with the same lenders or agents.

     “Credit Facilities” means, with respect to the Company, one or more debt facilities
(including, without limitation, the Credit Agreement) or commercial paper facilities with banks or
other institutional lenders providing for revolving credit loans, term loans, production payment
financing, receivables financing (including through the sale of receivables to such lenders or to
special purpose entities formed to borrow from such lenders against such

6

 

receivables) or letters of credit, in each case, as amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time.

     “Default” means any event that is or with the passage of time or the giving of notice or both
would be an Event of Default.

     “Depositary” means the depositary of each Global Security, which will initially be DTC.

     “Designated Senior Debt” means (i) the Credit Agreement and (ii) any other Senior Debt
permitted under this Indenture the principal amount of which is $25 million or more and that has
been designated by the Company as “Designated Senior Debt.”

     “Disqualified Stock” means any Capital Stock to the extent that, by its terms (or by the terms
of any security into which it is convertible or for which it is exchangeable), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation
or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior
to the date that is 91 days after the date on which the Securities mature.

     “Dollar-Denominated Production Payments” means production payment obligations recorded as
liabilities in accordance with GAAP, together with all undertakings and obligations in connection
therewith.

     “DTC” means The Depository Trust Company, a New York corporation, and its successors.

     “DTC Legend” means the legend set forth in Exhibit A.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

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

     “Fixed Charge Coverage Ratio” means with respect to any Person for any period, the ratio of
the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for
such period. In the event that the Company or any of its Restricted Subsidiaries incurs, assumes,
guarantees or redeems any Indebtedness (other than revolving credit borrowings) or issues preferred
stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated but prior to the date on which the calculation of the Fixed Charge Coverage Ratio
is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving
pro forma effect to such incurrence, assumption, guarantee or redemption of Indebtedness, or such
issuance or redemption of preferred stock, as if the same had occurred at the beginning of the
applicable four-quarter reference period. In addition, for purposes of making the computation
referred to above, (i) acquisitions that have been made by the referent Person or any of its
Restricted Subsidiaries, including through mergers or consolidations and including any related
financing transactions, during the four-quarter reference period or subsequent to such reference
period and on or prior to the Calculation Date (including, without limitation, any acquisition to
occur on the Calculation

7

 

Date) shall be deemed to have occurred on the first day of the four-quarter reference period
and Consolidated Cash Flow for such reference period shall be calculated without giving effect to
clause (iii) of the proviso set forth in the definition of Consolidated Net Income, (ii) the net
proceeds of Indebtedness incurred or Disqualified Stock issued by the referent Person pursuant to
the first paragraph of Section 4.09 hereof during the four-quarter reference period or subsequent
to such reference period and on or prior to the Calculation Date shall be deemed to have been
received by the referent Person or any of its Restricted Subsidiaries on the first day of the
four-quarter reference period and applied to its intended use on such date, (iii) the Consolidated
Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses disposed of prior to the Calculation Date, shall be excluded and (iv) the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to
the extent that the obligations giving rise to such Fixed Charges shall not be obligations of the
referent Person or any of its Restricted Subsidiaries following the Calculation Date.

     “Fixed Charges” means, with respect to any Person for any period, the sum, without
duplication, of (i) the consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization
of original issue discount, non-cash interest payments, the interest component of any deferred
payment obligations, the interest component of all payments associated with Capital Lease
Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other
fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net
payments (if any) pursuant to Interest Rate Hedging Agreements); (ii) the consolidated interest
expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
(iii) any interest expense on Indebtedness of another Person that is guaranteed by such Person or
any of its Restricted Subsidiaries or secured by a Lien on assets of such Person or any of its
Restricted Subsidiaries (whether or not such guarantee or Lien is called upon) and (iv) the product
of (a) all cash dividend payments (and non-cash dividend payments in the case of a Person that is a
Restricted Subsidiary) on any series of preferred stock of such Person or any of its Restricted
Subsidiaries, times (b) a fraction, the numerator of which is one and the denominator of which is
one minus the then current combined federal, state and local statutory tax rate of such Person,
expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP.

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession, which are in effect on the date hereof.

     “Global Security” means a Security in registered global form without interest coupons.

     “Government Securities” means securities that are (a) direct obligations of the United States
of America for the timely payment of which its full faith and credit is pledged or (b) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the timely payment of which is unconditionally guaranteed as a full

8

 

faith and credit obligation by the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also include a depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such Government Security or a specific payment of principal of or interest on any
such Government Security held by such custodian for the account of the holder of such depositary
receipt; provided, that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the Government Security or the specific payment of principal of or
interest on the Government Security evidenced by such depositary receipt.

     “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, letters of credit and reimbursement agreements in respect thereof), of all or
any part of any Indebtedness.

     “Guarantee” means each of the Guarantees of the Securities by the Subsidiary Guarantors
hereunder.

     “Holder” means a Person in whose name a Security is registered on the Registrar’s Register.

     “Indebtedness” means, with respect to any Person, without duplication, (a) any indebtedness of
such Person, whether or not contingent, (i) in respect of borrowed money, (ii) evidenced by bonds,
notes, debentures or similar instruments, (iii) evidenced by letters of credit (or reimbursement
agreements in respect thereof) or banker’s acceptances, (iv) representing Capital Lease
Obligations, (v) representing the balance deferred and unpaid of the purchase price of any
property, except any such balance that constitutes an accrued expense or trade payable, (vi)
representing any obligations in respect of Interest Rate Hedging Agreements or Oil and Gas Hedging
Contracts, and (vii) in respect of any Production Payment, (b) all indebtedness of others secured
by a Lien on any asset of such Person (whether or not such indebtedness is assumed by such Person),
(c) Attributable Debt of such Person, and (d) to the extent not otherwise included in the
foregoing, the guarantee by such Person of any indebtedness of any other Person; provided that the
indebtedness described in clauses (a) (i), (ii), (iv) and (v) shall be included in this definition
of Indebtedness only if, and to the extent that, the indebtedness described in such clauses would
appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of the Securities established as
contemplated hereunder.

     “Initial Securities” means the Securities issued on the Issue Date and any Securities issued
in replacement thereof.

     “Interest Rate Hedging Agreements” means, with respect to any Person, the obligations of such
Person under (i) interest rate swap agreements, interest rate cap agreements and interest

9

 

rate collar agreements and (ii) other agreements or arrangements designed to protect such
Person against fluctuations in interest rates.

     “Investments” means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of direct or indirect loans (including guarantees of
Indebtedness or other obligations, but excluding trade credit and other ordinary course advances
customarily made in the oil and gas industry), advances or capital contributions (excluding
commission, travel and similar advances to officers and employees made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or
other securities, together with all items that are or would be classified as investments on a
balance sheet prepared in accordance with GAAP; provided that the following shall not constitute
Investments: (i) an acquisition of assets, Equity Interests or other securities by the Company for
consideration consisting of common equity securities of the Company, (ii) Interest Rate Hedging
Agreements entered into in accordance with the limitations set forth in clause (h) of the
definition of “Permitted Indebtedness” set forth in Section 4.09 hereof, (iii) Oil and Gas Hedging
Contracts entered into in accordance with the limitations set forth in clause (i) of the definition
of “Permitted Indebtedness” set forth in Section 4.09 hereof and (iv) endorsements of negotiable
instruments and documents in the ordinary course of business. If the Company or any Restricted
Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or
indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or
disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to
have made an Investment on the date of any such sale or disposition equal to the fair market value
of the Equity Interests of such Subsidiary not sold or disposed of.

     “Issue Date” means the first date that any Securities are issued under this Indenture.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City
of New York, the City of Chicago, the City of Houston, Texas or at a place of payment are
authorized by law, regulation or executive order to remain closed. If a payment date is a Legal
Holiday at a place of payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening period.

     “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law (including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction other than a precautionary financing statement with
respect to a lease not intended as a security agreement).

     “Material Change” means an increase or decrease (excluding changes that result solely from
changes in prices) of more than 20% during a fiscal quarter in the estimated discounted future net
cash flows from proved oil and gas reserves of the Company and its Restricted Subsidiaries,
calculated in accordance with clause (i) (a) of the definition of Adjusted Consolidated Net
Tangible Assets; provided, however, that the following will be excluded from the calculation of
Material Change; (i) any acquisitions during the quarter of oil and gas reserves that have been
estimated by one or more nationally recognized firms of independent petroleum

10

 

engineers and on which a report or reports exist and (ii) any disposition of properties
existing at the beginning of such quarter that have been disposed of as provided in Section 4.10
hereof.

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Net Income” means, with respect to any Person, the net income (loss) of such Person,
determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however, (i) any gain (but not loss), together with any related provision for
taxes on such gain (but not loss), realized in connection with (a) any Asset Sale (including,
without limitation, dispositions pursuant to sale and leaseback transactions) or (b) the
disposition of any securities by such Person or any of its Restricted Subsidiaries or the
extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries and (ii)
any extraordinary or nonrecurring gain (but not loss), together with any related provision for
taxes on such extraordinary or nonrecurring gain (but not loss).

     “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash
received upon the sale or other disposition of any non-cash consideration received in any Asset
Sale, but excluding cash amounts placed in escrow, until such amounts are released to the Company),
net of the direct costs relating to such Asset Sale (including, without limitation, legal,
accounting and investment banking fees and expenses, and sales commissions) and any relocation
expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into
account any available tax credits or deductions and any tax sharing arrangements), amounts required
to be applied to the repayment of Indebtedness (other than Indebtedness under any Credit Facility)
secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve
for adjustment in respect of the sale price of such asset or assets established in accordance with
GAAP and any reserve established for future liabilities.

     “Net Working Capital” means (i) all current assets of the Company and its Restricted
Subsidiaries, minus (ii) all current liabilities of the Company and its Restricted Subsidiaries,
except current liabilities included in Indebtedness, in each case as set forth in financial
statements of the Company prepared in accordance with GAAP (excluding any adjustments made pursuant
to the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 133).

     “Non-Recourse Debt” means Indebtedness (i) as to which neither the Company nor any of its
Restricted Subsidiaries (a) provides any guarantee or credit support of any kind (including any
undertaking, guarantee, indemnity or agreement or instrument that would constitute Indebtedness) or
(b) is directly or indirectly liable (as a guarantor or otherwise); (ii) no default with respect to
which (including any rights that the holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other
Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such
other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated
maturity; and (iii) the explicit terms of which provide that there is no recourse against any of
the assets of the Company or its Restricted Subsidiaries.

11

 

     “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any
Indebtedness.

     “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary, any Vice-President
of such Person or any other individual designated in writing by such Person as an Officer.

     “Officers’ Certificate” means a certificate signed on behalf of the Company, by two Officers
of the Company, one of whom must be the principal executive officer, the principal financial
officer, the treasurer or the principal accounting officer of the Company, that meets the
requirements of Section 12.05 hereof.

     “Oil and Gas Business” means (i) the acquisition, exploration, development, operation and
disposition of interests in oil, gas and other hydrocarbon properties, (ii) the gathering,
marketing, distribution, treating, processing, storage, selling and transporting of any production
from such interests or properties, (iii) any business relating to exploration for or development,
production, treatment, processing, storage, transportation or marketing of oil, gas and other
minerals and products produced in association therewith and (iv) any activity that is ancillary to
or necessary or appropriate for the activities described in clauses (i) through (iii) of this
definition.

     “Oil and Gas Hedging Contracts” means any oil and gas purchase or hedging agreement, and other
agreement or arrangement, in each case, that is designed to provide protection against oil and gas
price fluctuations.

     “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or
counsel to the Company, any Subsidiary Guarantor or the Trustee.

     “pari passu Indebtedness” means indebtedness which ranks pari passu in right of payment to the
Securities.

     “Paying Agent” refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.

     “Permitted Investments” means (a) any Investment in the Company or in a Wholly Owned
Restricted Subsidiary of the Company; (b) any Investment in Cash Equivalents or securities issued
or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof having maturities of not more than one year from the date of acquisition;
(c) any Investment by the Company or any Restricted Subsidiary of the Company in a Person if, as a
result of such Investment and any related transactions that at the time of such Investment are
contractually mandated to occur, (i) such Person becomes a Wholly Owned Restricted Subsidiary of
the Company or (ii) such Person is merged, consolidated or amalgamated with or into, or transfers
or conveys all or substantially all of its assets to, or is liquidated into, the Company or a
Wholly Owned Restricted Subsidiary of the Company; (d) any

12

 

Investment made as a result of the receipt of non-cash consideration from an Asset Sale that
was made pursuant to and in compliance with Section 4.10 hereof; (e) other Investments in any
Person or Persons having an aggregate fair market value (measured on the date each such Investment
was made and without giving effect to subsequent changes in value), when taken together with all
other Investments made pursuant to this clause (e) that are at the time outstanding not to exceed
$10.0 million; (f) any Investment acquired by the Company in exchange for Equity Interests in the
Company (other than Disqualified Stock); (g) shares of Capital Stock received in connection with
any good faith settlement of a bankruptcy proceeding involving a trade creditor; (h) entry into
operating agreements, joint ventures, partnership agreements, working interests, royalty interests,
mineral leases, processing agreements, farm-out agreements, contracts for the sale, transportation
or exchange of oil and natural gas, unitization agreements, pooling arrangements, area of mutual
interest agreements, production sharing agreements or other similar or customary agreements,
transactions, properties, interests or arrangements, and Investments and expenditures in connection
therewith or pursuant thereto, in each case made or entered into the ordinary course of the Oil and
Gas Business, excluding, however, Investments in corporations other than any Investment received
pursuant to the Asset Sale provision and (i) the acquisition of any Equity Interests pursuant to a
transaction of the type described in clause (6) of the exclusions from the definition of “Asset
Sale”.

     “Permitted Liens” means (i) Liens securing Indebtedness of a Subsidiary or Liens securing
Senior Debt, in each case, that is outstanding on the Issue Date and Liens securing Senior Debt
that are permitted by the terms of this Indenture to be incurred, (ii) Liens in favor of the
Company, (iii) Liens on property or assets existing at the time of acquisition thereof by the
Company or any Subsidiary of the Company and Liens on property or assets of a Subsidiary existing
at the time it became a Subsidiary, provided, that such Liens were in existence prior to the
contemplation of the acquisition and do not extend to any assets other than the acquired property,
(iv) Liens incurred or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance or other kinds of social security, or to secure the payment or
performance of tenders, statutory or regulatory obligations, surety or appeal bonds, performance
bonds or other obligations of a like nature incurred in the ordinary course of business (including
lessee or operator obligations under statutes, governmental regulations or instruments related to
the ownership, exploration and production of oil, gas and minerals on state or federal lands or
waters), (v) Liens existing on the date of this Indenture, (vi) Liens for taxes, assessments or
governmental charges or claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently concluded, provided that any
reserve or other appropriate provision as shall be required in conformity with GAAP shall have been
made therefor, (vii) statutory liens of landlords, mechanics, suppliers, vendors, warehousemen,
carriers or other like Liens arising in the ordinary course of business, (viii) judgment Liens not
giving rise to an Event of Default so long as any appropriate legal proceeding that may have been
duly initiated for the review of such judgment shall not have been finally terminated or the period
within which such proceeding may be initiated shall not have expired, (ix) Liens on, or related to,
properties or assets to secure all or part of the costs incurred in the ordinary course of the Oil
and Gas Business for the exploration, drilling, development or operation thereof, (x) Liens in
pipelines or pipeline facilities that arise under operation of law, (xi) Liens arising under
operating agreements, joint venture agreements, partnership agreements, oil and gas leases,
farm-out agreements, division orders, contracts for the sale, transportation or exchange of oil or
natural gas, unitization and pooling declarations and

13

 

agreements, area of mutual interest agreements and other agreements that are customary in the
Oil and Gas Business, (xii) Liens reserved in oil and gas mineral leases for bonus or rental
payments and for compliance with the terms of such leases, (xiii) Liens securing the Securities and
(xiv) Liens not otherwise permitted by clauses (i) through (xiii) that are incurred in the ordinary
course of business of the Company or any Subsidiary of the Company with respect to obligations that
do not exceed $5.0 million at any one time outstanding.

     “Permitted Refinancing Debt” means any Indebtedness of the Company or any of its Restricted
Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance,
renew, replace, defease or refund other Indebtedness (other than Indebtedness incurred under a
Credit Facility) of the Company or any of its Restricted Subsidiaries; provided that: (i) the
principal amount of such Permitted Refinancing Debt does not exceed the principal amount of the
Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of
reasonable expenses incurred in connection therewith); (ii) such Permitted Refinancing Debt has a
final maturity date on or later than the final maturity date of, and has a Weighted Average Life to
Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded; (iii) if the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment
to the Securities, such Permitted Refinancing Debt has a final maturity date later than the final
maturity date of, and is subordinated in right of payment to, the Securities on terms at least as
favorable taken as a whole to the Holders of the Securities as those contained in the documentation
governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and
(iv) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the
obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.

     “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization, government or any
agency or political subdivision thereof or any other entity.

     “Production Payments” means Dollar-Denominated Production Payments and Volumetric Production
Payments, collectively.

     “Registrar” means a Person engaged to maintain the Register.

     “Repurchase Offer” means an offer made by the Company to purchase all or any portion of a
Holder’s Securities pursuant to Section 4.10 or 4.13 hereof.

     “Responsible Officer” when used with respect to the Trustee, means the officer within the
Corporate Trust Department of the Trustee (or any successor group of the Trustee) having direct
responsibility for the administration of this Indenture.

     “Restricted Investment” means an Investment other than a Permitted Investment.

     “Restricted Subsidiary” means any direct or indirect Subsidiary of the Company that is not an
Unrestricted Subsidiary.

     “S&P” means Standard & Poor’s Ratings Group and its successors.

14

 

     “Securities Act” means the Securities Act of 1933, as amended.

     “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as
defined in Article I, Rule 1.02 of Regulations S-X, promulgated pursuant to the Exchange Act, as
such Regulation is in effect on the date hereof.

     “Subordinated Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary
(whether outstanding on the date of the issuance of the Securities or thereafter incurred) which is
subordinate or junior in right of payment to the Securities pursuant to a written agreement.

     “Subsidiary” means, with respect to any Person, (i) any corporation, association or other
business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof)
and (ii) any partnership (a) the sole general partner or the managing general partner of which is
such Person or a Subsidiary of such Person or (b) the only general partners of which are such
Person or of one or more Subsidiaries of such Person (or any combination thereof).

     “Subsidiary Guarantors” means initially the Restricted Subsidiaries of the Company who are
signatories to this Indenture as of the Issue Date and any other future Restricted Subsidiary of
the Company and in each case their respective successors and assigns; provided that in no event
shall any Subsidiary acquired or created by the Company after the date of this Indenture that is
organized under the laws of a jurisdiction other than the United States or any State or other
subdivision thereof (a “non-U.S. Subsidiary”) be a Subsidiary Guarantor under this Indenture.

     “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date on which
this Indenture is qualified under the TIA.

     “Total Assets” means, with respect to any Person, the total consolidated assets of such Person
and its Restricted Subsidiaries, as shown on the most recent balance sheet of such Person.

     “Trustee” means the party named as such in the preamble to this Indenture until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

     “Unrestricted Subsidiary” means (i) any Subsidiary of the Company which at the time of
determination shall be an Unrestricted Subsidiary (as designated by the Board of Directors of the
Company, as provided below) and (ii) any Subsidiary of an Unrestricted Subsidiary. The Board of
Directors of the Company may designate any Subsidiary of the Company (including any newly acquired
or newly formed Subsidiary or a Person becoming a Subsidiary through merger or consolidation or
Investment therein) to be an Unrestricted Subsidiary only if: (a) such Subsidiary does not own any
Capital Stock of, or own or hold any Lien on any property of, any other Subsidiary of the Company
which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted
Subsidiary; (b) all the Indebtedness of such Subsidiary shall at the date of designation, and will
at all times thereafter consist of, Non-Recourse Debt; (c) the Company certifies that such
designation was permitted by Section 4.07; (d) such Subsidiary,

15

 

either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate,
directly or indirectly, all or substantially all of the business of the Company and its
Subsidiaries; (e) such Subsidiary does not, directly or indirectly, own any Indebtedness of or
Equity Interest in, and has no Investments in, the Company or any Restricted Subsidiary; (f) such
Subsidiary is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (1) to subscribe for additional Equity Interests
or (2) to maintain or preserve such Person’s financial condition or to cause such Person to achieve
any specified levels of operating results; and (g) on the date such Subsidiary is designated an
Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary with terms substantially less favorable
to the Company than those that might have been obtained from Persons who are not Affiliates of the
Company. Any such designation by the Board of Directors of the Company shall be evidenced to the
Trustee by filing with the Trustee a resolution of the Board of Directors of the Company giving
effect to such designation and an Officer’s Certificate certifying that such designation complied
with the foregoing conditions; provided, however, that WCR/Range, L.P., WCR/Range GP, LLC and WCR
Lessee, LLC shall be deemed to be Unrestricted Subsidiaries as of the date of this Indenture
without regard to the foregoing. If, at any time, any Unrestricted Subsidiary would fail to meet
the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary
shall be deemed to be incurred as of such date. The Board of Directors of the Company may designate
any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (1) immediately after
giving effect to such designation, no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence thereof and the Company could incur at least $1.00 of
additional Indebtedness (excluding Permitted Indebtedness) pursuant to Section 4.09 on a pro forma
basis taking into account such designation and (2) such Subsidiary executes a Guarantee pursuant to
Section 11.02 of this Indenture.

     “Volumetric Production Payments” means production payment obligations recorded as deferred
revenue in accordance with GAAP, together with all undertakings and obligations in connection
therewith.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the
number of years obtained by dividing (i) the sum of the products obtained by multiplying (a) the
amount of each then remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect thereof, by (b) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment, by (ii) the then outstanding principal amount of such Indebtedness.

     “Wholly Owned Restricted Subsidiary” means, with respect to any Person, a Restricted
Subsidiary of such Person, all of the outstanding Capital Stock or other ownership interests of
which (other than directors’ qualifying shares) are owned, directly or indirectly, by such Person
or by one or more Wholly Owned Restricted Subsidiaries of such Person.

     Section 1.02. Other Definitions.

16

 

	 	 	 
	Term 	 	Defined in Section
	“Affiliate Transaction”
	 	4.11
	“Asset Sale Offer”
	 	3.09
	“Bankruptcy Law”
	 	10.02
	“Change of Control Offer”
	 	4.13
	“Change of Control Payment”
	 	4.13
	“Change of Control Payment Date”
	 	4.13
	“Covenant Defeasance”
	 	8.03
	“Custodian”
	 	6.01
	“Event of Default”
	 	6.01
	“Excess Proceeds”
	 	4.10
	“incur”
	 	4.09
	“Legal Defeasance”
	 	8.02
	“Notice of Default”
	 	6.01
	“Offer Amount”
	 	3.09
	“Offer Period”
	 	3.09
	“Payment Blockage Notice”
	 	10.04
	“Payment Default”
	 	6.01
	“Permitted Indebtedness”
	 	4.09
	“Purchase Date”
	 	3.09
	“Register”
	 	2.11
	“Representative”
	 	10.02
	“Restricted Payments”
	 	4.07
	“Senior Debt”
	 	10.02

     Section 1.03. Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture.

     The following TIA terms used in this Indenture have the following meanings:

     “indenture securities” means the Securities;

     “indenture to be qualified” means this Indenture;

     “indenture trustee” or “institutional trustee” means the Trustee;

     “obligor” with respect to the Securities means the Company and with respect to the Guarantees
means the Subsidiary Guarantors and any successor obligor upon the Securities and the Guarantees,
respectively.

     All other terms used in this indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by rule enacted by the Commission under the TIA have the meanings so
assigned to them.

17

 

     Section 1.04. Rules of Construction.

     Unless the context otherwise requires:

     (1) a term has the meaning assigned to it;

     (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP;

     (3) “or” is not exclusive;

     (4) words in the singular include the plural, and in the plural include the singular;

     (5) provisions apply to successive events and transactions; and

     (6) references to sections of or rules under the Securities Act shall be deemed to include
substitute, replacement of successor sections or rules adopted by the Commission from time to time.

ARTICLE 2

The Securities

     Section 2.01 . Forms Generally. The Securities shall be in substantially the form as shall be established
by or pursuant to a resolution of the Board of Directors or in one or more indentures supplemental
hereto, in each case as contemplated by Section 2.03, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities, as evidenced by
their execution of the Securities.

     The definitive Securities shall be printed, lithographed or engraved on steel-engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

     Section 2.02 . Form Of Trustee’s Certificate Of Authentication. The Trustee’s certificate of
authentication shall be substantially in the following form:

     This is one of the Securities referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK
TRUST
       COMPANY, N.A.,
as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

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     Section 2.03. Amount Unlimited. The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.

     The Securities may be issued from time to time. Prior to the issuance of Securities, there
shall be established in or pursuant to (i) action taken pursuant to a resolution of the Board of
Directors and (subject to Section 2.04) set forth, or determined in the manner provided, in an
Officers’ Certificate (a “Board Resolution”), or (ii) one or more indentures supplemental hereto,
the definitive terms of the Securities to the extent they are not set forth in or vary from the
provisions of this Indenture, including the following:

     (1) the title of the Securities;

     (2) the purchase price, denomination and any limit upon the aggregate principal amount of the
Initial Securities and, if limited, Additional Securities, which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to this
Indenture);

     (3) the date or dates on which the principal of and premium, if any, on the Securities is
payable or the method of determination thereof;

     (4) the rate or rates at which the Securities shall bear interest, if any, or the method of
calculating such rate or rates of interest, the date or dates from which such interest shall accrue
or the method by which such date or dates shall be determined, the interest payment dates on which
any such interest shall be payable and the regular record dates, if any, for the interest payable
on any interest payment date;

     (5) the period or periods within which, the price or prices at which, the currency or
currencies (including currency unit or units) in which, and the other terms and conditions upon
which Securities may be redeemed, in whole or in part, at the option of the Company, if the Company
is to have that option;

     (6) if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which Securities shall be issuable;

     (7) if other than the principal amount thereof, the portion of the principal amount of
Securities which shall be payable upon declaration of acceleration of the Maturity thereof pursuant
to Section 6.02 or the method by which such portion shall be determined;

     (8) any modifications of or additions to the Events of Default or the covenants of the Company
set forth herein;

     (9) the form of Security; and

     (10) any other terms of the Securities.

     All Securities shall be substantially identical except as may otherwise be provided (i) by a
Board Resolution, (ii) by action taken pursuant to a Board Resolution and (subject to Section

19

 

2.04) set forth, or determined in the manner provided, in an Officers’ Certificate or (iii) in any such
indenture supplemental hereto. All Securities need not be issued at the same time and, unless
otherwise provided, Additional Securities may be issued, subject to any limitations herein;
provided, however, that any such issuance made under the same CUSIP number as the original issuance
will be made only if either such Additional Securities are issued with no more than de minimis
original issue discount or such issuance is a “qualified reopening” as such term is defined under
Treasury regulations section 1.1275-2(k)(3) promulgated under the Internal Revenue Code of 1986, as
amended.

     If any of the terms of the Securities of any series are established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate setting forth, or providing the manner for determining, the
terms of the Securities, and an appropriate record of any action taken pursuant thereto in
connection with the issuance of any Securities of such series shall be delivered to the Trustee
prior to the authentication and delivery thereof.

     Section 2.04. Execution and Authentication.

     (a) An Officer shall execute the Securities for the Company by facsimile or manual signature
in the name and on behalf of the Company. If an Officer whose signature is on a Security no longer
holds that office at the time the Security is authenticated, the Security will still be valid.

     (b) A Security will not be valid until the Trustee manually signs the certificate of
authentication on the Security, with the signature conclusive evidence that the Security has been
authenticated under the Indenture.

     (c) At any time and from time to time after the execution and delivery of the Indenture, the
Company may deliver Securities executed by the Company to the Trustee for authentication. The
Trustee will authenticate and deliver said Securities after receipt by the Trustee of an Officers’
Certificate specifying

     (A) the amount of Securities to be authenticated and the date on which the
Securities are to be authenticated,

     (B) whether the Securities are to be issued as one or more Global Securities
or Certificated Securities, and

     (C) other information the Company may determine to include or the Trustee may
reasonably request.

     Section 2.05. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in
Trust.

     (a) The Company may appoint one or more Registrars and one or more Paying Agents, and the
Trustee may appoint an Authenticating Agent, in which case each reference in the Indenture to the
Trustee in respect of the obligations of the Trustee to be performed by that

20

 

Agent will be deemed to be references to the Agent. The Company may act as Registrar or (except for purposes of Article
8) Paying Agent. In each case the Company and the Trustee will enter into an appropriate agreement
with the Agent implementing the provisions of the Indenture relating to the obligations of the
Trustee to be performed by the Agent and the related rights. The Company initially appoints the
Trustee as Registrar and Paying Agent.

     (b) The Company will require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by
the Paying Agent for the payment of principal, premium, if any, or of interest on the Securities
and will promptly notify the Trustee of any Default by the Company in making any such payment. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee and
account for any funds disbursed, and the Trustee may at any time during the continuance of any
payment Default, upon written request to a Paying Agent, require the Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent
will have no further liability for the money so paid over to the Trustee.

     Section 2.06. Replacement Securities.

     If a mutilated Security is surrendered to the Trustee or if a Holder claims that its Security
has been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will
authenticate a replacement Security of like tenor and principal amount and bearing a number not
contemporaneously outstanding. Every replacement Security is an additional Obligation of the
Company and entitled to the benefits of the Indenture. If required by the Trustee or the Company,
an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the
Company to protect the Company and the Trustee from any loss they may suffer if a Security is
replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in
replacing a Security. In case the mutilated, lost, destroyed or wrongfully taken Security has
become or is about to become due and payable, the Company in its discretion may pay the Security
instead of issuing a replacement Security.

     Section 2.07. Outstanding Securities.

     (a) Securities outstanding at any time are all Securities that have been authenticated by the
Trustee except for

     (1) Securities cancelled by the Trustee or delivered to it for cancellation;

     (2) any Security which has been replaced pursuant to Section 2.06 unless and until the
Trustee and the Company receive proof satisfactory to them that the replaced Security is
held by a bona fide purchaser; and

     (3) on or after the maturity date or any redemption date or date for repurchase of the
Securities pursuant to an Asset Sale Offer or a Change of Control Offer, those Securities
payable or to be redeemed or repurchased on that date for which the Trustee (or Paying
Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay
all amounts then due.

21

 

     (b) A Security does not cease to be outstanding because the Company or one of its Affiliates
holds the Security, provided that in determining whether the Holders of the requisite principal
amount of the outstanding Securities have given or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder, Securities owned by the Company or
any Affiliate of the Company will be disregarded and deemed not to be outstanding, (it being
understood that in determining whether the Trustee is protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only Securities which
the Trustee actually knows to be so owned will be so disregarded). Securities so owned which have
been pledged in good faith may be regarded as outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Company or any Affiliate of the Company.

     Section 2.08. Temporary Securities.

     Until definitive Securities are ready for delivery, the Company may prepare and the Trustee
will authenticate temporary Securities. Temporary Securities will be substantially in the form of
definitive Securities but may have insertions, substitutions, omissions and other variations
determined to be appropriate by the Company Officer executing the temporary Securities, as
evidenced by the execution of the temporary Securities. If temporary Securities are issued, the
Company will cause definitive Securities to be prepared without unreasonable delay. After the
preparation of definitive Securities, the temporary Securities will be exchangeable for definitive
Securities upon surrender of the temporary Securities at the office or agency of the Company
designated for the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender
for cancellation of any temporary Securities the Company will execute and the Trustee will
authenticate and deliver in exchange therefor a like principal amount of definitive Securities of
authorized denominations. Until so exchanged, the temporary Securities will be entitled to the
same benefits under the Indenture as definitive Securities.

     Section 2.09. Cancellation.

     The Company at any time may deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will
forward to the Trustee any Securities surrendered to it for transfer, exchange or payment. The Trustee will cancel all Securities surrendered for transfer,
exchange, payment or cancellation and dispose of them in accordance with its document retention
procedures or the written instructions of the Company. The Company may not issue new Securities
to replace Securities it has paid in full or delivered to the Trustee for cancellation.

     Section 2.10. CUSIP and CINS Numbers.

     The Company in issuing the Securities may use “CUSIP” and “CINS” numbers, and the Trustee will
use CUSIP numbers or CINS numbers in notices of redemption or exchange or in offers to purchase as
a convenience to Holders, the notice to state that no representation is made as to the correctness
of such numbers either as printed on the Securities or as contained in any

22

 

notice of redemption or exchange. The Company will promptly notify the Trustee in writing of any change in the CUSIP or
CINS numbers.

     Section 2.11 Registration, Transfer and Exchange.

     (a) The Securities will be issued in registered form only, without coupons, and the Company
shall cause the Registrar to maintain a register (the “Register”) of the Securities, for
registering the record ownership of the Securities by the Holders and transfers and exchanges of
the Securities.

     (b) (1) Each Global Security will be registered in the name of the Depositary or its nominee
and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend set forth in
Exhibit A.

     (2) Each Global Security will be delivered to the Trustee as custodian for the
Depositary. Transfers of a Global Security (but not a beneficial interest therein) will be
limited to transfers thereof in whole, but not in part, to the Depositary, its successors or
their respective nominees, except (x) as set forth in Section 2.11(b)(4) and (y) transfers
of portions thereof in the form of Certificated Securities may be made upon request of an
Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the
Trustee by or on behalf of the Depositary in accordance with customary procedures of the
Depositary and in compliance with this Section 2.11.

     (3) Agent Members will have no rights under the Indenture with respect to any Global
Security held on their behalf by the Depositary, and the Depositary shall be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and
Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing,
the Depositary or its nominee may grant proxies and otherwise authorize any Person
(including any Agent Member and any Person that holds a beneficial interest in a Global
Security through an Agent Member) to take any action which a Holder is entitled to take
under the Indenture or the Securities, and nothing herein will impair, as between the
Depositary and its Agent Members, the operation of customary practices governing the
exercise of the rights of a holder of any security.

     (4) If (x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for a Global Security and a successor depositary is not appointed by
the Company within 90 days of the notice or (y) an Event of Default has occurred and
is continuing and the Trustee has received a request from the Depositary, the Trustee
will promptly exchange each beneficial interest in the Global Security for one or more
Certificated Securities in authorized denominations having an equal aggregate principal
amount registered in the name of the owner of such beneficial interest, as identified to the
Trustee by the Depositary, and thereupon the Global Security will be deemed canceled. Each
Certificated Security will be registered in the name of the Holder thereof or its nominee.

     (c) A Holder may transfer a Security to another Person or exchange a Security for another
Security or Securities of any authorized denomination by presenting to the Trustee a

23

 

written request therefor stating the name of the proposed transferee or requesting such an exchange. The
Registrar will promptly register any transfer or exchange that meets the requirements of this
Section by noting the same in the Register maintained by the Registrar for the purpose; provided
that

     (x) no transfer or exchange will be effective until it is registered in such Register
and

     (y) the Trustee will not be required (i) to issue, register the transfer of or exchange
any Security for a period of 15 days before a selection of Securities to be redeemed or
repurchased, (ii) to register the transfer of or exchange any Security so selected for
redemption or repurchase in whole or in part, except, in the case of a partial redemption or
repurchase, that portion of any Security not being redeemed or repurchased, or (iii) if a
redemption or a repurchase is to occur after a regular record date but on or before the
corresponding related interest payment date, to register the transfer of or exchange any
Security on or after the regular record date and before the date of redemption or
repurchase. Prior to the registration of any transfer, the Company, the Trustee and their
agents will treat the Person in whose name the Security is registered as the owner and
Holder thereof for all purposes (whether or not the Security is overdue), and will not be
affected by notice to the contrary.

     From time to time the Company will execute and the Trustee will authenticate additional
Securities as necessary in order to permit the registration of a transfer or exchange in accordance
with this Section.

     No service charge will be imposed in connection with any transfer or exchange of any Security,
but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than a transfer tax or other similar
governmental charge payable upon exchange pursuant to subsection (b)(4)).

     (d) (1) Global Security to Global Security. If a beneficial interest in a Global Security is
transferred or exchanged for a beneficial interest in another Global Security, the Trustee will (x)
record a decrease in the principal amount of the Global Security being transferred or exchanged
equal to the principal amount of such transfer or exchange and (y) record a like increase in the
principal amount of the other Global Security. Any beneficial interest in one Global Security that
is transferred to a Person who takes delivery in the form of a beneficial interest in another
Global Security, or exchanged for a beneficial interest in another
Global Security, will, upon transfer or exchange, cease to be an owner of a beneficial
interest in such Global Security and become an owner of a beneficial interest in the other Global
Security and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if
any, and other procedures applicable to beneficial interests in such other Global Security for as
long as it remains such an interest.

     (2) Global Security to Certificated Security. If a beneficial interest in a Global
Security is transferred or exchanged for a Certificated Security, the Trustee will (x)
record a decrease in the principal amount of such Global Security equal to the principal
amount of such transfer or exchange and (y) deliver one or more new Certificated

24

 

Securities in authorized denominations having an equal aggregate principal amount to the transferee (in
the case of a transfer) or the owner of such beneficial interest (in the case of an
exchange), registered in the name of such transferee or owner, as applicable.

     (3) Certificated Security to Global Security. If a Certificated Security is
transferred or exchanged for a beneficial interest in a Global Security, the Trustee will
(x) cancel such Certificated Security, (y) record an increase in the principal amount of
such Global Security equal to the principal amount of such transfer or exchange and (z) in
the event that such transfer or exchange involves less than the entire principal amount of
the canceled Certificated Security, deliver to the Holder thereof one or more new
Certificated Securities in authorized denominations having an aggregate principal amount
equal to the untransferred or unexchanged portion of the canceled Certificated Security,
registered in the name of the Holder thereof.

     (4) Certificated Security to Certificated Security. If a Certificated Security is
transferred or exchanged for another Certificated Security, the Trustee will (x) cancel the
Certificated Security being transferred or exchanged, (y) deliver one or more new
Certificated Securities in authorized denominations having an aggregate principal amount
equal to the principal amount of such transfer or exchange to the transferee (in the case of
a transfer) or the Holder of the canceled Certificated Security (in the case of an
exchange), registered in the name of such transferee or Holder, as applicable, and (z) if
such transfer or exchange involves less than the entire principal amount of the canceled
Certificated Security, deliver to the Holder thereof one or more Certificated Securities in
authorized denominations having an aggregate principal amount equal to the untransferred or
unexchanged portion of the canceled Certificated Security, registered in the name of the
Holder thereof.

     Section 2.12. Defaulted Interest.

     If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Securities and in Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Security and the date of
the proposed payment. The Company shall fix or cause to be fixed each such special record date and
payment date, provided that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

25

 

ARTICLE 3

Redemption And Prepayment

     Section 3.01. Notices to Trustee.

     The Securities may be redeemable at the option of the Company as provided in the terms of the
Securities. If the Company elects to redeem Securities pursuant to the optional redemption
provisions thereof , then it shall furnish to the Trustee, at least 45 days but not more than 60
days before a redemption date (or such shorter time as shall be agreed by the Trustee), an
Officers’ Certificate setting forth (i) the paragraph of the Securities pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be
redeemed and (iv) the redemption price.

     Section 3.02. Selection of Securities to be Redeemed.

     If less than all of the Securities are to be redeemed at any time, selection of Securities for
redemption shall be made by the Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are listed as the Trustee is advised
by the Company, or, if the Securities are not so listed, on a pro rata basis, by lot or by such
other method as the Trustee shall deem fair and appropriate (and in such manner as complies with
applicable legal requirements); provided that no Securities of $1,000 or less shall be redeemed in
part. In the event of partial redemption by lot, the particular Securities to be redeemed shall be
selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption date by the Trustee from the outstanding Securities not previously called for
redemption.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Security selected for partial redemption, the principal amount
thereof to be redeemed. Securities and portions of Securities selected shall be in amounts of
$1,000 or whole multiples of $1,000; except that if all of the Securities of a Holder are to be
redeemed, the entire outstanding amount of Securities held by such Holder, even if not a multiple
of $1,000, shall be redeemed. A new Security in principal amount equal to the unredeemed portion
thereof shall be issued in the name of the Holder thereof upon cancellation of the original
Security. On and after the redemption date, unless the Company defaults in payment of the
redemption price, interest ceases to accrue on Securities or portions of them called for
redemption. Except as provided in this Section 3.02, provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called for redemption.

     The provisions of the two preceding paragraphs of this Section 3.02 shall not apply with
respect to any redemption affecting only a Global Security, whether such Global Security is to be
redeemed in whole or in part. In case of any such redemption in part, the unredeemed portion of the
principal amount of the Global Security shall be in an authorized denomination.

     Section 3.03. Notice of Redemption.

     Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days
before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder of Securities to be redeemed at such Holder’s registered

26

 

address, provided, however, that the Company shall provide notice to the Trustee pursuant to
Section 3.01 hereof at least three days (or such shorter period as shall be satisfactory to the
Trustee) prior to the mailing of the notice pursuant to this Section 3.03.

     The notice shall identify the Securities to be redeemed and shall state:

     (a) the redemption date;

     (b) the redemption price;

     (c) if any Security is being redeemed in part, the portion of the principal amount of such
Security to be redeemed and that, after the redemption date upon surrender of such Security, a new
Securities or Securities in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original Security;

     (d) the name and address of the Paying Agent;

     (e) that Securities called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

     (f) that, unless the Company defaults in making such redemption payment, interest on
Securities called for redemption cease to accrue on and after the redemption date;

     (g) the paragraph of the Securities and/or Section of this Indenture pursuant to which the
Securities called for redemption are being redeemed; and

     (h) that no representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such notice or printed on the Securities.

     If any of the Securities to be redeemed is in the form of a Global Security, then such notice
shall be modified in form but not substance to the extent appropriate to accord with the procedures
of the Depositary applicable to redemptions.

     At the Company’s request and expense, the Trustee shall give the notice of redemption in the
Company’s name; provided, however, that the Company shall have delivered to the Trustee, at least
45 days (or such shorter period as shall be satisfactory to the Trustee) prior to the redemption
date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the second preceding paragraph.

     Section 3.04. Effect of Notice of Redemption.

     Once notice of redemption is mailed in accordance with Section 3.03 hereof, Securities called
for redemption become irrevocably due and payable on the redemption date at the redemption price. A
notice of redemption may not be conditional.

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     Section 3.05. Deposit of Redemption Price.

     On or prior to the redemption date, the Company shall deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption price of and accrued interest on all Securities
to be redeemed on that date. The Trustee or the Paying Agent shall promptly return without interest
to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of
the amounts necessary to pay the redemption price of and accrued interest on all Securities to be
redeemed.

     If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Securities or the portions of Securities
called for redemption. If a Security is redeemed on or after an interest record date but on or
prior to the related interest payment date, then any accrued and unpaid interest shall be paid to
the Person in whose name such Security was registered at the close of business on such record date.
If any Security called for redemption shall not be so paid upon surrender for redemption because of
the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption date until such principal is paid, and to the extent lawful
on any interest not paid on such unpaid principal, in each case at the rate provided in the
Securities and in Section 4.01 hereof.

     Section 3.06. Securities Redeemed in Part.

     Upon surrender of a Security that is redeemed in part, the Company shall issue and, upon the
receipt of a written authentication order of the Company signed by an Officer of the Company, the
Trustee shall authenticate for the Holder at the expense of the Company a new Security equal in
principal amount to the unredeemed portion of the Security surrendered.

     Section 3.07. Optional Redemption.

     Any redemption contemplated by the terms of the Securities shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof.

     Section 3.08. Mandatory Redemption.

     Except as set forth under Sections 4.10 and 4.13 hereof, the Company shall not be required to
make mandatory redemption or sinking fund payments with respect to the Securities.

     Section 3.09. Offer to Purchase by Application of Excess Proceeds.

     In the event that, pursuant to Section 4.10 hereof, the Company shall be required to commence
an offer to all Holders of Securities and, to the extent required by the terms thereof, to
all holders or lenders of other pari passu Indebtedness, to repurchase Securities and any such
pari passu Indebtedness (an “Asset Sale Offer”), it shall follow the procedures specified below.

     The Asset Sale Offer shall remain open for a period of 20 Business Days following its
commencement and no longer, except to the extent that a longer period is required by applicable law
(the “Offer Period”). No later than five Business Days after the termination of the Offer Period
(the “Purchase Date”), the Company shall purchase the principal amount of Securities

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required to be
purchased pursuant to Section 4.10 hereof, giving effect to any related offer for pari passu
Indebtedness pursuant to Section 4.10, (the “Offer Amount”) or, if less than the Offer Amount has
been tendered, all Securities tendered in response to the Asset Sale Offer. Payment for any
Securities so purchased shall be made in the same manner as interest payments are made.

     If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a
Security is registered at the close of business on such record date, and no interest shall be
payable to Holders who tender Securities pursuant to the Asset Sale Offer.

     Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail, a
notice to the Trustee and each of the Holders. The notice shall contain all instructions and
materials necessary to enable such Holders to tender Securities pursuant to the Asset Sale Offer.
The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the
Asset Sale Offer, shall state:

     (a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10
hereof and the length of time the Asset Sale Offer shall remain open;

     (b) the Offer Amount, the purchase price and the Purchase Date;

     (c) that any Security not tendered or accepted for payment shall continue to accrue interest;

     (d) that, unless the Company defaults in making such payment, any Security accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date;

     (e) that Holders electing to have a Security purchased pursuant to an Asset Sale Offer may
only elect to have all of such Security purchased and may not elect to have only a portion of such
Security purchased;

     (f) that Holders electing to have a Security purchased pursuant to any Asset Sale Offer shall
be required to surrender the Security, with the form entitled “Option of Holder to Elect Purchase”
on the reverse of the Security completed, or transfer by book-entry transfer, to the Company, the
Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice
at least three Business Days before the Purchase Date;

     (g) that Holders shall be entitled to withdraw their election if the Company, the Depositary
or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer
Period, a telegram, telex, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Security the Holder delivered for purchase and a statement
that such Holder is withdrawing his election to have such Security purchased;

     (h) that, if the aggregate principal amount of Securities surrendered by Holders exceeds the
Offer Amount, the Company shall select the Securities to be purchased on a pro rata basis (with
such adjustments as may be deemed appropriate by the Company so that only

29

 

Securities in
denominations of $1,000, or integral multiples thereof, shall be purchased) in the manner provided
in Section 4.10; and

     (i) that Holders whose Securities were purchased only in part shall be issued new Securities
equal in principal amount to the unpurchased portion of the Securities surrendered (or transferred
by book-entry transfer).

     If any of the Securities subject to an Asset Sale Offer is in the form of a Global Security,
then such notice may be modified in form but not substance to the extent appropriate to accord with
the procedures of the Depositary applicable to repurchases.

     On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment,
on a pro rata basis to the extent necessary, the Offer Amount of Securities or portions thereof
tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all
Securities tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such
Securities or portions thereof were accepted for payment by the Company in accordance with the
terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be,
shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver
to each tendering Holder an amount equal to the purchase price of the Securities tendered by such
Holder and accepted by the Company for purchase, and the Company shall promptly issue a new
Security, and the Trustee, upon receipt of a written authentication order of the Company signed by
two Officers of the Company shall authenticate and mail or deliver such new Security to such
Holder, in a principal amount equal to any unpurchased portion of the Security surrendered. Any
Security not so accepted shall be promptly mailed or delivered by the Company to the Holder
thereof. The Company shall publicly announce the results of the Asset Sale Offer on the Purchase
Date.

     Other than as specifically provided in this Section 3.09, any purchase pursuant to this
Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

ARTICLE 4

Covenants

     Section 4.01. Payment of Securities.

     The Company shall pay or cause to be paid the principal of, premium, if any, and interest on
the Securities on the dates and in the manner provided in the Securities. Principal, premium, if
any, and interest shall be considered paid on the date due if the Paying Agent, if other than the
Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to
pay all such amounts then due.

     The Company shall pay interest (including post-petition interest in any proceeding under the
Bankruptcy Code) on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Securities to the extent lawful; it shall pay interest (including

30

 

post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful.

     Section 4.02. Maintenance of Office or Agency.

     The Company shall maintain an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-registrar) where principal, premium, if any, and interest
on the Securities will be paid and where Securities may be surrendered for registration of transfer
or for exchange and where notices and demands to or upon the Company in respect of the Securities
and this Indenture may be served. The Company shall give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency for such purposes.
The Company shall give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.

     Section 4.03. Reports.

     Notwithstanding that the Company may not be required to remain subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, to the extent permitted by the Exchange
Act, the Company shall file with the Commission and provide, within 15 days after such filing, the
Trustee and Holders and prospective Holders (upon request) with the annual reports and the
information, documents and other reports that are specified in Sections 13 and 15(d) of the
Exchange Act (but without exhibits in the case of the Holders and prospective Holders). In the
event that the Company is not permitted to file such reports, documents and information with the
Commission, the Company will provide substantially similar information to the Trustee, the Holders
and prospective Holders (upon request) as if the Company were subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act. The Company shall at all times comply with TIA § 314
(a).

     Section 4.04. Compliance Certificate.

          (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal
year, an Officers’ Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions of this Indenture
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events

31

 

of Default of which he or she may have knowledge and what action the Company is taking or proposes
to take with respect thereto) and that to the best of his or her knowledge no event has occurred
and remains in existence by reason of which payments on account of the principal of, premium, if
any, or interest on the Securities is prohibited or if such event has occurred, a description of
the event and what action the Company is taking or proposes to take with respect thereto. As of the
date hereof, the Company’s fiscal year ends on December 31 of each calendar year. In the event the
Company changes its fiscal year, it shall promptly notify the Trustee in writing of such change.

          (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the fiscal year-end financial statements delivered pursuant to
Section 4.03(a) above shall be accompanied by a written statement of the Company’s independent
public accountants (who shall be a firm of established national reputation) that in making the
examination necessary for certification of such financial statements, nothing has come to their
attention that would lead them to believe that the Company has violated any provisions of Article 4
or Article 5 hereof or, if any such violation has occurred, specifying the nature and period of
existence thereof, it being understood that such accountants shall not be liable directly or
indirectly to any Person for any failure to obtain knowledge of any such violation.

          (c) The Company shall, so long as any of the Securities are outstanding, deliver to the
Trustee, within five Business Days of any Officer becoming aware of any Default or Event of
Default, an Officers’ Certificate specifying such Default or Event of Default and what action the
Company is taking or proposes to take with respect thereto.

     Section 4.05. Taxes.

     The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency
all material taxes, assessments, and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to effect such payment is not adverse in any
material respect to the Holders of the Securities.

     Section 4.06. Stay, Extension and Usury Laws

     Each of the Company and the Subsidiary Guarantors covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of this Indenture;
and each of the Company and the Subsidiary Guarantors (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not,
by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but shall suffer and permit the execution of every such power as though no such
law has been enacted.

     Section 4.07. Restricted Payments.

     The Company shall not and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly: (i) declare or pay any dividend or make any other payment or distribution on

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account
of the Company’s Equity Interests (including, without limitation, any payment to holders of the
Company’s Equity Interests in connection with any merger or consolidation involving the Company) or
to the direct or indirect holders of the Company’s Equity Interests in their capacity as such
(other than dividends or distributions payable in Equity Interests (other than Disqualified Stock)
of the Company); (ii) purchase, redeem or otherwise acquire or retire for value any Equity
Interests of the Company; (iii) make any principal payment on, or purchase, redeem, defease or
otherwise acquire or retire for value any Indebtedness that is subordinated to the Securities,
except at final maturity; or (iv) make any Restricted Investment (all such payments and other
actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such Restricted Payment:

     (a) no Default or Event of Default shall have occurred and be continuing or would occur as a
consequence thereof; and

     (b) the Company would, at the time of such Restricted Payment and after giving pro forma
effect thereto as if such Restricted Payment had been made at the beginning of the applicable
four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09
hereof; and

     (c) such Restricted Payment, together with the aggregate of all other Restricted Payments made
by the Company and its Restricted Subsidiaries after the date of this Indenture (excluding
Restricted Payments permitted by clauses (2), (3), (5) and (6) of the next succeeding paragraph),
is less than the sum of (i) the dollar amount calculated as of the date of this Indenture under
Section 4.07(c) of that certain Indenture dated July 21, 2003 among the Company, the Subsidiary
Guarantors and J.P. Morgan Trust Company, National Association as successor trustee to Bank One,
National Association, plus (ii) 50% of the Consolidated Net Income of the Company for the period
(taken as one accounting period) from the beginning of the first fiscal quarter commencing prior to
the date of this Indenture to the end of the Company’s most recently ended fiscal quarter for which
internal financial statements are available at the time of such Restricted Payment (or, if such
Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus (iii) 100%
of the aggregate net cash proceeds received by the Company from the issue and sale since the date
of this Indenture of Equity Interests in the Company or of debt securities of the Company that have
been converted into or exchanged for such Equity Interests (other than Equity Interests (or
convertible debt securities) sold to a Subsidiary of the Company and other than Disqualified Stock
or debt securities that have been converted into Disqualified Stock), plus (iv) 100% of the amount
of net cash proceeds received by the Company or a Restricted Subsidiary from the sale within 12
months of the related acquisition of any of the following that are acquired after the date of the
Indenture in exchange for Equity Interests of the Company (other than Disqualified Stock and other
than Capital Stock issued to a Subsidiary of
the Company): (A) any property or assets (other than Indebtedness and Capital Stock); (B) the
Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of
such Capital Stock by the Company or another Restricted Subsidiary; or (C) Capital Stock
constituting a minority interest in any Person that at such time is a Restricted Subsidiary, plus
(v) to the extent that any Restricted Investment that was made after the date of this Indenture is
sold for cash or otherwise liquidated or repaid for cash, the lesser of (A) the net proceeds of
such sale, liquidation or repayment and (B) the initial amount of such Restricted Investment.

33

 

     The foregoing provisions shall not prohibit (1) the payment of any dividend within 60 days
after the date of declaration thereof, if at said date of declaration such payment would have
complied with the provisions of this Indenture; (2) the redemption, repurchase, retirement or other
acquisition of any Equity Interests of the Company in exchange for, or out of the proceeds of, the
substantially concurrent sale (other than to a Subsidiary of the Company) of other Equity Interests
of the Company (other than any Disqualified Stock); provided that the amount of any such net cash
proceeds that are utilized for any such redemption, repurchase, retirement or other acquisition
shall be excluded from clause (c) (iii) or (c)(iv) of the preceding paragraph; (3) the defeasance,
redemption or repurchase of Subordinated Indebtedness with the net cash proceeds from an incurrence
of Permitted Refinancing Debt or the substantially concurrent sale (other than to a Subsidiary of
the Company) of Equity Interests of the Company (other than Disqualified Stock); provided that the
amount of any such net cash proceeds that are utilized for any such redemption, repurchase,
retirement or other acquisition shall be excluded from clause (c) (iii) or (c)(iv) of the preceding
paragraph; (4) the repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Company or any Subsidiary of the Company held by any of the Company’s (or
any of its Subsidiaries’) employees pursuant to any equity subscription agreement or stock option
agreement in effect as of the date of this Indenture; provided that the aggregate price paid for
all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $2.0 million
in any twelve-month period; and provided further that no Default or Event of Default shall have
occurred and be continuing immediately after such transaction; (5) repurchases of Equity Interests
deemed to occur upon exercise of stock options if such Equity Interests represent a portion of the
exercise price of such options; and (6) cash payments made by the Company for the repurchase,
redemption or other acquisition or retirement of the Company’s
7%3/8% Senior Subordinated Notes due
2013, 63/8%  Senior Subordinated Notes due 2015 or
71/2% Senior Subordinated Notes due 2016.

     The amount of all Restricted Payments (other than cash) shall be the fair market value (as
determined in good faith by a resolution of the Board of Directors of the Company set forth in an
Officers’ Certificate delivered to the Trustee, which determination shall be conclusive evidence of
compliance with this provision) on the date of the Restricted Payment of the asset(s) proposed to
be transferred by the Company or the applicable Restricted Subsidiary, as the case may be, pursuant
to the Restricted Payment. Not later than five days after the date of making any Restricted
Payment, the Company shall deliver to the Trustee an Officers’ Certificate stating that such
Restricted Payment is permitted and setting forth the basis upon which the calculations required by
this Section 4.07 were computed.

     In computing Consolidated Net Income for purposes of this Section 4.07, (i) the Company shall
use audited financial statements for the portion of the relevant period for which audited financial
statements are available on the date of determination and unaudited financial
statements and other current financial data based on the books and records of the Company for
the remaining portion of such period and (ii) the Company shall be permitted to rely in good faith
on the financial statements and other financial data derived from the books and records of the
Company that are available on the date of determination. If the Company makes a Restricted Payment
which, at the time of the making of such Restricted Payment, would on the good faith determination
of the Company be permitted under the requirements of this Indenture, such Restricted Payment shall
be deemed to have been made in compliance with this Indenture

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notwithstanding any subsequent
adjustments made in good faith to the Company’s financial statements affecting Consolidated Net
Income of the Company for any period.

     The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted
Subsidiary if such designation would not cause a Default. For purposes of making such
determination, all outstanding Investments by the Company and its Restricted Subsidiaries (except
to the extent repaid in cash) in the Subsidiary so designated shall be deemed to be a Restricted
Investment or, if applicable, a Permitted Investment at the time of such designation and must
comply with this Section 4.07. All such outstanding Investments shall be deemed to constitute
Investments in an amount equal to the greater of the fair market value or the book value of such
Investments at the time of such designation. Such designation shall only be permitted if such
Restricted Payment would be permitted at such time and if such Restricted Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary.

     Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries.

     The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary to (i) (x) pay dividends or
make any other distributions to the Company or any of its Restricted Subsidiaries (1) on its
Capital Stock or (2) with respect to any other interest or participation in, or measured by, its
profits, or (y) pay any indebtedness owed by it to the Company or any of its Restricted
Subsidiaries, (ii) make loans or advances to the Company or any of its Restricted Subsidiaries or
(iii) transfer any of its properties or assets to the Company or any of its Restricted
Subsidiaries, except for such encumbrances or restrictions existing under or by reason of (a) the
Credit Agreement and the indentures governing the Company’s 73/8%  Senior Subordinated Notes, 63/8%
Senior Subordinated Notes and 71/2% Senior Subordinated Notes, each as in effect as of the date of
this Indenture, and any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings thereof or any other Credit Facility or indenture or other
financing agreement or instrument, provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements, refinancings or other Credit Facilities
or indentures or other financing agreements or instruments are not materially more restrictive
taken as a whole with respect to such dividend and other payment restrictions than those contained
in the Credit Agreement and such indentures as in effect on the date of the Indenture, (b) this
Indenture and the Securities, (c) applicable law, (d) any instrument governing Indebtedness or
Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in
effect at the time of such acquisition (except, in the case of Indebtedness, to the extent such
Indebtedness was incurred in connection with or in contemplation of such acquisition), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired, provided that, in the case
of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred, (e)
by reason of customary non-assignment provisions in leases and customary provisions in other
agreements that restrict assignment of such agreements or rights thereunder, entered into in the
ordinary course of business and consistent with past practices, (f) purchase money obligations for
property acquired in the ordinary course of business that impose restrictions of the nature
described in clause (iii) above on the property so acquired or (g) Permitted Refinancing Debt,

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provided that the restrictions contained in the agreements governing such Permitted Refinancing
Debt are not materially more restrictive, taken as a whole, than those contained in the agreements
governing the Indebtedness being refinanced.

     Section 4.09. Incurrence of Indebtedness and Issuance of Disqualified Stock.

     The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create incur, issue, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(including Acquired Debt) and the Company shall not issue any Disqualified Stock and shall not
permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided,
however, that the Company may incur Indebtedness (including Acquired Debt) or issue shares of
Disqualified Stock if:

     (i) the Fixed Charge Coverage Ratio for the Company’s most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding
the date on which such additional Indebtedness is incurred or such Disqualified Stock is
issued would have been at least 2.5 to 1, determined on a pro forma basis as set forth in
the definition of Fixed Charge Coverage Ratio; and

     (ii) no Default or Event of Default shall have occurred and be continuing at the time
such additional Indebtedness is incurred or such Disqualified Stock is issued or would occur
as a consequence of the incurrence of the additional Indebtedness or the issuance of the
Disqualified Stock.

     Notwithstanding the foregoing, this Indenture shall not prohibit any of the following
(collectively, “Permitted Indebtedness”): (a) the Indebtedness evidenced by the Initial Securities;
(b) the Indebtedness evidenced by the Company’s 73/8%  Senior Subordinated Notes, 63/8%  Senior
Subordinated Notes and 71/2% Senior Subordinated Notes; (c) the incurrence by the Company or any of
its Restricted Subsidiaries of Indebtedness pursuant to Credit Facilities, so long as the aggregate
principal amount of all Indebtedness incurred pursuant to this clause (c) and outstanding under all
Credit Facilities does not, at any one time, exceed the greater of
(1) $900.0 million and (2) an
amount equal to the sum of (x) $50 million plus (y) 30% of Adjusted Consolidated Net Tangible
Assets determined after the incurrence of such Indebtedness (including the application of the
proceeds therefrom), (d) the guarantee by any Subsidiary Guarantor of any Indebtedness that is
permitted by this Indenture to be incurred by the Company; (e) all Indebtedness of the Company and
its Restricted Subsidiaries in existence as of the date of this Indenture; (f) intercompany
Indebtedness between or among the Company and any of its Wholly Owned Restricted Subsidiaries;
provided, however, that (1) if the Company is the obligor on such Indebtedness, such Indebtedness
is expressly subordinate to the payment in
full of all Obligations with respect to the Securities and (2) (A) any subsequent issuance or
transfer of Equity Interests that results in any such Indebtedness being held by a Person other
than the Company or a Wholly Owned Restricted Subsidiary and (B) any sale or other transfer of any
such Indebtedness to a Person that is not either the Company or a Wholly Owned Restricted
Subsidiary shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the
Company or such Restricted Subsidiary, as the case may be; (g) Indebtedness in connection with one
or more standby letters of credit, guarantees, performance bonds or other reimbursement

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obligations, in each case, issued in the ordinary course of business and not in connection with the
borrowing of money or the obtaining of advances or credit (other than advances or credit on open
account, includible in current liabilities, for goods and services in the ordinary course of
business and on terms and conditions which are customary in the Oil and Gas Business, and other
than the extension of credit represented by such letter of credit guarantee or performance bond
itself), not to exceed in the aggregate at any given time 5.0% of Total Assets; (h) Indebtedness
under Interest Rate Hedging Agreements entered into for the purpose of limiting interest rate
risks, provided that the obligations under such agreements are related to payment obligations on
Indebtedness otherwise permitted by the terms of this covenant and that the aggregate notional
principal amount of such agreements does not exceed 105% of the principal amount of the
Indebtedness to which such agreements relate; (i) Indebtedness under Oil and Gas Hedging Contracts,
provided that such contracts were entered into in the ordinary course of business for the purpose
of limiting risks that arise in the ordinary course of business of the Company and its Restricted
Subsidiaries; (j) the incurrence by the Company of Indebtedness not otherwise permitted to be
incurred pursuant to this paragraph, provided that the aggregate principal amount (or accreted
value, as applicable) of all Indebtedness incurred pursuant to this clause (j), together with all
Permitted Refinancing Debt incurred pursuant to clause (k) of this paragraph in respect of
Indebtedness previously incurred pursuant to this clause (j), does not exceed $10.0 million at any
one time outstanding; (k) Permitted Refinancing Debt incurred in exchange for, or the net proceeds
of which are used to refinance, extend, renew, replace, defease or refund, Indebtedness that was
permitted by this Indenture to be incurred (including Indebtedness previously incurred pursuant to
this clause (k) and Indebtedness referred to in clause (e) above); (l) accounts payable or other
obligations of the Company or any Restricted Subsidiary to trade creditors created or assumed by
the Company or such Restricted Subsidiary in the ordinary course of business in connection with the
obtaining of goods or services; and (m) Indebtedness consisting of obligations in respect of
purchase price adjustments, guarantees or indemnities in connection with the acquisition or
disposition of assets.

     The Company shall not permit any of its Unrestricted Subsidiary to incur any Indebtedness
other than Non-Recourse Debt; provided, however, if any such Indebtedness ceases to be Non-Recourse
Debt, such event shall be deemed to constitute an incurrence of Indebtedness by the Company.

     For purposes of determining compliance with, and the outstanding principal amount of any
particular Indebtedness incurred pursuant to and in compliance with this Section 4.09: (A)
Indebtedness permitted by this covenant need not be permitted solely by reference to one provision
permitting such Indebtedness but may be permitted in part by one such provision and in part by one
or more other provisions of this covenant permitting such Indebtedness, (B) in the event that
Indebtedness meets the criteria of more than one of the types of Indebtedness permitted by this
covenant to be incurred, the Company, in its sole discretion, will classify such
item of Indebtedness on the date of incurrence (or later reclassify such Indebtedness from or
after the first date on which the Company or its Restricted Subsidiaries could have incurred such
Indebtedness under one or more other of such provisions) and only be required to include the amount
and type of such Indebtedness in one or more of such provisions as it determines; and (C) the
amount of any Indebtedness issued at a price that is less than the principal amount thereof will be
equal to the amount of the liability in respect thereof determined in accordance with GAAP.

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     Section 4.10. Asset Sales.

     The Company shall not, and shall not permit any of its Restricted Subsidiaries to, engage in
an Asset Sale unless (i) the Company (or the Restricted Subsidiary, as the case may be) receives
consideration at the time of such Asset Sale at least equal to the fair market value (as determined
in good faith by a resolution of the Board of Directors of the Company set forth in an Officer’s
Certificate delivered to the Trustee, which determination shall be conclusive evidence of
compliance with this provision) of the assets or Equity Interests issued or sold or otherwise
disposed of and (ii) at least 85% of the consideration therefor received by the Company or such
Restricted Subsidiary in such Asset Sale, plus all other Asset Sales since the date of this
Indenture, on a cumulative basis, is in the form of cash or Cash Equivalents; provided that the
amount of any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent
balance sheet), of the Company or any Restricted Subsidiary (other than contingent liabilities and
liabilities that are by their terms subordinated to the Securities or any guarantee thereof) that
are assumed by the transferee of any such assets pursuant to a customary novation agreement that
releases the Company or such Restricted Subsidiary from further liability shall be treated as cash
for the foregoing purposes.

     Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company may
apply such Net Proceeds, at its option: (a) to reduce Senior Debt, (b) to acquire controlling
interests in another Oil and Gas Business, (c) to make capital expenditures in respect of the
Company’s or its Restricted Subsidiaries’ Oil and Gas Business, (d) to purchase long-term assets
that are used or useful in such Oil and Gas Business or (e) to repurchase any Securities. Pending
the final application of any such Net Proceeds, the Company may temporarily reduce Senior Debt that
is revolving debt or otherwise invest such Net Proceeds in any manner that is not prohibited by
this Indenture. Any Net Proceeds from Asset Sales that are not applied as provided in the first
sentence of this paragraph shall (after the expiration of the periods specified in this paragraph)
be deemed to constitute “Excess Proceeds.”

     When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company shall make an
Asset Sale Offer to purchase the maximum principal amount of Securities and any other pari passu
Indebtedness to which the Asset Sale Offer applies that may be purchased out of the Excess
Proceeds, at an offer price in cash in an amount equal to, in the case of the Securities, 100% of
the principal amount thereof plus accrued and unpaid interest thereon to the date of purchase or,
in the case of any other pari passu Indebtedness, 100% of the principal amount thereof (or with
respect to discount pari passu Indebtedness, the accreted value thereof) on the date of purchase,
in each case, in accordance with the procedures set forth in Section 3.09 hereof or the agreements
governing pari passu Indebtedness, as applicable. To the extent that the aggregate principal amount
(or accreted value, as the case may be) of the Securities and pari
passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds,
the Company may use any remaining Excess Proceeds for general corporate purposes. If the sum of (i)
the aggregate principal amount of Securities surrendered by Holders thereof, and (ii) the aggregate
principal amount or accreted value, as the case may be, of other pari passu Indebtedness
surrendered by holders or lenders thereof, exceeds the amount of Excess Proceeds, the Trustee and
the trustee or other lender representatives for the pari passu Indebtedness shall select the
Securities and other pari passu Indebtedness to be purchased on a pro rata basis, based on the
aggregate principal amount (or accreted value, as applicable) thereof surrendered in such

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Asset
Sale Offer. Upon completion of such Asset Sale Offer, the Excess Proceeds shall be reset at zero.

     Section 4.11. Transactions with Affiliates.

     The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any contract, agreement,
understanding, loan, advance or guarantee with, or for the benefit of, any of its Affiliates (each
of the foregoing, an “Affiliate Transaction”), unless (i) such Affiliate Transaction is on terms
that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Company or such Subsidiary with an
unrelated Person and (ii) the Company delivers to the Trustee (a) with respect to an Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess
of $1,000,000 but less than or equal to $10,000,000, an Officers’ Certificate to the Trustee
certifying that such Affiliate Transaction complies with clause (i) above, (b) with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $10,000,000 but less than or equal to $25,000,000, a resolution of the Board of
Directors set forth in an Officer’s Certificate certifying that such Affiliate Transaction or
series of related Affiliate Transactions complies with clause (i) above and that such Affiliate
Transaction or series of related Affiliate Transactions has been approved in good faith by a
majority of the members of the Board of Directors of the Company who are disinterested with respect
to such Affiliate Transaction or series of related Affiliate Transactions (which resolution shall
be conclusive evidence of compliance with this provision) and (c) with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess
of $25,000,000, a resolution of the Board of Directors set forth in an Officers’ Certificate
certifying that such Affiliate Transaction or series of related Affiliate Transactions complies
with clause (i) above and that such Affiliate Transaction or series of related Affiliate
Transactions has been approved in good faith by a resolution adopted by a majority of the members
of the Board of Directors of the Company who are disinterested with respect to such Affiliate
Transaction or series of related Affiliate Transactions and an opinion as to the fairness to the
Company or such Subsidiary of such Affiliate Transaction or series of related Affiliate
Transactions from a financial point of view issued by an accounting, appraisal, engineering or
investment banking firm of national standing (which resolution and fairness opinion shall be
conclusive evidence of compliance with this provision); provided, however, that the foregoing shall
not apply to (l) transactions contemplated by any employment agreement or other compensation plan
or arrangement entered into by the Company or any of its Subsidiaries in the ordinary course of
business, (2) transactions between or among the Company and/or its Restricted Subsidiaries, (3)
Permitted Investments and Restricted Payments that are permitted by
Section 4.07 hereof, (4) any indemnification payment made to any director, officer or
employee of the Company or any Subsidiary pursuant to charter, bylaw, statutory or contractual
provisions, and (5) transactions with entities that are Affiliates of the Company or a Restricted
Subsidiary only because of the ownership by the Company or a Restricted Subsidiary of Equity
Interests in such entity.

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     Section 4.12. Liens.

     The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create,
incur, assume or otherwise cause or suffer to exist or become effective any Lien securing
Indebtedness of any kind (other than Permitted Liens) upon any of its property or assets, now owned
or hereafter acquired, unless all payments under the Securities are secured by such Lien prior to,
or on an equal and ratable basis with, the Indebtedness so secured for so long as such Indebtedness
is secured by such Lien.

     Section 4.13. Offer to Repurchase Upon Change of Control.

     (a) Upon the occurrence of a Change of Control, each Holder of the Securities shall have the
right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple
thereof) of such Holder’s Securities pursuant to the offer described below (the “Change of Control
Offer”) at an offer price in cash equal to 101% of the aggregate principal amount of the Securities
plus accrued and unpaid interest if any, thereon to the date of purchase (the “Change of Control
Payment”). Within 30 days following any Change of Control, unless a notice of redemption has been
given with respect to the Securities, the Company shall mail a notice to each Holder stating: (1) a
description of the transaction or transactions that constitute the Change of Control; (2) that the
Change of Control Offer is being made pursuant to this Section 4.13 and that all Securities
tendered shall be accepted for payment; (3) the purchase price and the purchase date described
below (the “Change of Control Payment Date”); (4) that any Security not tendered shall continue to
accrue interest, if any; (5) that, unless the Company defaults in the payment of the Change of
Control Payment, all Securities accepted for payment pursuant to the Change of Control Offer shall
cease to accrue interest, if any, after the Change of Control Payment Date; (6) that Holders
electing to have any Securities purchased pursuant to a Change of Control Offer shall be required
to surrender the Securities, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Securities completed, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change of Control Payment
Date; (7) that Holders shall be entitled to withdraw their election if the Paying Agent receives,
not later than the close of business on the second Business Day preceding the Change of Control
Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of Securities delivered for purchase, and a statement that such Holder
is withdrawing his election to have the Securities purchased; and (8) that Holders whose Securities
are being purchased only in part shall be issued new Securities equal in principal amount to the
unpurchased portion of the Securities surrendered, which unpurchased portion must be equal to
$1,000 in principal amount or an integral multiple thereof. The Company and each Subsidiary
Guarantor shall comply with the requirements of Rule l4e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable
to such party in connection with the repurchase of the Securities as a result of a Change of
Control.

     (b) On a Business Day that is no earlier than 30 days nor later than 60 days from the date
that the Company mails or causes to be mailed notice of the Change of Control to the Holders (the
“Change of Control Payment Date”), the Company shall, to the extent lawful, (i) accept for payment
all Securities or portions thereof properly tendered pursuant to the Change of Control Offer, (ii)
deposit with the Paying Agent an amount equal to the Change of Control

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Payment in respect of all
the Securities or portions thereof so tendered and (iii) deliver or cause to be delivered to the
Trustee the Securities so accepted together with an Officers’ Certificate stating the aggregate
principal amount of such Securities or portions thereof being purchased by the Company. The Paying
Agent shall promptly mail to each Holder of the Securities so tendered the Change of Control
Payment for such Securities, and the Trustee shall promptly authenticate and mail (or cause to be
transferred by book entry) to each Holder a new Security equal in principal amount to any
unpurchased portion of the Securities surrendered, if any; provided that each such new Security
shall be in a principal amount of $1,000 or an integral multiple thereof. The Company shall
publicly announce the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.

     The Change of Control provisions described above shall be applicable whether or not any other
provisions of this Indenture are applicable.

     The Company shall not be required to make a Change of Control Offer upon a Change of Control
if a third party makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this Section 4.13 and purchases all Securities (or
portions thereof) validly tendered and not withdrawn under such Change of Control Offer.

     Section 4.14. Additional Subsidiary Guarantees.

     In the event that the Company or any of its Restricted Subsidiaries shall acquire or create a
material Restricted Subsidiary after the date of this Indenture, such newly acquired or created
Restricted Subsidiary shall be deemed to make the guarantee set forth in Section 11.01 and the
Company shall cause such Subsidiary to evidence such guarantee in the manner set forth in Section
11.02; provided that, in no event shall any non-U.S. Subsidiary of the Company be deemed to make
such guarantee or be required to execute a Guarantee in accordance with Section 11.02. For
purposes of the foregoing, a Restricted Subsidiary shall be deemed to be “material” if it would not
be a minor subsidiary within the meaning of Rule 3-10(h) of Regulation S-X under the Exchange Act.

     Section 4.15. Corporate Existence.

     Subject to Article 5 hereof, the Company and each of the Restricted Subsidiaries shall do or
cause to be done all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each of the Subsidiaries,
in accordance with the respective organizational documents (as the same may be amended from time to
time) of the Company or any such Restricted Subsidiary and (ii) the rights (charter, partnership
agreement and statutory), licenses and franchises of the Company and the Restricted Subsidiaries;
provided, however, that the Company and the Restricted Subsidiaries shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of the Restricted Subsidiaries, if the Board of Directors of the relevant
Person shall determine that the preservation thereof is no longer desirable in the conduct of the
business of the Company and the Restricted Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Securities.

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     Section 4.16. No Senior Subordinated Debt.

     Notwithstanding the provisions of Section 4.09 hereof, (i) the Company shall not incur,
create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is
subordinate or junior in right of payment to any Senior Debt of the Company and senior in any
respect in right of payment to the Securities and (ii) the Subsidiary Guarantors shall not directly
or indirectly incur, create, issue, assume, guarantee or otherwise become liable for any
Indebtedness that is subordinate or junior in right of payment to Senior Debt of the Company and
senior in any respect in right of payment to the Guarantees; provided, however, that the foregoing
limitations shall not apply to distinctions between categories of Indebtedness that exist by reason
of any Liens arising or created in respect of some but not all such Indebtedness.

     Section 4.17. Business Activities.

     The Company shall not, and shall not permit any Restricted Subsidiary to, engage in any
material respect in any business other than the Oil and Gas Business.

ARTICLE 5

Successors

     Section 5.01. Merger, Consolidation, or Sale of Substantially All Assets.

     The Company shall not consolidate or merge with or into (whether or not the Company is the
surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets, in one or more related transactions, to another
Person, and the Company may not permit any of its Restricted Subsidiaries to enter into any such
transaction or series of transactions if such transaction or series of transactions would, in the
aggregate, result in a sale, assignment, transfer, lease, conveyance, or other disposition of all
or substantially all of the properties or assets of the Company to another Person, in either case
unless (i) the Company is the surviving corporation or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment, transfer,
lease, conveyance or other disposition shall have been made (the “Surviving Entity”) is a
corporation organized or existing under the laws of the United States, any state thereof or the
District of Columbia; (ii) the Surviving Entity (if the Company is not the continuing obligor under
this Indenture) assumes all the obligations of the Company under the Securities and this Indenture
pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee; (iii)
immediately before and after giving effect to such transaction or series of transactions no Default
or Event of Default exists; (iv) the Company or Surviving Entity (if the Company is not the
continuing obligor under this Indenture) will, at the time of such transaction or series of
transactions and after giving pro forma effect thereto as if such transaction or series of
transactions had occurred at the beginning of the applicable four-quarter period, be permitted to
incur at least $1.00 of additional Indebtedness pursuant to the test set forth in the first
paragraph of Section 4.09 hereof. Notwithstanding the foregoing clause (iv), any Restricted
Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to
the Company, and any Wholly Owned Restricted Subsidiary may consolidate with, merge into or
transfer all or

42

 

part of its properties and assets to another Wholly Owned Restricted Subsidiary
without complying with such clause (iv).

     Section 5.02. Successor Corporation Substituted.

     Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Company in accordance with
Section 5.01 hereof, the Surviving Entity shall succeed to, and be substituted for (so that from
and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to the Surviving Entity
and not to the Company), and may exercise every right and power of the Company under this Indenture
with the same effect as if such successor Person had been named as the Company herein; provided,
however, that the predecessor Company shall not be relieved from the obligation to pay the
principal of and interest on the Securities except in the case of a sale of all of the Company’s
assets that meets the requirements of Section 5.01 hereof.

ARTICLE 6

Defaults And Remedies

     Section 6.01. Events of Default.

     An “Event of Default” occurs if:

     (1) the Company defaults in the payment of interest on the Securities when the same
becomes due and payable and the Default continues for a period of 30 days, whether or not
such payment is prohibited by the provisions of Article 10 hereof;

     (2) the Company defaults in the payment of the principal of or premium, if any, on the
Securities, whether or not such payment is prohibited by the provisions of Article 10
hereof;

     (3) the Company fails to observe or perform any covenant, condition or agreement on the
part of the Company to be observed or performed pursuant to Article 5 hereof;

     (4) the Company fails to observe or perform any covenant, condition or agreement on the
part of the Company to be observed or performed pursuant to Sections 4.03, 4.07, 4.08, 4.09,
4.10, 4.11, 4.12, 4.13, 4.14, 4.16 and 4.17 hereof and the Default continues for the period
and after the notice specified below;

     (5) the Company fails to comply with any of its other agreements or covenants in, or
provisions of, the Securities or this Indenture and the Default continues for the period and
after the notice specified below;

     (6) except as permitted herein, any Guarantee shall be held in any judicial proceeding
to be unenforceable or invalid or shall cease for any reason to be in full force and effect
or a Subsidiary Guarantor, or any Person acting on behalf of a Subsidiary

43

 

Guarantor, shall
deny or disaffirm such Subsidiary Guarantor’s obligation under its Guarantee;

     (7) a default occurs under any mortgage, indenture or instrument under which there may
be issued or by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed
by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or
guarantee now exists or shall be created hereafter, which default (a) is caused by a failure
to pay principal of or premium, if any, or interest on such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a
“Payment Default”) or (b) results in the acceleration of such Indebtedness prior to its
express maturity and, in each case, the principal amount of any such Indebtedness, together
with the principal amount of any other such Indebtedness under which there is then existing
a Payment Default or the maturity of which has been so accelerated, aggregates $10 million
or more; provided, that if any such default is cured or waived or any such acceleration
rescinded, or such Indebtedness is repaid, within a period of 10 days from the continuation
of such default beyond the applicable grace period or the occurrence of such acceleration,
as the case may be, such Event of Default under this Indenture and any consequential
acceleration of the Securities shall be automatically rescinded;

     (8) a final non-appealable judgment or order or final non-appealable judgments or
orders are rendered against the Company or any Restricted Subsidiary that remain unpaid or
discharged for a period of 60 days and that require the payment of money, either
individually or in an aggregate amount, in excess of $10 million;

     (9) the Company or any Significant Subsidiary or any group of Subsidiaries that, taken
together, would constitute a Significant Subsidiary, pursuant to or within the meaning of
any Bankruptcy Law:

     (b) consents to the entry of an order for relief against it in an involuntary case
or proceeding,

     (c) consents to the appointment of a Custodian of it or for all or substantially
all of its property or

     (d) makes a general assignment for the benefit of its creditors;

     (10) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

     (a) is for relief against the Company or any Significant Subsidiary or any group of
Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an
involuntary case or proceeding,

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     (b) appoints a Custodian of the Company, any Significant Subsidiary or any group of
Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all
or substantially all of the property of the Company, any Significant Subsidiary or any
group of Subsidiaries that, taken together, would constitute a Significant Subsidiary,
or

     (c) orders the liquidation of the Company, any Significant Subsidiary or any group
of Subsidiaries that, taken together, would constitute a Significant Subsidiary,

     and in each case the order or decree remains unstayed and in effect for 60 consecutive days.

     The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official
under any Bankruptcy Law.

     A Default under clause (4) is not an Event of Default until the Trustee notifies the Company,
or the Holders of at least 25% in principal amount of the then outstanding Securities notify the
Company and the Trustee, of the Default and the Company does not cure the Default within 30
consecutive days after receipt of the notice. A Default under clause (5) is not an Event of Default
until the Trustee notifies the Company, or the Holders of at least 25% in principal amount of the
then outstanding Securities notify the Company and the Trustee, of the Default and the Company does
not cure the Default within 60 days after receipt of the notice. The notice must specify the
Default, demand that it be remedied and state that the notice is a “Notice of Default.”

     Section 6.02. Acceleration.

     If an Event of Default (other than an Event of Default specified in clauses (9) and (10) of
Section 6.01 hereof) relating to the Company or any Subsidiary Guarantor occurs and is continuing,
the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the
then outstanding Securities by written notice to the Company and the Trustee, may declare the
unpaid principal amount of and any accrued and unpaid interest on all the Securities to be due and
payable immediately. If payment of the Securities is accelerated because of an Event of Default,
the Company shall notify the holders of Designated Senior Debt of such acceleration. Upon such
declaration the principal and interest shall be due and payable immediately; provided, however,
that so long as any Designated Senior Debt or any commitment therefor is outstanding, any such
notice or declaration shall not become effective until the earlier of (a) five Business Days after
such notice is delivered to the representative for the Designated Senior Debt or (b) the
acceleration of any Designated Senior Debt and thereafter, payments on the Securities pursuant to
this Article 6 shall be made only to the extent permitted pursuant to Article 10 herein.
Notwithstanding the foregoing, if any Event of Default specified in clause (9)
or (10) of Section 6.01 hereof relating to the Company, any Significant Subsidiary or any
group of Subsidiaries that, taken together, would constitute a Significant Subsidiary occurs, such
an amount shall ipso facto become and be immediately due and payable without any declaration or
other act or notice on the part of the Trustee or any Holder.

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     After a declaration of acceleration under this Indenture, but before a judgment or decree for
payment of principal, premium, if any, and interest on the Securities due under this Article 6 has
been obtained by the Trustee, Holders of a majority in principal amount of the then outstanding
Securities by written notice to the Company and the Trustee may rescind an acceleration and its
consequences if (i) the Company or any Subsidiary Guarantor has paid or deposited with the Trustee
a sum sufficient to pay (a) all sums paid or advanced by the Trustee under this Indenture and the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel and (b) all overdue interest on the Securities, if any, (ii) the rescission would not
conflict with any judgment or decree of a court of competent jurisdiction and (iii) all existing
Events of Default (except nonpayment of principal, premium, if any, or interest that has become due
solely because of the acceleration) have been cured or waived.

     Section 6.03. Other Remedies.

     If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal, premium, if any, and interest on the Securities or to enforce
the performance of any provision of the Securities or this Indenture.

     The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of
a Security in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

     Section 6.04. Waiver of Past Defaults.

     Holders of not less than a majority in aggregate principal amount of the Securities then
outstanding by written notice to the Trustee may on behalf of the Holders of all of the Securities
waive an existing Default or Event of Default and its consequences hereunder, except a continuing
Default or Event of Default in the payment of principal of, premium or interest on the Securities
(including in connection with an offer to purchase) (provided, however, that the Holders of a
majority in aggregate principal amount of the then outstanding Securities may rescind an
acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

     Section 6.05. Control by Majority.

     Holders of a majority in principal amount of the then outstanding Securities may direct the
time, method and place of conducting any proceeding for exercising any remedy available to the
Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture that the Trustee determines may
be unduly prejudicial to the rights of other Holders of Securities or that may involve the Trustee
in personal liability it being understood that (subject to Section 7.01) the Trustee shall have no
duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such
Holders.

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     Section 6.06. Limitation on Suits.

     A Holder of a Security may pursue a remedy with respect to this Indenture or the Securities
only if:

     (a) the Holder of a Security gives to the Trustee written notice of a continuing Event of
Default;

     (b) the Holders of at least 25% in principal amount of the then outstanding Securities make a
written request to the Trustee to pursue the remedy;

     (c) such Holder of a Security or Holders of Securities offer and, if requested, provide to the
Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

     (d) the Trustee does not comply with the request within 60 days after receipt of the request
and the offer and, if requested, the provision of indemnity; and

     (e) during such 60-day period the Holders of a majority in principal amount of the then
outstanding Securities do not give the Trustee a direction inconsistent with the request.

A Holder of a Security may not use this Indenture to prejudice the rights of another Holder of a
Security or to obtain a preference or priority over another Holder of a Security.

     Section 6.07. Rights of Holders of Securities to Receive Payment.

     Notwithstanding any other provision of this Indenture, the right of any Holder of a Security
to receive payment of principal, premium, if any, and interest on the Security, on or after the
respective due dates expressed in the Security (including in connection with an offer to purchase),
or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Holder.

     Section 6.08. Collection Suit by Trustee.

     If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company or any Subsidiary Guarantor for the whole amount of principal of, premium, if
any, and interest remaining unpaid on the Securities and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel.

     Section 6.09. Trustee May File Proofs of Claim.

     The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Securities allowed in any judicial proceedings relative to the
Company or any of the Subsidiary Guarantors (or any other obligor upon the Securities), its

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creditors or its property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and
in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and may be a member of the creditors’ committee.

     Section 6.10. Priorities.

     If the Trustee collects any money pursuant to this Article, it shall, subject to the
provisions of Article 10, pay out the money in the following order:

     First: to the Trustee, its agents and attorneys for amounts due under Sections 6.08 and 7.07
hereof, including payment of all compensation, expense and liabilities incurred, and all advances
made, by the Trustee and the costs and expenses of collection;

     Second: to Holders of Securities for amounts due and unpaid on the Securities for principal,
premium, if any, and accrued interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Securities for principal, premium, if any, and
accrued interest, as the case may be, respectively; and

     Third: to the Company or to such party as a court of competent jurisdiction shall direct.

     The Trustee may fix a record date and payment date for any payment to Holders of Securities
pursuant to this Section 6.10.

     Section 6.11. Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee,
a suit

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by a Holder of a Security pursuant to Section 6.07 hereof, or a suit by Holders of
more than 10% in principal amount of the then outstanding Securities.

ARTICLE 7

Trustee

     Section 7.01. Duties of Trustee.

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

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

     (i) the duties of the Trustee shall be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

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

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

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

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

     (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.05
hereof.

     (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section.

     (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, unless such Holder shall have

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furnished
to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

     (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

     Section 7.02. Rights of Trustee.

     (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document.

     (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

     (c) The Trustee may act through its attorneys and agents, may in all cases pay, subject to
reimbursement as provided in Section 7.07, such reasonable compensation as it deems proper to all
such attorneys and agents, and shall not be responsible for the misconduct or negligence of any
attorney or agent appointed with due care.

     (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this
Indenture.

     (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company or any Subsidiary Guarantor shall be sufficient if signed by an Officer
of the Company or such Subsidiary Guarantor.

     (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders unless such Holders shall
have furnished to the Trustee reasonable security or indemnity against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or direction.

     (g) Except with respect to Sections 4.01 and 4.04 hereof, the Trustee shall have no duty to
inquire as to the performance of the Company’s covenants in Article 4 hereof. In addition, the
Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i) any
Event of Default occurring pursuant to Sections 4.01, 4.04 and 6.01(1) or (2) hereof or (ii)
any Default or Event of Default of which a Responsible Officer of the Trustee shall have received
written notification or obtained actual knowledge. For the purposes of this clause (g) only,
“actual knowledge” shall mean the actual fact or statement of knowing, without any duty to make
investigation with regard thereto.

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     (h) The Trustee shall not be required to give any bond or surety in respect of the
performance of its duties or the exercise of its powers hereunder.

     (i) the Trustee shall not be bound to ascertain or inquire as to the performance or observance
of any covenants, conditions, or agreements on the part of the Company, except as otherwise set
forth herein, but the Trustee may require of the Company full information and advice as to the
performance of the covenants, conditions and agreements contained herein and shall be entitled in
connection herewith to examine the books, records and premises of the Company.

     (j) The permissive rights of the Trustee to perform the acts enumerated in this Indenture
shall not be construed as a duty and the Trustee shall not be answerable for other than its
negligence or willful misconduct.

     Section 7.03. Individual Rights of Trustee.

     The Trustee in its commercial banking or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company, the Subsidiary Guarantors or any Affiliate of
the Company with the same rights it would have if it were not Trustee. However, in the event that
the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the Commission for permission to continue as trustee or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Sections Section 7.10 and Section 7.11
hereof.

     Section 7.04. Trustee’s Disclaimer.

     The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Securities, or the Guarantees, it shall not be accountable for the
Company’s use of the proceeds from the Securities or any money paid to the Company or upon the
Company’s direction under any provision of this Indenture, it shall not be responsible for the use
or application of any money received by any Paying Agent other than the Trustee, and it shall not
be responsible for any statement or recital herein or in any certificate delivered pursuant hereto
or any statement in the Securities or any other document in connection with the sale of the
Securities or pursuant to this Indenture other than its certificate of authentication.

     Section 7.05. Notice of Defaults.

     If a Default or Event of Default occurs and is continuing and if it is known to the Trustee in
the manner contemplated in Section 7.02(g), the Trustee shall mail to Holders of Securities a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a
Default or Event of Default in payment of principal of, premium, if any, or interest on, any
Security, the Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of the Holders of
the Securities.

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     Section 7.06. Reports by Trustee to Holders of the Securities.

     Within 60 days after each September 15 beginning with the September 15 following the date of
this Indenture, and for so long as Securities remain outstanding, the Trustee shall mail to the
Holders of the Securities a brief report dated as of such reporting date that complies with TIA §
313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)
(2) and transmit by mail all reports as required by TIA § 313(c).

     A copy of each report at the time of its mailing to the Holders of Securities shall be mailed
to the Company and filed with the Commission and each stock exchange on which the Securities are
listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee in writing
when the Securities are listed on any stock exchange.

     Section 7.07. Compensation and Indemnity.

     The Company and the Subsidiary Guarantors shall pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and services hereunder, including,
without limitation, extraordinary services such as default administration. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Company and the Subsidiary Guarantors shall reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

     The Company and the Subsidiary Guarantors shall indemnify the Trustee against any and all
losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance
or administration of its duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Company and the Subsidiary Guarantors (including this Section 7.07) and
investigating or defending itself against any claim (whether asserted by the Company, the
Subsidiary Guarantors or any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall
notify the Company and the Subsidiary Guarantors promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company and the Subsidiary Guarantors shall not
relieve the Company and the Subsidiary Guarantors of their obligations hereunder. The Company and
the Subsidiary Guarantors shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel and the Company and the Subsidiary Guarantors shall pay the
reasonable fees and expenses of such counsel. The Company and the Subsidiary Guarantors need not
pay for any settlement made without their consent, which consent shall not be unreasonably
withheld.

     The obligations of the Company and the Subsidiary Guarantors under this Section 7.07 are joint
and several and shall survive the satisfaction and discharge of this Indenture.

     To secure the Company’s and the Subsidiary Guarantors’ payment obligations in this Section,
the Trustee shall have a Lien prior to the Securities on all money or property held or

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collected by the Trustee, except that held in trust to pay principal and interest on
particular Securities. Such Lien shall survive the satisfaction and discharge of this Indenture.

     When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(9) or (10) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

     The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable.

     Section 7.08. Replacement of Trustee.

     A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

     The Trustee may resign in writing at any time and be discharged from the trust hereby created
by so notifying the Company. The Holders of Securities of a majority in principal amount of the
then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company in
writing. The Company may remove the Trustee if:

     (a) the Trustee fails to comply with Section 7.10 hereof;

     (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

     (c) a Custodian or public officer takes charge of the Trustee or its property; or

     (d) the Trustee becomes incapable of acting.

     If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

     If a successor Trustee does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company, or the Holders of Securities of at least 10% in
principal amount of the then outstanding Securities may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

     If the Trustee, after written request by any Holder of a Security who has been a Holder of a
Security for at least six months, fails to comply with Section 7.10, such Holder of a Security may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

     A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall

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become effective, and the successor Trustee shall have all the rights, powers and duties of
the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of the Securities. The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee.

     Section 7.09. Successor Trustee by Merger, etc.

     If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation without any further
act shall be the successor Trustee.

     Section 7.10. Eligibility; Disqualification.

     There shall at all times be a Trustee hereunder that is a corporation, bank or banking
association organized and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trustee power, that is
subject to supervision or examination by federal or state authorities and that has a combined
capital and surplus of at least $50 million as set forth in its most recent published annual report
of condition.

     This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b).

     Section 7.11. Preferential Collection of Claims Against Company.

     The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b). A Trustee who has resigned or been moved shall be subject to TIA § 311(a) to the extent
indicated therein.

ARTICLE 8

Legal Defeasance And Covenant Defeasance

     Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may, at the option of its Board of Directors evidenced by a resolution set forth
in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be
applied to all outstanding Securities upon compliance with the conditions set forth below in this
Article 8.

     Section 8.02. Legal Defeasance and Discharge.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their

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obligations with respect to all outstanding Securities and the Guarantees thereof on the date
the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Securities, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other obligations under such
Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of
outstanding Securities to receive payments in respect of the principal, of, premium, if any, and
interest on such Securities when such payments are due from the trust fund described in Section
8.04 hereof, and as more fully set forth in such Section, (b) the Company’s obligations with
respect to such Securities under Article 2 and Section 4.02 hereof, (c) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may
exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof.

     Section 8.03. Covenant Defeasance.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants
contained in Sections 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.16 and 4.17
hereof and in clause (iv) of Section 5.01 and the covenants contained in the Guarantees with
respect to the outstanding Securities on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and the Securities shall thereafter be deemed not
“outstanding” for the purposes of any compliance certificate, direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Securities shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Securities, the Company
may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture, such Securities and such Guarantees shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, Sections 6.01(3) (but only with respect to the Company’s failure to observe or perform the
covenants, conditions and agreements of the Company under clause (iv) of Section 5.01), 6.01(4),
6.01(6), 6.01(7) and 6.01(8) and 6.01(9) and (10) (but only with respect to Restricted
Subsidiaries) hereof shall not constitute Events of Default.

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     Section 8.04. Conditions to Legal or Covenant Defeasance.

     The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof
to the outstanding Securities:

     In order to exercise either Legal Defeasance or Covenant Defeasance:

     (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders of the Securities, cash in United States dollars, non-callable Government Securities, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, premium, if any, and
interest, on the outstanding Securities on the stated maturity or on the applicable redemption
date, as the case may be, and the Company must specify whether the Securities are being defeased to
maturity or to a particular redemption date;

     (b) in the case of an election under Section 8.02 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the
applicable federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the outstanding Securities will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred;

     (c) in the case of an election under Section 8.03 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Securities will not recognize income, gain or loss
for federal income tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred;

     (d) no Default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be
applied to such deposit);

     (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than this Indenture) to
which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound;

     (f) the Company shall deliver to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Company with the intent of preferring the Holders of the Securities over the
other creditors of the Company, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Company or others;. and

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     (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance have been complied with.

     Section 8.05. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions.

     Subject to Section 8.06 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 or 8.08 hereof in respect of
the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Securities of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, but such money need not be segregated from other funds except to the
extent required by law.

     The Company and the Subsidiary Guarantors shall pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section 8.04 or 8.08 hereof or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the account of the Holders
of the outstanding Securities.

     Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon the request of the Company any money or non-callable
Government Securities held by it as provided in Section 8.04 or 8.08 hereof which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section
8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance.

     Section 8.06. Repayment to Company.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of, premium, if any, or interest on any Security and
remaining unclaimed for two years after such principal, premium, if any, or interest has become due
and payable shall be paid to the Company on its written request or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Security shall thereafter, as a general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once,
in the New York Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such money then
remaining shall be repaid to the Company. Any

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money held by the Trustee pursuant to this Section 8.06 shall be held uninvested and without
liability for interest.

     Section 8.07. Reinstatement.

     If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the obligations of the Company and the Subsidiary Guarantors
under this Indenture, the Securities and the Guarantees shall be revived and reinstated as though
no deposit had occurred pursuant to Section 8.02 or 8.03 hereof, as the case may be; provided,
however, that if the Company or any Subsidiary Guarantor makes any payment of principal of,
premium, if any, or interest on any Security following the reinstatement of its obligations, the
Company or such Subsidiary Guarantor shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money held by the Trustee or Paying Agent.

     Section 8.08. Satisfaction and Discharge.

     The Indenture will be discharged and will cease to be of further effect as to all Securities
issued thereunder, when: (1) either (a) all Securities that have been authenticated (except lost,
stolen or destroyed Securities that have been replaced or paid and Securities for whose payment
money has theretofore been deposited in trust and thereafter repaid to the Company) have been
delivered to the Trustee for cancellation, or (b) all Securities that have not been delivered to
the Trustee for cancellation have become due and payable by reason of the giving of a notice of
redemption or otherwise or will become due and payable (including pursuant to a notice of
redemption duly given) within one year and the Company or any Subsidiary Guarantor has irrevocably
deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders (in accordance with Section 8.05), cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the
Securities not delivered to the Trustee for cancellation for principal, premium, if any, and
accrued interest to the date of maturity or redemption; (2) no Default or Event of Default shall
have occurred and be continuing on the date of such deposit or shall occur as a result of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) and such deposit will not result in a breach or violation of, or
constitute a default under, any instrument (other than this Indenture) to which the Company or any
Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound; (3)
the Company or any Subsidiary Guarantor has paid or caused to be paid all other sums payable by it
under this Indenture; and (4) the Company has delivered an Officers’ Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have
been satisfied.

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ARTICLE 9

Amendment, Supplement And Waiver

     Section 9.01. Without Consent of Holders of Securities.

     Notwithstanding Section 9.02 of this Indenture, the Company, the Subsidiary Guarantors and the
Trustee may amend or supplement this Indenture, the Securities or the Guarantees without the
consent of any Holder of a Security to establish the terms of the Securities in accordance herewith
or:

     (a) to cure any ambiguity, defect or inconsistency;

     (b) to provide for uncertificated Securities in addition to or in place of Certificated
Securities;

     (c) to provide for the assumption of the Company’s obligations to the Holders of the
Securities in the case of a merger or consolidation pursuant to Article 5 hereof;

     (d) to make any change that would provide any additional rights or benefits to the Holders of
the Securities or that does not adversely affect the legal rights hereunder of any Holder of a
Security;

     (e) to secure the Securities or add guarantees thereof; or

     (f) to comply with requirements of the Commission in order to effect or maintain the
qualification of this Indenture under the TIA.

     Upon the request of the Company accompanied by a resolution of the Board of Directors of the
Company and each of the Subsidiary Guarantors, as the case may be, authorizing the execution of any
such amended or supplemental indenture, and upon receipt by the Trustee of the documents described
in Section 7.02 hereof, the Trustee shall join with the Company and the Subsidiary Guarantors in
the execution of any amended or supplemental indenture authorized or permitted by the terms of this
Indenture and to make any further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into such amended or supplemental
indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

     Section 9.02. With Consent of Holders of Securities.

     Except as provided below in this Section 9.02, the Company, the Subsidiary Guarantors and the
Trustee may amend or supplement this Indenture, the Securities and the Guarantees with the consent
of the Holders of at least a majority in aggregate principal amount of the Securities then
outstanding (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for the Securities), and, subject to Sections 6.04 and 6.07 hereof,
any existing Default or Event of Default (other than a Default or Event of Default in the payment
of the principal of, premium, if any, or interest on the Securities, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of this
Indenture, the Securities or the Guarantees may be waived with the consent of the Holders

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of a majority in principal amount of the then outstanding Securities (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer
for the Securities).

     Notwithstanding
the foregoing, without the consent of at least
662/3% in aggregate principal
amount of the Securities then outstanding (including consents obtained in connection with a
purchase of, or tender offer or exchange offer for the Securities), no waiver or amendment to this
Indenture may make any change in the provisions of Sections 3.09, 4.10 and 4.13 hereof that
adversely affect the rights of any Holder of Securities. In addition, any amendment to the
provisions of Article 10 of this Indenture shall require the consent of the Holders of at least
662/3% in aggregate principal amount of the Securities then outstanding if such amendment would
adversely affect the rights of Holders of Securities; provided that, no amendment may be made to
the provisions of Article 10 of this Indenture that adversely affects the rights of any holder of
Senior Debt then outstanding unless the holders of such Senior Debt (or any group or representative
thereof authorized to consent) consent to such change.

     Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal
amount of the Securities then outstanding may waive compliance in a particular instance by the
Company or any Subsidiary Guarantor with any provision of this Indenture, the Securities or the
Guarantees. However, without the consent of each Holder affected, an amendment or waiver may not
(with respect to any Securities held by a non-consenting Holder):

     (a) reduce the principal amount of Securities whose Holders must consent to an amendment,
supplement or waiver;

     (b) reduce the principal of or change the fixed maturity of any Security or alter the
provisions with respect to the redemption of the Securities (except as provided above with respect
to Sections 3.09, 4.10 and 4.13 hereof);

     (c) reduce the rate of or change the time for payment of interest on any Security;

     (d) waive a Default or Event of Default in the payment of principal of or premium, if any, or
interest on the Securities (except a rescission of acceleration of the Securities by the Holders of
at least a majority in principal amount of the Securities and a waiver of the payment default that
resulted from such acceleration);

     (e) make any Security payable in money other than that stated in the Securities;

     (f) make any change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders of Securities to receive payments of principal or premium, if any, or
interest on the Securities; or

     (g) make any change in the foregoing amendment and waiver provisions.

     Upon the request of the Company accompanied by a resolution of the Board of Directors of the
Company and each of the Subsidiary Guarantors, as the case may be, authorizing the execution of any
such amended or supplemental indenture, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid,

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and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee
shall join with the Company and the Subsidiary Guarantors in the execution of such amended or
supplemental indenture unless such amended or supplemental indenture affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.

     It shall not be necessary for the consent of the Holders of Securities under this Section 9.02
to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if
such consent approves the substance thereof.

     After an amendment, supplement or waiver under this Section becomes effective, the Company
shall mail to the Holders of Securities affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver.

     Section 9.03. Compliance with Trust Indenture Act.

     Every amendment or supplement to this Indenture or the Securities shall be set forth in an
amended or supplemental Indenture that complies with the TIA as then in effect.

     Section 9.04. Revocation and Effect of Consents.

     Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Security is a continuing consent by the Holder of a Security and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder of a Security
or subsequent Holder of a Security may revoke the consent as to its Security if the Trustee
receives written notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance with its terms and
thereafter binds every Holder.

     The Company may, but shall not be obligated to, fix such record date as it may select for the
purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If
a record date is fixed, then notwithstanding the last sentence of the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies),
and only those Persons, shall be entitled to revoke any consent previously given, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or
effective for more than 120 days after such record date.

     Section 9.05. Notation on or Exchange of Securities.

     The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Security thereafter authenticated. The Company in exchange for all Securities may issue and the
Trustee shall authenticate new Securities that reflect the amendment, supplement or waiver.

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     Failure to make the appropriate notation or issue a new Security shall not affect the validity
and effect of such amendment, supplement or waiver.

     Section 9.06. Trustee to Sign Amendment, etc.

     The Trustee shall sign any amended or supplemental indenture authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. Neither the Company nor any Subsidiary Guarantor may sign an
amendment or supplemental Indenture until its respective Board of Directors approves it. In
executing any amended or supplemental indenture, the Trustee shall be entitled to receive and
(subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and that there has been compliance with all conditions
precedent.

ARTICLE 10

Subordination

     Section 10.01. Agreement to Subordinate.

     The Company and each Subsidiary Guarantor agree, and each Holder by accepting a Security and
the related Guarantees agrees, that (i) the Indebtedness evidenced by (a) the Securities,
including, but not limited to, the payment of principal of, premium, if any, and interest on the
Securities, and any other payment Obligation of the Company in respect of the Securities (including
any obligation to repurchase the Securities) is subordinated in right of payment, to the extent and
in the manner provided in this Article, to the prior payment in full in cash of all Senior Debt of
the Company (whether outstanding on the date hereof or hereafter created, incurred, assumed or
guaranteed), and (b) the Guarantees and other payment Obligations in respect of the Guarantees are
subordinated in right of payment, to the extent and in the manner provided in this Article, to the
prior payment in full in cash of all Senior Debt of each Subsidiary Guarantor and (ii) the
subordination is for the benefit of the Holders of Senior Debt.

     Section 10.02. Certain Definitions.

     “Bankruptcy Law” means the Bankruptcy Code or any similar Federal or state law for the relief
of debtors.

     “Representative” means the indenture trustee or other trustee, agent or representative for any
Senior Debt.

     “Senior Debt” means (i) Indebtedness of the Company or any Subsidiary of the Company under or
in respect of any Credit Facility, whether for principal, interest (including interest accruing
after the filing of a petition initiating any proceeding pursuant to any Bankruptcy Law, whether or
not the claim for such interest is allowed as a claim in such proceeding), reimbursement
obligations, fees, commissions, expenses, indemnities or other amounts and (ii) any other
Indebtedness of the Company or any Subsidiary of the Company permitted under the

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terms of this Indenture, unless the instrument under which such Indebtedness is incurred
expressly provides that it is on a parity with or subordinated in right of payment to the
Securities; provided that the Company’s
73/8%
Senior Subordinated Notes,
63/8% Senior Subordinated
Notes and 71/2% Senior Subordinated Notes outstanding on the date of this Indenture shall be deemed
to rank on parity with the Securities and shall not be Senior Debt. Notwithstanding anything to the
contrary in the foregoing sentence, Senior Debt will not include (w) any liability for federal,
state, local or other taxes owed or owing by the Company, (x) any Indebtedness of the Company to
any of its Subsidiaries or other Affiliates, (y) any trade payables or (z) any Indebtedness that is
incurred in violation of this Indenture (other than Indebtedness under (i) the Credit Agreement or
(ii) any other Credit Facility that is incurred on the basis of a representation by the Company to
the applicable lenders that it is permitted to incur such Indebtedness under this Indenture).

     A “distribution” may consist of cash, securities or other property, by set-off or otherwise.

     All Designated Senior Debt now or hereafter existing and all other Obligations relating
thereto shall not be deemed to have been paid in full unless the holders or owners thereof shall
have received payment in full in cash (or other form of payment consented to by the holders of such
Designated Senior Debt) with respect to such Designated Senior Debt and all other Obligations with
respect thereto.

     Section 10.03. Liquidation; Dissolution; Bankruptcy.

     (a) Upon any payment or distribution of property or securities to creditors of the Company in
a liquidation or dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property, or in an assignment for
the benefit of creditors or any marshalling of the Company’s assets and liabilities:

     (1) the holders of Senior Debt of the Company shall be entitled to receive payment in
full in cash of all Obligations in respect of such Senior Debt (including interest after the
commencement of any such proceeding at the rate specified in the applicable Senior Debt,
whether or not a claim for such interest would be allowed in such proceeding) before the
Holders of Securities shall be entitled to receive any payment or distribution with respect
to the Securities and related Obligations (except in each case that Holders of Securities
may receive securities that are subordinated at least to the same extent as the Securities
to Senior Debt and any securities issued in exchange for Senior Debt and payments made from
any defeasance trust created pursuant to Section 8.05 hereof provided that the applicable
deposit does not violate Article 8 or 10 of this Indenture); and

     (2) until all Obligations with respect to Senior Debt of the Company (as provided in
subsection (a)(1) above) are paid in full in cash, any payment or distribution to which the
Holders of Securities and the related Guarantees would be entitled shall be made to holders
of Senior Debt of the Company (except that Holders of Securities and the related Guarantees
may receive securities that are subordinated at least to the same extent as the Securities
to Senior Debt and any securities issued in exchange for Senior Debt and payments made from
any defeasance trust created pursuant to Section 8.05

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hereof provided that the applicable deposit does not violate Article 8 or 10 of this
Indenture).

     (b) Upon any payment or distribution of property or securities to creditors of a Subsidiary
Guarantor in a liquidation or dissolution of such Subsidiary Guarantor or in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to such Subsidiary
Guarantor or its property, or in an assignment for the benefit of creditors or any marshalling of
such Subsidiary Guarantor’s assets and liabilities:

     (1) the holders of Senior Debt of such Subsidiary Guarantor shall be entitled to
receive payment in full in cash of all Obligations in respect of such Senior Debt (including
interest after the commencement of any such proceeding at the rate specified in the
applicable Senior Debt, whether or not a claim for such interest would be allowed in such
proceeding) before the Holders of Securities and the related Guarantees shall be entitled to
receive any payment or distribution with respect to the Guarantee made by such Subsidiary
Guarantor (except in each case that Holders of Securities and the related Guarantees may
receive securities that are subordinated at least to the same extent as the Securities to
Senior Debt and any securities issued in exchange for Senior Debt and payments made from any
defeasance trust created pursuant to Section 8.05 hereof provided that the applicable
deposit does not violate Article 8 or 10 of this Indenture); and

     (2) until all Obligations with respect to Senior Debt of such Subsidiary Guarantor (as
provided in subsection (b)(1) above) are paid in full in cash, any payment or distribution
to which the Holders of Securities and the related Guarantees would be entitled shall be
made to holders of Senior Debt of such Subsidiary Guarantor (except that Holders of
Securities and the related Guarantees may receive securities that are subordinated at least
to the same extent as the Securities to Senior Debt and any securities issued in exchange
for Senior Debt and payments made from any defeasance trust created pursuant to Section 8.05
hereof provided that the applicable deposit does not violate Article 8 or 10 of this
Indenture).

     Under the circumstances described in this Section 10.03, the Company, any Subsidiary Guarantor
or any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar person making
any payment or distribution of cash or other property or securities is authorized or instructed to
make any payment or distribution to which the Holders of the Securities and the related Guarantees
would otherwise be entitled (other than securities that are subordinated at least to the same
extent as the Securities to Senior Debt and any securities issued in exchange for Senior Debt and
payments made from any defeasance trust referred to in the second parenthetical clause of each of
clauses (a)(1), (b)(1), (a)(2) and (b)(2) above, which shall be delivered or paid to the Holders of
Securities as set forth in such clauses) directly to the holders of the Senior Debt of the Company
and any Subsidiary Guarantor, as applicable, (pro rata to such holders on the basis of the
respective amounts of Senior Debt of the Company and any Subsidiary Guarantor, as applicable, held
by such holders) or their Representatives, or to any trustee or trustees under any other indenture
pursuant to which any such Senior Debt may have been issued, as their respective interests appear,
to the extent necessary to pay all such Senior Debt in full, in cash or

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cash equivalents after giving effect to any concurrent payment, distribution or provision
thereof or to or for the holders of such Senior Debt.

     To the extent any payment of or distribution in respect of Senior Debt (whether by or on
behalf of the Company or any Subsidiary Guarantor, as proceeds of security or enforcement of any
right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required
to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar
Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then
if such payment or distribution is recovered by, or paid over to, such receiver, trustee in
bankruptcy, liquidating trustee, agent or other similar Person, the Senior Debt or part thereof
originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such
payment had not occurred. To the extent the obligation to repay any Senior Debt is declared to be
fraudulent, invalid or otherwise set aside under any bankruptcy, insolvency, receivership,
fraudulent conveyance or similar law, then the obligation so declared fraudulent, invalid or
otherwise set aside (and all other amounts that would come due with respect thereto had such
obligation not been so affected) shall be deemed to be reinstated and outstanding as Senior Debt
for all purposes hereof as if such declaration, invalidity or setting aside had not occurred.

     Section 10.04. Default on Designated Senior Debt.

     The Company and the Subsidiary Guarantors may not make any payment (whether by redemption,
purchase, retirements, defeasance or otherwise) upon or in respect of the Securities and the
related Guarantees (other than securities that are subordinated at least to the same extent as the
Securities to Senior Debt and any securities issued in exchange for Senior Debt and payments and
other distributions made from any defeasance trust created pursuant to Section 8.05 hereof if the
applicable deposit does not violate Article 8 or 10 of this Indenture) until all principal and
other Obligations with respect to the Senior Debt of the Company have been paid in full if:

     (i) a default in the payment of any principal of, premium, if any, or interest on
Designated Senior Debt occurs; or

     (ii) any other default occurs and is continuing with respect to Designated Senior Debt
that permits, or with the giving of notice or passage of time or both (unless cured or
waived) would permit, holders of the Designated Senior Debt as to which such default relates
to accelerate its maturity and the Trustee receives a notice of the default (a “Payment
Blockage Notice”) from the Company or the holders of any Designated Senior Debt. If the
Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice
shall be effective for purposes of this Section unless and until 360 days shall have elapsed
since the date of commencement of the payment blockage period resulting from the immediately
prior Payment Blockage Notice. No nonpayment default in respect of any Designated Senior
Debt that existed or was continuing on the date of delivery of any Payment Blockage Notice
to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

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     The Company shall resume payments on and distributions in respect of the Securities and any
Subsidiary Guarantor shall resume making payments and distributions pursuant to the Guarantees
upon:

     (1) in the case of a default referred to in Section 10.04(i) hereof the date upon which
the default is cured or waived, or

     (2) in the case of a default referred to in Section 10.04(ii) hereof, the earliest of
(1) the date on which such nonpayment default is cured or waived, (2) the date the
applicable Payment Blockage Notice is retracted by written notice to the Trustee and (3) 90
days after the date on which the applicable Payment Blockage Notice is received unless (A)
the maturity of any Designated Senior Debt has been accelerated or (B) a Default or Event of
Default under Section 6.01(9) or (10) has occurred and is continuing,

if this Article otherwise permits the payment, distribution or acquisition at the time of such
payment or acquisition.

     Section 10.05. Acceleration of Securities.

     If payment of the Securities is accelerated because of an Event of Default, the Company shall
promptly notify holders of Senior Debt of the acceleration.

     Section 10.06. When Distribution Must be Paid Over.

     In the event that the Trustee or any Holder receives any payment or distribution of or in
respect of any Obligations with respect to the Securities or the Guarantees at a time when such
payment or distribution is prohibited by Section 10.03 or Section 10.04 hereof, such payment or
distribution shall be held by the Trustee (if the Trustee has actual knowledge that such payment or
distribution is prohibited by Section 10.03 or Section 10.04) or such Holder, in trust for the
benefit of, and shall be paid forthwith over and delivered to, the holders of Senior Debt as their
interests may appear or their Representative under the indenture or other agreement (if any)
pursuant to which such Senior Debt may have been issued, as their respective interests may appear,
for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to
the extent necessary to pay such Obligations in full in accordance with their terms, after giving
effect to any concurrent payment or distribution to or for the holders of Senior Debt.

     With respect to the holders of Senior Debt, the Trustee undertakes to perform only such
obligations on the part of the Trustee as are specifically set forth in this Article 10, and no
implied covenants or obligations with respect to the holders of Senior Debt shall be read into this
Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Debt, and, except as provided in Section 10.12, shall not be liable to any such
holders if the Trustee shall pay over or distribute to or on behalf of Holders of Securities or the
Company, the Subsidiary Guarantors or any other Person money or assets to which any holders of
Senior Debt shall be entitled by virtue of this Article 10, except if such payment is made as a
result of the willful misconduct or gross negligence of the Trustee.

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     Section 10.07. Notice by Company.

     The Company and the Subsidiary Guarantors shall promptly notify the Trustee and the Paying
Agent of any facts known to the Company or any Subsidiary Guarantor that would cause a payment of
any Obligations with respect to the Securities or the related Guarantees to violate this Article,
but failure to give such notice shall not affect the subordination of the Securities and the
related Guarantees to the Senior Debt as provided in this Article.

     Section 10.08. Subrogation.

     After all Senior Debt is paid in full and until the Securities are paid in full, Holders of
Securities and the related Guarantees shall be subrogated (equally and ratably with all other
Indebtedness pari passu with the Securities and the Guarantees) to the rights of holders of Senior
Debt to receive distributions and payments applicable to Senior Debt to the extent that
distributions and payments otherwise payable to the Holders of Securities and the related
Guarantees have been applied to the payment of Senior Debt. A payment or distribution made under
this Article to holders of Senior Debt that otherwise would have been made to Holders of Securities
and the related Guarantees is not, as between the Company and Holders of Securities, a payment by
the Company on the Securities.

     Section 10.09. Relative Rights.

     This Article defines the relative rights of Holders of Securities and the related Guarantees
and holders of Senior Debt. Nothing in this Indenture shall:

     (1) impair, as between the Company and Holders of Securities, the obligation of the
Company, which is absolute and unconditional, to pay principal of and interest on the
Securities in accordance with their terms;

     (2) affect the relative rights of Holders of Securities and the related Guarantees and
creditors of the Company other than their rights in relation to holders of Senior Debt; or

     (3) prevent the Trustee or any Holder from exercising its available remedies upon a
Default or Event of Default, subject to the rights of holders and owners of Senior Debt to
receive distributions and payments otherwise payable to Holders of Securities and the
related Guarantees.

     If the Company fails because of this Article to pay principal of or interest on a Security on
the due date, the failure is still a Default or Event of Default.

     Section 10.10. Subordination May Not be Impaired by Company or the Subsidiary Guarantors.

     No right of any present or future holders of any Senior Debt to enforce subordination as
provided in this Article 10 will at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or any Subsidiary Guarantor or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the Company or any

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Subsidiary Guarantor with the terms of this Indenture, regardless of any knowledge thereof
that any such holder of Senior Debt may have or otherwise be charged with. The provisions of this
Article 10 are intended to be for the benefit of, and shall be enforceable directly by, the holders
of Senior Debt.

     Section 10.11. Payment, Distribution or Notice to Representative.

     Whenever a payment or distribution is to be made or a notice given to holders of Senior Debt,
the distribution may be made and the notice given to their Representative.

     Upon any payment or distribution of assets or securities of the Company or any Subsidiary
Guarantor referred to in this Article 10, the Trustee and the Holders of Securities and the related
Guarantees shall be entitled to rely upon any order or decree made by any court of competent
jurisdiction or upon any certificate of such Representative or of the liquidating trustee or agent
or other Person making any payment or distribution to the Trustee or to the Holders of Securities
and the related Guarantees for the purpose of ascertaining the Persons entitled to participate in
such payment or distribution, the holders of the Senior Debt and other Indebtedness of the Company
or any Subsidiary Guarantor, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 10.

     Section 10.12. Rights of Trustee and Paying Agent.

     Notwithstanding the provisions of this Article 10 or any other provision of this Indenture,
the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit
the making of any payment or distribution by the Trustee, and the Trustee and the Paying Agent may
continue to make payments on the Securities and the Guarantees, unless the Trustee shall have
received at its Corporate Trust Office at least one Business Day prior to the date of such payment
written notice of facts that would cause the payment of any Obligations with respect to the
Securities or Guarantees to violate this Article, which notice shall specifically refer to Section
10.03 or 10.04 hereof. Only the Company or a Representative may give the notice. Nothing in this
Article 10 shall impair the claims of, or payments to, the Trustee under or pursuant to Section
7.07 hereof.

     The Trustee in its individual or any other capacity may hold Senior Debt with the same rights
it would have if it were not Trustee. Any Agent may do the same with like rights.

     Section 10.13. Authorization to Effect Subordination.

     Each Holder by the Holder’s acceptance thereof authorizes and directs the Trustee on the
Holder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination as provided in this Article 10, and appoints the Trustee to act as the Holder’s
attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any proceeding referred to in Section 6.09 hereof at
least 30 days before the expiration of the time to file such claim, each lender under the Credit
Agreement is hereby authorized to file an appropriate claim for and on behalf of the Holders of the
Securities and the related Guarantees.

68

 

     Section 10.14. Amendments.

     No amendment may be made to the provisions of or the definitions of any terms appearing in
this Article 10, or to the provisions of Section 6.02 relating to the Designated Senior Debt, that
adversely affects the rights of any holder of Senior Debt then outstanding unless the holders of
such Senior Debt (or any group or Representative authorized to give a consent) consent to such
change.

     Section 10.15. No Waiver of Subordination Provisions.

     Without in any way limiting the generality of Section 10.09 of this Indenture, the holders of
Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee
or the Holders, without incurring responsibility to the Holders and without impairing or releasing
the subordination provided in this Article 10 or the obligations hereunder of the Holders to the
holders of Senior Debt, do any one or more of the following: (a) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, Senior Debt or any instrument
evidencing the same or any agreement under which Senior Debt is outstanding or secured; (b) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing
Senior Debt; (c) release any Person liable in any manner for the collection of Senior Debt; and (d)
exercise or refrain from exercising any rights against the Company and each Subsidiary Guarantor
and any other Person.

ARTICLE 11

The Guarantees

     Section 11.01. The Guarantees.

     Each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees to
each Holder of a Security authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the
Securities or the obligations of the Company hereunder or thereunder, that: (a) the principal of
and premium, if any, and interest, on the Securities shall be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue
principal of and interest on premium and interest, on the Securities, if any, if lawful, and all
other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in
case of any extension of time of payment or renewal of any Securities or any of such other
obligations, that the same shall be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same
immediately. The Subsidiary Guarantors hereby agree that their obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Securities or this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other

69

 

circumstance which might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each of the Subsidiary Guarantors hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that this Guarantee shall not be discharged except by complete performance of the
obligations contained in the Securities and this Indenture. If any Holder or the Trustee is
required by any court or otherwise to return to the Company or the Subsidiary Guarantors, or any
Custodian, Trustee, liquidator or other similar official acting in relation to either the Company
or the Subsidiary Guarantors, any amount paid by either to the Trustee or such Holder, this
Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each
of the Subsidiary Guarantors agrees that it shall not be entitled to any right of subrogation in
relation to the Holders of Securities in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each of the Subsidiary Guarantors further agrees
that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations guaranteed hereby and
(y) in the event of any declaration of acceleration of such obligations as provided in Article 6,
such obligations (whether or not due and payable) shall forthwith become due and payable by the
Subsidiary Guarantors for the purpose of this Guarantee. The Subsidiary Guarantors shall have the
right to seek contribution from any Subsidiary Guarantor not paying so long as the exercise of such
right does not impair the rights of the Holders under the Guarantees.

     Section 11.02. Execution and Delivery of Guarantees.

     (i) To evidence its Guarantee set forth in Section 11.01, each of the Subsidiary Guarantors
hereby agrees that a notation of such Guarantee substantially in the form of Exhibit B shall be
endorsed by an officer of such Subsidiary Guarantor on each Security authenticated and delivered by
the Trustee, that this Indenture shall be executed on behalf of such Subsidiary Guarantor by an
Officer thereof.

     Each Subsidiary Guarantor hereby agrees that its Guarantee set forth in Section 11.01 shall
remain in full force and effect notwithstanding any failure to endorse on each Security a notation
of such Guarantee.

     If an Officer whose signature is on this Indenture or on the applicable Guarantee no longer
holds that office at the time the Trustee authenticates the Security on which such Guarantee is
endorsed, such Guarantee shall be valid nevertheless.

     The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantees set forth in this Indenture on behalf of the Subsidiary
Guarantors.

70

 

     Section 11.03. Subsidiary Guarantors May Consolidate, etc., on Certain Terms.

     No Subsidiary Guarantor may consolidate with or merge with or into (whether or not such
Subsidiary Guarantor is the Surviving Person) another Person, whether or not affiliated with such
Subsidiary Guarantor, unless:

     (a) subject to the provisions of Section 11.04 hereof, the Person formed by or surviving any
such consolidation or merger (if other than such Subsidiary Guarantor) assumes all the obligations
of such Subsidiary Guarantor pursuant to a supplemental indenture in form reasonably satisfactory
to the Trustee in respect of the Securities, this Indenture and such Subsidiary Guarantor’s
Guarantee;

     (b) immediately after giving effect to such transaction, no Default or Event of Default
exists; and

     (c) such transaction does not violate any of Sections 4.03, 4.07, 4.08, 4.09, 4.11, 4.12,
4.13, 4.14, 4.16 and 4.17.

Notwithstanding the foregoing, none of the Subsidiary Guarantors shall be permitted to consolidate
with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person),
another corporation, Person or entity pursuant to the preceding sentence if such consolidation or
merger would not be permitted by Section 5.01 hereof.

     In case of any such consolidation or merger and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee and satisfactory in
form to the Trustee, of the Guarantee endorsed upon the Securities and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by such
Subsidiary Guarantor, such successor corporation shall succeed to and be substituted for such
Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor.
Such successor corporation thereupon may cause to be signed any or all of the Guarantees to be
endorsed upon all of the Securities issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee. All the Guarantees so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Guarantees theretofore and
thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees
had been issued at the date of the execution hereof.

     Except as set forth in Articles 4 and 5 hereof, nothing contained in this Indenture or in any
of the Securities shall prevent any consolidation or merger of any Subsidiary Guarantor with or
into the Company or another Subsidiary Guarantor, or shall prevent any sale or conveyance of the
property of any Subsidiary Guarantor as an entirety or substantially as an entirety to the Company
or any Subsidiary Guarantor.

     Section 11.04. Releases of Guarantees.

     In the event of a sale or other disposition of all or substantially all of the assets of any
Subsidiary Guarantor or a sale or other disposition of all of the capital stock of any Subsidiary
Guarantor, to any corporation or other Person (including an Unrestricted Subsidiary) by way of
merger, consolidation, or otherwise, in a transaction that does not violate any of the covenants of

71

 

this Indenture, then such Subsidiary Guarantor (in the event of a sale or other disposition,
by way of such merger, consolidation or otherwise, of all the capital stock of such Subsidiary
Guarantor) shall be released and relieved of any obligations under its Guarantee and such acquiring
corporation or other Person (in the event of a sale or other disposition of all or substantially
all of the assets of such Subsidiary Guarantor), if other than a Subsidiary Guarantor, shall have
no obligation to assume or otherwise become liable under such Guarantee. Upon delivery by the
Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that
such sale or other disposition was made by the Company in accordance with the provisions of this
Indenture, including without limitation Section 4.10, such Subsidiary Guarantor shall ipso
facto be released from its obligations under its Guarantee and the Trustee shall execute any
documents reasonably required in order to evidence the release of any Subsidiary Guarantor from its
obligations under its Guarantee.

     Any Subsidiary Guarantor not released from its obligations under its Guarantee shall remain
liable for the full amount of principal of and interest on the Securities and for the other
obligations of such Subsidiary Guarantor under this Indenture as provided in this Article 11.

     Any Subsidiary Guarantor that is designated an Unrestricted Subsidiary in accordance with the
terms of this Indenture shall be released from and relieved of its obligations under its Guarantee.

     Section 11.05. Limitation on Subsidiary Guarantor Liability.

     For purposes hereof, each Subsidiary Guarantor’s liability shall be that amount from time to
time equal to the aggregate liability of such Subsidiary Guarantor thereunder, but shall be limited
to the lesser of (i) the aggregate amount of the Obligations of the Company under the Securities
and this Indenture and (ii) the amount, if any, which would not have (A) rendered such Subsidiary
Guarantor “insolvent” (as such term is defined in the Bankruptcy Code and in the Debtor and
Creditor Law of the State of New York) or (B) left it with unreasonably small capital at the time
its Guarantee of the Securities was entered into, after giving effect to the incurrence of existing
Indebtedness immediately prior to such time; provided that, it shall be a presumption in any
lawsuit or other proceeding in which such Subsidiary Guarantor is a party that the amount
guaranteed pursuant to its Guarantee is the amount set forth in clause (i) above unless any
creditor, or representative of creditors of such Subsidiary Guarantor, or debtor in possession or
trustee in bankruptcy of such Subsidiary Guarantor, otherwise proves in such a lawsuit that the
aggregate liability of such Subsidiary Guarantor is limited to the amount set forth in clause (ii).
In making any determination as to the solvency or sufficiency of capital of a Subsidiary Guarantor
in accordance with the previous sentence, the right of such Subsidiary Guarantor to contribution
from other Subsidiary Guarantors and any other rights such Subsidiary Guarantor may have,
contractual or otherwise, shall be taken into account.

     Section 11.06. “Trustee” to Include Paying Agent.

     In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in Article 10 and this Article 11
shall in such case (unless the context shall otherwise require) be construed as extending to and
including such Paying Agent within its meaning as fully and for all intents and

72

 

purposes as if such Paying Agent were named in Article 10 and this Article 11 in place of the
Trustee.

     Section 11.07. Subordination of Guarantees.

     The obligations of each of the Subsidiary Guarantors under its Guarantee pursuant to this
Article 11 shall be junior and subordinated to the Senior Debt of the Subsidiary Guarantor pursuant
to Article 10 hereof. For the purposes of the foregoing sentence, the Trustee and the Holders shall
have the right to receive and/or retain payments or distributions by or on behalf of any of the
Subsidiary Guarantors only at such times as they may receive and/or retain payments in respect of
the Securities pursuant to this Indenture, including Article 10 hereof.

ARTICLE 12

Miscellaneous

     Section 12.01. Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
TIA § 318(c), the imposed duties shall control. If any provisions of this Indenture modifies or
excludes any provision of the TIA that may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or excluded, as the case may be.

     Section 12.02. Notices.

     Any notice or communication by the Company or the Subsidiary Guarantors or the Trustee to the
others is duly given if in writing and delivered, in person or mailed by first class mail
(registered or certified, return receipt requested), telecopier or overnight air courier
guaranteeing next day delivery, to the others’ address:

If to the Company or any Subsidiary Guarantor:

Range Resources Corporation

100 Throckmorton Street, Suite 1200

Fort Worth, Texas 76102

Telecopier No.: (817) 869-9158

Attention:        Rodney L. Waller

With a copy to:

Vinson & Elkins L.L.P.

2500 First City Tower

1001 Fannin Street

Houston, Texas 77002

Telecopier No.: (713) 615-5967

Attention:        Kevin P. Lewis

73

 

If
to the Trustee:

The Bank of New York Trust Company, N.A.

601 Travis, 18th Floor

Houston, Texas 77002

Attention: Marcella Burgess

Telecopier No.: (713) 483-7038

     Ref:       Range Resources Corporation

     The Company or any Subsidiary Guarantor or the Trustee, by notice to the others may designate
additional or different addresses for subsequent notices or communications.

     All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, first class mail, certified or registered, return receipt requested, postage
prepaid, if mailed; when receipt acknowledged, if by telecopy; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

     Any notice or communication to a Holder shall be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the Register kept by the Registrar. Any notice or communication shall also be
so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders.

     If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.

     If the Company or any Subsidiary Guarantor mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

     Section 12.03. Communication by Holders of Securities with Other Holders of Securities.

     Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Securities. The Company, the Subsidiary Guarantors, the Trustee,
the Registrar and anyone else shall have the protection of TIA § 312(c) .

     Section 12.04. Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company or any Subsidiary Guarantor to the Trustee to
take any action under this Indenture, the Company or such Subsidiary Guarantor, as the case may be,
shall furnish to the Trustee:

     (a) an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 12.05 hereof) stating

74

 

that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been complied with; and

     (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been complied
with.

     Section 12.05. Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA § 314(a) (4)) shall comply
with the provisions of TIA § 314(e) and shall include:

     (a) a statement that the Person making such certificate or opinion has read such
covenant or condition;

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

     (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

     (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

     Section 12.06. Rules by Trustee and Agents.

     The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

     Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders.

     No director, officer, employee, incorporator or stockholder of the Company, as such, shall
have any liability for any obligations of the Company under the Securities or this Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
of Securities, by accepting a Security, waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Securities. Such waiver may not be
effective to waive liabilities under the federal securities laws and it is the view of the
Commission that such a waiver is against public policy.

     Section 12.08. Governing Law.

     THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE,
THE SECURITIES AND THE GUARANTEES.

75

 

     Section 12.09. No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or their respective Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture and the Guarantees.

     Section 12.10. Successors.

     All agreements of the Company and each Subsidiary Guarantor in this Indenture, the Securities
and the Guarantees shall bind its respective successors. All agreements of the Trustee in this
Indenture shall bind its successors.

     Section 12.11. Severability.

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

     Section 12.12. Counterpart Originals.

     The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

     Section 12.13. Table of Contents, Headings, etc.

     The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

     Section 12.14. Actions on Other than Business Days.

     Unless otherwise provided herein, if the date for making any payment or the last date for the
performance of any act or the exercising of any right, as provided in this Indenture, is not a
Business Day, such payment may be made, act performed or right exercised on the next succeeding
Business Day, with the same force and effect as if made or done on the nominal date provided
therefor, and, with respect to any payment so made, no interest shall accrue for the period between
such nominal date and the date of payment.

[Signatures on following page]

76

 

SIGNATURES

	 	 	 	 	 	 	 
	Dated as of
	 	 	 	 	 	 
	September [___], 2007
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE RESOURCES CORPORATION
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	PINE MOUNTAIN ACQUISITION, INC.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE
RESOURCES—PINE MOUNTAIN, INC.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	PMOG HOLDINGS, INC.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE OPERATING TEXAS, L.L.C.
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	RANGE RESOURCES
CORPORATION,
 its Member
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer

[Signatures Page to Indenture]

 

 

	 	 	 	 	 	 	 
	 	 	 	 	RANGE ENERGY I, INC.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE HOLDCO, INC.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE TEXAS PRODUCTION, L.L.C.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE PRODUCTION COMPANY
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE OPERATING NEW MEXICO,
INC.
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 

[Signatures Page to Indenture]

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	RANGE
RESOURCES—APPALACHIA, LLC
	 
	 	 	 	 	 	 
	 	 	 	 	By:
	 	RANGE HOLDCO, INC.
	 	 	 	 	 	 	Its Member
	Attest:
	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Roger S. Manny
	 

	 	 	 	 	 	 
	 
	 	 	 	Title:	 	Senior Vice President and Chief
Financial Officer
	 
	 	 	 	 	 	 
	Rodney
Waller, Secretary
	 	 	 	 	 	 
	 	 	 	 	By:
	 	RANGE ENERGY I, INC.
	 	 	 	 	 	 	Its Member
	Attest:
	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Roger S. Manny
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Senior Vice President and Chief
Financial Officer
	 

	 	 	 	 	 	 
	Rodney
Waller, Secretary
	 	 	 	 	 	 

[Signatures Page to Indenture]

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	REVC HOLDCO, LLC
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	STROUD ENERGY GP, LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	RANGE OPERATING TEXAS, L.L.C.,

its Member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	RANGE RESOURCES CORPORATION,

its Member
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	STROUD ENERGY LP, LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	RANGE OPERATING TEXAS, L.L.C.,

its Member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	RANGE RESOURCES CORPORATION,

its Member
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	STROUD ENERGY, LTD
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	STROUD ENERGY MANAGEMENT GP, LLC,

its General Partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	STROUD OIL PROPERTIES, LP,

its Member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	STROUD ENERGY GP, LLC,

its General Partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	RANGE OPERATING TEXAS, L.L.C.

its Member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	RANGE RESOURCES CORPORATION,

its Member
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer

 [Signatures Page to Indenture]

 

 

	 	 	 	 	 	 	 
	 	 	 	 	STROUD ENERGY MANAGEMENT GP, LLC
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	STROUD OIL PROPERTIES, LP, its Member
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	STROUD ENERGY GP, LLC, its General Partner
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	RANGE OPERATING TEXAS, L.L.C., its Member
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	STROUD OIL PROPERTIES, LP
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	STROUD ENERGY GP, LLC, its general partner
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	RANGE OPERATING TEXAS, L.L.C., its Member
	 
	 	 	 	 	 	 
	 	 	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member
	 
	 	 	 	 	 	 
	Attest:

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roger S. Manny
	 

	 	 	 	Title:
	 	Senior Vice President and
	 

Rodney Waller, Secretary

	 	 	 	 
	 	Chief Financial Officer

[Signatures Page to Indenture]

 

 

	 	 	 	 	 	 	 
	 	 	 	 	THE BANK OF NEW YORK TRUST COMPANY,
N.A., as Trustee.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Marcella
Burgess
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Assistant Vice President
	 

	 	 	 	 	 	 

 [Signatures Page to Indenture]

 

 

EXHIBIT A

DTC LEGEND

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

     [TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE
INDENTURE.]

A-1

 

EXHIBIT B

Guarantee

     Each of the Subsidiary Guarantors hereby, jointly and severally and unconditionally guarantees
to each Holder of a Security authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the
Securities or the obligations of the Company hereunder or thereunder, that: (a) the principal of,
and premium, if any, and interest on, the Securities shall be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue
principal of, and interest on premium and interest on, the Securities, if any, if lawful, and all
other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in
case of any extension of time of payment or renewal of any Securities or any of such other
obligations, that same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same
immediately.

     The obligations of the Subsidiary Guarantors to the Holders of Securities and to the Trustee
pursuant to this Guarantee and the Indenture (including the subordination provisions thereof) are
expressly set forth in Article 11 of the Indenture, and reference is hereby made to such Indenture
for the precise terms of this Guarantee. The terms of Article 11 of the Indenture are incorporated
herein by reference.

     This is a continuing Guarantee and shall remain in full force and effect and shall be binding
upon each of the Subsidiary Guarantors and its respective successors and assigns to the extent set
forth in the Indenture until full and final payment of all of the Company’s Obligations under the
Securities and the Indenture and shall inure to the benefit of the Trustee and the Holders of
Securities and their successors and assigns and, in the event of any transfer or assignment of
rights by any Holder of Securities or the Trustee, the rights and privileges herein conferred upon
that party shall automatically extend to and be vested in such transferee or assignee, all subject
to the terms and conditions hereof. Notwithstanding the foregoing, any Subsidiary Guarantor that
satisfies the provisions of Section 11.04 of the Indenture shall be released of its obligations
hereunder. This is a Guarantee of payment and not a, guarantee of collection.

     This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Security upon which this Guarantee is noted shall have been executed by the
Trustee under the Indenture by the manual signature of one of its authorized officers.

     For purposes hereof, each Subsidiary Guarantor’s liability will be that amount from time to
time equal to the aggregate liability of such Subsidiary Guarantor hereunder but shall be

B-1

 

limited to the lesser of (i) the aggregate amount of the obligations of the Company under the
Securities and the Indenture and (ii) the amount, if any, which would not have (A) rendered such
Subsidiary Guarantor “insolvent” (as such term is defined in the federal Bankruptcy Code and in the
Debtor and Creditor law of the State of New York) or (B) left it with unreasonably small capital at
the time its Guarantee was entered into, after giving effect to the incurrence of existing
Indebtedness immediately prior to such time; provided that, it shall be a presumption in any
lawsuit or other proceeding in which such Subsidiary Guarantor is a party that the amount
guaranteed pursuant to its Guarantee is the amount set forth in clause (i) above unless any
creditor, or representative of creditors of such Subsidiary Guarantor, or debtor in possession or
trustee in bankruptcy of such Subsidiary Guarantor, otherwise proves in such a lawsuit that the
aggregate liability of such Subsidiary Guarantor is limited to the amount set forth in clause (ii).
The Indenture provides that, in making any determination as to the solvency or sufficiency of
capital of a Subsidiary Guarantor in accordance with the previous sentence, the right of such
Subsidiary Guarantor to contribution from other Subsidiary Guarantors and any other rights such
Subsidiary Guarantor may have, contractual or otherwise, shall be taken into account.

     Capitalized terms used herein have the same meanings given in the Indenture unless otherwise
indicated.

	 	 	 	 	 	 	 
	 	 	RANGE RESOURCES—APPALACHIA, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	RANGE HOLDCO, INC.
its Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	PINE MOUNTAIN ACQUISITION, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE RESOURCES—PINE MOUNTAIN INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	PMOG HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

B-2

 

	 	 	 	 	 	 	 
	 	 	RANGE ENERGY I, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE HOLDCO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE TEXAS PRODUCTION, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE PRODUCTION COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE OPERATING NEW MEXICO,

INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	REVC HOLDCO, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD ENERGY GP, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	RANGE OPERATING TEXAS,
L.L.C., its Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	RANGE RESOURCES
CORPORATION, its
Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 

B-3

 

	 	 	 	 	 	 	 
	 	 	STROUD ENERGY LP, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE OPERATING TEXAS, L.L.C., its Member	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD ENERGY, LTD.	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	STROUD ENERGY MANAGEMENT GP, LLC,
 its
General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	STROUD OIL PROPERTIES, LP, its Member	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	STROUD ENERGY GP, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE OPERATING TEXAS, L.L.C., its Member	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD ENERGY MANAGEMENT GP,
LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	STROUD OIL PROPERTIES, LP, its Member	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	STROUD ENERGY GP, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE OPERATING TEXAS, L.L.C., its Member	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member	 	 
	 
	 	 	 	 	 	 
	 
	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 	 	STROUD OIL PROPERTIES, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	STROUD ENERGY GP, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE OPERATING TEXAS, L.L.C., its Member	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE OPERATING TEXAS, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	RANGE RESOURCES CORPORATION, its
Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

B-4exv4w1

 

Exhibit 4.1

EXECUTION COPY

      

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

Class A-1 5.9139% Asset Backed Notes

Class A-2-A 5.66% Asset Backed Notes

Class A-2-B Floating Rate Asset Backed Notes

Class A-3-A 5.49% Asset Backed Notes

Class A-3-B Floating Rate Asset Backed Notes

Class A-4-A 5.56% Asset Backed Notes

Class A-4-B Floating Rate Asset Backed Notes

 

INDENTURE

Dated as of September 12, 2007

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee and Trust Collateral Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	3	 
	 
	 	 	 	 
	SECTION 1.1 Definitions
	 	 	3	 
	SECTION 1.2 Incorporation by Reference of Trust Indenture Act
	 	 	11	 
	SECTION 1.3 Rules of Construction
	 	 	12	 
	 
	 	 	 	 
	ARTICLE II THE NOTES
	 	 	12	 
	 
	 	 	 	 
	SECTION 2.1 Form
	 	 	12	 
	SECTION 2.2 Execution, Authentication and Delivery
	 	 	13	 
	SECTION 2.3 Temporary Notes
	 	 	13	 
	SECTION 2.4 Registration; Registration of Transfer and Exchange
	 	 	14	 
	SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	15	 
	SECTION 2.6 Persons Deemed Owner
	 	 	16	 
	SECTION 2.7 Payment of Principal and Interest; Defaulted Interest
	 	 	16	 
	SECTION 2.8 Cancellation
	 	 	17	 
	SECTION 2.9 Release of Collateral
	 	 	18	 
	SECTION 2.10 Book-Entry Notes
	 	 	18	 
	SECTION 2.11 Notices to Clearing Agency
	 	 	18	 
	SECTION 2.12 Definitive Notes
	 	 	19	 
	 
	 	 	 	 
	ARTICLE III COVENANTS
	 	 	19	 
	 
	 	 	 	 
	SECTION 3.1 Payment of Principal and Interest
	 	 	19	 
	SECTION 3.2 Maintenance of Office or Agency
	 	 	19	 
	SECTION 3.3 Money for Payments to be Held in Trust
	 	 	20	 
	SECTION 3.4 Existence
	 	 	21	 
	SECTION 3.5 Protection of Trust Estate
	 	 	21	 
	SECTION 3.6 Opinions as to Trust Estate
	 	 	22	 
	SECTION 3.7 Performance of Obligations; Servicing of Receivables
	 	 	22	 
	SECTION 3.8 Negative Covenants
	 	 	23	 
	SECTION 3.9 Annual Statement as to Compliance
	 	 	24	 
	SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms
	 	 	24	 
	SECTION 3.11 Successor or Transferee
	 	 	26	 
	SECTION 3.12 No Other Business
	 	 	27	 
	SECTION 3.13 No Borrowing
	 	 	27	 
	SECTION 3.14 Servicer’s Obligations
	 	 	27	 
	SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities
	 	 	27	 
	SECTION 3.16 Capital Expenditures
	 	 	27	 
	SECTION 3.17 Compliance with Laws
	 	 	27	 
	SECTION 3.18 Restricted Payments
	 	 	27	 
	SECTION 3.19 Notice of Events of Default
	 	 	28	 
	SECTION 3.20 Further Instruments and Acts
	 	 	28	 
	SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement
	 	 	28	 
	SECTION 3.22 Income Tax Characterization
	 	 	28	 
	 
	 	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE
	 	 	28	 
	 
	 	 	 	 
	SECTION 4.1 Satisfaction and Discharge of Indenture
	 	 	28	 
	SECTION 4.2 Application of Trust Money
	 	 	29	 
	SECTION 4.3 Repayment of Moneys Held by Note Paying Agent
	 	 	29	 
	 
	 	 	 	 
	ARTICLE V REMEDIES
	 	 	30	 
	 
	 	 	 	 
	SECTION 5.1 Events of Default
	 	 	30	 
	SECTION 5.2 Rights Upon Event of Default
	 	 	31	 

i

 

	 	 	 	 	 
	 	 	Page
	SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	33	 
	SECTION 5.4 Remedies
	 	 	35	 
	SECTION 5.5 Optional Preservation of the Receivables
	 	 	36	 
	SECTION 5.6 Priorities
	 	 	37	 
	SECTION 5.7 Limitation of Suits
	 	 	38	 
	SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest
	 	 	38	 
	SECTION 5.9 Restoration of Rights and Remedies
	 	 	38	 
	SECTION 5.10 Rights and Remedies Cumulative
	 	 	39	 
	SECTION 5.11 Delay or Omission Not a Waiver
	 	 	39	 
	SECTION 5.12 Control by Noteholders
	 	 	39	 
	SECTION 5.13 Waiver of Past Defaults
	 	 	39	 
	SECTION 5.14 Undertaking for Costs
	 	 	40	 
	SECTION 5.15 Waiver of Stay or Extension Laws
	 	 	40	 
	SECTION 5.16 Action on Notes
	 	 	40	 
	SECTION 5.17 Performance and Enforcement of Certain Obligations
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT
	 	 	41	 
	 
	 	 	 	 
	SECTION 6.1 Duties of Trustee
	 	 	41	 
	SECTION 6.2 Rights of Trustee
	 	 	43	 
	SECTION 6.3 Individual Rights of Trustee
	 	 	44	 
	SECTION 6.4 Trustee’s Disclaimer
	 	 	44	 
	SECTION 6.5 Notice of Defaults
	 	 	44	 
	SECTION 6.6 Reports by Trustee to Holders
	 	 	44	 
	SECTION 6.7 Compensation and Indemnity
	 	 	45	 
	SECTION 6.8 Replacement of Trustee
	 	 	45	 
	SECTION 6.9 Successor Trustee by Merger
	 	 	47	 
	SECTION 6.10 Appointment of Co-Trustee or Separate Trustee
	 	 	47	 
	SECTION 6.11 Eligibility: Disqualification
	 	 	48	 
	SECTION 6.12 Preferential Collection of Claims Against Issuer
	 	 	49	 
	SECTION 6.13 Appointment and Powers
	 	 	49	 
	SECTION 6.14 Performance of Duties
	 	 	49	 
	SECTION 6.15 Limitation on Liability
	 	 	49	 
	SECTION 6.16 Reliance Upon Documents
	 	 	50	 
	SECTION 6.17 Successor Trust Collateral Agent
	 	 	50	 
	SECTION 6.18 Compensation
	 	 	51	 
	SECTION 6.19 Representations and Warranties of the Trust Collateral Agent and the Issuer
	 	 	51	 
	SECTION 6.20 Waiver of Setoffs
	 	 	52	 
	SECTION 6.21 Control by the Controlling Party
	 	 	53	 
	 
	 	 	 	 
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	 	 	53	 
	 
	 	 	 	 
	SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses of Noteholders
	 	 	53	 
	SECTION 7.2 Preservation of Information; Communications to Noteholders
	 	 	53	 
	SECTION 7.3 Reports by Issuer
	 	 	53	 
	SECTION 7.4 Reports by Trustee
	 	 	54	 
	 
	 	 	 	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	 	 	54	 
	 
	 	 	 	 
	SECTION 8.1 Collection of Money
	 	 	54	 
	SECTION 8.2 Release of Trust Estate
	 	 	54	 
	SECTION 8.3 Opinion of Counsel
	 	 	55	 
	 
	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES
	 	 	55	 
	 
	 	 	 	 
	SECTION 9.1 Supplemental Indentures Without Consent of Noteholders
	 	 	55	 
	SECTION 9.2 Supplemental Indentures with Consent of Noteholders
	 	 	56	 
	SECTION 9.3 Execution of Supplemental Indentures
	 	 	58	 
	SECTION 9.4 Effect of Supplemental Indenture
	 	 	58	 
	SECTION 9.5 Conformity With Trust Indenture Act
	 	 	58	 

ii

 

	 	 	 	 	 
	 	 	Page
	SECTION 9.6 Reference in Notes to Supplemental Indentures
	 	 	59	 
	 
	 	 	 	 
	ARTICLE X REDEMPTION OF NOTES
	 	 	59	 
	 
	 	 	 	 
	SECTION 10.1 Redemption
	 	 	59	 
	SECTION 10.2 Form of Redemption
	 	 	59	 
	SECTION 10.3 Notes Payable on Redemption Date
	 	 	60	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	60	 
	 
	 	 	 	 
	SECTION 11.1 Compliance Certificates and Opinions, etc
	 	 	60	 
	SECTION 11.2 Form of Documents Delivered to Trustee
	 	 	62	 
	SECTION 11.3 Acts of Noteholders
	 	 	63	 
	SECTION 11.4 Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies
	 	 	63	 
	SECTION 11.5 Notices to Noteholders; Waiver
	 	 	64	 
	SECTION 11.6 [Reserved]
	 	 	65	 
	SECTION 11.7 Conflict with Trust Indenture Act
	 	 	65	 
	SECTION 11.8 Effect of Headings and Table of Contents
	 	 	65	 
	SECTION 11.9 Successors and Assigns
	 	 	65	 
	SECTION 11.10 Separability
	 	 	65	 
	SECTION 11.11 Benefits of Indenture
	 	 	65	 
	SECTION 11.12 Legal Holidays
	 	 	66	 
	SECTION 11.13 GOVERNING LAW
	 	 	66	 
	SECTION 11.14 Counterparts
	 	 	66	 
	SECTION 11.15 Recording of Indenture
	 	 	66	 
	SECTION 11.16 Trust Obligation
	 	 	66	 
	SECTION 11.17 No Petition
	 	 	67	 
	SECTION 11.18 Inspection
	 	 	67	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A-1 Form of Class A-1 Note
	 	 	 	 
	EXHIBIT A-2-A Form of Class A-2-A Note
	 	 	 	 
	EXHIBIT A-2-B Form of Class A-2-B Note
	 	 	 	 
	EXHIBIT A-3-A Form of Class A-3-A Note
	 	 	 	 
	EXHIBIT A-3-B Form of Class A-3-B Note
	 	 	 	 
	EXHIBIT A-4-A Form of Class A-4-A Note
	 	 	 	 
	EXHIBIT A-4-B Form of Class A-4-B Note
	 	 	 	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	 
	 	 	 	 
	SCHEDULE A Representations and Warranties of the Issuer
	 	 	 	 

iii

 

          INDENTURE dated as of September 12, 2007, between AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2007-D-F, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as trustee (the “Trustee”) and Trust
Collateral Agent (as defined below).

          Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Issuer’s Class A-1 5.9139% Asset Backed Notes (the “Class A-1
Notes”), the Class A-2-A 5.66% Asset Backed Notes (the “Class A-2-A Notes”), the Class
A-2-B LIBOR plus 0.55% Asset Backed Notes (the “Class A-2-B Notes”), the Class A-3-A 5.49%
Asset Backed Notes (the “Class A-3-A Notes”), the Class A-3-B LIBOR plus 0.65% Asset Backed
Notes (the “Class A-3-B Notes”), the Class A-4-A 5.56% Asset Backed Notes (the “Class
A-4-A Notes”) and the Class A-4-B LIBOR plus 0.80% Asset Backed Notes (the “Class A-4-B
Notes” and together with the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the
Class A-3-A Notes, the Class A-3-B Notes and the Class A-4-A Notes, the “Notes”).

          As security for the payment and performance by the Issuer of its obligations under this
Indenture and the Notes, the Issuer has agreed to assign the Collateral (as defined below) as
collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the
Noteholders.

          Financial Security Assurance Inc. (the “Insurer”) has issued and delivered a financial
guaranty insurance policy, dated the Closing Date (with endorsements, the “Note Policy”),
pursuant to which the Insurer guarantees Scheduled Payments, as defined in the Insurance Agreement.

          As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the
Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of September
12, 2007 (as amended from time to time, the “Insurance Agreement”), among the
Insurer, the Issuer, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS SenSub Corp.

          As an additional inducement to the Insurer to issue the Note Policy, and as security for the
performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the
performance by the Issuer of the Trustee Issuer Secured Obligations, the Issuer has agreed to
assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the
benefit of the Issuer Secured Parties, as their respective interests may appear.

1

 

GRANTING CLAUSE

          The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of
the Issuer Secured Parties, all of the Issuer’s right, title and interest in and to the following
property, whether now existing or hereafter acquired or arising (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 Issuer in the Financed
Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a
Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer
Agreement or repurchased by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale
Agreement, as a result of a breach of representation or warranty in the related Auto Loan Purchase
and Sale Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles;
(e) any 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; (f) the Trust Accounts and the Lockbox Account and all funds on
deposit from time to time in the Trust Accounts and the Lockbox Account, and in all investments and
proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the
Issuer’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement,
including the delivery requirements, representations and warranties and the cure and repurchase
obligations of AmeriCredit under the Purchase Agreement; (h) all items contained in the Receivable
Files and any and all other documents that AmeriCredit keeps on file in accordance with its
customary procedures relating to the Receivables, the Obligors or the Financed Vehicles, (i) the
Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing
Agreement (including all rights of the Seller under the Purchase Agreement assigned to the Issuer
pursuant to the Sale and Servicing Agreement); (j) the Issuer’s rights and benefits, but none of
its obligations or burdens under the Swap Agreement (the “Swap Collateral”); (k) all of the
Issuer’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General
Intangibles (as such terms are defined in the UCC) relative to the property described in (a)
through (j); and (l) all present and future claims, demands, causes and choses of action in respect
of any or all of the foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all proceeds of the
conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time constitute all or
part of or are included in the proceeds of any of the foregoing (collectively, the
“Collateral”). The Spread Account, amounts on deposit therein and the proceeds thereof do
not constitute Collateral and are not subject to this Grant.

          The foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the
Trustee on behalf of the Noteholders and for the benefit of the Insurer and the Swap Provider. The
Trust Collateral Agent hereby acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this
Indenture to the end that the interests of such parties, recognizing the priorities of their
respective interests may be adequately and effectively protected.

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ARTICLE I

Definitions and Incorporation by Reference

          SECTION 1.1 Definitions. Except as otherwise specified herein, the following terms have
the respective meanings set forth below for all purposes of this Indenture.

          “Act” has the meaning specified in Section 11.3(a).

          “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 specified 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. A Person shall not be deemed to be an Affiliate of any
person solely because such other Person has the contractual right or obligation to manage such
Person unless such other Person controls such Person through equity ownership or otherwise.

          “Authorized Officer” means, with respect to the Issuer and the Servicer, any officer
or agent acting pursuant to a power of attorney of the Owner Trustee or the Servicer, as
applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in
matters relating to the Issuer and who is identified on the list of Authorized Officers delivered
by each of the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list may
be modified or supplemented from time to time thereafter).

          “Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement,
as amended, the Sale and Servicing Agreement, the Spread Account Agreement, the Underwriting
Agreement, the Lockbox Agreement, the Insurance Agreement, the Swap Agreement, the Indemnification
Agreement, the Custodian Agreement and other documents and certificates delivered in connection
therewith.

          “Benefit Plan Entity” has the meaning specified in Section 2.4.

          “Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

          “Business Day” means any day other than a Saturday, a Sunday, legal holiday or other
day on which commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas,
New York, New York, Minneapolis, Minnesota 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.

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

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          “Certificateholder” means the Person in whose name a Certificate is registered on the
Certificate Register.

          “Certificate of Trust” means the certificate of trust of the Issuer substantially in
the form of Exhibit B to the Trust Agreement.

          “Class A-1 Interest Rate” means 5.9139% per annum (computed on the basis of a 360-day
year and the actual number of days in the related Interest Period).

          “Class A-1 Notes” means the Class A-1 5.9139% Asset Backed Notes, substantially in the
form of Exhibit A-1.

          “Class A-2-A Interest Rate” means 5.66% per annum (computed on the basis of a 360-day
year consisting of twelve 30-day months).

          “Class A-2-A Notes” means the Class A-2 5.66% Asset Backed Notes, substantially in the
form of Exhibit A-2-A.

          “Class A-2-B Interest Rate” means LIBOR plus 0.55% per annum (computed on the basis of
a 360-day year and the actual number of days in the related Interest Period).

          “Class A-2-B Notes” means the Class A-2-B Floating Rate Asset Backed Notes,
substantially in the form of Exhibit A-2-B.

          “Class A-3-A Interest Rate” means 5.49% per annum (computed on the basis of a 360-day
year consisting of twelve 30-day months).

          “Class A-3-A Notes” means the Class A-3-A 5.49% Asset Backed Notes, substantially in
the form of Exhibit A-3-A.

          “Class A-3-B Interest Rate” means LIBOR plus 0.65% per annum (computed on the basis of
a 360-day year and the actual number of days in the related Interest Period).

          “Class A-3-B Notes” means the Class A-3-B Floating Rate Asset Backed Notes,
substantially in the form of Exhibit A-3-B.

          “Class A-4-A Interest Rate” means 5.56% per annum (computed on the basis of a 360-day
year consisting of twelve 30-day months).

          “Class A-4-A Notes” means the Class A-4-A 5.56% Asset Backed Notes, substantially in
the form of Exhibit A-4-A.

          “Class A-4-B Interest Rate” means LIBOR plus 0.80% per annum (computed on the basis of
a 360-day year and the actual number of days in the related Interest Period).

          “Class A-4-B Notes” means the Class A-4-B Floating Rate Asset Backed Notes,
substantially in the form of Exhibit A-4-B.

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          “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act.

          “Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

          “Closing Date” means September 20, 2007.

          “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
Treasury Regulations promulgated thereunder.

          “Collateral” has the meaning specified in the Granting Clause of this Indenture.

          “Controlling Party” means the Insurer, so long as no Insurer Default shall have
occurred and be continuing, and the Trust Collateral Agent, for the benefit of the Noteholders, for
so long as an Insurer Default shall have occurred and be continuing.

          “Corporate Trust Office” means the principal office of the Trustee at which at any
particular time its corporate trust business shall be administered which office at date of the
execution of this Indenture is located at Sixth Street and Marquette Avenue, MAC N9311-161,
Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust Office,
or at such other address as the Trustee may designate from time to time by notice to the
Noteholders, the Insurer, the Servicer and the Issuer, or the principal corporate trust office of
any successor Trustee (the address of which the successor Trustee will notify the Noteholders and
the Issuer).

          “Default” means any occurrence that is, or with notice or the lapse of time or both
would become, an Event of Default.

          “Definitive Notes” has the meaning specified in Section 2.10.

          “Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

          “ERISA” has the meaning specified in Section 2.4.

          “Event of Default” has the meaning specified in Section 5.1.

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

          “Executive Officer” means, with respect to any corporation, the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President,
any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation;
and with respect to any partnership, any general partner thereof.

          “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes,
the October 6, 2008 Distribution Date, (ii) the Class A-2-A Notes, the January 6, 2011

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Distribution Date, (iii) the Class A-2-B Notes, the January 6, 2011 Distribution Date, (iv)
the Class A-3-A Notes, the July 6, 2012 Distribution Date, (v) the Class A-3-B Notes, the July 6,
2012 Distribution Date, (vi) the Class A-4-A Notes, the June 6, 2014 Distribution Date and (vii)
the Class A-4-B Notes, the June 6, 2014 Distribution Date.

          “Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release, convey,
assign, transfer, create, grant a lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of
any other agreement or instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the Granting party or otherwise and generally to do and receive anything
that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.

          “Holder” or “Noteholder” means the Person in whose name a Note is registered
on the Note Register.

          “Indebtedness” means, with respect to any Person at any time, (a) indebtedness or
liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or
other instruments, or for the deferred purchase price of property or services (including trade
obligations); (b) obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded as capital leases;
(c) current liabilities of such Person in respect of unfunded vested benefits under plans covered
by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such
Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f)
obligations of such Person under any guarantees, endorsements (other than for collection or deposit
in the ordinary course of business) and other contingent obligations to purchase, to provide funds
for payment, to supply funds to invest in any Person or otherwise to assure a creditor against
loss; (g) obligations of such Person secured by any lien on property or assets of such Person,
whether or not the obligations have been assumed by such Person; or (h) obligations of such Person
under any interest rate or currency exchange agreement.

          “Indenture” means this Indenture as amended and supplemented from time to time.

          “Independent” means, when used with respect to any specified Person, that the Person
(a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any
Affiliate of any of the foregoing persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the Seller or any
Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other
obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions.

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          “Independent Certificate” means a certificate or opinion to be delivered to the Trust
Collateral Agent under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an
Issuer Order and approved by the Trust Collateral Agent in the exercise of reasonable care, and
such opinion or certificate shall state that the signer has read the definition of “Independent” in
this Indenture and that the signer is Independent within the meaning thereof.

          “Insurance Agreement Indenture Cross Default” has the meaning specified therefor in
the Insurance Agreement.

          “Insured Distribution Date” has the meaning specified in the Sale and Servicing
Agreement.

          “Insurer Issuer Secured Obligations” means all amounts and obligations which the
Issuer may at any time owe to or on behalf of the Insurer under this Indenture, the Insurance
Agreement or any other Basic Document.

          “Interest Rate” means, with respect to the (i) Class A-1 Notes, the Class A-1 Interest
Rate, (ii) Class A-2-A Notes, the Class A-2-A Interest Rate, (iii) Class A-2-B Notes, the Class
A-2-B Interest Rate, (iv) Class A-3-A Notes, the Class A-3-A Interest Rate, (v) Class A-3-B Notes,
the Class A-3-B Interest Rate, (vi) the Class A-4-A Notes, the Class A-4-A Interest Rate and (vii)
Class A-4-B Notes, the Class A-4-B Interest Rate.

          “Issuer” means the party named as such in this Indenture until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein and
required by the TIA, each other obligor on the Notes.

          “Issuer Order” and “Issuer Request” means a written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to the Trustee.

          “Issuer Secured Obligations” means the Insurer Issuer Secured Obligations, the Trustee
Issuer Secured Obligations and the Swap Provider Issuer Secured Obligations.

          “Issuer Secured Parties” means each of the Trustee in respect of the Trustee Issuer
Secured Obligations, the Insurer in respect of the Insurer Issuer Secured Obligations and the Swap
Provider in respect of the Swap Provider Issuer Secured Obligations.

          “Note” means a Class A-1 Note, a Class A-2-A Note, a Class A-2-B Note, a Class A-3-A
Note, a Class A-3-B Note, a Class A-4-A Note or a Class A-4-B Note.

          “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of
such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as
an indirect participant, in each case in accordance with the rules of such Clearing Agency).

          “Note Paying Agent” means the Trustee or any other Person that meets the eligibility
standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to

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make the payments to and distributions from the Collection Account and the Note Distribution
Account, including payment of principal of or interest on the Notes on behalf of the Issuer.

          “Note Policy” means the insurance policy issued by the Insurer with respect to the
Notes, including any endorsements thereto.

          “Note Register” and “Note Registrar” have the respective meanings specified in
Section 2.4.

          “Notice of Default” has the meaning set forth in Section 5.1 hereof.

          “Officer’s Certificate” means a certificate signed by any Authorized Officer of the
Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise
specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s
Certificate of any Authorized Officer of the Issuer.

          “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who
shall be satisfactory to the Trustee and, if addressed to the Insurer, satisfactory to the Insurer,
and which shall comply with any applicable requirements of Section 11.1, and shall be in form and
substance satisfactory to the Trustee, and if addressed to the Insurer, satisfactory to the
Insurer.

          “Outstanding” means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

     (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar
for cancellation;

     (ii) Notes or portions thereof the payment for which money in the necessary amount has
been theretofore deposited with the Trustee or any Note Paying Agent in trust for the
Noteholders (provided, however, that if such Notes are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision
therefor, satisfactory to the Trustee); and

     (iii) Notes in exchange for or in lieu of other Notes which have been authenticated and
delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented
that any such Notes are held by a bona fide purchaser;

provided, however, that Notes which have been paid with proceeds of the Note Policy
shall continue to remain Outstanding for purposes of this Indenture until the Insurer has been paid
as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as evidenced by a written
notice from the Insurer delivered to the Trustee, and the Insurer shall be deemed to be the Holder
thereof to the extent of any payments thereon made by the Insurer; provided,
further, that in determining whether the Holders of the requisite Outstanding Amount of the
Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder
or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the
Seller or any

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Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible
Officer of the Trustee either actually knows to be so owned or has received written notice thereof
shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the
Notes, the Seller or any Affiliate of any of the foregoing Persons.

          “Outstanding Amount” means the aggregate principal amount of all Notes, or class of
Notes, as applicable, Outstanding at the date of determination.

          “Predecessor Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

          “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

          “Prohibited Transaction Class Exemption” means U.S. Department of Labor prohibited
transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited
transaction class exemption issued by the U.S. Department of Labor.

          “Rating Agency” means each of Moody’s, Standard & Poor’s and Fitch, so long as such
Persons maintain a rating on the Notes; and if any of Moody’s, Standard & Poor’s or Fitch no longer
maintains a rating on the Notes, such other nationally recognized statistical rating organization
selected by the Seller and (so long as an Insurer Default shall not have occurred and be
continuing) acceptable to the Insurer.

          “Rating Agency Condition” means, with respect to any action, that each of Moody’s and
Standard & Poor’s shall have been given 10 days (or such shorter period as shall be acceptable to
each of Moody’s and Standard & Poor’s) prior notice thereof and that each of Moody’s and Standard &
Poor’s shall have notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee
and the Issuer in writing that such action will not result in a reduction or withdrawal of the then
current rating of the Notes without regard to the Note Policy.

          “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.

          “Redemption Date” means in the case of a redemption of the Notes pursuant to Section
10.1(a) or a payment to Noteholders pursuant to Section 10.1(b), the Distribution Date specified by
the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable.

          “Redemption Price” means (a) in the case of a redemption of the Notes pursuant to
Section 10.1(a), an amount equal to the unpaid principal amount of the then outstanding

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principal amount of each class of Notes being redeemed plus accrued and unpaid interest
thereon to but excluding the Redemption Date, or (b) in the case of a payment made to Noteholders
pursuant to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in
excess of the amount specified in clause (a) above.

          “Responsible Officer” means, with respect to the Trustee or the Trust Collateral
Agent, any officer within the Corporate Trust Office of the Trustee, including any Executive Vice
President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary, or any other officer of the Trustee or the Trust Collateral Agent 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.

          “Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of
September 12, 2007, among the Issuer, the Seller, the Servicer and the Trustee as Backup Servicer
and Trust Collateral Agent, as the same may be amended or supplemented from time to time.

          “Scheduled Payments” has the meaning specified in the Note Policy.

          “State” means any one of the 50 states of the United States of America or the District
of Columbia.

          “Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA
and Section 4975(d)(20) of the Code.

          “Swap Agreement” means the ISDA Master Agreement, dated September 20, 2007, between
the Issuer and the Swap Provider, including the Schedule thereto, the Credit Support Annex thereto,
the Confirmation relating to the Class A-2-B Notes, the Confirmation relating to the Class A-3-B
Notes and the Confirmation relating to the Class A-4-B Notes, together with any replacement swap
agreement (which replacement swap agreement has been approved by the Insurer, so long as no Insurer
Default has occurred and is continuing); provided, that no additional swap agreement shall
be a “Swap Agreement” under the Basic Documents for so long as the Swap Agreement is outstanding
without the prior, written consent of the Swap Provider unless the Swap Agreement has terminated.

          “Swap Policy” means the interest swap insurance policy issued by the Insurer to the
Swap Provider with respect to the Swap Agreement, including any endorsements thereto.

          “Swap Provider” means Lehman Brothers Special Financing Inc., with respect to the
Class A-2-B Notes, the Class A-3-B Notes and the Class A-4-B Notes, together with any replacement
Swap Provider (which must be approved by the Insurer so long as no Insurer Default has occurred and
is continuing).

          “Swap Provider Issuer Secured Obligations” means all amounts and obligations which the
Issuer may at any time owe to or on behalf of the Swap Provider under this Indenture, the Sale and
Servicing Agreement, the Swap Agreement or any other Basic Document.

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          “Termination Date” means the latest of (i) the expiration of the Note Policy and the
return of the Note Policy to the Insurer for cancellation, (ii) the expiration of the Swap Policy
and the return of the Swap Policy to the Insurer for cancellation, (iii) the date on which the
Insurer shall have received payment and performance of all Insurer Issuer Secured Obligations and
(iv) the date on which the Trustee shall have received payment and performance of all Trustee
Issuer Secured Obligations.

          “Trust Collateral Agent” means, initially, Wells Fargo Bank, National Association, in
its capacity as collateral agent on behalf of the Issuer Secured Parties, including its
successors-in-interest, until and unless a successor Person shall have become the Trust Collateral
Agent pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such
successor Person.

          “Trust Estate” means all money, instruments, rights and other property that are
subject or intended to be subject to the lien and security interest of this Indenture for the
benefit of the Noteholders (including all property and interests Granted to the Trust Collateral
Agent), including all proceeds thereof.

          “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended and as in force on the date hereof, unless otherwise specifically provided.

          “Trustee” means Wells Fargo Bank, National Association, a national banking
association, not in its individual capacity but as trustee under this Indenture, or any successor
trustee under this Indenture.

          “Trustee Issuer Secured Obligations” means all amounts and obligations which the
Issuer may at any time owe to or on behalf of the Trustee for the benefit of the Noteholders under
this Indenture, the Notes or any Basic Document.

          “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in
effect in the relevant jurisdiction, as amended from time to time.

          Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Sale and Servicing Agreement or the Trust Agreement.

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

          “Commission” means the Securities and Exchange Commission.

          “indenture securities” means the Notes.

          “indenture security holder” means a Noteholder.

          “indenture to be qualified” means this Indenture.

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

          “obligor” on the indenture securities means the Issuer.

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

          SECTION 1.3 Rules of Construction. Unless the context otherwise requires:

     (i) a term has the meaning assigned to it;

     (ii) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time to
time;

     (iii) “or” is not exclusive;

     (iv) “including” means including without limitation; and

     (v) words in the singular include the plural and words in the plural include
the singular.

ARTICLE II

The Notes

          SECTION 2.1 Form. The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the
Class A-3-A Notes, the Class A-3-B Notes, the Class A-4-A Notes and the Class A-4-B Notes, in each
case together with the Trustee’s certificate of authentication, shall be in substantially the form
set forth in Exhibits A-1, A-2-A, A-2-B, A-3-A, A-3-B, A-4-A and A-4-B, respectively, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any
Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of
the Note.

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

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

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          SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf
of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on
the Notes may be manual or facsimile.

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

          The Trustee shall, upon receipt of the Note Policy and Issuer Order, authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of $184,000,000, Class A-2-A
Notes for original issue in the aggregate principal amount of $164,000,000, Class A-2-B Notes for
original issue in an aggregate principal amount of $50,000,000, Class A-3-A Notes for original
issue in an aggregate principal amount of $232,000,000, Class A-3-B Notes for original issue in an
aggregate principal amount of $40,000,000, Class A-4-A Notes for original issue in an aggregate
principal amount of $200,000,000, and Class A-4-B Notes for original issue in an aggregate
principal amount of $130,000,000. The Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class
A-3-A Notes, Class A-3-B Notes, Class A-4-A Notes and Class A-4-B Notes outstanding at any time may
not exceed such amounts except as provided in Section 2.5.

          The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples thereof (except for one Note of each class which may be issued in a denomination
other than an integral multiple of $1,000).

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

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

          If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary
Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the
office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the
Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount
of Definitive Notes of authorized denominations. Until so exchanged, the temporary

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Notes shall in
all respects be entitled to the same benefits under this Indenture as Definitive Notes.

          SECTION 2.4 Registration; Registration of Transfer and Exchange. The Issuer shall cause to
be kept a register (the “Note Register”) in which, subject to such reasonable regulations
as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of
transfers of Notes. The Trustee shall be “Note Registrar” for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume
the duties of Note Registrar.

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

          Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any
Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request
the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, in the name of the
designated transferee or transferees, one or more new Notes, in any authorized denominations, of
the same class and a like aggregate principal amount.

          At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized
denominations, of the same class and a like aggregate principal amount, upon surrender of the Notes
to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange,
subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are
met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder
shall obtain from the Trustee, the Notes which the Noteholder making the exchange is entitled to
receive.

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

          Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly
endorsed by, or be accompanied by a written instrument of transfer in the form attached to Exhibits
A-1, A-2-A, A-2-B, A-3-A, A-3-B, A-4-A and A-4-B duly executed by, the
Holder thereof or such Holder’s attorney duly authorized in writing, with such signature
guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange
Act, and (ii) accompanied by such other documents as the Trustee may require.

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          Notwithstanding the foregoing, in the case of any sale or other transfer of a Definitive Note,
the transferor of such Definitive Note shall be required to represent and warrant in writing that
the prospective transferee either (a) is not (i) an employee benefit plan (as defined in section
3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), which
is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in section 4975(e)(1) of
the Code), which is subject to Section 4975 of the Code, or (iii) an entity whose underlying assets
are deemed to be assets of a plan described in (i) or (ii) above by reason of such plan’s
investment in the entity (any such entity described in clauses (i) through (iii), a “Benefit
Plan Entity”) or (b) is a Benefit Plan Entity and the acquisition and holding of the Definitive
Note by such prospective transferee is covered by a Prohibited Transaction Class Exemption or the
Statutory Exemption. Each transferee of a Book Entry Note that is a Benefit Plan Entity shall be
deemed to represent that its acquisition and holding of the Book Entry Note is covered by a
Prohibited Transaction Class Exemption.

          No service charge shall be made to a Noteholder for any registration of transfer or exchange
of Notes, but the Note Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

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

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

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

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

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

          SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of
any Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee, or the Insurer may
treat the Person in whose name any Note is registered (as of the Record Date) as the owner of such
Note for the purpose of receiving payments of principal of and interest, if any on such Note and
for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the
Insurer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the
contrary.

          SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.

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

          (b) The principal of each Note shall be payable in installments on each Distribution Date or
Insured Distribution Date, as applicable, as provided in the forms of the Class A-1 Note, the Class
A-2-A Note, the Class A-2-B Note, the Class A-3-A Note, the Class

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A-3-B Note, the Class A-4-A Note
and the Class A-4-B Note set forth in Exhibits A-1, A-2-A, A-2-B, A-3-A, A-3-B, A-4-A and A-4-B,
respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall
be due and payable, if not previously paid, (i) on the date on which an Event of Default shall have
occurred and be continuing if no Insurer Default has occurred or (ii) if an Insurer Default has
occurred and is continuing, if the Trustee or the Noteholders representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2. All principal payments on each class of Notes shall be made
pro rata to the Noteholders of such class entitled thereto. Upon written notice from the Issuer,
the Trustee shall notify the Person in whose name a Note is registered at the close of business on
the Record Date preceding the Distribution Date on which the Issuer expects that the final
installment of principal of and interest on such Note will be paid. Such notice shall be mailed or
transmitted by facsimile prior to such final Distribution Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such installment. Notices in
connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

          (c) If the Issuer defaults in a payment of interest on the Notes, and such default is waived
by the Controlling Party, the Issuer shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer
may pay such defaulted interest to the Persons who are Noteholders on the immediately following
Insured Distribution Date, and, if such amount is not paid on such following Insured Distribution
Date, then on a subsequent special record date, which date shall be at least five Business Days
prior to the payment date. The Issuer shall fix or cause to be fixed any such special record date
and payment date, and, at least 15 days before any such special record date, the Issuer shall mail
to each Noteholder and the Trustee a notice that states the special record date, the payment date
and the amount of defaulted interest to be paid.

          (d) Promptly following the date on which all principal of and interest on the Notes has been
paid in full and the Notes have been surrendered to the Trustee, the Trustee shall, if the Insurer
has paid any amount in respect of the Notes under the Note Policy or otherwise which has not been
reimbursed to it, deliver such surrendered Notes to the Insurer.

          SECTION 2.8 Cancellation. Subject to Section 2.7(d), all Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the
Trustee, be delivered to the
Trustee and shall be promptly canceled by the Trustee. Subject to Section 2.7(d), the Issuer may
at any time deliver to the Trustee for cancellation of any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or
in exchange for any Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. Subject to Section 2.7(d), all canceled Notes may be held or disposed of by the
Trustee in accordance with its standard retention or disposal policy as in effect at the time
unless the Issuer shall timely direct by an Issuer Order that they be destroyed or returned to it;
provided that such Issuer Order is timely and the Notes have not been previously disposed of by the
Trustee.

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          SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on the earlier of (i)
the Termination Date and (ii) the Redemption Date (if the Notes are redeemed in full on such date),
release any remaining portion of the Trust Estate from the lien created by this Indenture and
deposit in the Collection Account any funds then on deposit in any other Trust Account.

          SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the
form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository
Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall
initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully
registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to
Section 2.12:

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

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

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

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

     (v) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of the
Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Clearing Agency Participants owning or representing, respectively, such
required percentage of the beneficial interest in the Notes and has delivered such
instructions to the Trustee; and

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

          SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive

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Notes shall have been
issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such notices and
communications specified herein to be given to the Noteholders to the Clearing Agency, and shall
have no obligation to the Note Owners.

          SECTION 2.12 Definitive Notes. If (i) the Servicer advises the Trustee in writing
that the Clearing Agency is no longer willing or able to properly discharge its responsibilities
with respect to the Notes, and the Servicer is unable to locate a qualified successor or (ii) after
the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at
least a majority of the Outstanding Amount of the Notes advise the Trustee through the Clearing
Agency in writing that the continuation of a book entry system through the Clearing Agency is no
longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note
Owners and the Trustee of the occurrence of any such event and of the availability of Definitive
Notes to Note Owners requesting the same. Upon surrender to the Trustee of the typewritten Note or
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Trustee shall be liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of
Definitive Notes, the Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

ARTICLE III

Covenants

          SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually
pay the principal of and interest on the Notes in accordance with the terms of the Notes and this
Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on
deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the
Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders,
(ii) for the benefit of the Class A-2-A Notes, to Class A-2-A Noteholders, (iii) for the benefit of
the Class A-2-B Notes, to
Class A-2-B Noteholders, (iv) for the benefit of the Class A-3-A Notes, to Class A-3-A
Noteholders, (v) for the benefit of the Class A-3-B Notes, to Class A-3-B Noteholders, (vi) for the
benefit of the Class A-4-A Notes, to Class A-4-A Noteholders and (vii) for the benefit of the Class
A-4-B Notes, to Class A-4-B Noteholders. Amounts properly withheld under the Code by any Person
from a payment to any Noteholder of interest and/or principal shall be considered as having been
paid by the Issuer to such Noteholder for all purposes of this Indenture.

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

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Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such
surrenders, notices and demands.

          SECTION 3.3 Money for Payments to be Held in Trust. On or before each Distribution
Date, Insured Distribution Date and Redemption Date, the Issuer shall deposit or cause to be
deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient
to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit
of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly
notify the Trustee of its action or failure so to act.

          The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver to
the Trustee and the Insurer an instrument in which such Note Paying Agent shall agree with the
Trustee (and if the Trustee acts as Note Paying Agent, it hereby so agrees), subject to the
provisions of this Section, that such Note Paying Agent will:

     (i) hold all sums held by it for the payment of amounts due with respect to the Notes
in trust for the benefit of the Persons entitled thereto until such sums shall be paid to
such Persons or otherwise disposed of as herein provided and pay such sums to such Persons
as herein provided;

     (ii) give the Trustee notice of any default by the Issuer (or any other obligor upon
the Notes) of which it has actual knowledge in the making of any payment required to be made
with respect to the Notes;

     (iii) at any time during the continuance of any such default, upon the written request
of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying
Agent;

     (iv) immediately resign as a Note Paying Agent and forthwith pay to the Trustee all
sums held by it in trust for the payment of Notes if at any time it ceases to
meet the standards required to be met by a Note Paying Agent at the time of its
appointment; and

     (v) comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and
with respect to any applicable reporting requirements in connection therewith.

          The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent to pay to the
Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such a
payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all
further liability with respect to such money.

          Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee
or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable

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shall be discharged
from such trust and be paid to the Issuer on Issuer Request with the consent of the Insurer (unless
an Insurer Default shall have occurred and be continuing) and shall be deposited by the Trustee in
the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so
paid to the Issuer), and all liability of the Trustee or such Note Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that if such money or
any portion thereof had been previously deposited by the Insurer or the Trust Collateral Agent with
the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are
owing to the Insurer, such amounts shall be paid promptly to the Insurer upon the Trustee’s receipt
of a written request by the Insurer to such effect; and provided, further, that the
Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the
expense of the Issuer cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in New York, New York, notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of the
Issuer, any other reasonable means of notification of such repayment (including, but not limited
to, mailing notice of such repayment to Holders whose Notes have been called but have not been
surrendered for redemption or whose right to or interest in moneys due and payable but not claimed
is determinable from the records of the Trustee or of any Note Paying Agent, at the last address of
record for each such Holder).

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

          SECTION 3.5 Protection of Trust Estate. The Issuer intends the security interest
Granted pursuant to this Indenture in favor of the Issuer Secured Parties to be prior to all other
liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and
maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a
first lien on and a first priority, perfected security interest in the Trust Estate. The Issuer
will from time to time prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements, continuation statements,
instruments of further assurance and other instruments, and will take such other action necessary
or advisable to:

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

     (ii) maintain or preserve the lien and security interest (and the priority thereof) in
favor of the Trust Collateral Agent for the benefit of the Issuer Secured Parties created by
this Indenture or carry out more effectively the purposes hereof;

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

     (iv) enforce any of the Collateral;

     (v) preserve and defend title to the Trust Estate and the rights of the Trust
Collateral Agent in such Trust Estate against the claims of all persons and parties; and

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

The Issuer hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute
any financing statement, continuation statement or other instrument required by the Trust
Collateral Agent pursuant to this Section.

          SECTION 3.6 Opinions as to Trust Estate.

          (a) On the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent,
the Swap Provider and the Insurer an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording and filing of this Indenture, any
indentures supplemental hereto, and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements, as are necessary to
perfect and make effective the first priority lien and security interest in favor of the Trust
Collateral Agent, for the benefit of the Issuer Secured Parties, created by this Indenture and
reciting the details of such action, or stating that, in the opinion of such counsel, no such
action is necessary to make such lien and security interest effective.

          (b) 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, the Issuer shall furnish to
the Trustee, Trust Collateral Agent, the Swap Provider and the Insurer an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and with respect to the execution and filing of any financing
statements and continuation statements as are necessary to maintain the lien and security interest
created by this Indenture and reciting the details of such action or stating that in the opinion of
such counsel no such action is necessary to maintain such lien and security interest. Such Opinion
of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and the execution and filing
of any financing statements and continuation statements that will, in the opinion of such counsel,
be required to maintain the lien and security interest of this Indenture until January 31 in the
following calendar year.

          SECTION 3.7 Performance of Obligations; Servicing of Receivables.

          (a) The Issuer will not take any action and will use its best efforts not to permit any action
to be taken by others that would release any Person from any of such Person’s material covenants or
obligations under any instrument or agreement included in the Trust Estate or that would result in
the amendment, hypothecation, subordination, termination or discharge of,

22

 

or impair the validity or
effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other
court or as expressly provided in this Indenture, the Basic Documents or such other instrument or
agreement.

          (b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no
Insurer Default shall have occurred and be continuing) to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Trustee and the
Insurer in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Servicer to assist the Issuer in performing its
duties under this Indenture.

          (c) The Issuer will punctually perform and observe all of its obligations and agreements
contained in this Indenture, the Basic Documents and in the instruments and agreements included in
the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or
causing to be filed) all UCC financing statements and continuation statements required to be filed
by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within
the time periods provided for herein and therein. Except as otherwise expressly provided therein,
the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any
provision thereof without the consent of the Trustee, the Insurer and the Holders of at least a
majority of the Outstanding Amount of the Notes.

          (d) If a responsible officer of the Owner Trustee shall have actual knowledge of the
occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Trustee, the Insurer and the Rating Agencies thereof in accordance with Section
11.4, and shall specify in such notice the action, if any, the Issuer is
taking in respect of such default. If a Servicer Termination Event shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing
Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to
it to remedy such failure.

          (e) The Issuer agrees that it will not waive timely performance or observance by the Servicer,
AmeriCredit or the Seller of their respective duties under the Basic Documents (x) without the
prior consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) or
(y) if the effect thereof would adversely affect the Holders of the Notes.

          SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer
shall not:

     (i) except as expressly permitted by this Indenture or the Basic Documents, sell,
transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer,
including those included in the Trust Estate, unless directed to do so by the Controlling
Party;

     (ii) claim any credit on, or make any deduction from the principal or interest payable
in respect of, the Notes (other than amounts properly withheld from such payments under the
Code) or assert any claim against any present or former Noteholder

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by reason of the payment
of the taxes levied or assessed upon any part of the Trust Estate; or

     (iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or
permit the lien in favor of the Trust Collateral Agent created by this Indenture to be
amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to
be created on or extend to or otherwise arise upon or burden the Trust Estate or any part
thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’
liens and other liens that arise by operation of law, in each case on a Financed Vehicle and
arising solely as a result of an action or omission of the related Obligor), (C) permit the
lien of this Indenture not to constitute a valid first priority (other than with respect to
any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) amend,
modify or fail to comply with the provisions of the Basic Documents without the prior
written consent of the Controlling Party.

          SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Trustee
and the Insurer, within 120 days after the end of each fiscal year of the Issuer (commencing with
the fiscal year ended December 31, 2007), and otherwise in compliance with the requirements of TIA
Section 314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer signing such
Officer’s Certificate, that

     (i) a review of the activities of the Issuer during such year and of performance under
this Indenture has been made under such Authorized Officer’s supervision; and

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

          SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

          (a) The Issuer shall not consolidate or merge with or into any other Person, unless

     (i) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of
America or any state and shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the Swap
Provider and the Insurer (so long as no Insurer Default shall have occurred and be
continuing), the due and punctual payment of the principal of and interest on all Notes and
the performance or observance of every agreement and covenant

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of this Indenture on the part
of the Issuer to be performed or observed, all as provided herein;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

     (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Trustee, the Swap Provider and the Insurer (so long as no Insurer
Default shall have occurred and be continuing)) to the effect that such transaction will not
for federal income tax purposes, cause the Issuer to be treated as an association (or
publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or
cause the Notes that were characterized as debt at the time of their issuance to fail to
qualify as debt;

     (v) any action as is necessary to maintain the lien and security interest created by
this Indenture shall have been taken;

     (vi) the Issuer shall have delivered to the Trustee, the Swap Provider and the Insurer
an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation or
merger and such supplemental indenture comply with this Article III and that all conditions
precedent herein provided for relating to such transaction have been complied with
(including any filing required by the Exchange Act); and

     (vii) so long as no Insurer Default shall have occurred and be continuing, the Issuer
shall have given the Insurer written notice of such consolidation or merger at least 20
Business Days prior to the consummation of such action and shall have received the prior
written approval of the Insurer of such consolidation or merger and the Issuer or the Person
(if other than the Issuer) formed by or surviving such consolidation or merger has a net
worth, immediately after such consolidation or merger, that is (a) greater than zero and (b)
not less than the net worth of the Issuer immediately prior to giving effect to such
consolidation or merger.

          (b) The Issuer shall not convey or transfer all or substantially all of its properties or
assets, including those included in the Trust Estate, to any Person, unless

     (i) the Person that acquires by conveyance or transfer the properties and assets of the
Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States
citizen or a Person organized and existing under the laws of the United States of America or
any state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the Swap Provider and the Insurer (so
long as no Insurer Default shall have occurred and be continuing), the due and punctual
payment of the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture and each of the Basic Documents on the part
of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by
means of such supplemental indenture that

25

 

all right, title and interest so conveyed or
transferred shall be subject and subordinate to the rights of the Issuer Secured Parties,
(D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify,
defend and hold harmless the Issuer against and from any loss, liability or expense arising
under or related to this Indenture and the Notes and (E) expressly agree by means of such
supplemental indenture that such Person (or if a group of persons, then one specified
Person) shall prepare (or cause to be prepared) and make all filings with the Commission
(and any other appropriate Person) required by the Exchange Act in connection with the
Notes;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

     (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Trustee, the Swap Provider and the Insurer (so long as no Insurer
Default shall have occurred and be continuing)) to the effect that such transaction will not
for federal income tax purposes, cause the Issuer to be treated as an association (or
publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or
cause the Notes that were characterized as debt at the time of their issuance to fail to
qualify as debt;

     (v) any action as is necessary to maintain the lien and security interest created by
this Indenture shall have been taken;

     (vi) the Issuer shall have delivered to the Trustee, the Swap Provider and the Insurer
an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or
transfer and such supplemental indenture comply with this Article III and that all
conditions precedent herein provided for relating to such transaction have been complied
with (including any filing required by the Exchange Act); and

     (vii) so long as no Insurer Default shall have occurred and be continuing, the Issuer
shall have given the Insurer written notice of such conveyance or transfer at least 20
Business Days prior to the consummation of such action and shall have received the prior
written approval of the Insurer of such conveyance or transfer and the Issuer or the Person
(if other than the Issuer) formed by or surviving such conveyance or transfer has a net
worth, immediately after such conveyance or transfer, that is (a) greater than zero and (b)
not less than the net worth of the Issuer immediately prior to giving effect to such
conveyance or transfer.

          SECTION 3.11 Successor or Transferee.

          (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed
to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such Person had been named as the Issuer herein.

26

 

          (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10 (b), AmeriCredit Automobile Receivables Trust 2007-D-F will be released from every
covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with
respect to the Notes immediately upon the delivery of written notice to the Trustee stating that
AmeriCredit Automobile Receivables Trust 2007-D-F is to be so released.

          SECTION 3.12 No Other Business. The Issuer shall not engage in any business other
than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated
by this Indenture and the Basic Documents and activities incidental thereto.

          SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes,
(ii) obligations owing from time to time to the Insurer under the Insurance Agreement and (iii) any
other Indebtedness permitted by or arising under the Basic Documents. The proceeds of the Notes
shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets
specified in the Sale and Servicing Agreement, to fund the Spread Account and to pay the Issuer’s
organizational, transactional and start-up expenses.

          SECTION 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale
and Servicing Agreement.

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

          SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or personalty).

          SECTION 3.17 Compliance with Laws. The Issuer shall comply with the requirements of
all applicable laws, the non-compliance with which would, individually or in the aggregate,
materially and adversely affect the ability of the Issuer to perform its obligations under the
Notes, this Indenture or any Basic Document.

          SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i)
pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial
interest in the Issuer or otherwise with respect to any ownership or equity interest or security in
or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (iii) set aside or otherwise

27

 

segregate any
amounts for any such purpose; provided, however, that the Issuer may make, or cause
to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the
Certificateholders as permitted by, and to the extent funds are available for such purpose under,
the Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly,
make payments to or distributions from the Collection Account except in accordance with this
Indenture and the Basic Documents.

          SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner
Trustee having actual knowledge thereof, the Issuer agrees to give the Trustee, the Insurer and the
Rating Agencies prompt written notice of each Event of Default hereunder and each default on the
part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

          SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or the Insurer, the Issuer will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

          SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement. The
Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or
Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Trustee or
the Holders of the Notes consent to amendments thereto as provided therein.

          SECTION 3.22 Income Tax Characterization. For purposes of federal income, state and
local income and franchise and any other income taxes, the Issuer will treat the Notes as
indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall
be deemed, by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes
as indebtedness for all applicable tax reporting purposes.

ARTICLE IV

Satisfaction and Discharge

          SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be
of further effect with respect to the Notes except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4,
3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of the
Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of the
Trustee under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Trustee payable to all or any of them, and the Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when

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     (A) either

     (1) all Notes theretofore authenticated and delivered (other than (i) Notes
that have been destroyed, lost or stolen and that have been replaced or paid as
provided in Section 2.5 and (ii) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have
been delivered to the Trustee for cancellation and the Note Policy has expired and
been returned to the Insurer for cancellation; or

     (2) all Notes not theretofore delivered to the Trustee for cancellation

     (i) have become due and payable,

     (ii) will become due and payable at their respective Final Scheduled
Distribution Dates within one year, or

     (iii) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in
the name, and at the expense, of the Issuer,

and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited
or caused to be irrevocably deposited with the Trust Collateral Agent cash or direct
obligations of or obligations guaranteed by the United States of America (which will
mature prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Trustee for cancellation when due to the Final
Scheduled Distribution Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.1(a)) as the case may be; and

     (B) the Issuer has paid or caused to be paid all Insurer Issuer Secured
Obligations, all Trustee Issuer Secured Obligations and all Swap Provider Issuer
Secured Obligations.

          SECTION 4.2 Application of Trust Money. All moneys deposited with the Trustee
pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either
directly or through any Note Paying Agent, as the Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such moneys have been deposited with the
Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need
not be segregated from other funds except to the extent required herein or in the Sale and
Servicing Agreement or required by law.

          SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any
Note Paying Agent other than the Trustee under the provisions of this Indenture with respect to
such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied
according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further
liability with respect to such moneys.

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ARTICLE V

Remedies

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

     (i) default in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days (solely for purposes of
this clause, (x) a payment due on a Distribution Date shall not be considered “due” until
the immediately following Insured Distribution Date and (y) a payment on the Notes funded by
the Insurer or by the Collateral Agent pursuant to the Spread Account Agreement shall be
deemed to be a payment made by the Issuer); or

     (ii) default in the payment of the principal of or any installment of the principal of
any Note when the same becomes due and payable (solely for purposes of this clause, (x) a
payment due on a Distribution Date shall not be considered “due” until the immediately
following Insured Distribution Date and (y) a payment on the Notes funded by the Insurer or
by the Collateral Agent pursuant to the Spread Account Agreement, shall be deemed to be a
payment made by the Issuer); or

     (iii) so long as an Insurer Default shall not have occurred and be continuing, an
Insurance Agreement Indenture Cross Default shall have occurred; provided,
however, that the occurrence of an Insurance Agreement Indenture Cross Default may
not form the basis of an Event of Default unless the Insurer shall, upon prior written
notice to the Rating Agencies, have delivered to the Issuer and the Trustee and not
rescinded a written notice specifying that such Insurance Agreement Indenture Cross Default
constitutes an Event of Default under the Indenture; or

     (iv) so long as an Insurer Default shall have occurred and be continuing, default in
the observance or performance of any covenant or agreement of the Issuer made in this
Indenture (other than a covenant or agreement, a default in the observance or performance of
which is elsewhere in this Section specifically dealt with), or any representation or
warranty of the Issuer made in this Indenture, in any Basic Document or in any certificate
or any other writing delivered pursuant hereto or in connection herewith proving to have
been incorrect in any material respect as of the time when the same shall have been made,
and such default shall continue or not be cured, or the circumstance or condition in respect
of which such misrepresentation or warranty was incorrect shall not have been eliminated or
otherwise cured, for a period of 30 days (or for such longer period, not in excess of 90
days, as may be reasonably necessary to remedy such default; provided that such default is
capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee
delivers an Officer’s Certificate to the Trustee to the effect that the Issuer has
commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy
such default) after there shall have been given, by registered

30

 

or certified mail, to the
Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default or incorrect
representation or warranty and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

     (v) so long as an Insurer Default shall have occurred and be continuing, the filing of
a decree or order for relief by a court having jurisdiction in the premises in
respect of the Issuer or any substantial part of the Trust Estate 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, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive days; or

     (vi) so long as an Insurer Default shall have occurred and be continuing, the
commencement by the Issuer 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
the Issuer to the entry of an order for relief in an involuntary case under any such law, or
the consent by the Issuer to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or the making by the Issuer of any general assignment
for the benefit of creditors, or the failure by the Issuer generally to pay its debts as
such debts become due, or the taking of action by the Issuer in furtherance of any of the
foregoing; or

     (vii) the Issuer becoming taxable as an association or a publicly traded partnership
taxable as a corporation for federal or state income tax purposes.

          The Issuer shall deliver to the Trustee and the Insurer, within five days after the occurrence
thereof, written notice in the form of an Officer’s Certificate of any event which with the giving
of notice and the lapse of time would become an Event of Default under clause (iii), its status and
what action the Issuer is taking or proposes to take with respect thereto.

          SECTION 5.2 Rights Upon Event of Default.

          (a) If an Insurer Default shall not have occurred and be continuing and an Event of Default
shall have occurred and be continuing, the Trustee shall, at the written direction of the Insurer
declare that the Notes shall become immediately due and payable at par, together with accrued
interest thereon. If an Event of Default shall have occurred and be continuing, the Controlling
Party may exercise any of the remedies specified in Section 5.4(a). In the event of any
acceleration of any Notes by operation of this Section 5.2, the Trustee shall continue to be
entitled to make claims under the Note Policy pursuant to the Sale and Servicing Agreement for
Scheduled Payments on the Notes and the Swap Provider shall continue to be entitled to make claims
under the Swap Policy pursuant to the terms of the Swap Policy. Payments under the Note Policy
following acceleration of any Notes shall be applied by the Trustee:

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     FIRST: to Noteholders for amounts due and unpaid on the Notes for interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the
Notes for interest; and

     SECOND: first, to the Noteholders of the Class A-1 Notes for principal until paid off
and, second, ratably and without preference or priority, to the Noteholders of the Class
A-2-A Notes, the Class A-2-B Notes, the Class A-3-A Notes, the Class A-3-B, the Class A-4-A
Notes and Class A-4-B Notes for principal; provided that payments that are
made under the Note Policy to pay a Class’s principal in full on the Insured
Distribution Date immediately following its Final Scheduled Distribution Date shall be paid
only to the Noteholders of such Class.

          Payments under the Swap Policy following acceleration of the Notes shall be applied to pay the
Swap Provider amounts due and unpaid pursuant to the Swap Agreement and the Sale and Servicing
Agreement.

          (b) In the event any Notes are accelerated due to an Event of Default, the Insurer shall have
the right (in addition to its obligation to pay Scheduled Payments on the Notes in accordance with
the Note Policy and to pay amounts due under the Swap Policy), but not the obligation, to make
payments under the Note Policy or otherwise of interest and principal due on such Notes, in whole
or in part, on any date or dates following such acceleration as the Insurer, in its sole
discretion, shall elect.

          (c) If an Insurer Default shall have occurred and be continuing and an Event of Default shall
have occurred and be continuing, the Trustee in its discretion may, or, if so requested in writing
by Holders holding Notes representing not less than a majority of the Outstanding Amount of the
Notes, shall declare by written notice to the Issuer that the Notes become, whereupon they shall
become, immediately due and payable at par, together with accrued interest thereon.

          (d) At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in
this Article V provided, then the Insurer in its sole discretion, or if an Insurer Default has
occurred and is continuing, the Noteholders representing a majority of the Outstanding Amount of
the Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration
and its consequences if:

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

     (A) all payments of principal of and interest on all Notes and all
other amounts that would then be due hereunder or upon such Notes and under
the Swap Agreement if the Event of Default giving rise to such acceleration
had not occurred; and

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

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     (ii) all Events of Default, other than the nonpayment of the principal of the Notes
that has become due solely by such acceleration, have been cured or waived as provided in
Section 5.13.

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

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

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

          (b) Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling
Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such
Issuer Secured Party is not the Controlling Party, with full power of substitution, to execute,
acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do
in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured
Party such acts, things and deeds for or on behalf of and in the name of such Issuer Secured Party
under this Indenture (including specifically under Section 5.4) and under the Basic Documents which
such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in
such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under
the Basic Documents and, without limitation, following the occurrence of an Event of Default,
exercise full right, power and authority to take, or defer from taking, any and all acts with
respect to the administration, maintenance or disposition of the Trust Estate.

          (c) If an Event of Default occurs and is continuing, the Trustee may in its discretion but
with the consent of the Controlling Party and shall, at the direction of the Controlling Party,
proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate
Proceedings as the Trustee or the Controlling Party shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Trustee by this Indenture or by law.

          (d) Notwithstanding anything to the contrary contained in this Indenture (including, without
limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations
under Section 10.1(b) hereof when and as due, the Trustee shall, at the written

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direction of the
Controlling Party, or if an Insurer Default shall have occurred and be continuing, at the written
direction of a majority of the Noteholders, proceed to protect and enforce its rights and the
rights of the Noteholders by such appropriate proceedings as the Controlling Party or the
Noteholders shall deem most effective to protect and enforce any such rights, whether for specific
performance of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law.

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

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

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Trustee, and, in the event
that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to
the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel, and all

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other expenses
and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except
as a result of negligence or bad faith.

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

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

          (h) In any Proceedings brought by the Trustee (and also any Proceedings involving the
interpretation of any provision of this Indenture or the Spread Account Agreement), the Trustee
shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any
Noteholder a party to any such proceedings.

          SECTION 5.4 Remedies.

          (a) If an Event of Default shall have occurred and be continuing, the Controlling Party may do
one or more of the following (subject to Section 5.5):

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

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

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

     (iv) direct the Trust Collateral Agent to sell the Trust Estate or any portion thereof
or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law; provided, however, that

     (A) if the Insurer is the Controlling Party, the Insurer may not sell or
otherwise liquidate the Trust Estate following an Insurance Agreement Indenture
Cross Default unless:

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     (I) such Insurance Agreement Indenture Cross Default arises from a
claim being made on the Note Policy, from a termination of the Swap
Agreement or from the bankruptcy, insolvency, receivership or liquidation of
the Trust or the Seller, or

     (II) the proceeds of such sale or liquidation distributable to the
Noteholders are sufficient to discharge in full all amounts then due and
unpaid upon such Notes for principal and interest; or

     (B) if the Trustee is the Controlling Party, the Trustee may not sell or
otherwise liquidate the Trust Estate following an Event of Default unless

     (I) such Event of Default is of the type described in Section 5.1(i) or
(ii); or

     (II) either

     (x) the Holders of 100% of the Outstanding Amount of the Notes
consent thereto and sufficient funds exist to discharge amounts due
to the Swap Provider, or

     (y) the proceeds of such sale or liquidation distributable to
the Noteholders are sufficient to discharge in full all amounts then
due and unpaid upon such Notes for principal and interest and amounts
due to the Insurer and amounts due to the Swap Provider, or

     (z) the Trustee determines that the Trust Estate will not
continue to provide sufficient funds for the payment of principal of
and interest on the Notes as they would have become due if the Notes
had not been declared due and payable, and the Trustee provides prior
written notice to the Rating Agencies and obtains the consent of
Holders of 66 2/3% of the Outstanding Amount of the Notes and
sufficient funds exist to discharge amounts due to the Swap Provider.

          In determining such sufficiency or insufficiency with respect to clauses (x), (y) and (z), the
Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.

          SECTION 5.5 Optional Preservation of the Receivables. If the Trustee is the
Controlling Party and if the Notes have been declared to be due and payable under Section 5.2
following an Event of Default and such declaration and its consequences have not been rescinded and
annulled, the Trustee may, but need not, elect to direct the Trust Collateral Agent to maintain
possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes
and amounts due to the Insurer, and the Trustee shall take such desire into account when
determining

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whether or not to direct the Trust Collateral Agent to maintain possession of the Trust
Estate. In determining whether to direct the Trust Collateral Agent to maintain possession of the
Trust Estate, the Trustee may, but need not, obtain and conclusively rely upon an opinion of an
Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of
the Trust Estate for such purpose.

          SECTION 5.6 Priorities.

          (a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) if an Insurer
Default shall have occurred and be continuing, the occurrence of an Event of Default pursuant to
Section 5.1(i), 5.1(ii), 5.1(v), 5.1(vi) or 5.1(vii) of this Indenture or (3) the receipt of
Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, the amounts on
deposit in the Collection Account, and with respect to clauses SECOND and THIRD hereof, the
Available Funds, including any money or property collected pursuant to Section 5.4 of this
Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the
related Distribution Date in the following order of priority:

     FIRST: amounts due and owing and required to be distributed to the Servicer (provided
there is no Servicer Termination Event), the Swap Provider (other than any Swap Termination
Payments due under the Swap Agreement), the Lockbox Bank, the Owner Trustee, the Trustee,
Backup Servicer and the Trust Collateral Agent, respectively, pursuant to priorities (i),
(ii) and (iii) of Section 5.7(a) of the Sale and Servicing Agreement and not previously
distributed, in the order of such priorities as set forth therein and without preference or
priority of any kind and without regard to any caps set forth in clauses (ii) and (iii) of
Section 5.7(a) of the Sale and Servicing Agreement;

     SECOND: to Noteholders for amounts due and unpaid on the Notes for interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the
Notes for interest;

     THIRD: to Noteholders for amounts due and unpaid on the Notes for principal, first, to
the Noteholders of the Class A-1 Notes until paid off and, second, ratably, without
preference or priority of any kind to the Noteholders of the Class A-2-A Notes, Class A-2-B
Notes, Class A-3-A Notes, Class A-3-B Notes, Class A-4-A Notes and Class A-4-B Notes,
according to the amounts due and payable on the Notes for principal;

     FOURTH: amounts due and owing and required to be distributed to the Insurer pursuant to
priority (vi) of Section 5.7(a) of the Sale and Servicing Agreement and not previously
distributed;

     FIFTH: to the Swap Provider, Swap Termination Payments; and

     SIXTH: to the Collateral Agent to be applied as provided in the Spread Account
Agreement.

          (b) The Trustee may fix a record date and payment date for any payment to Noteholders pursuant
to this Section 5.6. At least 15 days before such record date the Issuer

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shall mail to each
Noteholder and the Trustee a notice that states the record date, the payment date and the amount to
be paid.

          SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

     (i) such Holder has previously given written notice to the Trustee of a continuing
Event of Default;

     (ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made
written request to the Trustee to institute such Proceeding in respect of such Event of
Default in its own name as Trustee hereunder;

     (iii) such Holder or Holders have offered to the Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in complying
with such request;

     (iv) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute such Proceedings;

     (v) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority of the Outstanding Amount of the
Notes; and

     (vi) an Insurer Default shall have occurred and be continuing;

it being understood and intended that no one or more Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

          SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired without the consent
of such Holder.

          SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such proceeding has been discontinued or abandoned for any reason or has been determined adversely
to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the
Noteholders shall, subject to any
determination in such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights

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and remedies of the Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

          SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the Controlling Party or to the Noteholders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

          SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the Trustee, the
Controlling Party, the Insurer or any Holder of any Note to exercise any right or remedy accruing
upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver
of any such Default or Event of Default or an acquiescence therein. Every right and remedy given
by this Article V or by law to the Trustee or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case
may be.

          SECTION 5.12 Control by Noteholders. If the Trustee is the Controlling Party, the
Holders of a majority of the Outstanding Amount of the Notes shall have the right to direct the
time, method and place of conducting any Proceeding for any remedy available to the Trustee with
respect to the Notes or exercising any trust or power conferred on the Trustee; provided that

     (i) such direction shall not be in conflict with any rule of law or with this
Indenture;

     (ii) subject to the express terms of Section 5.4, any direction to the Trustee to sell
or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of
the Outstanding Amount of the Notes;

     (iii) if the conditions set forth in Section 5.5 have been satisfied and the Trustee
elects to retain the Trust Estate pursuant to such Section, then any direction to the
Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to
sell or liquidate the Trust Estate shall be of no force and effect; and

     (iv) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction;

provided, however, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or otherwise, without receiving
indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders
not consenting to such action.

          SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of
the maturity of the Notes as provided in Section 5.4, the Insurer or, if an Insurer Default shall
have occurred and be continuing, the Noteholders of not less than a majority of the Outstanding
Amount of the Notes may waive any past Default or Event of Default and its

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consequences except a
Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a
covenant or provision hereof which cannot be modified or amended without the consent of the Holder
of each Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereto.

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

          SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it
as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs and expenses,
including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section shall not apply to (a) any suit instituted by the Trustee, (b) any
suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate
more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or after the
respective due dates expressed in such Note and in this Indenture (or, in the case of redemption,
on or after the Redemption Date).

          SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

          SECTION 5.16 Action on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall
not be affected by the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or
the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer
or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon
any of the assets of the Issuer.

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          SECTION 5.17 Performance and Enforcement of Certain Obligations.

          (a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the
Issuer agrees to take all such lawful action as the Trustee may request to compel or secure the
performance and observance by the Seller and the Servicer, as applicable, of each of their
obligations to the Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the Sale and Servicing
Agreement to the extent and in the manner directed by the Trustee, including the transmission of
notices of default on the part of the Seller or the Servicer thereunder and the institution of
legal or administrative actions or Proceedings to compel or secure performance by the Seller or the
Servicer of each of their obligations under the Sale and Servicing Agreement.

          (b) If the Trustee is the Controlling Party and if an Event of Default has occurred and is
continuing, the Trustee may, and, at the written direction of the Holders of 66-2/3% of the
Outstanding Amount of the Notes shall, subject to Article VI, exercise all rights, remedies,
powers, privileges and claims of the Issuer against the Seller or the Servicer under or in
connection with the Sale and Servicing Agreement, including the right or power to take any action
to compel or secure performance or observance by the Seller or the Servicer of each of their
obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take
such action shall be suspended.

ARTICLE VI

The Trustee and the Trust Collateral Agent

          SECTION 6.1 Duties of Trustee.

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

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

     (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

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

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

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

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

     (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 5.12.

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

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

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

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

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

          (i) The Trustee shall, and hereby agrees that it will, perform all of the obligations and
duties required of it under the Sale and Servicing Agreement.

          (j) The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will
hold any proceeds of any claim on the Note Policy in trust solely for the use and benefit of the
Noteholders.

          (k) Without limiting the generality of this Section 6.1, the Trustee shall have no duty (i) to
see to any recording, filing or depositing of this Indenture or any agreement referred to herein or
any financing statement evidencing a security interest in the Financed Vehicles, or to see to the
maintenance of any such recording or filing or depositing or to any recording, refiling or
redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or
to effect or maintain any such insurance, (iii) to see to the payment or

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discharge of any tax,
assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect
to, assessed or levied against any part of the Trust, (iv) to confirm or verify the contents of any
reports or certificates delivered to the Trustee pursuant to this Indenture or the Sale and
Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by
the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or
inquire as to the performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s
representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and
as custodian of the Receivable Files under the Sale and Servicing Agreement.

          (l) In no event shall Wells Fargo Bank, National Association, 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.

          SECTION 6.2 Rights of Trustee.

          (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have
been signed or presented by the proper person. The Trustee need not investigate any fact or matter
stated in the document.

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

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

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

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

          (f) The Trustee shall be under no obligation to institute, conduct or defend any litigation
under this Indenture or in relation to this Indenture, at the request, order or direction of any of
the Noteholders or the Controlling Party, pursuant to the provisions of this Indenture, unless such
Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;
provided, however, that the Trustee shall, upon the occurrence of an Event of
Default (that has not been cured), exercise the rights and powers vested in it by this Indenture
with reasonable care and skill.

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          (g) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper or document, unless requested in writing to do so by the
Insurer (so long as no Insurer Default shall have occurred and be continuing) or (if an Insurer
Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of
the Outstanding Amount thereof; provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in
the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture or the Sale and Servicing
Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as
a condition to so proceeding; the reasonable expense of every such examination shall be paid by the
Person making such request, or, if paid by the Trustee, shall be reimbursed by the Person making
such request upon demand.

          (h) The Trustee shall not be liable for any losses on investments except for losses resulting
from the failure of the Trustee to make an investment in accordance with instructions given in
accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the rights
and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note
Registrar.

          SECTION 6.3 Individual Rights of Trustee. The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent, Note
Registrar, co-registrar or co-Note Paying Agent may do the same with like rights. However, the
Trustee must comply with Sections 6.11 and 6.12.

          SECTION 6.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes,
it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not
be responsible for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication.

          SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and
if it is either known by, or written notice of the existence thereof has been delivered to, a
Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default
within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment
of principal of or interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Trustee may withhold the notice to the Noteholder if and so long as
it in good faith determines that withholding the notice is in the interests of Noteholders.

          SECTION 6.6 Reports by Trustee to Holders. At the end of each calendar year, the
Trustee shall deliver to each person who at any time during the calendar year was a Noteholder a
statement as to the aggregate amounts of interest and principal paid to the Noteholder, to the
extent required by the Code, and any other information as may be reasonably required to enable such
Holder to prepare its federal and state income tax returns.

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          SECTION 6.7 Compensation and Indemnity.

          (a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall, or shall
cause the Servicer to, pay to the Trustee, the Trust Collateral Agent and the Backup Servicer
(subject to any applicable caps) from time to time compensation for its services. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Issuer shall cause the Servicer to reimburse the Trustee, the Trust Collateral Agent and the Backup
Servicer (subject to any applicable caps) for all reasonable out-of-pocket expenses incurred or
made by it, including costs of collection, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Trustee’s, the Trust Collateral Agent’s and the Backup Servicer’s agents, counsel, accountants and
experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent,
the Backup Servicer and their respective officers, directors, employees and agents against any and
all loss, liability or expense (including attorneys’ fees and expenses) incurred by each of them in
connection with the acceptance or the administration of this Trust and the performance of its
duties hereunder. The Trustee, the Trust Collateral Agent or the Backup Servicer shall notify the
Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the
Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer to so notify the
Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer
of its obligations under Article XI of the Sale and Servicing Agreement. The Issuer shall cause
the Servicer to defend the claim, and the Trustee, the Trust Collateral Agent or the Backup
Servicer may have separate counsel and the Issuer shall cause the Servicer to pay the fees and
expenses of such counsel. Neither the Issuer nor the Servicer need to reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee, the Trust Collateral
Agent or the Backup Servicer through the Trustee’s, the Trust Collateral Agent’s or the Backup
Servicer’s own willful misconduct, negligence or bad faith.

          (b) The Issuer’s payment obligations to the Trustee, the Trust Collateral Agent or the Backup
Servicer pursuant to this Section shall survive the discharge of this Indenture or the earlier
resignation or removal of the Trustee or the Trust Collateral Agent or the Backup Servicer. When
the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer incurs
expenses after the occurrence of a Default specified in Section 5.1(v) or (vi) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the
United States Code or any other applicable federal or State bankruptcy, insolvency or similar law.
Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Trustee
agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under
the Basic Documents shall be recourse to the Trust Estate only and specifically shall not be
recourse to the assets of the Certificateholder or any Noteholder. In addition, the Trustee agrees
that its recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant to the
Spread Account Agreement shall be limited to the right to receive the distributions referred to in
Section 5.7(a) of the Sale and Servicing Agreement.

          SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by so
notifying the Issuer and the Insurer. The Issuer may and, at the request of the Insurer (unless an
Insurer Default shall have occurred and be continuing) shall, remove the Trustee, if:

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     (i) the Trustee fails to comply with Section 6.11;

     (ii) a court having jurisdiction in the premises in respect of the Trustee in an
involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or
hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or
other similar law, shall have entered a decree or order granting relief or appointing a
receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar
official) for the Trustee or for any substantial part of the Trustee’s property, or ordering
the winding-up or liquidation of the Trustee’s affairs;

     (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in
effect, or another present or future federal or State bankruptcy, insolvency or similar law
is commenced with respect to the Trustee and such case is not dismissed within 60 days;

     (iv) the Trustee commences a voluntary case under any federal or state banking or
bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State
bankruptcy, insolvency or other similar law, or consents to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator (or other similar official) for the Trustee or for any substantial part of the
Trustee’s property, or makes any assignment for the benefit of creditors or fails generally
to pay its debts as such debts become due or takes any action in furtherance of any of the
foregoing; or

     (v) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer
shall promptly appoint a successor Trustee acceptable to the Insurer (so long as an Insurer Default
shall not have occurred and be continuing). If the Issuer fails to appoint such a successor
Trustee, the Insurer may appoint a successor Trustee.

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

          If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Issuer, the Insurer or the Holders of a majority in
Outstanding Amount of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

          If the Trustee fails to comply with Section 6.11, any Noteholder (with the prior written
consent of the Insurer, so long as an Insurer Default shall not have occurred and be

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continuing)
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

          Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to
any of the provisions of this Section shall not become effective until acceptance of appointment by
the successor Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the
outgoing Trustee.

          Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and the
Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Trustee.

          SECTION 6.9 Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation or
banking association without any further act shall be the successor Trustee. The Trustee shall
provide the Rating Agencies and the Insurer prior written notice of any such transaction.

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

          SECTION 6.10 Appointment of Co-Trustee or Separate Trustee.

          (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the
time be located, the Trustee with the consent of the Insurer (so long as an Insurer Default shall
not have occurred and be continuing) shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate,
or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee
or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8 hereof.

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

     (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee
shall be conferred or imposed upon and exercised or performed by the Trustee

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

     (ii) no trustee hereunder shall be personally liable by reason of any act or omission
of any other trustee hereunder, including acts or omissions of predecessor or successor
trustees; and

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

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

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

          (e) Any and all amounts relating to the fees and expenses of the co-trustee or separate
trustee will be borne by the Trust Estate.

          SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all times satisfy
the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of condition and it shall
have a long term debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies.
The Trustee shall provide copies of such reports to the Insurer upon request. The Trustee shall
comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA
§ 310(b)(9); provided, however, that there shall be excluded from the operation of
TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

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

          SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each
of the Issuer Secured Parties hereby appoints Wells Fargo Bank, National Association, as the Trust
Collateral Agent with respect to the Collateral, and Wells Fargo Bank, National Association hereby
accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral
for the Issuer Secured Parties, to maintain custody and possession of such Collateral (except as
otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in
accordance with the provisions of this Indenture and the other Basic Documents. Each Issuer
Secured Party hereby authorizes the Trust Collateral Agent to take such action on its behalf, and
to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may
direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the
terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably
incidental thereto, including, but not limited to, the execution of any powers of attorney. The
Trust Collateral Agent shall act upon and in compliance with the written instructions of the
Controlling Party delivered pursuant to this Indenture promptly following
receipt of such written instructions; provided that neither the Trustee nor the Trust
Collateral Agent shall act upon its own accord or in accordance with any instructions (i) if such
actions are not authorized by, or in violation of the provisions of, this Indenture, (ii) if such
actions are in violation of any applicable law, rule or regulation or (iii) with respect to actions
for which the Trustee has been directed to act but for which the Trustee has not received
reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the
Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that
the Trust Collateral Agent is permitted to act only following and in accordance with such
instructions.

          SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have no duties
or responsibilities except those expressly set forth in this Indenture and the other Basic
Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in
accordance with this Indenture. The Trust Collateral Agent shall not be required to take any
discretionary actions hereunder except at the written direction and with reasonable security and
indemnity satisfactory to the Trust Collateral Agent. The Trust Collateral Agent shall, and hereby
agrees that it will, subject to this Article, perform all of the duties and obligations required of
it under the Sale and Servicing Agreement.

          SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent nor any of
its directors, officers or employees shall be liable for any action taken or omitted to be taken by
it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be
liable for its negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent be
responsible for the validity, effectiveness, value, sufficiency or enforceability against the
Issuer of this Indenture or any of the Collateral (or any part thereof). Notwithstanding any term
or provision of this Indenture, the Trust Collateral Agent shall incur no liability to the Issuer
or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in
connection with the Collateral, except for the negligence, bad faith or willful misconduct on the

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part of the Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured
Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the
Issuer Secured Parties. The Trust Collateral Agent shall be protected and shall incur no liability
to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming
the genuineness of any notice, demand, certificate, signature, instrument or other document
reasonably believed by the Trust Collateral Agent to be genuine and to have been duly executed by
the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of
the Trust Collateral Agent) the Trust Collateral Agent shall not be required to make any
independent investigation with respect thereto. The Trust Collateral Agent shall at all times be
free independently to establish to its reasonable satisfaction, but shall have no duty to
independently verify, the existence or nonexistence of facts that are a condition to the exercise
or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust
Collateral Agent may consult with counsel, and shall not be liable for any action taken or omitted
to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The
Trust Collateral Agent shall not be under any obligation to exercise any of the remedial rights or
powers vested in it by this Indenture or to follow any direction from the Controlling Party or risk
its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder unless it shall
have received reasonable security or indemnity satisfactory to the Trust Collateral Agent against
the costs, expenses and liabilities which might be incurred by it.

          SECTION 6.16 Reliance Upon Documents. In the absence of negligence, bad faith or
willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely
on any communication, instrument, paper or other document reasonably believed by it to be genuine
and correct and to have been signed or sent by the proper Person or Persons and shall have no
liability in acting, or omitting to act, where such action or omission to act is in reasonable
reliance upon any statement or opinion contained in any such document or instrument.

          SECTION 6.17 Successor Trust Collateral Agent.

          (a) Merger. Any Person into which the Trust Collateral Agent may be converted or
merged, or with which it may be consolidated, or to which it may sell or transfer its trust
business and assets as a whole or substantially as a whole, or any Person resulting from any such
conversion, merger, consolidation, sale or transfer to which the Trust Collateral Agent is a party,
shall (provided it is otherwise qualified to serve as the Trust Collateral Agent hereunder) be and
become a successor Trust Collateral Agent hereunder and be vested with all of the title to and
interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and
other matters as was its predecessor without the execution or filing of any instrument or any
further act, deed or conveyance on the part of any of the parties hereto, anything herein to the
contrary notwithstanding, except to the extent, if any, that any such action is necessary to
perfect, or continue the perfection of, the security interest of the Issuer Secured Parties in the
Collateral; provided that any such successor shall also be the successor Trustee under
Section 6.9.

          (b) Resignation. The Trust Collateral Agent and any successor Trust Collateral Agent
may resign at any time by so notifying the Issuer and the Insurer; provided that the Trust
Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder.

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          (c) Removal. The Trust Collateral Agent may be removed by the Controlling Party at
any time (and should be removed at any time that the Trustee has been removed), with or without
cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral
Agent, the other Issuer Secured Party and the Issuer. A temporary successor may be removed at any
time to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below.
Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date
which is the latest of (i) the effective date of the appointment of a successor Trust Collateral
Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment
and of its obligation to perform its duties hereunder in accordance with the provisions hereof, and
(ii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section
3.6.

          (d) Acceptance by Successor. The Controlling Party shall have the sole right to
appoint each successor Trust Collateral Agent. Every temporary or permanent successor Trust
Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor
and to the Trustee, each Issuer Secured Party and the Issuer an instrument in writing
accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and
deliver such other documents and instruments as will effectuate the delivery of all Collateral to
the successor Trust Collateral Agent, whereupon such successor, without any further act, deed or
conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and
obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of
either Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such
successor all the estates, properties, rights and powers of such predecessor hereunder. In the
event that any instrument in writing from the Issuer or an Issuer Secured Party is reasonably
required by a successor Trust Collateral Agent to more fully and certainly vest in such successor
the estates, properties, rights, powers, duties and obligations vested or intended to be vested
hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request
of the temporary or permanent successor Trust Collateral Agent, be forthwith executed, acknowledged
and delivered by the Trustee or the Issuer, as the case may be. The designation of any successor
Trust Collateral Agent and the instrument or instruments removing any Trust Collateral Agent and
appointing a successor hereunder, together with all other instruments provided for herein, shall be
maintained with the records relating to the Collateral and, to the extent required by applicable
law, filed or recorded by the successor Trust Collateral Agent in each place where such filing or
recording is necessary to effect the transfer of the Collateral to the successor Trust Collateral
Agent or to protect or continue the perfection of the security interests granted hereunder.

          SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any
compensation for the performance of its duties hereunder other than the compensation it is entitled
to receive in its capacity as Trustee.

          SECTION 6.19 Representations and Warranties of the Trust Collateral Agent and the
Issuer. (A) The Trust Collateral Agent represents and warrants to the Issuer and to each
Issuer Secured Party as follows:

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          (a) Due Organization. The Trust Collateral Agent is a national banking association
and is duly authorized and licensed under applicable law to conduct its business as presently
conducted.

          (b) Corporate Power. The Trust Collateral Agent has all requisite right, power and
authority to execute and deliver this Indenture and to perform all of its duties as Trust
Collateral Agent hereunder.

          (c) Due Authorization. The execution and delivery by the Trust Collateral Agent of
this Indenture and the other Transaction Documents to which it is a party, and the performance by
the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all
necessary corporate proceedings and no further approvals or filings, including any governmental
approvals, are required for the valid execution and delivery by the Trust
Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such
other Basic Documents.

          (d) Valid and Binding Indenture. The Trust Collateral Agent has duly executed and
delivered this Indenture and each other Basic Document to which it is a party, and each of this
Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of
the Trust Collateral Agent, enforceable against the Trust Collateral Agent in accordance with its
terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization
and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii)
the availability of equitable remedies may be limited by equitable principles of general
applicability.

          (e) No Conflicts. The execution and delivery of each Basic Document to which it is a
party by the Trust Collateral Agent and the performance by the Trust Collateral Agent of its
obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict
with or result in any violation of (i) any law or regulation of the United States of America
governing the banking or trust powers of the Trust Collateral Agent or (ii) the articles of
incorporation and by-laws of the Trust Collateral Agent.

          (f) No Actions. To the best of the Trust Collateral Agent’s knowledge, there are no
actions, proceedings or investigations known to the Trust Collateral Agent, either pending or
threatened in writing, before any court, regulatory body, administrative agency or other tribunal
or governmental instrumentality which would, if adversely determined, affect in any material
respect the consummation, validity or enforceability against the Trust Collateral Agent, in its
capacity as Trust Collateral Agent or otherwise, of any Basic Document.

     (B) The Issuer hereby represents and warrants that each of the representations and warranties
set forth on the Schedule of Representations attached hereto as Schedule A is true and correct.
Such representations and warranties speak as of the execution and delivery of this Indenture and as
of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent
and shall not be waived.

          SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby expressly waives
any and all rights of setoff that the Trust Collateral Agent may otherwise at any

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time have under
applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts
shall at all times be held and applied solely in accordance with the provisions hereof and the Sale
and Servicing Agreement.

          SECTION 6.21 Control by the Controlling Party. The Trust Collateral Agent shall
comply with notices and instructions given by the Issuer only if accompanied by the written consent
of the Controlling Party, except that if any Event of Default shall have occurred and be
continuing, the Trust Collateral Agent shall act upon and comply with notices and instructions
given by the Controlling Party alone in the place and stead of the Issuer.

ARTICLE VII

Noteholders’ Lists and Reports

          SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses of Noteholders. The
Issuer will furnish or cause to be furnished to the Trustee (a) not more than five days after the
earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders as of such
Record Date, (b) at such other times as the Trustee may request in writing, within 30 days after
receipt by the Issuer of any such request, a list of similar form and content as of a date not more
than 10 days prior to the time such list is furnished; provided, however, that so
long as the Trustee is the Note Registrar, no such list shall be required to be furnished. If
Definitive Notes have been issued pursuant to Section 2.12, the Trustee or, if the Trustee is not
the Note Registrar, the Issuer shall furnish to the Insurer in writing on an annual basis on each
June 30 and at such other times as the Insurer may request a copy of the list.

          SECTION 7.2 Preservation of Information; Communications to Noteholders.

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

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

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

          SECTION 7.3 Reports by Issuer.

          (a) The Issuer shall:

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

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may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

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

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

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

          SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60 days after
each May 31, beginning with May 31, 2008, the Trustee shall mail to each Noteholder as required by
TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Trustee
also shall comply with TIA § 313(b).

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

ARTICLE VIII

Accounts, Disbursements and Releases

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

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          SECTION 8.2 Release of Trust Estate.

          (a) Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7
and all amounts due to the Insurer under the Basic Documents, the Trust Collateral Agent may, and
when required by the provisions of this Indenture shall, execute instruments to release property
from the lien of this Indenture, in a manner and under circumstances that are not inconsistent with
the provisions of this Indenture. No party relying upon an instrument executed by the Trust
Collateral Agent as provided in this Article VIII shall
be bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of
any conditions precedent or see to the application of any moneys.

          (b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all
sums due the Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the
Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Trust Accounts.

          SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least
seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a),
accompanied by copies of any instruments involved, and the Trustee shall also require as a
condition to such action, an Opinion of Counsel in form and substance satisfactory to the Trustee
and the Insurer and addressed to the Trustee and the Insurer, stating that all conditions precedent
to the taking of such action have been complied with. Counsel rendering any such opinion may rely,
without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

          SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

          (a) Without the consent of the Holders of any Notes but with the consent of the Insurer
(unless an Insurer Default shall have occurred and be continuing) and the consent of the Swap
Provider (unless such indenture supplemental hereto could not reasonably be expected to have a
material adverse effect on the Swap Provider) and with prior notice to the Rating Agencies and the
Swap Provider by the Issuer, as evidenced to the Trustee, the Issuer and the Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
in force at the date of the execution thereof), in form satisfactory to the Trustee, for any of the
following purposes:

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

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

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

     (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust
Collateral Agent;

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

     (vi) to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes and to add to or change any of the provisions of
this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article VI; or

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

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

          (b) The Issuer and the Trustee, when authorized by an Issuer Order, may, also without the
consent of any of the Holders of the Notes but with prior notice to the Rating Agencies and the
Swap Provider by the Issuer and with the prior written consent of the Insurer (unless an Insurer
Default shall have occurred and be continuing) and the written consent of the Swap Provider (unless
such indenture supplemental hereto could not reasonably be expected to have a material adverse
effect on the Swap Provider), as evidenced to the Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Holders of the Notes under this Indenture; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and the Insurer,
adversely affect in any material respect the interests of any Noteholder.

          (c) Notwithstanding the foregoing, if an Insurer Default has occurred and is continuing, no
amendment under Section 9.1 or 9.2 shall materially adversely affect the Insurer without the
Insurer’s prior written consent.

          SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the
Trustee, when authorized by an Issuer Order, also may, with prior notice to the

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Rating Agencies and
the Swap Provider, with the written consent of the Insurer (unless an Insurer Default shall have
occurred and be continuing), with the written consent of the Swap Provider (unless such indenture
supplemental hereto could not reasonably be expected to have a material adverse effect on the Swap
Provider), and with the consent of the Holders of not less than a majority of the Outstanding
Amount of the Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter into an
indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Holders of the Notes under this Indenture; provided however, that if an Insurer
Default has occurred and is continuing, such supplemental indenture will not materially and
adversely affect the interest of the Insurer; provided further, that, subject to the express rights
of the Insurer under the Basic Documents, no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Note affected thereby:

     (i) change the date of payment of any installment of principal of or interest on any
Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption
Price with respect thereto, change the provision of this Indenture relating to the
application of collections on, or the proceeds of the sale of, the Trust Estate to payment
of principal of or interest on the Notes, or change any place of payment where, or the coin
or currency in which, any Note or the interest thereon is payable;

     (ii) impair the right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of funds available therefor, as provided in Article V,
to the payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

     (iii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the
Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this
Indenture;

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

     (v) reduce the percentage of the Outstanding Amount of the Notes required to direct the
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4;

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

     (vii) modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any
Distribution Date or any Insured Distribution Date (including the calculation of any

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of the
individual components of such calculation) or to affect the rights of the Noteholders to the
benefit of any provisions for the mandatory redemption of the Notes contained herein; or

     (viii) permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein or in any of the Basic Documents, terminate the lien of
this Indenture on any property at any time subject hereto or deprive the Holder of any
Note of the security provided by the lien of this Indenture.

          The Trustee may determine whether or not any Notes would be affected by any supplemental
indenture and any such determination shall be conclusive upon the Holders of all Notes, whether
theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be liable
for any such determination made in good faith.

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

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

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

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

          SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture
and every supplemental indenture executed pursuant to this Article IX shall

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conform to the
requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act.

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

ARTICLE X

Redemption of Notes

          SECTION 10.1 Redemption.

          (a) The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which
the Servicer or Seller exercises its option to purchase the Trust Estate pursuant to Section
10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price;
provided, however, that no such redemption may be effected unless the Issuer has
available funds sufficient to pay the Redemption Price plus all amounts due and payable to the
Insurer under the Insurance Agreement on such Distribution Date plus all amounts due and payable to
the Swap Provider under the Swap Agreement on such Distribution Date. The Servicer or the Issuer
shall furnish the Insurer, the Swap Provider and the Rating Agencies notice of such redemption. If
the Notes are to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall
furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date
and the Issuer shall deposit with the Trustee in the Collection Account the amount required to be
so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all
outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing of a
notice complying with Section 10.2 to each Holder of Notes.

          (b) In the event that the assets of the Trust are distributed pursuant to Section 8.1 of the
Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the
Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon.
If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the
Issuer shall, to the extent practicable, furnish notice of such event to the Trustee not later than
45 days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption
Date.

          SECTION 10.2 Form of Redemption.

          (a) Notice of redemption under Section 10.1(a) shall be given by the Trustee by facsimile or
by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date
to each Holder of Notes, as of the close of business on the Record Date

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preceding the applicable
Redemption Date, at such Holder’s address appearing in the Note Register.

     All notices of redemption shall state:

     (i) the Redemption Date;

     (ii) the Redemption Price;

     (iii) that the Record Date otherwise applicable to such Redemption Date is not
applicable and that payments shall be made only upon presentation and surrender of such
Notes and the place where such Notes are to be surrendered for payment of the Redemption
Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.2); and

     (iv) that interest on the Notes shall cease to accrue on the Redemption Date.

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

          (b) Prior notice of redemption under Section 10.1(b) is not required to be given to
Noteholders.

          SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall,
following notice of redemption, as required by Section 10.2 (in the case of redemption pursuant to
Section 10.1(a)), on the Redemption Date, become due and payable at the Redemption Price, and
(unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue
on the Redemption Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price.

ARTICLE XI

Miscellaneous

          SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by
the Issuer to the Trustee or the Trust Collateral Agent to take any action under any provision of
this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case
may be, and to the Insurer (i) an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with, (ii)
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a
firm of certified public accountants meeting the applicable requirements of this Section, except
that, in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture, no additional certificate or opinion
need be furnished.

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

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

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

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

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

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

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

     (iii) Other than with respect to the release of any Purchased Receivables, Sold
Receivables or Liquidated Receivables, whenever any property or securities are to be
released from the lien of this Indenture, the Issuer shall also furnish to the Trust
Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion
of each person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the
opinion of such person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof.

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     (iv) Whenever the Issuer is required to furnish to the Trustee and the Insurer an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii) above, the Issuer shall also furnish to the Trust
Collateral Agent and the Insurer an Independent Certificate as to the same matters if the
fair value of the property or securities and of all other property other than Purchased
Receivables, Sold Receivables and Defaulted Receivables, or securities released from the
lien of this Indenture since the commencement of the then current calendar year, as set
forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or
more of the Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of property or securities if the fair value thereof as set forth in
the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then
Outstanding Amount of the Notes.

     (v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may
(A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent
permitted or required by the Basic Documents and (B) make cash payments out of the Trust
Accounts as and to the extent permitted or required by the Basic Documents.

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

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

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

          Whenever in this Indenture, in connection with any application or certificate or report to the
Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting
of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions
stated in

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such document shall in such case be conditions precedent to the right of the Issuer to
have such application granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

          SECTION 11.3 Acts of Noteholders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action
shall become effective when such instrument or instruments are delivered to the Trustee, and, where
it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Noteholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.1) conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Section. In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each representing less than a
majority of the Outstanding Amount of the Notes, the Trustee in its sole discretion may determine
what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

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

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

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

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

          (a) The Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose
hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return
receipt requested and shall be deemed to have been duly given upon receipt to the Trustee at its
Corporate Trust Office, or

          (b) The Issuer by the Trustee or by any Noteholder shall be sufficient for every purpose
hereunder if personally delivered, delivered by overnight courier or mailed
certified mail, return receipt requested and shall deemed to have been duly given upon receipt
to the Issuer addressed to: AmeriCredit Automobile Receivables Trust 2007-D-F, in care of

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Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, or at any other address previously furnished in writing to the
Trustee by Issuer. The Issuer shall promptly transmit any notice received by it from the
Noteholders to the Trustee.

          (c) The Insurer by the Issuer or the Trustee shall be sufficient for any purpose hereunder if
in writing and mailed by registered mail or personally delivered or telexed or telecopied to the
recipient as follows:

	 	 	 	 	 	 	 
	 	 	To the Insurer:	 	Financial Security Assurance Inc.
	 	 	 	 	31 West 52nd Street
	 	 	 	 	New York, NY 10019
	 	 	 	 	Attention: Transaction Oversight Department
	 	 	 	 	Re: AmeriCredit Receivables-Backed Notes Series

2007-D-F, Policy No. 51831A-N
	 
	 	 	 	 	 	 
	 

	 	 	 	Telex No.:
	 	(212) 688-3101
	 

	 	 	 	Confirmation:
	 	(212) 826-0100
	 

	 	 	 	Telecopy Nos.:
	 	(212) 339-3518 or
	 

	 	 	 	 	 	(212) 339-3529

(In each case in which notice or other communication to the Insurer refers to an Event of Default,
a claim on the Note Policy or with respect to which failure on the part of the Insurer to respond
shall be deemed to constitute consent or acceptance, then a copy of such notice or other
communication should also be sent to the attention of the General Counsel and the Head—Financial
Guaranty Group “URGENT MATERIAL ENCLOSED.”)

          Notices required to be given to the Rating Agencies by the Issuer, the Trustee or the Owner
Trustee shall be in writing, personally delivered, electronically delivered, delivered by overnight
courier or mailed certified mail, return receipt requested to (i) in the case of Moody’s, at the
following address: Moody’s Investors Service, 99 Church Street, New York, New York 10007, (ii) in
the case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any
information not available in electronic format, send hard copies to: Standard & Poor’s Ratings
Services, 55 Water Street, 41st floor, New York, New York 10041, Attention: ABS Surveillance Group
and (iii) in the case of Fitch, at the following address: Fitch, Inc., One State Street Plaza, New
York, New York 10004; or as to each of the foregoing, at such other address as shall be designated
by written notice to the other parties.

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

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

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

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

          SECTION 11.6 [Reserved].

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

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

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

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

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

          SECTION 11.11 Benefits of Indenture. The Insurer and its successors and assigns shall
be a third-party beneficiary to the provisions of this Indenture, and shall be entitled to rely
upon and directly to enforce such provisions of this Indenture so long as no Insurer Default shall
have occurred and be continuing. The Swap Provider shall be a third-party beneficiary to the
provisions of this Indenture. Nothing in this Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder, the Swap Provider
and the Noteholders, and any other party secured hereunder, and any other

65

 

person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture. The Insurer may disclaim any of its rights and powers under this
Indenture (in which case the Trustee may exercise such right or power hereunder), but not its
duties and obligations under the Note Policy, upon delivery of a written notice to the Trustee.

          In exercising any of its voting rights, rights to direct or consent or any other rights as the
Insurer under this Indenture or any other Basic Document, subject to the terms and conditions of
this Indenture, the Insurer shall not have any obligation or duty to any Person to consider or take
into account the interests of any Person and shall not be liable to any Person for any action taken
by it or at its discretion or any failure by it to act or to direct that any action be taken,
without regard to whether such inaction or action benefits or adversely affects any Noteholder, the
Issuer or any other Person.

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

          SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE 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 11.14 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

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

          SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Seller, the Servicer, the Backup Servicer, the
Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any
other Basic Document or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust
Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,

66

 

employee or agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent
or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the
Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the
Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral
Agent, the Backup Servicer and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article
VI, VII and VIII of the Trust Agreement.

          SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by entering
into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they
will not at any time institute against the Seller, or the Issuer, or join in any institution
against the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal or State bankruptcy
or similar law in connection with any obligations relating to the Notes, this Indenture or any of
the Basic Documents.

          SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it will
permit any representative of the Trustee or of the Insurer, during the Issuer’s normal business
hours, to examine all the books of account, records, reports, and other papers of the Issuer, to
make copies
and extracts therefrom, to cause such books to be audited by independent certified public
accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers,
employees, and independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing
shall not be construed to prohibit (i) disclosure of any and all information that is or becomes
publicly known, (ii) disclosure of any and all information (A) if required to do so by any
applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having
or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its
affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request
of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate
or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or
final offering circular, registration statement or contract or other document pertaining to the
transactions contemplated by the Indenture approved in advance by the Servicer or the Issuer or (E)
to any independent or internal auditor, agent, employee or attorney of the Trustee having a need to
know the same, provided that the Trustee advises such recipient of the confidential nature of the
information being disclosed, or (iii) any other disclosure authorized by the Servicer or the
Issuer.

[SIGNATURE PAGE FOLLOWS]

67

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
	 	 	TRUST 2007-D-F,
	 
	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in
	 

	 	 	 	its individual capacity but solely as Owner Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Patricia A. Evans
 	 
	 	 	Name:  	Patricia A. Evans     	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 
	 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 

	 	not in its individual capacity but solely as
	 

	 	Trustee and Trust Collateral Agent

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Marianna C. Stershic
 	 
	 	 	Name:  	Marianna C. Stershic           	 
	 	 	Title:  	Vice President 	 
	 

[Indenture]

 

 

EXHIBIT A-1

	 	 	 	 	 
	REGISTERED
	 	$	184,000,000	 

No. RB-A-1

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AA 2

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-1 5.9139% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE
HUNDRED EIGHTY-FOUR MILLION DOLLARS payable on each Distribution Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is $184,000,000 and the
denominator of which is $184,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-1 Notes pursuant to the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the October 6, 2008 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest
on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, if no interest has yet been
paid, from September 20, 2007. Interest will be computed on the basis of a 360-day year and the
actual number of days in the related Interest Period. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-1-1 

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-1-2 

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
	 	 	TRUST 2007-D-F
	 
	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its

individual capacity but solely as Owner Trustee

under the Trust Agreement
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in

its individual capacity but solely as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signer

A-1-3 

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-1 5.9139% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an
Indenture dated as of September 12, 2007 (such indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as
trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have
the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

          Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or,
if any such date is not a Business Day, the next succeeding Business Day, commencing October 9,
2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day
of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class
A-1 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-1-4 

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-1-5 

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-1-6 

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-1-7 

 

ASSIGNMENT

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

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

	 	 

	 
	 	 	(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 	 	 
	Dated

	 	 	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-1-8 

 

EXHIBIT A-2-A

	 	 	 	 	 
	REGISTERED
	 	$	164,000,000	 

No. RB-A-2-A

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AB 0

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-2-A 5.66% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE
HUNDRED SIXTY-FOUR MILLION DOLLARS payable on each Distribution Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is $164,000,000 and the
denominator of which is $164,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-2-A Notes pursuant to the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the January 6, 2011 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest
on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, if no interest has yet been
paid, from September 20, 2007. Interest will be computed on the basis of a 360 day year consisting
of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-2-A-1 

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-2-A-2 

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
	 	 	TRUST 2007-D-F
	 
	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee under the

Trust Agreement
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in

its individual capacity but solely as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signer

A-2-A-3 

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-2-A 5.66% Asset Backed Notes (herein called the “Class A-2-A Notes”), all issued under an
Indenture dated as of September 12, 2007 (such indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as
trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have
the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

          Principal of the Class A-2-A Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or,
if any such date is not a Business Day, the next succeeding Business Day, commencing October 9,
2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day
of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-2-A Notes shall be made pro rata to the Class
A-2-A Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-2-A-4 

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-2-A-5 

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-2-A-6 

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-2-A-7 

 

ASSIGNMENT

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

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

	 	 

	 	 
	 

	 	 

(name and address of assignee)
	 	 

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

	 	 	 	 	 	 	 	 	 	 	 
	Dated

	 	 	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-2-A-8 

 

EXHIBIT A-2-B

	 	 	 	 	 
	REGISTERED
	 	$	50,000,000	 

No. RB-A-2-B

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AC 8

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-2-B FLOATING RATE ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FIFTY
MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $50,000,000 and the denominator of which is
$50,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-2-B Notes pursuant to the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on
the January 6, 2011 Distribution Date (the “Final Scheduled Distribution Date”). The
Issuer will pay interest on this Note at the rate per annum equal to LIBOR plus 0.55% on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest
on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, if no interest has yet been
paid, from September 20, 2007. Interest will be computed on the basis of a 360-day year and the
actual number of days in the related Interest Period. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-2-B-1 

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-2-B-2 

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
	 	 	TRUST 2007-D-F
	 
	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee under the

Trust Agreement
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in

its individual capacity but solely as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signer

A-2-B-3 

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-2-B LIBOR plus 0.55% Asset Backed Notes (herein called the “Class A-2-B Notes”), all
issued under an Indenture dated as of September 12, 2007 (such indenture, as supplemented or
amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank,
National Association, as trustee (the “Trustee,” which term includes any successor Trustee
under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which
term includes any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to
the Indenture, as so supplemented or amended.

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

          Principal of the Class A-2-B Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any
such date is not a Business Day, the next succeeding Business Day, commencing October 9, 2007. If
AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the
month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-2-B Notes shall be made pro rata to the Class
A-2-B Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-2-B-4 

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-2-B-5 

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-2-B-6 

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-2-B-7 

 

ASSIGNMENT

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

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

	 	 

	 
	 	 	(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated

	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-2-B-8

 

EXHIBIT A-3-A

	 	 	 
	REGISTERED
	 	$232,000,000

No. RB-A-3-A

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AD 6

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-3-A 5.49% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO
HUNDRED THIRTY-TWO MILLION DOLLARS payable on each Distribution Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is $232,000,000 and the
denominator of which is $232,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-3-A Notes pursuant to the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the July 6, 2012 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest
on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, if no interest has yet been
paid, from September 20, 2007. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-3-A-1

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-3-A-2

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES	 	 
	 	 	TRUST 2007-D-F	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in	 	 
	 

	 	 	 	its individual Capacity but solely as owner	 	 
	 

	 	 	 	Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL	 	 
	 	 	ASSOCIATION, not in its individual capacity but	 	 
	 	 	solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signer
	 	 

A-3-A-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-3-A 5.49% Asset Backed Notes (herein called the “Class A-3-A Notes”), all issued under an
Indenture dated as of September 12, 2007 (such indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as
trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have
the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

          Principal of the Class A-3-A Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any
such date is not a Business Day, the next succeeding Business Day, commencing October 9, 2007. If
AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the
month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-3-A Notes shall be made pro rata to the Class
A-3-A Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-3-A-4

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-3-A-5

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-3-A-6

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-3-A-7

 

ASSIGNMENT

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

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

	 	 

	 
	 	 	(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated

	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-3-A-8

 

EXHIBIT A-3-B

	 	 	 
	REGISTERED
	 	$40,000,000

No. RB-A-3-B

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AE 4

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-3-B FLOATING RATE ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY
MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $40,000,000 and the denominator of which is
$40,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-3-B Notes pursuant to the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on
the July 6, 2012 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer
will pay interest on this Note at the rate per annum equal to LIBOR plus 0.65% on each Distribution
Date until the principal of this Note is paid or made available for payment. Interest on this Note
will accrue for each Distribution Date from the most recent Distribution Date on which interest has
been paid to but excluding such Distribution Date or, if no interest has yet been paid, from
September 20, 2007. Interest will be computed on the basis of a 360-day year and the actual number
of days in the related Interest Period. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-3-B-1

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-3-B-2

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES	 	 
	 	 	TRUST 2007-D-F	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in	 	 
	 

	 	 	 	its individual Capacity but solely as owner	 	 
	 

	 	 	 	Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL	 	 
	 	 	ASSOCIATION, not in its individual capacity but	 	 
	 	 	solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signer
	 	 

A-3-B-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-3-B LIBOR plus 0.65% Asset Backed Notes (herein called the “Class A-3-B Notes”), all
issued under an Indenture dated as of September 12, 2007 (such indenture, as supplemented or
amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank,
National Association, as trustee (the “Trustee,” which term includes any successor Trustee
under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which
term includes any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to
the Indenture, as so supplemented or amended.

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

          Principal of the Class A-3-B Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any
such date is not a Business Day, the next succeeding Business Day, commencing October 9, 2007. If
AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the
month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-3-B Notes shall be made pro rata to the Class
A-3-B Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-3-B-4

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-3-B-5

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-3-B-6

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-3-B-7

 

ASSIGNMENT

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

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

	 	 

	 
	 	 	(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated

	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-3-B-8

 

EXHIBIT A-4-A

	 	 	 
	REGISTERED
	 	$200,000,000

No. RB-A-4-A

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AF 1

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-4-A 5.56% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO
HUNDRED MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $200,000,000 and the denominator of which
is $200,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-4-A Notes pursuant to the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on
the June 6, 2014 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer
will pay interest on this Note at the rate per annum shown above on each Distribution Date until
the principal of this Note is paid or made available for payment. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on which interest has been
paid to but excluding such Distribution Date or, if no interest has yet been paid, from September
20, 2007. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-4-A-1

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-4-A-2

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES	 	 
	 	 	TRUST 2007-D-F	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in	 	 
	 

	 	 	 	its individual Capacity but solely as owner	 	 
	 

	 	 	 	Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL	 	 
	 	 	ASSOCIATION, not in its individual capacity but	 	 
	 	 	solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signer
	 	 

A-4-A-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-4-A 5.56% Asset Backed Notes (herein called the “Class A-4-A Notes”), all issued under an
Indenture dated as of September 12, 2007 (such indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as
trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have
the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

          Principal of the Class A-4-A Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any
such date is not a Business Day, the next succeeding Business Day, commencing October 9, 2007. If
AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the
month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-4-A Notes shall be made pro rata to the Class
A-4-A Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-4-A-4

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-4-A-5

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-4-A-6

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-4-A-7

 

ASSIGNMENT

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

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

	 	 

	 
	 	 	(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated

	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-4-A-8

 

EXHIBIT A-4-B

	 	 	 
	REGISTERED
	 	$130,000,000

No. RB-A-4-B

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03063T AG 9

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

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

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-D-F

CLASS A-4-B FLOATING RATE ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2007-D-F, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE
HUNDRED THIRTY MILLION DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $130,000,000 and the denominator
of which is $130,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class A-4-B Notes pursuant to the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the June 6, 2014 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum equal to LIBOR plus
0.80% on each Distribution Date until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Distribution Date from the most recent
Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from September 20, 2007. Interest will be computed on the basis of a
360-day year and the actual number of days in the related Interest Period. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and

A-4-B-1

 

private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal
of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note
Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which
the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date
will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in
the Indenture and the related Sale and Servicing Agreement. The Record Date applicable to any
Insured Distribution Date is the Record Date applicable to the related Distribution Date.

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

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

A-4-B-2

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES	 	 
	 	 	TRUST 2007-D-F	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in	 	 
	 

	 	 	 	its individual Capacity but solely as owner	 	 
	 

	 	 	 	Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	Date: September 20, 2007	 	WELLS FARGO BANK, NATIONAL	 	 
	 	 	ASSOCIATION, not in its individual capacity but	 	 
	 	 	solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signer
	 	 

A-4-B-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class
A-4-B LIBOR plus 0.80% Asset Backed Notes (herein called the “Class A-4-B Notes”), all
issued under an Indenture dated as of September 12, 2007 (such indenture, as supplemented or
amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank,
National Association, as trustee (the “Trustee,” which term includes any successor Trustee
under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which
term includes any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to
the Indenture, as so supplemented or amended.

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

          Principal of the Class A-4-B Notes will be payable on each Distribution Date in an amount
described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any
such date is not a Business Day, the next succeeding Business Day, commencing October 9, 2007. If
AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the
month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant
to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of
Default shall have occurred and be continuing if the Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be continuing and the
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount
of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-4-B Notes shall be made pro rata to the Class
A-4-B Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by

A-4-B-4

 

wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears
on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the
Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at the Trustee’s
principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such
purposes located in Minneapolis, Minnesota.

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

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

          If this Note has been issued as a Definitive Note, the Note Registrar shall not register the
transfer of this Note unless the prospective transferee has represented and warranted in writing
that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If
this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class
Exemption or the Statutory Exemption.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in

A-4-B-5

 

connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity, and (ii) to treat the Notes as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes.

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

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

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

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

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

          This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions, and the obligations, rights

A-4-B-6

 

and remedies of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture
or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on, or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests
of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

A-4-B-7

 

ASSIGNMENT

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

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

	 	 

	 
	 	 	(name and address of assignee)

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

	 	 	 	 	 	 	 	 	 
	Dated

	 	1	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

			
	1	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-4-B-8

 

 

SCHEDULE A

REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

1. Security Interest in Financed Vehicle. This Indenture creates a valid and
continuing Security Interest (as defined in the applicable UCC) in the Receivables in favor
of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is
enforceable as such as against creditors of and purchasers from the Seller. The Issuer owns
and has good and marketable title to the Receivables free and clear of any Lien (other than
the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person.

2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust
Collateral Agent’s security interest in the property securing the Receivables, provided
that, if not done as of the Closing Date, the Issuer will cause, within ten days of the
Closing Date, the filing of all appropriate financing statements in the proper filing office
in the State of Delaware under applicable law in order to perfect the security interest in
the Receivables granted to the Trust Collateral Agent hereunder.

3. No Impairment. The Issuer 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 Receivable
or otherwise to impair the rights of the Insurer, 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 Collateral Agent pursuant to this Indenture, the Issuer has
not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of
the Receivables. The Issuer has not authorized the filing of and is not aware of any
financing statements against the Issuer that include a description of collateral covering
the Receivables other than any financing statement relating to the security interest granted
to the Trust Collateral Agent hereunder or that has been terminated. The Issuer is not
aware of any judgment or tax lien filings against it.

4. Chattel Paper. The Receivables constitute “tangible chattel paper” or
“electronic chattel paper” within the meaning of the UCC as in effect in the States of
Texas, New York, Nevada and Delaware.

5. Good Title. Immediately prior to the pledge of the Receivables to the Trust
Collateral Agent pursuant to this Indenture, the Issuer was the sole owner thereof and had
good and indefeasible title thereto, free of any Lien and, upon execution and delivery of
this Agreement, the Trust shall have good and indefeasible title to and will be the sole
owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a
participation in, or other right to receive, proceeds of any Receivable. The Issuer has not
taken any action to convey any right to any Person that would result in such Person having a
right to payments received under the related Insurance Policies or the related Dealer
Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender
Assignments or to payments due under such Receivables.

Sched. A-1

 

6. Possession of Original Copy. The Servicer, as Custodian on behalf of the Issuer,
has in its possession or control the original contract (or with respect to “electronic
chattel paper”, the authoritative copy) that constitutes or evidences the Receivable.

7. One Original. There is only one original executed copy (or with respect to
“electronic chattel paper”, one authoritative copy) of each Contract. With respect to
Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique,
identifiable and unalterable (other than with the participation of the Trust Collateral
Agent in the case of an addition or amendment of an identified assignee and other than a
revision that is readily identifiable as an authorized or unauthorized revision), (b) has
been marked with a legend to the following effect: “Authoritative Copy” and (c) has been
communicated to and is maintained by or on behalf of the Custodian.

8. Not an Authoritative Copy. With respect to Contracts that are “electronic
chattel paper”, the Seller has marked all copies of each such Contract other than an
authoritative copy with a legend to the following effect: “This is not an authoritative
copy.”

9. Revisions. With respect to Contracts that are “electronic chattel paper”, the
related Receivables have been established in a manner such that (a) all copies or revisions
that add or change an identified assignee of the authoritative copy of each such Contract
must be made with the participation of the Trust Collateral Agent and (b) all revisions of
the authoritative copy of each such Contract must be readily identifiable as an authorized
or unauthorized revision.

10. Pledge or Assignment. With respect to Contracts that are “electronic chattel
paper”, the authoritative copy of each Contract communicated to the Custodian has no marks
or notations indicating that it has been pledged, assigned or otherwise conveyed to any
Person other than the Trust Collateral Agent.

Representations and Warranties Regarding the Swap Collateral:

1. This Agreement creates a valid and continuing Security Interest (as defined in the
applicable UCC) in the Swap Collateral in favor of the Trust Collateral Agent, which
Security Interest is prior to all other Liens, and is enforceable as such as against
creditors of and purchasers from the Issuer.

2. The Swap Collateral constitutes “general intangibles” within the meaning of the
applicable UCC.

3. The Issuer owns and has good and marketable title to the Swap Collateral free and clear
of any Lien, claim or encumbrance of any Person.

4. The Issuer has received all consents and approvals required by the terms of the Swap
Agreement to pledge the Swap Collateral hereunder to the Trust Collateral Agent.

5. The Issuer has caused or will have caused, within ten days, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions

Sched. A-2

 

under applicable law in order to perfect the security interest in the Swap Collateral
granted to the Trust Collateral Agent hereunder.

6. Other than the security interest granted to the Trust Collateral Agent pursuant to this
Agreement, the Issuer has not pledged, assigned, sold, granted a security interest in, or
otherwise conveyed any of the Swap Collateral. The Issuer has not authorized the filing of
and is not aware of any financing statements against the Issuer that include a description
of collateral covering the Swap Collateral other than any financing statement relating to
the security interest granted to the Trust Collateral Agent hereunder or that has been
terminated.

Sched. A-3

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