Document:

exv10w2

 

Exhibit 10.2

EXECUTION COPY

INDEMNIFICATION AGREEMENT

between

FINANCIAL GUARANTY INSURANCE COMPANY,

as Insurer

and

DEUTSCHE BANK SECURITIES INC.

as Representative of the Underwriters

Dated as of September 14, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 1.
	 	Definitions	 	 	1	 
	Section 2.
	 	Representations and Warranties of the Insurer	 	 	3	 
	Section 3.
	 	Representations, Warranties and Agreements of the Underwriters	 	 	4	 
	Section 4.
	 	Indemnification	 	 	5	 
	Section 5.
	 	Indemnification Procedures	 	 	5	 
	Section 6.
	 	Contribution	 	 	6	 
	Section 7.
	 	Miscellaneous	 	 	7	 

 

 

INDEMNIFICATION AGREEMENT

     INDEMNIFICATION AGREEMENT (as may be amended, modified or supplemented from time to time, this
“Agreement”) dated as of September 14, 2006, by and among FINANCIAL GUARANTY INSURANCE COMPANY, as
insurer (the “Insurer”) and DEUTSCHE BANK SECURITIES INC., as representative of the several
Underwriters named in the Underwriting Agreement referred to herein.

     Section 1. Definitions. Capitalized terms used but not otherwise defined herein shall have
the meanings specified in the Sale and Servicing Agreement. For purposes of this Agreement, the
following terms shall have the meanings provided below:

     “Agreement” means this Indemnification Agreement, as amended from time to time.

     “AmeriCredit Parties” means the Issuer, the Servicer and the Seller.

     “Closing Date” means September 26, 2006.

     “Date of Issuance” means the date on which the Policy is issued as specified therein.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, together with all
related rules and regulations.

     “Federal Securities Laws” means the Securities Act, the Exchange Act, the U.S. Trust Indenture
Act of 1939, the U.S. Investment Company Act of 1940 and the U.S. Investment Advisers Act of 1940,
each as amended from time to time, and the rules and regulations in effect from time to time under
such Acts.

     “Indemnified Party” means any party entitled to any indemnification pursuant to Section 4
hereof.

     “Indemnifying Party” means any party required to provide indemnification pursuant to Section 4
hereof.

     “Indenture” means the Indenture dated as of September 18, 2006, by and between the Issuer and
the Trustee.

     “Insurance Agreement” means the Insurance Agreement dated as of September 18, 2006, among the
Insurer, AmeriCredit Automobile Receivables Trust 2006-B-G, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as
Trustee.

     “Insurer Agreements” means this Agreement and the Insurance Agreement.

     “Insurer Information” means the information in the Preliminary Prospectus Supplement and the
Prospectus Supplement regarding the Insurer and the Policy, which consists solely of the
information set forth under the captions “The Insurer” and “The Policy” in the Preliminary

 

 

Prospectus Supplement and the Prospectus Supplement, and the consolidated financial statements
of the Insurer and subsidiaries as of December 31, 2005 and December 31, 2004 and for the years
ended December 31, 2005 and 2004, and for the periods from December 18, 2003 through December 31,
2003 and from January 1, 2003 through December 17, 2003, and the unaudited consolidated financial
statements of the Insurer and subsidiaries as of June 30, 2006 and for the three and six month
periods ended June 30, 2006 and 2005, in each case as provided to the Depositor for incorporation
by reference in the Preliminary Prospectus Supplement and the Prospectus Supplement. The Insurer
Information does not include any other information. The Insurer has provided the Insurer
Information in connection with its role as credit enhancer, which consists solely of the obligation
to pay claims, if any, under and in accordance with the express terms of the Policy.

     “Insurer Party” means any of the Insurer, its subsidiaries and Affiliates, and any
shareholder, director, officer, employee, agent or “controlling person,” within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, of any of the foregoing.

     “Losses” means (a) any and all claims, losses, liabilities (including penalties), actions,
suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of
attorneys, consultants and auditors and reasonable costs of investigations) of any nature incurred
by the party entitled to indemnification or contribution hereunder, to the extent not paid,
satisfied or reimbursed from funds provided by any other Person other than an Affiliate of such
party (provided that the foregoing shall not create or imply any obligation to pursue recourse
against any such other Person), plus (b) interest on the amount paid by the party entitled to
indemnification or contribution from the date of such payment to the date of payment by the party
who is obligated to indemnify or contribute hereunder at the statutory rate applicable to judgments
for breach of contract.

     “Offering Document” means, collectively, the Preliminary Prospectus Supplement, dated
September 12, 2006 (the “Preliminary Prospectus Supplement”), the Prospectus Supplement, dated
September 14, 2006 (the “Prospectus Supplement”), and the Prospectus, dated April 28, 2006 (the
“Prospectus”), of the Depositor, in respect of the offering and sale of the Notes, any amendment or
supplement thereto, and any other offering document in respect of the Notes that makes reference to
the Policy.

     “Policy” means the Financial Guaranty Insurance Policy No. 06030109 dated September 26, 2006,
including any endorsements thereto, issued by the Insurer with respect to the Notes.

     “Representative” means Deutsche Bank Securities Inc.

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

     “Transaction Documents” means this Agreement, the Indenture, the Notes, the Sale and Servicing
Agreement, the Purchase Agreement, the Custodian Agreement, the Trust Agreement, the Insurance
Agreement, the Spread Account Agreement and all other documents and certificates delivered in
connection therewith except for the Policy.

     “Trustee” means Wells Fargo Bank, National Association, or any successor Trustee under the
Indenture.

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     “Underwriter Information” means (A) with respect to the Prospectus Supplement, (i) on the
cover of the Prospectus Supplement, the information in the table under the headings entitled “Price
to Public”, “Underwriting Discounts” and “Proceeds to Seller” and (ii) in the body of the
Prospectus Supplement and within the section entitled “Underwriting”, (a) the paragraph immediately
following the table listing the Underwriters’ respective commitments and (b) the third paragraph
following the second paragraph containing three bulleted sub-paragraphs and (B) with respect to the
Preliminary Prospectus Supplement, in the body of the Preliminary Prospectus Supplement and within
the section entitled “Underwriting”, the third paragraph following the second paragraph containing
the three bulleted sub-paragraphs.

     “Underwriter Party” means, with respect to each of the Underwriters, any of the following:
each Underwriter, its parent, subsidiaries and Affiliates and any shareholder, director, officer,
employee, agent or “controlling person,” within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, of any of the foregoing.

     “Underwriters” means, the several Underwriters named in the Underwriting Agreement.

     “Underwriting Agreement” means the Underwriting Agreement dated September 14, 2006, among the
Seller, AmeriCredit Financial Services, Inc. and the Representative, on behalf of the several
Underwriters, with respect to the offer and sale of the Notes, as amended, modified or supplemented
from time to time.

     Section 2. Representations and Warranties of the Insurer. The Insurer represents and warrants
to, and agrees with, each Underwriter as follows:

     (a) Organization and Licensing. The Insurer is a duly organized, validly existing and
in good standing New York stock insurance corporation duly qualified to conduct an insurance
business in the State of New York.

     (b) Corporate Power. The Insurer has the corporate power and authority to issue the
Policy and execute and deliver this Agreement and to perform all of its obligations
hereunder and thereunder.

     (c) Authorization; Approvals. All proceedings legally required for the execution,
delivery and performance of the Policy and this Agreement have been taken and all licenses,
orders, consents or other authorizations or approvals of the Insurer’s Board of Directors or
stockholders or any governmental boards or bodies legally required for the enforceability of
the Policy and this Agreement have been obtained or are not material to the enforceability
of the Policy and this Agreement.

     (d) Enforceability. The Policy, when issued, will constitute the legal, valid and
binding obligation of the Insurer, enforceable in accordance with its terms, subject to
insolvency, reorganization, moratorium, receivership and other similar laws affecting
creditors’ rights generally and by general principles of equity.

     (e) No Conflict. The execution by the Insurer of the Policy and this Agreement will
not, and the performance of the provisions thereof and hereof will not, conflict with or
result in a breach of any of the terms, conditions or provisions of the

3

 

Certificate of Incorporation or the Amended By Laws of the Insurer, or any restriction
contained in any contract, agreement or instrument to which the Insurer is a party or by
which it is bound; constitute a default under any of the foregoing which would materially
and adversely affect its ability to perform its obligations under the Policy or this
Agreement.

     (f) Financial Information. The consolidated financial statements of the Insurer and
its subsidiaries as of December 31, 2005 and December 31, 2004 and for the years ended
December 31, 2005 and 2004, and for the periods from December 18, 2003 through December 31,
2003 and from January 1, 2003 through December 17, 2003 and the accompanying notes, together
with an opinion thereon of Ernst & Young LLP, independent registered public accounting firm,
a copy of which has been delivered to the Depositor to be incorporated by reference into the
registration statement relating to the Prospectus Supplement, present fairly in all material
respects the financial condition of the Insurer as of such dates and for the periods covered
by such statements in accordance with generally accepted accounting principles consistently
applied. The unaudited consolidated financial statements of the Insurer and its
subsidiaries as of June 30, 2006 and for the three and six month periods ended June 30, 2006
and 2005, and the accompanying notes, a copy of which has been delivered to the Depositor to
be incorporated by reference into the registration statement relating to the Prospectus
Supplement, present fairly in all material respects the financial condition of the Insurer
as of such dates and for the periods covered by such statements in accordance with generally
accepted accounting principles consistently applied. Since June 30, 2006, there has been no
material change in such financial condition of the Insurer that would materially and
adversely affect its ability to perform its obligations under the Policy.

     (g) Insurer Information. The Insurer Information is true and correct in all material
respects and does not contain any untrue statement of a material fact.

     Section 3. Representations, Warranties and Agreements of the Underwriters. The Underwriters
each represents and warrants to, and agrees with, severally, to the Insurer as follows:

     (a) It will make offers and sales of the Notes in compliance with all applicable legal
requirements and only as described in the Offering Document and the Underwriting Agreement.

     (b) It will not use, or distribute to any Person for use, or permit the use of, any
Offering Document in connection with the offer and sale of the Notes unless such Offering
Document includes or incorporates by reference such information relating to the Insurer as
has been furnished by the Insurer for inclusion therein and the information therein or
incorporated by reference therein concerning the Insurer has been approved by the Insurer in
writing. It will not include any information relating to the Insurer except as furnished by
the Insurer. The Insurer hereby consents to the inclusion of the Insurer Information in the
Prospectus Supplement.

4

 

     (c) It has the corporate power and authority to execute and deliver this Agreement and
to perform all of its obligations hereunder.

     (d) All proceedings legally required for the execution, delivery and performance of
this Agreement have been taken and all licenses, orders, consents or other authorizations or
approvals of its Board of Directors or stockholders or any governmental boards or bodies
legally required for the enforceability of this Agreement have been obtained or are not
material to the enforceability of this Agreement.

     (e) The Underwriter Information is true and correct in all material respects and does
not contain any untrue statement of a material fact.

     Section 4. Indemnification.

     (a) The Insurer agrees, upon the terms and subject to the conditions provided herein,
to pay and protect, indemnify, defend and save harmless the Underwriter Parties against any
and all Losses of any nature arising out of or by reason of (i) any untrue statement or
alleged untrue statement of a material fact contained in the Insurer Information, (ii) any
omission or alleged omission to state a material fact required to be stated, or necessary to
make the statements, in light of the circumstances under which they were made, not
misleading, in the Insurer Information or (iii) a breach of any of the representations,
warranties or agreements of the Insurer contained in Section 2 hereof.

     (b) Each Underwriter hereby agrees, severally and not jointly, to pay and protect,
indemnify, defend and save harmless each Insurer Party against any and all Losses of any
nature arising out of or by reason of (i) any untrue statement or alleged untrue statement
of a material fact contained in the Underwriter Information, (ii) any omission or alleged
omission to state a material fact required to be stated, or necessary to make the
statements, in light of the circumstances under which they were made, not misleading, in the
Underwriter Information or (iii) a breach of any of the representations, warranties or
agreements of such Underwriter contained in Section 3 hereof.

     (c) Upon the incurrence of any Losses for which a party is entitled to indemnification
hereunder, the Indemnifying Party shall reimburse the Indemnified Party promptly upon
establishment by the Indemnified Party to the Indemnifying Party of the Losses incurred.

     (d) The indemnity agreements contained in this Section 4 shall be in addition to any
liability which any Indemnifying Party may otherwise have to an Indemnified Party.

     Section 5. Indemnification Procedures. In the event that any action or regulatory proceeding
shall be commenced or claim asserted which may entitle an Indemnified Party to be indemnified under
this Agreement, such party shall give the Indemnifying Party written or telegraphic notice of such
action or claim reasonably promptly after receipt of written notice thereof; provided, however,
that the failure to notify the Indemnifying Party shall not relieve it from any liability it may
have to an Indemnified Party. If any such action or claim shall be brought against an Indemnified
Party, and it shall notify the Indemnifying Party thereof, the

5

 

Indemnifying Party, upon the request of the Indemnified Party, shall retain counsel reasonably
satisfactory to the Indemnified Party to represent the Indemnified Party and shall pay the fees and
disbursements of such counsel related to such proceeding. The Indemnified Party will have the
right to employ its own counsel in any such action in addition to the counsel retained by the
Indemnifying Party for the benefit of the Indemnified Party, but the fees and expenses of such
counsel will be at the expense of such Indemnified Party, unless (a) the employment of counsel by
the Indemnified Party at the Indemnifying Party’s expense has been authorized in writing by the
Indemnifying Party, (b) the Indemnifying Party has not in fact employed counsel reasonably
satisfactory to the Indemnified Party within a reasonable time after receiving notice of the
commencement of the action, or (c) the named parties to any such action or proceeding (including
any impleaded parties) include both the Indemnifying Party and one or more Indemnified Parties, and
representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them (it being understood, however, that the Indemnifying
Party shall not, in connection with any one such action or proceeding or separate but substantially
similar or related actions or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys at any time for all Underwriter Parties and one such firm for all
Insurer Parties, as the case may be, in addition to local counsel (if necessary), which firm shall
be designated in writing by the Representative in respect of the Underwriter Parties and by the
Insurer in respect of the Insurer Parties), in each of which cases the fees and expenses of counsel
will be at the expense of the Indemnifying Party and all such fees and expenses will be reimbursed
promptly as they are incurred. The Indemnifying Party shall not be liable for any settlement of
any such claim or action unless the Indemnifying Party shall have consented thereto or be in
default in its obligations hereunder. Any failure by an Indemnified Party to comply with the
provisions of this Section shall relieve the Indemnifying Party of liability only if such failure
is prejudicial to the position of the Indemnifying Party and then only to the extent of such
prejudice.

     Section 6. Contribution.

     (a) To provide for just and equitable contribution if the indemnification provided by
an Indemnifying Party is determined to be unavailable or insufficient to hold harmless any
Indemnified Party (other than due to application of this Section), each Indemnifying Party
shall contribute to the losses incurred by the Indemnified Party (i) on the basis of the
relative benefit of the Indemnifying Party, on the one hand, and the Indemnified Party, on
the other hand or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, on the basis of the relative fault of the Indemnifying Party, on the one
hand, and the Indemnified Party, on the other hand; provided, that no Underwriter shall be
liable for any amount in excess of the aggregate sales price of the Notes paid to such
Underwriter by a purchaser thereof less the price paid therefor by such Underwriter and the
Insurer shall not be liable for any amount in excess of the aggregate Premium received by
the Insurer in connection with the Notes. The relative fault of each Indemnifying Party, on
the one hand, and of each Indemnified Party, on the other, shall be determined by reference
to, among other things, whether the breach of, or alleged breach of, any representations,
warranties or agreements contained in this Agreement relates to information supplied by, or
action within the control of, the Indemnifying Party or the Indemnified Party and the
parties’ relative intent, knowledge, access to information

6

 

and opportunity to correct or prevent such breach. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

     (b) The parties hereto agree that it would not be just and equitable if contributions
pursuant to this Section 6 were to be determined by pro rata allocation or by any other
method of allocation that does not take into account the equitable considerations referred
to herein.

     (c) The parties agree that the Insurer shall be solely responsible for the Insurer
Information, the Underwriters shall be solely responsible for the Underwriter Information
and that the balance of the Offering Document shall be the responsibility of the AmeriCredit
Parties.

     (d) Upon the incurrence of any Losses entitled to contribution hereunder, the
contributor shall reimburse the party entitled to contribution promptly upon establishment
by the party entitled to contribution to the contributor of the Losses incurred.

     Section 7. Miscellaneous.

     (a) Notices. All notices and other communications provided for under this Agreement
shall be delivered to the address set forth below or to such other address as shall be
designated by the recipient in a written notice to the other party or parties hereto.

	 	 	 	 	 
	 

	 	If to the Insurer:
	 	Financial Guaranty Insurance Company
	 

	 	 	 	125 Park Avenue

New York, New York 10017
	 

	 	 	 	Attention: Structured Finance Surveillance
	 

	 	 	 	Telecopy No.: (212) 312-3220
	 

	 	 	 	E-Mail: Sfsurveillance@fgic.com
	 

	 	 	 	 
	 

	 	If to the Underwriters:
	 	Deutsche Bank Securities Inc.
	 

	 	 	 	60 Wall Street, 19th Floor
	 

	 	 	 	New York, NY 10005
	 

	 	 	 	Attention: Managing Director and Head of North
	 

	 	 	 	American Asset Backed Securities

	 

	 	 	 	Telecopy: (212) 797-2030

     (b) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS.

     (c) Assignments. This Agreement may not be assigned by any party without the express
written consent of each other party. Any assignment made in violation of this Agreement
shall be null and void.

7

 

     (d) Amendments. Amendments of this Agreement shall be in writing signed by each party
hereto.

     (e) Survival, Etc. The indemnity and contribution agreements contained in this
Agreement shall remain operative and in full force and effect, regardless of (i) any
investigation made by or on behalf of any Indemnifying Party, (ii) the issuance of the Notes
or (iii) any termination of this Agreement, the Underwriting Agreement or the Policy. The
indemnification provided in this Agreement will be in addition to any liability which the
parties may otherwise have and shall in no way limit any obligations of any AmeriCredit
Parties under the Insurance Agreement.

     (f) Headings. The headings in this Agreement are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof.

     (g) Counterparts. This Agreement may be executed in counterparts by the parties
hereto, and all such counterparts shall constitute one and the same instrument.

     (h) No Bankruptcy Petition. Each of the Insurer and each of the Underwriters in their
capacity as an Underwriter covenants and agrees that, prior to the date which is one year
and one day or, if longer, the applicable preference period then in effect, after the
payment in full of all securities issued by the Issuer, it will not institute against, or
join any other Person in instituting against, the Issuer any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other proceedings under any
bankruptcy, insolvency, reorganization or similar law. Each of the Insurer and each of the
Underwriters in their capacity as an Underwriter covenants and agrees that, prior to the
date which is one year and one day or, if longer, the applicable preference period then in
effect, after the payment in full of all Notes, it will not institute against, or join any
other Person in instituting against, the Seller any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other proceedings under any bankruptcy, insolvency,
reorganization or similar law.

     (i) Consent to Jurisdiction. THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE
JURISDICTION OF THE UNTIED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND
ANY COURT IN THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND
TO OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREUNDER OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE
HEARD OR DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH
FEDERAL COURT. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION, SUIT OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. TO

8

 

THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO HEREBY WAIVE AND AGREE NOT
TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR
PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS,
THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF
THE SUIT, ACTION OR PROCEEDING IS IMPROPER OR THAT THE RELATED DOCUMENTS OR THE SUBJECT
MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS.

     To the extent permitted by applicable law, the parties hereto shall not seek and hereby waive
the right to any review of the judgment of any such court by any court of any other nation or
jurisdiction which may be called upon to grant an enforcement of such judgment.

     Nothing contained in this Agreement shall limit or affect each party’s right to serve process
in any other manner permitted by law or to start legal proceedings relating to this Agreement
against any other Party or its property in the courts of any jurisdiction.

9

 

     IN WITNESS WHEREOF, the parties hereto have caused this Indemnification Agreement to be duly
executed and delivered as of the date first above written.

	 	 	 	 	 	 	 
	 	 	FINANCIAL GUARANTY INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Matthew Fanelli	 	 
	 

	 	Name
	 	 

Matthew Fanelli
	 	 
	 

	 	Title
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK SECURITIES INC., as Representative
of the Underwriters	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Rick Koppenhaver	 	 
	 

	 	Name
	 	 

Rick Koppenhaver
	 	 
	 

	 	Title
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Jay E. Steiner	 	 
	 

	 	Name
	 	 

Jay E. Steiner
	 	 
	 

	 	Title
	 	Directorexv10w3

 

Exhibit 10.3

EXECUTION COPY

 

 

INSURANCE AGREEMENT

Dated as of September 18, 2006

FINANCIAL GUARANTY INSURANCE COMPANY,

as Insurer,

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2006-B-G,

as Issuer,

AFS SENSUB CORP.,

as Seller,

AMERICREDIT FINANCIAL SERVICES, INC.

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

AmeriCredit Automobile

Receivables Trust 2006-B-G

Asset Backed Notes

Class A-1 Notes, Class A-2 Notes,

Class A-3 Notes and Class A-4 Notes

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I
	DEFINITIONS
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Defined Terms	 	 	1	 
	Section 1.02.
	 	Other Definitional Provisions	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE II
	REPRESENTATIONS, WARRANTIES AND COVENANTS
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Representations and Warranties of AmeriCredit	 	 	8	 
	Section 2.02.
	 	Affirmative Covenants of AmeriCredit	 	 	9	 
	Section 2.03.
	 	Negative Covenants of AmeriCredit	 	 	13	 
	Section 2.04.
	 	Representations and Warranties of the Insurer	 	 	13	 
	Section 2.05.
	 	Representations and Warranties of the Seller and the Issuer	 	 	14	 
	Section 2.06.
	 	Affirmative Covenants of the Seller and the Issuer	 	 	15	 
	Section 2.07.
	 	Negative Covenants of the Seller and the Issuer	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE III
	THE POLICY; REIMBURSEMENT
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Issuance of the Policy	 	 	20	 
	Section 3.02.
	 	Payment of Fees and Premium	 	 	22	 
	Section 3.03.
	 	Reimbursement Obligation	 	 	22	 
	Section 3.04.
	 	Indemnification	 	 	23	 
	Section 3.05.
	 	Payment Procedure	 	 	27	 
	Section 3.06.
	 	Subrogation	 	 	27	 
	Section 3.07.
	 	Reimbursement	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	FURTHER AGREEMENTS
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Effective Date; Term of the Insurance Agreement	 	 	27	 
	Section 4.02.
	 	Further Assurances and Corrective Instruments	 	 	28	 
	Section 4.03.
	 	Obligations Absolute	 	 	28	 
	Section 4.04.
	 	Assignments; Reinsurance; Third-Party Rights	 	 	30	 
	Section 4.05.
	 	Liability of the Insurer	 	 	31	 
	Section 4.06.
	 	Parties to Join in Enforcement Action	 	 	31	 
	Section 4.07.
	 	Rights and Remedies	 	 	31	 

 

 

	 	 	 	 	 	 	 
	ARTICLE V
	DEFAULTS AND REMEDIES
	 
	 	 	Page	 
	Section 5.01.
	 	Defaults	 	 	32	 
	Section 5.02.
	 	Remedies; No Remedy Exclusive	 	 	33	 
	Section 5.03.
	 	Waivers	 	 	33	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	MISCELLANEOUS
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Amendments, Etc	 	 	34	 
	Section 6.02.
	 	Notices	 	 	34	 
	Section 6.03.
	 	Severability	 	 	36	 
	Section 6.04.
	 	Governing Law	 	 	36	 
	Section 6.05.
	 	Consent to Jurisdiction	 	 	36	 
	Section 6.06.
	 	Consent of the Insurer	 	 	37	 
	Section 6.07.
	 	Counterparts	 	 	37	 
	Section 6.08.
	 	Headings	 	 	37	 
	Section 6.09.
	 	Trial by Jury Waived	 	 	37	 
	Section 6.10.
	 	Limited Liability	 	 	37	 
	Section 6.11.
	 	Entire Agreement; Facsimile Signatures	 	 	38	 
	Section 6.12.
	 	Trustee	 	 	38	 
	Section 6.13.
	 	Third-Party Beneficiary	 	 	38	 
	Section 6.14.
	 	No Proceedings	 	 	38	 
	Section 6.15.
	 	Limitation of Owner Trustee Liability	 	 	38	 

ii

 

     INSURANCE AGREEMENT (as it may be amended, modified or supplemented from time to time, this
“Insurance Agreement”), dated as of September 18, 2006, by and among FINANCIAL GUARANTY INSURANCE
COMPANY, as Insurer (the “Insurer”), AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2006-B-G, as Issuer
(the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC. (“AmeriCredit”), AFS SENSUB CORP., as Seller
(the “Seller”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee (in such capacity, the
“Trustee”).

PRELIMINARY STATEMENTS

     The Indenture, dated as of September 18, 2006 (the “Indenture”), by and between the Issuer and
Wells Fargo Bank, National Association, as Trustee and Trust Collateral Agent (in such capacity,
the “Trust Collateral Agent”), provides for, among other things, the issuance of the AmeriCredit
Automobile Receivables Trust 2006-B-G Asset Backed Notes.

     The parties hereto desire that the Insurer issue the Policy to the Trustee for the benefit of
the Holders and to, among other things, specify the conditions precedent thereto, the premium in
respect thereof and the indemnity, reimbursement, reporting and other obligations of the parties
hereto other than the Insurer in consideration thereof.

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

ARTICLE I

DEFINITIONS

     Section 1.01. Defined Terms. Capitalized terms used in this Insurance Agreement shall have
the meanings set forth below. Unless the context clearly requires otherwise, all capitalized terms
used but not defined herein shall have the respective meanings assigned to them in the Policy or,
if not defined therein, in the Indenture or, if not defined therein, in the Sale and Servicing
Agreement, or, if not defined therein, in the Purchase Agreement, each as described below.

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

     “AmeriCredit” means AmeriCredit Financial Services, Inc. in its individual capacity and in its
capacity as servicer under the Sale and Servicing Agreement, as custodian under the Custodian
Agreement and as seller under the Purchase Agreement.

     “AmeriCredit Party” means any of the Issuer, the Seller, the Depositor and AmeriCredit
(collectively, the “AmeriCredit Parties”).

 

 

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

     “Charter Documents” means, with respect to any Transaction Party, such entity’s organizational
documents, including its trust agreement, certificate of trust, memorandum of association, articles
of organization, certificate or articles of incorporation, by-laws and/or operating agreement.

     “Class A-1 Notes” means the Class A-1 5.3484% Asset Backed Notes, issued pursuant to the
Indenture and substantially in the form attached as an Exhibit to the Indenture.

     “Class A-2 Notes” means the Class A-2 5.37% Asset Backed Notes, issued pursuant to the
Indenture and substantially in the form attached as an Exhibit to the Indenture.

     “Class A-3 Notes” means the Class A-3 5.21% Asset Backed Notes, issued pursuant to the
Indenture and substantially in the form attached as an Exhibit to the Indenture.

     “Class A-4 Notes” means the Class A-4 5.21% Asset Backed Notes, issued pursuant to the
Indenture and substantially in the form attached as an Exhibit to the Indenture.

     “Closing Date” means September 26, 2006.

     “Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as Collateral
Agent under the Spread Account Agreement.

     “Collection Period” means, (i) with respect to the first Distribution Date, the period
beginning on the close of business on September 18, 2006 and ending on the close of business on
September 30, 2006, and (ii) with respect to each subsequent Distribution Date, the period
beginning on the close of business on the last day of the second preceding calendar month and
ending on the close of business on the last day of the immediately preceding calendar month. Any
amount stated “as of the close of business on the last day of a Collection Period” shall give
effect to the following calculations as determined as of the end of the day on such last day: (i)
all applications of collections and (ii) all distributions.

     “Contract” means a motor vehicle retail installment sales contact or promissory note.

     “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, in the event an
Insurer Default shall have occurred and be continuing.

     “Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate
trust office of the Owner Trustee, which at the time of execution of this agreement is 1100 North
Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, and (ii)
with respect to the Trustee, the Trust Collateral Agent, the Backup Servicer and the Collateral
Agent, the principal office thereof at which at any particular time its corporate trust business
shall be administered, which at the time of execution of this agreement is Sixth Street and
Marquette Avenue, MAC N 9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust
Office.

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

     “Custodian Agreement” means any Custodian Agreement from time to time in effect between the
Custodian named therein, the Insurer and the Trust Collateral Agent, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof, which
Custodian Agreement and any amendments, supplements or modifications thereto shall be acceptable to
the Controlling Party (the Custodian Agreement which is effective on the Closing Date is acceptable
to the Controlling Party).

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

     “Distribution Date” means, with respect to each Collection Period, the sixth day of the
following calendar month, or, if such day is not a Business Day, the immediately following Business
Day, commencing October 6, 2006.

     “Event of Default” has the meaning specified in Section 5.01 hereof.

     “Financial Statements” means, with respect to AmeriCredit Corp., the consolidated balance
sheets and the statements of income, retained earnings and cash flows and the notes thereto which
have been provided to the Insurer.

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

     “Holder” has the meaning given thereto in the Policy.

     “Indemnified Party” has the meaning specified in Section 3.04 hereof.

     “Indemnifying Party” has the meaning specified in Section 3.04 hereof.

     “Indemnification Agreement” means the Indemnification Agreement dated as of September 14, 2006
between the Insurer and Deutsche Bank Securities Inc., as Representative of the Underwriters.

     “Indenture” means the Indenture dated as of September 18, 2006 between the Issuer and Wells
Fargo Bank, National Association, as Trustee and Trust Collateral Agent, as the same may be amended
or supplemented from time to time.

     “Information” has the meaning specified in Section 2.01(c) hereof.

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

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

     “Insolvency Proceeding” means any proceeding by or against any person under any applicable
reorganization, bankruptcy, liquidation, rehabilitation, insolvency or other similar law now or
hereafter in effect or any proceeding in which a receiver, liquidator, conservator, trustee or
similar official shall have been, or may be, appointed or requested for a person or any of its
assets.

     “Insurance Agreement” has the meaning given such term in the initial paragraph hereof.

     “Insured Payment” has the meaning given such term in the Policy.

     “Insurer” means Financial Guaranty Insurance Company and any successor thereto, as issuer of
the Policy.

     “Insurer Default” means the occurrence and continuance of any of the following events:

     (a) the Insurer shall have failed to make a payment required under the Policy in accordance
with its terms;

     (b) the Insurer shall have (i) filed a petition or commenced any case or proceeding under any
provision or chapter of the United States Bankruptcy Code or any other similar federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a
general assignment for the benefit of its creditors, or (iii) had an order for relief entered
against it under the United States Bankruptcy Code or any other similar federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final
and nonappealable; or

     (c) a court of competent jurisdiction, the New York Department of Insurance or other competent
regulatory authority shall have entered a final and nonappealable order, judgment or decree (i)
appointing a custodian, trustee, agent or receiver for the Insurer or for all or any material
portion of its property or (ii) authorizing the taking of possession by a custodian, trustee, agent
or receiver of the Insurer (or the taking of possession of all or any material portion of the
property of the Insurer).

     “Insurer Financial Statements” has the meaning given such term in Section 2.04(g).

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     “Insurer Information” means the information in the Preliminary Prospectus Supplement and the
Prospectus Supplement regarding the Insurer and the Policy, which consists solely of the
information set forth under the captions “The Insurer” and “The Policy” in the Preliminary
Prospectus Supplement and the Prospectus Supplement, and the consolidated financial statements of
the Insurer and subsidiaries as of December 31, 2005 and December 31, 2004 and for the years ended
December 31, 2005 and 2004, and for the periods from December 18, 2003 through December 31, 2003
and from January 1, 2003 through December 17, 2003, and the unaudited consolidated financial
statements of the Insurer and subsidiaries as of June 30, 2006 and for the three and six month
periods ended June 30, 2006 and 2005, in each case as provided to the Depositor for incorporation
by reference in the Preliminary Prospectus Supplement and the Prospectus Supplement.

     “Investment Company Act” means the Investment Company Act of 1940, including, unless the
context otherwise requires, the rules and regulations thereunder, as amended from time to time.

     “Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest
publicly announced from time to time by Citibank, N.A. as its prime or base lending rate (any
change in such rate of interest to be effective on the date such change is announced by Citibank,
N.A.), plus 3% per annum and (ii) the then applicable highest rate of interest on the Notes and (b)
the maximum rate permissible under applicable usury or similar laws limiting interest rates. The
Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year
of 360 days.

     “Lockbox Agreement” means the Tri-Party Remittance Processing Agreement, dated as of September
18, 2006, by and among AmeriCredit, JPMorgan Chase Bank, N.A., and the Trust Collateral Agent, as
such agreement may be amended or supplemented from time to time, unless the Trust Collateral Agent
shall cease to be a party thereunder, or such agreement shall be terminated in accordance with its
terms, in which event “Lockbox Agreement” shall mean such other agreement, in form and substance
acceptable to the Controlling Party, among the Servicer, the Trust Collateral Agent and the Lockbox
Bank.

     “Lockbox Bank” means a depository institution named by the Servicer and acceptable to the
Controlling Party.

     “Master Warehouse Facility” means the second amended and restated sale and servicing
agreement, dated as of November 5, 2003, among AmeriCredit Master Trust, a Delaware statutory
trust, AmeriCredit Funding Corp. VII, a Delaware corporation, AmeriCredit and JP Morgan Chase Bank,
N.A. (as successor in interests to Bank One, NA) as amended, restated or supplemented, and any
replacement warehouse facility.

     “Material Adverse Effect” means, with respect to any event or circumstance, a material adverse
effect on (a) the business, financial condition, operations or assets of the Issuer (considered
separately) or the Issuer, the Seller and the Servicer (taken as a whole), (b) the ability of any
AmeriCredit Party to perform its obligations under any Transaction Document to which it is a party,
(c) the validity, enforceability of, or collectibility of, amounts payable by any AmeriCredit Party
under any Transaction Document to which it is a party, (d) the status,

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existence, perfection or priority of the interest of the Issuer or of the Trustee in the Trust
Estate or (e) the validity, enforceability or collectibility of amounts payable by any AmeriCredit
Party when due under any Transaction Document to which it is a party.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

     “Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes.

     “Offering Document” means, collectively, the Preliminary Prospectus Supplement, dated
September 12, 2006 (the “Preliminary Prospectus Supplement”), the Prospectus Supplement, dated
September 14, 2006 (the “Prospectus Supplement”), and the Prospectus, dated April 28, 2006, of the
Seller, in respect of the offering and sales of the Notes, any amendment or supplement thereto, and
any other offering document in respect of the Notes that makes reference to the Policy.

     “Opinion Facts and Assumptions” means the facts and assumptions contained in the insolvency
opinion dated September 26, 2006 by Dewey Ballantine LLP and the officer’s certificates attached as
exhibits thereto insofar as they relate to the Seller, the Issuer and AmeriCredit.

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

     “Policy” means the Financial Guaranty Insurance Policy No. 06030109 dated September 26, 2006,
including any endorsements thereto, issued by the Insurer to the Trustee with respect to the Notes,
for the benefit of the Holders.

     “Premium” means the premium payable in accordance with the Premium Letter.

     “Premium Letter” means that certain letter agreement dated as of the date hereof from the
Insurer and acknowledged by the Servicer, the Issuer and the Trustee setting forth certain fees and
other matters referred to herein, as the same may be amended or supplemented from time to time in
accordance therewith and with this Insurance Agreement.

     “Purchase Agreement” means the Purchase Agreement among AFS SenSub Corp., as purchaser, and
AmeriCredit Financial Services, Inc., as seller, dated as of September 18, 2006, as such Purchase
Agreement may be amended or supplemented from time to time.

     “Rating Agencies” means Fitch, Moody’s and S&P.

     “Receivables” means the Initial Receivables listed on Schedule A attached to the Sale and
Servicing Agreement and the Subsequent Receivables listed on Schedule A to each Subsequent Transfer
Agreement (which Schedules may be in the form of microfiche or disk).

     “Reimbursement Amounts” shall mean, as of any Distribution Date, the sum of (x)(i) all Insured
Payments paid by the Insurer, but for which the Insurer has not been reimbursed prior to

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such Distribution Date pursuant to Section 3.03 of the Insurance Agreement, Section 5.6 of the
Indenture and Section 5.7 of the Sale and Servicing Agreement, plus (ii) interest accrued on such
Insured Payments not previously repaid calculated at the Late Payment Rate from the date the
Trustee, or any other Person at its direction, received the related Insured Payments or the date
such Insured Payments were made, (y) without duplication (i) any amounts then due and owing to the
Insurer under this Insurance Agreement, Section 5.6 of the Indenture and Section 5.7 of the Sale
and Servicing Agreement, as certified to the Trustee by the Insurer plus (ii) interest on such
amounts at the Late Payment Rate and (z) without duplication (i) any Insurer Optional Deposits plus
(ii) interest on such amounts at the Late Payment Rate.

     “Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any
officer within the Corporate Trust Office of the Trustee or any AmeriCredit Party, including any
Executive Vice President, Senior Vice President, Vice President, Assistant Vice President,
Treasurer, 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
18, 2006, among the Issuer, the Seller, the Servicer, and Wells Fargo Bank, National Association,
as Trust Collateral Agent and as Backup Servicer (in such capacity, the “Backup Servicer”), as the
same may be amended or supplemented from time to time.

     “Securities Act” means the Securities Act of 1933, including, unless the context otherwise
requires, the rules and regulations promulgated thereunder, as amended from time to time.

     “Securities Exchange Act” means the Securities Exchange Act of 1934, including, unless the
context otherwise requires, the rules and regulations promulgated thereunder, as amended from time
to time.

     “Seller” has the meaning specified in the initial paragraph hereof.

     “Servicer” has the meaning specified in the recitals hereof.

     “Servicer Termination Event” has the meaning specified in Section 9.1 of the Sale and
Servicing Agreement.

     “Servicing Policy and Procedures” means the policies and procedures set forth on Schedule C to
the Sale and Servicing Agreement, and any amendments thereto.

     “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any
successor thereto.

     “Spread Account” means the account designated as such, established and maintained pursuant to
the Spread Account Agreement.

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     “Spread Account Agreement” means the Spread Account Agreement dated as of September 18, 2006,
among the Insurer, the Issuer, the Trustee and the Collateral Agent, as the same may be modified,
supplemented or otherwise amended in accordance with its terms thereof.

     “Tangible Net Worth” means, with respect to any Person, the net worth of such Person
calculated in accordance with GAAP, after subtracting therefrom the aggregate amount of such
Person’s intangible assets, including, without limitation, goodwill, franchises, licenses, patents,
trademarks, copyrights and service marks.

     “Transaction” means the transactions contemplated by the Transaction Documents.

     “Transaction Documents” means this Insurance Agreement, the Underwriting Agreement, the Sale
and Servicing Agreement, each Subsequent Purchase Agreement, each Subsequent Transfer Agreement,
the Premium Letter, the Certificate of Trust, the Trust Agreement, the Purchase Agreement, the
Indenture, the Spread Account Agreement, the Custodian Agreement, the Lockbox Agreement, the Notes
and all other documents and certificates delivered in connection therewith except for the Policy.

     “Transaction Parties” means the AmeriCredit Parties, the Servicer, the Trust Collateral Agent,
the Collateral Agent, the Backup Servicer, the Custodian and the Trustee.

     “Trigger Event” shall have the meaning set forth in the Spread Account Agreement.

     “Trust Agreement” means the Trust Agreement dated as of September 6, 2006 between AFS SenSub
Corp., as Seller and Wilmington Trust Company, as Owner Trustee, as amended and restated as of
September 18, 2006, as the same may be amended and supplemented from time to time.

     “Underwriter Information” shall have the meaning set forth in the Indemnification Agreement.

     “Underwriters” shall mean Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC,
UBS Securities LLC, J.P. Morgan Securities Inc. and Lehman Brothers Inc.

     “Underwriting Agreement” means the Underwriting Agreement, dated September 14, 2006 among
Deutsche Bank Securities Inc., as Representative on behalf of the Underwriters, AmeriCredit and the
Seller with respect to the offer and sale of the Notes, as amended, modified or supplemented from
time to time.

     Section 1.02. Other Definitional Provisions. The words “hereof,” “herein” and “hereunder” and
words of similar import when used in this Insurance Agreement shall refer to this Insurance
Agreement as a whole and not to any particular provision of this Insurance Agreement, and Section,
subsection, Schedule and Exhibit references are to this Insurance Agreement unless otherwise
specified. The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. The words “include” and “including” shall be deemed to be
followed by the phrase “without limitation.” Where a

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representation, warranty or covenant herein begins with the words “as to a Person only,” such
representation, warranty or covenant is given by and as to such Person only.

ARTICLE II

REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 2.01. Representations and Warranties of AmeriCredit. AmeriCredit hereby makes, to and
for the benefit of the Insurer, each of the representations and warranties made by it in each of
the Transaction Documents to which it is a party, including, without limitation, Section 3.1 of the
Purchase Agreement and Sections 4.6 and 8.1 of the Sale and Servicing Agreement. Such
representations and warranties are made as of the Closing Date and are incorporated herein by this
reference as if fully set forth herein, and may not be amended except by an amendment complying
with the terms of the last sentence of Section 6.01 hereof. In addition, AmeriCredit, represents
and warrants as of the Closing Date as follows:

     (i) Existence and Power. AmeriCredit is a corporation validly existing and in good
standing under the laws of its state of organization and has, in all material respects, full
power and authority to own its assets and operate its business as presently owned or
operated, and to execute, deliver and perform its obligations under the Transaction
Documents to which it is a party. AmeriCredit has obtained all necessary licenses and
approvals in each jurisdiction where the failure to do so could reasonably have a Material
Adverse Effect.

     (ii) Authorization and No Contravention. The execution, delivery and performance by
AmeriCredit of the Transaction Documents to which it is a party have been duly authorized by
all necessary action on the part of AmeriCredit and do not contravene or constitute a
default under (A) any applicable law, rule or regulation, (B) its organizational documents
or (C) any material indenture or material agreement or instrument to which AmeriCredit is a
party or by which its properties are bound (other than violations of such laws, rules,
regulations, indentures or agreements which do not affect the legality, validity or
enforceability of any of such agreements and which, individually or if the aggregate, and
would not reasonably have a Material Adverse Effect.

     (iii) No Consent Required. No approval or authorization by, or filing with, any
governmental authority is required in connection with the execution, delivery and
performance by AmeriCredit of any Transaction Document other than (A) UCC filings, (B)
approvals and authorizations that have previously been obtained and filings that have
previously been made or approvals, authorizations or filings which will be made on a timely
fashion and (C) approval, authorizations or filings which, if not obtained or made, would
not reasonably have a Material Adverse Effect.

     (iv) Binding Effect. Each Transaction Document to which AmeriCredit is a party
constitutes the legal, valid and binding obligation of AmeriCredit enforceable against it in
accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, receivership,

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conservatorship or other similar laws affecting creditors’ rights generally from time
to time in effect or by general principles of equity.

     (v) No Proceedings. There are no actions, suits or proceedings pending or, to the
knowledge of AmeriCredit, threatened against AmeriCredit before or by any governmental
authority that (A) assert the invalidity or unenforceability of this Insurance Agreement or
any of the other Transaction Documents, (B) seeking to prevent the issuance of the Notes or
the consummation of any of the transactions contemplated by this Insurance Agreement or any
of the other Transaction Documents, (C) seeking any determination or ruling that would
materially and adversely affect the performance by AmeriCredit of its obligations under this
Insurance Agreement or any of the other Transaction Documents, or (D) relating to
AmeriCredit that would materially and adversely affect the federal or state income, excise,
franchise or similar tax attributes of the Notes.

     (vi) Financial Statements. The Financial Statements of AmeriCredit (A) are, as of the
dates and for the periods referred to therein, complete and correct in all material
respects, (B) present fairly the financial condition and results of operations of
AmeriCredit as of the dates and for the periods indicated and (C) have been prepared in
accordance with generally accepted accounting principles consistently applied, except as
noted therein (subject as to interim statements to normal year-end adjustments); since the
date of the most recent Financial Statements, there has been no change in respect of
AmeriCredit that would have a Material Adverse Effect; and except as disclosed in the
Financial Statements, AmeriCredit is not subject to any contingent liabilities or
commitments that, individually or in the aggregate, have a material possibility of having a
Material Adverse Effect.

     (vii) Solvency. AmeriCredit is solvent and will not be rendered insolvent by the
Transaction and, after giving effect to the Transaction, AmeriCredit will not be left with
an unreasonably small amount of capital with which to engage in its business, nor does
AmeriCredit intend to incur, or believe that it has incurred, debts beyond its ability to
pay as they mature. AmeriCredit does not contemplate the commencement of insolvency,
bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver,
liquidator, conservator, trustee or similar official in respect of any AmeriCredit Party or
any of their assets. The amount of consideration being received by AmeriCredit upon sale of
the Receivables to the Seller constitutes reasonably equivalent value and fair consideration
for the Receivables. AmeriCredit is not selling the Receivables to the Seller, as provided
in the Transaction Documents, with any intent to hinder, delay or defraud any of its
creditors.

     (viii) Compliance with Securities Laws. The offer and sale of the Notes by the Issuer
comply in all material respects with all requirements of law, including all registration
requirements of applicable securities laws and, without limiting the generality of the
foregoing, the Offering Document (other than the Underwriter Information and the Insurer
Information) does not contain any untrue statement of a material fact and does not omit to
state a material fact necessary to make the statements made therein, in light of the
circumstances under which they were made, not misleading. The Indenture has been

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duly qualified under the Trust Indenture Act of 1939, as amended; the Issuer is not
required to be registered as an “investment company” under the Investment Company Act; and
neither the offer nor the sale of the Notes by the Issuer will be in violation of the
Securities Act or any other federal or state securities law. AmeriCredit shall satisfy any
of the information reporting requirements of the Securities Exchange Act arising out of the
Transaction to which it, the Seller, or the Issuer is subject.

     (ix) Compliance with Law. No practice, procedure or policy employed or proposed to be
employed by the Trust in the conduct of its business violates any law, regulation, judgment,
agreement, order or decree applicable to it which, if enforced, would have a Material
Adverse Effect.

     (x) ERISA. Each AmeriCredit Party is in compliance with the Employee Retirement Income
Security Act of 1974, including, unless the context otherwise requires, the rules and
regulations thereunder, as amended from time to time, and has not incurred and does not
reasonably expect to incur, any liabilities to the Pension Benefit Guaranty Corporation or
any successor thereto under such Act in connection with any “plan” or “multiemployer plan”
covered under such Act.

     (xi) Collateral. Immediately prior to the transfer of any Receivables to the Seller
pursuant to the Purchase Agreement or the related Subsequent Purchase Agreement, as
applicable, AmeriCredit was or will have been the owner of, and had good and marketable
title to, such property free and clear of all liens, and had or will have had full right,
power and lawful authority to assign, transfer and pledge such Receivables. In the event
that a transfer of the Receivables by AmeriCredit to the Seller is characterized as other
than a sale, such transfer shall be characterized as a secured financing, and the Seller
shall have a valid and perfected first priority security interest in such Receivables free
and clear of all liens.

     (xii) Taxes. Each AmeriCredit Party and its Affiliates have filed all federal and
state tax returns which are required to be filed and paid all taxes, including any
assessments received by any AmeriCredit Party, to the extent that such taxes have become
due. Any taxes, fees and other governmental charges payable by any AmeriCredit Party in
connection with the Transaction, the execution and delivery of the Transaction Documents and
the issuance of the Notes have been paid or shall have been paid prior to the Closing Date.

     (xiii) Principal Place of Business. The principal place of business of AmeriCredit is
located in Fort Worth, Texas and AmeriCredit is a corporation organized under the laws of
the State of Delaware. “AmeriCredit Financial Services, Inc.” is the correct legal name of
AmeriCredit indicated on the public records of AmeriCredit’s jurisdiction of organization
which shows AmeriCredit to be organized.

     (xiv) Opinion Facts and Assumptions. The Opinion Facts and Assumptions insofar as they
relate to AmeriCredit are true and correct as of the Closing Date.

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     (xv) Accuracy of Information. Neither the Transaction Documents nor any other
information relating to the Receivables, the Other Conveyed Property or any other asset in
the Trust Estate, the operations or financial condition of any of the AmeriCredit Parties
(collectively, the “Information”), as amended, supplemented or superseded, furnished to the
Insurer by such AmeriCredit Party contains any statement of a material fact which was untrue
or misleading in any material respect when made. None of the AmeriCredit Parties has any
knowledge of any circumstances that could reasonably be expected to have a Material Adverse
Effect. Since the furnishing of the Information, there has been no change nor any
development or event involving a prospective change known to any of the AmeriCredit Parties
that would render any of the Transaction Documents untrue or misleading in any material
respect.

     Section 2.02. Affirmative Covenants of AmeriCredit. AmeriCredit hereby makes, to and for the
benefit of the Insurer, all of the covenants made by it in the Transaction Documents to which it is
a party, including Article IV of the Purchase Agreement and Section 4.6 of the Sale and Servicing
Agreement. Such covenants are hereby incorporated herein by this reference as if fully set forth
herein, and may not be amended except by an amendment complying with the terms of the last sentence
of Section 6.01 hereof. In addition, AmeriCredit hereby agrees that during the term of this
Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing:

     (a) Compliance with Agreements and Applicable Laws. It shall comply with the terms and
conditions of and perform its obligations under the Transaction Documents to which it is a
party and shall comply with any law, rule or regulation applicable to it, except where the
failure to comply with any such law, rule or regulation is not reasonably likely to have a
Material Adverse Effect.

     (b) Existence. Except as otherwise expressly provided by the Transaction Documents, it
shall maintain its corporate existence and shall at all times continue to be duly organized
under the laws of the place of its organization and duly qualified and duly authorized
thereunder. Additionally, it shall conduct its business in accordance with the terms of its
Charter Documents and shall maintain all licenses, permits, charters and registrations,
except for any such license, permit, charter or registration the failure of which to
maintain is not reasonably likely to have a Material Adverse Effect.

     (c) Notice of Material Events. It shall promptly (and, with respect to item (ii)
below, in any event not later than three (3) Business Days, and, with respect to all other
items not later than five (5) Business Days) following receipt of actual knowledge by a
Responsible Officer thereof inform the Insurer in writing of the occurrence of any of the
following:

     (i) the submission of any claim or the initiation of any legal process,
litigation or administrative or judicial investigation, or rule-making or
disciplinary proceeding by or against any AmeriCredit Party that (i) could be
required to be disclosed to the Securities and Exchange Commission or any of its
shareholders and could have a Material Adverse Effect or (ii) would be reasonably
likely to have a Material Adverse Effect or the promulgation of any proceeding or
any

12

 

proposed or final ruling in connection with any such litigation, investigation
or proceeding which would reasonably likely to have a Material Adverse Effect;

     (ii) the occurrence of any Default or Event of Default hereunder, any Default
or Event of Default under the Indenture, any Servicer Termination Event or any
Trigger Event;

     (iii) the commencement of any Insolvency Proceeding against any AmeriCredit
Party; and

     (iv) the receipt of written notice that (a) any AmeriCredit Party is being
placed under regulatory supervision, (b) any license, permit, charter, registration
or approval necessary and material for the conduct of any AmeriCredit Party’s
business is to be, or may be, suspended or revoked and such suspension or revocation
would be reasonably likely to have a Material Adverse Effect or (c) any AmeriCredit
Party is to cease and desist any practice, procedure or policy employed by it in the
conduct of its business, and such cessation would be reasonably likely to have a
Material Adverse Effect.

     With respect to the occurrence of a Level 1 Trigger Event (as defined in the Spread Account
Agreement), a Servicer’s Certificate is sufficient to meet the requirements of Section 2.02(c)(ii)
above.

     (d) Notice of Change. It shall give the Insurer not less than thirty (30) days’ prior
written notice of any proposed change in the name, principal place of business, location of
its books and records or jurisdiction of organization of any AmeriCredit Party.

     (e) Access to Records; Discussions with Officers and Accountants. As long as upon
reasonable prior written notice of the Insurer, at any time, it shall permit the Insurer or
its authorized agents:

     (i) to inspect its books and its records as they may relate to the Transaction,
the Notes, the Receivables, the Other Conveyed Property or any other assets in the
Trust Estate, as the case may be, or its obligations under the Transaction
Documents;

     (ii) to discuss its affairs, finances and accounts with its principal executive
officer and its principal financial officer; and

     (iii) to discuss its affairs, finances and accounts with its independent
accountants, provided that one of its officers shall have the right to be
present during such discussions.

     Such inspections and discussions shall be conducted during normal business hours at the
Insurer’s cost and expense and shall not unreasonably disrupt the business of AmeriCredit. Absent
an Event of Default hereunder, any Default or Event of Default under the Indenture, a Servicer
Termination Event or a Trigger Event, the Insurer shall not conduct such inspections or discussions
more often than annually, unless otherwise mutually agreed by the Insurer and

13

 

AmeriCredit. Notwithstanding the above, if an Event of Default hereunder or under the
Indenture, a Servicer Termination Event or a Trigger Event has occurred and is continuing, the
Insurer may increase the frequency of such audits to semi-annual, quarterly, or otherwise as it
deems appropriate at the cost and expense of AmeriCredit. Without limiting the foregoing, upon the
occurrence of a Trigger Event, an Event of Default hereunder or under the Indenture or a Servicer
Termination Event, AmeriCredit shall make its principal officers available to discuss the
Transaction with representatives of the Insurer within 15 days of receipt by AmeriCredit of such a
request from the Insurer and such discussions shall be conducted at AmeriCredit’s expense. The
books and records of AmeriCredit shall be maintained at the address of AmeriCredit designated
herein for receipt of notices, unless AmeriCredit shall otherwise advise the parties hereto in
writing.

     (f) Closing Documents. It shall provide or cause to be provided to the Insurer an
executed original copy of each Transaction Document executed by it in connection with the
closing of the Transaction within sixty (60) days of the Closing Date.

     (g) Field Examination by Independent Public Accountants. Upon reasonable prior written
notice of the Insurer at any time, it shall permit independent public accountants designated
by the Insurer, from time to time to conduct a field examination(s), and in connection
therewith shall permit such independent public accountants without limitation:

     (i) to inspect its books and records as they may relate to the Transaction, the
Receivables, the Other Conveyed Property or any other assets in the Trust Estate, as
the case may be, or its obligations under the Transaction Documents;

     (ii) to discuss its affairs, finances and accounts with its principal executive
officer and its principal financial officer; and

     (iii) to discuss its affairs, finances and accounts with its independent
accountants, provided that one of its officers shall have the right to be
present during such discussions.

     Such inspections and discussions shall be conducted during normal business hours at
AmeriCredit’s cost and expense and shall not unreasonably disrupt the business of the Seller or the
Servicer. Absent an Event of Default hereunder or under the Indenture, a Servicer Termination
Event or a Trigger Event, the Insurer shall not conduct such inspections and discussion more often
than annually, unless otherwise mutually agreed by the Insurer and AmeriCredit. Notwithstanding
the above, if an Event of Default hereunder or under the Indenture, a Servicer Termination Event or
a Trigger Event has occurred and is continuing, the Insurer may increase the frequency of such
audits to semi-annual, quarterly, or otherwise as it deems appropriate at the cost and expense of
AmeriCredit.

     (h) Financial Reporting. AmeriCredit shall keep or cause to be kept in reasonable
detail books and records of account of AmeriCredit’s, and its consolidated subsidiaries,
assets and businesses, including, but not limited to, books and records

14

 

relating to the Transaction. AmeriCredit shall provide or cause to be provided to the
Insurer the following:

     (i) Annual Financial Statements. As soon as available, and in any event within
120 days after the close of each fiscal year of AmeriCredit Corp., the audited
consolidated balance sheets of AmeriCredit Corp., and its subsidiaries as of the end
of such fiscal year and the related audited consolidated statements of income,
changes in shareholders’ equity and cash flows for such fiscal year, all in
reasonable detail and stating in comparative form the respective figures for the
corresponding date and period in the preceding fiscal year, prepared in accordance
with generally accepted accounting principles, consistently applied, and accompanied
by the audit opinion of AmeriCredit Corp.’s independent accountants (which shall be
nationally recognized independent public accounting firms) and by the certificate
specified in Section 2.02(i) hereof.

     (ii) Quarterly Financial Statements. As soon as available, and in any event
within 90 days after each of the first three fiscal quarters of each fiscal year of
AmeriCredit Corp., the unaudited consolidated balance sheets of AmeriCredit Corp.
and its subsidiaries as of the end of such fiscal quarter and the related unaudited
consolidated statements of income, changes in shareholders’ equity and cash flows
for such fiscal quarter, all in reasonable detail and stating in comparative form
the respective figures for the corresponding date and period in the preceding fiscal
year, prepared in accordance with generally accepted accounting principles
consistently applied and accompanied by the certificate specified in Section 2.02(i)
hereof.

     (iii) Initial and Continuing Reports. On or before the Closing Date, the
AmeriCredit will provide the Insurer a copy of the magnetic tape to be delivered to
the Trustee, the Trust Collateral Agent and the Backup Servicer on the Closing Date,
setting forth, as to each Receivable, the information (as of the close of business
on the prior day) required under the definition of “Schedule of Receivables” at
Section 1.1 of the Sale and Servicing Agreement. Thereafter, the Servicer shall
deliver to the Insurer the reports required by Section 4.9 of the Sale and Servicing
Agreement pursuant to the terms of Section 4.9 of the Sale and Servicing Agreement.

     (iv) Reserved.

     (v) Certain Information. Upon the reasonable request of the Insurer,
AmeriCredit shall promptly provide copies of any requested proxy statements,
financial statements, reports and registration statements which the Servicer or the
Seller files with, or delivers to, the Securities and Exchange Commission or any
national securities exchange.

     (vi) Other Information. Promptly upon receipt thereof, copies of all
schedules, financial statements, notices, certificates, reports and other
information delivered to or by the Servicer, the Seller or the Custodian pursuant to
the terms

15

 

of the Transaction Documents and, promptly upon request, such other data as the
Insurer may reasonably request.

     (vii) Amendments to Servicing Policy and Procedure. Within ten (10) Business
Days after the date of any material change or amendment to its Servicing Policy and
Procedure, a true and complete copy of such change or amendment, and if requested by
the Insurer, a copy of the Servicing Policy and Procedure as outlined in Schedule C
to the Sale and Servicing Agreement then in effect. AmeriCredit will not amend its
Servicing Policy and Procedures in any manner likely to have a Material Adverse
Effect on the Insurer.

     (viii) Servicing Policy and Procedure. Within ten (10) Business Days after
requested by the Insurer, a true and complete copy of its Servicing Policy and
Procedure, as outlined in Schedule C to the Sale and Servicing Agreement, then in
effect.

     All financial statements specified in clause (i) and (ii) of this Section 2.02(h) shall
be furnished in consolidated form for AmeriCredit Corp. and all its subsidiaries in the
event AmeriCredit Corp. shall consolidate its financial statements with its subsidiaries.

     (i) Compliance Certificate. AmeriCredit shall deliver to the Insurer, concurrently with
the delivery of the financial statements required pursuant to Section 2.02(h)(i) and (ii)
hereof, one or more certificates signed by an officer of AmeriCredit authorized to execute
such certificates on behalf of AmeriCredit stating that:

     (i) a review of the Servicer’s performance under the Transaction Documents
during such period has been made under such officer’s supervision each AmeriCredit
Party is in compliance with its obligations hereunder and under the other
Transaction Documents;

     (ii) to the best of such individual’s knowledge following reasonable inquiry,
no Default or Event of Default hereunder or under the Indenture or Servicer
Termination Event or Trigger Event exists and no event which but for the lapse of
time or the giving of notice, or both, would constitute an Event of Default
hereunder or under the Indenture or Servicer Termination Event or Trigger Event
exists, or if an Event of Default hereunder or under the Indenture or Servicer
Termination Event or Trigger Event or other such event exists, stating the nature
and status thereof (including all relevant financial and other information and
amounts used in determining whether such Event of Default hereunder or under the
Indenture or Servicer Termination Event or Trigger Event or other such event
exists); and

     (iii) the attached financial statements submitted in accordance with Section
2.02(h)(i) or (ii) hereof, as the case may be, are complete and correct in all
material respects and present fairly the financial condition and results of
operations of AmeriCredit as of the dates and for the periods indicated, in
accordance with generally accepted accounting principles consistently applied.

16

 

     (j) Monthly Compliance Certificate. AmeriCredit shall deliver to the Insurer, on the
25th day of each month and if such day is not a Business Day then on the next Business Day a
certificate signed by an officer of AmeriCredit:

     (i) stating the most recent Tangible Net Worth for AmeriCredit Corp.;

     (ii) listing each of the Insurance Agreement Events of Default and indicating
whether or not each Insurance Agreement Event of Default has occurred;

     (iii) stating the three month rolling average recovery rate used in calculating
the Minimum Sale Price with respect to Sold Receivables for the prior month and
stating the Minimum Sale Price with respect to all Sold Receivables sold during the
prior month; and

     (iv) identifying (A) the aggregate principal balance of all Receivables
purchased by the Servicer or by the Seller on the related Accounting Date, (B) the
aggregate principal balance of all Receivables which became Liquidated Receivables
during the related Collection Period and (C) the aggregate principal balance of all
Receivables which were paid in full during the related Collection Period.

     (k) Compliance with Securities Laws. It shall comply with the Securities Act and the
Securities Exchange Act and the regulations thereunder so as to permit the completion of the
offer and sale of the Notes as contemplated by the Underwriting Agreement.

     (l) Disclosure Document. Each Offering Document delivered with respect to the Notes
shall clearly disclose that the insurance provided by the Policy is not covered by the
property/casualty insurance security fund specified in Article 76 of the New York Insurance
Law.

     (m) Other Information. It shall provide to the Insurer such other information
(including non-financial information) in respect of the Receivables, the Other Conveyed
Property or the other assets in the Trust Estate, as the case may be, the Transaction and
the Transaction Documents and such other financial or operating information in respect of
itself, the Seller, the Issuer or any of their Affiliates, in each case, which the Insurer
may from time to time reasonably request.

     (n) Transfer to Seller. It shall treat the transfer of the Receivables and Other
Conveyed Property from it to the Seller as a financing for generally accepted accounting
purposes.

     (o)

     (p) Reserved.

17

 

     (q) Financing Statements and Further Assurances. AmeriCredit will cause to be filed all
necessary financing statements or other instruments, and any amendments or continuation
statements relating thereto, necessary to be kept and filed in such manner and in such places
as may be required by law to preserve and protect fully the interest of the Trustee in the
Trust Estate. AmeriCredit will use its best efforts to cause any necessary recordings or
filings to be made with respect to the Trust Estate.

     (r) Maintenance of Licenses. AmeriCredit or any successors thereof shall maintain all
licenses, permits, charters and registrations which are material to the conduct of its
business in all circumstances where failure could reasonably have a Material Adverse Effect.

     (s) Replacement Servicer. If servicing is transferred from the Servicer to a
replacement Servicer pursuant to Article IX of the Sale and Servicing Agreement, then in the
event that the fees and expenses of a replacement servicer or any transition costs relating
to the transfer of servicing from the Servicer to the replacement servicer exceed the amounts
payable to such Servicer under the Sale and Servicing Agreement, AmeriCredit shall promptly
pay such fees, expenses or transition costs. Any such amounts paid by the Insurer shall be
part of Reimbursable Amounts payable to the Insurer hereunder.

     (s) Redemption of Notes. AmeriCredit shall instruct the Trustee, upon redemption of
the Notes pursuant to the Transaction Documents, to furnish to the Insurer a notice of such
redemption and, upon a redemption or other payment of all of the Notes to surrender the
Policy to the Insurer for cancellation.

     Section 2.03. Negative Covenants of AmeriCredit. AmeriCredit hereby agrees that during the
term of this Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing:

     (a) Restrictions on Liens. It shall not, except as contemplated by the Transaction
Documents, (i) create, incur or suffer to exist, or agree to create, incur or suffer to
exist, or consent to cause or permit in the future (upon the happening of a contingency or
otherwise) the creation, incurrence or existence of any lien on any part of the Trust
Estate, or (ii) file under the Uniform Commercial Code of any jurisdiction any financing
statement which names AmeriCredit as debtor, or sign any security agreement authorizing the
secured party thereunder to file such financing statement, with respect to any of the Trust
Estate.

     (b) Impairment of Rights. It shall not take any action, or fail to take any action, if
such action or failure to take action (x) is reasonably likely to have a Material Adverse
Effect or (y) is reasonably likely to interfere with the enforcement of any rights of the
Insurer under or with respect to any of the Transaction Documents. It shall give the
Insurer written notice of any such action or failure to act promptly prior to the date of
consummation of such action or failure to act. It shall furnish to the Insurer all
information requested by it that is reasonably necessary to determine compliance with this
paragraph.

18

 

     (c) Amendments, Etc. It shall not modify, amend or waive, or consent to any
modification or amendment of, any of the terms, provisions or conditions of the Transaction
Documents to which it is a party without the prior written consent of the Insurer thereto.

     (d) Successors. It shall not terminate or designate, or consent to the termination or
designation of, the Servicer, the Backup Servicer, the Collateral Agent, the Trust
Collateral Agent, the Trustee or the Owner Trustee or any successor thereto without the
prior written consent of the Insurer.

     (e) Change in Lockbox Processor. Except as provided in a Lockbox Agreement, it shall
not permit a change in the Lockbox Account or any Lockbox Bank designated in a Lockbox
Agreement without the prior written consent of the Insurer, which consent shall not be
unreasonably withheld; provided, however, that without limiting the foregoing, it shall be
deemed reasonable for the Insurer to withhold its consent if the long term senior unsecured
debt of any new Lockbox Bank is not rated at least “A” by S&P and “A2” by Moody’s.

     (f) Insolvency. None of the AmeriCredit Parties shall commence or consent to any
Insolvency Proceeding with respect to itself or admit in writing its inability to pay its
debts.

     (g) Adverse Selection Procedure. AmeriCredit shall not use any adverse selection
procedure in selecting Receivables to be transferred to the Trust Collateral Agent from the
outstanding Receivables that qualify under the Indenture and Sale and Servicing Agreement
for inclusion in the Trust Estate.

     (h) Transaction Documents. AmeriCredit shall not at any time in the future deny that
the Transaction Documents constitute the legal, valid and binding obligations of
AmeriCredit.

     Section 2.04. Representations and Warranties of the Insurer. The Insurer represents and
warrants to the Trustee (on behalf of the Holders), the Issuer and each other Transaction Party as
follows:

     (a) Organization and Licensing. The Insurer is a stock insurance corporation duly
organized, validly existing and in good standing under the laws of the State of New York.

     (b) Corporate Power. The Insurer has the corporate power and authority to issue the
Policy and execute and deliver this Insurance Agreement and all other Transaction Documents
to which it is a party and to perform all of its obligations hereunder and thereunder.

     (c) Authorization; Approvals. All proceedings legally required for the issuance of the
Policy and the execution, delivery and performance of this Insurance Agreement and all other
Transaction Documents to which it is a party have been taken and all licenses, orders,
consents or other authorizations or approvals of any

19

 

governmental boards or bodies legally required for the enforceability of the Policy
have been obtained or are not material to the enforceability of the Policy.

     (d) Enforceability. The Policy, when issued, will constitute, and this Insurance
Agreement and all other Transaction Documents to which it is a party constitutes, legal,
valid and binding obligations of the Insurer, enforceable in accordance with their
respective terms, subject to insolvency, reorganization, moratorium, receivership and other
similar laws affecting creditors’ rights generally and by general principles of equity and
subject to principles of public policy limiting the right to enforce the indemnification
provisions contained therein and herein, insofar as such provisions relate to
indemnification for liabilities arising under federal securities laws.

     (e) No Conflict. The execution by the Insurer of this Insurance Agreement and all
Transaction Documents to which it is a party will not, and the satisfaction of the terms
hereof and thereof will not, conflict with or result in a breach of any of the terms,
conditions or provisions of the Certificate of Incorporation or By-Laws of the Insurer, or
any restriction contained in any contract, agreement or instrument to which the Insurer is a
party or by which it is bound or constitute a default under any of the foregoing which would
materially and adversely affect its ability to perform its obligations under the Policy,
this Insurance Agreement and all other Transaction Documents to which it is a party.

     (f) Accuracy of Information. The Insurer Information included in the Preliminary
Prospectus Supplement and the Prospectus Supplement is limited and does not purport to
provide the scope of disclosure required to be included in a prospectus with respect to a
registrant in connection with the offer and sale of securities of such registrant registered
under the Securities Act. Within such limited scope of disclosure, however, as of the date
of the Preliminary Prospectus Supplement and the Prospectus Supplement, the Insurer
Information is true and correct in all material respects and does not contain any untrue
statement of a material fact.

     (g) Delivery of Financial Statements of Insurer. As soon as reasonably practicable
after the release of its unaudited financial statements for the September 2006 fiscal
quarter and the release of its audited financial statements for the 2006 fiscal year, the
Insurer shall furnish to the Seller such unaudited or audited financial statements, as
appropriate (the “Insurer Financial Statements”) for the related period. The Insurer
Financial Statements shall be delivered in electronic form via electronic mail to
Securitization&ConduitReporting@americredit.com, or such other address that has been
designated by the Seller and provided in writing to the Insurer. To the extent that the
Insurer shall have been notified in writing on or before March 31, 2007 that the Seller’s
reporting obligations under the Securities Exchange Act have not been suspended in
accordance with the Securities Exchange Act and the related rules and regulations thereto,
the Insurer shall continue to furnish such quarterly and annual financial statements as set
forth above for so long as such financial statements may be required for the Seller to
comply with its reporting requirements under the Securities Exchange Act. All written
notices under this section shall be sent to the Insurer via electronic mail at
RegAB@fgic.com.

20

 

     Section 2.05. Representations and Warranties of the Seller and the Issuer. Each of the Seller
and the Issuer hereby makes, to and for the benefit of the Insurer, each of the representations and
warranties made by the Seller or the Issuer, as the case may be, in the Transaction Documents to
which it is a party, including, without limitation, Section 3.2 of the Purchase Agreement and
Section 7.1 of the Sale and Servicing Agreement (in the case of the Seller). Such representations
and warranties are true and correct as of the Closing Date and are incorporated herein by this
reference as if fully set forth herein, and may not be amended except by an amendment complying
with the terms of Section 6.01 hereof. In addition, each of the Issuer and the Seller represents
and warrants as of the Closing Date as follows:

     (a) Existence and Power. The Seller is a corporation validly existing and in good
standing under the laws of its state of organization and has, in all material respects, full
power and authority to own its assets and operate its business as presently owned or
operated, and to execute, deliver and perform its obligations under the Transaction
Documents to which it is a party. The Seller has obtained all necessary licenses and
approvals in each jurisdiction where the failure to do so could reasonably have a Material
Adverse Effect. The Issuer is a statutory trust validly existing and in good standing under
the laws of its state of organization and has, in all material respects, full power and
authority to own its assets and operate its business as presently owned or operated, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is
a party. The Issuer has obtained all necessary licenses and approvals in each jurisdiction
where the failure to do so could reasonably have a Material Adverse Effect.

     (b) Authorization and No Contravention. The execution, delivery and performance by
each of the Seller and the Issuer of the Transaction Documents to which it is a party have
been duly authorized by all necessary action on the part of the Seller and the Issuer and do
not contravene or constitute a default under (A) any applicable law, rule or regulation, (B)
its organizational documents or (C) any material indenture or material agreement or material
instrument to which the Seller or the Issuer is a party or by which its properties are bound
(other than violations of such laws, rules, regulations, indentures or agreements which do
not affect the legality, validity or enforceability of any of such agreements and which,
individually or in the aggregate, could reasonably have a Material Adverse Effect).

     (c) No Consent Required. No approval or authorization by, or filing with, any
governmental authority is required in connection with the execution, delivery and
performance by the Seller or the Issuer of any Transaction Document other than (A) UCC
filings, (B) approvals and authorizations that have previously been obtained and filings
that have previously been made or approvals, authorizations or filings which will be made on
a timely fashion and (C) authorizations or filings which, if not obtained or made, would
not reasonably have a Material Adverse Effect.

     (d) Binding Effect. Each Transaction Document to which each of the Seller and the
Issuer is a party constitutes the legal, valid and binding obligation of the Seller and the
Issuer enforceable against the Seller and the Issuer in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency,

21

 

reorganization, moratorium, receivership, conservatorship or other similar laws
affecting creditors’ rights generally from time to time in effect or by general principles
of equity.

     (e) No Proceedings. There are no actions, suits or proceedings pending or, to the
knowledge of the Seller or the Issuer, threatened against the Seller or the Issuer before or
by any governmental authority that (A) assert the invalidity or unenforceability of this
Insurance Agreement or any of the other Transaction Documents, (B) seeking to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this
Insurance Agreement or any of the other Transaction Documents, (C) seeking any determination
or ruling that could reasonably have a Material Adverse Effect, or (D) relating to the
Seller or the Issuer that would materially and adversely affect the federal or state income,
excise, franchise or similar tax attributes of the Notes.

     (f) Accuracy of Information. The information or statements contained in the
Transaction Documents furnished to the Insurer by it, as amended, supplemented or superseded
on or prior to the date hereof, taken as a whole, does not, if restated at and as of the
date hereof, contain any untrue statement of a material fact or omit to state a material
fact necessary to make such information or statements not misleading in any material
respect.

     (g) Solvency. Each of the Issuer and the Seller is solvent and will not be rendered
insolvent by the Transaction and, after giving effect to the Transaction, neither the Seller
nor the Issuer will not be left with an unreasonably small amount of capital with which to
engage in its business, nor does the Seller or the Issuer intend to incur, or believe that
it has incurred, debts beyond its ability to pay as they mature. Neither the Issuer nor the
Seller contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation
proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar
official in respect of any AmeriCredit Parties or any of their assets. The amount of
consideration being received by the Seller upon sale of the Receivables to the Issuer
constitutes reasonably equivalent value and fair consideration for the Receivables. The
Seller is not selling the Receivables to the Issuer, as provided in the Transaction
Documents, with any intent to hinder, delay or defraud any of its creditors.

     (h) Compliance with Law. No practice, procedure or policy employed or proposed to be
employed by the Seller or the Issuer in the conduct of its respective business violates any
law, regulation, judgment, agreement, order or decree applicable to it which, if enforced,
would have a Material Adverse Effect.

     (i) Perfection of Liens and Security Interest. On the Closing Date, the first priority
lien and security interest in favor of the Trust Collateral Agent with respect to the Trust
Estate will be perfected by the filing of financing statements in each jurisdiction where
such recording or filing is necessary for the perfection thereof, the deliver of the
Receivables Files to the Custodian, and the establishment of the Collection Account, the
Capitalized Interest Account, the Pre-Funding Account, the Note Distribution Account and the
Spread Account (collectively, the “Accounts”) in accordance with the Transaction Documents,
and no other filings in any jurisdiction or any other actions

22

 

(except as expressly provided herein) are necessary to perfect the Trust Collateral
Agent’s first priority lien on and security interest in the Trust Estate as against third
parties. Assuming the retention of funds in the Accounts, such funds will be subject to a
valid and perfected, first priority security interest in favor of the Trust Collateral Agent
on behalf of the Trustee (on behalf of the Noteholders and the Insurer).

     (j) Collateral. On the Closing Date and on each Subsequent Transfer Date, the Issuer
will have good and marketable title to each item of the Trust Estate conveyed on such date
and will own each such item free and clear of any lien (other than liens contemplated under
the Indenture) or any equity or participation interest of any other Person and had or will
have had full right, power and lawful authority to assign, transfer and pledge each
Receivable. Immediately prior to the transfer of any Receivables to the Issuer pursuant to
the Sale and Servicing Agreement or the related Subsequent Transfer Agreement, as
applicable, the Seller was or will have been the owner of, and had good and marketable title
to, such property free and clear of all liens, and had or will have had full right, power
and lawful authority to assign, transfer and pledge such Receivables. In the event that a
transfer of the Receivables by the Seller to the Issuer is characterized as other than a
sale, such transfer shall be characterized as a secured financing, and the Trustee shall
have a valid and perfected first priority security interest in such Receivables free and
clear of all liens.

     (k) Principal Place of Business. The principal place of business of the Seller is
located in Las Vegas, Nevada and the Seller is a corporation organized under the laws of the
State of Nevada. “AFS SenSub Corp.” is the correct legal name of the Seller indicated on
the public records of the Seller’s jurisdiction of organization which shows the Seller to be
organized. The principal place of business of the Issuer is located in Wilmington, Delaware
and the Issuer is a statutory trust organized under the laws of the State of Delaware.
“AmeriCredit Automobile Receivables Trust 2006-B-G” is the correct legal name of the Issuer
indicated on the public records of the Issuer’s jurisdiction of organization which shows the
Issuer to be organized.

     (l) Opinion Facts and Assumptions. The Opinion Facts and Assumptions insofar as they
relate to the Seller and the Issuer are true and correct as of the Closing Date.

     (m) Compliance with Securities Laws. The Seller will comply with the Securities Act
and the Securities Exchange Act and the regulations thereunder so as to permit the
completion of the offer and sale of the Notes as contemplated by the Underwriting Agreement.
The offer and sale of the Notes by the Issuer will comply in all material respects with all
requirements of law, including all registration requirements of applicable securities laws.
Without limiting the foregoing, the Offering Document (other than the Underwriter
Information and the Insurer Information) does not contain any untrue statement of a material
fact and does not omit to state a material fact necessary to make the statements made
therein, in light of the circumstances under which they were made, not misleading. Neither
the offer nor the sale of the Notes by the Issuer has been or will be in violation of the
Securities Act or any other federal or state securities laws. The Seller will satisfy all
applicable information reporting requirements of the Securities

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Exchange Act arising out of the Transaction to which it or the Trust Estate are
subject. The Indenture has been duly qualified under the Trust Indenture Act of 1939, as
amended. Neither the Seller nor the Issuer is an “investment company,” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment company” as such
terms are defined in the Investment Company Act of 1940.

     Section 2.06. Affirmative Covenants of the Seller and the Issuer. Each of the Seller and the
Issuer hereby makes, to and for the benefit of the Insurer, all of the covenants of the Seller or
the Issuer, as the case may be, set forth in the Transaction Documents to which it is a party,
including the covenants contained in Article IV of the Purchase Agreement and Article VII of the
Sale and Servicing Agreement (in the case of the Seller) and in Article III of the Indenture (in
the case of the Issuer). Such covenants are incorporated herein by this reference, and may not be
amended except by an amendment complying with the terms of Section 6.01 hereof. In addition, each
of the Seller and the Issuer hereby agrees that during the term of this Insurance Agreement, unless
the Insurer shall otherwise expressly consent in writing:

     (a) Compliance with Agreements and Applicable Laws. It shall comply with the terms and
conditions of and perform its obligations under the Transaction Documents to which it is a
party and shall comply with any law, rule or regulation applicable to it, except where the
failure to comply with any such law, rule or regulation is not reasonably likely to have a
Material Adverse Effect.

     (b) Existence. It shall maintain its existence as a corporation or a statutory trust,
as the case may be, under the laws of the State of Nevada with respect to the Seller and the
State of Delaware, with respect to the Issuer and shall at all times continue to be duly
formed and validly existing in good standing under the laws of the State of Nevada and the
State of Delaware, as applicable, and duly qualified and duly authorized thereunder and
shall conduct its business in accordance with the terms of its Charter Documents. The
Issuer shall cause the Receivables Files to be located at such location as specified in the
Custodian Agreement.

     (c) Access to Records; Discussions with Officers and Accountants. Upon reasonable
prior written notice of the Insurer, at any time, it shall permit the Insurer or its
authorized agents:

     (i) to inspect its books and records;

     (ii) to discuss its affairs, finances and accounts with its principal executive
officer and its principal financial officer; and

     (iii) to discuss its affairs, finances and accounts with its independent
accountants, provided that one of its officers and an officer of AmeriCredit (if
AmeriCredit is then the Servicer) shall have the right to be present during such
discussions.

     Such inspections and discussions shall be conducted during normal business hours at the cost
and expense of the Insurer and shall not unreasonably disrupt the Seller’s or Issuer’s business, as
the case may be. Absent an Event of Default hereunder or under the Indenture, a

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Servicer Termination Event or a Trigger Event, the Insurer shall not conduct such inspections
or discussions more often than annually, unless otherwise mutually agreed by the Insurer and
AmeriCredit. If, however, an Event of Default hereunder or under the Indenture, a Servicer
Termination Event or a Trigger Event has occurred and is continuing, the Insurer may increase the
frequency of such audits to semi-annual, quarterly, or otherwise as it deems appropriate at the
cost and expense of the Seller or the Issuer, as applicable. Without limiting the foregoing, upon
the occurrence of an Event of Default hereunder or under the Indenture, a Servicer Termination
Event or a Trigger Event, the Seller and the Issuer shall make their respective principal officers
available to discuss the Transaction with representatives of the Insurer within 15 days of receipt
by the Seller and the Issuer, as the case may be, of such a request from the Insurer and such
discussions shall be conducted at the expense of the Seller or the Issuer, as applicable. The
books and records of the Seller and the Issuer shall be maintained at their respective address
designated herein for receipt of notices, unless the Seller or the Issuer, as applicable, shall
otherwise advise the parties hereto in writing.

     (d) Notice of Material Events. It shall be obligated promptly (and, with respect to
item (b) below, in any event not later than three (3) Business Days, and with respect to all
other items below, not later than five (5) Business Days) following receipt of actual
knowledge by a Responsible Officer thereof to inform the Insurer in writing of the
occurrence of any of the following:

     (i) the submission of any claim or the initiation of any legal process,
litigation or administrative or judicial investigation, or rule-making or
disciplinary proceeding by or against any AmeriCredit Party that (i) could be
required to be disclosed to the Securities and Exchange Commission or to any of its
shareholders and could have a Material Adverse Effect or (ii) would be reasonably
likely to have a Material Adverse Effect or the promulgation of any proceeding or
any proposed or final ruling in connection with any such litigation, investigation
or proceeding which would reasonably likely to have a Material Adverse Effect;

     (ii) the occurrence of a Default or Event of Default hereunder, a Default or
Event of Default under the Indenture, a Servicer Termination Event or a Trigger
Event;

     (iii) the commencement of any Insolvency Proceeding against any AmeriCredit
Party; and

     (iv) the receipt of written notice that (a) any AmeriCredit Party is being
placed under regulatory supervision, (b) any license, permit, charter, registration
or approval necessary for the conduct of any AmeriCredit Party’s business is to be,
or may be, suspended or revoked and such suspension or revocation would be
reasonably likely to have a Material Adverse Effect or (c) any AmeriCredit Party is
to cease and desist any practice, procedure or policy employed by it in the conduct
of its business, and such cessation would be reasonably likely to have a Material
Adverse Effect.

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     With respect to the occurrence of a Level 1 Trigger Event (as defined in the Spread Account
Agreement), a Servicer’s Certificate is sufficient to meet the requirements of Section 2.06(d)(ii)
above.

     (e) It shall give the Insurer not less than thirty (30) days’ prior written notice of
any proposed change in its name, principal place of business, location of its books and
records or jurisdiction of organization.

     (f) Field Examination by Independent Public Accountants. Upon reasonable prior written
notice of the Insurer at any time, it shall permit independent public accountants designated
by the Insurer, from time to time to conduct a field examination(s), and in connection
therewith shall permit such independent public accountants, without limitation:

     (i) to inspect its books and records;

     (ii) to discuss its affairs, finances and accounts with its principal executive
officer and its principal financial officer; and

     (iii) to discuss its affairs, finances and accounts with its independent
accountants; provided that one of its officers and an officer of the Seller or the
Issuer, as the case may be, and an officer of AmeriCredit (if AmeriCredit is then
the Servicer) shall have the right to be present during such discussions.

     Such inspections and discussions shall be conducted during normal business hours at the cost
and expense of AmeriCredit and shall not unreasonably disrupt the business of the Seller or the
Issuer, as the case may be. Absent an Event of Default hereunder or under the Indenture, a
Servicer Termination Event or a Trigger Event, the Insurer shall not conduct field examinations
more often than annually, unless otherwise mutually agreed by the Insurer and AmeriCredit. If,
however, an Event of Default hereunder or under the Indenture, a Servicer Termination Event or a
Trigger Event has occurred and is continuing, the Insurer may increase the frequency of such audits
to semi-annual, quarterly, or otherwise as it deems appropriate.

     (g) Maintenance of Licenses. It shall maintain all licenses, permits, charters and
registrations, except for licenses, permits, charters and registrations the failure of which
to maintain is not reasonably likely to have a Material Adverse Effect.

     (h) Financial Reporting. Each of the Seller and the Issuer shall keep, or cause to be
kept, in reasonable detail books and records of account of its respective assets and
business, which shall be furnished to the Insurer upon request. Each of the Seller and the
Issuer shall provide or cause to be provided to the Insurer, as soon as practicable and in
any event within 90 days after the end of each of its fiscal years, an annual balance sheet
as of the end of such fiscal year and the notes thereto, and the related statements of
income and cash flows and the respective notes thereto for such fiscal year, certified by
its Responsible Officer.

     (i) Books and Records. Its books and records will reflect its separate existence and
will present fairly its financial position.

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     (j) Tax Matters. The Issuer shall take, or refrain from taking, as the case may be,
all actions necessary to ensure that for federal and state income tax purposes the Issuer is
not taxable as an association (or publicly traded partnership) taxable as a corporation.

     (k) Other Information. It shall provide to the Insurer such other information
(including non-financial information) in respect of the Receivables, the Other Conveyed
Property or the other assets in the Trust Estate, as the case may be, the Transaction and
the Transaction Documents and such other schedules, financial or operating information in
respect of itself and the Receivables which the Insurer may from time to time reasonably
request. It shall provide to the Insurer, simultaneously with the delivery of such
documents to the Trustee, the Noteholders, the Rating Agencies or the Certificateholder, as
the case may be, copies of all reports, certificates, statements, financial statements or
notices furnished to such parties pursuant to the Transaction Documents (including, but not
limited to, copies of any reports submitted to the Issuer and/or the Seller by its
independent accountants in connection with any examination of the financial statements of
the Issuer or the Seller, as applicable).

     (l) Operation. It shall:

     (i) manage its day-to-day business without the involvement of any other
AmeriCredit Party except as required or permitted by the Transaction Documents or in
connection with certain administrative services provided to the Seller by
AmeriCredit;

     (ii) act solely in its own name in the conduct of its business, including all
oral and written business correspondence and other communications, and shall conduct
its business so as not to mislead others as to the identity of the entity with which
they are concerned or that the assets of the Issuer or the Seller are available to
pay the creditors of any other AmeriCredit Party or any Affiliate thereof;

     (iii) ensure that, to the extent that it shares the same officers or other
employees as any of its Affiliates, the salaries of and the expenses related to
providing benefits to such officers and other employees shall be fairly allocated
among such entities, and each such entity shall bear its fair share of the salary
and benefit costs associated with all such common officers and employees;

     (iv) ensure that, to the extent that it jointly contracts with any of its
Affiliates to do business with vendors or service providers or to share overhead
expenses, the costs incurred in doing so shall be allocated fairly among such
entities, and each such entity shall bear its fair share of such costs. To the
extent that it contracts or does business with vendors or service providers when the
goods and services provided are partially for the benefit of any other Person, the
costs incurred in so doing shall be fairly allocated to or among such entities for
whose benefit the goods and services are provided, and each such entity shall bear
its fair share of such costs. All material transactions between the other
Transaction Parties and its Affiliates shall only be on an arm’s-length basis;

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     (v) require that all of its full-time employees identify themselves as such and
not as employees of AmeriCredit or any other AmeriCredit Party (including, without
limitation, by means of providing appropriate employees with business or
identification cards identifying such employees as its employees);

     (vi) compensate all employees, consultants and agents directly, from its bank
accounts, for services provided to it by such employees, consultants and agents,
and, to the extent any of its employees, consultants or agents is also an employee,
consultant or agent of AmeriCredit (or any Affiliate thereof), allocate the
compensation of such employee, consultant or agent between itself and AmeriCredit
(or any Affiliate thereof) on a basis which reflects the services rendered to itself
and AmeriCredit (or such Affiliate thereof);

     (vii) ensure that the annual financial statements of the Seller and the Issuer
disclose the effects of the Seller’s and the Issuer’s, as applicable, transactions
in accordance with generally accepted accounting principles and shall disclose that
the assets of the Seller and the Issuer, as applicable, are not available to pay the
creditors of any other AmeriCredit Party or any Affiliate thereof; and

     (viii) observe all corporate or other formalities necessary to preserve its
status as a separate legal entity and at all times operate its business in
accordance with its Charter Documents relating to bankruptcy remoteness and
otherwise in material compliance with it Charter Documents.

     (m) Special Purpose Entity. In addition, each of the Issuer and the Seller shall:

     (i) ensure that its capital is adequate for its business and undertakings;

     (ii) other than activities as set forth in the Charter Documents or in
connection with the Transaction, be restricted from undertaking any other
activities;

     (iii) have at least one independent director;

     (iv) not commingle its funds and assets with the funds of any other person; and

     (v) maintain (A) correct and complete minute books and records of account, and
(B) minutes of the meetings and other proceedings of its board of directors; in each
case separately identified and held apart from the records of any other AmeriCredit
Party and any Affiliate thereof.

     (n) Notice to Insurer. If the Seller does not receive any Insurer Financial Statements
pursuant to Section 2.04(g) herein at least five days prior to the date that such Insurer
Financial Statements are to be filed with the Securities and Exchange Commission, the Seller
shall provide or shall cause the party responsible for filing the Seller’s Form 10Ds and
10Ks to provide written notice to the Insurer via electronic mail

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at RegAB@fgic.com, stating that the Seller has not received the Insurer Financial
Statements and requesting that such Insurer Financial Statements be emailed in accordance
with Section 2.04(g) herein. Additionally, in the event that any Insurer Financial
Statements which include an accountants audit report is to be included in a Form 10D or Form
10K filing of the Issuer which occurs prior to the termination of the offering of the Notes,
the Seller will provide written notice to the Insurer via electronic mail at least seven (7)
Business Days prior to such filing, stating that an accountant’s consent will be required
for such filing. In such event the Seller shall be responsible for paying the Insurer’s
costs for obtaining such consent. All such emails shall identify the deal name and the
policy number and shall be sent to RegAB@fgic.com.

     Section 2.07. Negative Covenants of the Seller and the Issuer. Each of the Seller and the
Issuer hereby agrees that during the term of this Insurance Agreement, unless the Insurer shall
otherwise expressly consent in writing:

     (a) Restrictions on Liens. It shall not, except as contemplated by the Transaction
Documents, (i) create, incur or suffer to exist, or agree to create, incur or suffer to
exist, or consent to cause or permit in the future (upon the happening of a contingency or
otherwise) the creation, incurrence or existence of any lien on any part of the Trust
Estate, or (ii) file under the Uniform Commercial Code of any jurisdiction any financing
statement which names the Issuer or the Seller as debtor, or sign any security agreement
authorizing the secured party thereunder to file such financing statement, with respect to
any of the Trust Estate.

     (b) Impairment of Rights. It shall not take any action, or fail to take any action, if
such action or failure to take action (x) is reasonably likely to have a Material Adverse
Effect or (y) is reasonably likely to interfere with the enforcement of any rights of the
Insurer under or with respect to any of the Transaction Documents. It shall give the
Insurer written notice of any such action or failure to act promptly prior to the date of
consummation of such action or failure to act. It shall furnish to the Insurer all
information requested by the Insurer that is reasonably necessary to determine compliance
with this paragraph.

     (c) Amendments, Etc. It shall not modify, amend or waive, or consent to any
modification, amendment or waiver of, any of the terms, provisions or conditions of the
Transaction Documents to which it is a party without the prior written consent of the
Insurer. The Issuer shall not modify, amend or waive, or consent to any modification,
amendment or waiver of, any of the terms, provisions or conditions of its Charter Documents
without the prior written consent of the Insurer. The Seller shall not modify, amend or
waive, or consent to any modification, amendment or waiver of, any of the terms, provisions
or conditions of its Charter Documents without the prior written consent of the Insurer if
such modification, amendment or waiver could have a Material Adverse Effect.

     (d) Successors. It shall not terminate or designate, or consent to the termination or
designation of, the Servicer, the Backup Servicer, the Collateral Agent, the

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Trust Collateral Agent, the Trustee or the Owner Trustee or any successor thereto
without the prior written consent of the Insurer.

     (e) Transaction Documents. It shall not at any time in the future deny that the
Transaction Documents constitute the legal, valid and binding obligations of the Issuer or
the Seller, as applicable

     (f) Limitation on Mergers, Etc. It shall not consolidate with or merge with or into
any Person or liquidate or dissolve, or transfer all or substantially all of its assets to
any Person except, in the case of the Issuer, by way of the grant of a lien to the Trustee
pursuant to the Transaction Documents, or, except as expressly permitted by the Transaction
Documents, transfer any of its assets to any Person.

     (g) Insolvency. Neither the Issuer nor the Seller shall commence or consent to any
Insolvency Proceeding with respect to itself or admit in writing its inability to pay its
debts.

     (h) Certain Other Limitations. It shall:

     (i) be restricted from engaging in any business or activity except as
contemplated by the Transaction Documents and as permitted in its Charter Documents;

     (ii) not be involved in the day-to-day management of any of the other
AmeriCredit Parties except as required by or permitted by the Transaction Documents
or in connection with certain administrative services provided to the Seller by
AmeriCredit;

     (iii) not create, incur, assume, suffer to exist or guarantee any indebtedness
except for such indebtedness as may be incurred by the Issuer in connection with the
issuance of the Notes, or as otherwise expressly permitted by the Charter Documents;

     (iv) not assume, guarantee, endorse or otherwise be or become directly or
contingently liable for the obligations of any Person by, among other things,
agreeing to purchase any obligation of another Person, agreeing to advance funds to
such Person or causing or assisting such Person to maintain any amount of capital;

     (v) not sell, pledge, transfer, exchange or otherwise dispose of any of its
assets except as permitted under the Transaction Documents;

     (vi) not commingle its deposit accounts (and funds therein) or other assets
with the deposit accounts (and funds therein) or other assets of any other entity;

     (vii) not act as an agent of any other AmeriCredit Party; and

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     (viii) not form, or cause to be formed, any subsidiaries; provided that the
Seller may form other special purpose entities in connection with the issuance of
other asset-backed securities.

ARTICLE III

THE POLICY; REIMBURSEMENT

     Section 3.01. Issuance of the Policy. The Insurer agrees to issue the Policy on the Closing
Date subject to satisfaction of the conditions precedent set forth below:

     (a) Payment of Expenses. The applicable parties shall have been paid their related
fees and expenses payable in accordance with Section 3.02;

     (b) Receipt of Certain Documents. The Insurer shall have received a copy of the
Servicing Policy and Procedures, as outlined in Schedule C to the Sale and Servicing
Agreement, then in effect and of each Transaction Document fully executed and delivered by
each applicable Transaction Party;

     (c) Certified Documents and Resolutions. The Insurer shall have received a copy of (i)
the Charter Documents of each AmeriCredit Party and (ii) the resolutions of each AmeriCredit
Party authorizing the issuance of the Notes and the execution, delivery and performance by
each AmeriCredit Party of the Transaction Documents and the transactions contemplated
thereby, certified by an authorized officer of each AmeriCredit Party (which certificate
shall state that Charter Documents are in full force and effect without modification on the
Closing Date);

     (d) Incumbency Certificate. The Insurer shall have received a certificate of an
authorized officer of each AmeriCredit Party certifying the names and signatures of the
officers of such AmeriCredit Party authorized to execute and deliver the Transaction
Documents and that shareholder, partner or member (as applicable) consent to the execution
and delivery of such documents is not necessary

     (e) Representations and Warranties; Certificate. The representations and warranties of
the AmeriCredit Parties set forth or incorporated by reference in this Insurance Agreement
and the representations and warranties set forth by the Trustee in the Indenture are true
and correct on and as of the Closing Date as if made on the Closing Date, and the Insurer
has received a certificate of appropriate officers of the related AmeriCredit Party to that
effect;

     (f) No Litigation, Etc. No suit, action or other proceeding, investigation or
injunction, or final judgment relating thereto, is pending or, to any Transaction Party’s
knowledge, threatened before any court, governmental or administrative agency or arbitrator
in which it is sought to restrain or prohibit or to obtain damages or other relief in
connection with any of the Transaction Documents or the consummation of the Transaction;

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     (g) Legality. No statute, rule, regulation or order has been enacted, entered or
deemed applicable by any government or governmental or administrative agency or court that
would make the Transaction illegal or otherwise prevent the consummation thereof;

     (h) No Event of Default. No Default or Event of Default hereunder, Default or Event of
Default under the Indenture, Trigger Event or a Servicer Termination Event has occurred;

     (i) Satisfaction of Conditions of the Underwriting Agreement. All conditions in the
Underwriting Agreement relating to the Underwriter’s obligation to offer and sell the Notes
have been fulfilled to the satisfaction of the Insurer, with such satisfaction deemed to
have occurred upon issuance of the Policy. The Insurer has received copies of each of the
documents, and shall be entitled to rely on each of the documents, required to be delivered
to the Underwriter pursuant to the Underwriting Agreement;

     (j) Issuance of Ratings. The Insurer has received confirmation that the Class A-1
Notes will be rated Prime-1 by Moody’s, A-1+ by S&P and F1+ by Fitch and that the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes will be rated Aaa by Moody’s, AAA by S&P
and AAA by Fitch and that, without the benefit of the Policy, the Notes will have a shadow
rating from S&P and Moody’s at the levels required by the Insurer;

     (k) Approvals, Etc. The Insurer has received true and correct copies of all approvals,
licenses and consents, if any, required in connection with the Transaction;

     (l) Premium Letter. The Insurer, Trustee, the Servicer and the Issuer have executed
the Premium Letter and all terms, conditions and requirements of the Premium Letter shall
have been satisfied;

     (m) Copies. The Insurer has received an executed copy of each Transaction Document;

     (n) Opinions. The Insurer has received such opinions of counsel, in each case
addressed to, and in form and substance satisfactory to, the Insurer, addressing such
matters as the Insurer may reasonably request;

     (o) Satisfactory Documentation. The Insurer and its counsel have determined that all
documents, the Notes and opinions to be delivered in connection with the Notes conform to
the terms of the Indenture, the Offering Document, the Underwriting Agreement, the Sale and
Servicing Agreement, the Purchase Agreement and this Insurance Agreement; and

     (p) Perfection of Security Interest. All actions required to be taken to perfect the
security interest of the Trustee in the Trust Estate shall have been performed.

     (q) Maintenance of Receivables Files. The Insurer shall have received evidence
satisfactory to it that the Receivables Files are being maintained by and held in

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the custody of AmeriCredit, as Custodian, pursuant to Section 3.3 of the Sale and
Servicing Agreement.

     (r) Additional Items. The Insurer has received such other documents, instruments,
approvals or opinions in form and substance reasonably satisfactory to the Insurer as are
reasonably requested by the Insurer, including evidence reasonably satisfactory to the
Insurer that the conditions precedent, if any, in the Transaction Documents have been
satisfied.

     Section 3.02. Payment of Fees and Premium.

     (a) Legal and Accounting Fees. AmeriCredit shall pay or cause to be paid on or about
the Closing Date all reasonable legal fees, auditors’ fees and disbursements incurred by the
Insurer in connection with the issuance of the Policy and the Transaction Documents through
the Closing Date in accordance with the terms of the Premium Letter. Additional fees of the
Insurer’s counsel or auditors payable in connection with the Transaction Documents incurred
after the Closing Date shall be paid by AmeriCredit as provided in Section 3.03 below.

     (b) Rating Agency Fees. AmeriCredit shall promptly pay the initial fees of the Rating
Agencies with respect to the Notes and the transactions contemplated hereby following
receipt of a statement with respect thereto, and shall pay or cause to be paid any
subsequent fees of the Rating Agencies with respect to, and directly allocable to, the
Notes. The Insurer shall not be responsible for any fees or expenses of the Rating
Agencies. The fees for any other rating agency shall be paid by the party requesting such
other rating agency’s rating.

     (c) Premium. In consideration of the issuance by the Insurer of the Policy, the Issuer
shall pay or cause to be paid the Premiums to the Insurer as set forth in the Premium Letter
in accordance with the Indenture and this Insurance Agreement and from the funds specified
by Section 5.7(b) of the Sale and Servicing Agreement, commencing on the day the Policy is
issued, until the Policy has been terminated in accordance with its terms. The Premium paid
pursuant to the Indenture and the Sale and Servicing Agreement shall be nonrefundable
without regard to whether any Notice (as defined in the Policy) is delivered to the Insurer
requiring the Insurer to make any payment under the Policy or any other circumstances
relating to the Notes or provision being made for payment of the Notes prior to maturity.
The Trustee shall make all payments or distributions of Premium to be made by them by wire
transfer to the account designated by the Insurer in the Premium Letter.

     Section 3.03. Reimbursement Obligation.

     (a) The Issuer agrees absolutely and unconditionally to reimburse the Insurer for any
amounts paid by the Insurer under the Policy, plus the amount of any other due and payable
and unpaid Reimbursement Amounts, which reimbursement shall be due and payable on the date
that any such amount is paid thereunder from amounts available for such payment under the
Indenture and the Sale and Servicing Agreement, in an amount

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equal to the amounts so paid and all amounts previously paid that remain unreimbursed,
together (without duplication) with interest on any and all amounts remaining unreimbursed
(to the extent permitted by law, if in respect of any unreimbursed amounts representing
interest) from the date such amounts became due until paid in full (after as well as before
judgment), at a rate of interest equal to the Late Payment Rate.

     (b) AmeriCredit agrees to pay to the Insurer as follows: anything in Section 3.03(a)
to the contrary notwithstanding, the Insurer shall be entitled to reimbursement from
AmeriCredit (i) for payments made under the Policy arising as a result of the failure by
AmeriCredit to repurchase any Receivable required to be repurchased pursuant to the Sale and
Servicing Agreement and the Purchase Agreement, together with interest on any and all
amounts remaining unreimbursed (to the extent permitted by law, if in respect of any
unreimbursed amounts representing interest) from the date such amounts became due until paid
in full (after as well as before judgment), at a rate of interest equal to the Late Payment
Rate, and (ii) for payments made under the Policy, arising as a result of AmeriCredit’s
failure to deposit into the Collection Account any amount required to be so deposited
pursuant to any Transaction Document, together with interest on any and all amounts
remaining unreimbursed (to the extent permitted by law, if in respect to any unreimbursed
amounts representing interest) from the date such amounts became due until paid in full
(after as well as before judgment), at a rate of interest equal to the Late Payment Rate.

     (c) Each of the Issuer, the Seller and AmeriCredit agrees, jointly and severally, to
pay to the Insurer as follows: any and all charges, fees, costs and expenses, including
reasonable attorneys’ and accountants’ fees and expenses, that the Insurer may pay or incur
in connection with the Transaction Documents, including (i) the enforcement, defense or
preservation of any rights in respect of any of the Transaction Documents, defending,
monitoring or participating in any litigation or proceeding (including any insolvency
proceeding in respect of any AmeriCredit Party or any Affiliate thereof) relating to any of
the Transaction Documents, any party to any of the Transaction Documents (in its capacity as
such a party) or the Transaction, the costs and fees of inspections by the Insurer or audits
or field examinations by accountants as outlined above in Sections 2.02(e), 2.02(g), 2.06(c)
and 2.06(f) and the ongoing administration of the Transaction pursuant to the Transaction
Documents, (ii) any action, proceeding or investigation affecting the Issuer, the Trustee
Estate or the rights or obligations of the Insurer under the Policy or the Transaction
Documents, including (without limitation) any judgment or settlement entered into affecting
the Insurer or the Insurer’s interests or (ii) any consent, amendment, waiver or other
similar action with respect to, or related to, any Transaction Document, whether or not
executed or completed. In addition, the Insurer reserves the right to charge a reasonable
fee as a condition to executing any waiver, consent or amendment proposed in respect of the
Transaction Documents.

     (d) Each of the Issuer, the Seller and AmeriCredit agrees, jointly and severally, to
pay to the party to whom such amounts are owed on demand interest at the Late Payment Rate
on any and all amounts described in Sections 3.02, 3.03(b), 3.03(c),

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3.03(e) and 3.04 after the date such amounts become due and payable until payment
thereof in full.

     (e) AmeriCredit, the Seller and the Issuer agree to pay to the Insurer as follows: any
payments made by the Insurer on behalf of, or advanced to, any Transaction Party, including,
without limitation, any amounts payable by AmeriCredit, the Seller or the Issuer pursuant to
the Notes or any other Transaction Documents, including, without limitation, payments, if
any, made by the Insurer with respect to retitling of the title documents relating to the
Financed Vehicles pursuant to Section 4.5 of the Sale and Servicing Agreement.

     All such amounts are to be immediately due and payable without demand.

     Section 3.04. Indemnification.

     (a) In addition to any and all of the Insurer’s rights of reimbursement,
indemnification or subrogation, and to any other rights of the Insurer pursuant hereto or
under law or in equity, each of AmeriCredit and the Seller agrees to pay, and to protect,
indemnify and save harmless, the Insurer and its officers, directors, shareholders,
employees, agents and each Person, if any, who controls the Insurer within the meaning of
either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from
and against, any and all claims, losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs or expenses (including reasonable fees and expenses of
attorneys, consultants and auditors and reasonable costs of investigations) of any nature
arising out of or relating to the transactions contemplated by the Transaction Documents by
reason of:

     (i) any statement, omission or action (other than of the Insurer with respect
to the Insurer Information, or of the Underwriter with respect to the Underwriter
Information) in connection with the offering, issuance, sale or delivery of any of
the Notes;

     (ii) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or
theft committed by any director, officer, employee or agent of any AmeriCredit Party
in connection with the Transaction;

     (iii) the violation by any AmeriCredit Party of any federal or state
securities, banking or antitrust laws, rules or regulations in connection with the
issuance, offer and sale of the Notes or the transactions contemplated by the
Transaction Documents;

     (iv) the violation by any AmeriCredit Party of any federal or state laws, rules
or regulations relating to the Transaction or the origination of the Receivables,
including, without limitation, any consumer protection, lending and disclosure laws
or any laws with respect to the maximum amount of interest permitted to be received
on account of any loan of money or with respect to the Receivables;

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     (v) the violation by any AmeriCredit Party of any domestic or foreign law, rule
or regulation, or any judgment, order or decree applicable to them;

     (vi) the breach by any AmeriCredit Party of any representation, warranty or
covenant under any of the Transaction Documents (without giving effect to any
materiality qualifier or limitation therein) or in any certificate or report
furnished or delivered to the Insurer thereunder;

     (vii) the occurrence, in respect of AmeriCredit’s duties as the Servicer, under
any of the Transaction Documents of any Servicer Termination Event or any event
which, with the giving of notice or the lapse of time or both, would constitute any
Servicer Termination Event; or

     (viii) any untrue statement or alleged untrue statement of a material fact
contained in the Offering Document or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading, except insofar as such claims, losses, liabilities (including
penalties), actions, suits, judgments, demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys, consultants and auditors and
reasonable costs of investigations) arise out of or are based upon any untrue
statement or omission in the Preliminary Prospectus Supplement or the Prospectus
Supplement in the information with respect to the Insurer Information and the
Underwriter Information.

     In addition, AmeriCredit shall pay any and all taxes levied or assessed upon the Issuer
or upon all or any part of the Trust Estate.

     This indemnity provision shall survive the termination of this Insurance Agreement and
shall survive until the statute of limitations has run on any causes of action which arise
from one of these reasons and until all suits filed as a result thereof have been finally
concluded.

     (b) In addition to any and all of the Insurer’s rights of reimbursement,
indemnification or subrogation, and to any other rights of the Insurer pursuant hereto or
under law or in equity, the Issuer agrees to pay, and to protect, indemnify and save
harmless, the Insurer and its officers, directors, shareholders, employees, agents and each
Person, if any, who controls the Insurer within the meaning of either Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act from and against, any and all
claims, losses, liabilities (including penalties), actions, suits, judgments, demands,
damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants
and auditors and reasonable costs of investigations) of any nature arising out of or
relating to the transactions contemplated by the Transaction Documents, including by reason
of:

     (i) any statement, omission or action (other than of the Insurer with respect
to the Insurer Information, or of the Underwriter with respect to the

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Underwriter Information) in connection with the offering, issuance, sale or
delivery of any of the Notes;

     (ii) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or
theft committed by any director, officer, employee or agent of any AmeriCredit Party
in connection with the Transaction;

     (iii) the violation by any AmeriCredit Party of any domestic or foreign law,
rule or regulation, or any judgment, order or decree applicable to them;

     (iv) the breach by any AmeriCredit Party of any representation, warranty or
covenant under any of the Transaction Documents (without giving effect to any
materiality qualifier or limitation therein); or

     (v) any untrue statement or alleged untrue statement of a material fact
contained in the Offering Document or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading, except insofar as such claims, losses, liabilities (including
penalties), actions, suits, judgments, demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys, consultants and auditors and
reasonable costs of investigations) arise out of or are based upon any untrue
statement or omission in the Preliminary Prospectus Supplement or the Prospectus
Supplement in the information with respect to the Insurer Information and the
Underwriter Information.

     (c) The Insurer agrees to pay, and to protect, indemnify and save harmless each of
AmeriCredit and the Seller and their respective officers, directors, shareholders,
employees, agents and each Person, if any, who controls AmeriCredit and the Seller within
the meaning of either Section 15 of the Securities Act or Section 20 of the Securities
Exchange Act from and against, any and all claims, losses, liabilities (including
penalties), actions, suits, judgments, demands, damages, costs or expenses (including
reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of
investigations) of any nature arising out of or by reason of any untrue statement or alleged
untrue statement of a material fact contained in the Insurer Information or the Insurer
Financial Statements or any omission or alleged omission to state in the Insurer Information
or the Insurer Financial Statements a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; provided that it is understood that the Insurer has provided the
Insurer Information and the Insurer Financial Statements in connection with its role as
credit enhancer, which consists solely of the obligation to pay claims, if any, under and in
accordance with the express terms of the Policy.

     (d) If any action or proceeding (including any governmental investigation) shall be
brought or asserted against any Person (each, an “Indemnified Party”) in respect of which
the indemnity provided in Section 3.04(a), (b), (c) or (f) hereof may be sought

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from AmeriCredit, the Seller, the Issuer, the Trustee or the Insurer, as the case may
be (the “Indemnifying Party”), each such Indemnified Party shall promptly notify the
Indemnifying Party in writing, and the Indemnifying Party shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified Party and the
payment of all expenses and legal fees; provided that failure to notify the Indemnifying
Party shall not relieve it from any liability it may have to such Indemnified Party except
to the extent that it shall be actually prejudiced thereby. The Indemnified Party shall
have the right to employ separate counsel in any such action and to participate in the
defense thereof at the expense of the Indemnified Party and may assume the defense of any
such action or claim in reasonable cooperation with, and with the reasonable cooperation of,
the Indemnifying Party; provided , however , that the fees and expenses of separate counsel
to the Indemnified Party in any such proceeding shall be at the expense of the Indemnifying
Party if (i) the Indemnifying Party has agreed to pay such fees and expenses, (ii) the
Indemnifying Party shall have failed to assume the defense of such action or proceeding or
employ counsel reasonably satisfactory to the Indemnified Party in any such action or
proceeding within a reasonable time after the commencement of such action or (iii) the named
parties to any such action or proceeding (including any impleaded parties) include both the
Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been
advised by counsel that there may be one or more legal defenses available to it which are
different from or additional to those available to the Indemnifying Party (in which case, if
the Indemnified Party notifies the Indemnifying Party in writing that it elects to employ
separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not
have the right to assume the defense of such action or proceeding on behalf of such
Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in
connection with any one such action or proceeding or separate but substantially similar or
related actions or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys at any time for the Indemnified Parties, which firm shall be
designated in writing by the Indemnified Party). The Indemnifying Party shall not be liable
for any settlement of any such action or proceeding effected without its written consent to
the extent that any such settlement shall be prejudicial to the Indemnifying Party, which
consent shall not be unreasonably withheld or delayed, but, if settled with its written
consent, or if there is a final judgment for the plaintiff in any such action or proceeding
with respect to which the Indemnifying Party shall have received notice in accordance with
this subsection (d), the Indemnifying Party agrees to indemnify and hold the Indemnified
Parties harmless from and against any loss or liability by reason of such settlement or
judgment.

     (e) To provide for just and equitable contribution if the indemnification provided by
the Indemnifying Party is determined to be unavailable or insufficient to hold harmless any
Indemnified Party (other than due to application of this Section), each Indemnifying Party
shall contribute to the losses incurred by the Indemnified Party on the basis of the
relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the
other hand. The relative fault of each Indemnifying Party, on the one hand, and each
Indemnified Party, on the other, shall be determined by reference to, among other things,
whether the breach or alleged breach is within the control of the

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Indemnifying Party or the Indemnified Party, and the parties relative intent,
knowledge, access to information and opportunity to correct or prevent such breach. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

     (f) In addition to any and all of the Insurer’s rights of reimbursement,
indemnification or subrogation, and to any other rights of the Insurer pursuant hereto or
under law or in equity, the Trustee agrees to pay, and to protect, indemnify and save
harmless, the Insurer and its officers, directors, shareholders, employees, agents and each
Person, if any, who controls the Insurer within the meaning of either Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act from and against, any and all
claims, losses, liabilities (including penalties), actions, suits, judgments, demands,
damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants
and auditors and reasonable costs of investigations) of any nature arising out of or
relating to the transactions contemplated by the Transaction Documents, including by reason
of:

     (i) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or
theft committed by any director, officer, employee or agent of the Trustee in
connection with the Transaction;

     (ii) the violation by the Trustee of any domestic or foreign law, rule or
regulation, or any judgment, order or decree applicable to it; or

     (iii) the breach by the Trustee of any representation, warranty or covenant
under any of the Transaction Documents (without giving effect to any materiality
qualifier or limitation therein).

     Section 3.05. Payment Procedure. In the event of any payment by the Insurer, the Issuer,
AmeriCredit, the Seller and the Trustee agree to accept the voucher or other evidence of payment as
prima facie evidence of the propriety thereof and the liability therefor to the Insurer. All
payments to be made to the Insurer under this Insurance Agreement shall be made to the Insurer (to
such account as shall be specified by the Insurer in writing) by no later than 1:00 p.m. (New York
time) on the date when due in lawful currency of the United States of America in immediately
available funds or as the Insurer shall otherwise direct by written notice to the party making such
payment. In the event that the date of any payment to the Insurer or the expiration of any time
period hereunder occurs on a day that is not a Business Day, then such payment or expiration of
time period shall be made or occur on the next succeeding Business Day with the same force and
effect as if such payment was made or time period expired on the scheduled date of payment or
expiration date. Payments to be made to the Insurer under this Insurance Agreement shall bear
interest at the Late Payment Rate from the date when due to the date paid.

     Section 3.06. Subrogation. The parties hereto acknowledge that, to the extent of any payment
made by the Insurer pursuant to the Policy, the Insurer shall be fully subrogated to the extent of
such payment plus interest thereon at the Late Payment Rate, to the rights of the Noteholders to
any moneys paid or payable in respect of the Notes under the Transaction

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Documents or otherwise subject to applicable law. The parties hereto agree to such
subrogation and further agree to execute such instruments and to take such actions as, in the sole
and reasonable judgment of the Insurer, are necessary to evidence such subrogation and to perfect
the rights of the Insurer to receive any such moneys paid or payable in respect of the Notes, under
the Transaction Documents or otherwise.

     Section 3.07. Reimbursement. The parties hereto acknowledge that, to the extent of any
payment made by the Insurer pursuant to the Policy, the Insurer has the right to be reimbursed such
amounts plus interest thereon at the Late Payment Rate and to be paid all other Reimbursement
Amounts pursuant to the Indenture and the Sale and Servicing Agreement in accordance with the
priorities set forth therein for reimbursement of the Insurer.

ARTICLE IV

FURTHER AGREEMENTS

     Section 4.01. Effective Date; Term of the Insurance Agreement. This Insurance Agreement shall
take effect on the Closing Date and shall remain in effect until the later of (a) such time as the
Insurer is no longer subject to a claim under the Policy and the Policy has been surrendered to the
Insurer for cancellation and (b) such time as all amounts payable to the Insurer by the AmeriCredit
Parties and the Trustee hereunder or under the Transaction Documents and the Notes have been
irrevocably paid and redeemed in full and such Notes have been cancelled; provided , however , that
the provisions of Sections 3.02, 3.03 and 3.04 hereof shall survive any termination of this
Insurance Agreement.

     Section 4.02. Further Assurances and Corrective Instruments.

     (a) Unless an Insurer Default has occurred and is continuing, or except as the
Indenture otherwise provides, none of the Trustee or any of the other Transaction Parties
shall grant any waiver of rights under any of the Transaction Documents to which any of them
is a party without the prior written consent of the Insurer and any such waiver without
prior written consent of the Insurer shall be null and void and of no force or effect.

     (b) Each of the parties hereto agrees that it will, from time to time, execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered, such
supplements hereto and such further instruments and agreements and take such further actions
as the Insurer may reasonably request and as may be required in the Insurer’s reasonable
judgment to effectuate the intent and purpose of this Insurance Agreement and the other
Transaction Documents. Without limiting the foregoing, to the extent such authorization
shall be required by law, each AmeriCredit Party hereby authorizes the Trustee and the
Insurer, at the expense of the Issuer, in the event the Issuer has failed to do so upon
request ( provided that no such request shall be required if there exists any Insolvency
Proceeding), to execute and file financing statements covering the assets covered by any
purchase or transfer pursuant to the Transaction Documents or owned by the Issuer in such
jurisdictions as may be required to confirm title thereto and perfect and maintain the lien
thereon. In addition, each of the parties hereto agrees to cooperate with

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the Rating Agencies in connection with any review of the Transaction conducted during
normal business hours and in a manner that does not unreasonably disrupt the business of the
Transaction Parties, that may be undertaken by the Rating Agencies after the date hereof
upon prior written notice.

     (c) None of the Transaction Parties shall cause or permit the Issuer to issue any notes
or other evidences of indebtedness, or to otherwise incur any indebtedness, other than the
indebtedness represented by the Notes or other indebtedness expressly permitted under the
Transaction Documents.

     (d) Each Transaction Party shall concurrently provide the Insurer, as and when delivery
thereof is required to be made pursuant to the Transaction Documents, with copies of all
reports, notices, requests and demands delivered or required to be delivered by it pursuant
to the Transaction Documents.

     Section 4.03. Obligations Absolute.

     (a) The obligations of the Transaction Parties hereunder shall be absolute and
unconditional and shall be paid or performed strictly in accordance with this Insurance
Agreement and the other Transaction Documents under all circumstances irrespective of:

     (i) any lack of validity or enforceability of, or any amendment or other
modifications of, or waiver with respect to, any of the Transaction Documents or the
Notes;

     (ii) any exchange or release of any other obligations hereunder;

     (iii) the existence of any claim, setoff, defense, reduction, abatement or
other right that a Transaction Party which is a party to any of the Transaction
Documents may have at any time against the Insurer or any other Person;

     (iv) any document presented in connection with the Policy proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein being
untrue or inaccurate in any respect;

     (v) any payment by the Insurer under the Policy against presentation of a
certificate or other document that does not strictly comply with the terms of the
Policy;

     (vi) any failure of the Transaction Parties to receive the proceeds from the
sale of the Notes;

     (vii) any Insolvency Event with respect to any Transaction Party; and

     (viii) any other circumstances, other than payment in full, that might
otherwise constitute a defense available to, or discharge of, such party in respect
of any Transaction Document.

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     (b) The Transaction Parties and any and all others who are now or may become liable for
all or any part of the obligations of the Transaction Parties under this Insurance Agreement
agree to be bound by this Insurance Agreement and (i) to the extent permitted by law, waive
and renounce any and all redemption and exemption rights and the benefit of all valuation
and appraisement privileges against the indebtedness and obligations evidenced by any
Transaction Document or by any extension or renewal thereof; (ii) waive presentment and
demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of
protest; (iii) waive all notices in connection with the delivery and acceptance hereof and
all other notices in connection with the performance, default or enforcement of any payment
hereunder, except as required by the Transaction Documents; (iv) waive all rights of
abatement, diminution, postponement or deduction, all defenses, other than payment, and all
rights of setoff or recoupment arising out of any breach under any of the Transaction
Documents, by any party thereto or any beneficiary thereof, or out of any obligation at any
time owing to any of the Transaction Parties; (v) agree that their liabilities hereunder
shall be unconditional and without regard to any setoff, counterclaim or the liability of
any other Persons for the payment hereof; (vi) agree that any consent, waiver or forbearance
hereunder with respect to an event shall operate only for such event and not for any
subsequent event; (vii) consent to any and all extensions of time that may be granted by the
Insurer with respect to any payment hereunder or other provisions hereof and to the release
of any security at any time given for any payment hereunder, or any part thereof, with or
without substitution, and to the release of any Person or entity liable for any such
payment; and (viii) consent to the addition of any and all other makers, endorsers,
guarantors and other obligors for any payment hereunder, and to the acceptance of any and
all other security for any payment hereunder, and agree that the addition of any such
obligors or security shall not affect the liability of the parties hereto for any payment
hereunder.

     (c) Nothing herein shall be construed as prohibiting any party hereto from pursuing any
rights or remedies it may have against any Person in a separate legal proceeding.

     Section 4.04. Assignments; Reinsurance; Third-Party Rights.

     (a) This Insurance Agreement shall be a continuing obligation of the parties hereto and
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. None of the Transaction Parties may assign its rights
under this Insurance Agreement, or delegate any of its duties hereunder, without the prior
written consent of the Insurer. Any assignments made in violation of this Insurance
Agreement shall be null and void.

     (b) The Insurer shall have the right to give participations in its rights under this
Insurance Agreement and to enter into contracts of reinsurance with respect to the Policy
upon such terms and conditions as the Insurer may in its discretion determine; provided ,
however , that no such participation or reinsurance agreement or arrangement shall relieve
the Insurer of any of its obligations hereunder or under the Policy, nor shall AmeriCredit
or the Seller be required to deal directly with any such parties.

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     (c) The Insurer shall be entitled to assign or pledge to any bank, other lender or
reinsurer providing liquidity or credit with respect to the Transaction or the obligations
of the Insurer in connection therewith, any rights of the Insurer under the Transaction
Documents or with respect to any real or personal property or other interests pledged to the
Insurer or in which the Insurer has a security interest, in connection with the Transaction.

     (d) Except as provided herein with respect to participants and reinsurers, nothing in
this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon
any Person not a party hereto, including any Holders, other than the rights of the Insurer
against the Transaction Parties and all the terms, covenants, conditions, promises and
agreements contained herein shall be for the sole and exclusive benefit of the parties
hereto and their successors and permitted assigns. Neither the Trustee nor any Holders
shall have any right to payment from any Premiums paid or payable hereunder or under the
Indenture or from any amounts paid by the Issuer, the Seller or AmeriCredit pursuant to
Sections 3.02, 3.03 or 3.04 hereof.

     Section 4.05. Liability of the Insurer. Neither the Insurer nor any of its officers,
directors or employees shall be liable or responsible for: (a) the use that may be made of the
Policy by the Trustee or any other party or for any acts or omissions of the Trustee or any other
party in connection therewith; or (b) the validity, sufficiency, accuracy or genuineness of
documents delivered to the Insurer in connection with any claim under the Policy, or of any
signatures thereon, even if such documents or signatures should in fact prove to be in any or all
respects invalid, insufficient, fraudulent or forged (unless the Insurer shall have actual
knowledge thereof). In furtherance and not in limitation of the foregoing, the Insurer may accept
documents that appear on their face to be in order, without responsibility for further
investigation.

     Section 4.06. Parties To Join in Enforcement Action.

     (a) To the extent necessary to enforce any right of the Insurer in or remedy of the
Insurer under any Receivable or related asset, the Issuer and each AmeriCredit Party agree
to join in any action initiated by the Trustee or the Insurer and the Trustee agrees to join
in any action initiated by the Insurer for the protection of such right or exercise of such
remedy.

     (b) In the event of any court proceeding (x) with respect to which an AmeriCredit Party
is a party (including, without limitation, an insolvency or bankruptcy proceeding in respect
of any AmeriCredit Party) which affects the Trust Estate, the Policy or the obligations of
the Insurer under the Transaction Documents, and (y) with respect to which such AmeriCredit
Party fails to defend or answer, the Insurer shall have the right to direct, assume or
otherwise participate in the defense thereof. In such event, the Insurer shall, following
written notice to the Trustee, have the exclusive right to determine, in its sole
discretion, the actions necessary to preserve and protect the Trust Estate. All costs and
expenses of the Insurer in connection with such action, proceeding or investigation,
(including, without limitation, any judgment or settlement entered into or paid by the
Insurer), shall be included in the Reimbursement Amounts.

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     (c) The Trustee shall cooperate with, and take such action as directed by, the Insurer,
including (without limitation) entering into such agreements and settlements as the Insurer
in its sole discretion shall direct with respect to such court proceeding. The Trustee
shall not be liable to the Insurer for any such action that conforms to the direction of the
Insurer. The Trustee’s reasonable out-of-pocket costs and expenses (including attorneys’
fees and expenses) with respect to any such action shall be reimbursed pursuant to the
Indenture in accordance with the priorities set forth in the Sale and Servicing Agreement.

     (d) The Trustee hereby agrees to provide to the Insurer prompt written notice of any
action, proceeding or investigation that names the Owner Trustee or the Issuer as a party or
that could adversely affect the Trust Estate or the rights or obligations of the Insurer
hereunder or under the Policy or the other Transaction Documents, including (without
limitation) any insolvency or bankruptcy proceeding in respect of any AmeriCredit Party or
any affiliate thereof.

     (e) Notwithstanding anything contained herein or in any of the other Transaction
Documents to the contrary, the Trustee shall not, without the Insurer’s prior written
consent or unless directed by the Insurer, undertake or join any litigation or agree to any
settlement of any action, proceeding or investigation affecting the Owner Trustee, the
Issuer or the Trust Estate or the rights or obligations of the Insurer hereunder or under
the Policy or the other Transaction Documents.

     Section 4.07. Rights and Remedies. Each party to this Insurance Agreement has acknowledged
and agreed to, and hereby confirms its acknowledgement and agreement to, the collateral sale and
assignment by AmeriCredit, in its capacity as seller under the Purchase Agreement, to the Seller,
by the Seller to the Issuer, and the pledge by the Issuer to the Trust Collateral Agent for the
benefit of the Trustee, of all of its right, title and interest in, to and under the Trust Estate,
and the Transaction Documents and all of the Issuer’s rights, remedies, powers and privileges and
all claims of the Issuer or the Seller, as the case may be, against AmeriCredit, in its capacity as
seller under the Purchase Agreement, of the Issuer against the Seller and of the Issuer against the
Seller or AmeriCredit, in its capacity as seller under the Purchase Agreement, under or with
respect to the Transaction Documents (whether arising pursuant to the terms thereof or otherwise
available at law or in equity), including without limitation (whether or not any of a Default or
Event of Default under the Indenture, a Default or Event of Default hereunder, a Servicer
Termination Event or a Trigger Event has occurred and is continuing) (i) the right of the Issuer at
any time to enforce the Transaction Documents against AmeriCredit or the Seller and the obligations
of AmeriCredit and the Seller thereunder and (ii) the right at any time to give or withhold any and
all consents, requests, notices, directions, approvals, demands, extensions or waivers under or
with respect to any Transaction Document or the obligations in respect of the Issuer, AmeriCredit
or the Seller thereunder, all of which rights, remedies, powers, privileges and claims may,
notwithstanding any provision to the contrary by any of the Transaction Documents, be exercised
and/or enforced by the Trustee in lieu of and in the place and stead of the Seller and the Issuer
to the same extent as the Seller or the Issuer would otherwise do, and except to the extent a
Transaction Document provides that the Insurer shall not have such a right upon an Insurer Default
that has occurred and is continuing, neither the Seller nor the Issuer may exercise any of the
foregoing rights without the prior written consent of the

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Insurer. Each party hereto further acknowledges and agrees that, unless an Insurer Default
has occurred and is continuing, the Trustee will take or refrain from taking any action, and
exercise or refrain from exercising any rights under the Transaction Documents in its capacity as
Trustee, pursuant to the written direction of the Insurer; provided, however, that the obligations
of the Trustee to take or refrain from taking, or to exercise or refrain from exercising, any such
action or rights shall not apply to routine administrative tasks required to be performed by the
Trustee pursuant to the Transaction Documents and shall be limited to those actions and rights that
can be exercised or taken (or not exercised or taken, as the case may be) in full compliance with
the provisions of the Transaction Documents and with applicable law.

ARTICLE V

DEFAULTS AND REMEDIES

     Section 5.01. Defaults. The occurrence of any of the following events shall constitute an
“Event of Default” hereunder:

     (a) Any representation or warranty made by any of the Transaction Parties hereunder or
under the Transaction Documents, or in any certificate furnished hereunder or under the
Transaction Documents, proves to be untrue or misleading in any material respect; provided,
however, that if such Transaction Party effectively cures any such defect in any
representation or warranty under any Transaction Document or certificate or report furnished
under any Transaction Document, within the time period specified in the related Transaction
Document as the cure period therefor, such defect shall not in and of itself constitute an
Event of Default;

     (b) (i) Any Transaction Party fails to pay or deposit when due any amount required to
be paid or deposited by it hereunder or under any other Transaction Document and such
failure has continued for a period of at least two (2) Business Days or, if so specified in
the applicable Transaction Document, the applicable grace period set forth therein, or (ii)
a legislative body has enacted any law that declares or a court of competent jurisdiction
finds or rules that this Insurance Agreement or any other Transaction Document is not valid
and binding on the Transaction Parties hereto or thereto;

     (c) The occurrence of an Event of Default under the Indenture or a Servicer Termination
Event under the Sale and Servicing Agreement;

     (d) Any failure on the part of any Transaction Party duly to observe or perform in any
material respect any other of the covenants or agreements on the part of such Transaction
Party contained in this Insurance Agreement or in any other Transaction Document which
continues unremedied beyond any cure period provided therein, or, in the case of this
Insurance Agreement, for a period of 30 days after the earlier of the date on which written
notice of such failure, requiring the same to be remedied, has been given to AmeriCredit by
the Insurer (with a copy to the Trustee) or by the Trustee (with a copy to the Insurer), or
a Responsible Officer of such Transaction Party has actual knowledge thereof;

45

 

     (e) The entry of a decree or order by a court or agency or supervisory authority having
jurisdiction in the premises for appointment of a conservator, receiver or liquidator or
similar official for any Transaction Party which is a party to any Transaction Document in
any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or
similar proceedings or for the winding up or liquidation of its respective affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days;

     (f) The consent by any Transaction Party to the appointment of a conservator or
receiver or liquidator or similar official in any bankruptcy, insolvency, readjustment of
debt, marshaling of assets and liabilities, or similar proceedings of or relating to such
Transaction Party or relating to all or substantially all of its respective property; or any
such Transaction Party admits in writing its inability to pay its debts generally as they
become due, files a petition to take advantage of any applicable bankruptcy, insolvency or
reorganization statute, make an assignment for the benefit of its creditors or voluntarily
suspends payment of its obligations;

     (g) A claim is made under the Policy;

     (h) The occurrence of a Level 2 Trigger Event (as defined in the Spread Account
Agreement);

     (i) The Issuer or the Seller is required to register as an “investment company” under
the Investment Company Act of 1940, as amended;

     (j) The Issuer becomes taxable as an association or a publicly traded partnership
taxable as a corporation for federal or state income tax purposes;

     (k) The Trustee fails to possess a first priority perfected security interest in any of
the Trust Estate;

     (l) The average of the Monthly Extension Rates calculated with respect to three
consecutive calendar months exceeds 4.00% and the Servicer fails to purchase Receivables
within 30 days in accordance with Section 4.2(c) of the Sale and Servicing Agreement;

     (m) The Servicer assigns any of its rights and obligations under any of the Transaction
Documents without the prior written consent of the Insurer;

     (n) AmeriCredit is removed as servicer, or is provided with a notice of servicer
non-renewal or non-extension pursuant to the sale and servicing agreement relating to the
Master Warehouse Facility;

     (o) The failure of the Seller, the Issuer or AmeriCredit to comply with, or maintain
the accuracy of, the Opinion Facts and Assumptions; and

     (p) The Tangible Net Worth of AmeriCredit Corp. shall be less than the sum of (a)
$1,550,000,000 plus (b) 75% of the cumulative positive net income (without

46

 

deduction for negative net income) of AmeriCredit Corp. for each fiscal quarter having
been completed since June 30, 2006, as reported in each annual report on Form 10-K and
periodic report on Form 10-Q filed by AmeriCredit Corp. with the Securities and Exchange
Commission plus (c) 75% of the net proceeds of any equity issued by AmeriCredit
Corp. since June 30, 2006 (excluding any equity issued pursuant to equity incentive plans
for employees and board members) minus (d) the lesser of (i) $200,000,000 and (ii)
the purchase price of all common stock of AmeriCredit Corp. repurchased after September 30,
2006.

     Section 5.02. Remedies; No Remedy Exclusive.

     (a) Upon the occurrence of an Event of Default hereunder, the Insurer may exercise any
one or more of the rights and remedies set forth below:

     (i) declare all indebtedness of every type or description then owed to the
Insurer pursuant to the Transaction Documents to be immediately due and payable, and
the same shall thereupon be immediately due and payable;

     (ii) exercise any rights and remedies under the Transaction Documents in
accordance with the terms of the Transaction Documents or direct the Trustee to
exercise such remedies in accordance with the terms of the Transaction Documents; or

     (iii) take whatever action at law or in equity as may appear necessary or
desirable in its judgment to collect the amounts, if any, then due under this
Insurance Agreement or any other Transaction Document or to enforce performance and
observance of any obligation, agreement or covenant of the Transaction Parties under
this Insurance Agreement or any other Transaction Document, either in its own
capacity or as Controlling Party.

     (b) Unless otherwise expressly provided, no remedy herein conferred or reserved is
intended to be exclusive of any other available remedy, but each remedy shall be cumulative
and shall be in addition to other remedies given under this Insurance Agreement or any other
Transaction Document, or existing at law or in equity. No delay or omission to exercise any
right or power accruing under this Insurance Agreement or any other Transaction Document
upon the happening of any event set forth in Section 5.01 hereof shall impair any such right
or power or shall be construed to be a waiver thereof, but any such right and power may be
exercised from time to time and as often as may be deemed expedient. In order to entitle
the Insurer to exercise any remedy reserved to the Insurer in this Article, it shall not be
necessary to give any notice, other than such notice as may be required by this Article.

     (c) Each party to this Insurance Agreement hereby agrees that, in addition to any other
rights or remedies existing in its favor, it shall be entitled to specific performance
and/or injunctive relief in order to enforce any of its rights or any obligation owed to it
under the Transaction Documents.

     Section 5.03. Waivers.

47

 

     (a) No failure by the Insurer to exercise, and no delay by the Insurer in exercising,
any right hereunder shall operate as a waiver thereof. The exercise by the Insurer of any
right hereunder shall not preclude the exercise of any other right, and the remedies
provided herein to the Insurer are declared in every case to be cumulative and not exclusive
of any remedies provided by law or equity.

     (b) The Insurer shall have the right, to be exercised in its complete discretion, to
waive any Event of Default hereunder, by a writing setting forth the terms, conditions and
extent of such waiver signed by the Insurer and delivered to AmeriCredit and the Trustee.
Unless such writing expressly provides to the contrary, any waiver so granted shall extend
only to the specific event or occurrence which gave rise to the Event of Default so waived
and not to any other similar event or occurrence which occurs subsequent to the date of such
waiver.

ARTICLE VI

MISCELLANEOUS

     Section 6.01. Amendments, Etc. This Insurance Agreement may be amended, modified,
supplemented or terminated only by written instrument or written instruments signed by the parties
hereto. No consent of any reinsurer or participant contracted with by the Insurer pursuant to
Section 4.04(b) hereof shall be required for any amendment, modification, supplement or termination
hereof. AmeriCredit agrees to provide a copy of any amendment to this Insurance Agreement promptly
to the Rating Agencies. No act or course of dealing shall be deemed to constitute an amendment,
modification, supplement or termination hereof. Unless an Insurer Default has occurred and is
continuing, the other Transaction Documents may be amended, modified or supplemented only with the
prior written consent of the Insurer and any amendment, modification or supplement without such
consent shall be null and void and of no force and effect; provided, however, that notwithstanding
the continuance of an Insurer Default, no amendment, modification or supplement may materially
adversely affect the interest of the Insurer without the prior written consent of the Insurer.

     Section 6.02. Notices. All demands, notices and other communications to be given hereunder
shall be in writing (except as otherwise specifically provided herein) and shall be (i) mailed by
prepaid registered or certified mail, return receipt requested, or (ii) personally delivered by
messenger or overnight courier (with confirmation of receipt) and in either case telecopied to the
recipient as follows:

	 	 	 	 	 
	 

	 	(a)
	 	To the Insurer:
	 
	 	 	 	 
	 

	 	 	 	Financial Guaranty Insurance Company
	 

	 	 	 	125 Park Avenue
	 

	 	 	 	New York, New York 10017
	 

	 	 	 	Attention: Structured Finance Surveillance – AmeriCredit 2006-B-G
	 

	 	 	 	Telecopy No.: 212-312-3220
	 

	 	 	 	Confirmation: 800-352-0001
	 

	 	 	 	E-mail: Sfsurveillance@fgic.com

48

 

	 	 	 	 	 
	 

	 	 	 	(in each case in which notice or other communication to the Insurer refers
to a Servicer Termination Event, an Event of Default hereunder, a Default or
Event of Default under the Indenture or a Trigger Event, a claim on the
Policy or any event 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 shall also be sent to the attention of
the general counsel of each of the Insurer and the Trustee and, in all
cases, both any original and all copies shall be marked to indicate “URGENT
MATERIAL ENCLOSED.”) Any notice regarding delivery or non-delivery of the
Insurer Financial Statements shall be sent via electronic mail to the
Insurer at RegAB@fgic.com and shall reference the deal name and policy
number.
	 
	 	 	 	 
	 

	 	(b)
	 	To AmeriCredit:
	 
	 	 	 	 
	 

	 	 	 	801 Cherry Street, Suite 3900
	 

	 	 	 	Fort Worth, TX 76102
	 

	 	 	 	Attention: Chief Financial Officer
	 

	 	 	 	Telephone: (817) 302-7082
	 

	 	 	 	Facsimile: (817) 302-7915

	 	 	 	 	 	 	 
	 

	 	 	 	with a copy to the attention of:
	 	General Counsel
	 

	 	 	 	 	 	Telephone: (817) 302-7021
	 

	 	 	 	 	 	Facsimile: (817) 302-7940
	 
	 	 	 	 	 	 
	 

	 	(c)
	 	To AFS SenSub Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	2265B Renaissance Drive, Suite 17	 	 
	 

	 	 	 	Las Vegas, NV 89119	 	 
	 

	 	 	 	Attention: Chief Financial Officer	 	 
	 

	 	 	 	Telephone: (702) 932-4915	 	 
	 

	 	 	 	Facsimile: (702) 966-4247	 	 
	 
	 	 	 	 	 	 
	 

	 	(d)
	 	To the Issuer:	 	 
	 

	 	 	 	AmeriCredit Automobile	 	 
	 

	 	 	 	Receivables Trust 2006-B-G	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	in care of:
	 	Wilmington Trust Company, as Owner Trustee
	 

	 	 	 	 	 	1100 North Market Street
	 

	 	 	 	 	 	Wilmington, DE 19890
	 

	 	 	 	 	 	Attention: Corporate Trust Administration
	 

	 	 	 	 	 	Telephone: (302) 651-1000
	 

	 	 	 	 	 	Facsimile: (302) 636-4140
	 
	 	 	 	 	 	 
	 

	 	(e)
	 	To the Trustee:	 	 

49

 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	Wells Fargo Bank, National Association
	 

	 	 	 	Sixth Street and Marquette Avenue
	 

	 	 	 	MAC N9311-161
	 

	 	 	 	Minneapolis, Minnesota 55479
	 

	 	 	 	Attention: Corporate Trust Office
	 

	 	 	 	Telephone: (612) 667-7181
	 

	 	 	 	Facsimile: (612) 667-3464

A party may specify an additional or different address or addresses by writing mailed or delivered
to the other parties as aforesaid. All such notices and other communications shall be effective
upon receipt.

     Section 6.03. Severability. In the event that any provision of this Insurance Agreement is
held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that
such holding shall not invalidate or render unenforceable any other provision hereof. The parties
hereto further agree that the holding by any court of competent jurisdiction that any remedy
pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability
of such party to pursue any other remedy available to it.

     Section 6.04. Governing Law. This Insurance Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of laws provisions.

     Section 6.05. Consent to Jurisdiction.

     (a) THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY COURT IN THE STATE OF
NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND TO OR IN CONNECTION WITH
ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTION OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT RELATING THERETO, AND THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD OR
DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL
COURT. THE PARTIES AGREE THAT A FINAL NONAPPEALABLE JUDGMENT IN ANY SUCH ACTION, SUIT OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW,
THE PARTIES HEREBY WAIVE AND AGREE NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE
IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN
INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR

50

 

PROCEEDING IS IMPROPER OR THAT THE RELATED DOCUMENTS OR THE SUBJECT MATTER THEREOF MAY
NOT BE LITIGATED IN OR BY SUCH COURTS.

     (b) To the extent permitted by applicable law, the parties shall not seek and hereby
waive the right to any review of the judgment of any such court by any court of any other
nation or jurisdiction which may be called upon to grant an enforcement of such judgment.

     (c) Service on any party hereto may be made by mailing or delivering copies of the
summons and complaint and other process which may be served in any suit, action or
proceeding to such party at its address listed in Section 6.02 herein. Such address may be
changed by the applicable party or parties by written notice to each of the other parties
hereto.

     (d) Nothing contained in this Insurance Agreement shall limit or affect any party’s
right to serve process in any other manner permitted by law or to start legal proceedings
relating to any of the Transaction Documents against any other party or its properties in
the courts of any jurisdiction.

     Section 6.06. Consent of the Insurer. In the event that the consent of the Insurer is
required under any of the Transaction Documents, the determination whether to grant or withhold
such consent shall be made by the Insurer in writing and in its sole discretion except to the
extent such consent of the Insurer pursuant to the terms of the applicable Transaction Document may
not be unreasonably withheld, and without any implied duty towards any other Person.

     Section 6.07. Counterparts. This Insurance Agreement may be executed in counterparts by the
parties hereto, and all such counterparts shall constitute one and the same instrument.

     Section 6.08. Headings. The headings of Articles and Sections and the Table of Contents
contained in this Insurance Agreement are provided for convenience only. They form no part of this
Insurance Agreement and shall not affect its construction or interpretation.

     Section 6.09. Trial by Jury Waived. Each party hereby waives, to the fullest extent permitted
by law, any right to a trial by jury in respect of any litigation arising directly or indirectly
out of, under or in connection with any of the Transaction Documents or any of the transactions
contemplated thereunder. Each party hereto (a) certifies that no representative, agent or attorney
of any party hereto has represented, expressly or otherwise, that it would not, in the event of
litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to
enter into the Transaction Documents to which it is a party by, among other things, this waiver.

     Section 6.10. Limited Liability. No recourse under any Transaction Document shall be had
against, and no personal liability shall attach to, any officer, employee, director, affiliate or
shareholder of the Insurer or any other party hereto, as such, by the enforcement of any assessment
or by any legal or equitable proceeding, by virtue of any statute or otherwise in

51

 

respect of any of the Transaction Documents (including the Notes and the Policy), it being
expressly agreed and understood that each Transaction Document is solely a corporate obligation of
each party hereto, and that any and all personal liability, either at common law or in equity, or
by statute or constitution, of every such officer, employee, director, affiliate or shareholder for
breaches of any party hereto of any obligations under any Transaction Document is hereby expressly
waived as a condition of and in consideration for the execution and delivery of this Insurance
Agreement.

     Section 6.11. Entire Agreement; Facsimile Signatures. This Insurance Agreement, the Premium
Letter and the Policy set forth the entire agreement between the parties with respect to the
subject matter hereof and thereof, and supersede and replace any agreement or understanding that
may have existed between the parties prior to the date hereof in respect of such subject matter.
Execution and delivery of this Insurance Agreement by facsimile signature shall constitute
execution and delivery of this Insurance Agreement for all purposes hereof with the same force and
effect as execution and delivery of a manually signed copy hereof.

     Section 6.12. Trustee. The Trustee, in each of its capacities as Trustee, Trust Collateral
Agent, Collateral Agent and Backup Servicer, hereby acknowledges and agrees to perform all its
obligations and duties pursuant to the Transaction Documents to which it is a party thereto. Each
of the representations and warranties of the Trustee, in each of its capacities as Trustee, Trust
Collateral Agent, Collateral Agent and Backup Servicer, contained in the Transaction Documents is
true and correct in all material respects, and the Trustee hereby makes each such representation
and warranty to, and for the benefit of, the Insurer as if the same were set forth in full herein.

     Section 6.13. Third-Party Beneficiary. Subject to the provisions of the Transaction
Documents, each of the parties hereto agrees that the Insurer shall have all rights of an intended
third-party beneficiary in respect of each of the Transaction Documents, including the right to
enforce the respective obligations of the parties thereunder.

     Section 6.14. No Proceedings. Each of the parties hereto agrees that it will not institute
against the Issuer or the Seller any involuntary proceeding or otherwise institute any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
federal or state bankruptcy or similar law until the date which is one year and one day or, if
longer, the then applicable preference period plus one day, since the last day on which any Notes
shall have been outstanding and all amounts payable to the Insurer hereunder shall have been paid
in full.

     Section 6.15. Limitation of Owner Trustee Liability. It is expressly understood and agreed by
the parties hereto that (a) this document is executed and delivered by Wilmington Trust Company,
not individually or personally, but solely as Owner Trustee, in the exercise of the powers and
authority conferred and vested in it, pursuant to the Trust Agreement for AmeriCredit Automobile
Receivables Trust 2006-B-G, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal representations, undertakings
and agreements by Wilmington Trust Company but is made and intended for the purpose for binding
only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
Wilmington Trust Company, individually or personally,

52

 

to perform any covenant either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties hereto and by any person claiming by, through or under
the parties hereto, and (d) under no circumstances shall Wilmington Trust Company be personally
liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer
under this Agreement or any other related documents.

     [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

53

 

     IN WITNESS WHEREOF, the parties hereto have executed this Insurance Agreement, all as of the
day and year first above mentioned.

	 	 	 	 	 	 	 
	 	 	FINANCIAL GUARANTY INSURANCE COMPANY, as Insurer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Matthew Fanelli	 	 
	 

	 	Name:
	 	 

Matthew Fanelli
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2006-B-G, as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	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	 	 
	 
	 	 	 	 	 	 
	 	 	AFS SENSUB CORP., as Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Susan B. Sheffield	 	 
	 

	 	Name:
	 	 

Susan B. Sheffield
	 	 
	 

	 	Title:
	 	Senior Vice-President, Structured Finance	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sheli D. Fitzgerald	 	 
	 

	 	Name:
	 	 

Sheli D. Fitzgerald
	 	 
	 

	 	Title:
	 	Vice-President, Structured Finance	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Marianna C. Stershic	 	 
	 

	 	Name:
	 	 

Marianna C. Stershic
	 	 
	 

	 	Title:
	 	Vice President	 	 

B-2

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