Document:

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                                                                    Exhibit 10.8

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                           SECOND AMENDED AND RESTATED
                         CLASS S NOTE PURCHASE AGREEMENT

                          Dated as of November 5, 2003

                                      among

                            AMERICREDIT MASTER TRUST,
                                    as Issuer

                          AMERICREDIT FUNDING CORP. VII
                                  as a Seller,

                      AMERICREDIT FINANCIAL SERVICES, INC.,
                          as a Seller and as Servicer,

                     THE CLASS S PURCHASERS PARTIES HERETO,

                      DEUTSCHE BANK TRUST COMPANY AMERICAS
                              Administrative Agent

                       DEUTSCHE BANK AG, NEW YORK BRANCH,
                                  as an Agent,

                                       and

                         THE OTHER AGENTS PARTIES HERETO

                                   ----------

                                   Relating to
                            AmeriCredit Master Trust
                    Floating Rate Asset Backed Notes, Class S

                                   ----------

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          SECOND AMENDED AND RESTATED CLASS S NOTE PURCHASE AGREEMENT, dated as
of November 5, 2003, by and among AMERICREDIT MASTER TRUST, a Delaware statutory
trust (the "Issuer") AmeriCredit Funding Corp. VII, a Delaware corporation
("AFC"), individually and in its capacity as a seller (in such capacity, a
"Seller"), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
("AmeriCredit"), individually, in its capacity as a Seller (together with AFC,
the "Sellers") and in its capacity as servicer (in such capacity, the
"Servicer"), the CLASS S PURCHASERS (as hereinafter defined) from time to time
parties hereto, DEUTSCHE BANK AG, a German banking corporation acting through
its New York Branch ("DBNY"), as an agent, and the other AGENTS for the
Purchaser Groups from time to time parties hereto (each such party, together
with their respective successors in such capacity, an "Agent"), and, DEUTSCHE
BANK TRUST COMPANY AMERICAS, as administrative agent (together with its
successors in such capacity, the "Administrative Agent").

                              W I T N E S S E T H :
                              - - - - - - - - - -

          WHEREAS, the Issuer, AFC, as a Seller, AmeriCredit, as a Seller and
Servicer, certain Class S Purchasers, certain Agents, and DBNY, as an Agent and
as the initial Administrative Agent, are parties to a certain Amended and
Restated Class S Note Purchase Agreement dated as of February 22, 2002 (the
"Existing Class S Note Purchase Agreement");

          WHEREAS, the parties hereto desire to amend and restate the Existing
Class S Note Purchase Agreement in the manner, and on the terms and conditions,
herein provided;

          WHEREAS, the Sellers, the Servicer, the Issuer and Bank One, NA, a
national banking association, as Backup Servicer (including its successors in
such capacity, the "Backup Servicer") and Trust Collateral Agent (including its
successors in such capacity, the "Trust Collateral Agent") are parties to the
Second Amended and Restated Sale and Servicing Agreement, dated as of November
5, 2003 (as the same may from time to time be amended, modified or otherwise
supplemented, the "Sale and Servicing Agreement");

          WHEREAS, the Issuer, the Administrative Agent, the Trust Collateral
Agent and Bank One, NA, as Trustee (including its successors in such capacity,
the "Trustee") are parties to the Second Amended and Restated Indenture, dated
as of November 5, 2003 (as the same from time to time be amended, supplemented
or otherwise modified, the "Indenture");

          WHEREAS, the Issuer proposes to issue and sell pursuant to the
Indenture its Class A-1 Floating Rate Asset Backed Notes (the "Class A-1
Notes"), Class A-2 Floating Rate Asset Backed Notes, (the "Class A-2 Notes"),
Class S Swingline Asset Backed Notes, (the "Class S Notes"), Class B Floating
Rate Asset Backed Notes (the "Class B Notes") and Class C Floating Rate Asset
Backed Notes (the "Class C Notes");

          WHEREAS, the Issuer also proposes to issue pursuant to the Indenture
additional classes of notes to be designated as the Class D Asset Backed Notes
(the "Class D Notes") and Class E Asset Backed Notes (the "Class E Notes");

          WHEREAS, Class E Notes are subordinate to each other class of Notes,
the Class D Notes are subordinate to the Class A-1 and A-2 Notes, the Class B
Notes, the Class S

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Notes and the Class C Notes, the Class C Notes are subordinate to the Class A-1
and A-2 Notes and the Class B Notes and, as set forth in the Indenture, to the
Class S Notes, and the Class B Notes are subordinate to the Class A-1 and A-2
Notes and, as set forth in the Indenture, to the Class S Notes;

          WHEREAS, the Issuer proposes to establish a Reserve Account (the
"Reserve Account") and a Collateral Account (the "Collateral Account") with the
Trustee pursuant to the terms of the Indenture for the benefit of the holders of
the Class A Notes, the Class S Notes, the Class B Notes and the Class C Notes;

          WHEREAS, the Class S Purchasers are willing to purchase the Class S
Notes in the amount of the Class S Initial Principal Balance (as defined in the
Indenture) on the Closing Date (as hereinafter defined) and from time to time
thereafter to advance Additional Class S Principal Amounts (as defined in the
Indenture) on the terms and conditions provided for herein;

          NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby expressly acknowledged, the parties hereto agree that the
Existing Class S Note Purchase Agreement shall be amended and restated in its
entirety as follows:

                              ARTICLE 1  DEFINITIONS

          1.1  Definitions. All capitalized terms used herein as defined terms
and not defined herein shall have the meanings given to them in Annex A to the
Sale and Servicing Agreement or the Indenture.

          "Adjusted Commitment" shall mean on any date of determination, with
respect to a Committed Purchaser for a CP Conduit, such Committed Purchaser's
Commitment minus the sum of (a) the Class S Principal Balance held by such
Committed Purchaser plus (b) the aggregate outstanding principal amount of its
Support Advances to such CP Conduit (but excluding any Support Advances made to
fund such CP Conduit's obligations to pay interest, fees or other similar
amounts relating to the funding of its making or maintaining its purchases
hereunder).

          "Adjusted Eurodollar Rate" shall mean, for any Fixed Period, a rate
per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%)
equivalent to the rate determined pursuant to the following formula:

                                                LIBOR Rate
     Adjusted Eurodollar Rate     =     --------------------------
                                        1-LIBOR Reserve Percentage

on the first day of such Fixed Period.

          "Administrative Agent" has the meaning specified in the preamble to
this Agreement.

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          "AFC" has the meaning specified in the preamble to this Agreement and
includes any successor or permitted assignee thereof as provided in the
Indenture, the Sale and Servicing Agreement and this Agreement.

          "Affected Party" shall mean, with respect to any CP Conduit, any
Support Party of such CP Conduit or any related Agent.

          "Agent" has the meaning specified in the preamble to this Agreement.

          "Agreement" shall mean this Class S Note Purchase Agreement, as
amended, supplemented or otherwise modified from time to time.

          "Alternative Rate" for any Borrowing means a rate per annum equal to
the Applicable LIBOR Spread per annum above the Adjusted Eurodollar Rate for
such Borrowing; provided, however, that in the case of

          (a)  any Fixed Period on or after the first day on which a Committed
     Purchaser shall have notified the related Agent that the introduction of or
     any change in or in the interpretation of any law or regulation makes it
     unlawful, or any central bank or other governmental authority asserts that
     it is unlawful, for such Committed Purchaser to fund such Borrowing at the
     Alternative Rate set forth above (and such Committed Purchaser shall not
     have subsequently notified such Agent that such circumstances no longer
     exist),

          (b)  any Fixed Period of less than seven days,

          (c)  in the event the Adjusted Eurodollar Rate is not reasonably
     available to any Agent for such a Fixed Period or does not adequately and
     fairly reflect the cost to a Committed Purchaser of funding such Borrowing,
     or

          (d)  any Fixed Period as to which the related Borrowing will not be
     funded by issuance of commercial paper, as determined by the related Agent
     (on behalf of a Noncommitted Purchaser) later than 12:00 noon (New York
     City time) on the second Business Day preceding the first day of such Fixed
     Period,

the "Alternative Rate" shall be a floating rate per annum equal to the Prime
Rate in effect on each day of such Fixed Period; provided, further, that the
Administrative Agent (with the consent of the Committed Purchasers) and the
Issuer may agree in writing from time to time upon a different "Alternative
Rate."

          "AmeriCredit" has the meaning specified in the preamble to this
Agreement and includes any successor or permitted assignee thereof as provided
in the Indenture, the Sale and Servicing Agreement and this Agreement.

          "Applicable LIBOR Spread" shall mean, with respect to a Purchaser
Group, the rate identified as its "Applicable LIBOR Spread" in the Supplemental
Fee Letter to which the Agent for such Purchaser Group is a party.

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          "Assignee" and "Assignment" have the respective meanings specified in
subsection 8.1(e) of this Agreement.

          "Borrowing Notice" shall mean a notice, substantially in the form of
Exhibit D, delivered by the Issuer to the Administrative Agent and each Agent
pursuant to Section 12.6(b) of the Indenture and subsection 2.1(c) of this
Agreement, requesting an advance of an Additional Class S Principal Amount.

          "Class S Average Principal Balance" shall mean, with respect to any
period, the sum of the Class S Principal Balances for each of the days during
such period, divided by the number of days in such period.

          "Class S Commitment Fee" has the meaning specified in subsection
2.3(c) of this Agreement.

          "Class S Commitment Fee Rate" shall mean the applicable rate
identified as the "Class S Commitment Fee Rate" in the Supplemental Fee Letter
entered into on the Closing Date between the Issuer and the Administrative
Agent.

          "Class S Facility Limit" shall mean, for any day, the lesser of the
Class S Borrowing Base and the Total Commitment on such day.

          "Class S Mandatory Partial Amortization Amount" shall mean, with
respect to a Partial Expiration Event, the sum of (i) the aggregate Percentage
Interests of all Committed Purchasers which became Nonextending Class S
Purchasers upon the occurrence of such Partial Expiration Event, times the Class
S Principal Balance on the date on which such Partial Expiration Event occurred,
plus (ii) for each such Committed Purchaser, such Committed Purchaser's
Liquidity Percentage times its related CP Conduit's Percentage Interest of the
Class S Principal Balance on the date on which such Partial Expiration Event
occurred, in each case after giving effect to all purchases of and payments in
respect of the Class S Principal Balance occurring through and including such
date.

          "Class S Monthly Costs and Expenses" shall mean on any date of
determination any amounts then due and payable by the Issuer or either Seller
(determined without regard to limitations on the sources of payment thereof)
pursuant to this Agreement, other than Class S Monthly Interest and Fees and the
Class S Principal Balance.

          "Class S Monthly Interest and Fees" shall mean, for any Interest
Period, the sum of (i) interest on the Class S Principal Balance for the
Interest Period ended on the related Distribution Date computed pursuant to
subsection 2.3(a) or 2.3(b), as applicable, plus or minus (as the case may be)
(ii) any Estimated Interest Adjustment for the immediately preceding Interest
Period, plus (iii) the Class S Usage Fee with respect to such Interest Period,
plus (iv) the Class C Commitment Fee with respect to such Interest Period.

          "Class S Owners" shall mean the Class S Purchasers that are owners of
record of the Class S Notes or, with respect to any Class S Note held by an
Agent hereunder as nominee on behalf of Class S Purchasers in a Purchaser Group,
the Class S Purchasers that are beneficial

                                      - 4 -

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owners of such Class S Note as reflected on the books of such Agent in
accordance with this Agreement and the Related Documents.

          "Class S Principal Balance" shall mean, with respect to any date, an
amount equal to the excess of (a) the sum of (i) the Class S Initial Principal
Balance, plus (ii) the aggregate principal amounts of any Additional Class S
Principal Amounts advanced pursuant to Section 12.6(b) of the Indenture, over
(b) the aggregate amount of any principal payments made to Class S Owners
pursuant to the Sale and Servicing Agreement and the Indenture through and
including such date.

          "Class S Purchasers" shall mean, collectively, the CP Conduits and the
Committed Purchasers.

          "Class S Notes" has the meaning specified in the recitals to this
Agreement.

          "Class S Usage Fee" has the meaning specified in subsection 2.3(c) of
this Agreement.

          "Class S Usage Fee Rate" shall mean the applicable rate identified as
the "Class S Usage Fee Rate" in the Supplemental Fee Letter entered into on the
Closing Date between the Issuer and the Administrative Agent.

          "Collateral Receipt" means a Custodian's Acknowledgment in the form of
Schedule A to the Custodian Agreement.

          "Commercial Paper Notes" shall mean, with respect to a CP Conduit, the
short-term promissory notes or extendable money market notes issued by such CP
Conduit which are allocated by such CP Conduit as its funding for its purchasing
or maintaining its Percentage Interest of the Class S Principal Balance
hereunder.

          "Commercial Paper Rate" shall mean, with respect to a CP Conduit, the
rate identified as its "Commercial Paper Rate" in the Supplemental Fee Letter to
which such CP Conduit or its Agent is a party.

          "Commitment" shall mean, for any Committed Purchaser, the maximum
amount of such Class S Purchaser's commitment to purchase a portion of the Class
S Principal Balance, as set forth on Schedule I hereto or the Transfer
Supplement or Joinder Supplement by which such Committed Purchaser became a
party to this Agreement or assumed the Commitment (or a portion thereof) of
another Class S Purchaser, as such amount may be adjusted from time to time
pursuant to Section 2.2 of this Agreement or pursuant to Transfer Supplement(s)
executed by such Class S Purchaser and its Assignee(s) and delivered pursuant to
Section 8.1 of this Agreement. In the event that a Committed Purchaser which
maintains a portion of its Commitment hereunder in relation to more than one CP
Conduit, such Class S Purchaser shall be deemed to have issued separate
Commitments hereunder in each such capacity.

          "Commitment Termination Date" shall mean, with respect to a Committed
Purchaser, November 3, 2004, as such date may be extended by such Committed
Purchaser from time to time in accordance with subsection 2.2(c) hereof.

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          "Committed Purchaser" shall mean, with respect to a CP Conduit, each
Class S Purchaser identified as a Committed Purchaser for such CP Conduit on the
signature pages hereto or in the Transfer Supplement or Joinder Supplement
pursuant to which such CP Conduit became a party hereto, and any Assignee of
such Class S Purchaser to the extent such Assignee has assumed, pursuant to a
Transfer Supplement, the Commitment of such Class S Purchaser.

          "Conduit Borrower" shall mean an entity which is designated as a
Conduit Borrower on the signature pages hereto or in the Transfer Supplement or
Joinder Supplement pursuant to which it became a party to this Agreement, which
entity will fund its purchases of Class S Notes hereunder by borrowing from a
specified financing conduit.

          "CP Conduit" shall mean any Class S Purchaser which is designated as a
CP Conduit on the signature pages hereto or in the Transfer Supplement or
Joinder Supplement pursuant to which it became a party to this Agreement;
provided, however, that if the entity signing this Agreement or such Transfer
Supplement or Joinder Supplement specifies on the related signature page that it
is a Conduit Borrower with respect to a financing conduit identified on such
signature page, then, with respect to such Class C Purchaser, "CP Conduit" shall
mean, collectively, such Conduit Borrower and such specified financing conduit.

          "DBNY" has the meaning specified in the preamble to this Agreement.

          "Dissenting Purchaser" has the meaning specified in subsection 2.2(c)
of this Agreement.

          "Downgraded Purchaser" has the meaning specified in subsection 8.1(j)
of this Agreement.

          "Election Period" has the meaning specified in subsection 2.2(c) of
this Agreement.

          "Estimated Interest Adjustment" has the meaning specified in
subsection 2.3(i) of this Agreement.

          "Excluded Taxes" has the meaning specified in subsection 2.5(a) of
this Agreement.

          "Fixed Period" means with respect to any Borrowing (or portion
thereof):

          (a)  the period commencing on the date of the initial funding of such
     Borrowing (or such portion) and ending one day thereafter (or such other
     number of days thereafter as the Issuer and the Agents shall mutually
     agree); and

          (b)  thereafter, each period commencing on the last day of the
     immediately preceding Fixed Period for such Borrowing (or such portion) and
     ending one day thereafter (or such other number of days thereafter as the
     Issuer and the Agents shall mutually agree);

          provided, however, that:

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               (i)    any Fixed Period in respect of which interest on the Class
          S Notes is computed by reference to the Alternative Rate shall be a
          period of from one to and including 29 days (if reasonably available
          to the Agents), or a period of one month (or such longer period as is
          agreed to by the Issuer and the Agents), as the Issuer may select by
          written notice to the Agents furnished not later than 12:00 noon (New
          York City time) on the second Business Day preceding the first day of
          such Fixed Period;

               (ii)   any such Fixed Period (other than a Fixed Period
          consisting of one day) that would otherwise end on a day that is not a
          Business Day shall be extended to the next succeeding Business Day
          (unless the related Borrowing shall be accruing interest at a rate
          determined by reference to the LIBOR Rate, in which case if such
          succeeding Business Day is in a different calendar month, such Fixed
          Period shall instead be shortened to the next preceding Business Day);

               (iii)  in the case of Fixed Periods of one day, (A) the initial
          Fixed Period shall be the day of the initial funding of such
          Borrowing, and (B) any subsequently occurring Fixed Period that is one
          day shall, if the immediately preceding Fixed Period is more than one
          day, be the last day of such immediately preceding Fixed Period, and
          if the immediately preceding Fixed Period is one day, shall be the
          next day following such immediately preceding Fixed Period;

               (iv)   if any Fixed Period for any Borrowing that commences
          before the Stated Maturity Date would otherwise end on a date
          occurring after the Stated Maturity Date, such Fixed Period shall end
          on the Stated Maturity Date and the duration of each such Fixed Period
          that commences on or after the Stated Maturity Date or the date on
          which the payment of principal on the Notes has been accelerated, if
          any, shall be of such duration as shall be selected by the Agents; and

               (v)    if the Alternative Rate becomes applicable to any
          Borrowing previously funded at the Commercial Paper Rate or if the
          Alternative Rate applicable to any Borrowing changes from the Adjusted
          Eurodollar Rate to the Prime Rate, the Fixed Period previously
          selected for such Borrowing shall terminate and the Fixed Period for
          such Borrowing shall be that selected by the Issuer by written notice
          to the Agents after it receives notice of such change.

          "Governmental Authority" shall mean any nation or government, any
state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

          "Indemnitee" has the meaning specified in subsection 2.6(a) of this
Agreement.

          "Indenture" has the meaning specified in the recitals to this
Agreement.

          "Interest Period" shall mean, with respect to any Distribution Date,
the period from and including the Distribution Date immediately preceding such
Distribution Date (or, in

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the case of the first Distribution Date, from and including the Closing Date) to
but excluding such Distribution Date.

          "Interest Rate Determination Date" shall mean, for any Interest
Period, the Business Day immediately preceding the Determination Date for such
Interest Period.

          "Investing Office" shall mean initially, the office of any Class S
Purchaser (if any) designated as such, on the signature pages hereto or in the
Transfer Supplement or the Joinder Supplement by which it became a party to this
Agreement, and thereafter, such other office of such Class S Purchaser or such
Assignee as may be designated in writing to the applicable Agent, the
Administrative Agent, the Servicer and the Trustee by such Class S Purchaser or
Assignee.

          "Joinder Supplement" means an agreement among one or more Class S
Purchasers, the Issuer, AmeriCredit, an Agent and the Administrative Agent in
the form of Exhibit C hereto (appropriately completed).

          "LIBOR Rate" shall mean, with respect to any Fixed Period, the rate
per annum shown on Telerate Page 3750 as the composite offered rate for London
interbank deposits for a period equal to such Fixed Period, as shown under the
heading "USD" as of 11:00 a.m., London time, two Business Days prior to the
first day of such Fixed Period; provided that in the event no such rate is
shown, the LIBOR Rate shall be the rate per annum based on the rates at which
Dollar deposits for a period equal to such Fixed Period are displayed on page
"LIBOR" of the Reuters Monitor Money Rates Service or such other page as may
replace the LIBOR page on that service for the purpose of displaying London
interbank offered rates of major banks as of 11:00 a.m., London time, two London
Business Days prior to the first day of such Fixed Period (it being understood
that if at least two such rates appear on such page, the rate will be the
arithmetic mean of such displayed rates); provided further that in the event
fewer than two such rates are displayed, or if no such rate is relevant, the
LIBOR Rate shall be a rate per annum at which deposits in Dollars are offered by
the principal office of Deutsche Bank AG in London, England to prime banks in
the London interbank market at 11:00 A.M. (London time) two Business Days before
the first day of such Fixed Period for delivery on such first day and for a
period equal to such Fixed Period.

          "LIBOR Reserve Percentage" shall mean, with respect to any Fixed
Period, a percentage (expressed as a decimal) equal to the weighted average of
the percentages in effect during such Interest Period, as prescribed by the
Board of Governors of the Federal Reserve System (or any successor thereto) for
determining the maximum reserve requirements applicable to "Eurocurrency
liabilities" pursuant to Regulation D or any other applicable regulation of the
Federal Reserve Board (or any successor thereto) which prescribes reserve
requirements applicable to "Eurocurrency liabilities" as currently defined in
Regulation D.

          "Liquidity Percentage" shall mean, for a Committed Purchaser for a CP
Conduit, such Committed Purchaser's Adjusted Commitment with respect to such CP
Conduit as a percentage of the aggregate Adjusted Commitments of all Committed
Purchasers for such CP Conduit.

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          "Majority Class S Owners" shall mean, at any time, Class S Owners
having more than 51% of the aggregate Percentage Interests of all Class S
Owners.

          "Majority Class S Purchasers" shall mean, at any time, Committed
Purchasers having Commitments aggregating more than 51% of the Total Commitment.

          "Maximum Purchase Amount" shall mean, for any CP Conduit, the
aggregate Commitments of its Committed Purchasers, as set forth on Schedule I
hereto.

          "Nonextending Class S Purchaser" shall mean, after its respective
Commitment Termination Date, each Committed Purchaser which has declined to
extend such Commitment Termination Date in accordance with subsection 2.2(c)
hereof.

          "Partial Expiration Event" has the meaning specified in subsection
2.2(c) of this Agreement.

          "Participant" has the meaning specified in subsection 8.1(d) of this
Agreement.

          "Participation" has the meaning specified in subsection 8.1(d) of the
Agreement.

          "Percentage Interest" shall mean, as to any Class S Purchaser at any
time of determination, the percentage equivalent of a fraction the numerator of
which shall be an amount equal to the portion of the unpaid principal amount of
the Class S Principal Balance owing to such Class S Purchaser (or, if no amount
of the Class S Principal Balance is outstanding, the amount of its Commitment,
if any) at such time (after giving effect to all Assignments effective on or
prior to such time of determination) and the denominator of which shall be an
amount equal to the aggregate Class S Principal Balance (or, if no amount of the
Class S Principal Balance is outstanding, the Total Commitment) at such time.

          "Permitted Transferee" shall mean (i) each Class S Purchaser, each
Support Party, each Agent (in its individual capacity), the Administrative Agent
(in its individual capacity) and, with respect to each transferring Class S
Purchaser, any commercial paper conduit administered by the related Agent, (ii)
each other Person who has been consented to as a potential Transferee by the
Sellers (which consent shall not be withheld (except for a commercially
reasonable purpose or reason) or delayed) and (iii) after the occurrence of an
Event of Default, any other Person.

          "Prime Rate" shall mean, for any day, a fluctuating rate of interest
per annum equal to the higher of: (i) a fluctuating rate of interest per annum
equal to the "Prime Rate" most recently published in the Wall Street Journal and
described as "the base rate on corporate loans posted by at least 75% of the
nation's 30 largest banks", and (ii) 0.50% above the rate per annum at which
Deutsche Bank AG, New York Branch, as a branch of a foreign bank, in its
reasonable discretion, can acquire federal funds in the interbank overnight
federal funds market, through brokers of recognized standing or otherwise, as
most recently determined by Deutsche Bank AG, New York Branch. The Prime Rate is
not necessarily intended to be the lowest rate of interest determined by
Deutsche Bank AG or Deutsche Bank AG, New York Branch, in connection with
extensions of credit.

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          "Purchase Date" shall mean the Closing Date and each Borrowing Date.

          "Purchase Termination Date" shall mean, for each Class S Purchaser,
the earliest to occur of (i) the Commitment Termination Date for such Purchaser
or, with respect to a Class S Purchaser which is a CP Conduit, the first date on
which Commitment Termination Dates for all its Committed Purchasers have
occurred, (ii) the date of any termination of the Total Commitment, in whole, by
the Issuer pursuant to Section 2.2 and (iii) the effective date on which the
Commitments are terminated or deemed terminated pursuant to Section 2.8.

          "Purchaser Group" shall mean each group of Class S Purchasers
consisting of (i) a CP Conduit, and (ii) the Committed Purchasers with respect
to such CP Conduit. The initial Class S Purchaser Group shall be the Gemini
Purchaser Group, which shall consist of Gemini Securitization Corp., as the CP
Conduit, and DBNY, as the Committed Purchaser. The Agent for the Gemini
Purchaser Group shall be DBNY.

          "Purchaser Percentage" shall mean, with respect to a CP Conduit, its
Maximum Purchase Amount as a percentage of the Total Commitment.

          "Regulatory Change" shall mean, as to each Class S Purchaser, any
change occurring after the date of the execution and delivery of this Agreement
or, if later, the date of the execution and delivery of the Transfer Supplement
or the Joinder Supplement by which it became party to this Agreement; in the
case of a Participant, any change occurring after the date on which its
Participation became effective, or in the case of a Support Party, any change
occurring after the date it became such a Support Party, in any (or the adoption
after such date of any new):

               (i)    United States Federal or state law or foreign law
     applicable to such Class S Purchaser, Participant or Support Party; or

               (ii)   regulation, interpretation, directive, guideline or
     request (whether or not having the force of law) applicable to such Class S
     Purchaser, Participant or Support Party of any court or other judicial
     authority or any Governmental Authority charged with the interpretation or
     administration of any law referred to in clause (i) or of any fiscal,
     monetary or other Governmental Authority or central bank having
     jurisdiction over such Class S Purchaser, Participant or Support Party.

          "Related Documents" shall mean, collectively, this Agreement
(including all effective Supplemental Fee Letters, Transfer Supplements, and
Joinder Supplements), the other Note Purchase Agreements, the Indenture, the
Sale and Servicing Agreement, the Notes, and all supplements, agreements and
instruments related thereto.

          "Replacement Purchaser" has the meaning specified in subsection
2.5(d).

          "Required Class S Owners" shall mean, at any time, Class S Owners
having more than 66-2/3% of the aggregate Percentage Interests of all Class S
Owners.

          "Required Class S Purchasers" shall mean, at any time, Committed
Purchasers having Commitments aggregating more than 66-2/3% of the Total
Commitment.

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          "Requirement of Law" shall mean, as to any Person, any law, treaty,
rule or regulation, or determination of an arbitrator or Governmental Authority,
in each case applicable to or binding upon such Person or to which such Person
is subject, whether federal, state or local (including usury laws, the Federal
Truth in Lending Act and Regulation Z and Regulation B of the Board of Governors
of the Federal Reserve System).

          "Reserve Account" has the meaning specified in the recitals to this
Agreement.

          "Sale and Servicing Agreement" has the meaning specified in the
recitals to this Agreement.

          "Supplemental Fee Letter" shall mean each letter agreement, designated
therein as a Supplemental Fee Letter and then in effect, between the Sellers and
an Agent or the Administrative Agent, as such letter agreement may be amended or
otherwise modified from time to time.

          "Support Advances" shall mean, with respect to a Committed Purchaser
and its related CP Conduit, any participation held by such Committed Purchaser
in such CP Conduit's Percentage Interest in the Class S Principal Balance which
was purchased from such CP Conduit pursuant to a Support Facility and any loans
or other advances made by such Committed Purchaser to such CP Conduit pursuant
to a Support Facility to fund such CP Conduit's making or maintaining its
purchases hereunder.

          "Support Facility" shall mean any liquidity or credit support
agreement with a CP Conduit which relates to this Agreement (including any
agreement to purchase an assignment of or participation in Class S Notes).

          "Support Party" shall mean any other bank, insurance company or other
financial institution extending or having a commitment to extend funds to or for
the account of a CP Conduit (including by agreement to purchase an assignment of
or participation in Class S Notes or by swap agreement) under a Support
Facility. Each Committed Purchaser for a CP Conduit (other than a Committed
Purchaser which is also a CP Conduit) shall be deemed to be a Support Party for
such CP Conduit.

          "Taxes" has the meaning specified in subsection 2.5(a) of this
Agreement.

          "Telerate Page 3750" shall mean the display page currently so
designated on the Bridge Telerate Markets Report (or such other page as may
replace that page on that service or any service which is a successor thereto
for the purpose of displaying comparable rates or prices).

          "Termination Date" shall mean the first date on which the Purchase
Termination Date for all Class S Purchasers has occurred.

          "Termination Event" shall mean:

          (a)  the occurrence of any Event of Default or Servicer Termination
Event or the occurrence of an event or condition which would be an Event of
Default or Servicer

                                     - 11 -

<PAGE>

Termination Event but for a waiver of such event by the Noteholders or the
Trustee (unless waived by the Required Class S Owners and Required Class S
Purchasers);

          (b)  any breach on the part of the Issuer, AFC, either Seller,
AmeriCredit or the Servicer of any representation or warranty made or deemed
made in this Agreement, which breach continues unremedied for a period of 30
days after the earlier of the date on which the Issuer, AFC, such Seller,
AmeriCredit or the Servicer, as the case may be, shall have had actual knowledge
of such breach and the date on which written notice thereof, requiring the same
to be remedied, shall have been given to the Issuer, AFC, such Seller,
AmeriCredit or the Servicer, as the case may be, by the Administrative Agent,
Required Class S Owners or Required Class S Purchasers; provided, however, that
a Termination Event shall be deemed not to have occurred under this clause (b)
with respect to a breach of a representation or warranty made or deemed made in
this Agreement with respect to a Receivable if the Seller has accepted
reassignment of such Receivable in accordance with the terms and conditions of
the Sale and Servicing Agreement;

          (c)  any failure on the part of the Issuer, AFC, either Seller,
AmeriCredit or the Servicer duly to observe or perform in any material respect
any of the covenants or agreements on its part to be observed or performed
contained in this Agreement (other than as provided in clauses (a) or (b) above)
which continues unremedied for a period of 30 days after the earlier of the date
on which the Issuer, AFC, such Seller, AmeriCredit or the Servicer, as the case
may be, shall have had actual knowledge of such breach and the date on which
written notice thereof, requiring the same to be remedied, shall have been given
to the Issuer, AFC, such Seller, AmeriCredit or the Servicer, as the case may
be, by the Administrative Agent, Required Class S Owners or Required Class S
Purchasers.

          "Total Commitment" shall mean, on any date of determination, the
aggregate Commitments of the Committed Purchasers.

          "Transfer" has the meaning specified in subsection 8.1(c) of this
Agreement.

          "Transfer Supplement" has the meaning specified in subsection 8.1(e)
of this Agreement.

          "Transferee" has the meaning specified in subsection 8.1(c) of this
Agreement.

          "Trustee" has the meaning specified in the recitals to this Agreement.

          "written" or "in writing" (and other variations thereof) shall mean
any form of written communication or a communication by means of telex,
telecopier device, telegraph or cable.

          1.2  Other Definitional Provisions.

          (a)  Unless otherwise specified therein, all terms defined in this
Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto.

                                     - 12 -

<PAGE>

          (b)  The words "hereof", "herein", and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; and Section,
subsection and Exhibit references are to this Agreement, unless otherwise
specified. The words "including" and "include" shall be deemed to be followed by
the words "without limitation".

                    ARTICLE 2  AMOUNT AND TERMS OF COMMITMENTS

          2.1  Purchases.

          (a)  On and subject to the terms and conditions of this Agreement, on
the Closing Date each initial CP Conduit may, in its sole discretion, purchase
its Purchaser Percentage of the Class S Initial Principal Balance for a purchase
price equal to the portion the Class S Initial Principal Balance so purchased.

          (b)  On and subject to the terms and conditions of this Agreement and
prior to the related Purchase Termination Date, each CP Conduit may, in its sole
discretion, purchase its Purchaser Percentage of any Additional Class S
Principal Amount offered for purchase pursuant to Section 12.6(b) of the
Indenture and subsection 2.1(c) hereof.

          (c)  Each purchase of any Additional Class S Principal Amount
hereunder on the applicable Borrowing Date shall be in accordance with the
provisions of Section 12.6(b) of the Indenture upon delivery of a Borrowing
Notice by the Issuer to the Administrative Agent received no later than 10:00
a.m., New York City time, on the applicable Borrowing Date. Each Borrowing
Notice shall (i) identify the relevant Borrowing Date, (ii) set forth the
Additional Class S Principal Amount which is requested from the Class S
Purchasers on such Borrowing Date, (iii) specify an account in the United States
to which payment for the purchase price of such Additional Class S Principal
Amount is to be made, and (iv) certify that the applicable conditions to the
purchase of such Additional Class S Principal Amount contained in Section 3.2
hereto have been satisfied. The Administrative Agent shall promptly forward a
copy of each Borrowing Notice received by it to each Agent and each Class S
Purchaser by telecopier.

          (d)  Each CP Conduit shall notify the Agent for its Purchaser Group by
10:00 a.m., New York City time, on the applicable Purchase Date whether it has
elected to make the purchase offered to it pursuant to subsection 2.1(a) or
2.1(b) of this Agreement. In the event that a CP Conduit shall not have timely
provided such notice, such CP Conduit shall be deemed to have elected not to
make such purchase. Such Agent shall notify each Committed Purchaser for such CP
Conduit on or prior to 11:00 a.m., New York City time, on the applicable
Purchase Date if such CP Conduit has not elected to purchase its entire
Purchaser Percentage of the Class S Initial Principal Balance or the Additional
Class S Principal Amount, as the case may be, which notice shall specify (i) the
identity of such CP Conduit, (ii) the portion of the Class S Initial Principal
Balance or the Additional Class S Principal Amount, as the case may be, which
such CP Conduit has not elected to purchase as provided above, and (iii) the
respective Liquidity Percentages of such Committed Purchasers on such Purchase
Date (as determined by such Agent in good faith; for purposes of such
determination, such Agent shall be entitled to rely conclusively on the most
recent information provided by such CP Conduit or its agent or by the agent for
its Support Parties). Subject to receiving such notice and to the satisfaction
of the

                                     - 13 -

<PAGE>

applicable conditions set forth in Article 3 hereof, each of such CP Conduit's
Committed Purchasers shall make a purchase of Class S Notes on the applicable
Purchase Date in an amount equal to its Liquidity Percentage of the portion of
the Class S Initial Principal Balance or the Additional Class S Principal
Amount, as the case may be, which such CP Conduit has not elected to purchase,
for a purchase price equal to its share of the Class S Initial Principal Balance
or the Additional Class S Principal Amount, as applicable, so purchased.

          (e)  Each Class S Purchaser's purchase price payable pursuant to
subsection 2.1(a), 2.1(b) or 2.1(d) of this Agreement shall be made available to
the Agent for its Purchaser Group, subject to the fulfillment of the applicable
conditions set forth in Article 3 hereof, at or prior to 2:00 p.m., New York
City time, on the applicable Purchase Date, by deposit of immediately available
funds to an account of such Agent specified in subsection 9.2(b) of this
Agreement. Such Agent shall promptly notify the Servicer in the event that any
Class S Purchaser either fails to make such funds available to such Agent before
such time or notifies such Agent that it will not make such funds available to
such Agent before such time. Subject to (i) such Agent's receipt of such funds
and (ii) the fulfillment of the applicable conditions set forth in Article 3
hereof, as determined by such Agent, such Agent will not later than 4:00 p.m.,
New York City time, on such Purchase Date make such funds available, in the same
type of funds received, by wire transfer thereof to the account in the United
States specified by the Issuer in the applicable Borrowing Notice or, in the
case of the purchase on the Closing Date, specified in writing by the Issuer to
such Agent not later than the Business Day prior to the Closing Date.

          (f)  In the event that notwithstanding the fulfillment of the
applicable conditions set forth in Article 3 hereof with respect to a purchase,
a CP Conduit elected to make a purchase on a Purchase Date but failed to make
its purchase price available to the Agent for its Purchaser Group when required
by subsection 2.1(e) of this Agreement, such CP Conduit shall be deemed to have
rescinded its election to make such purchase, and neither the Issuer nor any
other party shall have any claim against such CP Conduit by reason of its
failure to timely make such purchase. In any such case, such Agent shall give
notice of such failure not later than 2:30 p.m., New York City time, on the
Purchase Date to each Committed Purchaser for such CP Conduit and to the Issuer
and the Servicer, which notice shall specify (i) the identity of such CP
Conduit, (ii) the amount of the purchase which it had elected but failed to make
and (iii) the respective Liquidity Percentages of such Committed Purchasers on
such Purchase Date (as determined by such Agent in good faith; for purposes of
such determination, such Agent shall be entitled to rely conclusively on the
most recent information provided by such CP Conduit or its agent or by the agent
for its Support Parties). Subject to receiving such notice, each of such CP
Conduit's Committed Purchasers shall purchase a portion of the Class S Principal
Balance in an amount equal to its Liquidity Percentage of the amount described
in clause (ii) above at or before 4:00 p.m., New York City time, on such
Purchase Date and otherwise in accordance with subsection 2.1(d) of this
Agreement. Subject to such Agent's receipt of such funds, such Agent will not
later than 5:00 p.m., New York City time, on such Purchase Date make such funds
available, in the same type of funds received, by wire transfer thereof to the
account of the Issuer described in subsection 2.1(e) of this Agreement, which
payment shall be deemed to be timely for purposes of the Indenture.

          (g)  In no event shall a Committed Purchaser be required on any date
to purchase an Additional Class S Principal Amount which would result in its
Percentage Interest of

                                     - 14 -

<PAGE>

the Class S Principal Balance, determined after giving effect to such purchase,
exceeding its Commitment. In no event may any Additional Class S Principal
Amount be offered for purchase hereunder or under Section 12.6(b) of the
Indenture, nor shall any Class S Purchaser be obligated to purchase any
Additional Class S Principal Amount, to the extent that, after giving effect to
such Additional Class S Principal Amount, the Class S Principal Balance would
exceed the Class S Facility Limit.

          2.2  Reductions and Extensions of Commitments.

          (a)  At any time the Issuer may, upon at least two Business Days'
prior written notice to the Administrative Agent, reduce the Total Commitment.
Each partial reduction shall be in an aggregate amount of $25,000,000 or
integral multiples of $5,000,000 in excess thereof (or such other amount
requested by the Issuer to which the Administrative Agent consents). Reductions
of the aggregate Commitments pursuant to this subsection 2.2(a) of this
Agreement shall be allocated (x) to the Maximum Purchase Amount of each CP
Conduit, pro rata based on the Purchaser Percentage represented by such Maximum
Purchase Amount, and (y) to the aggregate Commitments of Committed Purchasers
for each CP Conduit pro rata based on their respective Liquidity Percentages,
provided that if the Commercial Paper Notes of any CP Conduit are not rated at
least A-1 or the equivalent by any two of S&P, Moody's and Fitch Rating
Services, the Issuer may allocate a non-pro rata portion of any such reduction
to the Maximum Purchase Amount of such CP Conduit and may allocate a non-pro
rata portion of any such reduction to the Commitment of any Committed Purchaser
for such CP Conduit which is a Downgraded Purchaser.

          (b)  On the Purchase Termination Date for a Committed Purchaser, the
Commitment of such Class S Purchaser shall be automatically reduced to zero.

          (c)  So long as no Termination Event has occurred and is continuing,
no more than 60 and no less than 30 days prior to the applicable Commitment
Termination Date, the Issuer may request, through the Administrative Agent, the
Issuer may request, through the Administrative Agent, that each Class S
Purchaser consent to an extension of the Commitment Termination Date for a
364-day period as herein provided, which decision will be made by each Class S
Purchaser in its sole discretion. Upon receipt of any such request, the
Administrative Agent shall promptly notify each Agent thereof, which shall
notify each Class S Purchaser in its Purchaser Group thereof. Not more than 30
days following the date of a request for an extension (such 30-day period, the
"Election Period"), each Class S Purchaser shall notify the Agent for its
Purchaser Group of its willingness or refusal to so consent to an extension of
the Commitment Termination Date, and such Agent shall notify the Issuer and the
Administrative Agent of such willingness or refusal by each Class S Purchaser
not later than the Business Day following the last day of the Election Period.
Any Class S Purchaser which notifies the applicable Agent of its refusal to
consent to the extension or which does not expressly notify such Agent that it
is willing to consent to an extension of the Commitment Termination Date during
the applicable Election Period shall be deemed to be a (x) Nonextending Class S
Purchaser after the Commitment Termination Date then in effect (such occurrence,
unless such Nonextending Class S Purchaser is replaced pursuant to subsection
2.2(d) of this Agreement or unless the Purchase Termination Date shall have
occurred, a "Partial Expiration Event") and (y) "Dissenting Purchaser" from the
date of its refusal notice or the end of the applicable Election Period. If a

                                     - 15 -

<PAGE>

Class S Purchaser has agreed to extend its Commitment Termination Date, and, at
the end of the applicable Election Period no Termination Event shall have
occurred, the Commitment Termination Date for such Class S Purchaser then in
effect shall be extended to the date which is 364 days following the first day
of the Election Period or, if such day is not a Business Day, the next preceding
Business Day.

          (d)  Within two Business Days following the end of an Election Period,
the Agent for each Purchaser Group shall notify each other Class S Purchaser in
such Purchaser Group, the Administrative Agent, the Issuer and the Servicer of
the identity of any Dissenting Purchaser and the amount of its Commitment, if
any. Any of such Agent, the Issuer or, if the Dissenting Purchaser is a
Committed Purchaser, the affected CP Conduit, may (but shall not be required to)
request one or more other Class S Purchasers in such Purchaser Group, with the
consent of the Agent (which shall not be unreasonably withheld) and, if the
Dissenting Purchaser is a Committed Purchaser, the affected CP Conduit in its
sole discretion, or seek another financial institution reasonably acceptable to
such Agent and, if the Dissenting Purchaser is a Committed Purchaser acceptable
to the affected CP Conduit in its sole discretion, to acquire all or a portion
of the Commitment of the Dissenting Purchaser and all amounts payable to it
hereunder and under the Sale and Servicing Agreement and the Indenture in
accordance with Section 8.1 of this Agreement. Each Dissenting Purchaser hereby
agrees to assign all or a portion of its Commitment and the amounts payable to
it hereunder and under the Sale and Servicing Agreement and the Indenture to a
replacement investor identified by the Agent for its Purchaser Group in
accordance with the preceding sentence, subject to ratable payment of such
Dissenting Purchaser's Percentage Interest of the Class S Principal Balance,
together with all accrued and unpaid interest thereon, and a ratable portion of
all fees and other amounts due to it hereunder.

          (e)  If a Partial Expiration Event shall have occurred, the Issuer
shall give a notice pursuant to Section 10.4 of the Indenture to cause a Limited
Amortization Period to commence with the first Collection Period after the
applicable Commitment Termination Date, and shall specify with respect to such
Limited Amortization Period a Class S Limited Amortization Amount at least equal
to the related Class S Mandatory Partial Amortization Amount.

          2.3  Interest, Fees, Expenses, Payments, Etc.

          (a)  Interest shall accrue on the Class S Principal Balance during
each Interest Period at the following rates:

               (i)    Each CP Conduit's Percentage Interest of the Class S
     Principal Balance shall bear interest on each day during each Interest
     Period at a rate per annum equal to such CP Conduit's Commercial Paper Rate
     for such day, except as otherwise provided in clause (ii) below.

               (ii)   If and to the extent that, and only for so long as, a CP
     Conduit at any time determines in good faith that it is unable to raise or
     is precluded or prohibited from raising, or that it is not advisable to
     raise, funds through the issuance of Commercial Paper Notes in the
     commercial paper market of the United States to finance its purchase

                                     - 16 -

<PAGE>

     or maintenance of its Percentage Interest of the Class S Principal Balance
     or any portion thereof (which determination may be based on any allocation
     method employed in good faith by such CP Conduit), including by reason of
     market conditions or by reason of insufficient availability under any of
     its Support Facilities or the downgrading of any of its Support Parties,
     upon notice from such CP Conduit to the Agent for its Purchaser Group and
     the Administrative Agent, such portion of such CP Conduit's Percentage
     Interest of the Class S Principal Balance shall bear interest at a rate per
     annum equal to the Alternative Rate, rather than as otherwise determined
     pursuant to clause (i) above.

               (iii)  Each Committed Purchaser's (other than a Committed
     Purchaser which is a CP Conduit) Percentage Interest of the Class S
     Principal Balance shall bear interest for each Interest Period at a rate
     per annum equal to the Alternative Rate.

          (b)  [Reserved]

          (c)  The Class S Purchasers shall be entitled to be paid, as a part of
Class S Monthly Interest and Fees payable on each Distribution Date, (i) a fee
(the "Class S Usage Fee") in the aggregate amount equal to the Class S Average
Principal Balance for the immediately preceding Interest Period times a rate per
annum equal to the Class S Usage Fee Rate, plus (ii) a fee (the "Class S
Commitment Fee") in the aggregate amount equal to (A) the Total Commitment times
(B) a rate per annum equal to the Class S Commitment Fee Rate. In addition, the
Issuer agrees to pay to the Administrative Agent, for the account of itself or
the Agents and Class S Purchasers, as the case may be, the amounts set forth in
Section 1 of the Supplemental Fee Letter entered into on the Initial Closing
Date between the Issuer and the Administrative Agent at the times specified
therein.

          (d)  The principal of and Class S Monthly Interest and Fees in respect
of the Class S Notes shall be paid as provided in the Sale and Servicing
Agreement and the Indenture. In the case of Class S Notes held by an Agent as
agent for members of its Purchaser Group, such Agent shall allocate to the Class
S Owners in its Purchaser Group each payment in respect of the Class S Notes
received by such Agent in its capacity as Class S Noteholder as provided herein.
Payments in reduction of the portion of the Class S Principal Balance evidenced
by a Class S Note shall be allocated and applied to Class S Owners of such Class
S Note pro rata based on their respective Percentage Interests of the Class S
Principal Balance, or in any such case in such other proportions as each
affected Class S Purchaser may agree upon in writing from time to time with such
Agent and the Issuer; provided that from and after the occurrence of a Partial
Expiration Event until the earlier to occur of (i) the Purchase Termination Date
and (ii) the date on which (A) the aggregate amount of payments in reduction of
the Class S Principal Balance made after the date of the occurrence of the
related Partial Expiration Event equals (B) the related Class S Mandatory
Partial Amortization Amount, payments in reduction of the portion of the Class S
Principal Balance shall be allocated and applied to Nonextending Class S
Purchasers and related CP Conduits pro rata based on their respective shares of
the Class S Principal Balance which were used to determine such Class S
Mandatory Partial Amortization Amount. Payments of interest in respect of the
portion of the Class S Principal Balance evidenced by a Class S Note shall be
allocated and applied to Class S Owners of such Class S Note pro rata based upon
the respective amounts of interest due and payable to them, determined as
provided above in subsection 2.3(a). Payments of the Class S Usage Fee shall be
allocated and paid to

                                     - 17 -

<PAGE>

Class S Owners pro rata based upon their respective interest in the Class S
Principal Balance for the applicable Interest Period. Payments of the Class S
Commitment Fee shall be allocated and paid to the Agent for each Purchaser Group
pro rata based on the aggregate Commitments of the Class S Purchasers in such
Purchaser Group. Each Class S Purchaser in a Purchaser Group shall be entitled
to receive the share of the Class S Commitment Fee allocated to such Purchaser
Group as may be agreed upon from time to time between such Class S Purchaser and
the Agent for such Purchaser Group.

          (e)  Any principal, interest (including interest payable pursuant to
this clause (e)), fees or other amounts due and payable hereunder (without
regard to any limitations set forth herein on the sources from which such amount
may be paid) which are not paid to the Administrative Agent or the Agents, as
the case may be, prior to the times set forth in Section 2.3(g) on the due date
thereof (whether due pursuant to acceleration or otherwise) shall accrue
interest (after as well as before judgment) at the Prime Rate from time to time
in effect plus 2.0% per annum from and including the due date thereof to but
excluding the date such amount is actually paid. Accrued and unpaid interest in
respect of overdue Class S Monthly Interest and Fees, shall be payable as a part
of Class S Monthly Interest and Fees on each Distribution Date. Any overdue
principal, any accrued and unpaid interest payable pursuant to this subsection
2.3(e) in respect of overdue fees or other amounts not described in the
preceding sentence shall be payable on demand and in any event on each
Distribution Date by the party obligated to pay such overdue amount.

          (f)  Unless otherwise specified in an applicable Supplemental Fee
Letter, interest calculated by reference to the Commercial Paper Rate or the
Adjusted Eurodollar Rate shall be calculated on the basis of a 360-day year for
the actual days elapsed. Interest calculated by reference to the Prime Rate
shall be calculated on the basis of a 365- or 366-day year, as applicable, for
the actual days elapsed. Class S Usage Fees, Class S Commitment Fees and other
periodic fees or amounts payable hereunder shall be calculated, unless otherwise
specified in the Supplemental Fee Letter, on the basis of a 360-day year and for
the actual days elapsed.

          (g)  All payments to be made hereunder or under the Sale and Servicing
Agreement or the Indenture, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim in United States dollars
and in immediately available funds and shall be made (x) in the case of payments
due on an Interim Distribution Date, prior to 2:30 p.m., New York City time, on
the due date thereof to each Agent at its account specified on the signature
pages hereof or as otherwise directed pursuant to subsection 9.2(b) hereof, and
(y) in the case of all other payments, including payments due on Distribution
Dates, prior to 12:00 noon, New York City time, on the due date thereof to the
Administrative Agent at its account specified in subsection 9.2(b) hereof.
Payments received by an Agent or the Administrative Agent after 2:30 p.m., New
York City time, shall be deemed to have been made on the next Business Day. The
Administrative Agent will distribute such payments received by it to the Agents
promptly upon receipt, but no later than 2:00 p.m., New York City time, on the
day received if such payment is received prior to 12:00 noon, New York City
time, and no later than noon, New York City time, on the Business Day after such
payment is received if received after 12:00 noon, New York City time.
Notwithstanding anything herein to the contrary, if any payment due hereunder
becomes due and payable on a day other than a Business Day, the payment date
thereof shall be extended to the next succeeding Business Day and interest shall

                                     - 18 -

<PAGE>

accrue thereon at the applicable rate during such extension. To the extent that
(i) the Trustee, the Issuer or the Servicer makes a payment to the
Administrative Agent or an Agent or Class S Purchaser or (ii) the Administrative
Agent or an Agent or Class S Purchaser receives or is deemed to have received
any payment or proceeds for application to an obligation, which payment or
proceeds or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party under any bankruptcy or insolvency law, state or
Federal law, common law, or for equitable cause, then, to the extent such
payment or proceeds are set aside, the obligation or part thereof intended to be
satisfied shall be revived and continue in full force and effect, as if such
payment or proceeds had not been received or deemed received by the
Administrative Agent or such Agent or Class S Purchaser, as the case may be.

          (h)  If its Percentage Interest of the Class S Principal Balance then
exceeds zero, each CP Conduit shall notify the Agent for its Purchaser Group at
or before 4:00 p.m. on the date on which the Alternative Rate becomes applicable
to its Percentage Interest of the Class S Principal Balance or a portion thereof
pursuant to subsection 2.3(a)(ii) of this Agreement, of the applicability
thereof. Each CP Conduit shall notify such Agent at or before 4:00 p.m., New
York City time, on each Interest Rate Determination Date of (x) the estimate of
the interest payable to such CP Conduit for the Interest Period ending on the
succeeding Distribution Date (such notification may be based on such CP
Conduit's good faith estimate of the Commercial Paper Rate if the actual rate is
not then known to such CP Conduit) and (y) the amount of any variation between
interest payable to such CP Conduit for the preceding Interest Period based on
such notices and estimates and interest which should have been payable to such
CP Conduit for such Interest Period based on its final determination of the
Commercial Paper Rate for such Interest Period. The amount of any shortfall in
interest based on such variation shall be included in the portion of Class S
Monthly Interest and Fees payable to such CP Conduit on the following
Distribution Date, and the amount of any overpayment of interest to such CP
Conduit based on such variation shall be credited, dollar for dollar, against
the portion of Class S Monthly Interest and Fees otherwise payable to such CP
Conduit for the following Interest Period. Each determination by a CP Conduit of
its applicable Commercial Paper Rate pursuant to this Agreement shall be
conclusive and binding on the Class S Purchasers, each Agent, the Administrative
Agent, the Issuer, the Servicer and the Trustee in the absence of manifest
error.

          (i)  If the Percentage Interest of the Class S Principal Balance of a
CP Conduit then exceeds zero, the Agent for its Purchaser Group shall notify the
Issuer and the Servicer before 4:00 p.m. on the date on which the Alternative
Rate becomes applicable to the Percentage Interest of the Class S Principal
Balance of such Class S Purchaser in such Purchaser Group (or a portion thereof)
pursuant to subsection 2.3(a)(ii) of this Agreement, of the occurrence thereof.
On each date on which the Alternative Rate is applicable to any portion of the
Class S Principal Balance and the Adjusted Eurodollar Rate or the Prime Rate
changes, the Administrative Agent shall notify the Issuer and the Servicer of
the Alternative Rate and the Prime Rate, if then applicable to any portion of
the Class S Principal Balance. For such purposes, the Agents may rely
conclusively on notices from CP Conduits as to the interest rate or rates from
time to time applicable to their respective Percentage Interest of the Class S
Principal Balance. Each Agent shall notify the Administrative Agent on or before
each Interest Rate Determination Date of (x) the interest payable to the Class S
Purchasers in its Purchaser Group for the Interest Period ending on the
succeeding Distribution Date (such notification from an Agent may be based on

                                     - 19 -

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each CP Conduit's notices and estimates of the Commercial Paper Rate as provided
to such Agent pursuant to subsection 2.3(h) hereof) and (y) the amount of any
variation between the amount of interest payable on the Percentage Interest of
the Class S Principal Balance of Class S Purchasers in its Purchaser Group based
on notices and estimates delivered pursuant to this subsection 2.3(i) and the
actual amount thereof for the preceding Interest Period. The amount of any
shortfall in interest based on such variation shall be a positive "Estimated
Interest Adjustment" for such Interest Period, and the amount of any overpayment
of interest based on such variation shall be a negative "Estimated Interest
Adjustment" for such Interest Period. Any positive Estimated Interest Adjustment
for an Interest Period shall be deemed not due on the Distribution Date for such
Interest Period, but shall be due on the Distribution Date related to the next
succeeding Interest Period and in any event on the final Distribution Date for
Class S Notes. An Estimated Interest Adjustment shall not bear interest, unless
not paid when due as provided in the preceding sentence. Each determination of
the Commercial Paper Rate, the Alternative Rate and the Prime Rate by the
Administrative Agent or an Agent pursuant to any provision of this Agreement
shall be conclusive and binding on the Class S Purchasers, the Issuer, the
Administrative Agent, the Servicer and the Trustee in the absence of manifest
error.

          (j)  On the Business Day prior to each Interim Distribution Date, each
Class S Purchaser shall notify the Agent for its Purchaser Group, and each Agent
shall notify the Administrative Agent, of the amount of interest accrued and
unpaid on the portion of the Class S Principal Balance held by such Class S
Purchaser or Purchaser Group, as the case may be, which is scheduled to be
repaid on such Interim Distribution Date.

          (k)  Notwithstanding anything contained herein or in the Supplemental
Fee Letter, from and after the occurrence of a Termination Event, whether or not
declared, the Class S Principal Balance shall accrue interest (after as well as
before judgment) at the Prime Rate from time to time in effect plus 2.0%.

          2.4  Requirements of Law.

          (a)  In the event that any Class S Purchaser shall have reasonably
determined that any Regulatory Change shall impose, modify or hold applicable
any reserve, special deposit, compulsory loan or similar requirement against
assets held by, deposits or other liabilities in or for the account of,
advances, loans or other extensions of credit by, or any other acquisition of
funds by, such Class S Purchaser and the result of any of the foregoing is to
increase the cost to such Class S Purchaser, by an amount which such Class S
Purchaser deems to be material, of maintaining its Commitment or its interest in
the Class S Notes or to reduce any amount receivable in respect thereof, then,
in any such case, after submission by such Class S Purchaser to the Agent for
its Purchaser Group of a written request therefor and the submission by such
Agent to the Issuer and the Servicer of such written request therefor, such
Class S Purchaser (through the Agent for its Purchaser Group) shall be entitled
to be paid, but only to the extent funds are then or thereafter become available
therefor pursuant to subsection 5.5(a) or subsection 5.5(b) of the Sale and
Servicing Agreement, any additional amounts necessary to compensate such Class S
Purchaser for such increased cost or reduced amount receivable, to the extent
not already reflected in the applicable interest rate, no later than the
Distribution Date following receipt by the Issuer and the Servicer of such
request for compensation under this subsection 2.4(a), if such request is
received by the Issuer and the Servicer no later than five

                                     - 20 -

<PAGE>

Business Days prior to the Determination Date related to such Distribution Date,
and otherwise on the following Distribution Date (or, if earlier, on the
Termination Date).

          (b)  In the event that any Class S Purchaser shall have reasonably
determined that any Regulatory Change regarding capital adequacy has the effect
of reducing the rate of return on such Class S Purchaser's capital or on the
capital of any Person controlling such Class S Purchaser as a consequence of its
obligations hereunder or its maintenance of its Commitment or its interest in
the Class S Notes to a level below that which such Class S Purchaser or such
Person could have achieved but for such Regulatory Change (taking into
consideration such Class S Purchaser's or such Person's policies with respect to
capital adequacy) by an amount deemed by such Class S Purchaser or such Person
to be material, then, from time to time, after submission by such Class S
Purchaser to the Agent for its Purchaser Group of a written request therefor and
submission by such Agent to the Issuer and the Servicer of such written request
therefor, such Class S Purchaser (through the Agent for its Purchaser Group)
shall be entitled to be paid, but only to the extent funds are then or
thereafter become available therefor pursuant subsection 5.5(a) or subsection
5.5(b) of the Sale and Servicing Agreement, such additional amount or amounts as
will compensate such Class S Purchaser or such Person, as applicable, for such
reduction, no later than the Distribution Date following receipt by the Issuer
and the Servicer of such request for compensation under this subsection 2.4(b)
of this Agreement, if such request is received by the Issuer and the Servicer no
later than five Business Days prior to the Determination Date related to such
Distribution Date, and otherwise on the following Distribution Date (or, if
earlier, on the Termination Date). Nothing in this subsection 2.4(b) shall be
deemed to require the Issuer to pay any amount to a Class S Purchaser to the
extent such Class S Purchaser has been compensated therefor under another
provision of this Agreement or to the extent such amount is already reflected in
the applicable interest rate.

          (c)  Each Class S Purchaser agrees that it shall use its reasonable
efforts to reduce or eliminate any claim for compensation pursuant to
subsections 2.4(a) and 2.4(b) of this Agreement, including but not limited to
designating a different Investing Office for its Class S Notes (or any interest
therein) if such designation will avoid the need for, or reduce the amount of,
any increased amounts referred to in subsection 2.4(a) or 2.4(b) hereof and will
not, in the reasonable opinion of such Class S Purchaser, be unlawful or
otherwise disadvantageous to such Class S Purchaser or inconsistent with its
policies or result in any unreimbursed cost or expense to such Class S Purchaser
or in an increase in the aggregate amount payable under subsections 2.4(a) and
2.4(b) hereof. . If such claim is not eliminated by any such designation or no
such designation is done and the Class S Purchaser does not waive payment of
such amount, the Issuer shall have the right to procure a replacement purchaser
which is not so affected and which is reasonably acceptable to the Agent for the
related Purchaser Group and the Administrative Agent (a "Replacement Purchaser")
to replace such Class S Purchaser. No replacement of a Class S Purchaser shall
be effected pursuant to this subsection 2.4(c) if, after giving effect thereto,
any amounts shall be owing to the replaced Class S Purchaser hereunder. Each
affected Class S Purchaser hereby agrees to take, at the Issuer's expense, all
actions necessary to permit a Replacement Purchaser to succeed to its rights and
obligations hereunder.

          Notwithstanding the foregoing, (i) if the Class S Purchaser being
replaced pursuant to this subsection is a Committed Purchaser, the Replacement
Purchaser shall be acceptable to such the related CP Conduit and (ii) if the
Class S Purchaser being replaced

                                     - 21 -

<PAGE>

pursuant to this subsection is a CP Conduit, the Replacement Purchaser shall be
acceptable to all related Committed Purchasers; and it shall be a condition of
such replacement Committed Purchaser that such Replacement Purchaser enter into
substitute Support Facilities for those to which the Class S Purchaser being
replaced is a party on terms mutually acceptable to the parties thereto. In the
event that a proposed Replacement Purchaser designated by the Issuer and
approved by the applicable Agent and the Administrative Agent as provided in
this subsection is not acceptable to the applicable CP Conduit or the applicable
Committed Purchasers, as applicable, or has not within a reasonable period
entered into applicable Support Facilities, and another replacement Class S
Purchaser has not been promptly procured as provided in this subsection with the
consent of all affected parties, then any Class S Purchaser which failed to
consent to such replacement or to enter into such Support Facilities may be
replaced by a Replacement Purchaser as provided in this subsection.

          (d)  Each Class S Purchaser claiming increased amounts described in
subsection 2.4(a) or 2.4(b) of this Agreement will furnish to the Agent for its
Purchaser Group (together with its request for compensation) a certificate
prepared in good faith setting forth the basis and the calculation of the amount
(in reasonable detail) of each request by such Class S Purchaser for any such
increased amounts referred to in subsection 2.4(a) or 2.4(b) hereof. Any such
certificate shall be conclusive absent manifest error, and such Agent shall
deliver a copy thereof to the Issuer and the Servicer. Failure on the part of
any Class S Purchaser to demand compensation for any amount pursuant to
subsection 2.4(a) or 2.4(b) hereof with respect to any period shall not
constitute a waiver of such Class S Purchaser's right to demand compensation
with respect to such period; provided, however, notwithstanding the foregoing
provisions of this Section 2.4, a Class S Purchaser shall not be compensated for
any such amount relating to any period ending, and of which such Class S
Purchaser has had knowledge, more than six months prior to the date that such
Class S Purchaser notifies the Issuer and the Servicer in writing thereof or for
any amounts resulting from a change by any Class S Purchaser of its Investing
Office (other than changes required by law or changes made pursuant to
subsection 2.4(c)).

          2.5  Taxes.

          (a)  All payments made to the Class S Purchasers, the Agents or the
Administrative Agent under this Agreement and the Sale and Servicing Agreement
and the Indenture (including all amounts payable with respect to the Class S
Notes) shall, to the extent allowed by law, be made free and clear of, and
without deduction or withholding for or on account of, any present or future
income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions
or withholdings, now or hereafter imposed, levied, collected, withheld or
assessed by any Governmental Authority (collectively, "Taxes"), excluding (i)
income taxes (including branch profit taxes, minimum taxes and taxes computed
under alternative methods, at least one of which is based on or measured by net
income), franchise taxes (imposed in lieu of income taxes), or any other taxes
based on or measured by the net income of such Class S Purchaser, Participant,
Agent or the Administrative Agent (as the case may be) or the gross receipts or
income of such Class S Purchaser, Participant, Agent or the Administrative
Agent, as the case may be; (ii) any Taxes that would not have been imposed but
for the failure of such Class S Purchaser, Participant, Agent or the
Administrative Agent, as applicable, to provide and keep current (to the extent
legally able) any certification or other documentation required to qualify for
an exemption from, or reduced rate of, any such Taxes or required by this
Agreement

                                     - 22 -

<PAGE>

to be furnished by such Class S Purchaser, Participant, Agent or the
Administrative Agent, as applicable; and (iii) any Taxes imposed as a result of
a change by any Class S Purchaser or Participant of its Investing Office (other
than changes mandated by this Agreement, including subsection 2.4(c) hereof, or
required by law) (all such excluded taxes being hereinafter called "Excluded
Taxes").

          If, as a result of any change in law, treaty or regulation or in the
interpretation or administration thereof by any governmental or regulatory
agency or body charged with the administration or interpretation thereof, or the
adoption of any law, treaty or regulation, any Taxes, other than Excluded Taxes,
are required to be withheld from any amounts payable to a Class S Purchaser or
Agent or the Administrative Agent hereunder or under the Sale and Servicing
Agreement or the Indenture, then after submission by any Class S Purchaser to
the Agent for its Purchaser Group (in the case of an amount payable to a Class S
Purchaser) and by any Agent or the Administrative Agent to the Issuer and the
Servicer of a written request therefor, the amounts so payable to such Class S
Purchaser or Agent or the Administrative Agent, as applicable, shall be
increased, and such Class S Purchaser (through the applicable Agent) or Agent or
the Administrative Agent, as applicable, shall be entitled to be paid (in the
case of payments from a Seller or the Issuer, only to the extent funds are then
or thereafter available therefor pursuant to clause (xix) of subsection 5.5(a)
or (xviii) of subsection 5.5(b) of the Sale and Servicing Agreement), the amount
of such increase to the extent necessary to yield to such Class S Purchaser or
Agent or the Administrative Agent, as applicable (after payment of all such
Taxes) interest or any such other amounts payable hereunder or thereunder at the
rates or in the amounts specified in this Agreement or in the Sale and Servicing
Agreement and the Indenture, as applicable, no later than the Distribution Date
following receipt by the Issuer and the Servicer of a request for such
additional amounts under this subsection 2.5(a), if such request is received by
the Issuer and the Servicer no later than five Business Days prior to the
Determination Date related to such Distribution Date, and otherwise on the
following Distribution Date (or, if earlier, on the Termination Date); provided,
however, that the amounts so payable to such Class S Purchaser or Agent or the
Administrative Agent shall not be increased pursuant to this subsection 2.5(a)
if such requirement to withhold results from the failure of such Person to
comply with subsection 2.5(c) hereof. Whenever any Taxes are payable on or with
respect to amounts distributed to a Class S Purchaser or Agent or the
Administrative Agent, as promptly as possible thereafter the Issuer and the
Servicer shall send to the Agent, on behalf of such Class S Purchaser, or to
such Agent or the Administrative Agent, as applicable, a certified copy of an
original official receipt showing payment thereof. Notwithstanding any other
provisions of this Section 2.5, the Servicer shall not have any liability under
this Section 2.5 for the payment of Taxes except for Taxes (other than Excluded
Taxes) assessed on indemnification payments made or required to be made by the
Servicer for its own account under Section 2.6 of this Agreement. If the Issuer,
the Sellers or the Servicer, as applicable, fails to pay any Taxes when due to
the appropriate taxing authority or fails to remit to the Agent, on behalf of
itself or such Class S Purchaser, or to such Agent or the Administrative Agent,
as applicable, the required receipts or other required documentary evidence,
such Class S Purchaser (through the applicable Agent) or Agent or the
Administrative Agent, as applicable, shall be entitled to be paid, in the case
of a failure by the Issuer or AFC, only to the extent funds are then or
thereafter available therefor pursuant to clause (xix) of subsection 5.5(a) or
(xviii) of subsection 5.5(b) of the Sale and Servicing Agreement) or in the case
of a failure by the Servicer, by such entity, as the case may be, any
incremental taxes, interest or penalties that may become payable by such Class S

                                     - 23 -

<PAGE>

Purchaser or Agent or the Administrative Agent, as applicable, as a result of
any such failure no later than the Distribution Date following receipt by the
Issuer and the Servicer of such request for payment under this subsection
2.5(a), if such request is received by the Issuer and the Servicer no later than
five Business Days prior to the Determination Date related to such Distribution
Date, and otherwise on the following Distribution Date (or, if earlier, on the
Termination Date).

          (b)  A Class S Purchaser claiming increased amounts under subsection
2.5(a) hereof for Taxes paid or payable by such Class S Purchaser will furnish
to the applicable Agent a certificate prepared in good faith setting forth the
basis and amount of each request by such Class S Purchaser for such Taxes, and
such Agent shall deliver a copy thereof to the Issuer and the Servicer. An Agent
or the Administrative Agent claiming increased amounts under subsection 2.5(a)
hereof for its own account for Taxes paid or payable by such Agent or the
Administrative Agent, as applicable, will furnish to the Issuer and the Servicer
a certificate prepared in good faith setting forth the basis and amount of each
request by the Agent or the Administrative Agent for such Taxes. Any such
certificate of a Class S Purchaser or Agent or the Administrative Agent shall be
conclusive absent manifest error. Failure on the part of any Class S Purchaser
or Agent or the Administrative Agent to demand additional amounts pursuant to
subsection 2.5(a) of this Agreement with respect to any period shall not
constitute a waiver of the right of such Class S Purchaser or Agent or the
Administrative Agent, as the case may be, to demand compensation with respect to
such period. All such amounts shall be due and payable to such Class S Purchaser
(through the applicable Agent) or Agent or the Administrative Agent, as the case
may be, on the Distribution Date following receipt by the Issuer and the
Servicer of such certificate, if such certificate is received by the Issuer and
the Servicer at least five Business Days prior to the Determination Date related
to such Distribution Date and otherwise shall be due and payable on the
following Distribution Date (or, if earlier, on the Termination Date).

          (c)  Each Class S Purchaser and each Participant holding an interest
in Class S Notes agrees that prior to the date on which the first interest or
fee payment hereunder is due thereto, it will deliver to the Issuer, the
Servicer, the Trustee, the applicable Agent and the Administrative Agent (i) if
such Class S Purchaser or Participant is not incorporated under the laws of the
United States or any State thereof, two duly completed copies of the U.S.
Internal Revenue Service Form W-8ECI or Form W-8BEN claiming treaty benefits, or
in either case successor applicable forms required to evidence that the Class S
Purchaser or Participant is entitled to receive payments under this Agreement
and with respect to the Class S Notes without deduction or withholding of any
United States federal income taxes, (ii) in the case of any other Class S
Purchaser or Participant, a duly completed U.S. Internal Revenue Service Form
W-9 or successor applicable or required forms, and (iii) such other forms and
information as may be required to confirm the availability of any applicable
exemption from United States federal, state or local withholding taxes. Each
Class S Purchaser or Participant holding an interest in Class S Notes also
agrees to deliver to the Issuer, the Servicer, the Trustee, the applicable Agent
and the Administrative Agent two further copies of such Form W-8ECI, Form W-8BEN
claiming treaty benefits or Form W-9, or such successor applicable forms or
other manner of certification, as the case may be, on or before the date that
any such form expires or becomes obsolete or after the occurrence of any event
requiring a change in the most recent form previously delivered by it hereunder,
and such extensions or renewals thereof as may reasonably be requested by an
Agent or the Administrative Agent, unless in any such case, solely as a result
of a change in treaty, law

                                     - 24 -

<PAGE>

or regulation occurring prior to the date on which any such delivery would
otherwise be required, the Class S Purchaser is no longer eligible to deliver
then-applicable form set forth above and so advises the Issuer, the applicable
Agent and the Administrative Agent. Each Class S Purchaser certifies, represents
and warrants as of the Closing Date, each Assignee and each Participant (in
either case other than a Support Party) shall certify, represent and warrant as
a condition of acquiring its Assignment or Participation as of the effective
date of the Transfer Supplement to which it is a party or of such Participation,
as the case may be, and each Support Party shall certify, represent and warrant
as of the effective date of its becoming a Support Party, that (x) it is
entitled to receive payments under this Agreement and with respect to the Class
S Notes without deduction or withholding of any United States federal income
taxes and (y) it is entitled to an exemption from United States backup
withholding tax.

          (d)  Each Class S Purchaser agrees that it shall use its reasonable
efforts to designate a different Investing Office if such designation will
eliminate or reduce any amount due under this Section 2.5 and will not, in the
reasonable opinion of such Class S Purchaser, be unlawful or otherwise
disadvantageous to such Class S Purchaser or inconsistent with its policies or
result in any unreimbursed cost or expense to such Class S Purchaser. If such
amount is not eliminated by any such designation or no such designation is done
and the Class S Purchaser does not waive payment of such amount, the Issuer
shall have the right to procure a replacement purchaser which is not so affected
and which is reasonably acceptable to the Agent for the related Purchaser Group
and the Administrative Agent (a "Replacement Purchaser") to replace such Class S
Purchaser. No replacement of a Class S Purchaser shall be effected pursuant to
this subsection 2.5(d) if, after giving effect thereto, any amounts shall be
owing to the replaced Class S Purchaser hereunder. Each affected Class S
Purchaser hereby agrees to take all actions necessary to permit a Replacement
Purchaser to succeed to its rights and obligations hereunder.

          Notwithstanding the foregoing, (i) if the Class S Purchaser being
replaced pursuant to this subsection is a Committed Purchaser, the Replacement
Purchaser shall be acceptable to the related CP Conduit and (ii) if the Class S
Purchaser being replaced pursuant to this subsection is a CP Conduit, the
Replacement Purchaser shall be acceptable to all related Committed Purchasers;
and it shall be a condition of such replacement Committed Purchaser that such
Replacement Purchaser enter into substitute Support Facilities for those to
which the Class S Purchaser being replaced is a party on terms mutually
acceptable to the parties thereto. In the event that a proposed Replacement
Purchaser designated by the Issuer and approved by the applicable Agent and the
Administrative Agent as provided in this subsection is not acceptable to the
applicable CP Conduit or the applicable Committed Purchasers, as applicable, or
has not within a reasonable period entered into applicable Support Facilities,
and another replacement Class S Purchaser has not been promptly procured as
provided in this subsection with the consent of all affected parties, then any
Class S Purchaser which failed to consent to such replacement or to enter into
such Support Facilities may be replaced by a Replacement Purchaser as provided
in this subsection.

          2.6  Indemnification.

          (a)  Without limiting any other rights which any such Person may have
hereunder or under applicable law, AmeriCredit hereby agrees to indemnify each
of the Administrative Agent, the Agents, and the Class S Purchasers, and each
other Affected Party and

                                     - 25 -

<PAGE>

each of their Affiliates, and each of their respective successors, transferees,
participants and assigns and all officers, directors, shareholders, controlling
persons, employees and agents of any of the foregoing (each of the foregoing
Persons being individually called an "Indemnitee"), forthwith on demand, from
and against any and all damages, losses, claims, liabilities and related costs
and expenses, including reasonable attorneys' fees and disbursements (all of the
foregoing being collectively called "Indemnified Amounts") awarded against or
incurred by any of them arising out of or relating to any Transaction Document
or the transactions contemplated thereby or the use of proceeds therefrom by the
Issuer, including (without limitation) in respect of the funding of any
Borrowing or in respect of any Receivable, excluding, however, (a) Indemnified
Amounts to the extent determined by a court of competent jurisdiction to have
resulted from gross negligence or willful misconduct on the part of such
Indemnitee or its agent or subcontractor, (b) except as otherwise provided
herein, non-payment by any obligor of an amount due and payable with respect to
a Receivable, (c) any loss in value of any Financed Vehicle or Eligible
Investment due to changes in market conditions or for other reasons beyond the
control of AmeriCredit or the Issuer, (d) any Excluded Tax or (e) any amount
which represents legal, accounting or other costs incurred by any Indemnitee in
respect of any legal action between such Indemnitee and AmeriCredit or any
Affiliate of AmeriCredit if a court of competent jurisdiction makes a final
determination that AmeriCredit is the prevailing party. Without limiting the
foregoing, but subject to the exclusions (a) through (e) above, AmeriCredit
agrees to indemnify each Indemnitee for Indemnified Amounts arising out of or
relating to:

               (i)    the breach of any representation or warranty made by the
     Issuer, either Seller (or any of its officers) or AmeriCredit (in any
     capacity) or any Affiliate of AmeriCredit under or in connection with this
     Agreement or the other Basic Documents, any Servicer's Certificate,
     Borrowing Base Confirmation or any other information, report or certificate
     delivered by the Issuer, either Seller, Servicer or AmeriCredit (in any
     capacity) or an Affiliate of AmeriCredit pursuant hereto or thereto, which
     shall have been false or incorrect in any material respect when made or
     deemed made;

               (ii)   the failure by the Issuer, either Seller, the Servicer or
     AmeriCredit (in any capacity) to comply in any material way with any
     applicable law, rule or regulation with respect to any Receivable or any
     Financed Vehicle, or the nonconformity of any Receivable with any such
     applicable law, rule or regulation;

               (iii)  the failure to vest and maintain vested in the Trust
     Collateral Agent, for the benefit of the Noteholders, a first-priority
     security interest in all the Collateral, free and clear of any Lien;

               (iv)   any dispute, claim, offset or defense (other than
     discharge in bankruptcy) of an Obligor to the payment of any Receivable
     (including, without limitation, a defense based on such Receivable not
     being a legal, valid and binding obligation of such Obligor enforceable
     against it in accordance with its terms);

               (v)    any failure of AmeriCredit or an Affiliate of
     AmeriCredit, as Servicer, to perform its duties or obligations in
     accordance with the provisions of the Sale and Servicing Agreement or any
     provision contained in any other Basic Document;

                                     - 26 -

<PAGE>

               (vi)   any claim involving products liability that arises out of
     or relates to merchandise or services that are the subject of any
     Receivable or strict liability claim in connection with any Financed
     Vehicle related to a Receivable;

               (vii)  any tax or governmental fee or charge (but not including
     any Excluded Taxes), all interest and penalties thereon or with respect
     thereto, and all out-of-pocket costs and expenses, including the reasonable
     fees and expenses of counsel in defending against the same, which may arise
     by reason of the making, maintenance or funding, directly or indirectly, of
     any Borrowing, or any other interest in the Collateral;

               (viii) the offering or sale of the Notes or the offering or
     effectuation of any Take-Out Securitization;

               (ix)   the commingling of the proceeds of the Collateral at any
     time with other funds; or

               (x)    the occurrence of a CP Conduit Consolidation Event.

     If for any reason (other than the exclusions (a) through (e) set forth in
the first paragraph of this Section 2.6(a)) the indemnification provided above
in this Section 2.6(a) is unavailable to an Indemnitee or is insufficient to
hold an Indemnitee harmless, then AmeriCredit shall contribute to the amount
paid or payable by such Indemnitee as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect not only the relative
benefits received by such Indemnitee, on the one hand, and AmeriCredit, its
Affiliates and the Issuer, on the other hand, but also the relative fault of
such Indemnitee, on the one hand, and AmeriCredit, its Affiliates or the Issuer,
on the other hand, as well as any other relevant equitable considerations.

          (b)  AmeriCredit and any Successor Servicer, by accepting its
appointment as Servicer pursuant to the Sale and Servicing Agreement, (i) shall
agree to be bound by the terms, covenants and conditions contained herein
applicable to the Servicer and to be subject to the duties and obligations of
the Servicer hereunder, (ii) as of the date of its acceptance, shall be deemed
to have made with respect to itself only the representations and warranties made
by the Servicer in subsections 4.1(a) through 4.1(e) hereof (in the case of
subsection 4.1(a) with appropriate factual changes) and (iii) shall severally as
to itself agree to indemnify and hold harmless any Indemnitee from and against
any and all claims, damages, losses, liabilities, costs or expenses (including
the fees and expenses of counsel) whatsoever which such Indemnitee may incur (or
which may be claimed against such Indemnitee) by reason of the negligence or
willful misconduct of AmeriCredit or such Successor Servicer, as applicable, in
exercising its powers and carrying out its obligations as Servicer under this
Agreement, the Sale and Servicing Agreement or any Related Document.

          (c)  In the event that for any reason, (i) the basis for calculation
of interest on any portion of any CP Conduit's Percentage Interest of the Class
S Principal Balance shall change from the Commercial Paper Rate to the
Alternative Rate or from the Adjusted Eurodollar Rate to the Prime Rate, (ii)
the Issuer shall revoke or cancel any Borrowing Notice or decrease the
Additional Class S Principal Amount subject thereto, or (iii) any Class S
Purchaser receives

                                     - 27 -

<PAGE>

any repayment of any portion of its share of any Borrowing constituting a part
of the Class S Principal Balance on a date other than the last day of a Fixed
Period for such Borrowing, including, without limitation, on an Interim
Distribution Date, then in any such case each affected Class S Purchaser shall
be entitled to be indemnified by the Issuer, against, and to be paid the amount
equal to any loss or reasonable out-of-pocket expense suffered by such Class S
Purchaser as a result of such change or such repayment, including, in the case
of a CP Conduit, any loss, cost or expense suffered by such CP Conduit by reason
of its issuance of Commercial Paper Notes or its incurrence of other obligations
reasonably allocated by such CP Conduit to its funding or the maintenance of its
funding of its share of the Class S Principal Balance, or, in the case of any
Class S Purchaser, redeploying funds prepaid or repaid, in amounts which
correspond to its share of the Class S Principal Balance, but in each case only
to the extent funds are then or thereafter available therefor pursuant to
subsection 5.5(a) or subsection 5.5(b) of the Sale and Servicing Agreement. A
statement setting forth in reasonable detail the calculations of any additional
amounts payable pursuant to this Section submitted by a Class S Purchaser or
Agent or by the Administrative Agent, as the case may be, to the Issuer and the
Servicer and shall be conclusive absent manifest error. Amounts payable pursuant
to this subsection 2.6(c) shall be due no later than the Distribution Date
following receipt by the Issuer and the Servicer of such request for payment
under this subsection 2.6(c), if such request is received by the Issuer and the
Servicer no later than five Business Days prior to the Determination Date
related to such Distribution Date, and otherwise on the following Distribution
Date (or, if earlier, on the Termination Date).

          2.7  Expenses, etc.

          (a)  The Sellers agree to pay on demand (i) to the Administrative
Agent and the initial Class S Purchasers and Agents all reasonable costs and
expenses in connection with the preparation, execution, and delivery of this
Agreement and the other documents to be delivered hereunder or in connection
herewith, including, subject to the limitations specified in the Supplemental
Fee Letters, the reasonable fees and out-of-pocket expenses of counsel with
respect thereto and the amounts due to Moody's and S&P in connection with their
rating of the Notes and their review of the initial CP Conduits' acquisition of
the Class S Notes, (ii) to the Administrative Agent all reasonable costs and
expenses in connection with the preparation, execution, and delivery of Joinder
Supplements and the other documents to be delivered in connection therewith,
including, subject to the limitations specified in the Supplemental Fee Letters,
the reasonable fees and out-of-pocket expenses of counsel with respect thereto,
(iii) to the Administrative Agent and each Agent and Class S Purchaser all
reasonable costs and expenses in connection with any amendments of or waivers or
consents under this Agreement or the Related Documents, including in each case
the reasonable fees and out-of-pocket expenses of counsel with respect thereto,
and (iv) to the Administrative Agent and each Agent and Class S Purchaser, on
demand, all reasonable costs and expenses (including reasonable fees and
expenses of counsel), if any, in connection with the enforcement of this
Agreement or any of the Related Documents, and the other documents delivered
thereunder or in connection therewith. Upon being found to have breached its own
representations, warranties or obligations under this Agreement or any Related
Documents, the Servicer agrees to pay to the Administrative Agent and each Agent
and Class S Purchaser, on demand, all reasonable costs and expenses (including
reasonable fees and expenses of counsel), if any, incurred solely in connection
with the enforcement of such representations, warranties or obligations against
the Servicer.

                                     - 28 -

<PAGE>

          (b)  The Sellers agree to pay on demand any and all stamp, transfer
and other similar taxes (other than Excluded Taxes) and governmental fees
payable in connection with the execution, delivery, filing and recording of any
of the Related Documents and each related Support Facility, and agrees to save
each Class S Purchaser and Agent and the Administrative Agent harmless from and
against any liabilities with respect to or resulting from any delay in paying or
any omission to pay such taxes and fees.

          2.8  Effect of Event of Default.

          (a)  Optional Termination. Upon the occurrence of an Event of Default
(other than an Event of Default described in Section 5.1(iii) or (iv) of the
Indenture), the Administrative Agent may with the consent of the Majority Class
S Purchasers, and, at the direction of the Majority Class S Purchasers, the
Administrative Agent shall declare the Purchase Termination Date to have
occurred, whereupon the Commitments of the Committed Purchasers, if any,
hereunder shall terminate.

          (b)  Automatic Termination. Upon the occurrence of an Event of Default
described in Section 5.1(iii) or (iv) of the Indenture, the Purchase Termination
Date shall be deemed to have occurred automatically, and the Commitments of the
Committed Purchasers, if any, hereunder shall be deemed to have terminated.

                         ARTICLE 3  CONDITIONS PRECEDENT

          3.1  Conditions to Initial Purchase. Part I. The following shall be
conditions precedent to the effectiveness of the amendment and restatement of
this Agreement:

          (a)  the representations and warranties of AFC, AmeriCredit and the
Issuer set forth or referred to in Article 4 hereof shall be true and correct in
all material respects on the Closing Date as though made on and as of the
Closing Date (except for representations and warranties which relate to a
specific date, which shall be true and correct as of such date), and no event
which of itself or with the giving of notice or lapse of time, or both, would
constitute a Termination Event shall have occurred and be continuing on the
Closing Date;

          (b)  a Supplemental Fee Letter shall have been executed and delivered
by the Sellers to the Administrative Agent and each Agent, as applicable;

          (c)  the Administrative Agent and the Agents shall have received on or
before the Closing Date the following items, each of which shall be in form and
substance satisfactory to the Agents:

               (i)    an Officer's Certificate of AFC confirming the
     satisfaction of the conditions set forth in clauses (a) (as to
     representations and warranties of AFC only) above;

               (ii)   an Officer's Certificate of AmeriCredit confirming the
     satisfaction of the conditions set forth in clauses (a) (as to
     representations and warranties of AmeriCredit only) above;

                                     - 29 -

<PAGE>

               (iii)  an Officer's Certificate of the Issuer confirming the
     satisfaction of the conditions set forth in clauses (a) (as to
     representations and warranties of the Issuer only) above;

               (iv)   a copy of (A) the charter and by-laws of, and an
     incumbency certificate with respect to its officers executing any of the
     Related Documents on the Closing Date on behalf of, each of AmeriCredit and
     AFC, certified by its authorized officer, and (B) resolutions of the Board
     of Directors (or an authorized committee thereof) of each of AmeriCredit
     and AFC with respect to the Related Documents to which it is party,
     certified by its authorized officer;

               (v)    a certificate issued no earlier than 30 days prior to the
     Initial Closing Date by an appropriate Governmental Authority evidencing
     the legal existence and good standing of each of AFC, the Issuer and
     AmeriCredit;

               (vi)   the favorable written opinions of counsel for AFC,
     AmeriCredit, the Issuer, the Trust Collateral Agent, the Backup Servicer,
     the Owner Trustee and the Trustee, addressed to the Administrative Agent
     and each Agent and Class S Purchaser, or accompanied by a letter providing
     that the Administrative Agent and each Agent and Class S Purchaser may rely
     on such opinions as if they were addressed to them, and dated the Closing
     Date, covering general corporate matters, the due execution and delivery
     of, and the enforceability of, each of the Related Documents to which the
     AFC, AmeriCredit, the Issuer, the Trust Collateral Agent, the Backup
     Servicer, the Owner Trustee and the Trustee, (individually or in any other
     capacity) is party, true sale, bankruptcy, bank insolvency, security
     interest and tax matters and such other matters as the Administrative Agent
     or any Agent may request; (vii) evidence of the due execution and delivery
     by each of the Owner Trustee and the Trustee of the Related Documents to
     which each is party;

               (viii) an executed copy of the Sale and Servicing Agreement, the
     Indenture, the Custodial Agreement, the Lockbox Agreement, the Trust
     Agreement and the Master Sale and Contribution Agreement;

               (ix)   evidence satisfactory to the Administrative Agent that
     financing statements duly executed by AmeriCredit, the Issuer and AFC or
     other, similar instruments or documents, as may be necessary or, in the
     opinion of the Administrative Agent or any Agent or Class S Purchaser,
     desirable under the Uniform Commercial Code of all appropriate
     jurisdictions or any comparable law to perfect the transfers (including
     grants of security interests) under the Related Documents have been
     delivered and, if appropriate, have been duly filed or recorded and that
     all filing fees, taxes or other amounts required to be paid in connection
     therewith have been paid;

               (x)    certified copies of requests for information or copies (or
     a similar search report certified by a party acceptable to the
     Administrative Agent), dated a date reasonably near to the Initial Closing
     Date, listing all effective financing statements which name AmeriCredit,
     the Issuer and AFC (under its present name and any previous

                                     - 30 -

<PAGE>

     name) as debtor and which are filed in the jurisdictions in which the
     statements referred to in clause (x) above were or are to be filed,
     together with copies of such financing statements (none of which, other
     than financing statements naming the party under the Related Documents to
     which transfers (including grants of security interests) thereunder purport
     to have been made shall cover any of the property purported to be conveyed
     thereunder); and

               (xi)   such additional documents, instruments, certificates or
     letters as the Administrative Agent or any Agent or Class S Purchaser may
     reasonably request.

          (d)  the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes shall have been duly
issued in accordance with the Sale and Servicing Agreement and the Indenture and
the Reserve Account and Collateral Account shall have been established with the
Trustee;

          (e)  the Sellers shall have paid all fees payable on or before the
Closing Date to the Administrative Agent (for its own account or for the account
of the initial Class S Purchasers and Agents) described in the Supplemental Fee
Letters and all reasonable and appropriately invoiced costs and expenses of the
Administrative Agent and the initial Agents and Class S Purchasers payable by
the Sellers, to the extent provided herein, in connection with the transactions
contemplated hereby;

          (f)  the Administrative Agent and the Agents shall have received the
following:

               (i)    evidence satisfactory to the Administrative Agent and the
     initial Agent that the Class A-1 Notes and the Class A-2 Notes are rated
     Aaa by Moody's and AAA by S&P, that the Class B Notes are rated Aa2 or
     higher by Moody's and AA or higher by S&P, and that the Class C Notes are
     rated A2 or higher by Moody's and A or higher by S&P;

               (ii)   a certificate of the Trustee as to the establishment of
     certain accounts as provided in the Sale and Servicing Agreement and the
     Indenture;

               (iii)  a "field report" from RSM McGladrey, Inc. in form and
     substance acceptable to each Class S Purchaser; and

               (v)    the duly executed Class S Note(s) registered in the name
     of each Agent as nominee on behalf of the Class S Owners in its Purchaser
     Group.

          (g)  evidence satisfactory to each initial CP Conduit that its
purchase of Class S Notes hereunder will not result in a reduction or withdrawal
of the rating of its Commercial Paper Notes by Moody's, S&P or any other
nationally recognized rating agency rating its Commercial Paper Notes.

     Part II. The following shall be conditions precedent to the obligations of
any Class S Purchaser to purchase its share of the initial Additional Class S
Principal Amount:

                                     - 31 -

<PAGE>

          (a)  an amount equal to the Minimum Reserve Account Amount shall have
been deposited from the proceeds of the first borrowing under the Indenture in
the Reserve Account; and

          (b)  the Receivables Financing Agreement, dated as of June 30, 2000,
as amended, among AmeriCredit DB Trust, AFS, AmeriCredit Funding Corp. IV, the
Lenders parties thereto, DBNY, as Agent, and Bank One NA, as Backup Servicer and
Collateral Agent shall have been terminated.

          3.2  Condition to Purchases. The following shall be conditions
precedent to the obligation of any Class S Purchaser to purchase its share of
any Additional Class S Principal Amount on any Purchase Date:

          (a)  the Administrative Agent and Agents shall have timely received a
properly completed Borrowing Notice, which shall include a Borrowing Base
Confirmation and Schedule of Receivables;

          (b)  (i) all interest, fees, expenses and all other amounts then due
and payable to the Administrative Agent or any Class S Purchaser or Agent
hereunder shall have been paid, and (ii) no Termination Event, and no event
that, after the giving of notice or the lapse of time, would constitute a
Termination Event, shall have occurred and be continuing; provided that if (x) a
Borrowing Base Deficiency exists as a result of a change in the Class A Credit
Score Enhancement Rate, the Class B Credit Score Enhancement Rate and/or the
Class C Credit Score Enhancement Rate, including, without limitation, as a
result of an election of Option A or Option B as set forth on Schedule 2 to the
Indenture, and (y) no other Termination Event or event that, after the giving of
notice or the lapse of time, would constitute a Termination Event, shall have
occurred and be continuing, then the foregoing conditions of this Section
3.2(b)(ii) shall not prevent a purchase if, after giving effect to such purchase
and the application of the proceeds thereof, no Borrowing Base Deficiency would
exist;

          (c)  in the case of any Borrowing Date, all conditions to the issuance
of the Additional Class S Principal Amount and any Additional Class S Principal
Amount, Additional Class S Principal Amount, Additional Class D Principal Amount
and Additional Class E Principal Amount to occur on such Borrowing Date set
forth in the Indenture or any other Related Document shall have been satisfied;

          (d)  after giving effect to the issuance of the Notes or the issuance
of the Additional Class S Principal Amount and any Additional Class S Principal
Amount, Additional Class S Principal Amount, Additional Class D Principal Amount
and Additional Class E Principal Amount to occur on such Borrowing Date, all
representations and warranties of the Sellers, the Issuer and the Servicer
contained herein or in the Related Documents or otherwise made in writing
pursuant to any of the provisions hereof or thereof shall be true and correct in
all material respects with the same force and effect as though such
representations and warranties had been made on and as of such date (other than
representations and warranties in Section 4.1(f) which specifically relate to an
earlier date, which shall be true and correct in all material respects as of
such earlier date);

                                     - 32 -

<PAGE>

          (e)  after giving effect to the issuance of the Notes or the issuance
of the Additional Class A-1 Principal Amount and any Additional Class A-2
Principal Amount, Additional Class B Principal Amount, Additional Class C
Principal Amount, Additional Class D Principal Amount and Additional Class E
Principal Amount to occur on such Borrowing Date, the Class S Principal Balance
shall be equal to or less than the Class S Facility Limit;

          (f)  after giving effect to any withdrawals from or deposits to the
Reserve Account on such date, the amount on deposit therein shall at least equal
the Minimum Reserve Account Amount;

          (g)  in the case of each Borrowing Date, the Issuer shall have
delivered to the Administrative Agent an Officer's Certificate dated such
Borrowing Date certifying that the conditions described in subsections 3.2(a)
through 3.2(f) and 3.2(h) through (k) have been satisfied;

          (h)  the Class A-1 Notes and the Class A-2 Notes shall remain rated
Aaa by Moody's and AAA by S&P, the Class B Notes are rated Aa2 or higher by
Moody's and AA or higher by S&P, and the Class C Notes shall remain rated A2 or
higher by Moody's and A or higher by S&P and, if the Class D Notes have been
rated by Moody's and S&P, the Class D Notes shall remain rated Baa2 or higher by
Moody's and BBB or higher by S&P and, if the Class E Notes have been rated by
Moody's and S&P, the Class E Notes shall remain rated Ba1 or higher by Moody's
and BB or higher by S&P;

          (i)  if the Issuer shall be purchasing additional Receivables with the
proceeds of such borrowing, the Administrative Agent shall have received a duly
completed and executed Collateral Receipt in respect of each such Receivable
identified in related Schedule(s) submitted with the Borrowing Notice for such
Borrowing;

          (j)  the Net Spread for the Receivables shall not be less than 5.5%;
and

          (k)  in the case of any CP Conduit, such CP Conduit's Support
Facilities shall be in full force and effect.

                    ARTICLE 4  REPRESENTATIONS AND WARRANTIES

          4.1  Representations and Warranties of AmeriCredit, AFC and the
Issuer. AmeriCredit, AFC and the Issuer each severally, with respect to itself
only, represents and warrants to the Class S Purchasers, the Agents and the
Administrative Agent that its representations and warranties (individually or as
Seller or Servicer, as applicable) set forth in the Sale and Servicing
Agreement, the Indenture and the other Related Documents are true and correct as
of the date hereof (except for representations or warranties which relate to a
specific date, which shall be true and correct as of such date). AmeriCredit,
AFC and the Issuer each severally, with respect to itself only, further
represents and warrants to, and agrees with, each Class S Purchaser and Agent
and the Administrative Agent that, as of the date hereof and as of each
Borrowing Date:

          (a)  It is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware as a corporation (if
AmeriCredit or AFC) or a Delaware

                                     - 33 -

<PAGE>

statutory trust (if the Issuer), with full power and authority under such laws
to own its properties and conduct its business as such properties are presently
owned and such business is presently conducted and to execute, deliver and
perform its obligations under this Agreement and the Related Documents to which
it is a party.

          (b)  It has the power and authority to execute, deliver and perform
this Agreement and the Related Documents to which it is a party and all the
transactions contemplated hereby and thereby and has taken all necessary action
to authorize the execution, delivery and performance by it of this Agreement and
such Related Documents. When executed and delivered, each of this Agreement and
each such Related Document will constitute its legal, valid and binding
agreement, enforceable in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, reorganization,
insolvency, moratorium and other laws of general applicability relating to or
affecting creditors' rights generally. The enforceability of its obligations
under such agreements is also subject to general principles of equity,
regardless of whether such enforceability is considered in a proceeding in
equity or at law, and indemnification sought in respect of securities laws
violations may be limited by public policy.

          (c)  No consent, license, approval or authorization of, or
registration with, any governmental authority, bureau or agency is required to
be obtained in connection with its execution, delivery or performance of each of
this Agreement or any Related Documents that has not been duly obtained and
which is not and will not be in full force and effect on the Closing Date,
except such that may be required by the blue sky laws of any state and except
those which the failure to obtain individually or in the aggregate, would not
have a material adverse effect on it or the transactions contemplated by, or its
ability to perform its obligations under, this Agreement or the Related
Documents to which it is a party.

          (d)  The execution, delivery and performance by it of each of this
Agreement and the Related Documents to which it is a party do not violate any
provision of any existing law or regulation applicable to it, any order or
decree of any court to which it is subject, its charter or by-laws or any
mortgage, indenture, contract or other agreement to which it is a party or by
which it or any significant portion of its properties is bound (other than
violations of such laws, regulations, orders, decrees, mortgages, indentures,
contracts and other agreements which do not affect the legality, validity or
enforceability of any of such agreements or the Receivables and which,
individually or in the aggregate, would not have a material adverse effect on it
or the transactions contemplated by, or its ability to perform its obligations
under, this Agreement or the Related Documents to which it is a party).

          (e)  To its knowledge, except to the extent already disclosed in
writing to the Administrative Agent and the Class S Purchasers, there is no
litigation or administrative proceeding before any court, tribunal or
governmental body presently pending or threatened, against it with respect to
this Agreement and the Related Documents to which it is a party, the
transactions contemplated hereby or thereby or the issuance of the Notes, and
there is no such litigation or proceeding against it or any significant portion
of its properties, in each case which would have a material adverse effect on it
or the transactions contemplated by, or its ability to perform its respective
obligations under, this Agreement or the Related Documents to which it is a
party.

                                     - 34 -

<PAGE>

          (f)  It has delivered to the Administrative Agent and each Agent
complete and correct copies of, in the case of AmeriCredit, its audited
consolidated balance sheet as at June 30, 2001, and the related audited
consolidated statements of income, shareholders' equity and cash flows for the
fiscal year then ended, accompanied by the report thereon of
PriceWaterhouseCoopers, and its unaudited consolidated balance sheet as at
September 30, 2001, and the related unaudited consolidated statements of income,
shareholders' equity and cash flows for the fiscal quarter then ended. Such
financial statements fairly present in all material respects its financial
condition as at such date and the results of its operations for the period ended
on such dates, all in accordance with United States generally accepted
accounting principles or regulatory accounting principles, as applicable,
consistently applied, and since June 30, 2001 there has been no material adverse
change in its condition or operations.

          (g)  The issuance and sale of the Notes is exempt from the
registration requirements of the Securities Act; the Indenture is exempt from
qualification under the Trust Indenture Act, and neither any Seller nor the
Issuer is required to be registered under the Investment Company Act.

          (h)  On the Closing Date and after giving effect to the issuance of
the Notes, no Event of Default, Termination Event or Servicer Termination Event
has occurred and is continuing, and no event, act or omission has occurred and
is continuing which, with the lapse of time, the giving of notice or both, would
constitute an Event of Default, Servicer Termination Event or other Termination
Event.

          (i)  No proceeds of any Borrowing will be used by the Issuer to
acquire any security in any transaction which is subject to Section 13 or 14 of
the Securities Exchange Act of 1934, as amended.

          (j)  The chief executive office of the Issuer is located at the
Corporate Trust Office (as defined in the Trust Agreement).

          (k)  The Issuer is solvent and will not become insolvent after giving
effect to the transactions contemplated by this Agreement and the Basic
Documents. The Issuer has no Indebtedness to any Person other than pursuant to
this Agreement and the other Basic Documents. The Issuer, after giving effect to
the transactions contemplated by this Agreement and the other Basic Documents,
will have adequate funds to conduct its business in the foreseeable future.

          (l)  The Issuer has filed on a timely basis all tax returns
(including, without limitation, foreign, federal, state, local and otherwise)
required to be filed, is not liable for taxes payable by any other Person and
has paid or made adequate provisions for the payment of all taxes, assessments
and other governmental charges due from the Issuer. No tax lien or similar
adverse claim has been filed, and no claim is being asserted, with respect to
any such tax, assessment or other governmental charge. Any taxes, fees and other
governmental charges payable by the Issuer in connection with the execution and
delivery of this Agreement and the other Basic Documents and the transactions
contemplated hereby or thereby including the transfer of each Receivable to the
Issuer have been paid or shall have been paid if and when due at or prior to the
Closing Date and the relevant Transfer Date, as the case may be.

                                     - 35 -

<PAGE>

          (m)  Each Servicer's Certificate and Borrowing Base Confirmation is
accurate in all material respects as of the date thereof.

          (n)  Each Receivable and other Collateral was purchased by, or
contributed to, the Issuer on the relevant Transfer Date pursuant to the Sale
and Servicing Agreement.

          (o)  All information heretofore or hereafter furnished by or on behalf
of the Issuer to any Purchaser, the Administrative Agent or any Agent in
connection with this Agreement or any transaction contemplated hereby is and
will be true and complete in all material respects and does not and will not
omit to state a material fact necessary to make the statements contained therein
not misleading.

          (p)  The Issuer is in compliance with ERISA and has not incurred and
does not expect to incur any liabilities (except for premium payments arising in
the ordinary course of business) to the Pension Benefit Guaranty Corporation (or
any successor thereto) under ERISA.

          (q)  There has been no material adverse change in the condition
(financial or otherwise), business, operations, results of operations, or
properties of the Issuer.

          (r)  The Issuer is not an "investment company" within the meaning of
the Investment Company Act of 1940, as amended, or is exempt from all provisions
of such Act.

          (s)  The Issuer has no trade names, fictitious names, assumed names or
"doing business as" names.

          (t)  The Issuer is operated as an entity with assets and liabilities
distinct from those of AmeriCredit and any other Affiliates of the Issuer, and
the Issuer hereby acknowledges that the Administrative Agent, each of the Agents
and each of the Purchasers are entering into the transactions contemplated by
this Agreement in reliance upon the Issuer's identity as a separate legal entity
from AmeriCredit and each such Affiliate.

          There is not now, nor will there be at any time in the future, any
agreement or understanding between AmeriCredit or any Affiliate and the Issuer
(other than as expressly set forth herein) providing for the allocation or
sharing of obligations to make payments or otherwise in respect of any taxes,
fees, assessments or other governmental charges.

          (u)  The Issuer does not own or hold, directly or indirectly, any
capital stock or equity security of, or any equity interest in, any Person.

          (v)  The Sale and Servicing Agreement is the only agreement pursuant
to which the Issuer purchases Receivables, and the Basic Documents delivered to
the Administrative Agent represent all material agreements between AmeriCredit
and the Sellers, on the one hand, and the Issuer, on the other. The Issuer has
furnished to the Agent true, correct and complete copies of each Basic Document
to which the Issuer is a party, each of which is in full force and effect.
Neither the Issuer nor any Affiliate party thereto is in default of any of its
obligations thereunder in any material respect. Upon the purchase of each
Receivable pursuant to the Sale and Servicing Agreement, the Issuer shall be the
lawful owner of, and have good title to, such Receivable and all assets relating
thereto, free and clear of any Liens. All such assets

                                     - 36 -

<PAGE>

are transferred to the Issuer without recourse to a Seller except as described
in the Purchase Agreement. The purchases of such assets by the Issuer constitute
valid and true sales for consideration (and not merely a pledge of such assets
for security purposes) enforceable against creditors of the Sellers, and no such
assets shall constitute property of a Seller.

          (w)  One hundred percent (100%) of the outstanding Certificates are
and will be directly owned (both beneficially and of record) by at least two
holders and such holders shall not include any Person other than AmeriCredit or
AFC. All Certificates are and will be validly issued, and there are no options,
warrants or other rights to acquire Certificates or other equity rights in the
Issuer.

          (x)  All Receivables included in the Class S Borrowing Base as of the
most recently delivered Servicer's Certificate or Borrowing Base Confirmation
are Eligible Receivables.

                               ARTICLE 5  COVENANTS

          5.1  Covenants. Each of AmeriCredit, AFC and the Issuer, severally
covenants and agrees, in each case as to itself individually or in its capacity
as a Seller or Servicer, as applicable, each with respect to itself only, that
through the Termination Date and thereafter so long as any amount of the Class S
Principal Balance shall remain outstanding or any monetary obligation arising
hereunder shall remain unpaid, unless the Required Class S Owners and the
Required Class S Purchasers shall otherwise consent in writing, that:

          (a)  Each of the Issuer, AmeriCredit, AFC, each Seller and the
Servicer shall perform in all material respects each of the respective
agreements, warranties and indemnities applicable to it under the Related
Documents to which it is a party and comply in all material respects with each
of the respective terms and provisions applicable to it under the Related
Documents to which it is party, which agreements, warranties and indemnities are
hereby incorporated by reference into this Agreement as if set forth herein in
full;

          (b)  The Issuer, each Seller and the Servicer, as applicable, shall
promptly furnish to the Administrative Agent and each Agent (i) a copy of each
certificate, report, statement, notice or other communication furnished by or on
behalf of such Issuer, Seller or Servicer, as applicable, to the holders of
Notes, to the Trustee, to the Trust Collateral Agent or to the Rating Agencies
concurrently therewith and furnish to the Administrative Agent promptly after
receipt thereof a copy of each notice, demand or other communication received by
or on behalf of such Issuer, Seller or the Servicer, as applicable, pursuant to
this Agreement, the Sale and Servicing Agreement or the Indenture, and (ii) such
other information, documents, records or reports respecting the Receivables, the
Issuer, either Seller or the Servicer which is in the possession or under the
control of the Issuer, either Seller or the Servicer, as the case may be, as the
Administrative Agent or any such Agent may from time to time reasonably request;

          (c)  Without limitation of the provisions of subsection 5.1(b) above,
the Servicer shall furnish to the Administrative Agent and each Agent (i) with
respect to each Distribution Date, a copy of the completed report furnished to
the Trustee pursuant to Section 2.1(b)(i) the Sale and Servicing Agreement, (ii)
a copy of each Officer's Certificate

                                     - 37 -

<PAGE>

furnished to the Trustee pursuant to Section 4.10 of the Sale and Servicing
Agreement, and (iii) a copy of each annual certified public accountants' reports
received by the Trustee pursuant to Section 4.11 the Sale and Servicing
Agreement;

          (d)  Each Seller and the Servicer shall deliver to the Administrative
Agent and each Agent (i) within 90 days following the end of each of its fiscal
years, beginning with the fiscal year ending June 30, 2002, its audited
consolidated balance sheet as of the end of such fiscal year, and the related
audited consolidated statements of income and cash flows for such fiscal year,
prepared in accordance with generally accepted accounting principles and
accompanied by the opinion of its independent certified public accountants and
(ii) within 45 days following the end of each of its fiscal quarters, beginning
with the fiscal quarter ending September 30, 2001, its unaudited consolidated
balance sheet as of the end of such fiscal quarter, and the related unaudited
consolidated statements of income and cash flows for such fiscal quarter,
prepared in accordance with generally accepted accounting principles;

          (e)  Each of the Issuer, the Sellers and the Servicer shall furnish to
the Administrative Agent and each Agent promptly after known to such party,
information with respect to any action, suit or proceeding involving such party
or any of its Affiliates by or before any court or any Governmental Authority
which, if adversely determined, would have a material and adverse effect on such
party or the transactions contemplated by, or such party's ability to perform
its obligations under, this Agreement or the Related Documents;

          (f)  From the Closing Date until the Termination Date, each of the
Sellers, the Servicer and the Issuer, as applicable, will, at any time and from
time to time during regular business hours, on at least five Business Days' (or
if a Termination Event or event or condition which, with the passage of time or
the giving of notice, or both, would become a Termination Event has occurred,
one Business Day's) notice to the related Seller, the Servicer and the Issuer,
as the case may be, permit the Administrative Agent and each Agent, or its
agents or representatives, at the cost and expense of the Sellers, in the case
of one visit per year or, if a Termination Event or event or condition which,
with the passage of time or the giving of notice, or both, would become a
Termination Event has occurred, at any time, and otherwise at the expense of the
Administrative Agent or such Agent, as the case may be, (i) to examine all
books, records and documents (including computer tapes and disks) in the
possession or under the control of either Seller, the Servicer or the Issuer, as
the case may be, relating to the Receivables, and (ii) to visit the offices and
properties of each Seller, the Servicer or the Issuer, as applicable, for the
purpose of examining such materials described in clause (i) above. Any
information obtained by the Administrative Agent or an Agent pursuant to this
subsection 5.1(f) shall be held in confidence by the Administrative Agent or
such Agent, as applicable, in accordance with the provisions of Section 6.2
hereof, except that the Administrative Agent or such Agent may disclose such
information to any Class S Purchaser which shall hold such information in
accordance with the provisions of Section 6.2 hereof;

          (g)  The Servicer shall furnish to the Administrative Agent and each
Agent, promptly after the occurrence of any Termination Event, a certificate of
an appropriate officer of the Servicer setting forth the circumstances of such
Termination Event and any action taken or proposed to be taken by the Servicer
or the related Seller with respect thereto;

                                     - 38 -

<PAGE>

              ARTICLE 6  MUTUAL COVENANTS REGARDING CONFIDENTIALITY

          6.1  Covenants. Each of AFC, individually and as Seller, the Issuer
and AmeriCredit, individually, as Seller and as Servicer, severally and with
respect to itself only, covenants and agrees to hold in confidence, and not
disclose to any Person, the terms of this Agreement (including any fees payable
in connection with this Agreement or the identity of any CP Conduit which is a
purchaser or beneficial owner of Class S Notes under this Agreement), except as
the Administrative Agent or such Agent or Class S Purchaser may have consented
to in writing prior to any proposed disclosure and except it may disclose such
information (i) to its officers, employees, agents and legal advisors who are
directly involved in the consideration of this Agreement (and then only on a
confidential basis) and (ii) as required by applicable law or compulsory legal
process; provided, that, in the case of clause (ii), AFC, each Seller, the
Issuer, AmeriCredit or the Servicer, as applicable, will use all reasonable
efforts to maintain confidentiality and will (unless otherwise prohibited by
law) notify the affected Administrative Agent, Agent or Class S Purchaser of its
intention to make any such disclosure prior to making such disclosure.

          6.2  Covenants of Class S Purchasers. Subject to the provisions of
Section 8.1(c) hereof, the Administrative Agent and each Agent and Class S
Purchaser, severally and with respect to itself only, covenants and agrees that
any nonpublic information obtained by it pursuant to this Agreement shall be
held in confidence (it being understood that documents provided to the
Administrative Agent or any Agent or Class S Purchaser hereunder may in all
cases be distributed to the Administrative Agent or to any Agent or Class S
Purchaser) except that the Administrative Agent or such Agent or Class S
Purchaser may disclose such information (i) pursuant to the order of any court
or administrative agency or in any pending legal or administrative proceeding
provided that, unless prohibited by a Requirement of Law, the Administrative
Agent or such Agent or Class S Purchaser shall provide prompt notice of such
order to the affected party, (ii) upon the request or demand of any regulatory
authority having jurisdiction over the Administrative Agent or any Agent or
Class S Purchaser or any of its affiliates, (iii) to the extent that such
information becomes publicly available other than by reason of improper
disclosure by the Administrative Agent or such Agent or Class S Purchaser, (iv)
to its affiliates, employees, legal counsel, independent auditors and other
experts or agents who need to know such information and are informed of the
confidential nature of such information, (v) for purposes of establishing a "due
diligence" defense, (vi) which was available to the Administrative Agent or such
Agent or Class S Purchaser on a nonconfidential basis from a source other than
the affected party, provided that such source was not to the knowledge of the
Administrative Agent or such Agent or Class S Purchaser bound by a
confidentiality agreement with the affected party, (vii) has been independently
acquired or developed by the Administrative Agent or such Agent or Class S
Purchaser without violating any of the Administrative Agent or such Agent or
Class S Purchaser's obligations under this engagement letter or (viii) at any
time following the date three years after the date of this Agreement. No
disclosure pursuant to subsection (viii) shall be made if the confidential
information consists of non-public personal information, which shall include all
Personally Identifiable Financial Information (as defined herein) in any list,
description or other grouping of consumers/customers, and publicly available
information pertaining to them, that is derived using any Personally
Identifiable Financial Information that is not publicly available, and shall
further include all Non-Public Personally Identifiable Information as defined by
federal regulations implementing the Gramm-Leach-

                                     - 39 -

<PAGE>

Bliley Act, as amended from time to time. "Personally Identifiable Financial
Information" means any information a consumer provides to a party in order to
obtain financial product or service, any information a party otherwise obtains
about a consumer in connection with providing a financial product or service to
that consumer, and any information about consumer resulting from any transaction
involving a financial product or service between a party and a consumer.
Personally Identifiable Financial Information may include, without limitation, a
consumer's first and last name, physical address, zip code, e-mail address,
phone number, Social Security number, birth date, account number and any
information that identifies, or when tied to the above information may identify,
a consumer.

                              ARTICLE 7  THE AGENTS

          7.1  Appointment. Each Class S Purchaser and each Agent hereby
consents and agrees to the appointment of the Administrative Agent pursuant to
the terms of the Indenture, and each such Class S Purchaser and Agent
irrevocably authorizes the Administrative Agent, as the agent for such Class S
Purchaser or Agent, to take such action on its behalf under the provisions of
this Agreement and the other Related Documents and to exercise such powers and
perform such duties here under and thereunder as are expressly delegated to the
Administrative Agent by the terms of this Agreement and the other Related
Documents, together with such other powers as are reasonably incidental thereto.
Each Class S Purchaser in each Purchaser Group hereby irrevocably designates and
appoints the Agent for such Purchaser Group as the agent of such Class S
Purchaser under this Agreement, and each such Class S Purchaser irrevocably
authorizes such Agent, as the agent for such Class S Purchaser, to take such
action on its behalf under the provisions of the Related Documents and to
exercise such powers and perform such duties thereunder as are expressly
delegated to such Agent by the terms of the Related Documents, together with
such other powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary elsewhere in this Agreement, neither the
Administrative Agent nor any Agent shall have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any
Class S Purchaser, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or
otherwise exist against the Administrative Agent or any Agent. To the extent
that any provision of this Article 7 with respect to the relationship between an
Agent and the Class S Purchasers in its Purchaser Group conflicts with any
agreement between such Class S Purchasers and such Agent set forth in any
agreement with respect to a Support Facility, the terms of such other agreement
will control.

          7.2  Delegation of Duties. Each Agent may execute any of its duties
under any of the Related Documents by or through agents or attorneys-in-fact and
shall be entitled to advice of counsel concerning all matters pertaining to such
duties. No Agent shall be responsible for the negligence or misconduct of any
agents or attorneys-in-fact selected by it with reasonable care.

          7.3  Exculpatory Provisions. Neither any Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be
(a) liable to any of the Class S Purchasers for any action lawfully taken or
omitted to be taken by it or such Person under or in connection with any of the
Related Documents (except for its or such Person's own gross negligence or
willful misconduct) or (b) responsible in any manner to any of the Class S

                                     - 40 -

<PAGE>

Purchasers for any recitals, statements, representations or warranties made by
AFC, either Seller, the Issuer, AmeriCredit, the Servicer, the Administrative
Agent, the Trust Collateral Agent, the Backup Servicer, or the Trustee or any
officer thereof contained in any of the Related Documents or in any certificate,
report, statement or other document referred to or provided for in, or received
by an Agent under or in connection with, any of the Related Documents or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any of the Related Documents or for any failure of AFC, either
Seller, the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the
Trust Collateral Agent, the Backup Servicer, or the Trustee to perform its
obligations thereunder. No Agent shall be under any obligation to any Class S
Purchaser to ascertain or to inquire as to the observance or performance of any
of the agreements contained in, or conditions of, any of the other Related
Documents, or to inspect the properties, books or records of AFC, either Seller,
the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Trust
Collateral Agent, the Backup Servicer, or the Trustee.

          7.4  Reliance by Agents. Each Agent shall be entitled to rely, and
shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or
teletype message, written statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel
(including counsel to the Agent), independent accountants and other experts
selected by such Agent. Each Agent shall be fully justified in failing or
refusing to take any action under any of the Related Documents unless it shall
first receive such advice or concurrence of the Required Class S Owners and the
Required Class S Purchasers as it deems appropriate or it shall first be
indemnified to its satisfaction by the Class S Purchasers or by the Committed
Purchasers in its Purchaser Group, against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such
action. Each Agent shall in all cases be fully protected in acting, or in
refraining from acting, under any of the Related Documents in accordance with a
request of (i) Class S Owners in its Purchaser Group having Percentage Interests
aggregating greater than 50% of the aggregate Percentage Interests of all Class
S Owners in such Purchaser Group, and (ii) Committed Purchasers in its Purchaser
Group having Commitments aggregating greater than 50% of the aggregate
Commitments of all Committed Purchasers in such Purchaser Group, and such
request and any action taken or failure to act pursuant thereto shall be binding
upon all present and future Class S Purchasers in such Purchaser Group.

          7.5  Notices. No Agent shall be deemed to have knowledge or notice of
the occurrence of any breach of this Agreement or the occurrence of any
Termination Event unless such Agent has received notice from the Servicer, the
Trustee or any Class S Purchaser, referring to this Agreement and describing
such event. In the event any Agent receives such a notice, it shall promptly
give notice thereof to the Class S Purchasers in its Purchaser Group. Each Agent
shall take such action with respect to such event as shall be reasonably
directed by (i) Class S Owners in its Purchaser Group having Percentage
Interests aggregating greater than 50% of the aggregate Percentage Interests of
all Class S Owners in such Purchaser Group, and (ii) Committed Purchasers in its
Purchaser Group having Commitments aggregating greater than 50% of the aggregate
Commitments of all Committed Purchasers in such Purchaser Group; provided that
unless and until such Agent shall have received such directions, such Agent may
(but shall not be obligated to) take such action, or refrain from taking such
action, with respect to

                                     - 41 -

<PAGE>

such event as it shall deem advisable in the best interests of the Class S
Purchasers or of the Class S Purchasers in its Purchaser Group, as applicable.

          7.6  Non-Reliance on Agents and Other Class S Purchasers. Each Class S
Purchaser expressly acknowledges that no Agent nor any of its officers,
directors, employees, agents, attorneys-in-fact or Affiliates has made any
representations or warranties to it and that no act by any Agent hereafter
taken, including any review of the affairs of AFC, the Sellers, the Issuer,
AmeriCredit, the Servicer, the Administrative Agent, the Trust Collateral Agent,
the Backup Servicer or the Trustee shall be deemed to constitute any
representation or warranty by any Agent to any Class S Purchaser. Each Class S
Purchaser represents to each Agent that it has, independently and without
reliance upon any Agent or any other Class S Purchaser, and based on such
documents and information as it has deemed appropriate, made its own appraisal
of and investigation into the business, operations, property, financial and
other condition and creditworthiness of AFC, the Sellers, the Issuer,
AmeriCredit, the Servicer, the Administrative Agent, the Trust Collateral Agent,
the Backup Servicer, the Trustee, and the Receivables and made its own decision
to purchase its interest in the Class S Notes hereunder and enter into this
Agreement. Each Class S Purchaser also represents that it will, independently
and without reliance upon any Agent or any other Class S Purchaser, and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own analysis, appraisals and decisions in taking or not
taking action under any of the Related Documents, and to make such investigation
as it deems necessary to inform itself as to the business, operations, property,
financial and other condition and creditworthiness of AFC, the Sellers, the
Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Trust
Collateral Agent, the Backup Servicer, the Trustee, and the Receivables. Except
for notices, reports and other documents received under Section 5 hereof, no
Agent shall have any duty or responsibility to provide any Class S Purchaser
with any credit or other information concerning the business, operations,
property, condition (financial or otherwise), prospects or creditworthiness of
AFC, the Sellers, the Issuer, AmeriCredit, the Servicer, the Administrative
Agent, the Trust Collateral Agent, the Backup Servicer, the Trustee, and the
Receivables which may come into the possession of such Agent or any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates.

          7.7  Indemnification. The Committed Purchasers in each Purchaser Group
agree to indemnify the Agent for such Purchaser Group in its capacity as such
(without limiting the obligation (if any) of AFC, the Sellers, the Issuer,
AmeriCredit and the Servicer to reimburse such Agent for any such amounts),
ratably according to their respective Commitments (or, if the Commitments have
terminated, Percentage Interests), in each case from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever which may at any time
(including at any time following the payment of the obligations under this
Agreement, including the Class S Principal Balance) be imposed on, incurred by
or asserted against such Agent in any way relating to or arising out of this
Agreement, or any documents contemplated by or referred to herein or the
transactions contemplated hereby or any action taken or omitted by the Agent
under or in connection with any of the foregoing; provided that no Class S
Purchaser shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of an Agent resulting from its own gross negligence or
willful misconduct. The agreements in this subsection shall survive the payment
of the obligations under this Agreement, including the Class S Principal
Balance.

                                     - 42 -

<PAGE>

          7.8  Agents in their Individual Capacity. Each Agent and its
Affiliates may make loans to, accept deposits from and generally engage in any
kind of business with AFC, either Seller, the Issuer, AmeriCredit, the Servicer,
the Administrative Agent, the Trust Collateral Agent, the Backup Servicer, or
the Trustee as though such Agent were not an agent hereunder. In addition, the
Class S Purchasers acknowledges that one or more Persons which are Agents may
act (i) as administrator, sponsor or agent for one or more CP Conduits and in
such capacity acts and may continue to act on behalf of each such CP Conduit in
connection with its business, and (ii) as the agent for certain financial
institutions under the liquidity and credit enhancement agreements relating to
this Agreement to which any one or more CP Conduits is party and in various
other capacities relating to the business of any such CP Conduit under various
agreements. Any such Person, in its capacity as Agent, shall not, by virtue of
its acting in any such other capacities, be deemed to have duties or
responsibilities hereunder or be held to a standard of care in connection with
the performance of its duties as an Agent other than as expressly provided in
this Agreement. Any Person which is an Agent may act as an Agent without regard
to and without additional duties or liabilities arising from its role as such
administrator or agent or arising from its acting in any such other capacity.

          7.9  Successor Agents. Any Agent may resign as Agent upon ten days'
notice to the Class S Purchasers in its Purchaser Group, the Administrative
Agent and each other Agent, the Trustee, the Sellers and the Servicer with such
resignation becoming effective upon a successor agent succeeding to the rights,
powers and duties of the Agent pursuant to this Section 7.9. If an Agent shall
resign as Agent under this Agreement, then (i) Class S Owners in its Purchaser
Group having Percentage Interests aggregating greater than 51% of the aggregate
Percentage Interests of all Class S Owners in such Purchaser Group, and (ii)
Committed Purchasers in its Purchaser Group having Commitments aggregating
greater than 51% of the aggregate Commitments of all Committed Purchasers in
such Purchaser Group shall appoint from among the Committed Purchasers in such
Purchaser Group a successor agent for such Purchaser Group. Any successor agent
shall succeed to the rights, powers and duties of resigning Agent, and the term
"Agent" shall mean such successor agent effective upon its appointment, and the
former Agent's rights, powers and duties as Agent shall be terminated, without
any other or further act or deed on the part of such former Agent or any of the
parties to this Agreement. After the retiring Agent's resignation as Agent, the
provisions of this Article 7 shall inure to its benefit as to any actions taken
or omitted to be taken by it while it was Agent under this Agreement.

                      ARTICLE 8  SECURITIES LAWS; TRANSFERS

          8.1  Transfers of Class S Notes.

          (a)  Each Class S Purchaser shall execute and deliver to the Issuer on
the Closing Date an Investment Letter substantially in the form attached hereto
as Exhibit A. Each Class S Owner agrees that the beneficial interest in the
Class S Notes purchased by it will be acquired for investment only and not with
a view to any public distribution thereof, and that such Class S Owner will not
offer to sell or otherwise dispose of any Class S Note acquired by it (or any
interest therein) in violation of any of the requirements of the Securities Act
or any applicable state or other securities laws. Each Class S Owner
acknowledges that it has no right to require the AmeriCredit, AFC or the Issuer
to register, under the Securities Act of 1933, as

                                     - 43 -

<PAGE>

amended, or any other securities law, the Class S Notes (or the beneficial
interest therein) acquired by it pursuant to this Agreement, any Joinder
Supplement or any Transfer Supplement. Each Class S Owner hereby confirms and
agrees that in connection with any transfer or syndication by it of an interest
in the Class S Notes, such Class S Owner has not engaged and will not engage in
a general solicitation or general advertising including advertisements,
articles, notices or other communications published in any newspaper, magazine
or similar media or broadcast over radio or television, or any seminar or
meeting whose attendees have been invited by any general solicitation or general
advertising.

          (b)  Each initial purchaser of a Class S Note or any interest therein
and any Assignee thereof or Participant therein shall certify to the Issuer, the
Sellers, the Servicer, the Trustee, the Administrative Agent and the Agent for
its Purchaser Group that it is either (i) a citizen or resident of the United
States, (ii) a corporation or other entity organized in or under the laws of the
United States or any political subdivision thereof or (iii) a person not
described in (i) or (ii) who is entitled to receive payments under this
Agreement and with respect to the Class S Notes without deduction or withholding
of any United States federal income taxes and whose ownership of any interest in
a Class S Note will not result in any withholding obligation with respect to any
payments with respect to the Class S Notes by any Person and who will furnish to
the Issuer, the Sellers, the Servicer, the Trustee, the Administrative Agent,
the Agent for its Purchaser Group, and to the Class S Owner making the Transfer
the forms described in subsection 2.5(c).

          (c)  Any sale, transfer, assignment, participation, pledge,
hypothecation or other disposition (a "Transfer") of a Class S Note, a
Commitment or any interest therein may be made only in accordance with this
Section 8.1. Any partial Transfer (other than from a CP Conduit to a related
Support Party) of an interest in a Class S Note, a Commitment or any Purchaser
Percentage by a Committed Purchaser shall be in respect of, at least $5,000,000
in the aggregate, which may be composed of (A) Class S Principal Balance or (B)
to the extent in excess of the Class S Principal Balance subject to such
Transfer, Commitment hereunder. Any Transfer of an interest in a Class S Note
otherwise permitted by this Section 8.1 will be permitted only if it consists of
a pro rata percentage interest in all payments made with respect to the Class S
Purchaser's beneficial interest in such Class S Note. No Class S Note or any
interest therein may be Transferred by Assignment or Participation to any Person
(each, a "Transferee") unless the Transferee is a Permitted Transferee and prior
to the Transfer the Transferee shall have executed and delivered to the Agent
and the Issuer an Investment Letter. A transferring Class S Purchaser shall
promptly notify the Servicer of each Transfer other than (x) an Assignment (with
respect to which the Administrative Agent is obligated to deliver notice) and
(y) a pledge or hypothecation to a Support Party by a Class S Purchaser which is
a Conduit Purchaser.

               Each of AFC, the Sellers, the Issuer, AmeriCredit and the
Servicer authorizes each Class S Purchaser to disclose to any Transferee and
Support Party and any prospective Transferee or Support Party any and all
confidential information in the Class S Purchaser's possession concerning this
Agreement or the Related Documents or concerning the Receivables or such party
which has been delivered to any Agent or such Class S Purchaser pursuant to this
Agreement or the Related Documents (including information obtained pursuant to
rights of inspection granted hereunder) or which has been delivered to such
Class S Purchaser by or on behalf of AFC, either Seller, the Issuer, AmeriCredit
and the Servicer in connection

                                     - 44 -

<PAGE>

with such Class S Purchaser's evaluation of the Receivables, AFC, the Sellers,
the Issuer, AmeriCredit or the Servicer prior to becoming a party to, or
purchasing an interest in this Agreement or the Class S Notes; provided that
prior to any such disclosure, such Transferee or Support Party or prospective
Transferee or Support Party shall have agreed in writing to comply with the
confidentiality provisions of Section 6.2, and a copy of such written agreement
as to compliance has been finished to the Servicer and the Administrative Agent.

          (d)  Each Class S Purchaser may, in accordance with applicable law, at
any time grant participations in all or part of its Commitment or its interest
in the Class S Notes, including the payments due to it under this Agreement and
the Related Documents (each, a "Participation"), to any Permitted Transferee
(each such Permitted Transferee, a "Participant"); provided, however, that no
Participation shall be granted to any Person (i) unless and until the Agent for
such Class S Purchaser's Purchaser Group shall have consented thereto, (ii) the
conditions to Transfer specified in this Agreement, including in subsection
8.1(c) hereof, shall have been satisfied, and (iii) that such Participation
consists of a pro rata percentage interest in all payments made with respect to
such Class S Purchaser's beneficial interest (if any) in the Class S Notes. In
connection with any such Participation, each Agent for a Purchaser Group shall
maintain a register of each Participant of members of its Purchaser Group and
the amount of each related Participation. Each Class S Purchaser hereby
acknowledges and agrees that (A) any such Participation will not alter or affect
such Class S Purchaser's direct obligations hereunder, and (B) neither the
Trustee, the Issuer, the Trust Collateral Agent, the Backup Servicer, any Seller
nor the Servicer shall have any obligation to have any communication or
relationship with any Participant. Each Class S Purchaser and each Participant
shall comply with the provisions of subsection 2.5(c) of this Agreement. No
Participant shall be entitled to Transfer all or any portion of its
Participation, without the prior written consent of the Agent for its Purchaser
Group. Each Participant shall be entitled to receive additional amounts and
indemnification pursuant to Sections 2.4, 2.5 and 2.6 hereof as if such
Participant were a Class S Purchaser and such Sections applied to its
Participation; provided, in the case of Section 2.5, that such Participant has
complied with the provisions of subsection 2.5(c) hereof as if it were a Class S
Purchaser; provided, further, no Participant shall be entitled to receive
additional amounts or indemnification in amounts in excess of those the
participating Class S Purchaser would have been entitled to receive in respect
of the amount of the participation transferred to such Participant had no such
participation occurred. Each Class S Purchaser shall give the Agent for its
Purchaser Group notice of the consummation of any sale by it of a Participation.
It shall be a further condition to the grant of any Participation that the
Participant shall have certified, represented and warranted that (i) it is
entitled to (A) receive payments with respect to its participation without
deduction or withholding of any United States federal income taxes and (B) an
exemption from United States backup withholding tax, and (ii) to the extent such
Participant has not otherwise directly provided such forms to the Issuer, the
Sellers, the Servicer and the Trustee, (A) prior to the date on which the first
interest payment is due to such Participant, such Participant will provide to
the Issuer, AFC, the Servicer and Trustee, the forms described in subsection
2.5(c) (subject to the Issuer's consent, as applicable and as set forth therein)
as though the Participant were a Class S Purchaser, and (B) such Participant
similarly will provide subsequent forms as described in subsection 2.5(c) with
respect to such participant as though it were a Class S Purchaser.

                                     - 45 -

<PAGE>

          (e)  Each Class S Purchaser may, with the consent of the Agent for its
Purchaser Group and in accordance with applicable law, sell, transfer or assign
(each, an "Assignment"), to any Permitted Transferee (each, an "Assignee") all
or any part of its Commitment (if any) or its interest in the Class S Notes and
its rights and obligations under this Agreement and the Related Documents
pursuant to an agreement substantially in the form attached hereto as Exhibit B
hereto (a "Transfer Supplement"), executed by such Assignee and such Class S
Purchaser and delivered to the Agent for its Purchaser Group for its acceptance
and consent; provided, however, that (i) no such assignment or sale shall be
effective unless and until the conditions to Transfer specified in this
Agreement, including in subsection 8.1(c) hereof, shall have been satisfied,
(ii) no assignment or sale by a Committed Purchaser shall be effective without
the consent of the CP Conduit in its Purchaser Group, (iii) no assignment or
sale which results in the addition of a new Purchaser Group shall be effective
without the consent of the Administrative Agent (which consent shall not
unreasonably be withheld), and (iv) in no event shall the consent of an Agent,
the Administrative Agent or the Issuer be required in the case of an assignment
by a CP Conduit of its interest in the Class S Notes and its rights and
obligations under this Agreement and the Related Documents to any one or more of
its Committed Purchasers in its Purchaser Group or to any Support Party with
respect to such CP Conduit; provided, further, however, that, with respect to
any Assignment by one member of a Purchaser Group to another Person already a
member of such Purchaser Group of its rights with respect to the Class S Note
(but none of its Commitment, if any), it shall not be necessary to execute a
Transfer Supplement so long as the Agent for such Purchaser Group gives prompt
written notice of such Assignment to the Administrative Agent, the Servicer and
the Issuer. From and after the effective date determined pursuant to such
Transfer Supplement, (x) the Assignee thereunder shall be a party hereto and, to
the extent provided in such Transfer Supplement, have the rights and obligations
of a Class S Purchaser hereunder as set forth therein and (y) the transferor
Class S Purchaser shall, to the extent provided in such Transfer Supplement, be
released from its Commitment and other obligations under this Agreement;
provided, however, that after giving effect to each such Assignment, the
obligations released by any such Class S Purchaser shall have been assumed by an
Assignee or Assignees. Such Transfer Supplement shall be deemed to amend this
Agreement to the extent, and only to the extent, necessary to reflect the
addition of such Assignee and the resulting adjustment of Percentage Interests,
Purchaser Percentages or Liquidity Percentages arising from the Assignment. Upon
its receipt and acceptance of a duly executed Transfer Supplement, the Agent for
the applicable Purchaser Group (or, in the case of an Assignment by which a new
Purchaser Group is added to this Agreement, the Administrative Agent) shall on
the effective date determined pursuant thereto give notice of such acceptance to
the Issuer, the Sellers, the Servicer and the Trustee.

          Upon instruction to register a transfer of a Class S Purchaser's
beneficial interest in the Class S Notes (or portion thereof) and surrender for
registration of transfer of such Class S Purchaser's Class S Note(s) (if
applicable) and delivery to the Issuer of an Investment Letter, executed by the
registered owner (and the beneficial owner if it is a Person other than the
registered owner), and receipt by the Trustee of a copy of the duly executed
related Transfer Supplement and such other documents as may be required under
this Agreement, such beneficial interest in the Class S Notes (or portion
thereof) shall be transferred in the records of the Trustee and the applicable
Agent and, if requested by the Assignee, new Class S Notes shall be issued to
the Assignee and, if applicable, the transferor Class S Purchaser in amounts
reflecting such Transfer as provided in the Indenture. Successive registrations
of Transfers as aforesaid may be

                                     - 46 -

<PAGE>

made from time to time as desired, and each such registration of a transfer to a
new registered owner shall be noted on the Note Register.

          (f)  Each Class S Purchaser may pledge its interest in the Class S
Notes to any Federal Reserve Bank as collateral in accordance with applicable
law.

          (g)  Any Class S Purchaser shall have the option to change its
Investing Office, provided that such Class S Purchaser shall have prior to such
change in office complied with the provisions of subsection 2.5(c) hereof and
provided further that such Class S Purchaser shall not be entitled to any
amounts otherwise payable under Section 2.4 or 2.5 hereof resulting solely from
such change in office unless such change in office was mandated by applicable
law or by such Class S Purchaser's compliance with the provisions of this
Agreement.

          (h)  Each Support Party shall be entitled to receive additional
payments and indemnification pursuant to Sections 2.4, 2.5 and 2.6 hereof as
though it were a Class S Purchaser and such Section applied to its interest in
or commitment to acquire an interest in the Class S Notes; provided that such
Support Party shall not be entitled to additional payments pursuant to (i)
Section 2.4 by reason of Regulatory Changes which occurred prior to the date it
became a Support Party or (ii) Section 2.5 attributable to its failure to
satisfy the requirements of subsection 2.5(c) as if it were a Class S Purchaser,
and provided further, that unless such Support Party is a Permitted Transferee
or has been consented to by the Issuer, such Support Party shall be entitled to
receive additional amounts pursuant to Sections 2.4 or 2.5 only to the extent
that its related CP Conduit would have been entitled to receive such amounts in
the absence of the commitment and Support Advances from such Support Party;
provided, further, no Participant shall be entitled to receive additional
amounts or indemnification in amounts in excess of those the participating Class
S Purchaser would have been entitled to receive in respect of the amount of the
participation transferred to such Participant had no such participation
occurred.

          (i)  Each Support Party claiming increased amounts described in
Sections 2.4 or 2.5 hereof shall furnish, through its related CP Conduit, to the
Issuer, the Sellers, the Servicer, the Trustee and the Agent for the applicable
Purchaser Group a certificate setting forth the basis and amount of each request
by such Support Party for any such amounts referred to in Sections 2.4 or 2.5,
such certificate to be conclusive with respect to the factual information set
forth therein absent manifest error.

          (j)  In the event that a Committed Purchaser is a Downgraded
Purchaser, the related CP Conduit shall have the right to replace such Committed
Purchaser with a replacement Committed Purchaser consented to by the Issuer
(which consent shall not be withheld except for a commercially reasonable
purpose or reason), which replacement Purchaser shall succeed to the rights of
such Committed Purchaser under this Agreement in respect of its Commitment as a
Committed Purchaser, and such Committed Purchaser shall assign such Commitment
and its interest in the Class S Notes to such replacement Committed Purchaser in
accordance with the provisions of this Section 8.1; provided, that (A) such
Committed Purchaser shall not be replaced hereunder with a new investor until
such Committed Purchaser has been paid in full its Percentage Interest of the
Class S Principal Balance and all accrued and unpaid interest thereon by such
new investor and all other amounts (including all amounts owing under Sections
2.4, 2.5 and 2.6 of this Agreement) owed to it and to all Participants with
respect to such Committed

                                     - 47 -

<PAGE>

Purchaser pursuant to this Agreement, and (ii) if the Committed Purchaser to be
replaced is an Agent, a replacement agent shall have been appointed in
accordance with Section 7.9 hereof, and the Agent to be replaced shall have been
paid all amounts owing to it as agent pursuant to this Agreement. For purposes
of this subsection, a Committed Purchaser shall be a "Downgraded Purchaser" if
and so long as the credit rating assigned to its short-term obligations by
Moody's or Standard & Poor's on the date on which it became a party to this
Agreement shall have been reduced or withdrawn, or as may be otherwise agreed
among the Issuer, such Committed Purchaser and the CP Conduit in its Purchaser
Group. Any Committed Purchaser which becomes a Downgraded Purchaser will give
the Issuer and the Servicer notice of such reduction or withdrawal within 10
Business Days after the date thereof.

          (k)  The Commitment of each Committed Purchaser in respect of its
related CP Conduit shall not relate to any Assignee of such CP Conduit. Upon any
Assignment by a CP Conduit of its Percentage Interest in the Class S Principal
Balance to a Person which is not one of its Committed Purchasers, the Commitment
of each of its related Committed Purchasers shall be reduced by an amount equal
to the assigned Percentage Interest times such Commitment. Without the prior
consent of the Administrative Agent and the Issuer, a CP Conduit may not enter
into an Assignment with any Assignee other than (i) one or more of its Committed
Purchasers, or (ii) one or more other Persons which, after giving effect to such
Assignment and any concurrent Assignments, will be CP Conduits having Committed
Purchasers which have, aggregate new Commitments equal to the aggregate
reductions of Commitments pursuant to the preceding sentence.

          (l)  In the event that a Class S Purchaser (or a Participant or
Support Party for such Class S Purchaser) is entitled to receive additional
payments pursuant to Section 2.4 or 2.5 hereof, the Issuer shall have the right
to seek a Replacement Purchaser not so affected and which is reasonably
acceptable to the Agent for such Purchaser Group to replace such affected Class
S Purchaser. No replacement of a Class S Purchaser shall be effected pursuant to
this subsection 8.1(l) if, after giving effect thereto, any amounts shall be
owing to the replaced Class S Purchaser hereunder. Each affected Class S
Purchaser hereby agrees to take all actions reasonably necessary to permit a
Replacement Purchaser to succeed to its rights and obligations hereunder.

          Notwithstanding the foregoing or the provisions of subsection 8.1(j),
(i) if the Class S Purchaser being replaced pursuant to this subsection is a
Committed Purchaser, the Replacement Purchaser shall be acceptable to the CP
Conduit in its Purchaser Group in its sole discretion and (ii) if the Class S
Purchaser being replaced is a CP Conduit, the Replacement Purchaser shall be
acceptable to each Committed Purchaser in its Purchaser Group and to the
Administrative Agent in their sole discretion, and in either such case it shall
be a condition of such replacement that such Replacement Purchaser enter into
substitute Support Facilities for those to which the Class S Purchaser being
replaced is a party on terms mutually acceptable to the parties thereto. In
addition, if the Class S Purchaser to be replaced is an Agent or the
Administrative Agent or is a CP Conduit which is administered or sponsored by an
Agent or the Administrative Agent, it shall be a condition of such replacement
that a replacement Agent or Administrative Agent shall have been appointed in
accordance with Section 7.9, and the Agent or Administrative Agent to be
replaced shall have been paid all amounts owing to it as Agent or Administrative
Agent, as applicable pursuant to this Agreement.

                                     - 48 -

<PAGE>

          8.2  Tax Characterization. It is the intention of the parties hereto
that the Class S Notes be treated for tax purposes as indebtedness, and the
parties hereto agree to so treat the Class S Notes (to the extent permitted by
law).

                             ARTICLE 9  MISCELLANEOUS

          9.1  Amendments and Waivers. This Agreement may not be amended,
supplemented or modified nor may any provision hereof be waived except in
accordance with the provisions of this Section 9.1. With the written consent of
the Required Class S Owners and the Required Class S Purchasers and subject to
the satisfaction of the Rating Agency Condition, the Administrative Agent, each
Agent, the Issuer, the Sellers and the Servicer may, from time to time, enter
into written amendments, supplements, waivers or modifications hereto for the
purpose of adding any provisions to this Agreement or changing in any manner the
rights of any party hereto or waiving, on such terms and conditions as may be
specified in such instrument, any of the requirements of this Agreement;
provided, however, that no such amendment, supplement, waiver or modification
shall (i) reduce the amount or extend the maturity of any Class S Note or reduce
the rate or extend the time of payment of interest thereon, increase the
obligation, if any, of any CP Conduit, or reduce or alter the timing of any
other amount payable to any Class S Purchaser hereunder or under the Sale and
Servicing Agreement or the Indenture or increase the Commitment of any Committed
Purchaser, in each case without the consent of the Class S Purchaser affected
thereby, (ii) amend, modify or waive any provision of this Section 9.1, or the
definition of "Class S Principal Balance", or reduce the percentage specified in
the definition of Majority Class S Owners, Majority Class S Purchasers, Required
Class S Owners or Required Class S Purchasers, in each case without the written
consent of all Class S Purchasers or (iii) amend, modify or waive any provision
of Section 7 of this Agreement without the written consent of each Agent
affected by such amendment, modification or wavier. Any waiver of any provision
of this Agreement shall be limited to the provisions specifically set forth
therein for the period of time set forth therein and shall not be construed to
be a waiver of any other provision of this Agreement.

          An Agent may cast any vote or give any consent or direction under the
Sale and Servicing Agreement, the Indenture or other Related Documentation on
behalf of the Holders (as defined in the Indenture) of Class S Notes in its
Purchaser Group if it has been directed to do so by Class S Owners in such
Purchaser Group having Percentage Interests aggregating greater than 50% of the
aggregate Percentage Interests of all Class S Owners in such Purchaser Group.

          9.2  Notices.

          (a)  All notices, requests and demands to or upon the respective
parties hereto to be effective shall be in writing (including by telecopy), and,
unless otherwise expressly provided herein, shall be deemed to have been duly
given or made when delivered by hand, or, in the case of mail or telecopy
notice, when received, addressed as follows or, with respect to an Agent or
Class S Purchaser, as set forth on the signature pages hereto or in its
respective Joinder Supplement or Transfer Supplement, or, with respect to the
Issuer, the Sellers or the Servicer, as set forth in the Indenture or to such
other address as may be hereafter notified by the respective parties hereto:

                                     - 49 -

<PAGE>

     Administrative     Deutsche Bank Trust Company Americas
      Agent:            Mail Stop: NYC1701
                        60 Wall Street
                        New York, NewYork 10005
                        Attention: Jim Portela / Donna Liparulo
                        Telephone: (212) 602-1099
                        Telefax: (212) 669-0143

          (b)  Unless otherwise directed by the Administrative Agent, all
payments to it shall be made by federal wire to the Administrative Agent, at its
account (Account # 99-401-268 Reference: AmeriCredit Corp Attn: Donna Liparulo)
maintained at Deutsche Bank Trust Company Americas, New York, NY 10005 (ABA#
021-001-033), or such other account as the Administrative Agent may designate in
writing to the Issuer. The Administrative Agent shall distribute such payments
to the Class S Purchasers promptly upon receipt. Unless otherwise directed by an
Agent or Class S Purchaser, all payments to it shall be made by federal wire to
the account specified on the signature pages hereto or in the Joinder Supplement
or Transfer Supplement by which it became a party hereto (provided, in the case
of an account specified in a Joinder Supplement or Transfer Supplement, that the
Agent, the Issuer, the Servicer or the Trustee, as the case may be, shall have
received notice thereof).

          (c)  The Administrative Agent will promptly forward copies of all
certificates, notices and reports received hereunder to the Agents.

          9.3  No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of any party hereto, any right, remedy, power
or privilege under any of the Related Documents shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege under any of the Related Documents preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges provided in the Related Documents
are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.

          9.4  Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of AFC, the Sellers, AmeriCredit, the Servicer, the Issuer,
the Administrative Agent, the Agents, the Class S Purchasers, any Transferee and
their respective successors and permitted assigns, and, to the extent provided
herein, to each Indemnitee, Participant and Support Party and their respective
successors and assigns; provided that, except as provided in Section 6.4, 7.3 or
11.4 of the Sale and Servicing Agreement, AFC, the Sellers, AmeriCredit and the
Servicer may not assign or transfer any of their respective rights or
obligations under this Agreement without the prior written consent of the
Required Class S Owners and the Required Class S Purchasers; provided, further,
that in connection with any such assignment (including an assignment by
operation of law), the assignee shall expressly agree in writing to assume all
the obligations of AFC, a Seller, AmeriCredit or the Servicer, as applicable,
hereunder and provided further that no assignment permitted hereunder shall
relieve AFC, either Seller, AmeriCredit or the Servicer, as applicable, from any
obligations arising hereunder prior to such assignment (including obligations
with respect to breaches of representations and warranties made herein).

                                     - 50 -

<PAGE>

          9.5  Successors to Servicer. In the event that a transfer of servicing
occurs under Section 8.3 of the Sale and Servicing Agreement, (i) from and after
the effective date of such transfer, the Successor Servicer shall be the
successor in all respects to the Servicer and shall be responsible for the
performance of all functions to be performed by the Servicer from and after such
date, except as provided in the Sale and Servicing Agreement, and shall be
subject to all the responsibilities, duties and liabilities relating thereto
placed on the Servicer by the terms and provisions hereof, and all references in
this Agreement to the Servicer shall be deemed to refer to the Successor
Servicer, and (ii) as of the date of such transfer, the Successor Servicer shall
be deemed to have made with respect to itself the representations and warranties
made in Section 4.1 hereof (in the case of subsection 4.1(a) with appropriate
factual changes); provided, however, that the references to the Servicer
contained in Section 5.1 of this Agreement shall be deemed to refer to the
Servicer with respect to responsibilities, duties and liabilities arising out of
an act or acts, or omission, or an event or events giving rise to such
responsibilities, duties and liabilities and occurring during such time that the
Servicer was Servicer under this Agreement and shall be deemed to refer to the
Successor Servicer with respect to responsibilities, duties and liabilities
arising out of an act or acts, or omission, or an event or events giving rise to
such responsibilities, duties and liabilities and occurring during such time
that the Successor Servicer acts as Servicer under this Agreement; provided,
however, to the extent that an obligation to indemnify Indemnitees under Section
2.6 hereof arises as a result of any act or failure to act of any Successor
Servicer in the performance of servicing obligations under the Sale and
Servicing Agreement, such indemnification obligation shall be of the Successor
Servicer and not its predecessor. Upon any transfer of servicing to a Successor
Servicer, such Successor Servicer shall furnish to the Administrative Agent and
each Agent copies of its audited annual financial statements for each of the
three preceding fiscal years or if the Trustee or any other banking institution
becomes the Successor Servicer, such Successor Servicer shall provide, in lieu
of the audited financial statements required in the immediately preceding
clause, complete and correct copies of the publicly available portions of its
Consolidated Reports of Condition and Income as submitted to the FDIC for the
two most recent year end periods.

          9.6  Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument.

          9.7  Severability. Any provisions of this Agreement which are
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provisions in any other jurisdiction.

          9.8  Integration. This Agreement and the Supplemental Fee Letters, as
applicable, represent the agreement of AFC (individually and as Seller),
AmeriCredit (individually, as Seller and as Servicer), the Issuer, the
Administrative Agent, the Agents and the Class S Purchasers with respect to the
subject matter hereof, and there are no promises, undertakings, representations
or warranties by any party hereto relative to subject matter hereof not
expressly set forth or referred to herein or therein or in the Related
Documents.

                                     - 51 -

<PAGE>

          9.9  Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW).

          9.10 Jurisdiction; Consent to Service of Process. Each of the parties
hereto hereby irrevocably and unconditionally (i) submits, for itself and its
property, to the nonexclusive jurisdiction of any New York State court in New
York County or federal court of the United States of America for the Southern
District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or
enforcement of any judgment arising out of or relating to this Agreement; (ii)
agrees that all claims in respect of any such action or proceeding may be heard
and determined in such New York State or, to the extent permitted by law,
federal court; (iii) agrees that a final judgment in any such action 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; (iv) consents that
any such action or proceeding may be brought in such courts and waives any
objection it may now or hereafter have to the laying of venue of any such action
or proceeding in any such court and any objection it may now or hereafter have
that such action or proceeding was brought in an inconvenient court, and agrees
not to plead or claim the same; (v) consents to service of process in the manner
provided for notices in Section 9.2 of this Agreement (provided that, nothing in
this Agreement shall affect the right of any such party to serve process in any
other manner permitted by law); and (vi) waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any such action
or proceeding any special, exemplary, punitive or consequential damages.

          9.11 Termination. This Agreement shall remain in full force and effect
until the earlier to occur of (a) payment in full of the Class S Principal
Balance and all other amounts payable to the Class S Purchasers, the Agents and
the Administrative Agent hereunder and the termination of all Commitments and
(b) the Termination Date; provided, that the provisions of Sections 2.4, 2.5,
2.6, 6.1, 6.2, 7.7, 8.2, 9.10, 9.12 and 9.14 shall survive termination of this
Agreement and any amounts payable to the Administrative Agent, the Agents, Class
S Purchasers or any Affected Party thereunder shall remain payable thereto.

          9.12 No Proceedings.

          (a)  The Administrative Agent and each Agent and each Class S
Purchaser covenants and agrees that it shall not institute against, or join any
other Person in instituting against, the Issuer or AFC any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceeding under the laws of the United States or any state of the
United States for one year and a day after the latest maturing Note has been
paid.

          (b)  Each of AFC (individually and as Seller), AmeriCredit
(individually, as Seller and as Servicer), the Issuer, the Administrative Agent,
each Agent and each Class S Purchaser hereby agrees that it shall not institute
or join against, or knowingly or intentionally encourage or cooperate with any
other Person in instituting against, any CP Conduit any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other

                                     - 52 -

<PAGE>

proceeding under any federal or state bankruptcy or similar law, for one year
and a day after the latest maturing commercial paper note, medium term note or
other debt security issued by such CP Conduit is paid.

          9.13 No Recourse.

          (a)  The obligations of each CP Conduit under this Agreement, or any
other agreement, instrument, document or certificate executed or delivered or
issued by such CP Conduit or any officer thereof are solely the corporate,
limited liability company or partnership obligations of such CP Conduit. No
recourse shall be had for the payment of any fee or other obligations,
instrument, document or certificate executed and delivered or issued by any CP
Conduit or any officer thereof in connection therewith, against any stockholder,
limited partner, employee, officer, director or incorporator of any CP Conduit.

          (b)  Each of AFC (individually and as Seller), AmeriCredit
(individually, as Seller and as Servicer), the Issuer, the Administrative Agent,
each Agent and each Class S Purchaser hereby irrevocably waives all right of
setoff that it may have under contract (including this Agreement), applicable
law or otherwise with respect to any funds or monies of any CP Conduit at any
time held by or in the possession of such Person.

          (c)  Notwithstanding anything in this Agreement to the contrary, a CP
Conduit shall not have any obligation to pay any amount required to be paid by
it hereunder in excess of any amount available to such CP Conduit after paying
or making provision for the payment of its Commercial Paper Notes; and each of
the other parties hereto agrees that it will not have a claim under Section
101(5) of the Bankruptcy Code if and to the extent that any such payment
obligation owed to it by such CP Conduit exceeds the amount available to such CP
Conduit to pay such amount after paying or making provision for the payment of
its Commercial Paper Notes.

          9.14 Survival of Representations and Warranties. All representations
and warranties made hereunder and in any document, certificate or statement
delivered pursuant hereto or in connection herewith shall survive the execution
and delivery of this Agreement, the purchase of the Class S Notes hereunder and
the termination of this Agreement.

          9.15 Waiver of Jury Trial. EACH PARTY HERETO (INDIVIDUALLY AND, IN THE
CASE OF AFC, AS A SELLER, AND, IN THE CASE OF AMERICREDIT, AS A SELLER AND AS
SERVICER) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL
RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, THE CLASS S NOTES
OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR
ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
PARTIES ENTERING INTO THIS AGREEMENT AND FOR CLASS S PURCHASERS PURCHASING AN
INTEREST IN THE CLASS S NOTES DESCRIBED HEREIN AND THE ADMINISTRATIVE AGENT AND
EACH AGENT AGREEING TO ACT AS SUCH HEREUNDER.

                                     - 53 -

<PAGE>

          9.16 Limitation of Liability of Owner Trustee. It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed
and delivered by Deutsche Bank Trust Company Delaware, not individually or
personally but solely as Owner Trustee of the Issuer, in the exercise of the
powers and authority conferred and vested in it, (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 Deutsche Bank Trust Company Delaware 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 Deutsche Bank Trust Company Delaware,
individually or personally, 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 Deutsche Bank Trust Company Delaware
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.

          9.17 Amendment and Restatement of Indenture and Sale and Servicing
Agreement. Each Class S Purchaser hereby expressly consents to: (i) the
amendment and restatement of the Indenture as provided in the Second Amended and
Restated Indenture, dated as of November 5, 2003, by and among the Issuer, the
Trustee and the Administrative Agent, and (ii) the amendment and restatement of
the Sale and Servicing Agreement, as provided in the Second Amended and Restated
Sale and Servicing Agreement, dated as of November 5, 2003, by and among the
Issuer, AFC, as a Seller, AmeriCredit, as a Seller and Servicer, and Bank One,
NA, in the forms previously distributed to such Class S Purchaser.

          9.18 CP Conduit as Committed Purchaser. Notwithstanding anything
herein to the contrary, a CP Conduit may execute this Agreement as both a CP
Conduit and a Committed Purchaser and, in such event, such CP Conduit shall have
the rights and obligations of both a CP Conduit and a Committed Purchaser set
forth herein. In no event shall the foregoing prevent a CP Conduit from
exercising its rights to Assign or Transfer some or all of its Class S Note to
one or more Support Parties.

          9.19 Effectiveness of Amendment and Restatement. The amendment and
restatement of this Agreement set forth herein shall become effective as of the
date hereof upon (a) receipt by the Administrative Agent of counterparts of this
Agreement (whether by facsimile or otherwise) executed by each of the other
parties hereto and by Noteholders representing the Required Class S Owners and
Required Class S Purchasers, (b) receipt by the Administrative Agent (for the
account of each Class S Purchaser) of the extension and amendment fees due to
each Class S Purchaser under their respective fee letter agreements, each dated
as of the date hereof, among such Class S Purchaser, the Issuer and the
Administrative Agent and (c) satisfaction of the Rating Agency Condition.

                  [Remainder of page intentionally left blank.]

                                     - 54 -

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Class S Note
Purchase Agreement to be duly executed by their respective officers as of the
day and year first above written.

                                        AMERICREDIT MASTER TRUST
                                        By: Deutsche Bank Trust Company
                                        Delaware, not in its individual capacity
                                        but solely as Owner Trustee

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        AMERICREDIT FUNDING CORP, VII,
                                        individually and as a Seller

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        AMERICREDIT FINANCIAL SERVICES, INC.,
                                        individually, as a Seller and as
                                        Servicer

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         as Administrative Agent

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        Address for Notices:

                                        Mail Stop: NYC1701
                                        60 Wall Street
                                        New York, NewYork 10005
                                        Attention: Jim Portela / Donna Liparulo
                                        Facsimile No.: (212) 602-1099

<PAGE>

                                        SEDONA PURCHASER GROUP
                                        DEUTSCHE BANK AG, NEW YORK BRANCH,
                                         as Agent

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        Address for Notices:

                                        31 West 52nd Street
                                        New York, New York 10019
                                        Attention: Structured Finance
                                        Department/Securitization
                                        Facsimile No.: (212) 469-7185

Type of Class S Purchaser:              SEDONA CAPITAL FUNDING CORPORATION
 CP Conduit

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        Address for Notices and Investing
                                        Office:

                                        c/o Deutsche Bank AG, New York Branch
                                        31 West 52nd Street
                                        New York, New York 10019
                                        Attention: Structured Finance
                                        Department/Securitization
                                        Facsimile No.: (212) 469-7185

<PAGE>

Type of Class S Purchaser:              DEUTSCHE BANK AG, NEW YORK BRANCH,
Committed

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        Address for Notices and Investing
                                        Office:

                                        Deutsche Bank AG
                                        New York Branch
                                        31 West 52nd Street
                                        New York, New York 10019
                                        Attention: Structured Finance
                                        Department/Securitization
                                        Facsimile No.: (212) 469-7185

<PAGE>

                                                                      SCHEDULE I
                                                                      ----------

                Schedule of Committed Purchasers and CP Conduits
                ------------------------------------------------

--------------------------------------------------------------------------------
Name of Committed                                               Maximum Purchase
Purchaser             Commitment        Name of CP Conduit      Amount
--------------------------------------------------------------------------------
Deutsche Bank AG,     $   150,000,000   Sedona Capital          $    150,000,000
New York Branch                         Funding Corporation
--------------------------------------------------------------------------------

<PAGE>

                                                                       EXHIBIT A
                                                                       ---------
                            FORM OF INVESTMENT LETTER
                            -------------------------

                                               [Date]

[Name and address of Issuer]

[Name and address of Transferee Class S Purchaser]

     Re   AmeriCredit Master Trust
          Floating Rate Asset Backed Notes, Class S
          -----------------------------------------

Ladies and Gentlemen:

          This letter (the "Investment Letter") is delivered by the undersigned
(the "Purchaser") pursuant to subsection 8.1(a) of the Second Amended and
Restated Class S Note Purchase Agreement dated as of November 5, 2003 (as in
effect, the "Note Purchase Agreement"), among AFC, AmeriCredit Master Trust,
AmeriCredit Financial Services, Inc., the Class S Purchasers and the Agents
parties thereto and Deutsche Bank Trust Company Americas, as Administrative
Agent. Capitalized terms used herein without definition shall have the meanings
set forth in the Note Purchase Agreement. The Purchaser represents to and agrees
with the Issuer as follows:

          (a)  The Purchaser is authorized [to enter into the Note Purchase
     Agreement and to perform its obligations thereunder and to consummate the
     transactions contemplated thereby] [to purchase a participation in
     obligations under the Note Purchase Agreement].

          (b)  The Purchaser has such knowledge and experience in financial and
     business matters as to be capable of evaluating the merits and risks of its
     investment in the Class S Notes and is able to bear the economic risk of
     such investment. The Purchaser has been afforded the opportunity to ask
     such questions as it deems necessary to make an investment decision, and
     has received all information it has requested in connection with making
     such investment decision. The Purchaser has, independently and without
     reliance upon the Agent or any other Class S Purchaser, and based on such
     documents and information as it has deemed appropriate, made its own
     appraisal of and investigation into the business, operations, property,
     financial and other condition and creditworthiness of the Receivables, AFC,
     the Sellers, AmeriCredit, the Servicer, the Issuer, the Backup Servicer,
     the Trust Collateral Agent and the Trustee and made its own decision to
     purchase its interest in the Class S Notes, and will, independently and
     without reliance upon the Administrative Agent, any Agent or any other
     Class S Purchaser, and based on such documents and information as it shall
     deem appropriate at the time, continue to make its own analysis, appraisals
     and decisions in taking or not taking action under the Note Purchase
     Agreement, and to make such investigation as it deems

                                       A-1

<PAGE>

     necessary to inform itself as to the business, operations, property,
     financial and other condition and creditworthiness of the Receivables, AFC,
     the Sellers, AmeriCredit, the Servicer, the Issuer, the Backup Servicer,
     the Trust Collateral Agent and the Trustee.

          (c)  The Purchaser is an "accredited investor", as defined in Rule
     501, promulgated by the Notes and Exchange Commission (the "Commission")
     under the Securities Act of 1933, as amended (the "Securities Act"), or is
     a sophisticated institutional investor. The Purchaser understands that the
     offering and sale of the Class S Notes has not been and will not be
     registered under the Securities Act and has not and will not be registered
     or qualified under any applicable "Blue Sky" law, and that the offering and
     sale of the Class S Notes has not been reviewed by, passed on or submitted
     to any federal or state agency or commission, securities exchange or other
     regulatory body.

          (d)  The Purchaser is acquiring an interest in Class S Notes without a
     view to any distribution, resale or other transfer thereof except, with
     respect to any Class S Note or any interest or participation therein, as
     contemplated in the following sentence. The Purchaser will not resell or
     otherwise transfer any interest or participation in the Class S Note,
     except in accordance with Section 8.1 of the Note Purchase Agreement and
     (i) in a transaction exempt from the registration requirements of the
     Securities Act of 1933, as amended, and applicable state securities or
     "blue sky" laws; (ii) to the Issuer or any affiliate of the Issuer; or
     (iii) to a person who the Purchaser reasonably believes is a qualified
     institutional buyer (within the meaning thereof in Rule 144A under the
     Securities Act) that is aware that the resale or other transfer is being
     made in reliance upon Rule 144A. In connection therewith, the Purchaser
     hereby agrees that it will not resell or otherwise transfer the Class S
     Notes or any interest therein unless the purchaser thereof provides to the
     addressee hereof a letter substantially in the form hereof.

          (f)  This Investment Letter has been duly executed and delivered and
     constitutes the legal, valid and binding obligation of the Purchaser,
     enforceable against the Purchaser in accordance with its terms, except as
     such enforceability may be limited by bankruptcy, insolvency,
     reorganization, moratorium or similar laws or equitable principles
     affecting the enforcement of creditors' rights generally and general
     principles of equity.

                                        Very truly yours,

                                        [NAME OF PURCHASER]

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       A-2

<PAGE>

                                                                       EXHIBIT B
                                                                       ---------

                           FORM OF TRANSFER SUPPLEMENT
                           ---------------------------

          TRANSFER SUPPLEMENT, dated as of the date set forth in Item 1 of
Schedule I hereto, among the Seller Class S Purchaser set forth in Item 2 of
Schedule I hereto (the "Seller Class S Purchaser"), the Purchasing Class S
Purchaser set forth in Item 3 of Schedule I hereto (the "Purchasing Class S
Purchaser"), and the Agent set forth in Item 4 of Schedule I hereto (in such
capacity, the "Agent") for the Purchaser Group set forth in Item 5 of Schedule I
hereto.

                              W I T N E S S E T H:

          WHEREAS, this Supplement is being executed and delivered in accordance
with subsection 8.1(e) of the Second Amended and Restated Class S Note Purchase
Agreement, dated as of November 5, 2003, among AmeriCredit Master Trust,
AmeriCredit Funding Corp. VII, AmeriCredit Financial Services, Inc. (the
"AmeriCredit Parties"), the Class S Purchasers and the Agents parties thereto
and Deutsche Bank Trust Company Americas, as Administrative Agent (as from time
to time amended, supplemented or otherwise modified in accordance with the terms
thereof, the "Note Purchase Agreement"; unless otherwise defined herein, terms
defined in the Note Purchase Agreement are used herein as therein defined);

          WHEREAS, the Purchasing Class S Purchaser (if it is not already a
Class S Purchaser party to the Note Purchase Agreement) wishes to become a Class
S Purchaser party to the Note Purchase Agreement and the Purchasing Class S
Purchaser wishes to acquire and assume from the Seller Class S Purchaser,
certain of the rights, obligations and commitments under the Note Purchase
Agreement; and

          WHEREAS, the Seller Class S Purchaser wishes to sell and assign to the
Purchasing Class S Purchaser, certain of its rights, obligations and commitments
under the Note Purchase Agreement.

          NOW, THEREFORE, the parties hereto hereby agree as follows:

          (a)  Upon receipt by the Agent of five counterparts of this
Supplement, to each of which is attached a fully completed Schedule I and
Schedule II, each of which has been executed by the Seller Class S Purchaser,
the Purchasing Class S Purchaser and the Agent, the Agent will promptly transmit
to the Servicer, the Sellers, the Trustee, the Seller Class S Purchaser and the
Purchasing Class S Purchaser a Transfer Effective Notice, substantially in the
form of Schedule III to this Supplement (a "Transfer Effective Notice"). Such
Transfer Effective Notice shall be executed by the Agent and shall set forth,
inter alia, the date on which the transfer effected by this Supplement shall
become effective (the "Transfer Effective Date"). From and after the Transfer
Effective Date the Purchasing Class S Purchaser shall be a Class S Purchaser
party to the Note Purchase Agreement for all purposes thereof as a CP Conduit
and, if applicable, a Committed Purchaser, as specified on Schedule II to this
Supplement.

                                       B-1

<PAGE>

          (b)  At or before 12:00 Noon, local time of the Seller Class S
Purchaser, on the Transfer Effective Date, the Purchasing Class S Purchaser
shall pay to the Seller Class S Purchaser, in immediately available funds, an
amount equal to the purchase price, as agreed between the Seller Class S
Purchaser and such Purchasing Class S Purchaser (the "Purchase Price"), of the
portion set forth on Schedule II hereto being purchased by such Purchasing Class
S Purchaser of the outstanding Class S Principal Balance under the Class S Note
owned by the Seller Class S Purchaser (such Purchasing Class S Purchaser's
"Purchaser Percentage") and other amounts owing to the Seller Class S Purchaser
under the Note Purchase Agreement or otherwise in respect of the Class S Notes.

          Effective upon receipt by the Seller Class S Purchaser of the Purchase
Price from the Purchasing Class S Purchaser, the Seller Class S Purchaser hereby
irrevocably sells, assigns and transfers to the Purchasing Class S Purchaser,
without recourse, representation or warranty, and the Purchasing Class S
Purchaser hereby irrevocably purchases, takes and assumes from the Seller Class
S Purchaser, the Purchasing Class S Purchaser's Purchaser Percentage of (i) the
presently outstanding Class S Principal Balance under the Class S Notes owned by
the Seller Class S Purchaser and other amounts owing to the Seller Class S
Purchaser in respect of the Class S Notes, together with all instruments,
documents and collateral security pertaining thereto, and (ii) the Purchasing
Class S Purchaser's Purchaser Percentage of (A) if the Seller Class S Purchaser
is a CP Conduit, the Purchaser Percentage of the Seller Class S Purchaser and
the other rights and duties of the Seller Class S Purchaser under the Note
Purchase Agreement, or (B) if the Seller Class S Purchaser is a Committed
Purchaser, the Liquidity Percentage and the Commitment of the Seller Class S
Purchaser and other rights, duties and obligations of the Seller Class S
Purchaser under the Note Purchase Agreement.

          This Supplement is intended by the parties hereto to effect a purchase
by the Purchasing Class S Purchaser and sale by the Seller Class S Purchaser of
interests in the Class S Notes, and it is not to be construed as a loan or a
commitment to make a loan by the Purchasing Class S Purchaser to the Seller
Class S Purchaser. The Seller Class S Purchaser hereby confirms that the amount
of the Class S Principal Balance is $_________ and its Percentage Interest
thereof is ___%, which equals $_________________ as of _________, 20__. Upon and
after the Transfer Effective Date (until further modified in accordance with the
Note Purchase Agreement), the Purchaser Percentage or Liquidity Percentage, as
applicable, of the Seller Class S Purchaser and the Purchasing Class S Purchaser
and the Commitment and the Liquidity Percentage, if applicable, of the Seller
Class S Purchaser and the Purchasing Class S Purchaser shall be as set forth in
Schedule II to this Supplement.

          (c)  The Seller Class S Purchaser has made arrangements with the
Purchasing Class S Purchaser with respect to (i) the portion, if any, to be
paid, and the date or dates for payment, by the Seller Class S Purchaser to the
Purchasing Class S Purchaser of any fees heretofore received by the Seller Class
S Purchaser pursuant to the Note Purchase Agreement prior to the Transfer
Effective Date and (ii) the portion, if any, to be paid, and the date or dates
for payment, by the Purchasing Class S Purchaser to the Seller Class S Purchaser
of fees or interest received by the Purchasing Class S Purchaser pursuant to the
Note Purchase Agreement or otherwise in respect of the Class S Notes from and
after the Transfer Effective Date.

                                       B-2

<PAGE>

          (d)  (i)  All principal payments that would otherwise be payable from
and after the Transfer Effective Date to or for the account of the Seller Class
S Purchaser in respect of the Class S Notes shall, instead, be payable to or for
the account of the Seller Class S Purchaser and the Purchasing Class S
Purchaser, as the case may be, in accordance with their respective interests as
reflected in this Supplement.

               (ii) All interest, fees and other amounts that would otherwise
accrue for the account of the Seller Class S Purchaser from and after the
Transfer Effective Date pursuant to the Note Purchase Agreement or in respect of
the Class S Notes shall, instead, accrue for the account of, and be payable to
or for the account of, the Seller Class S Purchaser and the Purchasing Class S
Purchaser, as the case may be, in accordance with their respective interests as
reflected in this Supplement. In the event that any amount of interest, fees or
other amounts accruing prior to the Transfer Effective Date was included in the
Purchase Price paid by the Purchasing Class S Purchaser, the Seller Class S
Purchaser and the Purchasing Class S Purchaser will make appropriate
arrangements for payment by the Seller Class S Purchaser to the Purchasing Class
S Purchaser of such amount upon receipt thereof from the Agent.

          (e)  Concurrently with the execution and delivery hereof, the
Purchasing Class S Purchaser will deliver to the Agent and the Issuer an
executed Investment Letter in the form of Exhibit A to the Note Purchase
Agreement and the forms, if any, required by subsection 2.5(c) of the Note
Purchase Agreement.

          (f)  Each of the parties to this Supplement agrees and acknowledges
that (i) at any time and from time to time upon the written request of any other
party, it will execute and deliver such further documents and do such further
acts and things as such other party may reasonably request in order to effect
the purposes of this Supplement, and (ii) the Agent shall apply each payment
made to it under the Note Purchase Agreement, whether in its individual capacity
or as Agent, in accordance with the provisions of the Note Purchase Agreement,
as appropriate.

          (g)  By executing and delivering this Supplement, the Seller Class S
Purchaser and the Purchasing Class S Purchaser confirm to and agree with each
other, the Agent and the Class S Purchasers as follows: (i) other than the
representation and warranty that it is the legal and beneficial owner of the
interest being assigned hereby free and clear of any adverse claim, the Seller
Class S Purchaser makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations
made in or in connection with the Note Purchase Agreement or the Related
Documents or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Note Purchase Agreement or any other instrument or
document furnished pursuant thereto; (ii) the Seller Class S Purchaser makes no
representation or warranty and assumes no responsibility with respect to the
Issuer, the financial condition of the Receivables, AFC, the Sellers,
AmeriCredit, the Servicer, the Issuer, the Trust Collateral Agent, the Backup
Servicer or the Trustee or the performance or observance by AFC, either Seller,
AmeriCredit, the Servicer, the Issuer, the Trust Collateral Agent, the Backup
Servicer or the Trustee of any of their respective obligations under the Note
Purchase Agreement or any Related Document or any other instrument or document
furnished pursuant hereto; (iii) each Purchasing Class S Purchaser confirms that
it has received a copy of such documents and information as it has deemed
appropriate to make its own credit analysis and decision to

                                       B-3

<PAGE>

enter into this Supplement; (iv) each Purchasing Class S Purchaser will,
independently and without reliance upon the Administrative Agent, any Agent (as
defined in the Note Purchase Agreement) the Seller Class S Purchaser or any
other Class S Purchaser and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Note Purchase Agreement or the Related
Documents; (v) the Purchasing Class S Purchaser appoints and authorizes the
Agent and the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under the Note Purchase Agreement and the Related
Documents as are delegated to the Agent or the Administrative Agent, as the case
may be, by the terms thereof, together with such powers as are reasonably
incidental thereto, all in accordance with Section 7 of the Note Purchase
Agreement; and (vi) each Purchasing Class S Purchaser agrees (for the benefit of
the Seller Class S Purchaser, the Administrative Agent, the Agents (as defined
in the Note Purchase Agreement), the Class S Purchasers, the Trustee, the
Servicer and the Sellers) that it will perform in accordance with their terms
all of the obligations which by the terms of the Note Purchase Agreement are
required to be performed by it as a Class S Purchaser.

          (h)  Schedule II hereto sets forth the revised Purchaser Percentage or
the revised Liquidity Percentage, as applicable, and Commitment of the Seller
Class S Purchaser, as applicable, the Purchaser Percentage or the Liquidity
Percentage, as applicable, and the Commitment of the Purchasing Class S
Purchaser, as applicable, and the initial Investing Office of the Purchasing
Class S Purchaser, as well as administrative information with respect to the
Purchasing Class S Purchaser.

          (i)  THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

          IN WITNESS WHEREOF, the parties hereto have caused this Supplement to
be executed by their respective duly authorized officers on Schedule I hereto as
of the date set forth in Item 1 of Schedule I hereto.

                                       B-4

<PAGE>

                                                                   SCHEDULE I TO
                                                             TRANSFER SUPPLEMENT
                                                             -------------------

                          COMPLETION OF INFORMATION AND
                       SIGNATURES FOR TRANSFER SUPPLEMENT

     Re:  Second Amended and Restated Class S Note Purchase Agreement,
          dated as of November 5, 2003, among AmeriCredit Master Trust,
          AmeriCredit Funding Corp. VII, AmeriCredit Financial Services,
          Inc., the Class S Purchasers and the Agents parties thereto and
          Deutsche Bank Trust Company Americas, as Administrative Agent

Item 1:  Date of Transfer Supplement:

Item 2:  Seller Class S Purchaser:

Item 3:  Purchasing Class S Purchaser:

Item 4:  Name of Agent:

Item 5:  Name of Purchaser Group:

Item 6:  Signatures of Parties to Agreement:

                                        ----------------------------------------
                                        as Seller Class S Purchaser

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       B-5

<PAGE>

                                        as Purchasing Class S Purchaser

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

CONSENTED TO AND ACCEPTED BY:

[NAME OF AGENT], as Agent

By:
   -----------------------------------
   Name:
   Title:

By:
   -----------------------------------
   Name:
   Title:

[If applicable:]

DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Administrative Agent

By:
   -----------------------------------
   Name:
   Title:

By:
   -----------------------------------
   Name:
   Title:

                                       B-6

<PAGE>

                                                                  SCHEDULE II TO
                                                             TRANSFER SUPPLEMENT
                                                             -------------------

                      LIST OF INVESTING OFFICES, ADDRESSES
                       FOR NOTICES, ASSIGNED INTERESTS AND
                       PURCHASE AND LIQUIDITY PERCENTAGES
                      ------------------------------------

[Seller Class S Purchaser]

A.   Type of Purchaser:    CP Conduit:                 Yes/No
                           Committed Purchaser:        Yes/No

B.   Purchaser Percentage:

     Seller Class S Purchaser Purchaser Percentage
     Prior to Sale:                                                       _____%

     Purchaser Percentage Sold:                                           _____%

     Purchaser Percentage Retained:                                       _____%

C.   Commitment (if applicable)

     Seller Class S Purchaser Commitment
     Prior to Sale:                                                    $________

     Commitment Sold:                                                  $________

     Commitment Retained:                                              $________

     Related CP Conduit (applicable to Committed Purchaser):     ____________

D.   Related Committed Purchasers (applicable to CP Conduit)

     Committed Purchasers, Commitments and Liquidity Percentages prior to Sale:

     ___________________________          $__________                     _____%

     ___________________________          $__________                     _____%

     ___________________________          $__________                     _____%

E.   Class S Principal Balance:

     Seller Class S Purchaser
     Class S Principal Balance Prior to Sale:                          $________

     Class S Principal Balance Sold:                                   $________

                                       B-7

<PAGE>

     Class S Principal Balance Retained:                               $________

[Purchasing Class S Purchaser]
 ----------------------------

A.   Type of Purchaser:    CP Conduit:                 Yes/No
                           Committed Purchaser:        Yes/No

B.   Purchaser Percentage:

     Transferee Class S Purchaser Purchaser Percentage
     After Sale:                                                          _____%

C.   Commitment (if applicable)

     Transferee Class S Purchaser Commitment
     After Sale:                                                       $________

     Related CP Conduit (applicable to Committed Purchaser):     ____________

D.   Related Committed Purchasers (applicable to CP Conduit)

     Committed Purchasers, Commitments and Liquidity Percentages after Sale:

     ___________________________          $__________                     _____%

     ___________________________          $__________                     _____%

     ___________________________          $__________                     _____%

E.   Class S Principal Balance:

     Transferee Class S Purchaser
     Class S Principal Balance After Sale:                             $________

Address for Notices:
-------------------

Investing Office:
----------------

                                       B-8

<PAGE>

                                                                 SCHEDULE III TO
                                                             TRANSFER SUPPLEMENT
                                                             -------------------

                                     Form of
                            Transfer Effective Notice
                            -------------------------

To:  [Name and address of Sellers,
     Servicer, Trustee, Administrative
     Agent, Seller Class S Purchaser and
     Purchasing Class S Purchaser]

          The undersigned, as Agent under the Second Amended and Restated Class
S Note Purchase Agreement, dated as of November 5, 2003, among AmeriCredit
Master Trust, AmeriCredit Funding Corp. VII, AmeriCredit Financial Services,
Inc., the Class S Purchasers and the Agents parties thereto and Deutsche Bank
Trust Company Americas, as Administrative Agent, acknowledges receipt of five
executed counterparts of a completed Transfer Supplement. [Note: attach copies
of Schedules I and II from such Agreement.] Terms defined in such Supplement are
used herein as therein defined.

          Pursuant to such Supplement, you are advised that the Transfer
Effective Date will be _____________, ____.

                                        Very truly yours,

                                        [NAME OF AGENT], as Agent

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       B-9

<PAGE>

                                                                       EXHIBIT C
                                                                       ---------

                               JOINDER SUPPLEMENT
                               ------------------

     JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I
hereto, among the financial institution identified in Item 2 of Schedule I
hereto, AmeriCredit Financial Services, Inc. ("AmeriCredit"), individually, as a
Seller and as Servicer, AmeriCredit Funding Corp. VII("AFC"), individually and
as a Seller, AmeriCredit Master Trust (the "Issuer"), the Agent named in Item 5
of Schedule I hereto (the "Agent"), and Deutsche Bank Trust Company Americas, as
Administrative Agent (the "Administrative Agent").

                              W I T N E S S E T H:

     WHEREAS, this Supplement is being executed and delivered under the Second
Amended and Restated Class S Note Purchase Agreement, dated as of November 5,
2003, among AmeriCredit, AFC, the Issuer, the Class S Purchasers from time to
time parties thereto, the Agents for the Purchaser Groups from time to time
parties thereto, and the Administrative Agent (as from time to time amended,
supplemented or otherwise modified in accordance with the terms thereof, the
"Agreement"; unless otherwise defined herein, terms defined in the Agreement are
used herein as therein defined); and

     WHEREAS, the party set forth in Item 2 of Schedule I hereto (the "Proposed
Purchaser") wishes to become a Class S Purchaser designated as a [CP
Conduit][Committed Purchaser] party to the Agreement;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     (a)  Upon receipt by the Administrative Agent of five counterparts of this
Supplement, to each of which is attached a fully completed Schedule I and
Schedule II, each of which has been executed by the Proposed Purchaser,
AmeriCredit, AFC, the Issuer, the Agent and the Administrative Agent, the
Administrative Agent will transmit to the Proposed Purchaser, AmeriCredit, AFC,
the Issuer and the Agent, a Joinder Effective Notice, substantially in the form
of Schedule III to this Supplement (a "Joinder Effective Notice"). Such Joinder
Effective Notice shall be executed by the Administrative Agent and shall set
forth, inter alia, the date on which the joinder effected by this Supplement
shall become effective (the "Joinder Effective Date"). From and after the
Joinder Effective Date, the Proposed Purchaser shall be a Class S Purchaser
designated as a [CP Conduit][Committed Purchaser] party to the Agreement for all
purposes thereof.

     (b)  Each of the parties to this Supplement agrees and acknowledges that at
any time and from time to time upon the written request of any other party, it
will execute and deliver such further documents and do such further acts and
things as such other party may reasonably request in order to effect the
purposes of this Supplement.

     (c)  By executing and delivering this Supplement, the Proposed Purchaser
confirms to and agrees with the Administrative Agent, the Agents and the Class S
Purchasers as follows: (i) none of the Administrative Agent, the Agents or the
Class S Purchasers makes any representation or warranty or assumes any
responsibility with respect to any statements,

                                       C-1

<PAGE>

warranties or representations made in or in connection with the Agreement or the
execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Agreement or any other instrument or document furnished pursuant thereto,
or with respect to any notes issued under the Indenture (including, without
limitation, the Class S Notes), or the Trust Estate (as defined under the
Indenture) or the financial condition of AmeriCredit, AFC, any Seller, the
Servicer, the Trustee, the Trust Collateral Agent, the Backup Servicer or the
Issuer, or the performance or observance by AmeriCredit, AFC, any Seller, the
Servicer, the Trustee, the Trust Collateral Agent, the Backup Servicer or the
Issuer of any of their respective obligations under the Agreement, any other
Related Document or any other instrument or document furnished pursuant thereto;
(ii) the Proposed Purchaser confirms that it has received a copy of such
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Supplement; (iii) the Proposed
Purchaser will, independently and without reliance upon the Administrative
Agent, any Agent or any other Class S Purchaser and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Agreement; (iv) the
Proposed Purchaser appoints and authorizes the Agent to take such action as
agent on its behalf and to exercise such powers under the Agreement as are
delegated to the Agent by the terms thereof, together with such powers as are
reasonably incidental thereto, all in accordance with Article 7 of the
Agreement; (v) the Proposed Purchaser appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers
under the Agreement as are delegated to the Administrative Agent by the terms
thereof, together with such powers as are reasonably incidental thereto, all in
accordance with the Indenture and Article 7 of the Agreement; and (vi) the
Proposed Purchaser agrees (for the benefit of the parties hereto and the other
Class S Purchasers) that it will perform in accordance with their terms all of
the obligations which by the terms of the Agreement are required to be performed
by it as a Class S Purchaser designated as a [CP Conduit][Committed Purchaser].

     (d)  Schedule II hereto sets forth administrative information with respect
to the Proposed Purchaser.

     (e)  This Supplement shall be governed by, and construed in accordance
with, the laws of the State of New York.

     IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be
executed by their respective duly authorized officers on Schedule I hereto as of
the date set forth in Item 1 of Schedule I hereto.

                                       C-2

<PAGE>

                                                                   SCHEDULE I TO
                                                              JOINDER SUPPLEMENT
                                                              ------------------

                          COMPLETION OF INFORMATION AND
                        SIGNATURES FOR JOINDER SUPPLEMENT

     Re:  Second Amended and Restated Class S Note Purchase Agreement, dated as
          of November 5, 2003, among AmeriCredit Master Trust, AmeriCredit
          Funding Corp. VII, AmeriCredit Financial Services, Inc., the other
          parties thereto and Deutsche Bank Trust Company Americas, as
          Administrative Agent.

Item 1:   Date of Joinder Supplement: ______________

Item 2:   Proposed Purchaser:         ______________

Item 3:   Type of Class S Purchaser:  ____CP Conduit
                                      ____Committed

Item 4:   Complete if Committed Purchaser:Commitment - $______________
                                          Committed Purchaser with respect to:

                                          -----------------------------------
                                          [Name of CP Conduit]

Item 5:   Name of Agent: __________________

Item 6:   Name of Purchaser Group: ______________________

Item 7:   Signatures of Parties to Agreement:

                                        ___________________________, as
                                        Proposed Purchaser

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       C-3

<PAGE>

                                        AMERICREDIT FINANCIAL SERVICES, INC.,
                                        individually, as Seller and as Servicer

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        AMERICREDIT FUNDING CORP. VII,
                                        individually and as a Seller

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        AMERICREDIT MASTER TRUST,
                                        By: AmeriCredit Financial Services,
                                            Inc., attorney-in-fact

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         as Administrative Agent

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        [NAME OF AGENT], as Agent

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       C-4

<PAGE>

                                                                  SCHEDULE II TO
                                                              JOINDER SUPPLEMENT
                                                              ------------------

                       LIST OF INVESTING OFFICES, ADDRESS
                        FOR NOTICES AND WIRE INSTRUCTIONS
                       ----------------------------------

Address for Notices:
-------------------   ____________________
                      ____________________
                      ____________________

Investing Office:
----------------      ____________________

Wire Instructions:
-----------------     ____________________

                                       C-5

<PAGE>

                                                                 SCHEDULE III TO
                                                              JOINDER SUPPLEMENT
                                                              ------------------

                                     FORM OF
                            JOINDER EFFECTIVE NOTICE
                            ------------------------

To:  [Name and address of AmeriCredit, AFC, the Issuer, Agent and Proposed
     Purchaser]

     The undersigned, as Administrative Agent under the Second Amended and
Restated Class S Note Purchase Agreement, dated as of November 5, 2003, among
AmeriCredit Master Trust, AmeriCredit Funding Corp. VII, AmeriCredit Financial
Services, Inc., the other parties thereto and Deutsche Bank Trust Company
Americas, as Administrative Agent, acknowledges receipt of five executed
counterparts of a completed Joinder Supplement. [Note: attach copies of
Schedules I and II from such Agreement.] Terms defined in such Supplement are
used herein as therein defined.

     Pursuant to such Supplement, you are advised that the Joinder Effective
Date for [Name of Proposed Purchaser] will be _____________ and such Proposed
Purchaser will be a Class S Purchaser designated as a [CP Conduit][Committed
Purchaser with a Commitment of $__________].

                                        Very truly yours,

                                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         as Administrative Agent

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       C-6

<PAGE>

                                                                       EXHIBIT D

                            FORM OF BORROWING NOTICE

                                     [date]

To:  Deutsche Bank Trust Company Americas,
      as Administrative Agent
     Mail Stop: NYC1701
     60 Wall Street
     New York, NewYork 10005
     Attention: Jim Portela / Donna Liparulo

     Bank One, NA, as Trustee
     1111 Polaris Parkway Suite 1K
     Mail Code OH1-0181
     Columbus, Ohio 43240
     Attention: John Rothrock

     Re:  Borrowing under Second Amended and Restated Indenture, dated as of
          November 5, 2003 (as amended, the "Indenture"; terms used herein but
          not defined herein shall have the respective meanings given thereto in
          the Indenture) among AmeriCredit Master Trust, a Delaware statutory
          trust (the "Issuer"), Bank One, NA, a national banking association, as
          Trustee and Trust Collateral Agent, and Deutsche Bank Trust Company
          Americas, as Administrative Agent (the "Administrative Agent")

Ladies and Gentlemen:

          The undersigned, AmeriCredit Master Trust, a Delaware statutory trust
(the "Issuer"), pursuant to the Class S Note Purchase Agreement referenced above
(the "Note Purchase Agreement"; terms used herein but not defined herein shall
have the respective meanings given thereto in the Note Purchase Agreement), and
the Indenture, hereby requests a Borrowing from the Lenders under the Note
Purchase Agreement with the particulars described below:

          1. This is a Notice of Borrowing in respect of Swingline Borrowings
(as defined in the Indenture) delivered pursuant to Section 2.1(c) of the Note
Purchase Agreement and Section 12.6(b) of the Indenture.

          2. The Borrowing Date for the advance requested hereby (the "Subject
Advance") is ________________, which is a Business Day permitted as a Borrowing
Date pursuant to Section 2.1(c) of the Note Purchase Agreement. The requested
Fixed Period for the Subject Advance is _________.

          3. The aggregate amount of the Subject Advance is
$____________________.

          4. The proceeds of the Subject Advance should be deposited into the
following account located in the United States of America:

                                       D-1

<PAGE>

          [Provide name and number of account, and name, address and ABA number
for depository institution as well as a contact person].

          5. The undersigned hereby certifies and represents that each of the
applicable conditions set forth in Section 3.2 of the Class S Note Purchase
Agreement and Section 12.6 of the Indenture to the making of the Subject Advance
have been satisfied.

          6. Attached hereto as Exhibits A and B are a Borrowing Base
Confirmation and a Schedule of Receivables (as such terms are defined and/or
used in the Indenture), respectively, each complying with the requirements of
the Indenture. [IF THE ISSUER IS PURCHASING ADDITIONAL RECEIVABLES: Also
attached as Exhibit C is the Collateral Receipt required under Section 3.2 of
the Note Purchase Agreement. ]

                                        Very truly yours,

                                        AMERICREDIT MASTER TRUST
                                        By: AmeriCredit Financial
                                            Services, Inc., attorney-in-fact

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       D-2

<PAGE>

                                                                       EXHIBIT E
                         FORM OF NOTICE OF FIXED PERIOD

                                     [date]

To:  Deutsche Bank Trust Company Americas,
      as Administrative Agent
     Mail Stop: NYC1701
     60 Wall Street
     New York, NewYork 10005
     Attention: Jim Portela / Donna Liparulo

     [addresses of other Agents]

     Re:  Borrowing under Second Amended and Restated Indenture, dated as
          of November 5, 2003 (as amended, the "Indenture"; terms used herein
          but not defined herein shall have the respective meanings given
          thereto in the Indenture) among AmeriCredit Master Trust, a Delaware
          statutory trust (the "Issuer"), Bank One, NA, a national banking
          association, as Trustee and Trust Collateral Agent, and Deutsche Bank
          Trust Company Americas, as Administrative Agent (the "Administrative
          Agent")

Ladies and Gentlemen:

          Reference is made to the Borrowing, the Fixed Period of which ends on
_____, 200_, and the Additional Class S Principal Amount of which is
$__________________.

          Pursuant to the Second Amended and Restated Class S Note Purchase
Agreement, dated as of November 5, 2003, as amended, among the Issuer,
AmeriCredit Financial Services, Inc., AmeriCredit Funding Corp. VII, the Class
A-1 Purchasers parties thereto, the Agents parties thereto, and the
Administrative Agent, the Issuer hereby notifies you that the subsequent Fixed
Period for such Borrowing shall be _____.

                                        Very truly yours,

                                        AMERICREDIT MASTER TRUST
                                        By: AmeriCredit Financial
                                            Services, Inc., attorney-in-fact

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       E-1

<PAGE>

                               Table of Contents
                               -----------------

                                                                            Page
                                                                            ----

ARTICLE 1   DEFINITIONS........................................................2
     1.1    Definitions........................................................2
     1.2    Other Definitional Provisions.....................................12

ARTICLE 2   AMOUNT AND TERMS OF COMMITMENTS...................................13
     2.1    Purchases.........................................................13
     2.2    Reductions and Extensions of Commitments..........................15
     2.3    Interest, Fees, Expenses, Payments, Etc...........................16
     2.4    Requirements of Law...............................................20
     2.5    Taxes.............................................................22
     2.6    Indemnification...................................................25
     2.7    Expenses, etc.....................................................28
     2.8    Effect of Event of Default........................................29

ARTICLE 3   CONDITIONS PRECEDENT..............................................29
     3.1    Conditions to Initial Purchase....................................29
     3.2    Condition to Purchases............................................32

ARTICLE 4   REPRESENTATIONS AND WARRANTIES....................................33
     4.1    Representations and Warranties of AmeriCredit,
            AFC and the Issuer................................................33

ARTICLE 5   COVENANTS.........................................................37
     5.1    Covenants.........................................................37

ARTICLE 6   MUTUAL COVENANTS REGARDING CONFIDENTIALITY........................39
     6.1    Covenants.........................................................39
     6.2    Covenants of Class S Purchasers...................................39

ARTICLE 7   THE AGENTS........................................................40
     7.1    Appointment.......................................................40
     7.2    Delegation of Duties..............................................40
     7.3    Exculpatory Provisions............................................40
     7.4    Reliance by Agents................................................41
     7.5    Notices...........................................................41
     7.6    Non-Reliance on Agents and Other Class S Purchasers...............42
     7.7    Indemnification...................................................42
     7.8    Agents in their Individual Capacity...............................43
     7.9    Successor Agents..................................................43

ARTICLE 8   SECURITIES LAWS; TRANSFERS........................................43
     8.1    Transfers of Class S Notes........................................43
     8.2    Tax Characterization..............................................49

<PAGE>

                                Table of Contents
                                -----------------
                                   (continued)
                                                                            Page
                                                                            ----

ARTICLE 9   MISCELLANEOUS.....................................................49
     9.1    Amendments and Waivers............................................49
     9.2    Notices...........................................................49
     9.3    No Waiver; Cumulative Remedies....................................50
     9.4    Successors and Assigns............................................50
     9.5    Successors to Servicer............................................51
     9.6    Counterparts......................................................51
     9.7    Severability......................................................51
     9.8    Integration.......................................................51
     9.9    Governing Law.....................................................52
     9.10   Jurisdiction; Consent to Service of Process.......................52
     9.11   Termination.......................................................52
     9.12   No Proceedings....................................................52
     9.13   No Recourse.......................................................53
     9.14   Survival of Representations and Warranties........................53
     9.15   Waiver of Jury Trial..............................................53
     9.16   Limitation of Liability of Owner Trustee..........................54
     9.17   Amendment and Restatement of Indenture and Sale
            and Servicing Agreement...........................................54
     9.18   CP Conduit as Committed Purchaser.................................54
     9.19   Effectiveness of Amendment and Restatement........................54

                                 SCHEDULES

Schedule I: Schedule of Committed Purchasers and CP Conduits

                             LIST OF EXHIBITS

Exhibit A   Form of Investment Letter
Exhibit B   Form of Transfer Supplement
Exhibit C   Form of Joinder Supplement
Exhibit D   Form of Borrowing Notice
Exhibit E   Form of Notice of Fixed Period

                                      (ii)<PAGE>

                                                                    EXHIBIT 10.9

                            AMERICREDIT MASTER TRUST

                   Class A-1 Floating Rate Asset Backed Notes
                   Class A-2 Floating Rate Asset Backed Notes
                      Class S Swingline Asset Backed Notes
                    Class B Floating Rate Asset Backed Notes
                    Class C Floating Rate Asset Backed Notes
                    Class D Floating Rate Asset Backed Notes
                    Class E Floating Rate Asset Backed Notes

                                   ----------

                           SECOND AMENDED AND RESTATED
                                    INDENTURE

                          Dated as of November 5, 2003

                                   ----------

                                  BANK ONE, NA
                       Trustee and Trust Collateral Agent

                      DEUTSCHE BANK TRUST COMPANY AMERICAS
                              Administrative Agent

<PAGE>

                SECOND AMENDED AND RESTATED INDENTURE dated as of November 5,
2003, among AMERICREDIT MASTER TRUST, a Delaware statutory trust (the "Issuer"),
BANK ONE, NA, a national banking association, as trustee (the "Trustee") and
Trust Collateral Agent (as defined below), and DEUTSCHE BANK TRUST COMPANY
AMERICAS, as administrative agent (the "Administrative Agent").

                WHEREAS, the Issuer, the Trustee and DBNY, as the initial
Administrative Agent, are parties to a certain Amended and Restated Indenture
dated as of February 22, 2002 (the "Existing Indenture"); and

                WHEREAS, the parties hereto desire to amend and restate the
Indenture in the manner, and on the terms and conditions, herein provided.

                NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby expressly acknowledged, each party hereto agrees to amend
and restate the Existing Indenture in its entirety as follows for the benefit of
the other parties and for the benefit of the Holders of the Issuer's Class A-1
Floating Rate Asset Backed Notes (the "Class A-1 Notes"), the Class A-2 Floating
Rate Asset Backed Notes (the "Class A-2 Notes"), the Class S Swingline Asset
Backed Notes (the "Class S Notes"), the Class B Floating Rate Asset Backed Notes
(the "Class B Notes"), the Class C Floating Rate Asset Backed Notes (the "Class
C Notes"), the Class D Floating Rate Asset Backed Notes (the "Class D Notes")
and the Class E Floating Rate Asset Backed Notes (the "Class E Notes"; and
together with the Class A-1 Notes, the Class A-2 Notes, the Class S Notes, the
Class B Notes, the Class C Notes and the Class D Notes, the "Notes").

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

                                 GRANTING CLAUSE

                The Issuer hereby Grants to the Trust Collateral Agent at the
Closing Date, for the benefit of the Noteholders, all of the Issuer's right,
title and interest in and to (a) the Receivables; (b) an assignment of the
security interests in the Financed Vehicles granted by Obligors pursuant to the
Receivables and any other interest of the Issuer in the Financed Vehicles; (c)
any proceeds with respect to the Receivables repurchased by a Dealer, pursuant
to a Dealer Agreement, as a result of a breach of representation or warranty in
the related Dealer Agreement or repurchased by a Third-Party Lender, pursuant to
an Auto Loan Purchase and Sale Agreement, as a result of a breach of
representation or warranty in the related Auto Loan Purchase and Sale Agreement;
(d) all rights under any Service Contracts on the related Financed Vehicles; (e)
any proceeds with respect to the Receivables from claims on any physical damage,
credit life or disability insurance policies covering Financed Vehicles or
Obligors; (f) the Trust Accounts and all funds on deposit from time to time in
the Trust Accounts, and in all investments and proceeds thereof and all rights
of the Issuer therein (including all income thereon); (g) the Issuer's rights
and benefits, but none of its obligations or burdens, under the Master Sale and
Contribution Agreement and each

<PAGE>

Sale and Contribution Agreement Supplement entered in connection therewith,
including the delivery requirements, representations and warranties and the cure
and repurchase obligations of AmeriCredit under the Master Sale and Contribution
Agreement and each Sale and Contribution Agreement Supplement entered in
connection therewith; (h) all items contained in the Receivable Files and any
and all other documents that AmeriCredit keeps on file in accordance with its
customary procedures relating to the Receivables, the Obligors or the Financed
Vehicles, (i) the Issuer's rights and benefits, but none of its obligations or
burdens, under the Sale and Servicing Agreement and each Supplement entered in
connection therewith (including all rights of AFC under the Master Sale and
Contribution Agreement and each Sale and Contribution Agreement Supplement
entered into in connection therewith assigned to the Issuer pursuant to the Sale
and Servicing Agreement); (j) the Issuer's rights and benefits, but none of its
obligations or burdens, under any Interest Rate Hedge; and (k) all present and
future claims, demands, causes and choses of action in respect of any or all of
the foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the "Collateral").

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

                                   ARTICLE I.

                   Definitions and Incorporation by Reference

                SECTION 1.1.    Definitions. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to them in Annex A
hereto or the Trust Agreement.

                SECTION 1.2.    Rules of Construction. Unless the context
otherwise requires:

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

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

                (iii)   "or" is not exclusive;

                                      - 2 -

<PAGE>

                (iv)    "including" means including without limitation; and

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

                                   ARTICLE II.

                                    The Notes

                SECTION 2.1.    Form. The Class A-1 Notes, the Class A-2 Notes,
the Class S Notes, the Class B Notes, the Class C Notes, the Class D Notes and
the Class E Notes in each case together with the Trustee's certificate of
authentication, shall be in substantially the form set forth in Exhibits A-1,
A-2, A-3, A-4, A-5, A-6 and A-7, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

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

                Each Note shall be dated the date of its authentication. The
terms of the Notes set forth in Exhibits A-1, A-2, A-3, A-4, A-5, A-6 and A-7
are part of the terms of this Indenture.

                The Class A-1 Notes, the Class A-2 Notes, the Class S Notes, the
Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are
revolving notes. Additional borrowings may be made under the Notes pursuant to
Section 12.6 and the principal of the Notes may be repaid and reborrowed without
penalty pursuant to the terms hereof.

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

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

                The Trustee shall, upon receipt of Issuer Order, authenticate
and deliver Class A-1 Notes, Class A-2 Notes, Class S Notes, Class B Notes,
Class C Notes, Class D Notes and Class E Notes, each for original issue in an
aggregate principal amount set forth in such Issuer Order. The Class A-1 Notes,
Class A-2 Notes, Class B Notes, Class C Notes, Class S, Class D and Class

                                      - 3 -

<PAGE>

E Notes outstanding at any time may not exceed such amounts except as provided
in Section 12.7.

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

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

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

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

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

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

                                      - 4 -

<PAGE>

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

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

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

                Every Note presented or surrendered for registration of transfer
or exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in the form attached to Exhibits A-1, A-2, A-3, A-4, A-5,
A-6 and A-7 duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing, and (ii) accompanied by such other documents as the
Trustee may require.

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

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

                                     - 5 -

<PAGE>

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

                No Note shall be sold or transferred if, at the time of such
sale or transfer, such sale or transfer would result in the beneficial ownership
of the Notes exceeding 99 persons (within the meaning of the Investment Company
Act of 1940, as amended).

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

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

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

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

                                      - 6 -

<PAGE>

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

                SECTION 2.7.    Payment of Principal and Interest.

                (a)     The Notes shall accrue interest as provided in the forms
of the Class A-1 Note, the Class A-2 Note, the Class S Note, the Class B Note,
the Class C Note, the Class D Note, the Class E Note set forth in Exhibits A-1,
A-2, A-3, A-4, A-5, A-6 and A-7, respectively, and such interest shall be due
and payable on each Distribution Date (or Interim Distribution Date with respect
to the amount of principal being repaid on such date). Any installment of
interest or principal, if any, payable on any Note which is punctually paid or
duly provided for by the Issuer on the applicable Distribution Date (or Interim
Distribution Date) shall be paid to the Person in whose name such Note (or one
or more Predecessor Notes) is registered on the Record Date, by check mailed
first-class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12, with respect to Class D Notes or Class E Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payment will be made by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Distribution Date or Interim Distribution Date (and except for
the Redemption Price for any Note called for redemption pursuant to Section
10.1(a)) which shall be payable as provided below. The funds represented by any
such checks returned undelivered shall be held in accordance with Section 3.3.

                (b)     The principal of each Note shall be payable on each
Distribution Date or Interim Distribution Date as provided in the Sale and
Servicing Agreement and in the forms of the Class A-1 Note, the Class A-2 Note,
the Class S Note, the Class B Note, the Class C Note, the Class D Note and the
Class E Note set forth in Exhibits A-1, A-2, A-3, A-4, A-5, A-6 and A-7,
respectively. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the Trustee
or the Class A Required Noteholders, Class B Required Noteholders or the Class C
Required Noteholders have declared the Notes to be immediately due and payable
in the manner provided in Section 5.2. All principal payments on each class of
Notes shall be made pro rata to the Noteholders of such class entitled thereto.
Upon written notice from the Issuer, the Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date
preceding the Distribution Date or Interim Distribution Date, as the case may
be, on which the Issuer expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed or transmitted
by facsimile prior to such final Distribution Date or Interim Distribution Date,
as the case may be, and shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for

                                      - 7 -

<PAGE>

payment of such installment. Notices in connection with redemptions of Notes
shall be mailed to Noteholders as provided in Section 10.2.

                (c)     Payment of principal and interest on the Class E Notes
is subordinated to payment on each Distribution Date and Interim Distribution
Date of the principal, interest and other amounts due and payable on the Class
A-1 Notes, the Class A-2 Notes, the Class S Notes, the Class B Notes, the Class
C Notes and the Class D Notes to the extent set forth in Section 5.5 of the Sale
and Servicing Agreement. Payment of principal and interest on the Class D Notes
is subordinated to payment on each Distribution Date and Interim Distribution
Date of the principal, interest and other amounts due and payable on the Class
A-1 Notes, the Class A-2 Notes, the Class S Notes, the Class B Notes and the
Class C Notes to the extent set forth in Section 5.5 of the Sale and Servicing
Agreement. Payment of principal and interest on the Class C Notes is
subordinated to payment on each Distribution Date and Interim Distribution Date
of the principal, interest and other amounts due and payable on the Class A-1
Notes, the Class A-2 Notes, the Class S Notes and the Class B Notes to the
extent set forth in Section 5.5 of the Sale and Servicing Agreement. Payment of
principal and interest on the Class B Notes is subordinated to payment on each
Distribution Date and Interim Distribution Date of the principal, interest and
other amounts due and payable on the Class A-1 Notes, the Class A-2 Notes and
the Class S Notes to the extent set forth in Section 5.5 of the Sale and
Servicing Agreement.

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

                SECTION 2.9.    Release of Collateral.

                (a)     Termination Date. The Trust Collateral Agent shall, on
or after the Termination Date, release any remaining portion of the Trust Estate
from the lien created by this Indenture and deposit in the Collection Account
any funds then on deposit in any other Trust Account. The Trust Collateral Agent
shall release property from the lien created by this Indenture pursuant to this
Section 2.9 only upon receipt of an Issuer Request accompanied by an Officer's
Certificate meeting the applicable requirements of Section 12.1.

                (b)     Take-Out Securitization; Other Repurchases. For purposes
of selling and transferring Receivables to AmeriCredit, either Seller or third
parties in connection with any Take-Out Securitization, or for any other reason,
the Issuer may obtain releases of the Trust Collateral Agent's (for the benefit
of the Noteholders) security interest in all or any part of the

                                      - 8 -

<PAGE>

Collateral from time to time, provided that (i) immediately after giving effect
to any requested release, there exists no Borrowing Base Deficiency, (ii) unless
the Class A-1 Principal Balance, the Class A-2 Principal Balance, the Class B
Principal Balance, the Class C Principal Balance and the Class S Principal
Balance have been reduced to zero and interest thereon and other amounts due
hereunder with respect thereto have been paid in full, there is no Event of
Default or Default, (iii) in selecting Receivables for release in connection
with any Take-Out Securitization, the Issuer shall select Receivables in
accordance with the eligibility criteria established for such Take-Out
Securitization and additionally in accordance with the earliest origination date
of all Receivables and (iv) in selecting Receivables for release, the Issuer
shall not use any adverse selection procedures with respect to the Receivables
released. In addition, the Trust Collateral Agent shall release its lien on the
related Receivable in connection with the purchase of such Receivable by the
Servicer or by either Seller which is required or permitted under the Sale and
Servicing Agreement. Each Receivable released pursuant to either of the two
preceding sentences shall be purchased for an amount equal to the Purchase Price
with respect thereto (or such other amount as may be provided in the Sale and
Servicing Agreement with respect thereto). Each request (a "Transfer Request")
for a partial release of Collateral, except in connection with the repurchase by
the Servicer or by either Seller under the Sale and Servicing Agreement, shall
be in substantially the form of Exhibit D hereto, addressed to the
Administrative Agent, the Agents and the Trust Collateral Agent, demonstrating
compliance with the third immediately preceding sentence and acknowledging that
the receipt of proceeds from such sale or transfer shall be deposited into the
Collection Account. Each Transfer Request shall be given by the Issuer to the
Trustee and the Administrative Agent before 1:00 p.m. (New York City time) at
least two Business Days prior to the requested date of release, and the
Administrative Agent shall give notice of any such Transfer Request to the
related Agents before 4:00 p.m. (New York City time) on the day it receives such
request from the Issuer.

                (c)     Transfers. With respect to each Transfer Request that is
received by the Agent by 12:00 noon, New York City time, on a Business Day, the
Trust Collateral Agent shall use reasonable efforts to review such Transfer
Requests and to instruct the Custodian (if AmeriCredit is not the Custodian) to
prepare the files, identified in each Transfer Request, for delivery or shipment
by 12:00 noon, New York City time on the second succeeding Business Day.

                (d)     Continuation of Lien. Unless released in writing by the
Trust Collateral Agent, as herein provided, the security interest in favor of
the Trust Collateral Agent, for the benefit of the Noteholders, in any item of
Collateral shall continue in effect until such time as the Trust Collateral
Agent (on behalf of the Noteholders) shall have received payment in full of the
proceeds from the sale or transfer of such Collateral to third parties in
accordance with this Section 2.9.

                (e)     Application of Proceeds; No Duty. Neither of the Trust
Collateral Agent nor any Noteholder shall be under any duty at any time to
credit Issuer for any amount due from any third party in respect of any purchase
of any Collateral contemplated above, until the Trust Collateral Agent has
actually received such amount in immediately available funds for deposit to the
Collection Account. Neither the Trust Collateral Agent nor any Noteholder shall
be under any duty at any time to collect any amounts or otherwise enforce any
obligations due from any

                                      - 9 -

<PAGE>

third party in respect of any such purchase of Receivables covered by the
release of such portion of Collateral or in respect of a securitization thereof
with a third party.

                (f)     Representation in Connection with Releases, Sales and
Transfers. The Issuer represents and warrants that each request for any release
or transfer in connection with Take-Out Securitizations pursuant to Section
2.9(b) shall automatically constitute a representation and warranty to the
Noteholders, the Trust Collateral Agent and the Trustee to the effect that
immediately before and after giving effect to such release or Transfer Request,
there is no Event of Default or Default (including, without limitation any
Borrowing Base Deficiency).

                (g)     Release of Security Interest. Upon receipt of a Transfer
Request or, in connection with the purchase of a Receivable by the Servicer or
by a Seller under the Sale and Servicing Agreement, upon the Servicer's written
request, and, in each case upon receipt in the Collection Account of proceeds
from the related sale or transfer, the Trust Collateral Agent shall promptly
release, at the Issuer's expense, such part of Collateral covered in connection
with the Transfer Request or such Servicer's request and shall deliver, at the
Issuer's expense, the documents and certificates on the released portion of
Collateral to the trustee or such similar entity in connection with any release
pursuant to Section 2.9(b) or, in connection with the purchase of a Receivable
by the Servicer or by a Seller under the Sale and Servicing Agreement; provided
that the trustee or such similar entity in connection with any release pursuant
to Section 2.9(b) or the Servicer, as the case may be, acknowledges and agrees
(i) that all proceeds thereof, but in an amount not in excess of the Purchase
Price with respect thereto, that it receives are held in trust for the
Noteholders and are to be paid to the Trust Collateral Agent and (ii) on the
date such trustee receives such proceeds, such trustee shall transfer such funds
pursuant to instructions from the Trust Collateral Agent. The Trust Collateral
Agent shall deposit any such proceeds it receives in the Collection Account.

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

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

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

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

                                     - 10 -

<PAGE>

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

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

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

                SECTION 2.11.   Notices to Clearing Agency. Whenever a notice or
other communication to the Noteholders is required under this Indenture, unless
and until Definitive Notes shall have been issued to Note Owners with respect to
Book Entry Notes, pursuant to Section 2.12, the Trustee shall give all such
notices and communications specified herein to be given to the Noteholders to
the Clearing Agency, and shall have no obligation to such Note Owners.

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

                                     - 11 -

<PAGE>

                SECTION 2.13.   Subordination.

                (a)     Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders of the Class E Notes agree for the
benefit of the Holders of the Class A-1 Notes, the Class A-2 Notes, the Class S
Notes, the Class B Notes, the Class C Notes and the Class D Notes that the Class
E Notes and the Issuer's rights in and to the Collateral (the "Subordinate Class
E Interests") shall be subordinate and junior to the Class A-1 Notes, the Class
A-2 Notes, the Class S Notes, the Class B Notes, the Class C Notes and the Class
D Notes to the extent and in the manner set forth in this Indenture including,
without limitation, as set forth in Section 2.7(c) (and Section 5.5 of the Sale
and Servicing Agreement) and hereinafter provided. If any Event of Default has
not been cured or waived and acceleration occurs in accordance with Article V,
including, without limitation, as a result of an Event of Default specified in
Section 5.1(a)(iii) or (iv), the principal amount of the Class A-1 Notes, the
Class A-2 Notes, the Class S Notes, the Class B Notes, the Class C Notes and the
Class D Notes shall be paid in full in cash before any further payment or
distribution is made on account of the principal amount of the Subordinate Class
E Interest. The Holders of the Class E Notes agree, for the benefit of the
Holders of the Class A-1 Notes, the Class A-2 Notes, the Class S Notes, the
Class B Notes, the Class C Notes and the Class D Notes, not to cause the filing
of a petition in bankruptcy against the Issuer for failure to pay to them
amounts due under the Class E Notes or hereunder in respect of any such Class E
Notes until the payment in full of the Class A-1 Notes, the Class A-2 Notes, the
Class S Notes, the Class B Notes, the Class C Notes and the Class D Notes and
not before at least one year and one day has elapsed since such payment or, if
longer, the applicable preference period then in effect.

                (b)     Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders of the Class D Notes agree for the
benefit of the Holders of the Class A-1 Notes, the Class A-2 Notes, the Class S
Notes, the Class B Notes and the Class C Notes that the Class D Notes and the
Issuer's rights in and to the Collateral (the "Subordinate Class D Interests")
shall be subordinate and junior to the Class A-1 Notes, the Class A-2 Notes, the
Class S Notes, the Class B Notes and the Class C Notes to the extent and in the
manner set forth in this Indenture including, without limitation, as set forth
in Section 2.7(c) (and Section 5.5 of the Sale and Servicing Agreement) and
hereinafter provided. If any Event of Default has not been cured or waived and
acceleration occurs in accordance with Article V, including, without limitation,
as a result of an Event of Default specified in Section 5.1(a)(iii) or (iv), the
principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class S Notes,
the Class B Notes and the Class C Notes shall be paid in full in cash before any
further payment or distribution is made on account of the principal amount of
the Subordinate Class D Interest. The Holders of the Class D Notes agree, for
the benefit of the Holders of the Class A-1 Notes, the Class A-2 Notes, the
Class S Notes, the Class B Notes and the Class C Notes, not to cause the filing
of a petition in bankruptcy against the Issuer for failure to pay to them
amounts due under the Class D Notes or hereunder in respect of any such Class D
Notes until the payment in full of the Class A-1 Notes, the Class A-2 Notes, the
Class S Notes, the Class B Notes and the Class C Notes and not before at least
one year and one day has elapsed since such payment or, if longer, the
applicable preference period then in effect.

                                     - 12 -

<PAGE>

                (c)     Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders of the Class C Notes agree for the
benefit of the Holders of the Class A-1 Notes, the Class A-2 Notes, the Class S
Notes and the Class B Notes that the Class C Notes and the Issuer's rights in
and to the Collateral (the "Subordinate Class C Interests") shall be subordinate
and junior to the Class A-1 Notes, the Class A-2 Notes, the Class S Notes, and
the Class B Notes to the extent and in the manner set forth in this Indenture
including, without limitation, as set forth in Section 2.7(c) (and Section 5.5
of the Sale and Servicing Agreement) and hereinafter provided. If any Event of
Default has not been cured or waived and acceleration occurs in accordance with
Article V, including, without limitation, as a result of an Event of Default
specified in Section 5.1(a)(iii) or (iv), the principal amount of the Class A-1
Notes, the Class A-2 Notes, the Class S Notes and the Class B Notes shall be
paid in full in cash before any further payment or distribution is made on
account of the principal amount of the Subordinate Class C Interest. The Holders
of the Class C Notes agree, for the benefit of the Holders of the Class A-1
Notes, the Class A-2 Notes, the Class S Notes and the Class B Notes, not to
cause the filing of a petition in bankruptcy against the Issuer for failure to
pay to them amounts due under the Class C Notes or hereunder in respect of any
such Class C Notes until the payment in full of the Class A-1 Notes, the Class
A-2 Notes, the Class S Notes and the Class B Notes and not before at least one
year and one day has elapsed since such payment or, if longer, the applicable
preference period then in effect.

                (d)     Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders of the Class B Notes agree for the
benefit of the Holders of the Class A-1 Notes, the Class A-2 Notes and the Class
S Notes that the Class B Notes and the Issuer's rights in and to the Collateral
(the "Subordinate Class B Interests"; together with the Subordinate Class E
Interests, the Subordinate Class D Interests and the Subordinate Class C
Interests, the "Subordinate Interests") shall be subordinate and junior to the
Class A-1 Notes, the Class A-2 Notes and the Class S Notes to the extent and in
the manner set forth in this Indenture including, without limitation, as set
forth in Section 2.7(c) (and Section 5.5 of the Sale and Servicing Agreement)
and hereinafter provided. If any Event of Default has not been cured or waived
and acceleration occurs in accordance with Article V, including, without
limitation, as a result of an Event of Default specified in Section 5.1(a)(iii)
or (iv), the principal amount of the Class A-1 Notes, the Class A-2 Notes and
the Class S Notes shall be paid in full in cash before any further payment or
distribution is made on account of the principal amount of the Subordinate Class
B Interest. The Holders of the Class B Notes agree, for the benefit of the
Holders of the Class A-1 Notes, the Class A-2 Notes and the Class S Notes, not
to cause the filing of a petition in bankruptcy against the Issuer for failure
to pay to them amounts due under the Class B Notes or hereunder in respect of
any such Class B Notes until the payment in full of the Class A-1 Notes, the
Class A-2 Notes and the Class S Notes and not before at least one year and one
day has elapsed since such payment or, if longer, the applicable preference
period then in effect.

                (e)     In the event that notwithstanding the provisions of this
Indenture, any holder of any Subordinate Interest shall have received any
payment or distribution in respect of such Subordinate Interests contrary to the
provisions of this Indenture, then, unless and until the relevant Class or
Classes of Notes to which the related Subordinate Interest is subordinated shall
have been paid in full in cash in accordance with this Indenture, such payment
or distribution

                                     - 13 -

<PAGE>

shall be received and held in trust for the benefit of, and shall forthwith be
paid over and delivered to, the Trustee, which shall pay and deliver the same to
the Holders of the relevant Class or Classes of Notes to which the related
Subordinate Interest is subordinated in accordance with this Indenture;
provided, however, that, if any such payment or distribution is made other than
in cash, it shall be held by the Trustee as part of the Collateral and subject
in all respects to the provisions of this Indenture, including, without
limitation, this Section 2.13.

                (f)     Each Registered Owner of Subordinate Interests agrees
with all Holders of the relevant Class or Classes of Notes to which the related
Subordinate Interest is subordinated that such Holder of Subordinate Interests
shall not demand, accept, or receive any payment or distribution in respect of
such Subordinate Interests in violation of the provisions of this Indenture
including, without limitation, this Section 2.13; provided, however, that after
the relevant Class or Classes of Notes to which the related Subordinate Interest
is subordinated have been paid in full, the Holders of Subordinate Interests
shall be fully subrogated to the rights of the Holders of the relevant Class or
Classes of Notes to which the related Subordinate Interest is subordinated.
Nothing in this Section 2.13 shall affect the obligation of the Issuer to pay
Holders of Subordinate Interests.

                                  ARTICLE III.

                                    Covenants

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

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

                                     - 14 -

<PAGE>

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

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

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

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

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

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

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

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

                Subject to applicable laws with respect to the escheat of funds,
any money held by the Trustee or any Note Paying Agent in trust for the payment
of any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request and shall be deposited by the
Trustee in the Collection Account; and the Holder of such Note shall thereafter,

                                     - 15 -

<PAGE>

as an unsecured general creditor, look only to the Issuer for payment thereof
(but only to the extent of the amounts so paid to the Issuer), and all liability
of the Trustee or such Note Paying Agent with respect to such trust money shall
thereupon cease; provided, however, that the Trustee or such Note Paying Agent,
before being required to make any such repayment, shall at the expense of the
Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in New York, New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of
the Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to Holders
whose Notes have been called but have not been surrendered for redemption or
whose right to or interest in moneys due and payable but not claimed is
determinable from the records of the Trustee or of any Note Paying Agent, at the
last address of record for each such Holder).

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

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

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

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

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

                (iv)    enforce any of the Collateral;

                                     - 16 -

<PAGE>

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

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

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

                SECTION 3.6.    Opinions as to Trust Estate.

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

                (b)     Within 120 days after the beginning of each calendar
year, beginning with the first calendar year beginning more than six months
after the Closing Date, the Issuer shall furnish to the Trustee, Trust
Collateral Agent and the Administrative Agent an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as are necessary to maintain the lien and security interest created
by this Indenture and reciting the details of such action or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until January 31 in the following calendar year.

                SECTION 3.7.    Performance of Obligations; Servicing of
Receivables.

                (a)     The Issuer will not take any action and will use its
best efforts not to permit any action to be taken by others that would release
any Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Basic Documents or such other instrument or agreement.

                                     - 17 -

<PAGE>

                (b)     The Issuer may contract with other Persons acceptable to
the Class A Majority, the Class B Majority and the Class C Majority, acting
together, to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Trustee and the
Administrative Agent in an Officer's Certificate of the Issuer shall be deemed
to be action taken by the Issuer. Initially, the Issuer has contracted with the
Servicer to assist the Issuer in performing its duties under this Indenture.

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

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

                (e)     The Issuer agrees that it will not waive timely
performance or observance by the Servicer or either Seller of their respective
duties under the Basic Documents without the prior consent of the Class A
Majority, the Class B Majority and the Class C Majority, acting together.

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

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

                (ii)    claim any credit on, or make any deduction from the
        principal or interest payable in respect of, the Notes (other than
        amounts properly withheld from such payments under the Code) or assert
        any claim against any present or former Noteholder by reason of the
        payment of the taxes levied or assessed upon any part of the Trust
        Estate; or

                                     - 18 -

<PAGE>

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

                SECTION 3.9.    Annual Statement as to Compliance. The Issuer
will deliver to the Trustee, the Agents and the Administrative Agent, within 120
days after the end of each fiscal year of the Issuer (commencing with the fiscal
year ended December 31, 2002), an Officer's Certificate stating, as to the
Authorized Officer signing such Officer's Certificate, that

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

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

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

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

                (i)     the Person (if other than the Issuer) formed by or
        surviving such consolidation or merger shall be a Person organized and
        existing under the laws of the United States of America or any state and
        shall expressly assume, by an indenture supplemental hereto, executed
        and delivered to the Trustee, in form satisfactory to the Trustee, the
        due and punctual payment of the principal of and interest on all Notes
        and the performance or observance of every agreement and covenant of
        this Indenture on the part of the Issuer to be performed or observed,
        all as provided herein;

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

                                     - 19 -

<PAGE>

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

                (iv)    the Issuer shall have received an Opinion of Counsel
        (and shall have delivered copies thereof to the Trustee, the Agents and
        the Administrative Agent) to the effect that such transaction will not
        have any material adverse tax consequence to the Trust, the
        Administrative Agent, the Agents, any Noteholder or the
        Certificateholder;

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

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

                (vii)   the Issuer shall have given the Administrative Agent
        written notice of such conveyance or transfer at least 20 Business Days
        prior to the consummation of such action and the Issuer or the Person
        (if other than the Issuer) formed by or surviving such conveyance or
        transfer has a net worth, immediately after such conveyance or transfer,
        that is (a) greater than zero and (b) not less than the net worth of the
        Issuer immediately prior to giving effect to such conveyance or
        transfer.

                (b)     Except in accordance with Section 2.9, the Issuer shall
not convey or transfer all or substantially all of its properties or assets,
including those included in the Trust Estate, to any Person, unless

                (i)     the Person that acquires by conveyance or transfer the
        properties and assets of the Issuer the conveyance or transfer of which
        is hereby restricted shall (A) be a United States citizen or a Person
        organized and existing under the laws of the United States of America or
        any state, (B) expressly assume, by an indenture supplemental hereto,
        executed and delivered to the Trustee, in form satisfactory to the
        Trustee, the due and punctual payment of the principal of and interest
        on all Notes and the performance or observance of every agreement and
        covenant of this Indenture and each of the Basic Documents on the part
        of the Issuer to be performed or observed, all as provided herein, (C)
        expressly agree by means of such supplemental indenture that all right,
        title and interest so conveyed or transferred shall be subject and
        subordinate to the rights of Holders of the Notes, (D) unless otherwise
        provided in such supplemental indenture, expressly agree to indemnify,
        defend and hold harmless the Issuer against and from any loss, liability
        or expense arising under or related to this Indenture and the Notes and
        (E) expressly agree by means of such supplemental indenture that such
        Person (or if a group of persons, then one specified Person) shall
        prepare (or cause to be prepared) and make all filings with the
        Commission (and any other appropriate Person) required by the Exchange
        Act in connection with the Notes;

                                     - 20 -

<PAGE>

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

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

                (iv)    the Issuer shall have received an Opinion of Counsel
        (and shall have delivered copies thereof to the Trustee, the Agents and
        the Administrative Agent) to the effect that such transaction will not
        have any material adverse tax consequence to the Trust, the
        Administrative Agent, the Agents, any Noteholder or the
        Certificateholder;

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

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

                (vii)   the Issuer shall have given the Administrative Agent
        written notice of such conveyance or transfer at least 20 Business Days
        prior to the consummation of such action and the acquiring Person has a
        net worth, immediately after such conveyance or transfer, that is (a)
        greater than zero and (b) not less than the net worth of the Issuer
        immediately prior to giving effect to such conveyance or transfer.

                (c)     The Issuer shall deliver written notice to the
Administrative Agent and the Agents of any transfer of the ownership of, or
financing of, its trust certificates. The Issuer shall deliver written notice to
the Administrative Agent and the Agents of any transfer of the Class D Notes or
the Class E Notes from an Affiliate of the Issuer to a Person which is not an
Affiliate of the Issuer.

                SECTION 3.11.   Successor or Transferee.

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

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

                                     - 21 -

<PAGE>

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

                SECTION 3.13.   No Borrowing. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes, and (ii) any other Indebtedness permitted
by or arising under the Basic Documents. The proceeds of the Notes shall be used
exclusively to fund the Issuer's purchase of the Receivables and the other
assets specified in the Sale and Servicing Agreement, to fund the Reserve
Account and to pay the Issuer's organizational, transactional and start-up
expenses; provided that if a Borrowing Base Deficiency arises as a result of a
change in the Class A Credit Score Enhancement Rate, the Class B Credit Score
Enhancement Rate and/or the Class C Credit Score Enhancement Rate, including,
without limitation, as a result of an election of Option A or Option B as set
forth on Schedule 2 hereto, then the Issuer may use the proceeds of a Borrowing
under one Class of Notes to repay some or all of the outstanding principal
amount of another Class or Classes of Notes (including the payment of any
Limited Amortization Amount with respect to such Class or Classes) so long as,
after giving effect to such repayment, no Borrowing Base Deficiency exists.

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

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

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

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

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

                                     - 22 -

<PAGE>

acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, distributions to the
Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted
by, and to the extent funds are available for such purpose under, the Sale and
Servicing Agreement or Trust Agreement so long as, at the time of such
declaration or payment (and after giving effect thereto), no Event of Default or
Default shall occur or be continuing and no amount payable by the Issuer under
any Basic Document is then due and owing but unpaid. The Issuer will not,
directly or indirectly, make payments to or distributions from the Collection
Account except in accordance with this Indenture and the Basic Documents.

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

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

                SECTION 3.21.   Amendments of Sale and Servicing Agreement and
Trust Agreement. The Issuer shall not agree to any amendment to Section 11.1 of
the Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to
eliminate the requirements thereunder that the Trustee or the Holders of the
Notes consent to amendments thereto as provided therein.

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

                SECTION 3.23.   Interest Rate Hedges. The Issuer shall maintain,
at all times on and after the date of the initial Borrowing hereunder, Interest
Rate Hedges (a) between the Issuer and any bank or other financial institution
whose long-term rating is at least A+ from S&P and A1 from Moody's and whose
short-term unsecured debt obligation rating is at least A-1/P-1 by S&P and
Moody's, respectively, and is listed on Schedule 1 hereto, (b) with an aggregate
notional principal amount not less than (and, in the case of a hedge which is
not an interest rate cap, not greater than) the Aggregate Note Principal Balance
at the time any such Interest Rate Hedge is entered into, which aggregate
notional principal amount may be stepped down on a schedule resulting from the
usage of an ABS not greater than 0.5 with respect to the Receivables, provided
that such ABS may not exceed 0.0 on any date after the termination of the
Commitments as of which the Aggregate Principal Balance shall be less than or
equal to 10% of the highest Aggregate Principal Balance since the Closing Date,
(c) with a final maturity date which is the date of the last required Scheduled
Receivable Payment or such earlier date

                                     - 23 -

<PAGE>

(resulting from the usage of an ABS not greater than 0.5 with respect to the
Receivables, provided that such ABS may not exceed 0.0 on any date after the
termination of the Commitments as of which the Aggregate Principal Balance shall
be less than or equal to 10% of the highest Aggregate Principal Balance since
the Closing Date) approved by the Class A Majority, the Class B Majority and the
Class C Majority, acting together, (d) with respect to which the Trust
Collateral Agent has received an Interest Rate Hedge Assignment Acknowledgment,
(e) which is either (I) substantially in the form of Exhibit C or (II) otherwise
in form and substance reasonably acceptable to the Class A Majority, the Class B
Majority and the Class C Majority, acting together, and the Rating Agencies and
(f) a copy of which has been delivered to the Administrative Agent, the Agents
and the Trust Collateral Agent.

                SECTION 3.24.   Ratings Reaffirmations. On each Ratings
Reaffirmation Date or within 30 days thereafter, the Servicer shall obtain from
S&P and Moody's written reaffirmations that each Class of Notes have at least
the Requisite Ratings and shall distribute copies thereof to the Administrative
Agent and the Agents.

                SECTION 3.25.   Tangible Net Worth. The Issuer shall maintain at
all times a positive Tangible Net Worth.

                SECTION 3.26.   Change in Name or Jurisdiction of Organization.
The Issuer shall not make any change to its name or use any trade names,
fictitious names, assumed names or "doing business as" names or change the
jurisdiction under the laws of which it is organized.

                SECTION 3.27.   Limitation on Transactions with Affiliates. The
Issuer shall not enter into, or be a party to any transaction with any Affiliate
of the Issuer, except for (a) the transactions contemplated by the Basic
Documents and (b) to the extent not otherwise prohibited under this Agreement,
other transactions in the nature of employment contracts and directors' fees,
upon fair and reasonable terms materially no less favorable to the Issuer than
would be obtained in a comparable arm's-length transaction with a Person not an
Affiliate.

                SECTION 3.28.   Limitation on Investments. The Issuer shall not
form, or cause to be formed, any subsidiaries; or make or suffer to exist any
loans or advances to, or extend any credit to, or make any investments (by way
of transfer of property, contributions to capital, purchase of stock or
securities or evidences of indebtedness, acquisition of the business or assets,
or otherwise) in, any Affiliate or any other Person except as otherwise
permitted herein and pursuant to the Sale and Servicing Agreement.

                SECTION 3.29.   Borrowing Base Confirmation. The Issuer shall
deliver, or cause the Servicer to deliver, a Borrowing Base Confirmation to the
Trustee, the Agents and the Administrative Agent , (a) in connection with each
Borrowing pursuant to Section 12.6, (b) on each monthly date a Servicer's
Certificate is to be delivered, (c) on each Interim Payment Date or other date
Receivables are released from the lien hereof pursuant to Section 2.9 and (d) on
any date it wishes to demonstrate that a Borrowing Base Deficiency has been
cured.

                                     - 24 -

<PAGE>

                                   ARTICLE IV.

                           Satisfaction and Discharge

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

                        (A)     either

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

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

                                        (i)     have become due and payable, or

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

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

                                     - 25 -

<PAGE>

                        (B)     the Issuer has paid or caused to be paid all
                Issuer Secured Obligations; and

                        (C)     the Issuer has delivered to the Trustee, the
                Agents, the Trust Collateral Agent and the Administrative Agent
                an Officer's Certificate and an Opinion of Counsel, each stating
                that all conditions precedent herein provided for relating to
                the satisfaction and discharge of this Indenture have been
                complied with.

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

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

                                   ARTICLE V.

                                    Remedies

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

                (i)     default in the payment of any interest on any Note
        (other than a Note held by AmeriCredit or an Affiliate thereof) or any
        other amount (except principal) due with respect to any such Note when
        the same becomes due and payable, and such default shall continue for a
        period of two days; or

                (ii)    default in the payment of the principal of or any
        installment of the principal of any Note when the same becomes due and
        payable, and such default shall continue for a period of one day; or

                (iii)   the filing of a decree or order for relief by a court
        having jurisdiction in the premises in respect of AmeriCredit, the
        Issuer, AFC, either Seller, the Servicer or any

                                     - 26 -

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        substantial part of the Trust Estate in an involuntary case under any
        applicable federal or State bankruptcy, insolvency or other similar law
        now or hereafter in effect, or appointing a receiver, liquidator,
        assignee, custodian, trustee, sequestrator or similar official of
        AmeriCredit, the Issuer, AFC, either Seller, the Servicer or for any
        substantial part of the Trust Estate, or ordering the winding-up or
        liquidation of the affairs AmeriCredit, AFC, either Seller, the Servicer
        or the Issuer, and such decree or order shall remain unstayed and in
        effect for a period of 60 consecutive days; or

                (iv)    the commencement by AmeriCredit, AFC, either Seller, the
        Servicer or the Issuer of a voluntary case under any applicable federal
        or State bankruptcy, insolvency or other similar law now or hereafter in
        effect, or the consent by AmeriCredit, AFC, either Seller, the Servicer
        or the Issuer to the entry of an order for relief in an involuntary case
        under any such law, or the consent by AmeriCredit, AFC, either Seller,
        the Servicer or the Issuer to the appointment or taking possession by a
        receiver, liquidator, assignee, custodian, trustee, sequestrator or
        similar official of AmeriCredit, AFC, the Issuer, either Seller, the
        Servicer or for any substantial part of the Trust Estate, or the making
        by the Issuer of any general assignment for the benefit of creditors, or
        the failure by AmeriCredit, AFC, either Seller, the Servicer or the
        Issuer generally to pay its debts as such debts become due, or the
        taking of action by AmeriCredit, AFC, either Seller, the Servicer or the
        Issuer in furtherance of any of the foregoing.

                (v)     default in the observance or performance of any covenant
        or agreement of the Issuer, either Seller, the Servicer, AmeriCredit (in
        any capacity) or AFC (in any capacity) made in this Indenture (other
        than a covenant or agreement, a default in the observance or performance
        of which is elsewhere in this Section specifically dealt with), or any
        representation or warranty of the Issuer, either Seller, the Servicer,
        AmeriCredit (in any capacity) or AFC (in any capacity) made in this
        Indenture, in any Basic Document or in any certificate or any other
        writing delivered pursuant hereto or thereto or in connection herewith
        or therewith (including any Servicer's Certificate or any Borrowing Base
        Confirmation) proving to have been incorrect in any material respect as
        of the time when the same shall have been made or deemed to have been
        made, and such default shall continue or not be cured, or the
        circumstance or condition in respect of which such misrepresentation or
        warranty was incorrect shall not have been eliminated or otherwise
        cured, for a period of, except in the case of the covenants and
        agreements contained in Section 3.25 of this Indenture (as to which a
        five Business Day grace period shall apply) and Sections 3.24 of this
        Indenture and Section 7.3 of the Sale and Servicing Agreement (as to
        each of which no grace period shall apply), 30 days after there shall
        have been given, by registered or certified mail, to the Issuer, the
        Sellers, the Servicer, AmeriCredit and AFC by the Trustee or to the
        Issuer, the Servicer, the Sellers, AmeriCredit, AFC and the Trustee by
        the Holders of at least 25% of the Outstanding Amount of any Class of
        Notes, a written notice specifying such default or incorrect
        representation or warranty and requiring it to be remedied and stating
        that such notice is a "Notice of Event of Default" hereunder; provided
        that no breach shall be deemed to occur hereunder in respect of any
        representation or warranty relating to eligibility of any Receivable on
        the Closing Date or its related Borrowing Date to the extent the related

                                     - 27 -

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        Seller has repurchased such Receivable in accordance with the provisions
        of the Sale and Servicing Agreement; or

                (vi)    (a) The Class A Principal Balance on any day shall
        exceed the Class A Borrowing Base on such day (a "Class A Borrowing Base
        Deficiency"), (b) the Class B Principal Balance on any day shall exceed
        the Class B Borrowing Base on such day (a "Class B Borrowing Base
        Deficiency"), (c) the Class C Principal Balance on any day shall exceed
        the Class C Borrowing Base on such day (a "Class C Borrowing Base
        Deficiency"), (d) the Class D Principal Balance on any day shall exceed
        the Class D Borrowing Base, if any, on such day (a "Class D Borrowing
        Base Deficiency") (e) the Class E Principal Balance on any day shall
        exceed the Class E Borrowing Base, if any, on such day (a "Class E
        Borrowing Base Deficiency") or (f) the Class S Principal Balance on any
        day shall exceed the Class S Borrowing Base on such day (a "Class S
        Borrowing Base Deficiency") and, in any case, such condition continues
        unremedied for (x) if such Borrowing Base Deficiency arises as a result
        of an increase in the Class A Credit Score Enhancement Rate, the Class B
        Credit Score Enhancement Rate or the Class C Credit Score Enhancement
        Rate required by a Rating Agency in connection with a rating
        reaffirmation pursuant to Section 3.24, two weeks or (y) otherwise, (i)
        if the sum of the Class A Borrowing Base Deficiency, the Class B
        Borrowing Base Deficiency, the Class S Principal Balance and the Class C
        Borrowing Base Deficiency is less than 5% of the sum of the Class A
        Principal Balance, the Class B Principal Balance, the Class S Borrowing
        Base Deficiency and the Class C Principal Balance, five Business Days or
        (ii) otherwise, two Business Days;

                (vii)   The Internal Revenue Service shall file notice of a Lien
        pursuant to Section 6323 of the Internal Revenue Code with regard to any
        assets of the Issuer or any material portion of the assets of
        AmeriCredit Corp., AFC or AmeriCredit and such Lien shall not have been
        released within 30 days, or the Pension Benefit Guaranty Corporation
        shall file notice of a Lien pursuant to Section 4068 of ERISA with
        regard to any of the assets of AmeriCredit Corp., the Issuer,
        AmeriCredit or AFC and such Lien shall not have been released within 30
        days;

                (viii)  (a) Any Basic Document or any Lien granted thereunder by
        the Issuer, either Seller or AmeriCredit, shall (except in accordance
        with its terms), in whole or in part, terminate, cease to be effective
        or cease to be the legally valid, binding and enforceable obligation of
        the Issuer, such Seller or AmeriCredit; or (b) the Issuer, either Seller
        or AmeriCredit or any other party shall, directly or indirectly, contest
        in any manner such effectiveness, validity, binding nature or
        enforceability; or (c) any Lien securing any Issuer Secured Obligation
        shall, in whole or in part, not be or cease to be a perfected first
        priority security interest against the Issuer;

                (ix)    A Servicer Termination Event shall have occurred;

                (x)     The Issuer, either Seller, the Servicer, AmeriCredit
        Corp., AmeriCredit, or AFC shall fail to pay any principal of or premium
        or interest on any Indebtedness having a principal amount of $10,000,000
        (or, in the case of the Issuer or AFC, $50,000) or

                                     - 28 -

<PAGE>

        greater, when the same becomes due and payable (whether by scheduled
        maturity, required prepayment, acceleration, demand or otherwise) and
        such failure shall continue after the applicable grace period, if any,
        specified in the agreement or instrument relating to such Indebtedness;
        or any other default under any agreement or instrument relating to any
        such Indebtedness of the Issuer, either Seller, the Servicer,
        AmeriCredit Corp., AmeriCredit, or AFC, as applicable, or any other
        event, shall occur and shall continue after the applicable grace period,
        if any, specified in such agreement or instrument if the effect of such
        default or event is to accelerate, or to permit the acceleration of, the
        maturity of such Indebtedness; or any such Indebtedness shall be
        declared to be due and payable or required to be prepaid (other than by
        a regularly scheduled required prepayment), redeemed, purchased or
        defeased, or an offer to prepay, redeem, purchase or defease such
        Indebtedness shall be required to be made, in each case, prior to the
        stated maturity thereof;

                (xi)    There shall occur a "termination event" or "event of
        default" or similar event (other than a default by a Noteholder (except
        AmeriCredit and its Affiliates) or by an Interest Rate Hedge
        counterparty) under any other Basic Document;

                (xii)   [Intentionally Omitted];

                (xiii)  As of any Distribution Date, the amount in the Reserve
        Account is less than the Minimum Reserve Account Amount, and such
        deficiency is not cured on or prior to the immediately succeeding
        Distribution Date;

                (xiv)   Any Class of Notes does not have at least the Requisite
        Ratings from S&P and Moody's;

                (xv)    A notice of termination with respect to the Lockbox
        Account shall have been delivered, or a termination of the Lockbox
        Agreement shall have otherwise occurred, and a replacement Lockbox Bank
        listed on Schedule D to the Sale and Servicing Agreement shall not have
        executed a lockbox agreement substantially in the form of Exhibit C to
        the Sale and Servicing Agreement within 30 days of such notice;

                (xvi)   The weighted average AmeriCredit Score for all
        Receivables shall be less than 220 for any period of three consecutive
        Business Days;

                (xvii)  The average of the Monthly Extension Rates, as set forth
        in the Servicer Certificates, for three consecutive Determination Dates
        shall exceed 5.0%;

                (xviii) A Change of Control shall occur with respect to
        AmeriCredit Corp.;

                (xix)   The Tangible Net Worth of AmeriCredit Corp. shall be
        less than the sum of (a) $1,700,000,000 plus (b) 75% of the cumulative
        positive net income (without deduction for negative net income) of
        AmeriCredit Corp. for each fiscal quarter having been completed since
        June 30, 2003, 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

                                     - 29 -

<PAGE>

        Exchange Commission plus (c) 75% of the net proceeds of any equity
        issued by AmeriCredit Corp. since June 30, 2003 minus (d) the lesser of
        (i) $100,000,000 and (ii) the purchase price of all common stock of
        AmeriCredit Corp. repurchased after November 5, 2003;

                (xx)    On any Determination Date, the Cumulative Net Loss Ratio
        for any Receivables Pool with a pool factor greater than 25% exceeds the
        amount set forth opposite the number of months since such Receivables
        Pool was securitized on Schedule 3 hereto, or any insurance agreement
        event of default or other similar event other than those relating to
        cumulative net losses (it being understood that a "trigger event" or
        other similar event which results in the trapping of cash shall not
        constitute such an event) with respect to any Receivables Pool with a
        pool factor greater than 25% shall have occurred and be continuing and
        shall not have been waived or cured within 30 days;

                (xxi)   AFC shall cease to be a direct or indirect wholly-owned
        subsidiary of AmeriCredit; or AmeriCredit shall cease to be a direct or
        indirect wholly-owned subsidiary of AmeriCredit Corp.; or AFC and
        AmeriCredit shall at any time own less than 100% of the Certificates
        issued pursuant to the Trust Agreement;

                (xxii)  The ratio, expressed as a percentage, of the Adjusted
        Equity of AmeriCredit Corp. to the Managed Assets of AmeriCredit Corp
        shall be less than 8.0% as of any fiscal quarter end;

                (xxiii) The ratio of AmeriCredit Corp.'s EBITDA (plus any charge
        related to restructuring plus any loss provision minus net charge-offs)
        for the financial quarter ended March 31, 2003 to its Interest Expense
        for the financial quarter ended March 31, 2003 shall be less than 1.8x.
        The average of the ratios of AmeriCredit Corp.'s EBITDA to Interest
        Expense for the two most recent financial quarters ended June 30, 2003
        shall be less than 1.0x. The average of the ratios of AmeriCredit
        Corp.'s EBITDA to Interest Expense for the two most recent financial
        quarters ended September 30 2003 or December 31, 2003 shall be less than
        1.1x. The average of the ratios of AmeriCredit Corp.'s EBITDA to
        Interest Expense for the two most recent financial quarters ended March
        31, 2004 and any two consecutive financial quarters thereafter shall be
        less than 1.2x; or

                (xxiv)  Any repurchase of common stock by AmeriCredit Corp.
        results in AmeriCredit Corp. and its subsidiaries, determined on a
        consolidated basis in accordance with GAAP, having less than
        $200,000,000 of unrestricted cash on the date of repurchase after giving
        effect to such repurchase on such date.

                SECTION 5.2.    Rights Upon Event of Default.

                (a)     If an Event of Default specified in Section 5.1(iii) or
(iv) shall have occurred and be continuing, the Notes shall become immediately
due and payable at par, together with accrued interest thereon. If any other
Event of Default shall have occurred and be

                                     - 30 -

<PAGE>

continuing, the Trustee in its discretion may, or if so requested in writing by
any of the Class A Required Noteholders, the Class B Required Noteholders, the
Class C Required Noteholders, the Class D Required Noteholders or the Class E
Required Noteholders shall exercise any of the remedies specified in Section
5.4(a), subject to any limitations set forth therein.

                (b)     If an Event of Default shall have occurred and be
continuing, the Trustee in its discretion may, or if so requested in writing by
any of the Class A Required Noteholders, the Class B Required Noteholders, the
Class C Required Noteholders, the Class D Required Noteholders or the Class E
Required Noteholders shall declare by written notice to the Issuer that the
Notes become, whereupon they shall become, immediately due and payable at par,
together with accrued interest thereon.

                (c)     At any time after such declaration of acceleration of
maturity has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article V provided,
the Required Noteholders of each Class which declared such acceleration may, by
written notice to the Issuer and the Trustee, rescind and annul such declaration
and its consequences if:

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

                                (A)     all payments of principal of and
                                interest on all Notes and all other amounts that
                                would then be due hereunder or upon such Notes
                                (including, without limitation, Class A-1
                                Monthly Costs and Expenses, Class A-2 Monthly
                                Costs and Expenses, Class B Monthly Costs and
                                Expenses, Class C Monthly Costs and Expenses and
                                Class S Monthly Costs and Expenses) if the Event
                                of Default giving rise to such acceleration had
                                not occurred; and

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

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

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

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

                (a)     The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, and such default continues

                                     - 31 -

<PAGE>

for a period of one day, the Issuer will pay to the Trustee, for the benefit of
the Holders of the Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal, and, to
the extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest, at the applicable interest rate set forth in
the related Note Purchase Agreement and in addition thereto such further amount
as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee
and its agents and counsel.

                (b)     Each Noteholder hereby irrevocably and unconditionally
appoints the Trustee as the true and lawful attorney-in-fact of such Noteholder,
with full power of substitution, to execute, acknowledge and deliver any notice,
document, certificate, paper, pleading or instrument and to do in the name of
the Trustee as well as in the name, place and stead of such Noteholder, such
acts, things and deeds for or on behalf of and in the name of such Noteholder
under this Indenture (including specifically under Section 5.4) and under the
Basic Documents which such Noteholder could or might do or which may be
necessary, desirable or convenient in such Trustee's sole discretion to effect
the purposes contemplated hereunder and under the Basic Documents and, without
limitation, following the occurrence of an Event of Default, exercise full
right, power and authority to take, or defer from taking, any and all acts with
respect to the administration, maintenance or disposition of the Trust Estate.

                (c)     If an Event of Default occurs and is continuing, the
Trustee may in its discretion and shall, at the direction of the Class A
Required Noteholders, the Class B Required Noteholders, the Class C Required
Noteholders, the Class S Required Noteholders (if the Class S Notes are
Outstanding), the Class D Required Noteholders or the Class E Required
Noteholders (except as provided in Section 5.3(d) below), proceed to protect and
enforce its rights and the rights of the Noteholders by such appropriate
Proceedings as the Trustee shall deem most effective to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law.

                (d)     Notwithstanding anything to the contrary contained in
this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and
5.17), if the Issuer fails to perform its obligations under Section 10.1(b)
hereof when and as due, the Trustee shall, at the direction of the Class A
Required Noteholders, the Class B Required Noteholders, the Class C Required
Noteholders, the Class S Required Noteholders (if the Class S Notes are
Outstanding), the Class D Required Noteholders or the Class E Required
Noteholders, proceed to protect and enforce its rights and the rights of the
Noteholders by such appropriate proceedings as the Trustee shall deem most
effective to protect and enforce any such rights, whether for specific
performance of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Trustee by this Indenture or by law.

                (e)     In case there shall be pending, relative to the Issuer
or any other obligor upon the Notes or any Person having or claiming an
ownership interest in the Trust Estate, proceedings under Title 11 of the United
States Code or any other applicable federal or State

                                     - 32 -

<PAGE>

bankruptcy, insolvency or other similar law, or in case a receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuer or its
property or such other obligor or Person, or in case of any other comparable
judicial proceedings relative to the Issuer or other obligor upon the Notes, or
to the creditors or property of the Issuer or such other obligor, the Trustee,
irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this
Section, shall be entitled and empowered, by intervention in such proceedings or
otherwise:

                (i)     to file and prove a claim or claims for the whole amount
        of principal and interest owing and unpaid in respect of the Notes and
        to file such other papers or documents as may be necessary or advisable
        in order to have the claims of the Trustee (including any claim for
        reasonable compensation to the Trustee and each predecessor Trustee, and
        their respective agents, attorneys and counsel, and for reimbursement of
        all expenses and liabilities incurred, and all advances made, by the
        Trustee and each predecessor Trustee, except as a result of negligence,
        bad faith or willful misconduct) and of the Noteholders allowed in such
        proceedings;

                (ii)    unless prohibited by applicable law and regulations, to
        vote on behalf of the Noteholders in any election of a trustee, a
        standby trustee or person performing similar functions in any such
        proceedings;

                (iii)   to collect and receive any moneys or other property
        payable or deliverable on any such claims and to distribute all amounts
        received with respect to the claims of the Noteholders and of the
        Trustee on their behalf; and

                (iv)    to file such proofs of claim and other papers or
        documents as may be necessary or advisable in order to have the claims
        of the Trustee or the Noteholders allowed in any judicial proceedings
        relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Trustee, and, in the event that the Trustee shall consent to the
making of payments directly to such Noteholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of negligence or bad
faith.

                (f)     Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Noteholder in any
such Proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar person.

                                     - 33 -

<PAGE>

                (g)     All rights of action and of asserting claims under this
Indenture or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes or the production thereof in any trial or other
proceedings relative thereto, and any such action or Proceedings instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes.

                (h)     In any Proceedings brought by the Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture),
the Trustee shall be held to represent all the Holders of the Notes, and it
shall not be necessary to make any Noteholder a party to any such proceedings.

                SECTION 5.4.    Remedies.

                (a)     If an Event of Default shall have occurred and be
continuing, the Trustee may and shall, at the direction of the Class A Required
Noteholders, the Class B Required Noteholders, the Class C Required Noteholders,
the Class S Required Noteholders (if the Class S Notes are Outstanding), the
Class D Required Noteholders or the Class E Required Noteholders (except as
provided in Section 5.3(d) above), do one or more of the following (subject to
Section 5.5):

                (i)     institute Proceedings in its own name and as trustee of
        an express trust for the collection of all amounts then payable on the
        Notes or under this Indenture with respect thereto, whether by
        declaration or otherwise, enforce any judgment obtained, and collect
        from the Issuer and any other obligor upon such Notes moneys adjudged
        due;

                (ii)    institute Proceedings from time to time for the complete
        or partial foreclosure of this Indenture with respect to the Trust
        Estate;

                (iii)   exercise any remedies of a secured party under the UCC
        and take any other appropriate action to protect and enforce the rights
        and remedies of the Trustee and the Holders of the Notes; and

                (iv)    direct the Trust Collateral Agent to sell the Trust
        Estate or any portion thereof or rights or interest therein, at one or
        more public or private sales called and conducted in any manner
        permitted by law; provided, however, that the Trustee may not sell or
        otherwise liquidate the Trust Estate following an Event of Default
        unless (a) the Majority Noteholders of the Controlling Class consent
        thereto and (b) either (I) all amounts due and owing under the Notes and
        the other Related Documents to the holders of Notes of each Class of
        Notes which are (x) not held by the Issuer, AFC, AmeriCredit or an
        Affiliate and (y) junior to the Controlling Class shall be paid in full
        with the proceeds of such sale or liquidation or (II) the Majority
        Noteholders of each such Class of Notes which is not paid in full with
        the proceeds of such sale or liquidation consent thereto.

                                     - 34 -

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                In determining such sufficiency or insufficiency with respect to
clause (y) and (z), the Trustee may, but need not, obtain and conclusively rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

                SECTION 5.5.    Optional Preservation of the Receivables. If the
Notes have been declared to be due and payable under Section 5.2 following an
Event of Default and such declaration and its consequences have not been
rescinded and annulled, the Trustee may, at the direction of the Required
Noteholders of the Controlling Class, elect to direct the Trust Collateral Agent
to maintain possession of the Trust Estate.

                SECTION 5.6.    Priorities(a) Following the acceleration of the
Notes pursuant to Section 5.2, the receipt of Insolvency Proceeds pursuant to
Section 9.1(b) of the Sale and Servicing Agreement, such Insolvency Proceeds,
shall be applied by the Trust Collateral Agent on the related Distribution Date
in the order of priority set forth in Section 5.5(b) of the Sale and Servicing
Agreement.

                (b)     The Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section 5.6. At least 15 days before
such record date the Issuer shall mail to each Noteholder and the Trustee a
notice that states the record date, the payment date and the amount to be paid.

                SECTION 5.7.    [Reserved].

                SECTION 5.8.    Unconditional Rights of Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture,
the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on
such Note on or after the respective due dates thereof expressed in such Note or
in this Indenture (or, in the case of redemption, on or after the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

                SECTION 5.9.    Restoration of Rights and Remedies. If the
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Trustee or to
such Noteholder, then and in every such case the Issuer, the Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted.

                SECTION 5.10.   Rights and Remedies Cumulative. No right or
remedy herein conferred upon or reserved to the Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy

                                     - 35 -

<PAGE>

hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

                SECTION 5.11.   Delay or Omission Not a Waiver. No delay or
omission of the Trustee or any Holder of any Note to exercise any right or
remedy accruing upon any Default or Event of Default shall impair any such right
or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law
to the Trustee or to the Noteholders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Noteholders, as the
case may be.

                SECTION 5.12.   Control by Noteholders. The Required Noteholders
of the Controlling Class shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Trustee with
respect to the Notes or exercising any trust or power conferred on the Trustee;
provided that

                (i)     such direction shall not be in conflict with any rule of
        law or with this Indenture; and

                (ii)    subject to the express terms of Section 5.4, any
        direction to the Trustee to sell or liquidate the Trust Estate shall be
        subject to the requirements the Trustee may not sell or otherwise
        liquidate the Trust Estate following an Event of Default unless (a) the
        Majority Noteholders of the Controlling Class consent thereto and (b)
        either (I) all amounts due and owing under the Notes and the other
        Related Documents to the holders of Notes of each Class of Notes which
        are (x) not held by the Issuer, AFC, AmeriCredit or an Affiliate and (y)
        junior to the Controlling Class shall be paid in full with the proceeds
        of such sale or liquidation or (II) the Majority Noteholders of each
        such Class of Notes which is not paid in full with the proceeds of such
        sale or liquidation consent thereto;

                (iii)   the Trustee may take any other action deemed proper by
        the Trustee that is not inconsistent with such direction;

provided, however, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or otherwise,
without receiving indemnity satisfactory to it.

                SECTION 5.13.   Waiver of Past Defaults. Prior to the
declaration of the acceleration of the maturity of the Notes as provided in
Section 5.4, the Class A Majority, the Class B Majority and the Class C
Majority, acting together, may waive any past Default or Event of Default and
its consequences except a Default (a) in payment of principal of or interest on
any of the Notes, (b) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each Note, (c) a
Borrowing Base Deficiency and (d) a Default or Event of Default under Section
5.1(viii)(c) or 5.1(xiv). (Waivers of any Default or Event of Default of a type
set forth in (a) through (d) of the preceding sentence shall require the consent
of all Noteholders.) In the case of any such waiver, the Issuer, the Trustee and
the Holders of the Notes shall be restored to their former positions and rights
hereunder,

                                     - 36 -

<PAGE>

respectively; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereto.

                Upon any such waiver, such Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred,
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

                SECTION 5.14.   [Reserved].

                SECTION 5.15.   Waiver of Stay or Extension Laws. The Issuer
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead or in any manner whatsoever, claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of
this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                SECTION 5.16.   Action on Notes. The Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Trustee or the Noteholders shall be impaired by the recovery of any
judgment by the Trustee against the Issuer or by the levy of any execution under
such judgment upon any portion of the Trust Estate or upon any of the assets of
the Issuer.

                SECTION 5.17.   Performance and Enforcement of Certain
Obligations.

                (a)     Promptly following a request from the Trustee to do so
and at the Servicer's expense, the Issuer agrees to take all such lawful action
as the Trustee may request to compel or secure the performance and observance by
either Seller and the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Trustee, including the transmission of notices of default on the part of
either Seller or the Servicer thereunder and the institution of legal or
administrative actions or Proceedings to compel or secure performance by either
Seller or the Servicer of each of their obligations under the Sale and Servicing
Agreement.

                (b)     If an Event of Default has occurred and is continuing,
the Trustee may, and, at the written direction of the Class A Required
Noteholders, the Class B Required Noteholders, the Class C Required Noteholders,
the Class S Required Noteholders (if the Class S Notes are Outstanding), the
Class D Required Noteholders or the Class E Required Noteholders, shall, subject
to Article VI, exercise all rights, remedies, powers, privileges and claims of
the

                                     - 37 -

<PAGE>

Issuer against the Sellers or the Servicer under or in connection with the Sale
and Servicing Agreement, including the right or power to take any action to
compel or secure performance or observance by the Sellers or the Servicer of
each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale and
Servicing Agreement, and any right of the Issuer to take such action shall be
suspended.

                                   ARTICLE VI.

                   The Trustee and the Trust Collateral Agent

                SECTION 6.1.    Duties of Trustee.

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

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

                (i)     the Trustee undertakes to perform such duties and only
        such duties as are specifically set forth in this Indenture and no
        implied covenants or obligations shall be read into this Indenture
        against the Trustee; and

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

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

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

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

                (iii)   the Trustee shall not be liable with respect to any
        action it takes or omits to take in good faith in accordance with a
        direction received by it pursuant to Section 5.12.

                (d)     The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the Issuer.

                                     - 38 -

<PAGE>

                (e)     Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement.

                (f)     No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or indemnity reasonably satisfactory to it against such risk or
liability is not assured to it.

                (g)     Every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 6.1.

                (h)     The Trustee shall, upon two Business Days' prior notice
to the Trustee, permit any representative of the Administrative Agent at the
expense of the Trust, during the Trustee's normal business hours, to examine all
books of account, records, reports and other papers of the Trustee relating to
the Notes, to make copies and extracts therefrom and to discuss the Trustee's
affairs and actions, as such affairs and actions relate to the Trustee's duties
with respect to the Notes, with the Trustee's officers and employees responsible
for carrying out the Trustee's duties with respect to the Notes.

                (i)     The Trustee shall, and hereby agrees that it will,
perform all of the obligations and duties required of it under the Sale and
Servicing Agreement.

                (j)     Without limiting the generality of this Section 6.1, the
Trustee shall have no duty (i) to see to any recording, filing or depositing of
this Indenture or any agreement referred to herein or any financing statement
evidencing a security interest in the Financed Vehicles, or to see to the
maintenance of any such recording or filing or depositing or to any recording,
refiling or redepositing of any thereof, (ii) to see to any insurance of the
Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii)
to see to the payment or discharge of any tax, assessment or other governmental
charge or any Lien or encumbrance of any kind owing with respect to, assessed or
levied against any part of the Trust, (iv) to confirm or verify the contents of
any reports or certificates delivered to the Trustee pursuant to this Indenture
or the Sale and Servicing Agreement believed by the Trustee to be genuine and to
have been signed or presented by the proper party or parties, or (v) to inspect
the Financed Vehicles at any time or ascertain or inquire as to the performance
of observance of any of the Issuer's, each Seller's or the Servicer's
representations, warranties or covenants or the Servicer's duties and
obligations as Servicer and as custodian of the Receivable Files under the Sale
and Servicing Agreement.

                (k)     In no event shall Bank One, NA, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the
Delaware Statutory Trust Statute, common law, or the Trust Agreement.

                SECTION 6.2.    Rights of Trustee.

                                     - 39 -

<PAGE>

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

                (b)     Before the Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officer's Certificate or Opinion of Counsel.

                (c)     The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Trustee shall not be
responsible for any misconduct or negligence on the part of, or for the
supervision of, AmeriCredit Financial Services, Inc., or any other such agent,
attorney, custodian or nominee appointed with due care by it hereunder.

                (d)     The Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that the Trustee's conduct does not
constitute willful misconduct, negligence or bad faith.

                (e)     The Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and
the Notes shall be full and complete authorization and protection from liability
in respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel.

                (f)     The Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Noteholders,
pursuant to the provisions of this Indenture, unless such Noteholders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby; provided,
however, that the Trustee shall, upon the occurrence of an Event of Default
(that has not been cured), exercise the rights and powers vested in it by this
Indenture with reasonable care and skill.

                (g)     The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do so by the Class A
Majority, the Class B Majority, the Class C Majority, the Class D Majority or
the Class E Majority; provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of
this Indenture or the Sale and Servicing Agreement, the Trustee may require
reasonable indemnity against such cost, expense or liability as a condition to
so proceeding; the reasonable expense of every such examination shall be paid by
the Person making such request, or, if paid by the Trustee, shall be reimbursed
by the Person making such request upon demand.

                                     - 40 -

<PAGE>

                (h)     The Trustee shall not be liable for any losses on
investments except for losses resulting from the failure of the Trustee to make
an investment in accordance with instructions given in accordance hereunder. If
the Trustee acts as the Note Paying Agent or Note Registrar, the rights and
protections afforded to the Trustee shall be afforded to the Note Paying Agent
and Note Registrar.

                SECTION 6.3.    Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Trustee. Any Note Paying Agent, Note Registrar,
co-registrar or co-Note Paying Agent may do the same with like rights. However,
the Trustee must comply with Section 6.11.

                SECTION 6.4.    Trustee's Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture, the Trust Estate or the Notes, it shall not be accountable for
the Issuer's use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee's
certificate of authentication.

                SECTION 6.5.    Conflicting Instructions. If the Trustee shall
receive conflicting directions or instructions from the Noteholders, the Trustee
shall forward such directions or instructions to the Administrative Agent and
the Administrative Agent shall contact the Noteholders with respect to such
conflict.

                SECTION 6.6.    Reports by Trustee to Holders. The Trustee shall
deliver to each Noteholder such information as may be reasonably required to
enable such Holder to prepare its federal and State income tax returns.

                SECTION 6.7.    Compensation and Indemnity.

                (a)     Pursuant to Section 5.5(a) and (b) of the Sale and
Servicing Agreement, the Issuer shall, or shall cause the Servicer to, pay to
the Trustee from time to time compensation for its services. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall cause the Servicer to reimburse the Trustee and
the Trust Collateral Agent for all reasonable out-of-pocket expenses incurred or
made by it, including costs of collection, in addition to the compensation for
its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee's, the Backup Servicer's,
and the Trust Collateral Agent's agents, counsel, accountants and experts. The
Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral
Agent and their respective officers, directors, employees and agents against any
and all loss, liability or expense (including attorneys' fees and expenses)
incurred by each of them in connection with the acceptance or the administration
of this Trust and the performance of its duties hereunder. The Trustee, Trust
Collateral Agent or the Backup Servicer shall notify the Issuer and the Servicer
promptly of any claim for which it may seek indemnity. Failure by the Trustee or
Trust Collateral Agent to so notify the Issuer and the Servicer shall not
relieve the Issuer of its obligations hereunder or the Servicer of its
obligations under Article X of the Sale

                                     - 41 -

<PAGE>

and Servicing Agreement. The Issuer shall cause the Servicer to defend the
claim, and the Trustee, Trust Collateral Agent or the Backup Servicer may have
separate counsel and the Issuer shall cause the Servicer to pay the fees and
expenses of such counsel. Neither the Issuer nor the Servicer need reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Trustee or Trust Collateral Agent through the Trustee's or Trust Collateral
Agent's own willful misconduct, negligence or bad faith.

                (b)     The Issuer's payment obligations to the Trustee pursuant
to this Section shall survive the discharge of this Indenture or the earlier
resignation or removal of the Trustee or the Trust Collateral Agent or the
Backup Servicer. When the Trustee, the Trust Collateral Agent or the Backup
Servicer incurs expenses after the occurrence of an Event of Default specified
in Section 5.1(iii) or (iv) with respect to the Issuer, the expenses are
intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable federal or State bankruptcy, insolvency or
similar law. Notwithstanding anything else set forth in this Indenture or the
Basic Documents, the Trustee agrees that the obligations of the Issuer (but not
the Servicer) to the Trustee hereunder and under the Basic Documents shall be
recourse to the Trust Estate only and specifically shall not be recourse to the
assets of the Certificateholder or any Noteholder. In addition, the Trustee
agrees that its recourse to the Issuer, the Trust Estate and AFC shall be
limited to the right to receive the distributions referred to in Section 5.5 of
the Sale and Servicing Agreement.

                SECTION 6.8.    Replacement of Trustee. The Trustee may resign
at any time by so notifying the Issuer and the Administrative Agent. The Issuer
may and, at the request of the Class A Majority, the Class B Majority and of the
Class C Majority shall, remove the Trustee, if:

                (i)     the Trustee fails to comply with Section 6.11;

                (ii)    a court having jurisdiction in the premises in respect
        of the Trustee in an involuntary case or proceeding under federal or
        State banking or bankruptcy laws, as now or hereafter constituted, or
        any other applicable federal or State bankruptcy, insolvency or other
        similar law, shall have entered a decree or order granting relief or
        appointing a receiver, liquidator, assignee, custodian, trustee,
        conservator, sequestrator (or similar official) for the Trustee or for
        any substantial part of the Trustee's property, or ordering the
        winding-up or liquidation of the Trustee's affairs;

                (iii)   an involuntary case under the federal bankruptcy laws,
        as now or hereafter in effect, or another present or future federal or
        State bankruptcy, insolvency or similar law is commenced with respect to
        the Trustee and such case is not dismissed within 60 days;

                (iv)    the Trustee commences a voluntary case under any federal
        or state banking or bankruptcy laws, as now or hereafter constituted, or
        any other applicable federal or State bankruptcy, insolvency or other
        similar law, or consents to the appointment of or taking possession by a
        receiver, liquidator, assignee, custodian, trustee, conservator,
        sequestrator (or other similar official) for the Trustee or for any
        substantial

                                     - 42 -

<PAGE>

        part of the Trustee's property, or makes any assignment for the benefit
        of creditors or fails generally to pay its debts as such debts become
        due or takes any corporate action in furtherance of any of the
        foregoing; or

                (v)     the Trustee otherwise becomes incapable of acting.

                If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Issuer shall promptly appoint a
successor Trustee listed on Schedule 4 hereto. If the Issuer fails to appoint
such a successor Trustee, the Class A Majority, the Class B Majority and the
Class C Majority, acting together, may appoint a successor Trustee.

                A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee, the Administrative Agent and to the Issuer.
Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the retiring Trustee under this Indenture subject to satisfaction of
the Rating Agency Condition. The successor Trustee shall mail a notice of its
succession to Noteholders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee.

                If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or
the Holders of a majority in Outstanding Amount of the Notes may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

                If the Trustee fails to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

                Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to this Section 6.8 and payment of all fees and expenses owed to the
outgoing Trustee.

                Notwithstanding the replacement of the Trustee pursuant to this
Section, the Issuer's and the Servicer's obligations under Section 6.7 shall
continue for the benefit of the retiring Trustee.

                SECTION 6.9.    Successor Trustee by Merger. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee. The Trustee shall provide the Rating
Agencies prior written notice of any such transaction.

                In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Notes

                                     - 43 -

<PAGE>

shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the
Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in
this Indenture provided that the certificate of the Trustee shall have.

                SECTION 6.10.   Appointment of Co-Trustee or Separate Trustee.

                (a)     Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust may at the time be located, the
Trustee with the consent of the Class C Majority shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or
any part of the Trust, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders, such title to the Trust, or any part
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.8 hereof.

                (b)     Every separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                (i)     all rights, powers, duties and obligations conferred or
        imposed upon the Trustee shall be conferred or imposed upon and
        exercised or performed by the Trustee and such separate trustee or
        co-trustee jointly (it being understood that such separate trustee or
        co-trustee is not authorized to act separately without the Trustee
        joining in such act), except to the extent that under any law of any
        jurisdiction in which any particular act or acts are to be performed the
        Trustee shall be incompetent or unqualified to perform such act or acts,
        in which event such rights, powers, duties and obligations (including
        the holding of title to the Trust or any portion thereof in any such
        jurisdiction) shall be exercised and performed singly by such separate
        trustee or co-trustee, but solely at the direction of the Trustee;

                (ii)    no trustee hereunder shall be personally liable by
        reason of any act or omission of any other trustee hereunder, including
        acts or omissions of predecessor or successor trustees; and

                (iii)   the Trustee may at any time accept the resignation of or
        remove any separate trustee or co-trustee.

                (c)     Any notice, request or other writing given to the
Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this

                                     - 44 -

<PAGE>

Agreement and the conditions of this Article VI. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Indenture, specifically including every provision of
this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. Every such instrument shall be filed with
the Trustee.

                (d)     Any separate trustee or co-trustee may at any time
constitute the Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, dissolve, become insolvent, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and
trusts shall invest in and be exercised by the Trustee, to the extent permitted
by law, without the appointment of a new or successor trustee.

                (e)     Any and all amounts relating to the fees and expenses of
the co-trustee or separate trustee will be borne by the Trust Estate.

                SECTION 6.11.   Eligibility; Disqualification. The Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and it shall have a long term
debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies.
The Trustee shall provide copies of such reports to the Administrative Agent
upon request.

                SECTION 6.12.   Appointment and Powers. Subject to the terms and
conditions hereof, each of the Noteholders hereby appoints Bank One, NA as the
Trust Collateral Agent with respect to the Collateral, and Bank One, NA hereby
accepts such appointment and agrees to act as Trust Collateral Agent with
respect to the Collateral for the Noteholders, to maintain custody and
possession of such Collateral (except as otherwise provided hereunder) and to
perform the other duties of the Trust Collateral Agent in accordance with the
provisions of this Indenture and the other Basic Documents. Each Noteholder
hereby authorizes the Trust Collateral Agent to take such action on its behalf,
and to exercise such rights, remedies, powers and privileges hereunder, as the
Trustee may direct and as are specifically authorized to be exercised by the
Trust Collateral Agent by the terms hereof, together with such actions, rights,
remedies, powers and privileges as are reasonably incidental thereto, including,
but not limited to, the execution of any powers of attorney. The Trust
Collateral Agent shall act upon and in compliance with the written instructions
of the Trustee delivered pursuant to this Indenture promptly following receipt
of such written instructions; provided that the Trust Collateral Agent shall not
act in accordance with any instructions (i) which are not authorized by, or in
violation of the provisions of, this Indenture, (ii) which are in violation of
any applicable law, rule or regulation or (iii) for which the Trust Collateral
Agent has not received reasonable indemnity. Receipt of such instructions shall
not be a condition to the exercise by the Trust Collateral Agent of its express
duties hereunder, except where this Indenture provides that the Trust Collateral
Agent is permitted to act only following and in accordance with such
instructions.

                                     - 45 -

<PAGE>

                SECTION 6.13.   Performance of Duties. The Trust Collateral
Agent shall have no duties or responsibilities except those expressly set forth
in this Indenture and the other Basic Documents to which the Trust Collateral
Agent is a party or as directed by the Trustee in accordance with this
Indenture. The Trust Collateral Agent shall not be required to take any
discretionary actions hereunder except at the written direction and with the
indemnification of the Trustee. The Trust Collateral Agent shall, and hereby
agrees that it will, subject to this Article, perform all of the duties and
obligations required of it under the Sale and Servicing Agreement.

                SECTION 6.14.   Limitation on Liability. Neither the Trust
Collateral Agent nor any of its directors, officers or employees shall be liable
for any action taken or omitted to be taken by it or them hereunder, or in
connection herewith, except that the Trust Collateral Agent shall be liable for
its negligence, bad faith or willful misconduct; nor shall the Trust Collateral
Agent be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Issuer of this Indenture or any of the Collateral (or
any part thereof). Notwithstanding any term or provision of this Indenture, the
Trust Collateral Agent shall incur no liability to the Issuer or the Noteholders
for any action taken or omitted by the Trust Collateral Agent in connection with
the Collateral, except for the negligence, bad faith or willful misconduct on
the part of the Trust Collateral Agent, and, further, shall incur no liability
to the Noteholders except for negligence, bad faith or willful misconduct in
carrying out its duties to the Noteholders. The Trust Collateral Agent shall be
protected and shall incur no liability to any such party in relying upon the
accuracy, acting in reliance upon the contents, and assuming the genuineness of
any notice, demand, certificate, signature, instrument or other document
reasonably believed by the Trust Collateral Agent to be genuine and to have been
duly executed by the appropriate signatory, and (absent actual knowledge to the
contrary by a Responsible Officer of the Trust Collateral Agent) the Trust
Collateral Agent shall not be required to make any independent investigation
with respect thereto. The Trust Collateral Agent shall at all times be free
independently to establish to its reasonable satisfaction, but shall have no
duty to independently verify, the existence or nonexistence of facts that are a
condition to the exercise or enforcement of any right or remedy hereunder or
under any of the Basic Documents. The Trust Collateral Agent may consult with
counsel, and shall not be liable for any action taken or omitted to be taken by
it hereunder in good faith and in accordance with the advice of such counsel.
The Trust Collateral Agent shall not be under any obligation to exercise any of
the remedial rights or powers vested in it by this Indenture or to follow any
direction from the Trustee or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder unless it shall have
received reasonable security or indemnity satisfactory to the Trust Collateral
Agent against the costs, expenses and liabilities which might be incurred by it.

                SECTION 6.15.   Reliance Upon Documents. In the absence of
negligence, bad faith or willful misconduct on its part, the Trust Collateral
Agent shall be entitled to conclusively rely on any communication, instrument,
paper or other document reasonably believed by it to be genuine and correct and
to have been signed or sent by the proper Person or Persons and shall have no
liability in acting, or omitting to act, where such action or omission to act is
in reasonable reliance upon any statement or opinion contained in any such
document or instrument.

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<PAGE>

                SECTION 6.16.   Successor Trust Collateral Agent.

                (a)     Merger. Any Person into which the Trust Collateral Agent
may be converted or merged, or with which it may be consolidated, or to which it
may sell or transfer its trust business and assets as a whole or substantially
as a whole, or any Person resulting from any such conversion, merger,
consolidation, sale or transfer to which the Trust Collateral Agent is a party,
shall (provided it is otherwise qualified to serve as the Trust Collateral Agent
hereunder) be and become a successor Trust Collateral Agent hereunder and be
vested with all of the title to and interest in the Collateral and all of the
trusts, powers, discretions, immunities, privileges and other matters as was its
predecessor without the execution or filing of any instrument or any further
act, deed or conveyance on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, except to the extent, if any, that any
such action is necessary to perfect, or continue the perfection of, the security
interest of the Noteholders in the Collateral; provided that any such successor
shall also be the successor Trustee under Section 6.9.

                (b)     Resignation. The Trust Collateral Agent and any
successor Trust Collateral Agent may resign at any time by so notifying the
Issuer and the Administrative Agent; provided that the Trust Collateral Agent
shall not so resign unless it shall also resign as Trustee hereunder.

                (c)     Removal. The Trust Collateral Agent may be removed by
the Trustee at any time (and should be removed at any time that the Trustee has
been removed), with or without cause, by an instrument or concurrent instruments
in writing delivered to the Trust Collateral Agent, the Administrative Agent and
the Issuer. A temporary successor may be removed at any time to allow a
successor Trust Collateral Agent to be appointed pursuant to subsection (d)
below. Any removal pursuant to the provisions of this subsection (c) shall take
effect only upon the date which is the latest of (i) the effective date of the
appointment of a successor Trust Collateral Agent and the acceptance in writing
by such successor Trust Collateral Agent of such appointment and of its
obligation to perform its duties hereunder in accordance with the provisions
hereof, and (ii) receipt by the Trustee of an Opinion of Counsel to the effect
described in Section 3.6.

                (d)     Acceptance by Successor. The Trustee shall have the sole
right to appoint each successor Trust Collateral Agent. Every temporary or
permanent successor Trust Collateral Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Trustee, each Noteholder
and the Issuer an instrument in writing accepting such appointment hereunder and
the relevant predecessor shall execute, acknowledge and deliver such other
documents and instruments as will effectuate the delivery of all Collateral to
the successor Trust Collateral Agent, whereupon such successor, without any
further act, deed or conveyance, shall become fully vested with all the estates,
properties, rights, powers, duties and obligations of its predecessor. Such
predecessor shall, nevertheless, on the written request of any Agent or the
Issuer, execute and deliver an instrument transferring to such successor all the
estates, properties, rights and powers of such predecessor hereunder. In the
event that any instrument in writing from the Issuer or the Trustee is
reasonably required by a successor Trust Collateral Agent to more fully and
certainly vest in such successor the estates, properties, rights, powers, duties
and obligations vested or intended to be vested hereunder in the Trust
Collateral Agent, any and all

                                     - 47 -

<PAGE>

such written instruments shall, at the request of the temporary or permanent
successor Trust Collateral Agent, be forthwith executed, acknowledged and
delivered by the Trustee or the Issuer, as the case may be. The designation of
any successor Trust Collateral Agent and the instrument or instruments removing
any Trust Collateral Agent and appointing a successor hereunder, together with
all other instruments provided for herein, shall be maintained with the records
relating to the Collateral and, to the extent required by applicable law, filed
or recorded by the successor Trust Collateral Agent in each place where such
filing or recording is necessary to effect the transfer of the Collateral to the
successor Trust Collateral Agent or to protect or continue the perfection of the
security interests granted hereunder.

                SECTION 6.17.   Compensation. The Trust Collateral Agent shall
not be entitled to any compensation for the performance of its duties hereunder
other than the compensation it is entitled to receive in its capacity as
Trustee.

                SECTION 6.18.   Representations and Warranties of the Trust
Collateral Agent and the Issuer. (A) The Trust Collateral Agent represents and
warrants to the Issuer and to each Noteholder as follows:

                (a)     Due Organization. The Trust Collateral Agent is a
national banking association and is duly authorized and licensed under
applicable law to conduct its business as presently conducted.

                (b)     Corporate Power. The Trust Collateral Agent has all
requisite right, power and authority to execute and deliver this Indenture and
to perform all of its duties as Trust Collateral Agent hereunder.

                (c)     Due Authorization. The execution and delivery by the
Trust Collateral Agent of this Indenture and the other Transaction Documents to
which it is a party, and the performance by the Trust Collateral Agent of its
duties hereunder and thereunder, have been duly authorized by all necessary
corporate proceedings and no further approvals or filings, including any
governmental approvals, are required for the valid execution and delivery by the
Trust Collateral Agent, or the performance by the Trust Collateral Agent, of
this Indenture and such other Basic Documents.

                (d)     Valid and Binding Indenture. The Trust Collateral Agent
has duly executed and delivered this Indenture and each other Basic Document to
which it is a party, and each of this Indenture and each such other Basic
Document constitutes the legal, valid and binding obligation of the Trust
Collateral Agent, enforceable against the Trust Collateral Agent in accordance
with its terms, except as (i) such enforceability may be limited by bankruptcy,
insolvency, reorganization and similar laws relating to or affecting the
enforcement of creditors' rights generally and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

        (B) The Issuer hereby represents and warrants that each of the
representations and warranties set forth on the Schedule of Representations
attached hereto as Annex B is true and correct. Such representations and
warranties speak as of the execution and delivery of this

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<PAGE>

Indenture and as of the Closing Date, but shall survive the pledge of the
Receivables to the Trust Collateral Agent and shall not be waived.

                SECTION 6.19.   Waiver of Setoffs. The Trust Collateral Agent
hereby expressly waives any and all rights of setoff that the Trust Collateral
Agent may otherwise at any time have under applicable law with respect to any
Trust Account and agrees that amounts in the Trust Accounts shall at all times
be held and applied solely in accordance with the provisions hereof.

                SECTION 6.20.   Control by the Trustee. The Trust Collateral
Agent shall comply with notices and instructions given by the Issuer only if
accompanied by the written consent of the Trustee, except that if any Event of
Default shall have occurred and be continuing, the Trust Collateral Agent shall
act upon and comply with notices and instructions given by the Trustee alone in
the place and stead of the Issuer.

                                  ARTICLE VII.

                         Noteholders' Lists and Reports

                SECTION 7.1.    Issuer To Furnish To Trustee Names and Addresses
of Noteholders. The Issuer will furnish or cause to be furnished to the Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii)
three months after the last Record Date, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such Record
Date, (b) at such other times as the Trustee may request in writing, within 30
days after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the Note Registrar,
no such list shall be required to be furnished. The Trustee or, if the Trustee
is not the Note Registrar, the Issuer shall furnish to the Administrative Agent
in writing on an annual basis on each June 30 and at such other times as the
Administrative Agent may request a copy of the list.

                SECTION 7.2.    Preservation of Information. The Trustee shall
preserve, in as current a form as is reasonably practicable, the names and
addresses of the Holders contained in the most recent list furnished to the
Trustee as provided in Section 7.1 and the names and addresses of Holders
received by the Trustee in its capacity as Note Registrar. The Trustee may
destroy any list furnished to it as provided in such Section 7.1 upon receipt of
a new list so furnished.

                                  ARTICLE VIII.

                      Accounts, Disbursements and Releases

                SECTION 8.1.    Collection of Money. Except as otherwise
expressly provided herein, the Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Trust Collateral Agent pursuant to this

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<PAGE>

Indenture and the Sale and Servicing Agreement. The Trustee shall apply all such
money received by it, or cause the Trust Collateral Agent to apply all money
received by it as provided in this Indenture and the Sale and Servicing
Agreement. Except as otherwise expressly provided in this Indenture or in the
Sale and Servicing Agreement, if any default occurs in the making of any payment
or performance under any agreement or instrument that is part of the Trust
Estate, the Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate
proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

                SECTION 8.2.    Release of Trust Estate.

                (a)     Subject to the payment of its fees and expenses and
other amounts pursuant to Section 6.7, the Trust Collateral Agent may, and when
required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Trust Collateral Agent as
provided in this Article VIII shall be bound to ascertain the Trust Collateral
Agent's authority, inquire into the satisfaction of any conditions precedent or
see to the application of any moneys.

                (b)     The Trust Collateral Agent shall, at such time as there
are no Notes outstanding and all sums due the Trustee pursuant to Section 6.7
have been paid, release any remaining portion of the Trust Estate that secured
the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.2(b) only upon receipt of an Issuer Request accompanied by an
Officer's Certificate and an Opinion of Counsel.

                SECTION 8.3.    Opinion of Counsel. The Trust Collateral Agent
shall receive at least seven days' notice when requested by the Issuer to take
any action pursuant to Section 8.2(a), accompanied by copies of any instruments
involved, and the Trustee shall also require as a condition to such action, an
Opinion of Counsel in form and substance satisfactory to the Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Trustee in connection with any such action.

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                                   ARTICLE IX.

                             Supplemental Indentures

                SECTION 9.1.    Supplemental Indentures Without Consent of
Noteholders. Without the consent of the Holders of any other Notes and with
prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee,
the Issuer and the Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental hereto, in
form satisfactory to the Trustee, to increase the Class A Credit Score
Enhancement Rate, the Class B Credit Score Enhancement Rate or the Class C
Credit Score Enhancement Rate.

                SECTION 9.2.    Supplemental Indentures with Consent of
Noteholders.

                The Issuer and the Trustee, when authorized by an Issuer Order,
may, with prior notice to the Rating Agencies and with the consent of the Class
A Majority, the Class B Majority and the Class C Majority, acting together, by
Act of such Holders delivered to the Issuer and the Trustee, at any time and
from time to time, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes under this Indenture; provided,
however, that, no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Note affected thereby:

                (i)     change the date of payment of any installment of
        principal of or interest on any Note, or reduce the principal amount
        thereof, the interest rate thereon or the Redemption Price with respect
        thereto, change the provision of this Indenture relating to the
        application of collections on, or the proceeds of the sale of, the Trust
        Estate to payment of principal of or interest on the Notes, or change
        any place of payment where, or the coin or currency in which, any Note
        or the interest thereon is payable;

                (ii)    impair the right to institute suit for the enforcement
        of the provisions of this Indenture requiring the application of funds
        available therefor, as provided in Article V, to the payment of any such
        amount due on the Notes on or after the respective due dates thereof
        (or, in the case of redemption, on or after the Redemption Date);

                (iii)   reduce the percentage of the Outstanding Amount of the
        Notes, the consent of the Holders of which is required for any such
        supplemental indenture, or the consent of the Holders of which is
        required for any waiver of compliance with certain provisions of this
        Indenture or certain defaults hereunder and their consequences provided
        for in this Indenture;

                (iv)    modify or alter the provisions of the proviso to the
        definition of the term "Outstanding";

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<PAGE>

                (v)     reduce the percentage of the Outstanding Amount of the
        Notes required to direct the Trustee to direct the Issuer to sell or
        liquidate the Trust Estate pursuant to Section 5.4;

                (vi)    modify any provision of this Section except to increase
        any percentage specified herein or to provide that certain additional
        provisions of this Indenture or the Basic Documents cannot be modified
        or waived without the consent of the Holder of each Outstanding Note
        affected thereby;

                (vii)   modify any of the provisions of this Indenture in such
        manner as to affect the calculation of the amount of any payment of
        interest or principal due on any Note on any Distribution Date
        (including the calculation of any of the individual components of such
        calculation) or to affect the rights of the Noteholders to the benefit
        of any provisions for the mandatory redemption of the Notes contained
        herein;

                (viii)  permit the creation of any lien ranking prior to or on a
        parity with the lien of this Indenture with respect to any part of the
        Trust Estate or, except as otherwise permitted or contemplated herein or
        in any of the Basic Documents, terminate the lien of this Indenture on
        any property at any time subject hereto or deprive the Holder of any
        Note of the security provided by the lien of this Indenture; or

                (ix)    decrease the Class A Credit Score Enhancement Rate, the
        Class B Credit Score Enhancement Rate or the Class C Credit Score
        Enhancement Rate or modify the definition of Class A Required Note
        Enhancement, Class A Borrowing Base, Class B Required Note Enhancement,
        Class B Borrowing Base, Class C Required Note Enhancement or Class C
        Borrowing Base;

provided, further, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Class S Note, amend Section
12.6(b); and provided, further, however, that no such supplemental indenture
shall, without the consent of the Administrative Agent, amend Article XI.

                It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

                No such amendment, supplement, waiver or modification which
would have a material, adverse effect on the Noteholders shall be effective
unless the Rating Agency Condition shall have been satisfied; it being
understood that amendments, supplements, waivers and modifications which do any
of the following shall not require satisfaction of the Rating Agency Condition:

                (A) correct or amplify the description of any property at any
        time subject to the lien of this Indenture, or better to assure, convey
        and confirm unto the Trust Collateral Agent any property subject or
        required to be subjected to the lien of this Indenture, or to subject to
        the lien of this Indenture additional property;

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<PAGE>

                (B) evidence the succession, in compliance with the applicable
        provisions hereof, of another person to the Issuer, and the assumption
        by any such successor of the covenants of the Issuer herein and in the
        Notes contained;

                (C) add to the covenants of the Issuer, for the benefit of the
        Holders of the Notes, or to surrender any right or power herein
        conferred upon the Issuer;

                (D) convey, transfer, assign, mortgage or pledge any property to
        or with the Trust Collateral Agent;

                (E) cure any ambiguity, to correct or supplement any provision
        herein or in any supplemental indenture which may be inconsistent with
        any other provision herein or in any supplemental indenture or to make
        any other provisions with respect to matters or questions arising under
        this Indenture or in any supplemental indenture; provided that such
        action shall not adversely affect the interests of the Holders of the
        Notes; or

                (F) evidence and provide for the acceptance of the appointment
        hereunder by a successor trustee with respect to the Notes and to add to
        or change any of the provisions of this Indenture as shall be necessary
        to facilitate the administration of the trusts hereunder by more than
        one trustee, pursuant to the requirements of Article VI.

                Promptly after the execution by the Issuer and the Trustee of
any supplemental indenture pursuant to this Section, the Trustee shall mail to
the Holders of the Notes to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

                SECTION 9.3.    Execution of Supplemental Indentures. In
executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the amendments or modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise.

                SECTION 9.4.    Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Trustee, the Issuer and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

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<PAGE>

                SECTION 9.5.    Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Trustee shall,
bear a notation in form approved by the Trustee as to any matter provided for in
such supplemental indenture. If the Issuer or the Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Trustee in exchange for
Outstanding Notes.

                                   ARTICLE X.

                               Redemption of Notes

                SECTION 10.1.   Redemption.

                (a)     The Notes are subject to redemption in whole, but not in
part, at the direction of the Servicer or the Sellers pursuant to Section 9.1(a)
of the Sale and Servicing Agreement, on any Distribution Date on which the
Servicer or a Seller exercises its option to purchase the Trust Estate pursuant
to said Section 9.1(a), for a purchase price equal to the Redemption Price;
provided, however, that the Issuer has available funds sufficient to pay the
Redemption Price. The Servicer or the Issuer shall furnish the Administrative
Agent and the Rating Agencies notice of such redemption. If the Notes are to be
redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall
furnish notice of such election to the Trustee not later than 25 days prior to
the Redemption Date and the Issuer shall deposit with the Trustee in the
Collection Account the Redemption Price of the Notes to be redeemed whereupon
all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.2 to each Holder of Notes.

                (b)     In the event that the assets of the Trust are
distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on
deposit in the Collection Account shall be paid to the Noteholders up to the
Outstanding Amount of the Notes and all accrued and unpaid interest thereon and
all other amounts accrued and unpaid with respect thereto, including, without
limitation, Class A-1 Monthly Costs and Expenses, Class A-2 Monthly Costs and
Expenses, Class B Monthly Costs and Expenses, Class C Monthly Costs and Expenses
and Class S Monthly Costs and Expenses. If amounts are to be paid to Noteholders
pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the
extent practicable, furnish notice of such event to the Trustee not later than
45 days prior to the Redemption Date whereupon all such amounts shall be payable
on the Redemption Date.

                SECTION 10.2.   Form of Redemption Notice.

                (a)     Notice of redemption under Section 10.1(a) shall be
given by the Trustee by facsimile or by first-class mail, postage prepaid,
transmitted or mailed prior to the applicable Redemption Date to each Holder of
Notes, as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Holder's address appearing in the Note Register.

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<PAGE>

                All notices of redemption shall state:

                (i)     the Redemption Date;

                (ii)    the Redemption Price;

                (iii)   that the Record Date otherwise applicable to such
        Redemption Date is not applicable and that payments shall be made only
        upon presentation and surrender of such Notes and the place where such
        Notes are to be surrendered for payment of the Redemption Price (which
        shall be the office or agency of the Issuer to be maintained as provided
        in Section 3.2); and

                (iv)    that interest on the Notes shall cease to accrue on the
        Redemption Date.

                Notice of redemption of the Notes shall be given by the Trustee
in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Note shall not impair or
affect the validity of the redemption of any other Note.

                (b)     Prior notice of redemption under Section 10.1(b) is not
required to be given to Noteholders.

                SECTION 10.3.   Notes Payable on Redemption Date. The Notes to
be redeemed shall, following notice of redemption as required by Section 10.2
(in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date
become due and payable at the Redemption Price and (unless the Issuer shall
default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

                SECTION 10.4.   Limited Amortization. The Issuer may from time
to time, in its sole discretion, unless an Event of Default shall have occurred
prior thereto, cause a Limited Amortization Period to commence for one or more
Collection Periods by delivering to the Servicer, each Agent, the Administrative
Agent and the Indenture Trustee an irrevocable written notice by 3:00 p.m. (New
York City time) on the Business Day preceding the first day of the Collection
Period in which such Limited Amortization Period is scheduled to commence, which
notice shall specify the aggregate amount of the decrease in the Class A
Principal Balance (the "Class A Limited Amortization Amount"), the decrease in
the Class B Principal Balance (the "Class B Limited Amortization Amount") and/or
the decrease in the Class C Principal Balance (the "Class C Limited Amortization
Amount"), for such Limited Amortization Period.

                                   ARTICLE XI.

                            THE ADMINISTRATIVE AGENT

                SECTION 11.1.   Appointment. By its acceptance of its Note, each
Noteholder hereby irrevocably designates and appoints the Administrative Agent
as the Administrative Agent of such Noteholder under the Basic Documents, and
each such Noteholder irrevocably

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<PAGE>

authorizes the Administrative Agent, as the Administrative Agent for such
Noteholder, to take such action on its behalf under the provisions of the Basic
Documents and to exercise such powers and perform such duties thereunder as are
expressly delegated to the Administrative Agent by the terms of the Basic
Documents, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere in this Indenture or any
other Basic Document, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Noteholder, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Indenture or any other Basic Document or otherwise exist against the
Administrative Agent.

                SECTION 11.2.   Delegation of Duties. The Administrative Agent
may execute any of its duties under any of the Basic Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Administrative Agent shall
not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

                SECTION 11.3.   Exculpatory Provisions. Neither the
Administrative Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates shall be (a) liable to any of the Noteholders
for any action lawfully taken or omitted to be taken by it or such Person under
or in connection with any of the Basic Documents (except for its or such
Person's own gross negligence or willful misconduct) or (b) responsible in any
manner to any of the Noteholders for any recitals, statements, representations
or warranties made by AFC, either Seller, the Issuer, AmeriCredit, the Servicer,
the Trust Collateral Agent, the Backup Servicer, or the Trustee or any officer
thereof contained in any of the Basic Documents or in any certificate, report,
statement or other document referred to or provided for in, or received by a
Administrative Agent under or in connection with, any of the Basic Documents or
for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Indenture or any of the other Basic Documents or for any
failure of AFC, either Seller, the Issuer, AmeriCredit, the Servicer, the Trust
Collateral Agent, the Backup Servicer, or the Trustee to perform its obligations
hereunder or thereunder. The Administrative Agent shall not be under any
obligation to any Noteholder to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, any of the
basic Documents, or to inspect the properties, books or records of AFC, either
Seller, the Issuer, AmeriCredit, the Servicer, the Trust Collateral Agent, the
Backup Servicer, or the Trustee.

                SECTION 11.4.   Reliance by Administrative Agent. The
Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, resolution, notice, consent, certificate, affidavit,
letter, cablegram, telegram, telecopy, telex or teletype message, written
statement, order or other document or conversation believed by it to be genuine
and correct and to have been signed, sent or made by the proper Person or
Persons and upon advice and statements of legal counsel (including counsel to
the Administrative Agent), independent accountants and other experts selected by
the Administrative Agent. The Administrative Agent shall be fully justified in
failing or refusing to take any action under any of the Basic Documents unless
it shall first receive such advice or concurrence of such of the Noteholders, as
specified in the related Basic Document, or otherwise as it deems appropriate,
or

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<PAGE>

it shall first be indemnified to its satisfaction by some or all of the
Noteholders against any and all liability and expense which may be incurred by
it by reason of taking or continuing to take any such action.

                SECTION 11.5.   Notices. The Administrative Agent shall not be
deemed to have knowledge or notice of the occurrence of any breach of any Basic
Document or the occurrence of any Event of Default unless the Administrative
Agent has received notice from the Servicer, the Trustee or any Noteholder,
referring to this Indenture and describing such event. In the event that the
Administrative Agent receives such a notice, it shall promptly give notice
thereof to each Agent.

                SECTION 11.6.   Non-Reliance on Administrative Agent and Other
Noteholders. By its acceptance of a Note, each Noteholder expressly acknowledges
that neither the Administrative Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates has made any representations
or warranties to it and that no act by the Administrative Agent hereafter taken,
including any review of the affairs of AFC, either Seller, the Issuer,
AmeriCredit, the Servicer, the Trust Collateral Agent, the Backup Servicer or
the Trustee, shall be deemed to constitute any representation or warranty by the
Administrative Agent to any Noteholder. By its acceptance of a Note, each
Noteholder represents to the Administrative Agent that it has, independently and
without reliance upon the Administrative Agent or any other Noteholder, and
based on such documents and information as it has deemed appropriate, made its
own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of AFC, the Sellers, the
Issuer, AmeriCredit, the Servicer, the Trust Collateral Agent, the Backup
Servicer, the Trustee, and the Receivables and made its own decision to purchase
its interest in the Notes. Each Noteholder also represents that it will,
independently and without reliance upon the Administrative Agent or any other
Noteholder, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own analysis, appraisals and
decisions in taking or not taking action under any of the Basic Documents, and
to make such investigation as it deems necessary to inform itself as to the
business, operations, property, financial and other condition and
creditworthiness of AFC, the Sellers, the Issuer, AmeriCredit, the Servicer, the
Trust Collateral Agent, the Backup Servicer, the Trustee, and the Receivables.
Except for notices, reports and other documents received by the Administrative
Agent under Section 5 of the Note Purchase Agreements, the Administrative Agent
shall not have any duty or responsibility to provide any Noteholder with any
credit or other information concerning the business, operations, property,
condition (financial or otherwise), prospects or creditworthiness of AFC, the
Sellers, the Issuer, AmeriCredit, the Servicer, the Trust Collateral Agent, the
Backup Servicer, the Trustee, and the Receivables which may come into the
possession of the Administrative Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

                SECTION 11.7.   Indemnification. The Noteholders (other than CP
Conduits (as defined in each Note Purchase Agreement)) and, with respect to CP
Conduits which are also Committed Purchasers, the related Agents, agree to
indemnify the Administrative Agent in its capacity as such (without limiting the
obligation (if any) of AFC, either Seller, the Issuer, AmeriCredit or the
Servicer to reimburse the Administrative Agent for any such amounts), ratably
according to the outstanding principal balances of their Notes from and against
any and

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all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever which may at any
time (including at any time following the payment of the obligations under this
Indenture) be imposed on, incurred by or asserted against the Administrative
Agent in any way relating to or arising out of this Agreement, or any documents
contemplated by or referred to herein or the transactions contemplated hereby or
any action taken or omitted by the Administrative Agent under or in connection
with any of the foregoing; provided that no such Noteholder or Agent shall be
liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of the Administrative Agent resulting from its own gross negligence or willful
misconduct or bad faith. The agreements in this subsection shall survive the
payment of the obligations under this Agreement.

                SECTION 11.8.   Administrative Agent in its Individual Capacity.
The Administrative Agent and its Affiliates may make loans to, accept deposits
from, act as underwriter for and generally engage in any kind of business with
AFC, either Seller, the Issuer, AmeriCredit, the Servicer, the Trust Collateral
Agent, the Backup Servicer, or the Trustee as though the Administrative Agent
were not an agent hereunder. In addition, the Noteholders acknowledge that the
Administrative Agent may act (i) as administrator, sponsor or agent for one or
more CP Conduits and in such capacity acts and may continue to act on behalf of
each such CP Conduit in connection with its business, and (ii) as the agent for
certain financial institutions under the liquidity and credit enhancement
agreements relating to this Indenture to which any one or more CP Conduits is
party and in various other capacities relating to the business of any such CP
Conduit under various agreements. The Administrative Agent, shall not, by virtue
of its acting in any such other capacities, be deemed to have duties or
responsibilities hereunder or be held to a standard of care in connection with
the performance of its duties as Administrative Agent other than as expressly
provided in this Indenture. Any Person which is Administrative Agent may act as
Administrative Agent without regard to and without additional duties or
liabilities arising from its role as such administrator or agent or arising from
its acting in any such other capacity.

                SECTION 11.9.   Successor Administrative Agent. The
Administrative Agent may resign as Administrative Agent upon ten days' notice to
the Agents, the Trustee and the Servicer with such resignation becoming
effective upon a successor agent succeeding to the rights, powers and duties of
the Administrative Agent pursuant to this Section 11.9. If the Administrative
Agent shall resign as Administrative Agent under this Agreement, then the Class
A Majority, the Class B Majority and the Class C Majority, acting together,
shall appoint from among the Agents a successor administrative agent, which
successor Administrative Agent, so long as no Event of Default has occurred and
is continuing, shall be reasonably acceptable to AmeriCredit. Any successor
administrative agent or agent shall succeed to the rights, powers and duties of
resigning Administrative Agent, and the term "Administrative Agent" shall mean
such successor administrative agent or agent effective upon its appointment, and
the former Administrative Agent's rights, powers and duties as Administrative
Agent shall be terminated, without any other or further act or deed on the part
of such former Administrative Agent or any of the parties to this Indenture.
After the retiring Administrative Agent's resignation as

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Administrative Agent, the provisions of this Article XI shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Indenture.

                                  ARTICLE XII.

                                  Miscellaneous

                SECTION 12.1.   Compliance Certificates and Opinions, etc. Upon
any application or request by the Issuer to the Trustee or the Trust Collateral
Agent to take any action under any provision of this Indenture, the Issuer shall
furnish to the Trustee or the Trust Collateral Agent, as the case may be, (i) an
Officer's Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and (ii) an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent, if any, have been complied with.

                (a)     Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

                (i)     a statement that each signatory of such certificate or
        opinion has read or has caused to be read such covenant or condition and
        the definitions herein relating thereto;

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

                (iii)   a statement that, in the opinion of each such signatory,
        such signatory has made such examination or investigation as is
        necessary to enable such signatory to express an informed opinion as to
        whether or not such covenant or condition has been complied with; and

                (iv)    a statement as to whether, in the opinion of each such
        signatory such condition or covenant has been complied with.

                (b)

                (i)     Prior to the deposit of any Collateral or other property
        or securities with the Trust Collateral Agent that is to be made the
        basis for the release of any property or securities subject to the lien
        of this Indenture, the Issuer shall, in addition to any obligation
        imposed in Section 12.1(a) or elsewhere in this Indenture, furnish to
        the Trust Collateral Agent and the Administrative Agent an Officer's
        Certificate certifying or stating the opinion of each person signing
        such certificate as to the fair value (within 90 days of such deposit)
        to the Issuer of the Collateral or other property or securities to be so
        deposited.

                                     - 59 -

<PAGE>

                (ii)    Other than with respect to the release of any Purchased
        Receivables or Liquidated Receivables, whenever any property or
        securities are to be released from the lien of this Indenture, the
        Issuer shall also furnish to the Trust Collateral Agent and the
        Administrative Agent an Officer's Certificate certifying or stating the
        opinion of each person signing such certificate as to the fair value
        (within 90 days of such release) of the property or securities proposed
        to be released and stating that in the opinion of such person the
        proposed release will not impair the security under this Indenture in
        contravention of the provisions hereof.

                (iii)   Notwithstanding Section 2.9 or any other provision of
        this Section, the Issuer may (A) collect, liquidate, sell or otherwise
        dispose of Receivables as and to the extent permitted or required by the
        Basic Documents and (B) make cash payments out of the Trust Accounts as
        and to the extent permitted or required by the Basic Documents.

                SECTION 12.2.   Form of Documents Delivered to Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

                Any certificate or opinion of an Authorized Officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Servicer, either Seller or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Servicer, such
Seller or the Issuer, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

                Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.

                Whenever in this Indenture, in connection with any application
or certificate or report to the Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of the Issuer's compliance with any term hereof, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not,

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however, be construed to affect the Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

                SECTION 12.3.   Acts of Noteholders.

                (a)  Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this
Section.

                (b)  The fact and date of the execution by any person of any
such instrument or writing may be proved in any customary manner of the Trustee.

                (c)  The ownership of Notes shall be proved by the Note
Register.

                (d)  Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Notes shall bind the Holder
of every Note issued upon the registration thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

                SECTION 12.4.   Notices, etc., to Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
to be made upon, given or furnished to or filed with:

                (a)  The Trustee by any Noteholder or by the Issuer shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to the Trustee at its Corporate
Trust Office, or

                (b)  The Issuer by the Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
deemed to have been duly given upon receipt to the Issuer addressed to:
AmeriCredit Master Trust, in care of Deutsche Bank Trust Company Delaware, E.A.
Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805, with a copy to Deutsche Bank Trust Company Americas,
4 Albany Street, New York, New York 10006, Attention: Corporate Trust
Administration, or at

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<PAGE>

any other address previously furnished in writing to the Trustee by Issuer. The
Issuer shall promptly transmit any notice received by it from the Noteholders to
the Trustee.

                Notices required to be given to the Rating Agencies by the
Issuer, the Trustee or the Owner Trustee shall be in writing, personally
delivered, delivered by overnight courier or mailed certified mail, return
receipt requested to (i) in the case of Moody's, at the following address:
Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007, and
(ii) in the case of Standard & Poor's, at the following address: Standard &
Poor's, A Division of The McGraw-Hill Companies, Inc., 55 Water Street, 40th
Floor, New York, New York 10041, Attention of Asset Backed Surveillance
Department; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

                SECTION 12.5.   Notices to Noteholders; Waiver. Where this
Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner here
in provided shall conclusively be presumed to have been duly given.

                Where this Indenture provides for notice in any manner, such
notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Noteholders shall be filed with the Trustee
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

                In case, by reason of the suspension of regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

                Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

                SECTION 12.6.   Borrowings; Swingline Borrowings (a) Subject to
the conditions set forth below and provided that no Class A Limited Amortization
Amount, Class B Limited Amortization Amount or Class C Limited Amortization
Amount is outstanding, on any Business Day prior to the termination of the
Commitments, additional amounts may be borrowed or reborrowed by the Issuer
under the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes
and/or the Class E Notes (a "Borrowing"). Notice of any Borrowing shall be given
by the Issuer to the Trustee and the Administrative Agent before 11:00 a.m., New
York City time, at least one Business Day prior to such Borrowing, and the
Administrative Agent shall

                                     - 62 -

<PAGE>

give notice of any such Borrowing (including a copy of the related Borrowing
Notice) to the related Agents before 2:00 p.m. , New York City time, on the day
it receives such notice from the Issuer. Borrowings within each Class (and Class
A-1 and Class A-2 shall constitute a single class for these purposes) shall be
pro rata according to the unused Commitments related to such Class. It shall be
a condition to Borrowing under any Note that (i) each applicable condition to
such Borrowing specified in the related Note Purchase Agreement is satisfied on
the date of such Borrowing (a "Borrowing Date"), (ii) the Issuer shall have
delivered to the Trustee and the Administrative Agent (A) an updated Schedule of
Receivables, (B) an Officer's Certificate in substantially the form of Exhibit E
hereto (a "Borrowing Base Confirmation") certifying the calculation of the
Borrowing Bases as of the latest practicable date, but in no event earlier than
the Business Day prior to the Borrowing Date, such calculation to be in the form
set forth in the form of Servicer's Certificate attached to the Sale and
Servicing Agreement and (C) an Officer's Certificate to the effect that the
conditions precedent set forth herein and in the related Note Purchase Agreement
shall have been satisfied, and (iii) in no event may the aggregate amount of
Borrowings outstanding under any Class of Notes exceed the aggregate amount of
the Commitments (as such Commitments may be increased or reduced from time to
time pursuant to the related Note Purchase Agreement(s)) with respect to such
Class; provided, further, that, other than Borrowings with respect to the Class
S Notes pursuant to Section 12.6(b), Borrowing Dates shall occur no more
frequently than twice every calendar week. The proceeds of each Borrowing shall
be applied first to repay the principal amount of any outstanding Swingline
Borrowing and then as the Issuer may direct.

        If either the Class D Notes or the Class E Notes have not been rated by
Moody's and S&P, then the Servicer, on behalf of the Trustee, shall maintain
records of all amounts borrowed and repaid on such Notes.

                (b)     (i) Subject to the conditions set forth below, on any
Business Day prior to the termination of the Commitments, additional amounts may
be borrowed or reborrowed by the Issuer under the Class S Notes (a "Swingline
Borrowing"). Notice of any Swingline Borrowing shall be given by the Issuer to
the Trustee, each Class S Agent and the Administrative Agent before 10:00 a.m.,
New York City time, on the day of such Borrowing. It shall be a condition to a
Swingline Borrowing that (i) each applicable condition to such Swingline
Borrowing specified in the Class S Note Purchase Agreement is satisfied on the
date of such Swingline Borrowing (a "Swingline Borrowing Date"), (ii) the Issuer
shall have delivered to the Trustee and the Administrative Agent (A) an Amended
Schedule of Receivables, (B) a Borrowing Base Confirmation certifying (i) the
calculation of the Class S Borrowing Base as of the latest practicable date, but
in no event earlier than the Business Day prior to the Borrowing Date, and (ii)
that, absent such Swingline Borrowing, the Issuer would have been permitted to
borrow on such Swingline Borrowing Date additional amounts under the Class A
Notes, the Class B Notes and the Class C Notes pursuant to the terms hereof and
of the Class A-1 Note Purchase Agreement, Class A-2 Note Purchase Agreement, the
Class B Note Purchase Agreement and the Class C Note Purchase Agreement in an
aggregate amount equal to or greater than the amount of the requested Swingline
Borrowing and (C) an Officer's Certificate to the effect that the conditions
precedent set forth herein and in the Class S Note Purchase Agreement shall have
been satisfied, (iii) each holder of a Class A Commitment, Class B Commitment or
Class C

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<PAGE>

Commitment shall have a short term debt rating of at least A-2 by S&P and P-2 by
Moody's and (iv) in no event may the aggregate amount of Borrowings outstanding
under the Class S Notes exceed the aggregate amount of the Class S Commitments
(as such Commitments may be reduced from time to time pursuant to the Class S
Note Purchase Agreement); provided, further, that Swingline Borrowing Dates
shall occur no more frequently than two times every calendar week. The Class S
Purchasers shall not be entitled to waive the conditions precedent to Swingline
Borrowings set forth herein and in the Class S Note Purchase Agreement, and the
Issuer agrees that it shall not be entitled to Swingline Borrowings absent
satisfaction of all such conditions.

                The amount of each outstanding Swingline Borrowing shall reduce
the Commitments with respect to: (i) the Class A Notes by an amount equal to (a)
the product of the Class A Borrowing Percentage multiplied by the sum of the
Outstanding Amount of the Class A Notes, Class B Notes, Class C Notes and Class
S Notes, minus (b) the Outstanding Amount of the Class A Notes; (ii) the Class B
Notes by an amount equal to (a) the product of the Class B Borrowing Percentage
multiplied by the sum of the Outstanding Amount of the Class A Notes, Class B
Notes, Class C Notes and Class S Notes, minus (b) the Outstanding Amount of the
Class B Notes; and (iii) the Class C Notes by an amount equal to (a) the product
of the Class C Borrowing Percentage multiplied by the sum of the Outstanding
Amount of the Class A Notes, Class B Notes, Class C Notes and Class S Notes,
minus (b) the Outstanding Amount of the Class C Notes.

                Unless the Administrative Agent otherwise consents, the amount
of any proposed Swingline Borrowing shall be at least $5,000,000 and shall be an
integral multiple of $1,000,000.

                With respect to each Swingline Borrowing, the Issuer agrees that
pursuant to Section 12.6(a) it will request a Borrowing, the proceeds of which
will be at least sufficient to repay the principal amount of such Swingline
Borrowing, for funding on the earliest of (i) the first Determination Date after
the related Swingline Borrowing Date, (ii) the date the Class S Principal Amount
equals $100,000,000, (iii) the next Borrowing Date with respect to any of the
Class A Notes, Class B Notes or Class C Notes, (iv) the date on which any Class
A Commitment, Class B Commitment or Class C Commitment terminates and (v) the
date on which an Event of Default occurs (on which earliest date the Issuer must
repay all outstanding Swingline Borrowings). The Issuer may, at its option,
request a Borrowing, the proceeds of which will be at least sufficient to repay
the principal amount of such Swingline Borrowing, at any time the Class S
Principal Amount equals or exceeds $40,000,000.

                Unless a Swingline Borrowing has been repaid by the Issuer
(including from the proceeds of other Borrowings hereunder) by the earliest of
(i) the first Determination Date after the related Swingline Borrowing Date,
(ii) the date the Class S Principal Amount equals $100,000,000, (iii) the next
Borrowing Date with respect to any of the Class A Notes, Class B Notes or Class
C Notes, (iv) the date on which any Class A Commitment, Class B Commitment or
Class C Commitment terminates and (v) the date on which an Event of Default
occurs (on which earliest date the Issuer must repay all outstanding Swingline
Borrowings), the Issuer shall be deemed to have requested a Borrowing from the
holders of the Class A Notes, Class B Notes and Class C Notes in an amount
sufficient to repay the principal amount of such Swingline

                                     - 64 -

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Borrowing plus all accrued and unpaid interest thereon. If the Issuer shall be
precluded from making any such Borrowing, the holders of the Class A Notes,
Class B Notes and Class C Notes shall make a purchase, in accordance with the
terms of the related Note Purchase Agreement, from the Class S Noteholders in
the respective amounts set forth in the last sentence of this paragraph for an
aggregate purchase price equivalent to the amount of such Borrowing. By
accepting delivery of the Class A Notes, Class B Notes and Class C Note, the
Class A Noteholders, Class B Noteholders and Class C Noteholders are deemed to
have agreed to advance such Borrowings (or make such purchases) from time to
time in accordance with the terms hereof and of the applicable Note Purchase
Agreement. In such event, the Administrative Agent shall give written notice to
the Class A-1 Agents, Class A-2 Agents, Class B Agents, Class C Agents and Class
S Agents, which notice shall include (i) the date on which such Borrowing (or
purchase and sale) is to occur, which shall be a Business Day (the "Swingline
Purchase Date") and (ii) the amount of such Swingline Borrowing (plus all
accrued and unpaid interest thereon). Such notice shall be given not later than
2:00 p.m. (New York City time) on the Business Day prior to the Swingline
Purchase Date. Following receipt by such Agents, the Class A Noteholders, Class
B Noteholders and Class C Noteholders shall fund, in accordance with the terms
of the related Note Purchase Agreement, a Borrowing (or purchase a portion of
the principal amount of such Swingline Borrowing and all interest accrued
thereon) on the applicable Swingline Purchase Date in the following respective
amounts: (a) the lesser of (i) the Class A Swingline Allocation on such date and
(ii) the amount of such Swingline Borrowing, (b) the lesser of (i) the Class B
Swingline Allocation on such date and (ii) the amount of such Swingline
Borrowing minus the amount determined pursuant to clause (a), and (c) the lesser
of (i) the Class C Swingline Allocation on such date and (ii) the amount of such
Swingline Borrowing minus the sum of the amounts determined pursuant to clauses
(a) and (b), provided, that if the amount of such Swingline Borrowing exceeds
the sum of the amounts determined pursuant to clauses (a), (b) and (c), the
Class A Noteholders, Class B Noteholders and Class C Noteholders shall fund (or
purchase) such excess pro rata based on the Class A Swingline Allocation on the
Swingline Borrowing Date, the Class B Swingline Allocation on the Swingline
Borrowing Date and the amount of the Swingline Borrowing minus the Class A
Swingline Allocation and the Class B Swingline Allocation on the Swingline
Borrowing Date, respectively.

                Before 2:00 p.m. (New York City time) on each Swingline Purchase
Date, each purchasing Noteholder shall make the purchase price for its pro rata
share of the applicable Swingline Borrowing available to the Administrative
Agent by wire transfer of immediately available funds. Subject to the
Administrative Agent's receipt of such funds, the Administrative Agent will not
later than 4:00 p.m. (New York City time) on such Swingline Purchase Date make
such funds available, in the same type of funds received, by wire transfer
thereof to the selling Class S Noteholders.

                Subject to the terms and conditions set forth in the applicable
Note Purchase Agreement, the obligation of each holder of a Class A Note, the
Class B Note or the Class C Note to purchase Swingline Borrowings pursuant to
this Section 12.6(b) shall be absolute, irrevocable and unconditional, and not
be affected by any circumstance, including (i) any set-off, counterclaim,
recoupment, defense or other right which such Noteholder or the Issuer may have
against the Class S Noteholders, the Issuer, either Seller, the Servicer, the
Trustee, the

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Administrative Agent or any other Person for any reason whatsoever, (ii) the
occurrence or continuance of any Default or Event of Default (including the
occurrence of any Insolvency Event with respect to the Issuer), (iii) any
Borrowing Base Deficiency or any adverse change in the Collateral or in the
condition (financial or other) of the Issuer, either Seller or the Servicer,
(iv) any breach of this Indenture or any Basic Document by the Issuer, either
Seller, the Servicer, the Trust Collateral Agent, the Custodian, the Backup
Servicer, the Administrative Agent or the Trustee, (v) the failure of the
conditions set forth in any Note Purchase Agreement to have been or to be
satisfied, or (vii) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing.

                The Administrative Agent shall give prompt notice to the Issuer
of each purchase of Swingline Borrowings pursuant to this Section 12.6(b).

                SECTION 12.7.   Additional Commitments; Reallocation of Certain
Commitments. (a) The Issuer may from time to time, subject to the conditions
set forth in the a Note Purchase Agreement, supplement such Note Purchase
Agreement to provide for additional Commitments with respect to the Class of
Notes related thereto. On the date of any such supplement, the Issuer shall
execute and deliver to the Trustee for authentication, additional notes in a
maximum principal amount equal to the amount of such additional Commitments. If
on any Additional Issuance Date for any Class of Notes, the aggregate
outstanding principal balance of such Notes exceeds zero, then the person to
whom such additional Notes are issued shall make an advance (which shall
constitute an Additional Class A-1 Principal Amount, an Additional Class A-2
Principal Amount, an Additional Class B Principal Amount, an Additional Class C
Principal Amount, an Additional Class D Principal Amount or an Additional Class
E Principal Amount, as the case may be) to the Administrative Agent, for pro
rata distribution to the other holders of the Notes of such Class (and Class A-1
and Class A-2 shall constitute a single class for these purposes), an amount
such that, after giving effect to such distribution, the outstanding principal
balance of each Note of such Class shall be proportionate to the related
Commitment with respect to such Note.

                (b)     Without the consent of any other Noteholder, the Class A
Commitment of any Committed Purchaser (as defined in a Class A Note Purchase
Agreement) and/or the Class B Commitment of any Committed Purchaser (as defined
in the Class B Note Purchase Agreement) may be reallocated at any time to be a
Commitment with respect to any other Class of Notes subordinate to the Class of
Notes to which such commitment originally applied if such Committed Purchaser
and the Issuer mutually agree to such reallocation.

                SECTION 12.8.   Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

                SECTION 12.9.   Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the
Trustee in this Indenture shall bind its successors. All agreements of the Trust
Collateral Agent in this Indenture shall bind its successors.

                                     - 66 -

<PAGE>

                SECTION 12.10.  Separability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

                SECTION 12.11.  Legal Holidays. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date an which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

                SECTION 12.12.  GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

                SECTION 12.13.  Counterparts. This Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

                SECTION 12.14.  Recording of Indenture. If this Indenture is
subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Trustee) to the effect that such recording
is necessary either for the protection of the Noteholders or any other person
secured hereunder or for the enforcement of any right or remedy granted to the
Trustee or the Trust Collateral Agent under this Indenture.

                SECTION 12.15.  Trust Obligation. No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, AFC, the
Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the
Notes or under this Indenture, any other Basic Document or any certificate or
other writing delivered in connection herewith or therewith, against (i) AFC,
the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or
agent of AFC, the Servicer, the Trustee, the Trust Collateral Agent or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, AFC, the Servicer, the Owner Trustee, the Trust Collateral Agent or the
Trustee or of any successor or assign of AFC, the Servicer, the Trustee, the
Trust Collateral Agent or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the
Trustee, the Trust Collateral Agent and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

                                     - 67 -

<PAGE>

                SECTION 12.16.  No Petition. The Trustee and the Trust
Collateral Agent, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they will not at any time
institute against AFC, or the Issuer, or join in any institution against AFC, or
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal or
State bankruptcy or similar law in connection with any obligations relating to
the Notes, this Indenture or any of the Basic Documents.

                SECTION 12.17.  Inspection. The Issuer agrees that, on
reasonable prior notice, it will permit any representative of the Trustee, of
any Agent or of the Administrative Agent, during the Issuer's normal business
hours, to examine all the books of account, records, reports, and other papers
of the Issuer, to make copies and extracts therefrom, to cause such books to be
audited by independent certified public accountants, and to discuss the Issuer's
affairs, finances and accounts with the Issuer's officers, employees, and
independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. Notwithstanding anything herein to the
contrary, the foregoing shall not be construed to prohibit (i) disclosure of any
and all information that is or becomes publicly known, (ii) disclosure of any
and all information (A) if required to do so by any applicable statute, law,
rule or regulation, (B) to any government agency or regulatory body having or
claiming authority to regulate or oversee any respects of the Trustee's business
or that of its affiliates, (C) pursuant to any subpoena, civil investigative
demand or similar demand or request of any court, regulatory authority,
arbitrator or arbitration to which the Trustee or an affiliate or an officer,
director, employer or shareholder thereof is a party, (D) in any preliminary or
final offering circular, registration statement or contract or other document
pertaining to the transactions contemplated by the Indenture approved in advance
by the Servicer or the Issuer or (E) to any independent or internal auditor,
agent, employee or attorney of the Trustee having a need to know the same,
provided that the Trustee advises such recipient of the confidential nature of
the information being disclosed, or (iii) any other disclosure authorized by the
Servicer or the Issuer.

                SECTION 12.18.  Effectiveness of Amendment and Restatement. The
amendment and restatement of this Indenture set forth herein shall become
effective as of the date hereof upon receipt by the Trustee of counterparts of
this Indenture (whether by facsimile or otherwise) executed by each of the other
parties hereto and of evidence that Noteholders representing all of the Class A
Noteholders, the Class B Noteholders and the Class C Noteholders have approved
such amendment and restatement, receipt by the Trustee of an opinion of counsel
satisfying the requirements of Section 9.3 of the Indenture, and satisfaction of
the Rating Agency Condition.

                SECTION 12.19.  Class D and Class E Note Proceeds.
Notwithstanding any provision of this Indenture, including Section 3.13 hereof,
to the contrary, the Issuer may apply the proceeds of the issuance of any Class
D Notes or Class E Notes to repay the outstanding principal amount of, and
accrued interest on, outstanding Class D Notes and/or Class E Notes or to repay
some or all of the outstanding principal amount of another Class or Classes of
Notes (including the payment of any Limited Amortization Amount with respect to
such Class or Classes) so long as, after giving effect to such repayment, no
Borrowing Base Deficiency exists.

                                     - 68 -

<PAGE>

                            [SIGNATURE PAGE FOLLOWS]

                                     - 69 -

<PAGE>

                IN WITNESS WHEREOF, the Issuer, the Trustee and the
Administrative Agent have caused this Indenture to be duly executed by their
respective officers, hereunto duly authorized, all as of the day and year first
above written.

                         AMERICREDIT MASTER TRUST,

                         By:   DEUTSCHE BANK TRUST COMPANY
                         DELAWARE,  not in its individual capacity but solely as
                         Owner Trustee

                         By:
                            -------------------------------------------
                         Name:
                         Title:

                         BANK ONE, NA,
                         not in its individual capacity but solely as
                         Trustee and Trust Collateral Agent

                         By:
                            -------------------------------------------
                         Name:
                         Title:

                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                          as Administrative Agent

                         By:
                            -------------------------------------------
                         Name:
                         Title:

                         By:
                            -------------------------------------------
                         Name:
                         Title:

Effective as of the date hereof, the undersigned
hereby resigns as Administrative Agent under the
Indenture:

DEUTSCHE BANK AG, NEW YORK BRANCH,

By:
   ---------------------------------------------
Name:
Title:

By:
   ---------------------------------------------
Name:
Title:

                                   [Indenture]

<PAGE>

                SCHEDULE 2

                UPDATED: EFFECTIVE NOVEMBER 5, 2003

                "Class A Credit Score Enhancement Rate", "Class B Credit Score
Enhancement Rate" and "Class C Credit Score Enhancement Rate" shall be
determined pursuant to Option A or Option B, as elected by the Issuer from time
to time. The Issuer shall notify the Indenture Trustee in writing in advance of
which such option it has elected and of any change in such election.

                OPTION A:

                "Class A Credit Score Enhancement Rate" means, as of any date,
the sum of (1) the Step-Up Percentage and (2) the greater of (a) 18.50% and (b)
the percentage set forth in the following table opposite the Net Spread as of
such date in the column in which the weighted average AmeriCredit Score for the
Eligible Receivables as of such date appears:

<TABLE>
<CAPTION>
CLASS A                                      Weighted Average AmeriCredit Score

                   220-224          225 to 229       230-234         235-239          240-244          245+
<S>                    <C>              <C>              <C>             <C>              <C>
Net Spread
**  9.0%                44.90%           50.10%           47.50%          55.70%           31.70%

**  8.5% and
*** 9.0%                45.80%           52.75%           49.10%          60.30%           38.20%

**  8.0% and
*** 8.5%                47.75%           54.35%           49.70%          60.60%           42.95%

**  7.5% and
*** 8.0%                54.30%           55.75%           50.15%          61.85%           43.40%

**  7.0% and
*** 7.5%                54.20%           55.90%           50.60%          65.70%           46.00%

**  6.5% and
*** 7.0%                58.80%           57.55%           52.00%          69.30%           49.60%

**  6.0% and
*** 6.5%                60.90%           59.95%           54.50%          73.90%           54.20%

**  5.5% and
*** 6.0%                67.50%           61.35%           54.40%          75.65%           55.70%
</TABLE>

                "Class B Credit Score Enhancement Rate" means, as of any date,
the sum of (1) the Step-Up Percentage and (2) the greater of (a) 15.00% and (b)
the percentage set forth in the following table opposite the Net Spread as of
such date in the column in which the weighted average AmeriCredit Score for the
Eligible Receivables as of such date appears:

<PAGE>

<TABLE>
<CAPTION>
CLASS B                                      Weighted Average AmeriCredit Score

                   220-224          225 to 229       230-234         235-239          240-244          245+
<S>                    <C>              <C>              <C>             <C>              <C>
Net Spread
**  9.0%                37.50%           47.25%           44.00%          52.70%           28.20%

**  8.5% and
*** 9.0%                38.50%           48.75%           45.10%          57.30%           34.20%

**  8.0% and
*** 8.5%                40.45%           50.35%           45.70%          57.60%           38.95%

**  7.5% and
*** 8.0%                45.10%           51.00%           46.60%          58.10%           39.90%

**  7.0% and
*** 7.5%                47.20%           51.90%           46.60%          61.70%           43.00%

**  6.5% and
*** 7.0%                48.80%           52.80%           48.00%          65.30%           45.60%

**  6.0% and
*** 6.5%                51.90%           53.70%           49.00%          69.90%           49.20%

**  5.5% and
*** 6.0%                54.50%           54.10%           49.90%          71.65%           50.70%
</TABLE>

                "Class C Credit Score Enhancement Rate" means, as of any date,
the sum of (1) the Step-Up Percentage and (2) the greater of (a) 8.50% and (b)
the percentage set forth in the following table opposite the Net Spread as of
such date in the column in which the weighted average AmeriCredit Score for the
Eligible Receivables as of such date appears:

<TABLE>
<CAPTION>
CLASS C                                      Weighted Average AmeriCredit Score
                   220-224          225 to 229       230-234         235-239          240-244          245+
<S>                    <C>              <C>              <C>             <C>              <C>
Net Spread
**  9.0%                23.00%           18.50%           15.00%          11.70%           10.20%

**  8.5% and
*** 9.0%                24.00%           19.25%           15.60%          12.30%           10.20%

**  8.0% and
*** 8.5%                24.70%           20.00%           16.70%          13.10%           10.35%

**  7.5% and
*** 8.0%                24.60%           21.00%           17.60%          14.10%           11.40%

**  7.0% and
*** 7.5%                25.20%           21.90%           18.60%          14.70%           12.00%

**  6.5% and
*** 7.0%                25.80%           22.80%           19.00%          15.30%           12.60%

**  6.0% and
*** 6.5%                26.40%           23.70%           20.00%          15.90%           13.20%

**  5.5% and
*** 6.0%                27.00%           24.60%           21.20%          16.65%           14.00%
</TABLE>

**  Greater Than
*** Less Than or Equal to

<PAGE>

                OPTION B:

                "Class A Credit Score Enhancement Rate" means, as of any date,
the sum of (1) the Step-Up Percentage and (2) the greater of (a) 18.50% and (b)
the percentage set forth in the following table opposite the Net Spread as of
such date in the column in which the weighted average AmeriCredit Score for the
Eligible Receivables as of such date appears:

<TABLE>
<CAPTION>
CLASS A                                      Weighted Average AmeriCredit Score

                   220-224          225 to 229       230-234         235-239          240-244          245+
<S>                    <C>              <C>              <C>             <C>              <C>
Net Spread
**  9.0%                39.85%           38.20%           37.50%          40.65%           25.65%

**  8.5% and
*** 9.0%                40.20%           41.00%           40.50%          42.85%           29.90%

**  8.0% and
*** 8.5%                41.40%           42.50%           41.25%          43.45%           32.35%

**  7.5% and
*** 8.0%                44.85%           44.25%           42.05%          44.45%           32.30%

**  7.0% and
*** 7.5%                44.20%           43.50%           43.00%          45.15%           33.00%

**  6.5% and
*** 7.0%                48.70%           45.00%           43.00%          46.85%           35.70%

**  6.0% and
*** 6.5%                49.65%           48.25%           45.50%          48.30%           38.40%

**  5.5% and
*** 6.0%                55.35%           50.00%           44.50%          49.15%           38.50%
</TABLE>

                "Class B Credit Score Enhancement Rate" means, as of any date,
the sum of (1) the Step-Up Percentage and (2) the greater of (a) 15.00% and (b)
the percentage set forth in the following table opposite the Net Spread as of
such date in the column in which the weighted average AmeriCredit Score for the
Eligible Receivables as of such date appears:

<TABLE>
<CAPTION>
CLASS B                                      Weighted Average AmeriCredit Score

                   220-224          225 to 229       230-234         235-239          240-244          245+
<S>                    <C>              <C>              <C>             <C>              <C>
Net Spread
**  9.0%                32.45%           35.35%           34.00%          37.65%           22.15%

**  8.5% and
*** 9.0%                32.90%           37.00%           36.50%          39.85%           25.90%

**  8.0% and
*** 8.5%                34.10%           38.50%           37.25%          40.45%           28.35%

**  7.5% and
*** 8.0%                35.65%           39.50%           38.50%          40.70%           28.80%

**  7.0% and
*** 7.5%                37.20%           39.50%           39.00%          41.15%           30.00%

**  6.5% and
*   7.0%                38.70%           40.25%           39.00%          42.85%           31.70%

**  6.0% and
*** 6.5%                40.65%           42.00%           40.00%          44.30%           33.40%

**  5.5% and
*** 6.0%                42.35%           42.75%           40.00%          45.15%           33.50%
</TABLE>

*   Less Than
**  Greater Than
*** Less Than or Equal to

<PAGE>

                "Class C Credit Score Enhancement Rate" means, as of any date,
the sum of (1) the Step-Up Percentage and (2) the greater of (a) 8.50% and (b)
the percentage set forth in the following table opposite the Net Spread as of
such date in the column in which the weighted average AmeriCredit Score for the
Eligible Receivables as of such date appears:

<TABLE>
<CAPTION>
CLASS C                                      Weighted Average AmeriCredit Score

                   220-224          225 to 229       230-234         235-239          240-244          245+
<S>                    <C>              <C>              <C>             <C>              <C>
Net Spread
** 9.0%                 25.00%           21.35%           17.00%          13.65%           11.90%

** 8.5% and
*** 9.0%                26.50%           22.00%           17.50%          14.35%           11.90%

** 8.0% and
*** 8.5%                27.00%           22.50%           18.25%          15.65%           12.15%

** 7.5% and
*** 8.0%                27.75%           23.50%           19.00%          16.10%           13.30%

** 7.0% and
*** 7.5%                28.00%           24.50%           20.00%          17.15%           14.00%

** 6.5% and
*** 7.0%                28.50%           25.25%           21.00%          17.85%           14.70%

** 6.0% and
*** 6.5%                29.25%           26.00%           22.00%          18.55%           15.40%

** 5.5% and
*** 6.0%                29.75%           26.75%           23.00%          19.35%           16.50%
</TABLE>

                "Class D Credit Score Enhancement Rate" shall have the meaning,
if any, set forth in a supplement or amendment to the Indenture.

**  Greater Than
*** Less Than or Equal to

<PAGE>

                "Class E Credit Score Enhancement Rate" shall have the meaning,
if any, set forth in a supplement or amendment to the Indenture.

<PAGE>

                                   SCHEDULE 3

                       SEASONING            CUMULATIVE NET LOSS
                       IN MONTHS                   RATIO
               -------------------------- -----------------------
                           1                       3.00%
                           2                       3.00%
                           3                       3.00%
                           4                       4.00%
                           5                       4.00%
                           6                       4.00%
                           7                       5.50%
                           8                       5.50%
                           9                       5.50%
                          10                       7.00%
                          11                       7.00%
                          12                       7.00%
                          13                       8.75%
                          14                       8.75%
                          15                       8.75%
                          16                      10.75%
                          17                      10.75%
                          18                      10.75%
                          19                      12.70%
                          20                      12.70%
                          21                      12.70%
                          22                      14.25%
                          23                      14.25%
                          24                      14.25%
                          25                      15.50%
                          26                      15.50%
                          27                      15.50%
                          28                      16.75%
                          29                      16.75%
                          30                      16.75%
                          31                      17.50%
                          32                      17.50%
                          33                      17.50%
                          34                      18.50%
                          35                      18.50%
                          36                      18.50%
                          37                      19.25%
                          38                      19.25%
                          39                      19.25%
                          40                      19.25%
                          41                      19.25%
                          42                      19.25%
                          43                      19.25%
                          44                      19.25%
                          45                      19.25%
                          46                      19.25%
                          47                      19.25%
                          48                      19.25%
                          49                      19.25%
                          50                      19.25%
                          51                      19.25%
                          52                      19.25%
                          53                      19.25%
                          54                      19.25%
                          55                      19.25%
                          56                      19.25%
                          57                      19.25%
                          58                      19.25%
                          59                      19.25%
                          60                      19.25%

<PAGE>

                                   SCHEDULE 4

                                APPROVED TRUSTEES

The Bank of New York

The Chase Manhattan Bank / JPMorgan Chase Bank

State Street Bank and Trust Company

Deutsche Banc Alex. Brown

Lehman Brothers

U.S. Bank National Association

Wells Fargo Bank Minnesota, National Association

Manufacturers and Traders Trust Company

Deutsche Bank Trust Company Americas

HSBC Bank, USA

<PAGE>

                                     ANNEX B

                  REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

1.      Security Interest in Financed Vehicle. This Indenture creates a valid
and continuing security interest (as defined in the applicable UCC) in the
Receivables in favor of the Trust Collateral Agent, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of and
purchasers from the related Seller. The Issuer owns and has good and marketable
title to the Receivables free and clear of any Lien (other than the Lien in
favor of the Trust Collateral Agent), claim or encumbrance of any Person.

2.      All Filings Made. The Issuer has taken all steps necessary to perfect
the Trust Collateral Agent's security interest in the property securing the
Receivables, and caused, within ten days after the Closing Date, the filing of
all appropriate financing statements in the proper filing office in the State of
Delaware under applicable law in order to perfect the security interest in the
Receivables granted to the Trust Collateral Agent hereunder.

3.      No Impairment. The Issuer has not done anything to convey any right to
any Person that would result in such Person having a right to payment due under
the Receivable or otherwise to impair the rights of the Trustee, the Trust
Collateral Agent and the Noteholders in any Receivable or the proceeds thereof.
Other than the security interest granted to the Trust Collateral Agent pursuant
to this Indenture, the Issuer has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Receivables other than
any financing statement relating to the security interest granted to the Trust
Collateral Agent hereunder or that has been terminated. The Issuer is not aware
of any judgment or tax lien filings against it.

4.      Chattel Paper. The Receivables constitute chattel paper within the
meaning of the UCC as in effect in the States of Texas, New York and Delaware.

5.      Good Title. Immediately prior to the pledge of the Receivables to the
Trust Collateral Agent pursuant to this Indenture, the Issuer was the sole owner
thereof and had good and indefeasible title thereto, free of any Lien and, upon
execution and delivery of this Agreement, the Issuer shall continue to have good
and indefeasible title to and will be the sole owner of such Receivables, free
of any Lien other than the Lien in favor of the Trust Collateral Agent. No
Dealer or Third-Party Lender has a participation in, or other right to receive,
proceeds of any Receivable. The Issuer has not taken any action to convey any
right to any Person that would result in such Person having a right to payments
received under the related Insurance Policies or the related Dealer Agreements,
Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender
Assignments or to payments due under such Receivables.

6.      Possession of Original Notes. The Servicer, as Custodian on behalf of
the Issuer, has in its possession all original copies of the contracts that
constitute or evidence the Receivables.

<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
                                                                                        Page
                                                                                        ----
<S>                                                                                        <C>
ARTICLE I.    DEFINITIONS AND INCORPORATION BY REFERENCE....................................2

     SECTION 1.1.    Definitions............................................................2
     SECTION 1.2.    Rules of Construction..................................................2

ARTICLE II.   THE NOTES.....................................................................3

     SECTION 2.1.    Form  3
     SECTION 2.2.    Execution, Authentication and Delivery.................................3
     SECTION 2.3.    Temporary Notes........................................................4
     SECTION 2.4.    Registration; Registration of Transfer and Exchange....................4
     SECTION 2.5.    Mutilated, Destroyed, Lost or Stolen Notes.............................6
     SECTION 2.6.    Persons Deemed Owner...................................................7
     SECTION 2.7.    Payment of Principal and Interest......................................7
     SECTION 2.8.    Cancellation...........................................................8
     SECTION 2.9.    Release of Collateral..................................................8
     SECTION 2.10.   Book-Entry Notes......................................................10
     SECTION 2.11.   Notices to Clearing Agency............................................11
     SECTION 2.12.   Definitive Notes......................................................11
     SECTION 2.13.   Subordination.........................................................12

ARTICLE III.  COVENANTS....................................................................14

     SECTION 3.1.    Payment of Principal and Interest.....................................14
     SECTION 3.2.    Maintenance of Office or Agency.......................................14
     SECTION 3.3.    Money for Payments to be Held in Trust................................15
     SECTION 3.4.    Existence.............................................................16
     SECTION 3.5.    Protection of Trust Estate............................................16
     SECTION 3.6.    Opinions as to Trust Estate...........................................17
     SECTION 3.7.    Performance of Obligations; Servicing of Receivables..................17
     SECTION 3.8.    Negative Covenants....................................................18
     SECTION 3.9.    Annual Statement as to Compliance.....................................19
     SECTION 3.10.   Issuer May Consolidate, Etc. Only on Certain Terms....................19
     SECTION 3.11.   Successor or Transferee...............................................21
     SECTION 3.12.   No Other Business.....................................................22
     SECTION 3.13.   No Borrowing..........................................................22
     SECTION 3.14.   Servicer's Obligations................................................22
     SECTION 3.15.   Guarantees, Loans, Advances and Other Liabilities.....................22
     SECTION 3.16.   Capital Expenditures..................................................22
     SECTION 3.17.   Compliance with Laws..................................................22
     SECTION 3.18.   Restricted Payments...................................................22
     SECTION 3.19.   Notice of Events of Default...........................................23
     SECTION 3.20.   Further Instruments and Acts..........................................23
     SECTION 3.21.   Amendments of Sale and Servicing Agreement and Trust Agreement........23
     SECTION 3.22.   Income Tax Characterization...........................................23
     SECTION 3.23.   Interest Rate Hedges..................................................23
     SECTION 3.24.   Ratings Reaffirmations................................................24
     SECTION 3.25.   Tangible Net Worth....................................................24
     SECTION 3.26.   Change in Name or Jurisdiction of Organization........................24
     SECTION 3.27.   Limitation on Transactions with Affiliates............................24
     SECTION 3.28.   Limitation on Investments.............................................24
     SECTION 3.29.   Borrowing Base Confirmation...........................................24
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ARTICLE IV.   SATISFACTION AND DISCHARGE...................................................................25

     SECTION 4.1.    Satisfaction and Discharge of Indenture...............................................25
     SECTION 4.2.    Application of Trust Money............................................................26
     SECTION 4.3.    Repayment of Moneys Held by Note Paying Agent.........................................26

ARTICLE V.    REMEDIES.....................................................................................26

     SECTION 5.1.    Events of Default.....................................................................26
     SECTION 5.2.    Rights Upon Event of Default..........................................................30
     SECTION 5.3.    Collection of Indebtedness and Suits for Enforcement by Trustee.......................31
     SECTION 5.4.    Remedies..............................................................................34
     SECTION 5.5.    Optional Preservation of the Receivables..............................................35
     SECTION 5.6.    Priorities............................................................................35
     SECTION 5.7.    [Reserved]............................................................................35
     SECTION 5.8.    Unconditional Rights of Noteholders to Receive Principal and Interest.................35
     SECTION 5.9.    Restoration of Rights and Remedies....................................................35
     SECTION 5.10.   Rights and Remedies Cumulative........................................................35
     SECTION 5.11.   Delay or Omission not a Waiver........................................................36
     SECTION 5.12.   Control by Noteholders................................................................36
     SECTION 5.13.   Waiver of Past Defaults...............................................................36
     SECTION 5.14.   [Reserved]............................................................................37
     SECTION 5.15.   Waiver of Stay or Extension Laws......................................................37
     SECTION 5.16.   Action on Notes.......................................................................37
     SECTION 5.17.   Performance and Enforcement of Certain Obligations....................................37

ARTICLE VI.   THE TRUSTEE AND THE TRUST COLLATERAL AGENT...................................................38

     SECTION 6.1.    Duties of Trustee.....................................................................38
     SECTION 6.2.    Rights of Trustee.....................................................................39
     SECTION 6.3.    Individual Rights of Trustee..........................................................41
     SECTION 6.4.    Trustee's Disclaimer..................................................................41
     SECTION 6.5.    Conflicting Instructions..............................................................41
     SECTION 6.6.    Reports by Trustee to Holders.........................................................41
     SECTION 6.7.    Compensation and Indemnity............................................................41
     SECTION 6.8.    Replacement of Trustee................................................................42
     SECTION 6.9.    Successor Trustee by Merger...........................................................43
     SECTION 6.10.   Appointment of Co-Trustee or Separate Trustee.........................................44
     SECTION 6.11.   Eligibility; Disqualification.........................................................45
     SECTION 6.12.   Appointment and Powers................................................................45
     SECTION 6.13.   Performance of Duties.................................................................46
     SECTION 6.14.   Limitation on Liability...............................................................46
     SECTION 6.15.   Reliance Upon Documents...............................................................46
     SECTION 6.16.   Successor Trust Collateral Agent......................................................47
     SECTION 6.17.   Compensation..........................................................................48
     SECTION 6.18.   Representations and Warranties of the Trust Collateral Agent and the Issuer...........48
     SECTION 6.19.   Waiver of Setoffs.....................................................................49
     SECTION 6.20.   Control by the Trustee................................................................49
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ARTICLE VII.  NOTEHOLDERS' LISTS AND REPORTS...............................................................49

     SECTION 7.1.    Issuer to Furnish to Trustee Names and Addresses of Noteholders.......................49
     SECTION 7.2.    Preservation of Information...........................................................49

ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES.........................................................49

     SECTION 8.1.    Collection of Money...................................................................49
     SECTION 8.2.    Release of Trust Estate...............................................................50
     SECTION 8.3.    Opinion of Counsel....................................................................50

ARTICLE IX.   SUPPLEMENTAL INDENTURES......................................................................51

     SECTION 9.1.    Supplemental Indentures Without Consent of Noteholders................................51
     SECTION 9.2.    Supplemental Indentures with Consent of Noteholders...................................51
     SECTION 9.3.    Execution of Supplemental Indentures..................................................53
     SECTION 9.4.    Effect of Supplemental Indenture......................................................53
     SECTION 9.5.    Reference in Notes to Supplemental Indentures.........................................54

ARTICLE X.    REDEMPTION OF NOTES..........................................................................54

     SECTION 10.1.   Redemption............................................................................54
     SECTION 10.2.   Form of Redemption Notice.............................................................54
     SECTION 10.3.   Notes Payable on Redemption Date......................................................55
     SECTION 10.4.   Limited Amortization..................................................................55

ARTICLE XI.   THE ADMINISTRATIVE AGENT.....................................................................55

     SECTION 11.1.   Appointment...........................................................................55
     SECTION 11.2.   Delegation of Duties..................................................................56
     SECTION 11.3.   Exculpatory Provisions................................................................56
     SECTION 11.4.   Reliance by Administrative Agent......................................................56
     SECTION 11.5.   Notices...............................................................................57
     SECTION 11.6.   Non-Reliance on Administrative Agent and Other Noteholders............................57
     SECTION 11.7.   Indemnification.......................................................................57
     SECTION 11.8.   Administrative Agent in its Individual Capacity.......................................58
     SECTION 11.9.   Successor Administrative Agent........................................................58

ARTICLE XII.  MISCELLANEOUS................................................................................59

     SECTION 12.1.   Compliance Certificates and Opinions, Etc.............................................59
     SECTION 12.2.   Form of Documents Delivered to Trustee................................................60
     SECTION 12.3.   Acts of Noteholders...................................................................61
     SECTION 12.4.   Notices, Etc., to Trustee, Issuer and Rating Agencies.................................61
     SECTION 12.5.   Notices to Noteholders; Waiver........................................................62
     SECTION 12.6.   Borrowings; Swingline Borrowings......................................................62
     SECTION 12.7.   Additional Commitments; Reallocation of Certain Commitments...........................66
     SECTION 12.8.   Effect of Headings and Table of Contents..............................................66
     SECTION 12.9.   Successors and Assigns................................................................66
     SECTION 12.10.  Separability..........................................................................67
     SECTION 12.11.  Legal Holidays........................................................................67
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     SECTION 12.12.  Governing Law.........................................................................67
     SECTION 12.13.  Counterparts..........................................................................67
     SECTION 12.14.  Recording of Indenture................................................................67
     SECTION 12.15.  Trust Obligation......................................................................67
     SECTION 12.16.  No Petition...........................................................................68
     SECTION 12.17.  Inspection............................................................................68
     SECTION 12.18.  Effectiveness of Amendment and Restatement............................................68
     SECTION 12.19.  Class D and Class E Note Proceeds.....................................................68

Exhibits

     EXHIBIT A-1     Form of Class A-1 Note
     EXHIBIT A-2     Form of Class A-2 Note
     EXHIBIT A-3     Form of Class S Note
     EXHIBIT A-4     Form of Class B Note
     EXHIBIT A-5     Form of Class C Note
     EXHIBIT A-6     Form of Class D Note
     EXHIBIT A-7     Form of Class E Note
     EXHIBIT B       Form of Interest Rate Hedge Assignment Acknowledgment
     EXHIBIT C       Form of Interest Rate Cap
     EXHIBIT D       Form of Transfer Request
     EXHIBIT E       Form of Borrowing Base Confirmation

SCHEDULES

     SCHEDULE 1      Approved Hedge Counterparties
     SCHEDULE 2      Class Credit Score Enhancement Rate
     SCHEDULE 3      Cumulative Net Loss Ratio Triggers
     SCHEDULE 4      Approved Trustees

ANNEX

     ANNEX A         Defined Terms
     ANNEX B         Issuer Representations
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