Document:

Note Purchase Agreement

 Execution Copy 
  
 Exhibit 10.3 

  
 NOTE PURCHASE AGREEMENT 
  
 among 
  
 AMERICREDIT REPURCHASE TRUST 
 as Issuer, 
  
 AMERICREDIT
FINANCIAL SERVICES, INC., 
  
 SHEFFIELD RECEIVABLES CORPORATION,

 as Company, 
  
 and 
  
 BARCLAYS BANK PLC, 
 as Agent 
  
 Dated as of 
 August 19, 2004 
  

 Table of Contents 
  

			
	 	  	Page

	ARTICLE I DEFINITIONS	  	1
		
	      SECTION 1.1. Definitions	  	1
		
	ARTICLE II FUNDINGS; THE NOTE	  	1
		
	      SECTION 2.1. Funding; The Note.	  	1
	      SECTION 2.2. Sharing of Payments, Etc.	  	3
	      SECTION 2.3. Right of Setoff	  	4
	      SECTION 2.4. Fees	  	4
	      SECTION 2.5. Selection of Funding Periods and Interest Rates.	  	4
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE ISSUER	  	6
		
	      SECTION 3.1. Representations and Warranties of the Issuer	  	6
		
	ARTICLE IV INDEMNIFICATION	  	8
		
	      SECTION 4.1. Indemnity	  	8
	      SECTION 4.2. Indemnity for Taxes, Reserves and Expenses.	  	11
	      SECTION 4.3. Other Costs, Expenses and Related Matters.	  	12
	      SECTION 4.4. Taxes	  	13
		
	ARTICLE V THE AGENT	  	14
		
	      SECTION 5.1. Authorization and Action	  	14
	      SECTION 5.2. Agent’s Reliance, Etc.	  	14
	      SECTION 5.3. Rapid Amortization Event or Potential Rapid Amortization Event	  	14
	      SECTION 5.4. Agent and Affiliates	  	15
	      SECTION 5.5. Indemnification of the Agent	  	15
	      SECTION 5.6. Non-Reliance	  	15
	      SECTION 5.7. Resignation of Agent	  	16
	      SECTION 5.8. Payments by the Agent	  	16
		
	ARTICLE VI MISCELLANEOUS	  	16
		
	      SECTION 6.1. Term of Agreement	  	16
	      SECTION 6.2. Waivers; Amendments.	  	17
	      SECTION 6.3. Notices	  	17
	      SECTION 6.4. Governing Law; Submission to Jurisdiction; Integration.	  	19
	      SECTION 6.5. Counterparts	  	19
	      SECTION 6.6. Successors and Assigns.	  	20
	      SECTION 6.7. Waiver of Confidentiality	  	21
	      SECTION 6.8. Confidentiality Agreement	  	22
	      SECTION 6.9. No Bankruptcy Petition Against the Company	  	22
	      SECTION 6.10. Further Assurances	  	22

			
	       SECTION 6.11. Headings
	  	22
	       SECTION 6.12. Limitation of Liability
	  	22
	       SECTION 6.13. Intended Tax Characterization
	  	23
	       SECTION 6.14. No Recourse
	  	23

  
 EXHIBITS 
  

					
	EXHIBIT A	  	         Form of Initial Funding Request	  	A-1
	EXHIBIT B	  	         Form of Subsequent Funding Notice	  	B-1
	EXHIBIT C	  	         Form of Note	  	C-1

  

 ii 

 NOTE PURCHASE AGREEMENT 
  
 NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of August 19, 2004, among SHEFFIELD RECEIVABLES
CORPORATION, a Delaware corporation, as lender (together with its successors and assigns, the “Company”), AMERICREDIT REPURCHASE TRUST, a Delaware statutory trust, as borrower (together with its successors and assigns, the
“Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (“AmeriCredit”) and BARCLAYS BANK PLC (“Barclays”), as agent for the Company and the other Owners (in such capacity, together
with its successors, the “Agent”). 
  
 W
I T N E S S E T H : 
  
 WHEREAS, subject to the terms and conditions of this Agreement and the Security Agreement, the Issuer desires to obtain funds from the Company and to evidence the obligation to repay such amounts, together with
interest thereon, through the issuance of the Note; 
  
 WHEREAS,
pursuant to the Security Agreement, the Issuer will pledge to the Collateral Agent for the benefit of the Secured Parties its interest in the Collateral, including the Issuer’s interest in the Contracts; 
  
 NOW THEREFORE, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1. Definitions Capitalized terms used and not otherwise defined herein have the meanings assigned to them in Annex A to the Security
Agreement, dated as of the date hereof, by and among AmeriCredit, AFS Warehouse Corp., the Issuer, Wells Fargo Bank, National Association, as Collateral Agent, and the Company. 
  
 ARTICLE II 
  
 FUNDINGS; THE NOTE 
  
 SECTION 2.1. Funding; The Note. 
  
 (a) Initial Funding. Upon the terms and subject to the conditions herein set forth, provided that the Termination Date shall not have occurred,
the Company shall make an initial advance (the “Initial Funding”) to the Issuer on or after the Closing Date. In connection with the Initial Funding, the Issuer shall, by notice in the form of Exhibit A hereto (the “Initial
Funding Request”) request such Funding at least one Business Day by 12:00 p.m. (New York time) prior to the proposed date of such Initial Funding. Such notice shall specify the amount of the proposed Funding (which shall be at least
$1,000,000) and the proposed date of the Initial Funding. 

 (b) Subsequent Fundings. Upon the terms and subject to the conditions herein set forth, provided
that the Termination Date shall not have occurred, the Company shall make a subsequent advance from time to time (each, a “Subsequent Funding”) to the Issuer on or after the Initial Funding Date. In connection with each Subsequent
Funding, the Issuer shall provide the Agent with a written notice in substantially the form of Exhibit B (a “Subsequent Funding Notice”) setting forth the amount of the proposed Subsequent Funding, which shall be at least $1,000,000
(or, to the extent that the then available unused portion of the Facility Limit is less than such amount, such amount). The Subsequent Funding Notice shall be provided to the Agent no later than 10:00 a.m. (New York time) on the Business Day prior
to the related Subsequent Funding Date. Subsequent Fundings shall not occur more than twice per month. The Agent will promptly notify the Company of the Agent’s receipt of any Subsequent Funding Notice to be made to the Agent on its behalf.

  
 (c) By making any advance hereunder, neither the Company nor
the Agent assumes or shall have any obligations or liability under any of the Receivables, all of which shall remain the obligations and liabilities of the Issuer, AmeriCredit and AWC. 
  
 (d) Conditions to Funding. The Company shall have no obligation to advance any funds to the Issuer in connection
with any Funding if on the date of the proposed Funding, (i) the sum of the Net Investment after giving effect to the Funding, plus the Interest Component of Commercial Paper issued in connection with such Funding would exceed the Facility Limit or
the Commitment; (ii) the Issuer is not in compliance with Section 5.3 of the Security Agreement; (iii) a Potential Rapid Amortization Event or Rapid Amortization Event shall have occurred and be continuing; (iv) the conditions precedent set forth in
Sections 4.1 and 4.2 of the Security Agreement shall not be satisfied; or (v) the representations and warranties in Section 3.1 hereof shall not be true and correct. 
  
 (e) Initial Funding Request and Subsequent Funding Notices Irrevocable. The Initial Funding Request and any
Subsequent Funding Notice shall be irrevocable and binding on the Issuer and the Issuer shall indemnify the Agent and the Company against any loss or expense incurred by the Company, either directly or indirectly (including through the Liquidity
Provider Agreement) as a result of any failure by the Issuer to complete the requested Funding including, without limitation, any loss or expense incurred by the Agent or the Company, either directly or indirectly (including pursuant to the
Liquidity Provider Agreement), by reason of the liquidation or reemployment of funds acquired by the Company (or the Liquidity Provider) (including, without limitation, funds obtained by issuing commercial paper or promissory notes or obtaining
deposits or loans from third parties) for the Company to complete the requested Funding. 
  
 (f) Payments. By no later than 12:00 noon (New York time) on the date of any Funding, the Company shall remit the Transfer Price related to such Funding to the account of the Agent specified therefor from time
to time by the Agent by notice to the Company. Promptly following each Funding, and in any event no later than 3:00 p.m. (New York City time) on the day of such Funding, and the Agent’s receipt of funds from the Company as set forth above, the
Agent shall remit such funds received in respect of the Transfer Price to the Issuer’s account at the location indicated in Section 6.3 hereof, in immediately available funds; provided, that if on any Funding Date (i) the Average Excess
Spread (calculated without giving effect to the proviso set forth in the definition thereof) on such Subsequent Funding Date is less than zero and (ii) 
  

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 immediately prior to giving effect to the related Funding, the amount on deposit in the Spread Account is less than the
Required Spread Account Amount, then an amount equal to the lesser of (A) the difference between (1) the Required Spread Account Amount minus (2) the amount on deposit in the Spread Account, in each case immediately prior to giving effect to the
related Funding, and (B) the Transfer Price related to such Funding, will be deducted from the Transfer Price that is remitted to the Issuer’s account and will instead be transferred to the Collateral Agent for deposit in the Spread Account.

  
 (g) The Note. 
  
 (i) The Issuer’s obligation to pay the principal of and interest on
all amounts advanced by the Company pursuant to any Funding shall be evidenced by a single note of the Issuer (the “Note”) which shall (1) be dated the Closing Date; (2) be in the stated principal amount equal to the Facility Limit
(as reflected from time to time on the grid attached thereto); (3) bear interest as provided therein; (4) be payable to the order of the Agent for the account of the Owners and mature on the Remittance Date occurring in the sixth calendar month
following the calendar month in which the latest maturing Receivable (determined as of the Termination Date) is scheduled to mature (without regard to extensions subsequently granted on any Receivable by the Issuer or the Servicer); (5) be entitled
to the benefit of the Security Agreement and (6) be substantially in the form of Exhibit C to this Agreement, with blanks appropriately completed in conformity herewith. The Agent shall, and is hereby authorized to, make a notation on the schedule
attached to the Note of the date and the amount of the Transfer Price paid to the Issuer in connection with each Funding and the date and amount of the payment of principal thereon, and prior to any transfer of the Note, the Agent shall endorse the
outstanding principal amount of the Note on the schedule attached thereto; provided, however, that failure to make such notation shall not adversely affect the Company’s or any other Owner’s rights with respect to the Note. 
  
 (ii) Although the Note shall be dated the Closing Date, interest in respect
thereof shall be payable only for the periods during which amounts are outstanding thereunder. In addition, although the stated principal amount of the Note shall be equal to the Facility Limit, the Note shall be enforceable with respect to the
Issuer’s obligation to pay the principal thereof only to the extent of the unpaid principal amount of the Fundings outstanding thereunder at the time such enforcement shall be sought. 
  
 SECTION 2.2. Sharing of Payments, Etc. If any Owner (for purposes of
this Section only, being a “Recipient”) shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of any interest in the Note owned by it in excess of its ratable
share of payments on account of any interest in the Note obtained by such Owner entitled thereto, such Recipient shall forthwith purchase from the Company and/or the other Owners entitled to a share of such amount participations in the percentage
interests owned by such Persons as shall be necessary to cause such Recipient to share the excess payment ratably with each such other Person entitled thereto; provided, however, that if all or any portion of such excess payment is
thereafter recovered from such Recipient, such purchase from each such other Person shall be rescinded and each such other Person shall repay to the Recipient the purchase price paid by such Recipient for such participation to the extent of such
recovery, together with an amount equal to such other Person’s ratable share (according to the proportion of (a) the amount of such other Person’s required payment to (b) the total amount so recovered from the Recipient) of any interest or
other amount paid or payable by the Recipient in respect of the total amount so recovered. 
  

 3 

 SECTION 2.3. Right of Setoff. Without in any way limiting the provisions of Section 2.2 hereof,
each of the Agent, the Company and each other Owner is hereby authorized (in addition to any other rights it may have) at any time after the occurrence of a Rapid Amortization Event or during the continuance of a Potential Rapid Amortization Event
to set-off, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by the Agent, the Company or such Owner to, or for the account of, the
Issuer against the Aggregate Unpaids owing by the Issuer to such Person (even if contingent or unmatured). 
  
 SECTION 2.4. Fees. The Issuer shall pay, in accordance with the Fee Letter, such fees as are described therein, all of which shall be
non-refundable. 
  
 SECTION 2.5. Selection of Funding Periods
and Interest Rates. 
  
 (a) Prior to the Termination
Date. At all times hereafter, but prior to the Termination Date and with respect to the Transferred Interest held by the Agent on behalf of the Company, the Issuer may, subject to the Company’s approval and the limitations described below,
request funding periods and allocate a portion of the Net Investment to each selected funding period, so that the aggregate amounts allocated to outstanding funding periods at all times shall equal the Net Investment held on behalf of the Company.
The Issuer shall give the Company irrevocable notice by telephone of the requested funding period(s) at least one (1) Business Day prior by 12:00 p.m. (New York time) to the requested Funding Date or the expiration of any then existing funding
period; provided, however, that the Company may select, in its sole discretion, any such funding period if (i) the Issuer fails to provide such notice on a timely basis or (ii) the Company determines, in its sole discretion, that the
funding period requested by the Issuer is unavailable or for any reason commercially undesirable to any party. The Company confirms that it is its intention to allocate all or substantially all of the Net Investment held on behalf of it to one or
more funding periods with respect to which the interest rate applicable thereto is calculated by reference to the CP Rate; provided that the Company may determine, from time to time, in its sole discretion (whether as a result of a CP Disruption
Event or otherwise), that funding such Net Investment by means of the issuance of Commercial Paper is not possible or is not desirable for any reason. If the Liquidity Provider acquires from the Company a Purchased Interest pursuant to the terms of
the Liquidity Provider Agreement, Barclays, on behalf of the Liquidity Provider, may exercise the right of selection granted to the Company hereby. The initial funding period applicable to any such Purchased Interest shall be a period of not greater
than 14 days and Discount with respect thereto shall be calculated by reference to the Base Rate. Thereafter, provided that the Termination Date caused by a Rapid Amortization Event shall not have occurred, Discount shall be calculated by reference
to the Eurodollar Rate and, if such rate is not available, the Base Rate. In the case of any funding period outstanding upon the occurrence of the Termination Date, such funding period shall end on the date of such occurrence. 
  
 (b) After the Termination Date. At all times on and after the
Termination Date, with respect to any portion of the Transferred Interest which shall be held by the Agent on behalf of the Company, the Agent shall select all funding periods. At all times after the 
  

 4 

 Termination Date but prior to the occurrence of a Rapid Amortization Event, Discount shall be calculated by reference to
the CP Rate; provided, that the Company may determine, from time to time, in its sole discretion (whether as a result of a CP Disruption Event or otherwise), that funding such Net Investment by means of the issuance of Commercial Paper is not
possible or is not desirable for any reason. Upon such determination, Discount shall be calculated at the Eurodollar Rate. If the Liquidity Provider acquires from the Company a Purchased Interest pursuant to the terms of the Liquidity Provider
Agreement, Barclays, on behalf of the Liquidity Provider, may exercise the right of selection granted to the Company hereby. The initial funding period applicable to any such Purchased Interest shall be a period of not greater than 14 days and
Discount with respect thereto shall be calculated by reference to the Base Rate. Thereafter, provided that a Rapid Amortization Event shall not have occurred, Discount shall be calculated by reference to the Eurodollar Rate and, if such rate is not
available, the Base Rate. After the occurrence of a Rapid Amortization Event, Discount in respect of any Transferred Interest held by the Company or any Purchased Interest held by a Liquidity Provider shall be determined as set forth in Section 6.2
of the Security Agreement. 
  
 (c) Eurodollar Rate Protection;
Illegality. 
  
 (i) If the Agent is unable to obtain on a
timely basis the information necessary to determine the Eurodollar Rate for any proposed funding period, then 
  
 (1) the Agent shall forthwith notify the Company or the other Owners, as applicable and the Issuer that the Eurodollar Rate cannot be determined for such
funding period, and 
  
 (2) while such circumstances exist,
neither the Company, the other Owners nor the Agent shall allocate the Net Investment of any additional advances during such period or reallocate the Net Investment allocated to any then existing funding period ending during such period, to a
funding period with respect to which Discount is calculated by reference to the Eurodollar Rate. 
  
 (ii) If, with respect to any outstanding funding period, the Company or any of the other Owners on behalf of which the Agent holds any Transferred
Interest therein notifies the Agent that it is unable to obtain matching deposits in the London interbank market to fund any advance or to maintain such Transferred Interest or that the Eurodollar Rate applicable to such Transferred Interest will
not adequately reflect the cost to the Person of funding or maintaining its respective Transferred Interest for such funding period then the Agent shall forthwith so notify the Issuer, whereupon neither the Agent nor the Company or the other Owners,
as applicable, shall, while such circumstances exist, allocate any Net Investment of any additional Transferred Interest purchased during such period or reallocate the Net Investment allocated to any funding period ending during such period, to a
funding period with respect to which Discount is calculated by reference to the Eurodollar Rate. 
  
 (iii) Notwithstanding any other provision of this Agreement, if the Company or any of the other Owners, as applicable, shall notify the Agent that such
Person has determined (or has been notified by any Liquidity Provider) that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful (either for the Company, such 
  

 5 

 other Owner, or such Liquidity Provider, as applicable), or any central bank or other governmental authority asserts that
it is unlawful, for the Company, such other Owner or such Liquidity Provider, as applicable, to fund any advance or to maintain the Transferred Interest the Discount with respect to which is calculated by reference to the Eurodollar Rate, then (x)
as of the effective date of such notice from such Person to the Agent, the obligation or ability of the Company or such other Owner, as applicable, to fund its purchase or maintenance of the Transferred Interest at a Discount calculated by reference
to the Eurodollar Rate shall be suspended until such Person notifies the Agent that the circumstances causing such suspension no longer exist and (y) the Net Investment of each funding period in which such Person owns an interest shall either (1) if
such Person may lawfully continue to maintain the Transferred Interest at a Discount calculated by reference to the Eurodollar Rate until the last day of the applicable funding period, be reallocated on the last day of such funding period to another
funding period in respect of which the Net Investment allocated thereto accrues Discount determined other than with respect to the Eurodollar Rate or (2) if such Person shall determine that it may not lawfully continue to maintain the Transferred
Interest at a Discount calculated by reference to the Eurodollar Rate until the end of the applicable funding period, such Person’s share of the Net Investment allocated to such funding period shall be deemed to accrue Discount at the Base Rate
from the effective date of such notice until the end of such funding period. 
  
 ARTICLE III 
  
 REPRESENTATIONS
AND WARRANTIES 
  
 OF THE ISSUER 
  
 SECTION 3.1. Representations and Warranties of the Issuer. The Issuer
represents and warrants to and covenants with the Agent, the Company and the other Owners as of the Closing Date and, except as otherwise provided herein, as of any Funding Date that: 
  
 (a) Corporate Existence and Power. The Issuer is a statutory trust duly organized, validly existing and in good
standing under the laws of Delaware and has all power and all material governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is now conducted. 
  
 (b) Corporate and Governmental Authorization; Contravention. The
execution, delivery and performance by the Issuer of this Agreement and the other Transaction Documents are within the Issuer’s powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing with,
any governmental body, agency or official (except as contemplated by Section 2.6 of the Security Agreement), and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the Issuer’s Trust Agreement
or of any agreement, judgment, injunction, order, decree or other instrument binding upon the Issuer or result in the creation or imposition of any lien on assets of the Issuer (except as contemplated by Section 2.6 of the Security Agreement), or
require the consent or approval of, or the filing of any notice or other documentation with, any governmental authority or other Person. 
  
 (c) Binding Effect. Each of this Agreement and the other Transaction Documents constitutes the legal, valid and binding obligation of the Issuer,
enforceable against the Issuer in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors. 
  

 6 

 (d) Accuracy of Information. All information heretofore furnished by the Issuer (including
without limitation, the Servicer’s Certificate and AmeriCredit Corp.’s financial statements) to the Company, the other Owners or the Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and
all such information hereafter furnished by the Issuer to the Company, the other Owners or the Agent will be, true and accurate in every material respect, and the Issuer has not omitted to disclose any information which is material to the
transaction, on the date such information is stated or certified. 
  
 (e) Tax Status. All tax returns (federal, state and local) required to be filed with respect to the Issuer have been filed (which filings may be made by an Affiliate of the Issuer on a consolidated basis covering the Issuer and other
Persons) and there has been paid or adequate provision made for the payment of all taxes, assessments and other governmental charges in respect of the Issuer (or in the event consolidated returns have been filed, with respect to the Persons subject
to such returns). 
  
 (f) Action, Suits. There are no
actions, suits or proceedings pending, or to the knowledge of the Issuer threatened, against or affecting the Issuer or any Affiliate of the Issuer or their respective properties, in or before any court, arbitrator or other body. 
  
 (g) Use of Proceeds. (i) The proceeds of any Funding will be used by
the Issuer to (a) acquire the Receivables, the Contracts related thereto and the Related Security with respect thereto from each of AmeriCredit and AWC, as the case may be, pursuant to the Master Receivables Purchase Agreement, (b) to pay down debt
in connection with the purchase of the Receivables and Contracts pursuant to the Master Receivables Purchase Agreement, or (c) to make distributions constituting a return of capital and (ii) no proceeds of any Funding will be used by the Issuer to
acquire any security in any transaction which is subject to Section 12 of the Securities Exchange Act of 1934, as amended or for any purpose that violates any applicable law, rule or regulation, including Regulation U of the Federal Reserve Board.

  
 (h) Place of Business. The state of organization,
chief place of business and chief executive office of the Issuer are located at the address of the Issuer indicated in Section 9.3 of the Security Agreement and the offices where the Issuer keeps all its records, are located at the address indicated
in Section 9.3 of the Security Agreement. 
  
 (i) Merger and
Consolidation. As of the date hereof the Issuer has not changed its name, merged with or into or been consolidated with any other entity or been the subject of any proceeding under Title 11, United States Code (Bankruptcy). 
  
 (j) Solvency. The Issuer is not insolvent and will not be rendered
insolvent immediately following the consummation on the Closing Date of the transactions contemplated by this Agreement and the Security Agreement, including the pledge by the Issuer to the Collateral Agent of the Collateral. 
  
 (k) No Rapid Amortization Event. After giving effect to each Funding,
no Potential Rapid Amortization Event or Rapid Amortization Event exists. 
  

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 (l) Compliance. The Issuer has complied in all material respects with all Requirements of Law in
respect of the conduct of its business and ownership of its property including the Receivables. 
  
 (m) Not an Investment Company or a Holding Company. The Issuer is not, and is not controlled by, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended, or is exempt from all provisions of such Act. The Issuer is not a “holding company”, or a subsidiary or affiliate of a “holding company”, within the meaning of the Public
Utility Holding Company Act of 1935, as amended. 
  
 (n)
ERISA. The Issuer is in compliance in all material respects with ERISA and no lien in favor of the Pension Benefit Guaranty Corporation on any of the Receivables shall exist. 
  
 (o) Subsidiaries. The Issuer does not have any Subsidiaries. 
  
 Any document, instrument, certificate or notice delivered to the Company, any
other Owners or the Agent by the Issuer hereunder shall be deemed a representation and warranty by the Issuer. 
  
 The representations and warranties set forth in this Section 3.1 shall survive the pledge and assignment of the Collateral to the Collateral Agent for the
benefit of the Secured Parties. Upon discovery by the Issuer, the Company, the Agent or any other Owner of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the
others. 
  
 ARTICLE IV 
  
 INDEMNIFICATION 
  
 SECTION 4.1. Indemnity. Without limiting any other rights which the Agent, the Company or any other Owner may have
hereunder or under applicable law, each of the Issuer and AmeriCredit agrees to jointly and severally indemnify the Company, any other Owner, the Collateral Agent, the Agent, the Liquidity Provider, the Credit Support Provider and any permitted
assigns and their respective agents, officers, directors and employees (collectively, “Indemnified Parties”) from and against any and all damages, losses, claims, liabilities, costs and expenses, including reasonable attorneys’
fees (which such attorneys may be employees of the Company, any other Owner, the Agent, the Collateral Agent, the Liquidity Provider and the Credit Support Provider) and disbursements (all of the foregoing being collectively referred to as
“Indemnified Amounts”) awarded against or incurred by such Indemnified Party in any action or proceeding between the Issuer, AmeriCredit (including in its capacity as Servicer) or AWC and such Indemnified Parties or between such
Indemnified Parties and any third party or otherwise arising out of or as a result of this Agreement, the other Transaction Documents or the ownership or maintenance, either directly or indirectly, by the Company, the other Owners, the Agent, the
Liquidity Provider or the Credit Support Provider of the Note (or any interest therein), or any other transactions contemplated hereby or thereby excluding, however, (i) Indemnified Amounts to the extent resulting from gross negligence or willful
misconduct on the part of an Indemnified Party or 
  

 8 

 (ii) except as otherwise specifically provided in this Agreement, losses with respect to any Receivables. Such
Indemnified Amounts shall be paid in accordance with Sections 2.3(a)(v) and 2.3(a)(xi) of the Security Agreement. Without limiting the generality of the foregoing, each of the Issuer and AmeriCredit shall indemnify each Indemnified Party for
Indemnified Amounts relating to or resulting from: 
  
 (a) any
representation or warranty made by the Issuer, AmeriCredit, AWC or the Servicer (or any officers of the Issuer or the Servicer) under or in connection with this Agreement, the Security Agreement, any other Transaction Document, the Initial Funding
Request, any Subsequent Funding Notice, any Servicer’s Certificate or any other information or report delivered by the Issuer, AmeriCredit, AWC or the Servicer pursuant hereto or thereto, which shall have been false or incorrect in any material
respect when made or deemed made; 
  
 (b) the failure by the
Issuer, AmeriCredit, AWC or the Servicer to comply with any applicable law, rule or regulation with respect to the Collateral, or the nonconformity of any portion of the Collateral with any such applicable law, rule or regulation; 
  
 (c) the failure to vest and maintain vested in the Collateral Agent a first
priority perfected security interest in the Collateral, free and clear of any Adverse Claim; 
  
 (d) the failure to file, or any delay in filing, financing statements, continuation statements, or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with
respect to all or any part of the Collateral which failure has an adverse effect on the validity, perfected status or priority of the security interest granted to the Collateral Agent under the Security Agreement; 
  
 (e) any dispute, claim, offset or defense (other than discharge in
bankruptcy of the Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable not being legal, valid and binding obligation of such Obligor enforceable against it in accordance with its
terms), or any other claim resulting from the sale of services related to such Receivable or the furnishing or failure to furnish such services; 
  
 (f) any failure of the Issuer or the Servicer to perform its duties or obligations in accordance with the provisions of the Security Agreement or any
other Transaction Document to which it is a party; 
  
 (g) any
products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with related merchandise or services which are the subject of any Receivable;

  
 (h) the transfer of an ownership interest in any Receivable
other than an Eligible Receivable; 
  
 (i) the failure by the
Issuer, AmeriCredit (individually or as Servicer) or AWC to comply with any term, provision or covenant contained in this Agreement or any of the other Transaction Documents to which it is a party or to perform any of its respective duties under the
Receivables or the Contracts; 
  

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 (j) the failure of AmeriCredit or AWC to pay when due any taxes, including without limitation, sales,
excise or personal property taxes payable in connection with any of the Receivables or the Contracts; 
  
 (k) any repayment by any Indemnified Party of any amount previously distributed in reduction of Net Investment which such Indemnified Party believes in
good faith is required to be made; 
  
 (l) the commingling by the
Issuer, AmeriCredit, AWC or the Servicer of Collections in respect of Receivables at any time with other funds; 
  
 (m) any investigation, litigation or proceeding related to this Agreement, any of the other Transaction Documents, the use of proceeds of Fundings by the
Issuer, AmeriCredit or AWC, the ownership of an interest in the Note, or any Contract, Receivable or Related Security; 
  
 (n) the failure of any Lock-Box Bank to remit any amounts held in any Lock-Box Account pursuant to the instructions of the Servicer, the Issuer,
AmeriCredit, AWC or the Agent (to the extent such Person is entitled to give such instructions in accordance with the terms hereof and of any applicable Lock-Box Agreement) whether by reason of the exercise of set-off rights or otherwise;

  
 (o) any inability to obtain any judgment in or utilize the
court or other adjudication system of, any state in which an Obligor may be located as a result of the failure of the Issuer, AmeriCredit or AWC to qualify to do business or file any notice of business activity report or any similar report;

  
 (p) any failure of the Issuer to give reasonably equivalent
value to AmeriCredit or AWC, as applicable, in consideration of the purchase by the Issuer from AmeriCredit or AWC, as the case may be, of any Receivable, or any attempt by any Person to void, rescind or set-aside any such transfer under statutory
provisions or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code; 
  
 (q) any action taken by the Issuer, AmeriCredit, AWC or the Servicer (if the Issuer, AmeriCredit or any Affiliate or designee of the Issuer or
AmeriCredit) in the enforcement or collection of any Receivable; or 
  
 (r) the use of the proceeds of any Funding; 
  
 provided,
however, that if the Company enters into agreements for the purchase of interests in receivables from one or more Other Transferors, the Company shall allocate such Indemnified Amounts which are in connection with the Liquidity Provider
Agreement or the Credit Support Agreement to the Issuer and each Other Transferor; and provided, further, that if such Indemnified Amounts are attributable to the Issuer and not attributable to any Other Transferor, each of the Issuer
and AmeriCredit shall be jointly and severally liable for such Indemnified Amounts or if such Indemnified Amounts are attributable to Other Transferors and not attributable to the Issuer, such Other Transferors shall be solely liable for such
Indemnified Amounts. 
  

 10 

 SECTION 4.2. Indemnity for Taxes, Reserves and Expenses. 
  
 (a) If after the date hereof, the adoption of any Law or bank regulatory
guideline or any amendment or change in the administration, interpretation or application of any existing or future Law or bank regulatory guideline by any Official Body charged with the administration, interpretation or application thereof, or the
compliance with any directive of any Official Body (in the case of any bank regulatory guideline, whether or not having the force of Law): 
  
 (1) shall subject any Indemnified Party (or its applicable lending office) to any tax, duty or other charge (other than Excluded Taxes (as defined in
Section 4.4 hereof)) with respect to this Agreement, the Security Agreement, the Note, the Net Investment, the Collateral or payments of amounts due hereunder, or shall change the basis of taxation of payments to any Indemnified Party of
amounts payable in respect of this Agreement, the Net Investment, the Collateral, the maintenance or financing of the Note or payments of amounts due hereunder or its obligation to advance funds under the Liquidity Provider Agreement, the Credit
Support Agreement or otherwise in respect of this Agreement, the Security Agreement, the Net Investment the Collateral or the maintenance or financing of the Note or any interest therein (except for changes in the rate of federal, state or local
general corporate, franchise, net income or other income or similar tax imposed on such Indemnified Party by the jurisdiction in which such Indemnified Party’s principal executive office is located); 
  
 (2) shall impose, modify or deem applicable any reserve, special deposit or
similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System) against assets of, deposits with or for the account of, or credit extended by, any Indemnified Party or shall
impose on any Indemnified Party or on the United States market for certificates of deposit or the London interbank market any other condition affecting this Agreement, the Security Agreement, the Net Investment, the Collateral, the maintenance or
financing of the Note or any interest therein or payments of amounts due hereunder or its obligation to advance funds under the Liquidity Provider Agreement, the Credit Support Agreement or otherwise in respect of this Agreement, the Net Investment,
the Collateral or the maintenance or financing of the Note; or 
  
 (3) imposes upon any Indemnified Party any other expense (including, without limitation, any loss of margin, reasonable attorneys’ fees and expenses, and expenses of litigation or preparation therefor in contesting any of the
foregoing) with respect to this Agreement, the Security Agreement, the Net Investment, the Collateral, the maintenance or financing of the Note (or any interest therein) or payments of amounts due hereunder or its obligation to advance funds under
the Liquidity Provider Agreement or the Credit Support Agreement or otherwise in respect of this Agreement, the Net Investment, the Collateral or the maintenance or financing of the Note; and the result of any of the foregoing is to increase the
cost to or to reduce the amount of any sum received or receivable by such Indemnified Party with respect to this Agreement, the Security Agreement, the Note, the Net Investment, the Collateral, the obligations hereunder, the funding of any purchases
hereunder, the Liquidity Provider Agreement or the Credit Support Agreement, by an amount reasonably deemed by such Indemnified Party to be material, then within 10 days after demand by the Agent, either the Issuer or AmeriCredit shall pay to the
Agent such additional amount or amounts as will compensate such Indemnified Party for such increased cost or reduction. 
  

 11 

 (b) If any Indemnified Party shall have determined that after the date hereof, the adoption of any
applicable Law or bank regulatory guideline regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Official Body, or any directive regarding capital adequacy (in the case of any bank
regulatory guideline, whether or not having the force of law) of any such Official Body, has or would have the effect of reducing the rate of return on capital of such Indemnified Party (or its parent) as a consequence of such Indemnified
Party’s obligations hereunder or with respect hereto to a level below that which such Indemnified Party (or its parent) could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect
to capital adequacy) by an amount reasonably deemed by such Indemnified Party to be material, then from time to time, within 10 days after demand by the Agent, either the Issuer or AmeriCredit shall pay to the Agent such additional amount or amounts
as will compensate such Indemnified Party (or its parent) for such reduction. 
  
 (c) The Agent or the Company will promptly notify the Issuer and AmeriCredit of any event of which it has knowledge, occurring after the date hereof, which will entitle an Indemnified Party to compensation pursuant to
this Section 4.2. A notice by the Agent claiming compensation under this Section and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, the
Agent may use any reasonable averaging and attributing methods. 
  
 (d) Anything in this Section 4.2 to the contrary notwithstanding, if the Company enters into agreements for the acquisition of interests in receivables from one or more Other Transferors, the Company shall allocate the liability for any
amounts under this Section 4.2 (“Section 4.2 Costs”) ratably to the Issuer and AmeriCredit and each Other Transferor; provided, however, that if such Section 4.2 Costs are attributable to the Issuer and not
attributable to any Other Transferor, the Issuer and AmeriCredit shall be liable for the full amount of such Section 4.2 Costs or if such Section 4.2 Costs are attributable to Other Transferors and not attributable to the Issuer, such Other
Transferors shall be solely liable for such Section 4.2 Costs. 
  
 SECTION 4.3. Other Costs, Expenses and Related Matters. 
  
 (a) Each of the Issuer and AmeriCredit agrees, upon receipt of a written invoice, to pay or cause to be paid, and to save the Company, the other Owners, the Collateral Agent and the Agent harmless against liability
for the payment of, all reasonable out-of-pocket expenses (including, without limitation, all reasonable attorneys’, accountants’ and other third parties’ fees and expenses, any filing fees and expenses incurred by officers or
employees of the Company or any other Owners) incurred by or on behalf of the Company, any other Owners, the Collateral Agent or the Agent (i) in connection with the negotiation, execution, delivery and preparation of this Agreement, the Note and
the Security Agreement and any other Transaction Document and the transactions contemplated hereby and thereby; and (ii) from time to time (a) relating to any amendments, waivers or consents under this Agreement, the Note, the Security Agreement and
any other Transaction Document, (b) arising in connection with the Agent’s, the Company’s, any other Owner’s or any of their agent’s enforcement or preservation of rights 
  

 12 

 (including, without limitation, the perfection and protection of the Collateral Agent’s security interest in the
Collateral), or (c) arising in connection with any audit, dispute, disagreement, litigation or preparation for litigation involving this Agreement or any other Transaction Document (all of such amounts, collectively, “Transaction
Costs”). 
  
 (b) Either the Issuer or AmeriCredit shall
pay to the Agent, for the account of the Company or the other Owners, as applicable, on demand any Early Collection Fee due on account of the Company’s investment allocated to a funding period on a day prior to the last day of its funding
period. 
  
 SECTION 4.4. Taxes. All payments made hereunder
by the Issuer and AmeriCredit (each a “payor”) to the Company, the Agent or any Liquidity Provider (each, a “recipient”) shall be made free and clear of and without deduction for any present or future income,
excise, stamp or franchise taxes and any other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority on any recipient (or any assignee of such parties) (such non-excluded items being called
“Taxes”), but excluding (i) franchise taxes and taxes imposed on or measured by the recipient’s net income or gross receipts and (ii) any tax that would not have been imposed but for the failure of such recipient to provide and
keep current any certification or other documentation required to qualify for an exemption from, or reduced rate of, such Taxes (all such excluded taxes, “Excluded Taxes”). In the event that any withholding or deduction from any
payment made by the payor hereunder is required in respect of any Taxes, then such payor shall: 
  
 (a) pay directly to the relevant authority the full amount required to be so withheld or deducted; 
  
 (b) promptly forward to the Agent an official receipt or other documentation
satisfactory to the Agent evidencing such payment to such authority; and 
  
 (c) pay to the recipient such additional amount or amounts as is necessary to ensure that the net amount actually received by the recipient will equal the full amount such recipient would have received had no such
withholding or deduction been required. 
  
 Moreover, if any Taxes
are directly asserted against any recipient with respect to any payment received by such recipient hereunder, the recipient may pay such Taxes and the payor will promptly pay such additional amounts (including any penalties, interest or expenses) as
shall be necessary in order that the net amount received by the recipient after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount such recipient would have received had such Taxes not been asserted.

  
 If the payor fails to pay any Taxes when due to the
appropriate taxing authority or fails to remit to the recipient the required receipts or other required documentary evidence, the payor shall indemnify the recipient for any incremental Taxes, interest, or penalties that may become payable by any
recipient as a result of any such failure. 
  

 13 

 ARTICLE V 
  
 THE AGENT 
  
 SECTION 5.1. Authorization and Action. The Company and each other Owner hereby appoints and authorizes the Agent to act as its agent under this
Agreement and the other Transaction Documents with such powers and discretion as are specifically delegated to the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. The Agent (which term as used
in this sentence and in Section 5.5 and the first sentence of Section 5.6 hereof shall include its affiliates and its own and its affiliates’ officers, directors, employees, and agents): (a) shall not have any duties or responsibilities except
those expressly set forth in this Agreement and shall not be a trustee or fiduciary for the Company or any other Owner; (b) shall not be responsible to the Company or any other Owner for any recital, statement, representation, or warranty (whether
written or oral) made in or in connection with any Transaction Document or any certificate or other document referred to or provided for in, or received by any of them under, any Transaction Document, or for the value, validity, effectiveness,
genuineness, enforceability, or sufficiency of any Transaction Document, or any other document referred to or provided for therein or for any failure by any of the Issuer, AmeriCredit, AWC or the Servicer or any other Person to perform any of its
obligations thereunder; (c) shall not be responsible for or have any duty to ascertain, inquire into, or verify the performance or observance of any covenants or agreements by any of the Issuer, AmeriCredit, AWC or the Servicer or the satisfaction
of any condition or to inspect the property (including the books and records) of any of the Issuer, AmeriCredit, AWC or the Servicer or any of their Subsidiaries or affiliates; (d) shall not be required to initiate or conduct any litigation or
collection proceedings under any Transaction Document; and (e) shall not be responsible for any action taken or omitted to be taken by it under or in connection with any Transaction Document, except for its own gross negligence or willful
misconduct. The Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. 
  
 SECTION 5.2. Agent’s Reliance, Etc. The Agent shall be entitled
to rely upon any certification, notice, instrument, writing, or other communication (including, without limitation, any thereof by telephone or telecopy) believed by it to be genuine and correct and to have been signed, sent or made by or on behalf
of the proper Person or Persons, and upon advice and statements of legal counsel (including counsel for any of the Issuer, AmeriCredit, AWC or the Servicer), independent accountants, and other experts selected by the Agent. As to any matters not
expressly provided for by this Agreement, the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting)
upon the instructions of the Majority Owners, and such instructions shall be binding on the Company and all of the other Owners; provided, however, that the Agent shall not be required to take any action that exposes the Agent to
personal liability or that is contrary to any Transaction Document or applicable law or unless it shall first be indemnified to its satisfaction by the Owners against any and all liability and expense which may be incurred by it by reason of taking
any such action. 
  
 SECTION 5.3. Rapid Amortization Event or
Potential Rapid Amortization Event. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Potential Rapid Amortization Event or a Rapid Amortization Event unless the Agent has received written notice from the Company,
any other Owner or the Issuer specifying such Potential Rapid Amortization Event or Rapid Amortization Event and stating that such notice is a “Notice of Rapid Amortization Event or Potential Rapid Amortization Event”. In the event that
the Agent receives such a notice of the occurrence of a Potential Rapid Amortization Event or Rapid Amortization Event, the Agent 
  

 14 

 shall give prompt notice thereof to the Company and the other Owners. The Agent shall (subject to Section 5.2 hereof)
take such action with respect to such Potential Rapid Amortization Event or Rapid Amortization Event as shall reasonably be directed by the Majority Owners, provided that, unless and until the Agent shall have received such directions, the
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Rapid Amortization Event or Rapid Amortization Event as it shall deem advisable in the best interest of the Company.

  
 SECTION 5.4. Agent and Affiliates. To the extent that
the Agent or any of its affiliates shall become an Owner, the Agent or such affiliate, in such capacity, shall have the same rights and powers hereunder as any other Owner and may exercise the same as though it were not acting as the Agent or such
affiliate (as the case may be). Barclays (and any successor acting as Agent) and its affiliates may (without having to account therefor to the Company or any other Owner) accept deposits from, lend money to, make investments in, provide services to,
and generally engage in any kind of lending, trust, or other business with any of the Issuer, AmeriCredit, AWC and the Servicer or any of their Subsidiaries or affiliates as if it were not acting as Agent, and Barclays (and any successor acting as
Agent or such affiliate) and its affiliates may accept fees and other consideration from any of the Issuer, AmeriCredit, AWC and the Servicer or any of their Subsidiaries or Affiliates for services in connection with this Agreement or otherwise
without having to account for the same to the Company or any other Owner. 
  
 SECTION 5.5. Indemnification of the Agent. Each Owner (other than the Company) agrees to indemnify the Agent (to the extent not reimbursed by the Issuer), ratably in accordance with its share of the outstanding
principal balance of the Note, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including attorneys’ fees), or disbursements of any kind or nature whatsoever which
may be imposed on, incurred by, or asserted against the Agent (including by the Company or any other Owner) in any way relating to or arising out of this Agreement or any other Transaction Document or the transactions contemplated thereby or any
action taken or omitted by the Agent under this Agreement or any other Transaction Document, provided that no Owner shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the
Agent. Without limitation of the foregoing, each Owner (including the Company but only to the extent that the Company is reimbursed by the Issuer for such expenses) agrees to reimburse the Agent, ratably in accordance with its share of the
outstanding principal balance of the Note, promptly upon demand for any out-of-pocket expenses (including attorneys’ fees) incurred by the Agent in connection with the administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in
respect of the Owners hereunder and/or thereunder and to the extent that the Agent is not reimbursed for such expenses by the Issuer. The agreements contained in this Section shall survive payment in full of the Net Investment and all other amounts
payable under this Agreement. 
  
 SECTION 5.6.
Non-Reliance. Each Owner agrees that it has, independently and without reliance on the Agent or the Company or any other Owner, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the
Receivables, the Contracts, the Issuer, AmeriCredit, AWC and the Servicer and their respective Subsidiaries and 
  

 15 

 decision to enter into this Agreement and that it will, independently and without reliance upon the Agent, the Company or
any other Owner, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under the Transaction Documents. Except for notices, reports, and
other documents and information expressly required to be furnished to the Company and the other Owners by the Agent hereunder, the Agent shall not have any duty or responsibility to provide the Company or any other Owner with any credit or other
information concerning the affairs, financial condition, or business of any of the Issuer, AmeriCredit, AWC or the Servicer or any of their respective Subsidiaries or affiliates that may come into the possession of the Agent or any of its
affiliates. 
  
 SECTION 5.7. Resignation of Agent. The
Agent may resign at any time by giving notice thereof to the Company, the other Owners and the Issuer. Upon any such resignation, the Majority Owners shall have the right to appoint a successor Agent. If no successor Agent shall have been so
appointed by the Majority Owners and shall have accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Company and the other Owners, appoint a
successor Agent which shall be a commercial bank organized under the laws of the United States having combined capital and surplus of at least $100,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor, such successor
shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Article V shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. 
  
 SECTION 5.8. Payments by the Agent. Unless specifically allocated to
an Owner pursuant to the terms of this Agreement, all amounts received by the Agent on behalf of the Owners shall be paid by the Agent to the Owners (at their respective accounts designated in writing to the Agent) in accordance with their
respective related pro rata interests in the Net Investment on the Business Day received by the Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the Agent shall use its reasonable efforts to pay such
amounts to the Owners on such Business Day, but, in any event, shall pay such amounts to the Owners in accordance with their respective related pro rata interests in the Net Investment not later than the following Business Day. 
  
 ARTICLE VI 
  
 MISCELLANEOUS 
  
 SECTION 6.1. Term of Agreement. This Agreement shall terminate on the date following the Termination Date upon which the Net Investment has been
reduced to zero, all accrued Discount and Servicing Fees have been indefeasibly paid in full and all other Aggregate Unpaids have been indefeasibly paid in full, in each case, in cash; provided, however, that (i) the rights and
remedies of the Company, the other Owners and the Agent with respect to any representation and warranty made or deemed to be made by the Issuer pursuant to this Agreement, (ii) the indemnification and payment provisions of Article IV, and (iii) the
agreement set forth in Section 6.9 hereof, shall be continuing and shall survive any termination of this Agreement. 
  

 16 

 SECTION 6.2. Waivers; Amendments. 
  
 (a) No failure or delay on the part of the Company, the Agent or any other Owners in exercising any power, right or remedy
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and
remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. 
  
 (b) Any provision of this Agreement or any other Transaction Document may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed by the Issuer, the Servicer, the Company and the Majority Owners (and, if Article V or the rights or duties of the Agent are affected thereby, by the Agent); provided that no such amendment or waiver shall, unless signed by each
Owner directly affected thereby, (i) increase the Commitment of the Company, (ii) reduce the Net Investment or rate of interest to accrue thereon or any fees or other amounts payable hereunder, (iii) postpone any date fixed for the payment of any
scheduled distribution in respect of the Net Investment or interest with respect thereto or any fees or other amounts payable hereunder or for termination of the Commitment, (iv) change the percentage of the Owners which shall be required for the
Owners or any of them to take any action under this section or any other provision of this Agreement, (v) release all or substantially all of the property with respect to which a security or ownership interest therein has been granted hereunder or
under the Security Agreement to the Agent or the Owners or (vi) extend or permit the extension of the Commitment Termination Date. In the event the Agent requests the Company’s or any other Owner’s consent pursuant to the foregoing
provisions and the Agent does not receive a consent (either positive or negative) from the Company or such Owner within 10 Business Days of the Company’s or any other Owner’s receipt of such request, then the Company or such Owner (and its
percentage interest hereunder) shall be disregarded in determining whether the Agent shall have obtained sufficient consent hereunder. 
  
 SECTION 6.3. Notices. Except as provided below, all communications and notices provided for hereunder shall be in writing (including telecopy or
electronic facsimile transmission or similar writing) and shall be given to the other party at its address or telecopy number set forth below or at such other address or telecopy number as such party may hereafter specify for the purposes of notice
to such party. Each such notice or other communication shall be effective (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this Section 6.3 and confirmation is received, (ii) if given by mail, three (3)
Business Days following such posting, if postage prepaid, or if sent via U.S. certified or registered mail, (iii) if given by overnight courier, one (1) Business Day after deposit thereof with a national overnight courier service, or (iv) if given
by any other means, when received at the address specified in this Section 6.3. However, anything in this Section 6.3 to the contrary notwithstanding, the Issuer hereby authorizes the Company to effect Subsequent Fundings, funding period and
interest rate selections based on telephonic notices made by any Person which the Company in good faith believes to be acting on behalf of the Issuer. The Issuer agrees to deliver promptly to the Company a written confirmation of each telephonic
notice signed by an authorized officer of Issuer. However, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation differs in any material respect from the action taken by the Company, the records
of the Company shall govern absent manifest error. 
  

 17 

 If to the Company: 
  
 Sheffield Receivables Corporation 
 c/o Barclays Bank PLC 
 200 Park Avenue 
 New York, New York 10166 
 Attention: Asset Securitization Group 
 Telephone: (212) 412-7618 
 Telecopy:   (212) 412-6846 
 (with a copy to the Agent) 
  
 If to the Issuer: 
  
 AmeriCredit Repurchase Trust 
 c/o Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Asset Backed Securities Administration

  
 Payment Information: [Forthcoming] 

 
 with a copy to: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street - Suite 3900 
 Fort Worth, Texas 76102 
 Attention: Chief Financial Officer 
 Telephone: (817) 302-7022 
 Telecopy:   (817) 302-7942 
  
 If to AmeriCredit: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street - Suite 3900 
 Fort Worth, Texas 76102 
 Attention: Chief Financial Officer 
 Telephone: (817) 302-7022 
 Telecopy:   (817) 302-7942 
  
 If to the Agent: 
  
 Barclays Bank PLC 
 200 Park Avenue 
 New York, New York 10166 
 Attention: Asset Securitization Group 
 Telephone: (212) 412-3266 
 Telecopy:   (212) 412-6846 
  

 18 

 Payment Information: 
 ABA: 026002574 
 DDA: 050791516 
 Name: Sheffield 4(2) Funding Account 
 Bank: Barclays Bank 
  
 SECTION 6.4. Governing Law; Submission to Jurisdiction; Integration. 
  
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES THEREOF EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. THE ISSUER HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY
NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. The Issuer hereby irrevocably waives, to the fullest extent it may
effectively do so, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.
Nothing in this Section 6.4 shall affect the right of the Company to bring any action or proceeding against the Issuer or its property in the courts of other jurisdictions. 
  
 (b) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS. 
  
 (c) This Agreement contains the final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire Agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.

  
 (d) Each of the Issuer and AmeriCredit hereby appoints
Corporation Service Company, located at 80 State Street, Albany, New York 12207-2543 as the authorized agent upon whom process may be served in any action arising out of or based upon this Agreement, the other Transaction Documents to which the
Issuer is a party or the transactions contemplated hereby or thereby that may be instituted in the United States District Court for the Southern District of New York and of any New York State court sitting in The City of New York by the Company, the
Agent, any Owner, the Collateral Agent or any assignee of any of them. 
  
 SECTION 6.5. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same Agreement. 
  

 19 

 SECTION 6.6. Successors and Assigns. 
  
 (a) This Agreement shall be binding on, and inure to the benefit of, the
Agent, the Owners, the Issuer and AmeriCredit, and their respective successors and assigns; provided, however, that neither AmeriCredit nor the Issuer may assign any of its rights or delegate any of its duties hereunder or under the
Master Receivables Purchase Agreement or under any of the other Transaction Documents to which it is a party without the prior written consent of the Agent except as may be otherwise expressly provided in the Master Receivables Purchase Agreement or
the other Transaction Documents, except that AmeriCredit may delegate its duties under any Transaction Document with respect to the servicing of and collections on certain Receivables to AmeriCredit Financial Services of Canada Ltd. without first
obtaining such consent (which delegation by AmeriCredit of any of its duties under any Transaction Document shall not relieve AmeriCredit of its responsibility with respect to such duties). No provision of this Agreement shall in any manner restrict
the ability of the Company or any other Owner to assign, participate, grant security interests in, or otherwise transfer any portion of the Note or interest therein. 
  
 (b) Without limiting the foregoing, the Company may, from time to time, with prior or concurrent notice to the Issuer and
the Servicer, in one transaction or a series of transactions, assign all or a portion of the Note and the Net Investment and its rights and obligations under this Agreement and any other Transaction Documents to which it is a party to a Conduit
Assignee. Upon and to the extent of such assignment by the Company to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the assigned portion of the Note and the Net Investment, (ii) the related administrative agent for such Conduit
Assignee will act as the Agent for such Conduit Assignee, with all corresponding rights and powers, express or implied, granted to the Agent hereunder or under the other Transaction Documents, (iii) such Conduit Assignee and its liquidity support
provider(s) and credit support provider(s) and other related parties shall have the benefit of all the rights and protections provided to the Company and its Liquidity Provider(s) and Credit Support Provider(s), respectively, herein and in the other
Transaction Documents (including, without limitation, any limitation on recourse against such Conduit Assignee or related parties, any agreement not to file or join in the filing of a petition to commence an insolvency proceeding against such
Conduit Assignee, and the right to assign to another Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all (or the assigned or assumed portion) of the Company’s obligations, if any, hereunder or any other
Transaction Document, and the Company shall be released from such obligations, in each case to the extent of such assignment, and the obligations of the Company and such Conduit Assignee shall be several and not joint, (v) all distributions in
respect of the Net Investment shall be made to the applicable agent or administrative agent, as applicable, on behalf of the Company and such Conduit Assignee on a pro rata basis according to their respective interests, (vi) the definition of the
term “CP Rate” with respect to the portion of the Net Investment funded with commercial paper issued by the Company from time to time shall be determined in the manner set forth in the definition of “CP Rate” applicable to the
Company on the basis of the interest rate or discount applicable to commercial paper issued by such Conduit Assignee (rather than the Company), (vii) the defined terms and other terms and provisions of this Agreement and the other Transaction

  

 20 

 Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Agent or administrative
agent with respect to the Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as the Agent or such administrative agent may reasonably request to evidence and give effect to the
foregoing. No assignment may be made pursuant to this clause (b) without the prior consent of AmeriCredit, which consent may only be withheld by AmeriCredit for a commercially reasonable purpose. 
  
 (c) The Issuer hereby agrees and consents to the assignment by the Company
from time to time of all or any part of its rights under, interest in and title to this Agreement, the other Transaction Documents and the Note to any Approved Liquidity Provider. In addition, the Issuer hereby consents to and acknowledges the
assignment by the Company of all of its rights under, interest in and title to this Agreement, the other Transaction Documents and the Note to the Collateral Agent. 
  
 SECTION 6.7. Waiver of Confidentiality. The Company, any other Owner and the Agent, severally and with respect to
itself only, covenants and agrees that any nonpublic information obtained by it pursuant to this Agreement or the other Transaction Documents shall be held in confidence (it being understood that documents provided to the Agent hereunder may in all
cases be distributed by the Agent to the Company and any other Owner) except that the Company or the Agent or any other Owner 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 Law, the Company, any other Owner or the Agent, as applicable, 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 Company, any other Owner or the Agent or any of its affiliates, (iii) to the extent that such information becomes publicly available other than by reason of improper disclosure by Company, any other Owner or the Agent,
(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 Company, any other Owner or the Agent on a nonconfidential basis from a source other than the affected party, provided that such source was not to the knowledge of the Company, any other Owner
or the Agent bound by a confidentiality agreement with the affected party, (vii) has been independently acquired or developed by the Company, any other Owner or the Agent without violating any of the Company, any other Owner or the Agent ‘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-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 
  

 21 

 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. 
  
 SECTION 6.8. Confidentiality Agreement. Each of the Issuer and AmeriCredit hereby agrees that it will not disclose the contents of this Agreement
or any other proprietary or confidential information of the Company, the Agent, the Collateral Agent or any Liquidity Provider to any other Person except (i) its auditors and attorneys, employees or financial advisors (other than any commercial
bank) and any nationally recognized rating agency, provided such auditors, attorneys, employees, financial advisors or rating agencies are informed of the highly confidential nature of such information or (ii) as otherwise required (x) by applicable
law, (y) under the Securities Exchange Act of 1934, as amended, in connection with an offering of securities issued by the Issuer or an Affiliate thereof, or (z) by order of a court of competent jurisdiction (provided, however, that in
the case of this clause (z) no such disclosure shall occur without the prior review by the Agent of the material to be disclosed). 
  
 SECTION 6.9. No Bankruptcy Petition Against the Company. The Issuer, AmeriCredit and each other Owner hereby covenants and agrees that, prior to
the date which is one year and one day after the payment in full of all outstanding Commercial Paper or other indebtedness of the Company or any Conduit Assignee, it will not institute against, or join any other Person in instituting against, the
Company or any Conduit Assignee, 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. 
  
 SECTION 6.10. Further Assurances. The Issuer agrees to do such further
acts and things and to execute and deliver to the Company or the Collateral Agent such additional assignments, agreements, powers and instruments as are required by the Company to carry into effect the purposes of this Agreement or the Security
Agreement or to better assure and confirm unto the Company or the Collateral Agent its rights, powers and remedies hereunder or thereunder. 
  
 SECTION 6.11. Headings. Section headings used in this Agreement are for convenience of reference only and shall not affect the construction or
interpretation of this Agreement. 
  
 SECTION 6.12. Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, 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 a personal representation, undertaking and agreement by Wilmington
Trust Company but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be
personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related
documents; provided, however, that no provision of this Agreement shall be construed to relieve the Owner Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, its action in bad faith or
its own willful misconduct. 
  

 22 

 SECTION 6.13. Intended Tax Characterization. The parties hereto agree that it is their mutual
intent that, for all applicable tax purposes, the Note will constitute indebtedness and that for all applicable tax purposes, accordingly, the Issuer or its owner will be treated as owner of the Collateral. Further, each party hereto and the holder
of the Note (or an interest therein) (by receiving and holding the Note or an interest therein), hereby covenants to every other party hereto to treat the Note as indebtedness for all applicable tax purposes in all tax filings, reports and returns
and otherwise, and further covenants that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with the treatment of the Note as indebtedness for tax purposes unless
otherwise directed by law, rule or regulation or order of any governmental authority. All successors and assigns of the parties hereto shall be bound by the provisions hereof. 
  
 SECTION 6.14. No Recourse. No recourse under or with respect to any obligation, covenant or agreement (including,
without limitation, the payment of any fees or any other obligations) of the Company or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, affiliate,
stockholder, officer, employee or director of the Company, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise (except to the extent that recourse against the Company arises from the
gross negligence or willful misconduct of the Company); it being expressly agreed and understood that the agreements of the Company contained in this Agreement and all of the other agreements, instruments
and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of the Company, and that no personal liability whatsoever shall attach to or be incurred by any incorporator, stockholder,
affiliate, officer, employee or director of the Company, as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Company contained in this Agreement or in any other such instruments, documents or
agreements, or which are implied therefrom, and that any and all personal liability of each incorporator, stockholder, affiliate, officer, employee or director of the Company, or any of them, for breaches by the Company of any such obligations,
covenants or agreements, which liability may arise either at common law or at equity, or by statute or constitution, or otherwise, is hereby expressly waived except to the extent that such personal liability of the Company arises from the gross
negligence or willful misconduct of the Company. The provisions of this Section 6.14 shall survive the termination of this Agreement. 
  

 23 

 IN WITNESS WHEREOF, the Issuer, the Company, the Agent and AmeriCredit have caused this Note Purchase
Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written. 
  

					
	 	 	 AMERICREDIT REPURCHASE TRUST,

	 	 	   as Issuer

			
	 	 	 By:
	 	 WILMINGTON TRUST COMPANY,

	 	 	 	 	 not in its individual capacity but solely as Owner Trustee

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 $400,000,000
	 	 SHEFFIELD RECEIVABLES CORPORATION,

	 Commitment
	 	   as Company

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 BARCLAYS BANK PLC,

	 	 	   as Agent

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 AMERICREDIT FINANCIAL SERVICES, INC.

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 24 

 EXHIBIT A 

 EXHIBIT B 

 EXHIBIT C 
  

FORM OF 
 VARIABLE FUNDING NOTE 

 
 New York, New York 
 August 19, 2004 
  
 FOR VALUE RECEIVED, the undersigned, AmeriCredit Repurchase Trust, a Delaware statutory trust (the “Issuer”), promises to pay to the order of BARCLAYS BANK PLC, as Agent, on behalf of the Company, on the date specified in
Section 2.1 of the Note Purchase Agreement (as hereinafter defined, at 801 Cherry Street, Fort Worth, Texas 76102, in lawful money of the United States of America and in immediately available funds, the principal amount of Four Hundred Million
Dollars ($400,000,000), or, if less, the aggregate unpaid principal amount of all Fundings made by the Company to the Issuer pursuant to the Note Purchase Agreement and the Security Agreement and to pay interest at such office, in like money, from
the date hereof on the unpaid principal amount of such Fundings from time to time outstanding at the rates and on the dates specified in the Note Purchase Agreement and the Security Agreement. 
  
 The Agent is authorized to record, on the schedules annexed hereto and made a
part hereof or on other appropriate records of the Agent, the date and the amount of each Funding made by the Company, each continuation thereof, the funding period for such Funding and the date and amount of each payment or prepayment of principal
thereof. Any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded; provided that the failure of the Agent to make any such recordation (or any error in such recordation) shall not
affect the obligations of the Issuer hereunder, under the Note Purchase Agreement or under the Security Agreement in respect of the Fundings. 
  
 This Variable Funding Note is the Note referred to in the Note Purchase Agreement, dated as of August 19, 2004 (as amended, supplemented, or otherwise
modified and in effect from time to time, the “Note Purchase Agreement”), among the Company, the Issuer and Barclays Bank PLC, as agent for the Company (in such capacity, the “Agent”), and is entitled to the
benefits thereof. Capitalized terms used herein and not defined herein have the meanings given them in the Note Purchase Agreement. 
  
 This Variable Funding Note is subject to optional and mandatory prepayment as provided in the Note Purchase Agreement and the Security Agreement.

  
 Upon the occurrence of a Rapid Amortization Event, the Company
shall have all of the remedies specified in the Security Agreement. The Issuer hereby waives presentment, demand, protest, and all notices of any kind. 

 THIS VARIABLE FUNDING NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
  

			
	 AmeriCredit Repurchase Trust,
as Issuer

	
	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 2 

 Schedule 1 to 
 VARIABLE FUNDING NOTE 
  

							
	 Principal
 Of
 Fundings

	 	 Discount
 on
 Fundings

	 	 Prepayment
 of
 Fundings

	 	Notation
By

  
 DateServicing and Custodian Agreement

 Execution Copy 
  
 Exhibit 10.4 

  
 SERVICING AND CUSTODIAN AGREEMENT 
  
 among 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
 as Servicer and Custodian, 
  
 AMERICREDIT REPURCHASE TRUST, 
  
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Collateral Agent and Backup Servicer, 
  
 and 
  
 BARCLAYS BANK PLC, 
 as Agent 
  
 Dated as of 
 August 19, 2004 
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	2
			
	 SECTION 1.1.
	  	Definitions	  	2
	 SECTION 1.2.
	  	Other Definitional Provisions.	  	2
		
	ARTICLE II ADMINISTRATION AND SERVICING OF RECEIVABLES	  	3
			
	 SECTION 2.1.
	  	Duties of the Servicer	  	3
	 SECTION 2.2.
	  	Collection of Receivable Payments; Modifications of Receivables; Lock-Box Agreements.	  	4
	 SECTION 2.3.
	  	Realization upon Receivables.	  	6
	 SECTION 2.4.
	  	Insurance.	  	7
	 SECTION 2.5.
	  	Maintenance of Security Interests in Vehicles.	  	8
	 SECTION 2.6.
	  	Covenants, Representations, and Warranties of Servicer.	  	9
	 SECTION 2.7.
	  	Purchase of Receivables Upon Breach of Covenant or Representation and Warranty	  	11
	 SECTION 2.8.
	  	Total Servicing Fee; Payment of Certain Expenses by Servicer	  	12
	 SECTION 2.9.
	  	Servicer’s Certificate	  	12
	 SECTION 2.10.
	  	Notice of Servicer Event of Default	  	12
	 SECTION 2.11.
	  	[Reserved]	  	13
	 SECTION 2.12.
	  	Access to Certain Documentation and Information Regarding Receivables	  	13
	 SECTION 2.13.
	  	Monthly Tape	  	13
	 SECTION 2.14.
	  	Fidelity Bond and Errors and Omissions Policy	  	14
	 SECTION 2.15.
	  	Additional Backup Servicer Duties	  	14
		
	ARTICLE III THE SERVICER	  	14
			
	 SECTION 3.1.
	  	Liability of Servicer; Indemnities.	  	14
	 SECTION 3.2.
	  	Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer.	  	16
	 SECTION 3.3.
	  	Limitation on Liability of Servicer, Backup Servicer and Others.	  	17
	 SECTION 3.4.
	  	Delegation of Duties	  	18
	 SECTION 3.5.
	  	Servicer and Backup Servicer Not to Resign	  	18
	 SECTION 3.6.
	  	Administrative Duties of Servicer;	  	18
		
	ARTICLE IV SERVICER TERMINATION	  	19
			
	 SECTION 4.1.
	  	Servicer Event of Default	  	19
	 SECTION 4.2.
	  	Consequences of a Servicer Event of Default	  	21
	 SECTION 4.3.
	  	Appointment of Successor.	  	22
	 SECTION 4.4.
	  	Notification to Owners	  	23
	 SECTION 4.5.
	  	Waiver of Past Defaults	  	23
		
	ARTICLE V THE CUSTODIAN	  	23
			
	 SECTION 5.1.
	  	Appointment of Custodian; Acknowledgment of Receipt	  	23
	 SECTION 5.2.
	  	Maintenance of Receivables Files at Office	  	23
	 SECTION 5.3.
	  	Duties of Custodian.	  	23
	 SECTION 5.4.
	  	Instructions; Authority to Act	  	25
	 SECTION 5.5.
	  	Custodian Fee	  	25
	 SECTION 5.6.
	  	Indemnification by the Custodian	  	25
	 SECTION 5.7.
	  	Advice of Counsel	  	25
	 SECTION 5.8.
	  	Effective Period, Termination, and Amendment; Interpretive and Additional Provisions	  	25
	 SECTION 5.9.
	  	Representations, Warranties and Covenants of Custodian.	  	26

					
	ARTICLE VI MISCELLANEOUS	  	28
			
	 SECTION 6.1.
	  	Governing Law	  	28
	 SECTION 6.2.
	  	Notices	  	28
	 SECTION 6.3.
	  	Binding Effect	  	29
	 SECTION 6.4.
	  	Severability	  	29
	 SECTION 6.5.
	  	Separate Counterparts	  	29
	 SECTION 6.6.
	  	Limitation of Liability of Owner Trustee	  	30
	
	EXHIBITS AND SCHEDULES
		
	EXHIBIT A	  	Form of Servicer’s Certificate
	SCHEDULE A	  	Form of Custodian’s Acknowledgment

  

 ii 

 THIS SERVICING AND CUSTODIAN AGREEMENT, dated as of August 19, 2004, is between AmeriCredit Financial
Services, Inc. (“AmeriCredit”), as Servicer (in such capacity, the “Servicer”) and as Custodian (in such capacity, the “Custodian”), AmeriCredit Repurchase Trust (the “Trust”),
Wells Fargo Bank, National Association, as Collateral Agent (in such capacity, the “Collateral Agent”) and Backup Servicer (in such capacity, the “Backup Servicer”) and Barclays Bank PLC as Agent (in such capacity,
the “Agent”). 
  
 W I T
N E S S E T H 
  
 WHEREAS, AmeriCredit Repurchase Trust (the “Trust”), Barclays Bank PLC, as Agent, and Sheffield Receivables Corporation (“Sheffield”) have entered into a Note Purchase Agreement, dated as of the date hereof
(the “Note Purchase Agreement”); 
  
 WHEREAS, the
Trust, AmeriCredit, AFS Warehouse Corp. (“AWC”), Sheffield and the Collateral Agent have entered into a Security Agreement dated as of the date hereof (the “Security Agreement”); 
  
 WHEREAS, AmeriCredit, AWC, the Collateral Agent, and the Trust have entered
into a Master Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), pursuant to which AWC agrees to sell, transfer and assign to the Trust all of its right, title and interest in and to
the Receivables described in the Schedules of Receivables attached to the Supplements (as defined below); 
  
 WHEREAS, pursuant to the Receivables Purchase Agreement, AWC and the Trust will enter into Supplements to the Receivables Purchase Agreement from time to
time (each a “Supplement”), whereby AWC will sell, transfer and assign to the Trust on the applicable Receivables Transfer Date (as defined in the Receivables Purchase Agreement) all of its right, title and interest in and to
Receivables listed on the Schedules of Receivables attached to such Supplements; 
  
 WHEREAS, pursuant to the Security Agreement, the Trust will pledge to the Collateral Agent for the benefit of the Secured Parties all of its right, title and interest in the Collateral, including, but not limited to,
the Receivables and the Other Conveyed Property (as defined in the Receivables Purchase Agreement); 
  
 WHEREAS, the Servicer is willing to service the Receivables; 
  
 WHEREAS, the Backup Servicer is willing to provide backup servicing with respect to the Receivables; and 
  
 WHEREAS, the Collateral Agent wishes to appoint the Custodian to hold the
Receivable Files as the custodian on behalf of the Collateral Agent. 
  

 NOW, THEREFORE, in consideration of the mutual agreements herein contained and of other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1. Definitions.
Capitalized terms used and not otherwise defined herein have the meanings assigned to them in Annex A to the Security Agreement. 
  
 SECTION 1.2. Other Definitional Provisions. 
  
 (a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the Security Agreement or, if not defined therein,
the Note Purchase Agreement. 
  
 (b) All terms defined in this
Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Agreement, in any instrument governed hereby and in any
certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such
instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or
other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 
  
 (d) The words “hereof,” “herein,” “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; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified;
and the term “including” shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (f) Any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments
thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
  

 2 

 ARTICLE II 
  
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
  
 SECTION 2.1. Duties of the Servicer. (a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage,
service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and
usual procedures of institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor
vehicle receivables that it services for itself or others. The Servicer’s duties shall include, without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies,
sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the collateral, complying with the terms of the Lock-Box Agreement, accounting for collections and furnishing monthly and annual statements to the
Collateral Agent with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein. 
  
 (b) The Servicer shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided
for in the Dealer Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements, to the extent it is necessary to do so), the Dealer Assignments, the
Third-Party Lender Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments, Third Party Lender Assignments and Insurance Policies relate to the Receivables, the
Financed Vehicles or the Obligors. The Servicer shall follow its customary standards, policies, and procedures as required by its Credit and Collection Policy and shall have full power and authority, acting alone, to do any and all things in
connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver,
on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided,
however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the
unpaid balance of any Receivable from the Obligor. 
  
 (c) The
Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 2.3 or to commence or participate in any other legal proceeding (including, without limitation, a
bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned
such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s 
  

 3 

 name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with
any such proceeding. The Collateral Agent shall, in its reasonable discretion, furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or
appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 
  
 SECTION 2.2. Collection of Receivable Payments; Modifications of Receivables; Lock-Box Agreements. 
  
 (a) Consistent with the standards, policies and procedures required by this
Agreement and the Credit and Collection Policy, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection
procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Auto Loan Purchase and Sale
Agreements, the Third-Party Lender Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect thereto. The
Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 
  
 (b) The Servicer may at any time agree to a modification or amendment of a
Receivable in order to (i) not more than once per year, change the Obligor’s regular monthly due date to a date that shall in no event be later than 30 days after the original monthly due date of that Receivable or (ii) re-amortize the
Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures and the Credit and Collection Policy if the Servicer believes in good faith that such extension, modification
or amendment is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust. 
  
 (c) The Servicer may grant payment extensions on, or other modifications or
amendments to, a receivable (in addition to those modifications permitted by Section 2.2(b)) in accordance with its customary procedures and the Credit and Collection Policy if the Servicer believes in good faith that such extension, modification or
amendment is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided, however, that:

  
 (i) In no event may a Receivable be extended
more than twice during any twelve month period or more than eight times during the full term of such Receivable; 
  
 (ii) In no event may a Receivable be extended beyond the date 88 months after the date on which such Receivable was originated;

  

 4 

 (iii) the Servicer shall not amend or modify a Receivable (except as provided in
Section 2.2(b) and clause (i) and (ii) of this Section 2.2(c)) if such amendment or modification would cause the Net Investment to exceed the Net Receivables Balance. 
  
 (d) The Servicer shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by
check or by direct debit of the Obligor’s bank account, to be made directly to one or more Lock-Box Banks, acting as agent for the Trust pursuant to a Lock-Box Agreement. The Servicer shall use its best efforts to notify or direct any Lock-Box
Bank to deposit all payments on the Receivables in the Lock-Box Account no later than the Business Day after receipt, and to cause all amounts credited to the Lock-Box Account on account of such payments to be transferred to the Collection Account
no later than the second Business Day after receipt of such payments. The Lock-Box Account shall be a demand deposit account held by the Lock-Box Bank, or at the request of any Agent, an Eligible Deposit Account. 
  
 No later than one month after the date on which a Receivable was sold to the
Trust, the Servicer shall have notified the Obligor that makes its payments on such Receivable by check to make such payments thereafter directly to the Lock-Box Bank (except in the case of Obligors that have already been making such payments to the
Lock-Box Bank), and shall have provided such Obligor with remittance invoices in order to enable such Obligor to make such payments directly to the Lock-Box Bank for deposit into the Lock-Box Account, and the Servicer will continue, not less often
than every three months, to so notify those Obligors who have failed to make payments to the Lock-Box Bank. The Servicer will prohibit payments on receivables other than the Receivables from being made to the Lock-Box Account. If and to the extent
requested by the Agent, the Servicer shall request each Obligor that makes payment on the Receivables by direct debit of such Obligor’s bank account, to execute a new authorization for automatic payment which in the judgment of the Agent is
sufficient to authorize direct debit by the Lock-Box Bank on behalf of the Trust. If at any time, the Lock-Box Bank is unable to directly debit an Obligor’s bank account that makes payment on the Receivables by direct debit and if such
inability is not cured within 15 days or cannot be cured by execution by the Obligor of a new authorization for automatic payment, the Servicer shall notify such Obligor that it cannot make payment by direct debit and must thereafter make payment by
check. 
  
 Notwithstanding any Lock-Box Agreement, or any of the
provisions of this Agreement relating to the Lock-Box Agreement, the Servicer shall remain obligated and liable to the Trust, the Collateral Agent and Secured Parties for servicing and administering the Receivables and the Other Conveyed Property in
accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue thereof. 
  
 In the event of a termination of the Servicer, the successor Servicer shall assume all of the rights and obligations of the outgoing Servicer under the
Lock-Box Agreement subject to the terms hereof. In such event, the successor Servicer shall be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Lock-Box
Agreement to the same extent as if such Lock-Box Agreement had been assigned to the successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the
Lock-Box Bank under such Lock-Box Agreement. The outgoing Servicer shall, upon request of the Collateral Agent, but at the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records 
  

 5 

 relating to each such Lock-Box Agreement and an accounting of amounts collected and held by the Lock-Box Bank and
otherwise use its best efforts to effect the orderly and efficient transfer of any Lock-Box Agreement to the successor Servicer. In the event that the Agent elects to change the identity of the Lock-Box Bank, the outgoing Servicer, at its expense,
shall cause the Lock-Box Bank to deliver, at the direction of the Agent to the Collateral Agent or a successor Lock-Box Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lock-Box Bank
(together with an accounting of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the Lock-Box arrangements and the Servicer shall notify the Obligors to make payments to the Lock-Box Account
established by the successor. 
  
 (e) The Servicer shall remit all
payments by or on behalf of the Obligors received directly by the Servicer to the Lock-Box Bank for deposit into the Collection Account, in either case, and as soon as practicable, but in no event later than the Business Day after receipt thereof.
(For purposes of the preceding sentence, “receipt” of a payment shall mean the initial deposit thereof in the Servicer’s bank account.) 
  
 SECTION 2.3. Realization upon Receivables. 
  
 (a) Consistent with the standards, policies and procedures required by this Agreement and the Credit and Collection Policy, the Servicer shall use its
best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as
is practicable after default on such Receivable but in no event later than the date on which all or any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided, however, that the Servicer may elect not to
repossess a Financed Vehicle within such time period if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer is authorized to follow such
customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 2.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers and
Third-Party Lenders, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the
provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its good faith
judgment that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be remitted
by the Servicer to the Collection Account as soon as practicable, but in no event later than two (2) Business Days after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing
and liquidating a Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer or Third-Party Lender, which amounts in
reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 2.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed
Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 
  

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 (b) If the Servicer elects to commence a legal proceeding to enforce a Dealer Agreement, Auto Loan
Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer of the rights under such Dealer Agreement, Auto Loan Purchase and
Sale Agreement, Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Auto Loan Purchase and Sale
Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment, Trust and/or the Collateral Agent, at the Servicer’s expense, or AWC, at AWC’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment, including bringing suit in its name or the name of AWC or of the Trust and/or the Collateral Agent for the benefit of the Owners. All amounts recovered shall be remitted directly by the Servicer as
provided in Section 2.2(e). 
  
 Section 2.4. Insurance.

  
 (a) The Servicer shall require, consistent with the
standards, policies and procedures required by this Agreement and the Credit and Collection Policy, that each Financed Vehicle be insured by the related Obligor under an Insurance Policy and shall monitor the status of such physical loss and damage
insurance coverage thereafter, in accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insureds,
and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a
physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in the definition of “Eligible Receivable” (including, without limitation, during the repossession of such Financed
Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The
Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and
damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Costs
incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 
  
 (b) The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related
Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as “Force-Placed  
  

 7 

 Insurance”). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable
to the Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 2.4(c).

  
 (c) In connection with any Force-Placed Insurance obtained
hereunder, the Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount Financed under
the Receivable. For all purposes of this Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the Obligor and will not be added to the Outstanding Balance of
such Receivable, and amounts allocable thereto will not be available for distribution on the Note. The Servicer shall retain and separately administer the right to receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of
Forced-Placed Insurance premiums. If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to the Receivable or to the Insurance Add-On Amount,
the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the Outstanding Balance and accrued interest on such
Receivable and then to pay the related Insurance Add-On Amount. If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the
Servicer has determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent Determination Date. Any such
Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer. 
  
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies,
in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such
Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a
holder entitled to enforce the Insurance Policy, the Trust and/or the Collateral Agent, at the Servicer’s expense, or AWC, at AWC’s expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including
bringing suit in its name or the name of the Trust and/or the Collateral Agent for the benefit of the Owners. 
  
 (e) The Servicer will cause itself and may cause the Collateral Agent to be named as named insured under all policies of Collateral Insurance. 

 
 SECTION 2.5. Maintenance of Security Interests in Vehicles.

  
 (a) Consistent with the standards, policies and procedures
required by this Agreement and the Credit and Collection Policy, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each 
  

 8 

 Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and
the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the
respective Receivables. The Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a
Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional
administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of AmeriCredit
(or a Titled Third-Party Lender) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 
  
 (b) Upon the occurrence of a Servicer Event of Default, the Collateral Agent and the Servicer shall take or cause to be taken such action as may, in the
opinion of counsel to the Collateral Agent, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such
other reasonable means as may, in the opinion of counsel to the Collateral Agent, be necessary or prudent. 
  
 (c) AmeriCredit hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. In addition, prior
to the occurrence of a Rapid Amortization Event or a Servicer Event of Default, the Majority Owners may instruct the Collateral Agent and the Servicer to take or cause to be taken such action as may be necessary, in the opinion of counsel to the
Majority Owners, to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents of such Financed Vehicles or by such other reasonable means as
may be necessary or prudent, in the opinion of counsel to the Majority Owners. AmeriCredit hereby appoints the Collateral Agent as its attorney-in-fact to take any and all steps required to be performed by AmeriCredit pursuant to this Section 2.5(c)
(it being understood that and agreed that the Collateral Agent shall have no obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Transaction Documents to which it is a party and to which
AmeriCredit has paid all expenses), including execution of certificates of title or any other documents in the name and stead of AmeriCredit and the Collateral Agent hereby accepts such appointment. 
  
 SECTION 2.6. Covenants, Representations, and Warranties of Servicer.

  
 (a) The Servicer covenants as follows: 
  
 (i) Liens in Force. The Financed Vehicle securing
each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 
  
 (ii) No Impairment. The Servicer shall do nothing to
impair the rights of the Trust or the Secured Parties in the Receivables, the Dealer Agreements, the Auto Loan 
  

 9 

 Purchase and Sale Agreements, the Dealer Assignments, the Third-Party Lender Assignments, the Insurance
Policies or the Other Conveyed Property except as otherwise expressly provided herein; 
  
 (iii) No Amendments. The Servicer shall not extend or otherwise amend the terms of any Receivable, except in accordance with
Section 2.2; and 
  
 (iv) Restrictions on
Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or
existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Collateral Agent for the benefit of the Secured Parties and the restrictions on transferability imposed by this Agreement or (ii) sign or
file under the Uniform Commercial Code of any jurisdiction any financing statement which names AmeriCredit or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with
respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Collateral Agent, for the benefit of the Secured Parties. 
  
 (v) Notices. Within 10 days after the date any material change in or amendment to the Credit and
Collection Policy is made, the Servicer will deliver to the Trust, the Collateral Agent and the Agent a copy of the Credit and Collection Policy then in effect indicating such change or amendment. AmeriCredit shall not change the Credit and
Collection Policy or the manner in which it services the Receivables in any way that would have a material adverse effect on the Receivables or the Owners. 
  
 (b) The Servicer represents and warrants as follows: 
  
 (i) Representations and Warranties. Each Receivable included in the calculation of Net Receivables Balance is an Eligible
Receivable at the time that it is included in such calculation; 
  
 (ii) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right
to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, all power, authority and legal right required to enter into and perform
its obligations under this Agreement and each of the other Transaction Documents to which it is a party; 
  
 (iii) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has
obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such
qualification; 
  
 (iv) Power and
Authority. The Servicer has the full power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a 
  

 10 

 party and to carry out its terms and their terms, respectively, and the execution, delivery and
performance of this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer by all necessary corporate action; 
  
 (v) Binding Obligation. This Agreement and the other Transaction Documents to which the Servicer is a
party shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the
enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
  
 (vi) No Violation. The consummation of the
transactions contemplated by this Agreement and the other Transaction Documents to which the Servicer is a party, and the fulfillment of the terms of this Agreement and the Transaction Documents to which the Servicer is a party, shall not conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust
or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Servicer or any of its properties and do not require any action by or require the consent of or the filing of any notice with any Official Body or other Person; 
  
 (vii) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s
knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this
Agreement or any of the Transaction Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Transaction Documents, or (C) seeking any determination or ruling that might materially
and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Transaction Documents or (D) that could have a material adverse effect on the Receivables; and

  
 (viii) No Consents. The Servicer is
not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance,
validity or enforceability of this Agreement which has not already been obtained. 
  
 SECTION 2.7. Purchase of Receivables Upon Breach of Covenant or Representation and Warranty. Upon discovery by either of the Servicer or a Responsible Officer of the Agent of a breach of any of the covenants
set forth in Sections 2.5(a), 2.6(a), 5.1, 5.2, 5.3 
  

 11 

 or 5.9, the party discovering such breach shall give prompt written notice to all of the parties hereto; provided,
however, that the failure to give any such notice shall not affect any obligation of AmeriCredit as Servicer under this Section. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set
forth in Sections 2.5(a), 2.6(a), 5.1, 5.2, 5.3 or 5.9 which materially and adversely affects the interests of the Secured Parties in any Receivable (or, at AmeriCredit’s election, the first Accounting Date so following) or the related Financed
Vehicle, AmeriCredit shall, unless such breach shall have been cured in all material respects by the last day of the second Settlement Period after such breach, purchase from the Trust the Receivable affected by such breach and, on the related
Determination Date, AmeriCredit shall pay the related Purchase Amount to the Trust. It is understood and agreed that the obligation of AmeriCredit to purchase any Receivable with respect to which such a breach has occurred and is continuing shall,
if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to the Secured Parties or the Collateral Agent; provided, however, that AmeriCredit shall indemnify the Trust, the Collateral
Agent and the Secured Parties from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party
claims arising out of the events or facts giving rise to such breach. 
  
 SECTION 2.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Remittance Date, the Servicer shall to the extent provided in Section 2.3 of the Security Agreement be entitled to receive out of the Collection
Account the Servicing Fee for the related Settlement Period. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in
connection with distributions and reports made by the Servicer to Secured Parties and all other fees and expenses of the Agent, the Backup Servicer, the Collateral Agent or the Owner Trustee, except taxes levied or assessed against the Trust, and
claims against the Trust in respect of indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for the account of AmeriCredit). The Servicer shall be liable for the fees and expenses of the
Backup Servicer, the Owner Trustee, the Custodian, the Collateral Agent, the Lock-Box Bank (and any fees under the Lock-Box Agreement) and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be AmeriCredit, a
successor to AmeriCredit as Servicer including the Backup Servicer permitted by Section 4.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses
referred to above. 
  
 SECTION 2.9. Servicer’s
Certificate. No later than 5 p.m. Eastern time on each Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trust, the Agent and the Collateral Agent a Servicer’s Certificate executed by a Responsible
Officer of the Servicer in the form attached hereto as Exhibit A. The Servicer’s Certificate shall also state whether to the knowledge of the Servicer a Rapid Amortization Event, Potential Rapid Amortization Event or Trigger Event has occurred.

  
 SECTION 2.10. Notice of Servicer Event of Default. The
Servicer shall deliver to the Trust, the Owner Trustee, the Collateral Agent, the Backup Servicer and the Agent, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an
Officer’s Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Event of Default. 
  

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 SECTION 2.11. [Reserved]. 
  
 SECTION 2.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to
representatives of the Owner Trustee, the Collateral Agent, the Backup Servicer and the Agent reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable
request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide
access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
  
 SECTION 2.13. Monthly Tape. On or before the Remittance Date, but in no event later than the eighteenth calendar day, of each month, the Servicer
will deliver to the Collateral Agent and the Backup Servicer an electronic transmission in a format acceptable to the Collateral Agent and the Backup Servicer containing the information with respect to the Receivables as of the last day of the
Settlement Period relating to such Remittance Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the application of collections as provided in Section
2.3 of the Security Agreement. The Backup Servicer shall use such electronic transmission to (i) confirm that the Servicer’s Certificate is complete on its face, (ii) confirm that such tape, diskette or other electronic transmission is in
readable form and (iii) calculate and confirm (A) the aggregate amount distributable as principal on the related Remittance Date, (B) the aggregate amount distributable as Carrying Costs on the related Remittance Date, (C) any amounts distributable
on the related Remittance Date which are to be paid with funds withdrawn from the Spread Account, (D) the Delinquency Ratio on the related Determination Date, (E) the Cumulative Net Loss Ratio for each Called Series on the related Determination
Date, (F) the Annualized Net Default Rate on the related Determination Date, (G) the Monthly Net Loss Percentage for each Called Series on the related Determination Date, (H) the Excess Spread Percentage on the related Determination Date, (I) the
amount on deposit in the Spread Account on the related Determination Date and (J) the Required Spread Account Amount on the related Determination Date. The Backup Servicer shall certify to the Collateral Agent that it has verified the
Servicer’s Certificate in accordance with this Section and shall notify the Servicer, the Agent and the Collateral Agent of any discrepancies, in each case, on or before the second Business Day following the Remittance Date. In the event that
the Backup Servicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Remittance Date, but in the absence of a reconciliation, the Servicer’s Certificate
shall control for the purpose of calculations and distributions with respect to the next succeeding Remittance Date. In the event that the Backup Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s
Certificate by the next succeeding Remittance Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which such
Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for such next succeeding Determination Date. In addition, upon the occurrence of
a Servicer Event of Default 
  

 13 

 the Servicer shall, if so requested by the Collateral Agent, the Agent or the Majority Owners, deliver to the Backup
Servicer its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the
Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The
Backup Servicer shall have no liability for any actions taken or omitted by the Servicer. 
  
 SECTION 2.14. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in
such amount as is customary for servicers engaged in the business of servicing automobile receivables. 
  
 SECTION 2.15. Additional Backup Servicer Duties. No later than the fifth (5th) Business Day after each Remittance Date, the Servicer shall deliver to the Backup Servicer a computer data file including the Monthly Records with respect to
the Receivables for the Settlement Period relating to such Remittance Date (the “Monthly Data Report”). No later than the fifth (5th) Business Day following its receipt from the Servicer of the related Monthly Data Report, the Backup Servicer shall deliver a report to the Servicer and the Agent in which it confirms that such
Monthly Data Report is in a readable format. 
  
 ARTICLE III

  
 THE SERVICER 
  
 SECTION 3.1. Liability of Servicer; Indemnities. 
  
 (a) The Servicer (in its capacity as such) shall be liable hereunder only to
the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer. 
  
 (b) The Servicer shall defend, indemnify and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the Backup Servicer, the Agent, their
respective officers, directors, agents and employees, and the Owners from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of
or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle; 
  
 (c) The Servicer (when the Servicer is AmeriCredit) shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the
Backup Servicer, the Agent, their respective officers, directors, agents and employees, and the Owners from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions contemplated in this
Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and
as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the 
  

 14 

 issuance and original sale of the Note) and costs and expenses in defending against the same. The Servicer (when the
Servicer is not AmeriCredit) shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the Backup Servicer, the Agent, their respective officers, directors, agents and employees, and the Owners from and against
any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any
sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables
and the Other Conveyed Property to the Trust or the issuance and original sale of the Note) and costs and expenses in defending against the same. 
  
 (d) The Servicer shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the Backup Servicer, the Agent, their
respective officers, directors, agents and employees, and the Owners from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was
imposed upon the Trust, the Owner Trustee, the Collateral Agent, the Backup Servicer, the Agent or the Owners by reason of the breach of this Agreement by the Servicer, the gross negligence, misfeasance, or bad faith of the Servicer in the
performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 
  
 (e) AmeriCredit shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the Backup Servicer, the Agent, their
respective officers, directors, agents and employees, and the Owners from and against any loss, liability or expense incurred by reason of the violation by Servicer or AWC of federal or state securities laws in connection with the registration or
the sale of the Securities. This section shall survive the termination of this Agreement, or the earlier removal or resignation of the Owner Trustee, Collateral Agent, Backup Servicer or Agent. 
  
 (f) AmeriCredit shall indemnify the Owner Trustee, the Collateral Agent, the
Agent, their respective officers, directors, agents and employees, against any and all loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the
acceptance or administration of the Trust and the performance of their duties under the Transaction Documents other than if such loss, liability or expense was incurred by the Owner Trustee, the Collateral Agent or the Agent as a result of any such
entity’s willful misconduct, bad faith or gross negligence. 
  
 (g) Indemnification under this Article shall survive the termination of the Transaction Documents or the resignation and removal of the Owner Trustee and shall include, without limitation, reasonable fees and expenses of counsel and
expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer,
without interest. 
  

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 SECTION 3.2. Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup
Servicer. 
  
 (a) AmeriCredit shall not merge or consolidate
with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to AmeriCredit’s business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of AmeriCredit contained in this Agreement and, if the surviving entity shall not be AmeriCredit or the debt rating of AmeriCredit Corp. from
S&P or Moody’s would be lowered as a result of such transaction, shall be acceptable to the Agent in the Agent’s sole discretion. Any corporation (i) into which AmeriCredit may be merged or consolidated, (ii) resulting from any merger
or consolidation to which AmeriCredit shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of AmeriCredit, or (iv) succeeding to the business of AmeriCredit, in any of the foregoing cases shall
execute an agreement of assumption to perform every obligation of AmeriCredit under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to AmeriCredit under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release AmeriCredit
from any obligation. AmeriCredit shall provide notice of any merger, consolidation or succession pursuant to this Section to the Collateral Agent, the Owners, the Agent and each Rating Agency. Notwithstanding the foregoing, AmeriCredit shall not
merge or consolidate with any other Person or permit any other Person to become a successor to AmeriCredit’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.6
shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no Rapid Amortization Event or Potential Rapid Amortization Event shall have occurred and be
continuing, (y) AmeriCredit shall have delivered to the Collateral Agent, Owner Trustee, Backup Servicer, the Rating Agencies and the Agent an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) AmeriCredit shall have delivered to the
Collateral Agent, the Rating Agencies and the Agent an Opinion of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary
to preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (b) Any corporation (i) into which the Backup Servicer may be merged or
consolidated, (ii) resulting from any merger or consolidation to which the Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer, or (iv) succeeding to the
business of the Backup Servicer, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the
successor to the Backup Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however,
that nothing contained herein shall be deemed to release the Backup Servicer from any obligation. 
  

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 SECTION 3.3. Limitation on Liability of Servicer, Backup Servicer and Others. 
  
 (a) None of AmeriCredit, the Backup Servicer or any of the directors or
officers or employees or agents of AmeriCredit or Backup Servicer shall be under any liability to the Trust or the Secured Parties, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant
to this Agreement; provided, however, that this provision shall not protect AmeriCredit, the Backup Servicer or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful
misfeasance, bad faith or gross negligence (excluding errors in judgment) in the performance of duties; provided further that this provision shall not affect any liability to indemnify the Collateral Agent and the Owner Trustee for costs, taxes,
expenses, claims, liabilities, losses or damages paid by the Collateral Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the Backup Servicer and any director, officer, employee or agent of AmeriCredit or Backup Servicer may
rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
  
 (b) The Backup Servicer shall not be liable for any obligation of the
Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its
obligations hereunder, and the Owner Trustee, the Collateral Agent, the Agent, the Backup Servicer, AWC and the Owners shall look only to the Servicer to perform such obligations. The Backup Servicer, Collateral Agent, the Owner Trustee, the Agent
and the Custodian shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under this Agreement if such failure or delay
results from the Backup Servicer acting in accordance with information prepared or supplied by a Person other than the Backup Servicer (or contractual agents) or the failure of any such other Person to prepare or provide such information. The Backup
Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer or the Owner Trustee, (ii) any inaccuracy or
omission in a notice or communication received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any
representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer. 
  
 (c) The parties expressly acknowledge and consent to Wells Fargo Bank, National Association acting in the possible dual capacity of Backup Servicer or
successor Servicer and in the capacity as Collateral Agent. Wells Fargo Bank, National Association may, in such dual or other capacity, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of
loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance Wells Fargo Bank, National Association of express duties set forth in the this Agreement in any of such capacities,

  

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 all of which defenses, claims or assertions are hereby expressly waived by the other parties hereto and the Owners except
in the case of gross negligence and willful misconduct by Wells Fargo Bank, National Association. 
  
 SECTION 3.4. Delegation of Duties. The Servicer may delegate duties under this Agreement to an Affiliate of AmeriCredit with the prior written
consent of the Agent; provided, that the Servicer may delegate its duties hereunder with respect to the servicing of and collections on certain Receivables to AmeriCredit Financial Services of Canada Ltd. without first obtaining the consent
of the Agent or any other Person. The Servicer also may at any time perform through sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles’ insurance and (iii) pursuing the collection of
deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Agent and may perform other specific duties through such sub-contractors in accordance with Servicer’s customary servicing policies and procedures.
Neither AmeriCredit nor any party acting as Servicer hereunder shall appoint any subservicer hereunder without the prior written consent of the Agent. Notwithstanding anything herein to the contrary, no delegation or sub-contracting by the Servicer
of any of its duties hereunder shall relieve the Servicer of its responsibility with respect to such duties. 
  
 SECTION 3.5. Servicer and Backup Servicer Not to Resign. Subject to the provisions of Section 3.2, neither the Servicer nor the Backup Servicer
shall resign from the obligations and duties imposed on it by this Agreement as Servicer or Backup Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this Agreement would cause
it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer or the Backup Servicer, as the case may be, and the Agent does not elect to waive the obligations of the Servicer or the Backup
Servicer, as the case may be, to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer or Backup Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered and acceptable to the Agent. No resignation of the Servicer shall become effective until the Backup Servicer or an entity acceptable to the Agent shall have assumed the responsibilities and obligations of
the Servicer. No resignation of the Backup Servicer shall become effective until, an entity acceptable to the Agent shall have assumed the responsibilities and obligations of the Backup Servicer; provided, however, that (i) in the event a successor
Backup Servicer is not appointed within 60 days after the Backup Servicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer may petition a court for its removal, (ii) the Backup
Servicer may resign with the written consent of the Agent and (iii) if Wells Fargo Bank, National Association resigns as the Collateral Agent under the Security Agreement it will no longer be the Backup Servicer. 
  
 SECTION 3.6. Administrative Duties of AmeriCredit; Duties with Respect to
the Transaction Documents. (a) AmeriCredit shall perform the duties of the Trust under the Transaction Documents. In furtherance of the foregoing, AmeriCredit shall consult with the Owner Trustee as AmeriCredit deems appropriate regarding the
duties of the Trust under the Transaction Documents. AmeriCredit shall monitor the performance of the Trust and shall advise the Owner Trustee when action is necessary to comply with the Trust’s duties under the Transaction Documents.
AmeriCredit shall prepare for execution by the Owner Trustee or shall 
  

 18 

 cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Trust or the Owner Trustee to prepare, file or deliver pursuant to the Transaction Documents. 
  
 (b) Duties with Respect to the Trust. 
  
 (i) In addition to the duties of the Servicer set forth in this Agreement or any of the Transaction Documents, AmeriCredit shall perform
such calculations and shall prepare, or shall cause the preparation, for execution by the Owner Trustee or other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust
to prepare, file or deliver pursuant to state and federal tax and securities laws. AmeriCredit shall administer, perform or supervise the performance of such other activities in connection with the Trust as are not covered by any of the foregoing
provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of AmeriCredit. 
  
 (ii) Notwithstanding anything in this Agreement or any of the Transaction Documents to the contrary, AmeriCredit shall be responsible for
promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Trust’s payments (or allocations of income) to an Owner. Any such notice shall be in writing and specify the amount of any withholding tax required to
be withheld by the Owner Trustee pursuant to such provision. 
  
 (c) Records. AmeriCredit shall maintain appropriate books of account and records relating to services performed under this Agreement and as required by the Transaction Documents, which books of account and records shall be accessible
for inspection by the Owner Trustee at any time during normal business hours. 
  
 (d) Additional Information to be Furnished to the Trust. AmeriCredit shall furnish to the Owner Trustee from time to time such additional information regarding the Trust or the Transaction Documents as
the Owner Trustee shall reasonably request. 
  
 ARTICLE IV

  
 SERVICER TERMINATION 
  
 SECTION 4.1. Servicer Event of Default. For purposes of this
Agreement, each of the following shall constitute a “Servicer Event of Default”: 
  
 (a) Any failure by the Servicer to make any payment, transfer or deposit for the benefit of the Secured Parties in accordance with the terms of any Transaction Document, which failure continues unremedied for a period
of two (2) Business Days after the Servicer’s obligation to make such payment, transfer or deposit arises; 
  
 (b) Failure on the part of the Servicer to deliver any Servicer’s Certificate pursuant to Section 2.9 duly within one (1) Business Day of the
Determination Date on which such Servicer’s Certificate was due to be delivered; 
  

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 (c) Failure on the part of the Servicer to repurchase any Receivable that it is required to repurchase
pursuant to the terms of any Transaction Document, which failure continues unremedied for a period of two (2) Business Days after the Servicer’s obligation to repurchase such Receivable arises; 
  
 (d) Failure on the part of the Servicer to duly observe the covenant set
forth in Section 3.2; 
  
 (e) Failure on the part of the Servicer
to duly observe or perform any other covenants or agreements of the Servicer set forth in this Agreement or any other Transaction Document, which failure (i) materially adversely affects the Trust or the rights of the Owners, and (ii) continues
unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Collateral Agent; 
  
 (f) Any representation, warranty or statement of the Servicer made in this
Agreement, any other Transaction Document or any certificate, report or other writing delivered pursuant hereto or thereto shall prove to be incorrect in any material respect as of the time when the same shall have been made (excluding, however, any
representation or warranty relating to the characterization of any Receivable as an “Eligible Receivable”), and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust or the Owners and,
within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Collateral Agent or the circumstances or condition in respect of which such representation, warranty or statement was
incorrect shall not have been eliminated or otherwise cured; 
  
 (g) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or
future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or ordering the winding up
or liquidation of the affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or
hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; 
  
 (h) The commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future,
federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of
any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors or the failure by the Servicer generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in
furtherance of any of the foregoing; 
  
 (i) The Servicer shall
materially modify the Credit and Collection Policy, unless 
  

 20 

 it has given the Agent prompt notification of such modification and the Agent has determined in its reasonable discretion
that such modification does not materially and adversely affect the Owners; 
  
 (j) The occurrence of a “Servicer Event of Default”, “Servicer Termination Event” or similarly denominated event under any other agreement pursuant to which AmeriCredit or an Affiliate thereof acts
as servicer with respect to receivables similar to the Receivables and AmeriCredit or such Affiliate is terminated as servicer under such agreement as a result of the occurrence of such event; and 
  
 (k) A Rapid Amortization Event shall have occurred and is continuing.

  
 SECTION 4.2. Consequences of a Servicer Event of
Default. If a Servicer Event of Default shall occur and be continuing, the Agent, by notice given in writing to the Servicer and to the Collateral Agent may terminate all of the rights and obligations of the Servicer under this Agreement. On or
after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Note, the Receivables
or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of the Backup Servicer (or such other successor Servicer appointed by the Collateral Agent); provided,
however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a
third party based on any alleged action or inaction of the terminated Servicer; provided further, that the successor Servicer shall not be obligated to service the Receivables in accordance with the Credit and Collection Policy, but
rather shall be obligated to follow the standards, policies and procedures it follows with respect to all comparable receivables that it services for itself or others. The successor Servicer is authorized and empowered by this Agreement to execute
and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated
Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for
administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and
the delivery to the successor Servicer of all Receivable Files and Monthly Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer or a successor Servicer
to service the Receivables and the Other Conveyed Property. If requested by the Agent, the successor Servicer shall terminate the Lock-Box Agreement and direct the Obligors to make all payments under the Receivables directly to the successor
Servicer (in which event the successor Servicer shall process such payments in accordance with Section 2.2(e)), or to a Lock-Box established by the successor Servicer at the direction of the Agent at the successor Servicer’s expense. The
terminated Servicer shall grant the Collateral Agent, the successor Servicer and the Agent reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 
  

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 SECTION 4.3. Appointment of Successor. 
  
 (a) On and after the time the Servicer receives a notice of termination
pursuant to Section 4.2 or upon the resignation of the Servicer pursuant to Section 3.5, the Backup Servicer shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set forth or
provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement except as
otherwise stated herein. The Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be
subject to upon the occurrence of any Servicer Event of Default applicable to it as Servicer. 
  
 (b) Notwithstanding the above, if the Backup Servicer shall be legally unable to act as Servicer, the Backup Servicer or the Agent may petition a court of competent jurisdiction to appoint any Person as the successor
to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as successor Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a
successor has been appointed and accepted such appointment. Subject to Section 3.5, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as successor Servicer upon the termination of the
Servicer pursuant to Section 4.2 or the resignation of the Servicer pursuant to Section 3.5. If upon the termination of the Servicer pursuant to Section 4.2 or the resignation of the Servicer pursuant to Section 3.5, the Collateral Agent appoints a
successor Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. 
  
 (c) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have
been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder. If any successor Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as
Servicer although it is legally able to do so, the Agent and such successor Servicer may agree on reasonable additional compensation to be paid to such successor Servicer by the Backup Servicer, which additional compensation shall be paid by such
breaching Backup Servicer in its individual capacity and solely out of its own funds; provided, however, it being understood and agreed that the Agent shall give prior notice to the Backup Servicer with respect to the appointment of
such successor and the payment of additional compensation, if any. If any successor Servicer is appointed for any reason other than the Backup Servicer’s refusal to act as Servicer although legally able to do so, the Backup Servicer shall not
be liable for any Servicing Fee, additional compensation or other amounts to be paid to such successor Servicer in connection with its assumption and performance of the servicing duties described herein. 
  

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 SECTION 4.4. Notification to Owners. Upon any termination of, expiration of the term of or
appointment of a successor to, the Servicer, the Collateral Agent shall give prompt written notice thereof to each Secured Party and to the Rating Agencies. 
  
 SECTION 4.5. Waiver of Past Defaults. The Agent may, on behalf of all Secured Parties, waive any default by the Servicer in the performance of its
obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No
such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
  
 ARTICLE V 
  
 THE CUSTODIAN 
  
 SECTION 5.1. Appointment of
Custodian; Acknowledgment of Receipt. Subject to the terms and conditions hereof, the Collateral Agent hereby revocably appoints the Custodian and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Collateral
Agent (for the benefit of the Secured Parties) to maintain exclusive custody of the Receivable Files relating to the Receivables from time to time held as part of the Collateral; provided, however, that neither the Collateral Agent nor
any Secured Party shall be responsible for the acts or omissions of the Custodian. In performing its duties hereunder, the Custodian agrees to act with that degree of care, skill and attention that a commercial bank acting in the capacity of a
custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for itself or others, and, in any event, to exercise at least that degree of care, skill and attention that it exercises
with respect to its own assets. The Custodian, as of each Funding Date with respect to the Receivables sold or contributed on such date, hereby acknowledges receipt of the Receivable File for each Receivable listed in the Schedules of Receivables
attached to the related Supplement, subject to any exceptions noted on the applicable Custodian’s Acknowledgment. As evidence of its acknowledgement of such receipt of such Receivables Files, the Custodian shall execute and deliver on each
Borrowing Date with respect to the Receivables sold or contributed on such date, the Custodian’s Acknowledgement in the form attached hereto as Schedule A. 
  

SECTION 5.2. Maintenance of Receivables Files at Office. The Custodian agrees to maintain the Receivable Files at 4001 Embarcadero Drive,
Arlington, Texas 76014 or at such other office as shall from time to time be identified to the Collateral Agent and the Agent, and the Custodian will hold the Receivable Files in such office on behalf of the Collateral Agent (for the benefit of the
Secured Parties), clearly identified on its records as being separate from any other instruments and files, including other instruments and files held by the Custodian, and in compliance with Section 5.3(b) hereof. 
  
 SECTION 5.3. Duties of Custodian. 
  
 (a) Safekeeping. The Custodian shall hold the Receivable Files on
behalf of the Collateral Agent (for the benefit of the Secured Parties) clearly identified as being separate from 
  

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 all other files or records maintained by the Custodian, whether at the same or any other location, and shall maintain
such accurate and complete accounts, records or computer systems pertaining to each Receivable File as are required to comply with the terms and conditions of the Security Agreement. Each Receivable shall be identified on the books and records of
the Custodian in a manner that (i) is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that the Receivables are held by the Custodian on behalf of the
Collateral Agent and (iii) is otherwise necessary, as reasonably determined by the Custodian, to comply with the terms of this Agreement. The Custodian shall conduct, or cause to be conducted, periodic physical inspections of the Receivable Files
held by it under this Agreement, and of the related accounts, records and computer systems, in such a manner as shall enable the Collateral Agent, the Agent and the Custodian to verify the accuracy of the Custodian’s inventory and
recordkeeping. Such inspections shall be conducted at such times, in such manner and by such persons, including, without limitation, independent accountants, as the Collateral Agent or the Agent may request and the cost of such inspections shall be
borne by the Custodian. The Custodian shall promptly report to the Collateral Agent and the Agent any failure on the Custodian’s part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and
the Custodian shall promptly take appropriate action to remedy any such failure. Notwithstanding the above, upon a Servicer Event of Default, on or prior to each Borrowing Date, with respect to the Receivables sold on such dates, the Custodian shall
make copies or other electronic file records (e.g., diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall deliver such Copies to the Collateral Agent and the Collateral Agent shall hold such Copies on behalf
of the Secured Parties. Subject to Section 5.3(c) hereof, the Custodian shall at all times maintain the original of the fully executed original retail installment sales contract or promissory note and of the Lien Certificate or application
therefore, if no such Lien Certificate has yet been issued, relating to each Receivable in a fire proof vault. 
  
 (b) Access to Records. The Custodian shall, subject only to the Custodian’s security requirements applicable to its own employees having
access to similar records held by the Custodian, which requirements shall be consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, and at such times as may be reasonably
imposed by the Custodian, permit only the Backup Servicer and the Collateral Agent or their duly authorized representatives, attorneys or auditors to inspect the Receivable Files and the related accounts, records, and computer systems maintained by
the Custodian pursuant hereto at such times as any of the Backup Servicer or the Collateral Agent may reasonably request. 
  
 (c) Release of Documents. The Custodian shall release such Receivable in the Receivable Files to the Servicer only (1) upon payment in full of such
Receivable or (2) as required from time to time as appropriate for servicing and enforcing any Receivable but, in the case of clause (1) or (2), only as is consistent with the terms of the Note Purchase Agreement and the Security Agreement.

  
 (d) Administration; Reports. The Custodian shall, in
general, attend to all ministerial matters in connection with maintaining custody of the Receivable Files on behalf of the Collateral Agent. In addition, the Custodian shall assist the Collateral Agent or the Servicer, as the case may be, in the
preparation of any routine reports to Secured Parties or to regulatory bodies, to the extent necessitated by the Custodian’s custody of the Receivable Files. 
  

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 (e) Review of Lien Certificates. Upon the written request of the Agent, the Custodian shall
deliver to the Collateral Agent, within 2 days of such request, a listing of all Receivables with respect to which a Lien Certificate, showing AmeriCredit (or a Titled Third-Party Lender) as secured party, was not included in the related Receivable
File as of the date of such request. 
  
 SECTION 5.4.
Instructions; Authority to Act. The Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Collateral Agent. Such
instructions may be general or specific in terms. 
  
 SECTION 5.5.
Custodian Fee. For its services under this Agreement, the Custodian shall be entitled to reasonable compensation to be paid by the Servicer. 
  
 SECTION 5.6. Indemnification by the Custodian. The Custodian agrees to indemnify the Secured Parties, the Trust, the Agent, the Owner Trustee and
the Collateral Agent for any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or asserted against any of the Secured
Parties, the Trust, the Agent, the Owner Trustee and the Collateral Agent as the result of any act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files or any default by the Custodian of its
obligations hereunder; provided, however, that the Custodian shall not be liable to any party indemnified hereunder for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses as are due to the
willful misfeasance, bad faith or gross negligence of such indemnified party. 
  
 SECTION 5.7. Advice of Counsel. The Custodian shall be entitled to rely and act upon advice of counsel with respect to its performance hereunder as custodian and shall be without liability for any action
reasonably taken in good faith pursuant to such advice, provided that such action is not in violation of applicable federal or state law. 
  
 SECTION 5.8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. The appointment of the Custodian hereunder shall
become effective as of the date hereof and shall continue in full force and effect until terminated as hereinafter provided. This appointment of the Custodian may be terminated by either the Collateral Agent, the Agent or the Custodian by giving
written notice to the other parties, such termination to take effect no sooner than thirty (30) days after the date of such notice in the case of a termination by the Collateral Agent or the Agent (which thirty (30) day period may be shorter as set
forth in the notice of termination in the case of a Servicer Event of Default) or ninety (90) days after the date of such notice in the case of a termination by the Custodian; provided, so long as AmeriCredit is Custodian, the Custodian shall
not resign from the obligations and duties imposed on it by this Agreement, except upon a determination that by reason of a change in legal requirements, the performance of its duties under this Agreement would cause it to be in violation of such
legal requirements in a manner which would have a material adverse effect on it and the Agent does 
  

 25 

 not elect to waive the obligations of the Custodian to perform the duties which render it legally unable to act or to
delegate those duties to another Person; provided, further, that any such determination permitting the resignation of the Custodian shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Agent and
the Collateral Agent. So long as AmeriCredit is serving as Custodian, any termination of AmeriCredit as Servicer hereunder shall terminate AmeriCredit as Custodian under this Agreement; provided, that AmeriCredit shall continue to serve as
Custodian under this Agreement until such time as all Receivables Files have been delivered to the Collateral Agent pursuant to the terms of this Section. Immediately after receipt of notice of termination of this Agreement, the Custodian shall
deliver the Receivable Files to the Collateral Agent on behalf of the Secured Parties, at such place or places as the Collateral Agent may designate, and the Collateral Agent, or its agent, as the case may be, shall act as custodian for such
Receivables Files on behalf of the Owners until such times as a successor custodian has been appointed by the Collateral Agent. (For the avoidance of doubt, during any such period, the Collateral Agent shall be acting in its capacity as Collateral
Agent, including the standard of care and liability in such capacity, and not as a successor “Custodian” hereunder.) If, within forty-eight (48) hours after its termination as Custodian, the Custodian has not delivered the
Receivable Files in accordance with the preceding sentence, the Custodian will permit the Collateral Agent to enter the premises of the Custodian and remove the Receivable Files from such premises. In connection with the administration of this
Agreement, the parties may agree from time to time upon the interpretation of the provisions of this Agreement as may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any such interpretation to be signed by
all parties and annexed hereto. 
  
 SECTION 5.9.
Representations, Warranties and Covenants of Custodian. 
  
 (a) The Custodian hereby represents and warrants to, and covenants with, the Collateral Agent that as of the date hereof and as of each Funding Date: 
  

(i) The Custodian is duly organized, validly existing and in good standing under the laws of the state of its incorporation;

  
 (ii) The Custodian has the full power and
authority to hold each Receivable File on behalf of the Collateral Agent, and to execute, deliver and perform, and to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and
performance of this Agreement, has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the Custodian, enforceable against it in accordance with its terms, except as enforcement of such
terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies; 
  
 (iii) The consummation of the transactions contemplated by this Agreement and the Transaction Documents to
which the Custodian is a party, and the fulfillment of the terms of this Agreement and the Transaction Documents to which the Custodian is a party, does not conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Custodian, or any indenture, agreement, mortgage, deed of 
  

 26 

 trust or other instrument to which the Custodian is a party or by which it is bound, or result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to
the Custodian of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Custodian or any of its properties and do not require any action by or require the
consent of or the filing of any notice with any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Custodian or any of its properties or other Person; 
  
 (iv) There is no litigation pending or, to the
Custodian’s knowledge, threatened, which if determined adversely to the Custodian, would adversely affect the execution, delivery or enforceability of this Agreement, or any of the duties or obligations of the Custodian thereunder, or which
would have a material adverse effect on the financial condition of the Custodian; 
  
 (v) No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Custodian of or compliance by the Custodian with this Agreement or the consummation of the transactions contemplated hereby or thereby; 
  
 (vi) Upon written request of the Collateral Agent or the Agent, the Custodian shall take such steps as requested by the Collateral Agent
or the Agent to protect or maintain any interest in any Receivable; and 
  
 (vii) The Custodian has not been notified by any party that any third party claims an interest in the Receivables or is requesting the Custodian to act as a bailee with respect to the Receivables Files, except such
interests that are created under the Master Receivables Purchase Agreement, the Security Agreement, the Note Purchase Agreement and any Supplement. 
  
 (b) The Custodian covenants and warrants to the Collateral Agent and each of the Secured Parties that as of the date of each Custodian’s
Acknowledgment: (i) it holds no adverse interest, by way of security or otherwise, in any Receivable or Receivable File; and (ii) the execution of this Agreement and the creation of the custodial relationship hereunder does not create any interest,
by way of security or otherwise, of the Custodian in or to any Receivable or Receivable File, other than the Custodian’s rights as custodian hereunder. 
  
 (c) The Custodian shall, at its own expense, maintain at all times during the existence of this Agreement and keep in full force and effect, a Fidelity
Bond and Errors and Omissions Policy of a type and in such amount as is customary for custodians engaged in the business of acting as custodian of automobile receivables and shall maintain any other similar insurance policies that are customarily
maintained by custodians engaged in the business of acting as custodian of automobile receivables. A certificate of the respective insurer as to each such policy or a blanket policy for such coverage shall be furnished to the Collateral Agent and
the Agent containing the insurer’s statement or endorsement that such insurance shall not terminate prior to receipt by such party, by certified mail, of ten (10) days advance notice thereof. 
  

 27 

 ARTICLE VI 
  
 MISCELLANEOUS 
  
 SECTION 6.1. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving
effect to the conflict of law provisions thereof. 
  
 SECTION 6.2.
Notices. All demands, notices and communications hereunder shall be in writing (including bank wire, telex, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other party at its address or telecopy
number set forth below or at such other address or telecopy number as such party may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective (i) if given by telecopy, when such telecopy
is transmitted to the telecopy number specified in this Section and confirmation is received, (ii) if given by mail three (3) Business Days following such posting, if postage prepaid, or if sent via U.S. certified or registered mail, (iii) if given
by overnight courier, one (1) Business Day after deposit thereof with a national overnight courier service, or (iv) if given by any other means, when received at the address specified in this Section. 
  
 If to the Trust: 
  
 AmeriCredit Repurchase Trust 
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Asset Backed Securities Administration 
  
 with a copy to: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street - Suite 3900 
 Fort Worth, Texas 76102 
 Attention: Chief Financial Officer 
  
 Telephone: (817) 302-7022 
 Telecopy: (817) 302-7942 
  

 28 

 If to the Servicer or the Custodian: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street - Suite 3900 
 Fort Worth, Texas 76102 
 Attention: Chief Financial Officer 
  
 Telephone: (817) 302-7022 
 Telecopy: (817) 302-7942 
  
 If to the Agent: 
  
 Barclays Bank PLC 
 200 Park Avenue 
 New York, New York 10166 
 Attention: Asset Securitization Group 
  
 Telephone: (212) 412-3266 
 Telecopy: (212) 412-6846 
  
 If to
the Collateral Agent: 
  
 Wells Fargo Bank,
National Association 
 Sixth Street and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Asset Backed Securities Administration 
  
 Telephone: (612) 667-8058 
 Telecopy: (612) 667-3464 
  
 SECTION 6.3. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. In addition, each of the Secured Parties shall be a third party
beneficiary hereof. Concurrently with the appointment of a successor Collateral Agent under the Security Agreement, the parties hereto shall amend this Agreement to make said Collateral Agent, the successor to the Collateral Agent hereunder.

  
 SECTION 6.4. Severability. Any provision of this
Agreement that is 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 provision in any other jurisdiction. 
  
 SECTION 6.5. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 29 

 SECTION 6.6. 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 Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Trust, 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 Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for
binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, 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 Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses
of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other Transaction Documents; provided, however, that no provision
of this Agreement shall be construed to relieve the Owner Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, its action in bad faith or its own willful misconduct. 
  

 30 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and
on its behalf by a duly authorized officer on the day and year first above written. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

	 solely in its capacities as Collateral Agent
 and Backup Servicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT FINANCIAL SERVICES, INC.,

	 as Servicer and Custodian

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 BARCLAYS BANK PLC,

	 as Agent

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT REPURCHASE TRUST

	 By:
	 	 WILMINGTON TRUST COMPANY,

	 	 	 not in its individual capacity but solely

	 	 	 as Owner Trustee

	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 [Servicing and
Custodian Agreement] 
  

 31 

 EXHIBIT A 
  

Form of Servicer’s Certificate 

 SCHEDULE A 
  

FORM OF CUSTODIAN’S ACKNOWLEDGMENT 
  
 AmeriCredit Financial Services, Inc. (the “Custodian”), acting as Custodian under a Servicing and Custodian Agreement, dated as of August
19, 2004 (the “Servicing and Custodian Agreement”), between the Custodian, AmeriCredit Repurchase Trust, Wells Fargo Bank, National Association, as Collateral Agent, and Barclays Bank PLC, as Agent, pursuant to which the Custodian holds on
behalf of the Secured Parties certain Receivable Files (as defined in the Servicing and Custodian Agreement), hereby acknowledges receipt of the Receivable File for each Receivable listed in the Schedules of Receivables attached as Exhibits to the
Supplements to the Receivables Purchase Agreement, dated [insert date of the relevant Supplement], except as noted in the Exception List attached as Schedule I hereto. 
  
 IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc., has caused this acknowledgment to be executed by its duly
authorized officer as of this [    ] day of [            ], [            ]. 

 

			
	 AMERICREDIT FINANCIAL SERVICES, INC.
 as Custodian
  

	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 SCHEDULE I 
  
 Custodian Exception List

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