Document:

exv4w1

 

Exhibit 4.1

EXECUTION COPY

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M

Class A-1 1.06% Asset Backed Notes

Class A-2 1.45% Asset Backed Notes

Class A-3 2.07% Asset Backed Notes

Class A-4 2.67% Asset Backed Notes

INDENTURE

Dated as of April 5, 2004

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee and Trust Collateral Agent

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	3	 
	 
	 	SECTION 1.1	 	Definitions	 	 	3	 
	 
	 	SECTION 1.2	 	Incorporation by Reference of Trust Indenture Act	 	 	10	 
	 
	 	SECTION 1.3	 	Rules of Construction	 	 	11	 
	ARTICLE II THE NOTES	 	 	11	 
	 
	 	SECTION 2.1	 	Form	 	 	11	 
	 
	 	SECTION 2.2	 	Execution, Authentication and Delivery	 	 	12	 
	 
	 	SECTION 2.3	 	Temporary Notes	 	 	12	 
	 
	 	SECTION 2.4	 	Registration; Registration of Transfer and Exchange	 	 	13	 
	 
	 	SECTION 2.5	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	14	 
	 
	 	SECTION 2.6	 	Persons Deemed Owner	 	 	15	 
	 
	 	SECTION 2.7	 	Payment of Principal and Interest; Defaulted Interest.	 	 	15	 
	 
	 	SECTION 2.8	 	Cancellation	 	 	16	 
	 
	 	SECTION 2.9	 	Release of Collateral	 	 	17	 
	 
	 	SECTION 2.10	 	Book-Entry Notes	 	 	17	 
	 
	 	SECTION 2.11	 	Notices to Clearing Agency	 	 	18	 
	 
	 	SECTION 2.12	 	Definitive Notes	 	 	18	 
	ARTICLE III COVENANTS	 	 	18	 
	 
	 	SECTION 3.1	 	Payment of Principal and Interest	 	 	18	 
	 
	 	SECTION 3.2	 	Maintenance of Office or Agency	 	 	18	 
	 
	 	SECTION 3.3	 	Money for Payments to be Held in Trust	 	 	19	 
	 
	 	SECTION 3.4	 	Existence	 	 	20	 
	 
	 	SECTION 3.5	 	Protection of Trust Estate	 	 	20	 
	 
	 	SECTION 3.6	 	Opinions as to Trust Estate.	 	 	21	 
	 
	 	SECTION 3.7	 	Performance of Obligations; Servicing of Receivables.	 	 	22	 
	 
	 	SECTION 3.8	 	Negative Covenants	 	 	22	 
	 
	 	SECTION 3.9	 	Annual Statement as to Compliance	 	 	23	 
	 
	 	SECTION 3.10	 	Issuer May Consolidate, Etc. Only on Certain Terms.	 	 	23	 
	 
	 	SECTION 3.11	 	Successor or Transferee.	 	 	25	 
	 
	 	SECTION 3.12	 	No Other Business	 	 	26	 
	 
	 	SECTION 3.13	 	No Borrowing	 	 	26	 
	 
	 	SECTION 3.14	 	Servicer’s Obligations	 	 	26	 
	 
	 	SECTION 3.15	 	Guarantees, Loans, Advances and Other Liabilities	 	 	26	 
	 
	 	SECTION 3.16	 	Capital Expenditures	 	 	26	 
	 
	 	SECTION 3.17	 	Compliance with Laws	 	 	26	 
	 
	 	SECTION 3.18	 	Restricted Payments	 	 	26	 
	 
	 	SECTION 3.19	 	Notice of Events of Default	 	 	27	 
	 
	 	SECTION 3.20	 	Further Instruments and Acts	 	 	27	 
	 
	 	SECTION 3.21	 	Amendments of Sale and Servicing Agreement and Trust Agreement	 	 	27	 
	 
	 	SECTION 3.22	 	Income Tax Characterization	 	 	27	 
	ARTICLE IV SATISFACTION AND DISCHARGE	 	 	27	 
	 
	 	SECTION 4.1	 	Satisfaction and Discharge of Indenture	 	 	27	 
	 
	 	SECTION 4.2	 	Application of Trust Money	 	 	28	 
	 
	 	SECTION 4.3	 	Repayment of Moneys Held by Note Paying Agent	 	 	29	 
	ARTICLE V REMEDIES	 	 	29	 
	 
	 	SECTION 5.1	 	Events of Default	 	 	29	 
	 
	 	SECTION 5.2	 	Rights Upon Event of Default.	 	 	30	 

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	 	SECTION 5.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	 	 	32	 
	 
	 	SECTION 5.4	 	Remedies.	 	 	34	 
	 
	 	SECTION 5.5	 	Optional Preservation of the Receivables	 	 	35	 
	 
	 	SECTION 5.6	 	Priorities.	 	 	35	 
	 
	 	SECTION 5.7	 	Limitation of Suits	 	 	36	 
	 
	 	SECTION 5.8	 	Unconditional Rights of Noteholders To Receive Principal and Interest	 	 	37	 
	 
	 	SECTION 5.9	 	Restoration of Rights and Remedies	 	 	37	 
	 
	 	SECTION 5.10	 	Rights and Remedies Cumulative	 	 	37	 
	 
	 	SECTION 5.11	 	Delay or Omission Not a Waiver	 	 	37	 
	 
	 	SECTION 5.12	 	Control by Noteholders	 	 	37	 
	 
	 	SECTION 5.13	 	Waiver of Past Defaults	 	 	38	 
	 
	 	SECTION 5.14	 	Undertaking for Costs	 	 	38	 
	 
	 	SECTION 5.15	 	Waiver of Stay or Extension Laws	 	 	39	 
	 
	 	SECTION 5.16	 	Action on Notes	 	 	39	 
	 
	 	SECTION 5.17	 	Performance and Enforcement of Certain Obligations.	 	 	39	 
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT	 	 	40	 
	 
	 	SECTION 6.1	 	Duties of Trustee.	 	 	40	 
	 
	 	SECTION 6.2	 	Rights of Trustee.	 	 	41	 
	 
	 	SECTION 6.3	 	Individual Rights of Trustee	 	 	43	 
	 
	 	SECTION 6.4	 	Trustee’s Disclaimer	 	 	43	 
	 
	 	SECTION 6.5	 	Notice of Defaults	 	 	43	 
	 
	 	SECTION 6.6	 	Reports by Trustee to Holders	 	 	43	 
	 
	 	SECTION 6.7	 	Compensation and Indemnity.	 	 	43	 
	 
	 	SECTION 6.8	 	Replacement of Trustee	 	 	44	 
	 
	 	SECTION 6.9	 	Successor Trustee by Merger	 	 	45	 
	 
	 	SECTION 6.10	 	Appointment of Co-Trustee or Separate Trustee.	 	 	46	 
	 
	 	SECTION 6.11	 	Eligibility: Disqualification.	 	 	47	 
	 
	 	SECTION 6.12	 	Preferential Collection of Claims Against Issuer	 	 	47	 
	 
	 	SECTION 6.13	 	Appointment and Powers	 	 	47	 
	 
	 	SECTION 6.14	 	Performance of Duties	 	 	48	 
	 
	 	SECTION 6.15	 	Limitation on Liability	 	 	48	 
	 
	 	SECTION 6.16	 	Reliance Upon Documents	 	 	48	 
	 
	 	SECTION 6.17	 	Successor Trust Collateral Agent.	 	 	49	 
	 
	 	SECTION 6.18	 	Compensation	 	 	50	 
	 
	 	SECTION 6.19	 	Representations and Warranties of
the Trust Collateral Agent and the Issuer	 	 	50	 
	 
	 	SECTION 6.20	 	Waiver of Setoffs	 	 	51	 
	 
	 	SECTION 6.21	 	Control by the Controlling Party	 	 	51	 
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	 	 	51	 
	 
	 	SECTION 7.1	 	Issuer To Furnish To Trustee Names and Addresses of Noteholders	 	 	51	 
	 
	 	SECTION 7.2	 	Preservation of Information; Communications to Noteholders.	 	 	51	 
	 
	 	SECTION 7.3	 	Reports by Issuer.	 	 	52	 
	 
	 	SECTION 7.4	 	Reports by Trustee	 	 	52	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	 	 	52	 
	 
	 	SECTION 8.1	 	Collection of Money	 	 	52	 
	 
	 	SECTION 8.2	 	Release of Trust Estate.	 	 	53	 
	 
	 	SECTION 8.3	 	Opinion of Counsel	 	 	53	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	 	 	54	 
	 
	 	SECTION 9.1	 	Supplemental Indentures Without Consent of Noteholders.	 	 	54	 
	 
	 	SECTION 9.2	 	Supplemental Indentures with Consent of Noteholders	 	 	55	 
	 
	 	SECTION 9.3	 	Execution of Supplemental Indentures	 	 	56	 
	 
	 	SECTION 9.4	 	Effect of Supplemental Indenture	 	 	56	 
	 
	 	SECTION 9.5	 	Conformity With Trust Indenture Act	 	 	57	 

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	 	SECTION 9.6	 	Reference in Notes to Supplemental Indentures	 	 	57	 
	ARTICLE X REDEMPTION OF NOTES	 	 	57	 
	 
	 	SECTION 10.1	 	Redemption.	 	 	57	 
	 
	 	SECTION 10.2	 	Form of Redemption	 	 	58	 
	 
	 	SECTION 10.3	 	Notes Payable on Redemption Date	 	 	58	 
	ARTICLE XI MISCELLANEOUS	 	 	59	 
	 
	 	SECTION 11.1	 	Compliance Certificates and Opinions, etc	 	 	59	 
	 
	 	SECTION 11.2	 	Form of Documents Delivered to Trustee	 	 	60	 
	 
	 	SECTION 11.3	 	Acts of Noteholders.	 	 	61	 
	 
	 	SECTION 11.4	 	Notices, etc., to Trustee, Issuer and Rating Agencies	 	 	62	 
	 
	 	SECTION 11.5	 	Notices to Noteholders; Waiver	 	 	63	 
	 
	 	SECTION 11.6	 	[Reserved]	 	 	63	 
	 
	 	SECTION 11.7	 	Conflict with Trust Indenture Act	 	 	63	 
	 
	 	SECTION 11.8	 	Effect of Headings and Table of Contents	 	 	63	 
	 
	 	SECTION 11.9	 	Successors and Assigns	 	 	64	 
	 
	 	SECTION 11.10	 	Separability	 	 	64	 
	 
	 	SECTION 11.11	 	Benefits of Indenture	 	 	64	 
	 
	 	SECTION 11.12	 	Legal Holidays	 	 	64	 
	 
	 	SECTION 11.13	 	GOVERNING LAW	 	 	64	 
	 
	 	SECTION 11.14	 	Counterparts	 	 	64	 
	 
	 	SECTION 11.15	 	Recording of Indenture	 	 	65	 
	 
	 	SECTION 11.16	 	Trust Obligation	 	 	65	 
	 
	 	SECTION 11.17	 	No Petition	 	 	65	 
	 
	 	SECTION 11.18	 	Inspection	 	 	65	 
	 
	EXHIBITS	 	 	 	 
	 
	 	EXHIBIT A-1	 	Form of Class A-1 Note	 	 	 	 
	 
	 	EXHIBIT A-2	 	Form of Class A-2 Note	 	 	 	 
	 
	 	EXHIBIT A-3	 	Form of Class A-3 Note	 	 	 	 
	 
	 	EXHIBIT A-4	 	Form of Class A-4 Note	 	 	 	 
	SCHEDULES	 	 	 	 
	 
	 	SCHEDULE A	 	Representations and Warranties of the Issuer	 	 	 	 

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          INDENTURE dated as of April 5, 2004, between AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2004-B-M, a Delaware statutory trust (the “Issuer”), and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as
trustee (the “Trustee”) and Trust Collateral Agent (as defined below).

          Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuer’s Class A-1 1.06%
Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 1.45% Asset Backed
Notes (the “Class A-2 Notes”), the Class A-3 2.07% Asset Backed Notes (the
“Class A-3 Notes”) and the Class A-4 2.67% Asset Backed Notes (the “Class A-4
Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes, the “Notes”).

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

          MBIA Insurance Corporation (the “Security Insurer”) has issued and
delivered a note guaranty insurance policy, dated the Closing Date (with
endorsements, the “Note Policy”), pursuant to which the Security Insurer
guarantees Insured Payments, as defined in the Note Policy.

          As an inducement to the Security Insurer to issue and deliver the Note
Policy, the Issuer and the Security Insurer have executed and delivered the
Insurance Agreement, dated as of April 5, 2004 (as amended from time to time,
the “Insurance Agreement”), among the Security Insurer, the Issuer, the
Trustee, the Trust Collateral Agent, the Backup Servicer, AmeriCredit Financial
Services, Inc. and AFS SenSub Corp.

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

 

 

GRANTING CLAUSE

          The Issuer hereby Grants to the Trust Collateral Agent at the Closing
Date, for the benefit of the Issuer Secured Parties, all of the Issuer’s right,
title and interest in and to (a) the Initial Receivables; (b) an assignment of
the security interests in the Financed Vehicles granted by Obligors pursuant to
the Initial Receivables and any Subsequent Receivables and any other interest
of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the
Initial Receivables and the Subsequent Receivables repurchased by a Dealer,
pursuant to a Dealer Agreement, as a result of a breach of representation or
warranty in the related Dealer Agreement or repurchased by a Third-Party
Lender, pursuant to an Auto Loan Purchase and Sale Agreement, as a result of a
breach of representation or warranty in the related Auto Loan Purchase and Sale
Agreement; (d) all rights under any Service Contracts on the related Financed
Vehicles; (e) any proceeds with respect to the Initial Receivables and the
Subsequent Receivables from claims on any physical damage, credit life or
disability insurance policies covering Financed Vehicles or Obligors and any
proceeds from the liquidation of the Receivables net of those reimbursable
liquidation expenses set forth in Article IV of the Sale and Servicing
Agreement; (f) the Trust Accounts and all funds on deposit from time to time in
the Trust Accounts, and in all investments and proceeds thereof and all rights
of the Issuer therein (including all income thereon); (g) the Issuer’s rights
and benefits, but none of its obligations or burdens, under the Purchase
Agreement and each Subsequent Purchase Agreement, including the delivery
requirements, representations and warranties and the cure and repurchase
obligations of AmeriCredit under the Purchase Agreement; (h) all items
contained in the Receivable Files and any and all other documents that
AmeriCredit keeps on file in accordance with its customary procedures relating
to the Receivables, the Obligors or the Financed Vehicles, (i) the Issuer’s
rights and benefits, but none of its obligations or burdens, under the Sale and
Servicing Agreement (including all rights of the Seller under the Purchase
Agreement, any Subsequent Purchase Agreement and any Subsequent Transfer
Agreement assigned to the Issuer pursuant to the Sale and Servicing
Agreement); and (j) all present and future claims, demands, causes and choses
of action in respect of any or all of the foregoing and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or
all of the foregoing, including all proceeds of the conversion, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and
every kind and other forms of obligations and receivables, instruments and
other property which at any time constitute all or part of or are included in
the proceeds of any of the foregoing (collectively, the “Collateral”).

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

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ARTICLE I

Definitions and Incorporation by Reference

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

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

          “Affiliate” means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any specified Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any person solely because such other Person has
the contractual right or obligation to manage such Person unless such other
Person controls such Person through equity ownership or otherwise.

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

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

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

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

          “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a
day on which the Insurer is closed or (c) a day on which banking institutions
in New York City, Fort Worth, Texas, Wilmington, Delaware or Minneapolis,
Minnesota or in the city in which the corporate trust office of the Trustee
under the Indenture or the Owner Trustee under the Trust Agreement is located
are authorized or obligated by law or executive order to be closed.

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

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

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

          “Class A-1 Interest Rate” means 1.06% per annum (computed on the basis of
a 360-day year and the actual number of days in the related Interest Period).

          “Class A-1 Notes” means the Class A-1 1.06% Asset Backed Notes,
substantially in the form of Exhibit A-1.

          “Class A-1 Prepayment Amount” means, as of the Distribution Date on or
immediately following the last day of the Funding Period, after giving effect
to any transfer of Subsequent Receivables on such date, an amount equal to the
Class A-1 Noteholders’ pro rata share (based on the respective current
outstanding principal balance of each class of Notes) of the Pre-Funded Amount
as of such Distribution Date.

          “Class A-2 Interest Rate” means 1.45% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

          “Class A-2 Notes” means the Class A-2 1.45% Asset Backed Notes,
substantially in the form of Exhibit A-2.

          “Class A-2 Prepayment Amount” means, as of the Distribution Date on or
immediately following the last day of the Funding Period, after giving effect
to any transfer of Subsequent Receivables on such date, an amount equal to the
Class A-2 Noteholders’ pro rata share (based on the respective current
outstanding principal balance of each class of Notes) of the Pre-Funded Amount
as of such Distribution Date.

          “Class A-3 Interest Rate” means 2.07% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

          “Class A-3 Notes” means the Class A-3 2.07% Asset Backed Notes,
substantially in the form of Exhibit A-3.

          “Class A-3 Prepayment Amount” means, as of the Distribution Date on or
immediately following the last day of the Funding Period, after giving effect
to any transfer of Subsequent Receivables on such date, an amount equal to the
Class A-3 Noteholders’ pro rata share (based on the respective current
outstanding principal balance of each class of Notes) of the Pre-Funded Amount
as of such Distribution Date.

          “Class A-4 Interest Rate” means 2.67% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

          “Class A-4 Notes” means the Class A-4 2.67% Asset Backed Notes,
substantially in the form of Exhibit A-4.

          “Class A-4 Prepayment Amount” means, as of the Distribution Date on or
immediately following the last day of the Funding Period, after giving effect
to any transfer of Subsequent Receivables on such date, an amount equal to the
Class A-4 Noteholders’ pro rata

4

 

share (based on the respective current outstanding principal balance of
each class of Notes) of the Pre-Funded Amount as of such Distribution Date.

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

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

          “Closing Date” means April 14, 2004.

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

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

          “Controlling Party” means the Security Insurer, so long as no Insurer
Default shall have occurred and be continuing, and the Trustee, for so long as
an Insurer Default shall have occurred and be continuing.

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

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

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

          “Distribution Amount” means the sum of (a) Available Funds and (b)
Additional Funds Available.

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

          “ERISA” has the meaning specified in Section 2.4.

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

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

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

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

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

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

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

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

6

 

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

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

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

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

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

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

          “Issuer Secured Obligations” means the Insurer Issuer Secured Obligations
and the Trustee Issuer Secured Obligations.

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

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

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

          “Note Paying Agent” means the Trustee or any other Person that meets the
eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the payments to and distributions from the
Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

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

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

          “Notice of Claim” has the meaning specified in the Sale and Servicing
Agreement.

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

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

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

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

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

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

provided, however, that Notes which have been paid with proceeds of the Note
Policy shall continue to remain Outstanding for purposes of this Indenture
until the Security Insurer has been paid as subrogee hereunder or reimbursed
pursuant to the Insurance Agreement as evidenced by a written notice from the
Security Insurer delivered to the Trustee, and the Security Insurer shall be
deemed to be the Holder thereof to the extent of any payments thereon made by
the Security Insurer; provided, further, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder
or under any Basic Document, Notes owned by the Issuer, any other obligor upon
the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Trustee either actually knows to be so owned or has
received written notice thereof shall be so disregarded. Notes so owned that
have

8

 

been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Notes and that the pledgee is not the Issuer, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons.

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

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

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

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

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

          “Record Date” means, with respect to a Distribution Date or Redemption
Date, the close of business on the Business Day immediately preceding such
Distribution Date or Redemption Date.

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

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

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

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of the Trustee or the Trust Collateral Agent customarily performing
functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

          “Sale and Servicing Agreement” means the Sale and Servicing Agreement
dated as of April 5, 2004, among the Issuer, the Seller, the Servicer, the
Trustee as Backup Servicer and Trust Collateral Agent, as the same may be
amended or supplemented from time to time.

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

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

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

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

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

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

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

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

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

          SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and

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made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

          “Commission” means the Securities and Exchange Commission.

          “indenture securities” means the Notes.

          “indenture security holder” means a Noteholder.

          “indenture to be qualified” means this Indenture.

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

          “obligor” on the indenture securities means the Issuer.

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

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

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

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

     (iii) “or” is not exclusive;

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

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

ARTICLE II

The Notes

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

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

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

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

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

          The Trustee shall, upon receipt of the Note Policy and Issuer Order,
authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $224,000,000, Class A-2 Notes for original issue in the
aggregate principal amount of $308,000,000, Class A-3 Notes for original issue
in an aggregate principal amount of $147,000,000 and Class A-4 Notes for
original issue in the aggregate principal amount of $221,000,000. The Class
A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at
any time may not exceed such amounts except as provided in Section 2.5.

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

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

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

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

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amount of Definitive Notes of authorized denominations. Until
so exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

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

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

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

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

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

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

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addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require.

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

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

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

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

14

 

such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred
by the Issuer or the Trustee in connection therewith.

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

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

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

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

          SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.

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

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          (b) The principal of each Note shall be payable in installments on each
Distribution Date, as applicable, as provided in the forms of the Class A-1
Note, the Class A-2 Note, the Class A-3 Note and the Class A-4 Note set forth
in Exhibits A-1, A-2, A-3 and A-4, respectively. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, on the date on which an Event of Default shall
have occurred and be continuing, if the Trustee or the Noteholders representing
not less than a majority of the Outstanding Amount of the Notes have declared
the Notes to be immediately due and payable in the manner provided in Section
5.2. All principal payments on each class of Notes shall be made pro rata to
the Noteholders of such class entitled thereto. Upon written notice from the
Issuer, the Trustee shall notify the Person in whose name a Note is registered
at the close of business on the Record Date preceding the Distribution Date on
which the Issuer expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed or transmitted
by facsimile prior to such final Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2.

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

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

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

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          SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on or
after the Termination Date, release any remaining portion of the Trust Estate
from the lien created by this Indenture and deposit in the Collection Account
any funds then on deposit in any other Trust Account. The Trust Collateral
Agent shall release property from the lien created by this Indenture pursuant
to this Section 2.9 only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting
the applicable requirements of Section 11.1.

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

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

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

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

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

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

     (vi) Note Owners may receive copies of any reports sent to
Noteholders pursuant to this Indenture, upon written request, together
with a certification that they are

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Note Owners and payment of
reproduction and postage expenses associated with the distribution of
such reports, from the Trustee at the Corporate Trust Office.

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

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

ARTICLE III

Covenants

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

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

18

 

Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Trustee as its agent to receive all
such surrenders, notices and demands.

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

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

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

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

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

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

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

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

19

 

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

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

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

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

20

 

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

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

     (iv) enforce any of the Collateral;

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

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

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

          SECTION 3.6 Opinions as to Trust Estate.

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

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

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          SECTION 3.7 Performance of Obligations; Servicing of Receivables.

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

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

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

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

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

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

     (i) except as expressly permitted by this Indenture or the Basic
Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the

22

 

Issuer, including those included in the Trust
Estate, unless directed to do so by the Controlling Party;

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

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

          SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to
the Trustee and the Security Insurer, within 120 days after the end of each
fiscal year of the Issuer (commencing with the fiscal year ended June 30,
2004), and otherwise in compliance with the requirements of TIA Section
314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer
signing such Officer’s Certificate, that

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

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

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

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

     (i) the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any state and shall
expressly assume, by an indenture

23

 

supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee and the
Security Insurer (so long as no Insurer Default shall have occurred and
be continuing), the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be
performed or observed, all as provided herein;

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

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

     (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Trustee and the Security Insurer (so
long as no Insurer Default shall have occurred and be continuing)) to the
effect that such transaction will not have any material adverse tax
consequence to the Trust, the Security Insurer, any Noteholder or the
Certificateholder;

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

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

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

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

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

24

 

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

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

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

     (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Trustee and the Security Insurer (so
long as no Insurer Default shall have occurred and be continuing)) to the
effect that such transaction will not have any material adverse tax
consequence to the Trust, the Security Insurer, any Noteholder or the
Certificateholder;

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

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

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

          SECTION 3.11 Successor or Transferee.

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

25

 

          (b) Upon a conveyance or transfer of all the assets and properties of the
Issuer pursuant to Section 3.10 (b), AmeriCredit Automobile Receivables Trust
2004-B-M will be released from every covenant and agreement of this Indenture
to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Trustee stating that
AmeriCredit Automobile Receivables Trust 2004-B-M is to be so released.

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

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

          SECTION 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10,
4.11 and 5.10 of the Sale and Servicing Agreement.

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

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

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

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

26

 

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

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

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

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

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

ARTICLE IV

Satisfaction and Discharge

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

     (A) either

27

 

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

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

     (i) have become due and payable,

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

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

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

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

     (C) the Issuer has delivered to the Trustee, the Trust
Collateral Agent and the Security Insurer an Officer’s Certificate,
an Opinion of Counsel and if required by the TIA, the Trustee, the
Trust Collateral Agent or the Security Insurer (so long as an
Insurer Default shall not have occurred and be continuing) an
Independent Certificate from a firm of certified public
accountants, each meeting the applicable requirements of Section
11.1(a) and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this
Indenture have been complied with. If the Indenture has been
satisfied and discharged in accordance with the provisions of
Section 4.1(A)(2) then such opinion of counsel shall also include
an opinion that amounts deposited by the Issuer in accordance with
Section 4.1(A)(2) would not be characterized as a voidable
preference.

          SECTION 4.2 Application of Trust Money. All moneys deposited with the
Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by
it, in accordance with the provisions of the Notes, this Indenture and the
other Basic Documents, to the payment, either directly or through any Note
Paying Agent, as the Trustee may determine, to the Holders of the

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particular
Notes for the payment or redemption of which such moneys have been deposited
with the Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

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

ARTICLE V

Remedies

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

     (i) default in the payment of any interest on any Note when the same
becomes due and payable, and such default shall continue for a period of
five days (solely for purposes of this clause, a payment on the Notes
funded by the Security Insurer or the Collateral Agent pursuant to the
Spread Account Agreement shall be deemed to be a payment made by the
Issuer); or

     (ii) default in the payment of the principal of or any installment
of the principal of any Note when the same becomes due and payable
(solely for purposes of this clause, a payment on the Notes funded by the
Security Insurer or the Collateral Agent pursuant to the Spread Account
Agreement shall be deemed to be a payment made by the Issuer); or

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

     (iv) default in the observance or performance of any covenant or
agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is
elsewhere in this Section specifically dealt with), or any representation
or warranty of the Issuer made in this Indenture, in any Basic Document
or in any certificate or any other writing delivered pursuant hereto or
in

29

 

connection herewith proving to have been incorrect in any material
respect as of the time when the same shall have been made, and such
default shall continue or not be cured, or the circumstance or condition
in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 30
days (or for such longer period, not in excess of 90 days, as may be
reasonably necessary to remedy such default; provided that such default
is capable of remedy within 90 days or less and the Servicer on behalf of
the Owner Trustee delivers an Officer’s Certificate to
the Trustee to the effect that the Issuer has commenced, or will
promptly commence and diligently pursue, all reasonable efforts to remedy
such default) after there shall have been given, by registered or
certified mail, to the Issuer by the Trustee or to the Issuer and the
Trustee by the Security Insurer (or, if an Insurer Default shall have
occurred and is continuing, by the Holders of at least 25% of the
Outstanding Amount of the Notes), a written notice specifying such
default or incorrect representation or warranty and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;
or

     (v) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial
part of the Trust Estate in an involuntary case under any applicable
federal or State bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for
any substantial part of the Trust Estate, or ordering the winding-up or
liquidation of the Issuer’s affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or

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

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

          SECTION 5.2 Rights Upon Event of Default.

          (a) If an Insurer Default shall not have occurred and be continuing and an
Event of Default shall have occurred and be continuing, the Trustee shall at
the written direction of the Security Insurer declare that the Notes shall
become immediately due and payable at par, together with accrued interest
thereon. If an Event of Default shall have occurred and be continuing, the
Controlling Party may exercise any of the remedies specified in Section 5.4(a).

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In the event of any acceleration of any Notes by operation of this Section
5.2, the Trustee shall continue to be entitled to make claims under the Note
Policy pursuant to the Sale and Servicing Agreement for Insured Payments on the
Notes. Payments under the Note Policy following acceleration of any Notes
shall be applied by the Trustee:

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

     SECOND: to Noteholders for amounts due and unpaid on the Notes for
principal, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for principal.

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

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

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

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

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

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

     (ii) all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration,
have been cured or waived as provided in Section 5.12.

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

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

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

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

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

          (d) Notwithstanding anything to the contrary contained in this Indenture
(including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the
Issuer fails to perform its obligations under Section 10.1(b) hereof when and
as due, the Trustee shall, at the written direction of the Controlling Party,
or if an Insurer Default shall have occurred and be continuing, at the written
direction of the Noteholders, proceed to protect and enforce its rights and the
rights of the Noteholders by such appropriate proceedings as the Controlling
Party or the Noteholders shall deem most effective to protect and enforce any
such rights, whether for specific

32

 

performance of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law.

          (e) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest
in the Trust Estate, proceedings under Title 11 of the United States Code or any other
applicable federal or State bankruptcy, insolvency or other similar law, or in
case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Trustee, irrespective of whether the principal of
any Notes shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such proceedings or otherwise:

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

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

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

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

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

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

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

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

          SECTION 5.4 Remedies.

          (a) If an Event of Default shall have occurred and be continuing, the
Controlling Party may do one or more of the following (subject to Section 5.5):

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

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

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

     (iv) direct the Trust Collateral Agent to sell the Trust Estate or
any portion thereof or rights or interest therein, at one or more public
or private sales called and conducted in any manner permitted by law;
provided, however, that if the Trustee is the Controlling Party, the
Trustee may not sell or otherwise liquidate the Trust Estate following an
Event of Default unless:

     (A) such Event of Default is of the type described in Section
5.1(i) or (ii); or

     (B) either

34

 

     (x) the Holders of 100% of the Outstanding Amount
of the Notes consent thereto, or

     (y) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to
discharge in full all amounts then due and unpaid upon
such Notes for principal and interest and amounts due
to the Security Insurer, or

     (z) the Trustee determines that the Trust Estate
will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as
they would have become due if the Notes had not been
declared due and payable, and the Trustee provides
prior written notice to the Rating Agencies and obtains
the consent of Holders of 66-2/3% of the Outstanding
Amount of the Notes.

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

          SECTION 5.5 Optional Preservation of the Receivables. If the Trustee is
the Controlling Party and if the Notes have been declared to be due and payable
under Section 5.2 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Trustee may, but need
not, elect to direct the Trust Collateral Agent to maintain possession of the
Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes and amounts due to the Security Insurer, and the Trustee
shall take such desire into account when determining whether or not to direct
the Trust Collateral Agent to maintain possession of the Trust Estate. In
determining whether to direct the Trust Collateral Agent to maintain possession
of the Trust Estate, the Trustee may, but need not, obtain and conclusively
rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

          SECTION 5.6 Priorities.

          (a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or
(2) if an Insurer Default shall have occurred and be continuing, the occurrence
of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or
5.1(vi) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to
Section 10.1(b) of the Sale and Servicing Agreement, the Distribution Amount,
including any money or property collected pursuant to Section 5.4 of this
Indenture and any such Insolvency Proceeds, shall be applied by the Trust
Collateral Agent on the related Distribution Date in the following order of
priority:

     FIRST: amounts due and owing and required to be distributed to the
Servicer (provided there is no Servicer Event of Default), the Lockbox
Bank, the Owner Trustee, the Trustee, Back Up Servicer and the Trust
Collateral Agent, respectively, pursuant to

35

 

priorities (i) and (ii) of
Section 5.7(b) of the Sale and Servicing Agreement and not previously
distributed, in the order of such priorities as set forth therein and
without limitation, preference or priority of any kind within such
priorities;

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

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

     FOURTH: amounts due and owing and required to be distributed to the
Security Insurer pursuant to priority (iv) or (viii) of Section 5.7(b) of
the Sale and Servicing Agreement and not previously distributed); and

     FIFTH: to the Collateral Agent to be applied as provided in the
Spread Account Agreement;

provided that any amounts collected from the Pre-Funding Account or the
Capitalized Interest Account shall be paid, first, for amounts due and unpaid
on the Notes for principal for distribution to Noteholders in accordance with
Section 10.1(b) and, second, in accordance with priorities FIRST through FIFTH
above.

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

          SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

     (i) such Holder has previously given written notice to the Trustee
of a continuing Event of Default;

     (ii) the Holders of not less than 25% of the Outstanding Amount of
the Notes have made written request to the Trustee to institute such
Proceeding in respect of such Event of Default in its own name as Trustee
hereunder;

     (iii) such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in complying with such request;

     (iv) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings;

36

 

     (v) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Notes; and

     (vi) an Insurer Default shall have occurred and be continuing;

it being understood and intended that no one or more Noteholders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other
Noteholders or to obtain or to seek to obtain priority or preference over any
other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

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

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

          SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Controlling Party or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

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

     SECTION 5.12 Control by Noteholders. If the Trustee is the Controlling Party, the Holders of a majority of
the Outstanding Amount of the Notes shall have the right to direct

37

 

the time,
method and place of conducting any Proceeding for any remedy available to the
Trustee with respect to the Notes or exercising any trust or power conferred on
the Trustee; provided that

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

     (ii) subject to the express terms of Section 5.4, any direction to
the Trustee to sell or liquidate the Trust Estate shall be by the
Noteholders representing not less than 100% of the Outstanding Amount of
the Notes;

     (iii) if the conditions set forth in Section 5.5 have been satisfied
and the Trustee elects to retain the Trust Estate pursuant to such
Section, then any direction to the Trustee by Noteholders representing
less than 100% of the Outstanding Amount of the Notes to sell or
liquidate the Trust Estate shall be of no force and effect; and

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

provided, however, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or
otherwise, without receiving indemnity satisfactory to it, or might materially
adversely affect the rights of any Noteholders not consenting to such action.

          SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.4, the
Security Insurer or, if an Insurer Default shall have occurred and be
continuing, the Noteholders of not less than a majority of the Outstanding
Amount of the Notes may waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on any
of the Notes or (b) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each Note. In the
case of any such waiver, the Issuer, the Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereto.

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

          SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Note by such Holder’s acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs and expenses, including reasonable attorneys’ fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but

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the provisions of this Section shall not apply to (a) any suit instituted
by the Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on
or after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date).

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

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

          SECTION 5.17 Performance and Enforcement of Certain Obligations.

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

          (b) If the Trustee is a Controlling Party and if an Event of Default has
occurred and is continuing, the Trustee may, and, at the written direction of
the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to
Article VI, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement,
including the right or power to take any action to compel or secure performance
or observance by the Seller or the Servicer of each of their obligations to the
Issuer thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement, and any
right of the Issuer to take such action shall be suspended.

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ARTICLE VI

The Trustee and the Trust Collateral Agent

          SECTION 6.1 Duties of Trustee.

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

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

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

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

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

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

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

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

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

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

          (f) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of
any of its duties hereunder or in the exercise of any of its rights or powers,
if it shall have reasonable grounds to

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believe that repayment of such funds or
indemnity reasonably satisfactory to it against such risk or liability is not
assured to it.

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

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

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

          (j) The Trustee shall, and hereby agrees that it will, hold the Note
Policy in trust, and will hold any proceeds of any claim on the Note Policy in
trust solely for the use and benefit of the Noteholders.

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

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

          SECTION 6.2 Rights of Trustee.

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

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

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

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

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

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

          (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by the Security Insurer (so
long as no Insurer Default shall have occurred and be continuing) or (if an
Insurer Default shall have occurred and be continuing) by the Noteholders
evidencing not less than 25% of the Outstanding Amount thereof; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of
such investigation is, in the opinion of the Trustee, not reasonably assured to
the Trustee by the security afforded to it by the terms of this Indenture or
the Sale and Servicing Agreement, the Trustee may require reasonable indemnity against
such cost, expense or liability as a condition to so proceeding; the reasonable
expense of every such examination shall be paid by the Person making such
request, or, if paid by the Trustee, shall be reimbursed by the Person making
such request upon demand.

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

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Registrar, the rights and protections
afforded to the Trustee shall be afforded to the Note Paying Agent and Note
Registrar.

          SECTION 6.3 Individual Rights of Trustee. The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Issuer or its Affiliates with the same rights it would
have if it were not Trustee. Any Note Paying Agent, Note Registrar,
co-registrar or co-Note Paying Agent may do the same with like rights.
However, the Trustee must comply with Sections 6.11 and 6.12.

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

          SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is
continuing and if it is either known by, or written notice of the existence
thereof has been delivered to, a Responsible Officer of the Trustee, the
Trustee shall mail to each Noteholder notice of the Default within 90 days
after such knowledge or notice occurs. Except in the case of a Default in
payment of principal of or interest on any Note (including payments pursuant to
the mandatory redemption provisions of such Note), the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the
notice is in the interests of Noteholders.

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

          SECTION 6.7 Compensation and Indemnity.

          (a) Pursuant to Section 5.7(b) of the Sale and Servicing Agreement, the
Issuer shall, or shall cause the Servicer to, pay to the Trustee from time to
time compensation for its services. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The
Issuer shall cause the Servicer to reimburse the Trustee and the
Trust Collateral Agent for all reasonable out-of-pocket expenses incurred
or made by it, including costs of collection, in addition to the compensation
for its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee’s, the Backup Servicer’s,
the Collateral Agent’s and the Trust Collateral Agent’s agents, counsel,
accountants and experts. The Issuer shall cause the Servicer to indemnify the
Trustee, the Trust Collateral Agent and their respective officers, directors,
employees and agents against any and all loss, liability or expense (including
attorneys’ fees and expenses) incurred by each of them in connection with the
acceptance or the administration of this Trust and the performance of its
duties hereunder. The Trustee, Trust Collateral Agent, the Collateral Agent or
the Backup Servicer shall notify the Issuer and the Servicer promptly of any
claim for which it may seek indemnity. Failure by the Trustee or Trust
Collateral Agent to so notify the Issuer and the Servicer shall not relieve the
Issuer of its obligations hereunder or the Servicer of its obligations under
Article XI of the Sale and Servicing Agreement. The Issuer shall cause the
Servicer to

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

          (b) The Issuer’s payment obligations to the Trustee pursuant to this
Section shall survive the discharge of this Indenture or the earlier
resignation or removal of the Trustee or the Trust Collateral Agent or the
Collateral Agent or the Backup Servicer. When the Trustee, the Trust
Collateral Agent, the Collateral Agent or the Backup Servicer incurs expenses
after the occurrence of a Default specified in Section 5.1(v) or (vi) with
respect to the Issuer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or State bankruptcy, insolvency or similar law. Notwithstanding
anything else set forth in this Indenture or the Basic Documents, the Trustee
agrees that the obligations of the Issuer (but not the Servicer) to the Trustee
hereunder and under the Basic Documents shall be recourse to the Trust Estate
only and specifically shall not be recourse to the assets of the
Certificateholder or any Noteholder. In addition, the Trustee agrees that its
recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant
of the Spread Account Agreement shall be limited to the right to receive the
distributions referred to in Section 5.7(a) of the Sale and Servicing
Agreement.

          SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by
so notifying the Issuer and the Security Insurer. The Issuer may and, at the
request of the Security Insurer (unless an Insurer Default shall have occurred
and be continuing) shall, remove the Trustee, if:

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

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

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

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

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generally to pay its debts as such
debts become due or takes any action in furtherance of any of the
foregoing; or

     (v) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason (the Trustee in such event being referred to herein
as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee
acceptable to the Security Insurer (so long as an Insurer Default shall not
have occurred and be continuing). If the Issuer fails to appoint such a
successor Trustee, the Security Insurer may appoint a successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee, the Security Insurer (provided that no Insurer Default
shall have occurred and be continuing) and to the Issuer. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture subject to satisfaction of the Rating Agency
Condition. The successor Trustee shall mail a notice of its succession to
Noteholders. The retiring Trustee shall promptly transfer all property held by
it as Trustee to the successor Trustee.

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

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

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

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

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

          In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any
such successor to the Trustee may adopt the certificate of authentication of
any predecessor trustee, and deliver such Notes so authenticated; and in case
at that time any of the Notes shall not have been authenticated, any successor
to the

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Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in
all such cases such certificates shall have the full force which it is anywhere
in the Notes or in this Indenture provided that the certificate of the Trustee
shall have.

          SECTION 6.10 Appointment of Co-Trustee or Separate Trustee.

          (a) Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust may at the time be located, the Trustee with the consent
of the Security Insurer (so long as an Insurer Default shall not have occurred
and be continuing) shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.8 hereof.

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

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

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

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

          (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided

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therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Every such instrument shall be filed with the
Trustee.

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

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

          SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all
times satisfy the requirements of TIA § 310(a). The Trustee shall have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition and it shall have a long term debt
rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The
Trustee shall provide copies of such reports to the Security Insurer upon
request. The Trustee shall comply with TIA § 310(b), including the optional
provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1)
are met.

          SECTION 6.12 Preferential Collection of Claims Against Issuer.
The Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated.

          SECTION 6.13 Appointment and Powers. Subject to the terms and conditions
hereof, each of the Issuer Secured Parties hereby appoints Wells Fargo Bank,
National Association, as the Trust Collateral Agent with respect to the
Collateral, and Wells Fargo Bank, National Association hereby accepts such
appointment and agrees to act as Trust Collateral Agent with respect to the
Collateral for the Issuer Secured Parties, to maintain custody and possession
of such Collateral (except as otherwise provided hereunder) and to perform the
other duties of the Trust Collateral Agent in accordance with the provisions of
this Indenture and the other Basic Documents. Each Issuer Secured Party hereby
authorizes the Trust Collateral Agent to take such action on its behalf, and to
exercise such rights, remedies, powers and privileges hereunder, as the
Controlling Party may direct and as are specifically authorized to be exercised
by the Trust Collateral Agent by the terms hereof, together with such actions,
rights, remedies, powers and privileges as are reasonably incidental thereto,
including, but not limited to, the execution of any powers of attorney. The
Trust Collateral Agent shall act upon and in compliance with the written
instructions of the Controlling Party delivered pursuant to this Indenture
promptly following receipt of such written instructions; provided that the
Trust Collateral Agent shall not act in accordance with any instructions (i)
which are not authorized by, or in violation of the provisions of, this
Indenture, (ii) which are in violation of any applicable

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law, rule or
regulation or (iii) for which the Trust Collateral Agent has not received
reasonable indemnity. Receipt of such instructions shall not be a condition to
the exercise by the Trust Collateral Agent of its express duties hereunder,
except where this Indenture provides that the Trust Collateral Agent is
permitted to act only following and in accordance with such instructions.

          SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have
no duties or responsibilities except those expressly set forth in this
Indenture and the other Basic Documents to which the Trust Collateral Agent is
a party or as directed by the Controlling Party in accordance with this
Indenture. The Trust Collateral Agent shall not be required to take any
discretionary actions hereunder except at the written direction and with the
indemnification of the Controlling Party. The Trust Collateral Agent shall,
and hereby agrees that it will, subject to this Article, perform all of the
duties and obligations required of it under the Sale and Servicing Agreement.

          SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent
nor any of its directors, officers or employees shall be liable for any action
taken or omitted to be taken by it or them hereunder, or in connection
herewith, except that the Trust Collateral Agent shall be liable for its
negligence, bad faith or willful misconduct; nor shall the Trust Collateral
Agent be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Issuer of this Indenture or any of the Collateral
(or any part thereof). Notwithstanding any term or provision of this
Indenture, the Trust Collateral Agent shall incur no liability to the Issuer or
the Issuer Secured Parties for any
action taken or omitted by the Trust Collateral Agent in connection with
the Collateral, except for the negligence, bad faith or willful misconduct on
the part of the Trust Collateral Agent, and, further, shall incur no liability
to the Issuer Secured Parties except for negligence, bad faith or willful
misconduct in carrying out its duties to the Issuer Secured Parties. The Trust
Collateral Agent shall be protected and shall incur no liability to any such
party in relying upon the accuracy, acting in reliance upon the contents, and
assuming the genuineness of any notice, demand, certificate, signature,
instrument or other document reasonably believed by the Trust Collateral Agent
to be genuine and to have been duly executed by the appropriate signatory, and
(absent actual knowledge to the contrary by a Responsible Officer of the Trust
Collateral Agent) the Trust Collateral Agent shall not be required to make any
independent investigation with respect thereto. The Trust Collateral Agent
shall at all times be free independently to establish to its reasonable
satisfaction, but shall have no duty to independently verify, the existence or
nonexistence of facts that are a condition to the exercise or enforcement of
any right or remedy hereunder or under any of the Basic Documents. The Trust
Collateral Agent may consult with counsel, and shall not be liable for any
action taken or omitted to be taken by it hereunder in good faith and in
accordance with the advice of such counsel. The Trust Collateral Agent shall
not be under any obligation to exercise any of the remedial rights or powers
vested in it by this Indenture or to follow any direction from the Controlling
Party or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder unless it shall have received
reasonable security or indemnity satisfactory to the Trust Collateral Agent
against the costs, expenses and liabilities which might be incurred by it.

          SECTION 6.16 Reliance Upon Documents. In the absence of negligence, bad
faith or willful misconduct on its part, the Trust Collateral Agent shall be
entitled to conclusively

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rely on any communication, instrument, paper or other
document reasonably believed by it to be genuine and correct and to have been
signed or sent by the proper Person or Persons and shall have no liability in
acting, or omitting to act, where such action or omission to act is in
reasonable reliance upon any statement or opinion contained in any such
document or instrument.

          SECTION 6.17 Successor Trust Collateral Agent.

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

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

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

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

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either Issuer Secured Party or the Issuer, execute and deliver an
instrument transferring to such successor all the estates, properties, rights
and powers of such predecessor hereunder. In the event that any instrument in
writing from the Issuer or an Issuer Secured Party is reasonably required by a
successor Trust Collateral Agent to more fully and certainly vest in such
successor the estates, properties, rights, powers, duties and obligations
vested or intended to be vested hereunder in the Trust Collateral Agent, any
and all such written instruments shall, at the request of the temporary or
permanent successor Trust Collateral Agent, be forthwith executed, acknowledged
and delivered by the Trustee or the Issuer, as the case may be. The
designation of any successor Trust Collateral Agent and the instrument or
instruments removing any Trust Collateral Agent and appointing a successor
hereunder, together with all other instruments provided for herein, shall be
maintained with the records relating to the Collateral and, to the extent
required by applicable law, filed or recorded by the successor Trust Collateral
Agent in each place where such filing or recording is necessary to effect the
transfer of the Collateral to the successor Trust Collateral Agent or to
protect or continue the perfection of the security interests granted hereunder.

          SECTION 6.18 Compensation. The Trust Collateral Agent shall not be
entitled to any compensation for the performance of its duties hereunder other
than the compensation it is entitled to receive in its capacity as Trustee.

          SECTION 6.19 Representations and Warranties of the Trust Collateral Agent
and the Issuer. (A) The Trust Collateral Agent represents and warrants to the
Issuer and to each Issuer Secured Party as follows:

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

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

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

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

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rights generally and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

     (B) The Issuer hereby represents and warrants that each of the
representations and warranties set forth on the Schedule of Representations
attached hereto as Schedule A is true and correct. Such representations and
warranties speak as of the execution and delivery of this Indenture and as of
the Closing Date, but shall survive the pledge of the Receivables to the Trust
Collateral Agent and shall not be waived.

          SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby
expressly waives any and all rights of setoff that the Trust Collateral Agent
may otherwise at any time have under applicable law with respect to any Trust
Account and agrees that amounts in the Trust Accounts shall at all times be
held and applied solely in accordance with the provisions hereof and the Sale
and Servicing Agreement.

          SECTION 6.21 Control by the Controlling Party. The Trust Collateral Agent
shall comply with notices and instructions given by the Issuer only if
accompanied by the written consent of the Controlling Party, except that if any
Event of Default shall have occurred and be continuing, the Trust
Collateral Agent shall act upon and comply with notices and instructions given
by the Controlling Party alone in the place and stead of the Issuer.

ARTICLE VII

Noteholders’ Lists and Reports

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

          SECTION 7.2 Preservation of Information; Communications to Noteholders.

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

          (b) Noteholders may communicate pursuant to TIA § 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

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          (c) The Issuer, the Trustee and the Note Registrar shall have the
protection of TIA § 312(c).

          SECTION 7.3 Reports by Issuer.

          (a) The Issuer shall:

     (i) file with the Trustee, within 15 days after the Issuer is
required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Issuer may be required
to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act;

     (ii) file with the Trustee and the Commission in accordance with
rules and regulations prescribed from time to time by the Commission such
additional information, documents and reports with respect to compliance
by the Issuer with the conditions and covenants of this Indenture as may
be required from time to time by such rules and regulations; and

     (iii) supply to the Trustee (and the Trustee shall transmit by mail
to all Noteholders described in TIA § 313(c)) such summaries of any
information, documents and reports required to be filed by the Issuer
pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the
Commission.

          (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall end on December 31 of each year.

          SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60
days after each May 31, beginning with May 31, 2005, the Trustee shall mail to
each Noteholder as required by TIA § 313(c) a brief report dated as of such
date that complies with TIA § 313(a). The Trustee also shall comply with TIA §
313(b).

          A copy of each report at the time of its mailing to Noteholders shall be
filed by the Trustee with the Commission and each stock exchange, if any, on
which the Notes are listed. The Issuer shall notify the Trustee if and when
the Notes are listed on any stock exchange.

ARTICLE VIII

Accounts, Disbursements and Releases

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

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

          SECTION 8.2 Release of Trust Estate.

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

          (b) The Trust Collateral Agent shall, at such time as there are no Notes
outstanding and all sums due the Trustee pursuant to Section 6.7 and all
amounts due to the Security Insurer under the Basic Documents have been paid,
release any remaining portion of the Trust Estate that secured the Notes from
the lien of this Indenture and release to the Issuer or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. The Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.2(b) only upon receipt of an Issuer Request accompanied by an Officer’s
Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.1.

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

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ARTICLE IX

Supplemental Indentures

          SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

          (a) Without the consent of the Holders of any Notes but with the consent
of the Security Insurer (unless an Insurer Default shall have occurred and be
continuing) and with prior notice to the Rating Agencies by the Issuer, as
evidenced to the Trustee, the Issuer and the Trustee, when authorized by an
Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Trustee, for any of the following purposes:

     (i) to correct or amplify the description of any property at any
time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Trust Collateral Agent any property subject or
required to be subjected to the lien of this Indenture, or to subject to
the lien of this Indenture additional property;

     (ii) to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by
any such successor of the covenants of the Issuer herein and in the Notes
contained;

     (iii) to add to the covenants of the Issuer, for the benefit of the
Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuer;

     (iv) to convey, transfer, assign, mortgage or pledge any property to
or with the Trust Collateral Agent;

     (v) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture which may be inconsistent with
any other provision herein or in any supplemental indenture or to make
any other provisions with respect to matters or questions arising under
this Indenture or in any supplemental indenture; provided that such
action shall not adversely affect the interests of the Holders of the
Notes;

     (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to
or change any of the provisions of this Indenture as shall be necessary
to facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or

     (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar
federal statute hereafter enacted and to add to this Indenture such other
provisions as may be expressly required by the TIA.

          The Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

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          (b) The Issuer and the Trustee, when authorized by an Issuer Order, may,
also without the consent of any of the Holders of the Notes but with prior
notice to the Rating Agencies by the Issuer and with the prior written consent
of the Security Insurer (unless an Insurer Default shall have occurred and be
continuing), as evidenced to the Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

          (c) Notwithstanding the foregoing, if an Insurer Default has occurred and
is continuing, no amendment under Section 9.1 or 9.2 shall materially adversely
affect the Security Insurer without the Security Insurer’s prior consent.

          SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The
Issuer and the Trustee, when authorized by an Issuer Order, also may, with
prior notice to the Rating Agencies, with the consent of the Security Insurer
(unless an Insurer Default shall have occurred and be continuing) and with the
consent of the Holders of not less than a majority of the outstanding Amount of
the Notes, by Act of such Holders delivered to the Issuer and the Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that, subject to
the express rights of the Security Insurer under the Basic Documents, no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

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

     (ii) impair the right to institute suit for the enforcement of the
provisions of this Indenture requiring the application of funds available
therefor, as provided in Article V, to the payment of any such amount due
on the Notes on or after the respective due dates thereof (or, in the
case of redemption, on or after the Redemption Date);

     (iii) reduce the percentage of the Outstanding Amount of the Notes,
the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any
waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture;

     (iv) modify or alter the provisions of the proviso to the definition
of the term “Outstanding”;

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     (v) reduce the percentage of the Outstanding Amount of the Notes
required to direct the Trustee to direct the Issuer to sell or liquidate
the Trust Estate pursuant to Section 5.4;

     (vi) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional
provisions of this Indenture or the Basic Documents cannot be modified or
waived without the consent of the Holder of each Outstanding Note
affected thereby;

     (vii) modify any of the provisions of this Indenture in such manner
as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Distribution Date (including the
calculation of any of the individual components of such calculation) or
to affect the rights of the Noteholders to the benefit of any provisions
for the mandatory redemption of the Notes contained herein; or

     (viii) permit the creation of any lien ranking prior to or on a
parity with the lien of this Indenture with respect to any part of the
Trust Estate or, except as otherwise permitted or contemplated herein or
in any of the Basic Documents, terminate the lien of this Indenture on
any property at any time subject hereto or deprive the Holder of any Note
of the security provided by the lien of this Indenture.

          The Trustee may determine whether or not any Notes would be affected by
any supplemental indenture and any such determination shall be conclusive upon
the Holders of all Notes, whether theretofore or thereafter authenticated and
delivered hereunder. The Trustee shall not be liable for any such
determination made in good faith.

          It shall not be necessary for any Act of Noteholders under this Section to
approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

          Promptly after the execution by the Issuer and the Trustee of any
supplemental indenture pursuant to this Section, the Trustee shall mail to the
Holders of the Notes to which such amendment or supplemental indenture relates
a notice setting forth in general terms the substance of such supplemental
indenture. Any failure of the Trustee to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

          SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive,
shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise.

          SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed

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to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations
of rights, obligations, duties, liabilities and immunities under this Indenture
of the Trustee, the Issuer and the Holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

          SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture
Act.

          SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Trustee shall, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Trustee shall so determine, new
Notes so modified as to conform, in the opinion of the Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer
and authenticated and delivered by the Trustee in exchange for Outstanding
Notes.

ARTICLE X

Redemption of Notes

          SECTION 10.1 Redemption.

          (a) The Notes are subject to redemption in whole, but not in part, at the
direction of the Servicer or the Seller pursuant to Section 10.1(a) of the Sale
and Servicing Agreement, on any Distribution Date on which the Servicer or
Seller exercises its option to purchase the Trust Estate pursuant to said
Section 10.1(a) for a purchase price equal to the Redemption Price; provided,
however, that the Issuer has available funds sufficient to pay the Redemption
Price and all amounts due and payable to the Security Insurer under the
Insurance Agreement. The Servicer or the Issuer shall furnish the Security
Insurer and the Rating Agencies notice of such redemption. If the Notes are to
be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall
furnish notice of such election to the Trustee not later than 25 days prior to
the Redemption Date and the Issuer shall deposit with the Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed whereupon
all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.2 to each Holder of Notes.

          (b) In the event that on the Distribution Date on which the Funding Period
ends (or on the Distribution Date on or immediately following the last day of
the Funding Period, if the Funding Period does not end on a Distribution Date),
the portion of the Pre-Funded Amount, if any, remaining after giving effect to
the purchase of all Subsequent Receivables, including any such purchase on such
Redemption Date, will be used to redeem the Notes in part, on a pro rata basis,
in an aggregate principal amount equal to the Class A-1 Prepayment Amount, the
Class A-2 Prepayment Amount, the Class A-3 Prepayment Amount and the Class A-4

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Prepayment Amount, provided, that if such amount is $100,000 or less, it will
be applied exclusively to reduce the outstanding principal balance of the class
of Notes then entitled to receive distributions of principal.

          (c) In the event that the assets of the Trust are distributed pursuant to
Section 8.1 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be
paid to the Noteholders up to the Outstanding Amount of the Notes and all
accrued and unpaid interest thereon. If amounts are to be paid to Noteholders
pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the
extent practicable, furnish notice of such event to the Trustee not later than
45 days prior to the Redemption Date, whereupon all such amounts shall be
payable on the Redemption Date.

          SECTION 10.2 Form of Redemption.

          (a) Notice of redemption under Section 10.1(a) shall be given by the
Trustee by facsimile or by first-class mail, postage prepaid, transmitted or
mailed prior to the applicable Redemption Date to each Holder of Notes, as of
the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder’s address appearing in the Note Register.

          All notices of redemption shall state:

     (i) the Redemption Date;

     (ii) the Redemption Price;

     (iii) that the Record Date otherwise applicable to such Redemption
Date is not applicable and that payments shall be made only upon
presentation and surrender of such Notes and the place where such Notes
are to be surrendered for payment of the Redemption Price (which shall be
the office or agency of the Issuer to be maintained as provided in
Section 3.2); and

     (iv) that interest on the Notes shall cease to accrue on the
Redemption Date.

          Notice of redemption of the Notes shall be given by the Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note shall not impair or affect the
validity of the redemption of any other Note.

          (b) Prior notice of redemption under Section 10.1(b) is not required to be
given to Noteholders.

          SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed
shall, following notice of redemption, as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1(a)), on the Redemption Date, become due
and payable at the Redemption Price, and (unless the Issuer shall default in
the payment of the Redemption Price) no interest shall accrue on the Redemption
Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price.

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ARTICLE XI

Miscellaneous

          SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application
or request by the Issuer to the Trustee or the Trust Collateral Agent to take
any action under any provision of this Indenture, the Issuer shall furnish to
the Trustee or the Trust Collateral Agent, as the case may be, and to the
Security Insurer (i) an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements
of this Section, except that, in the case of any such application or request as
to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be
furnished.

          (a) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

     (i) a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the
definitions herein relating thereto;

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

     (iii) a statement that, in the opinion of each such signatory, such
signatory has made such examination or investigation as is necessary to
enable such signatory to express an informed opinion as to whether or not
such covenant or condition has been complied with; and

     (iv) a statement as to whether, in the opinion of each such
signatory such condition or covenant has been complied with.

          (b) (i)(i) Prior to the deposit of any Collateral or other property or
securities with the Trust Collateral Agent that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture,
the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Trust Collateral Agent and the
Security Insurer an Officer’s Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days of
such deposit) to the Issuer of the Collateral or other property or securities
to be so deposited.

     (ii) Whenever the Issuer is required to furnish to the Trust
Collateral Agent and the Security Insurer an Officer’s Certificate
certifying or stating the opinion of any
signer thereof as to the matters described in clause (i) above, the
Issuer shall also deliver to the Trust Collateral Agent and the Security
Insurer an Independent Certificate as to the same matters, if the fair
value to the Issuer of the securities to be so deposited and of all

59

 

other
such securities made the basis of any such withdrawal or release since
the commencement of the then-current fiscal year of the Issuer, as set
forth in the certificates delivered pursuant to clause (i) above and this
clause (ii), is 10% or more of the Outstanding Amount of the Notes, but
such a certificate need not be furnished with respect to any securities
so deposited, if the fair value thereof to the Issuer as set forth in the
related Officer’s Certificate is less than $25,000 or less than 1%
percent of the Outstanding Amount of the Notes.

     (iii) Other than with respect to the release of any Purchased
Receivables, Sold Receivables or Liquidated Receivables, whenever any
property or securities are to be released from the lien of this
Indenture, the Issuer shall also furnish to the Trust Collateral Agent
and the Security Insurer an Officer’s Certificate certifying or stating
the opinion of each person signing such certificate as to the fair value
(within 90 days of such release) of the property or securities proposed
to be released and stating that in the opinion of such person the
proposed release will not impair the security under this Indenture in
contravention of the provisions hereof.

     (iv) Whenever the Issuer is required to furnish to the Trustee and
the Security Insurer an Officer’s Certificate certifying or stating the
opinion of any signer thereof as to the matters described in clause (iii)
above, the Issuer shall also furnish to the Trust Collateral Agent and
the Security Insurer an Independent Certificate as to the same matters if
the fair value of the property or securities and of all other property
other than Purchased Receivables, Sold Receivables and Defaulted
Receivables, or securities released from the lien of this Indenture since
the commencement of the then current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals
10% or more of the Outstanding Amount of the Notes, but such certificate
need not be furnished in the case of any release of property or
securities if the fair value thereof as set forth in the related
Officer’s Certificate is less than $25,000 or less than 1 percent of the
then Outstanding Amount of the Notes.

     (v) Notwithstanding Section 2.9 or any other provision of this
Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose
of Receivables as and to the extent permitted or required by the Basic
Documents and (B) make cash payments out of the Trust Accounts as and to
the extent permitted or required by the Basic Documents.

          SECTION 11.2 Form of Documents Delivered to Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

          Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her

60

 

certificate
or opinion is based are erroneous. Any such certificate of an Authorized
Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller or the Issuer, stating that the
information with respect to such factual matters is in the possession of the
Servicer, the Seller or the Issuer, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

          Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

          Whenever in this Indenture, in connection with any application or
certificate or report to the Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of the Issuer’s compliance with any term hereof, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however,
be construed to affect the Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in
Article VI.

          SECTION 11.3 Acts of Noteholders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Noteholders in person or by agents duly appointed
in writing; and except as herein otherwise expressly provided such action shall
become effective when such instrument or instruments are delivered to the
Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Noteholders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Section.
In the event the Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a
majority of the Outstanding Amount of the Notes, the Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

          (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any customary manner of the Trustee.

          (c) The ownership of Notes shall be proved by the Note Register.

          (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Notes shall bind the Holder of every Note
issued upon the

61

 

registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

          SECTION 11.4 Notices, etc., to Trustee, Issuer and Rating Agencies. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture to be
made upon, given or furnished to or filed with:

          (a) The Trustee by any Noteholder or by the Issuer shall be sufficient for
every purpose hereunder if personally delivered, delivered by overnight courier
or mailed certified mail, return receipt requested and shall be deemed to have
been duly given upon receipt to the Trustee at its Corporate Trust Office, or

          (b) The Issuer by the Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if personally delivered, delivered by overnight courier
or mailed certified mail, return receipt requested and shall deemed to have
been duly given upon receipt to the Issuer addressed to: AmeriCredit Automobile
Receivables Trust 2004-B-M, in care of Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, or at any other address previously furnished in
writing to the Trustee by Issuer. The Issuer shall promptly transmit any
notice received by it from the Noteholders to the Trustee.

          (c) The Security Insurer by the Issuer or the Trustee shall be sufficient
for any purpose hereunder if in writing and mailed by registered mail or
personally delivered or telexed or telecopied to the recipient as follows:

	 	 	 	 	 
	

	 	To the Security Insurer:
	 	MBIA Insurance Corporation
	

	 	 	 	113 King Street
	

	 	 	 	Armonk, New York 10504
	

	 	 	 	Attention: Insured Portfolio
Management–Structured Finance (AmeriCredit

2004-B-M)
	 
	 	 	 	 
	

	 	 	 	Facsimile No.: (914) 765-3810
	

	 	 	 	Confirmation: (914) 765-3781

(In each case in which notice or other communication to the Security Insurer
refers to an Event of Default, a claim on the Note Policy or with respect to
which failure on the part of the Security Insurer to respond shall be deemed to
constitute consent or acceptance, then a copy of such notice or other
communication should also be sent to the attention of the General Counsel
“URGENT MATERIAL ENCLOSED.”)

          Notices required to be given to the Rating Agencies by the Issuer, the
Trustee or the Owner Trustee shall be in writing, personally delivered,
delivered by overnight courier or mailed certified mail, return receipt
requested to (i) in the case of Moody’s, at the following address: Moody’s
Investors Service, Inc., 99 Church Street, New York, New York 10007, (ii) in

62

 

the case of Standard & Poor’s, at the following address: Standard & Poor’s, A
Division of The McGraw-Hill Companies, Inc., 55 Water Street,
40th Floor, New
York, New York 10041, Attention of Asset Backed Surveillance Department and
(iii) in the case of Fitch, at the following address: Fitch Ratings, One State
Street Plaza, New York, New York 10004; or as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties.

          SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner here
in provided shall conclusively be presumed to have been duly given.

          Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Trustee but such
filing shall not be a condition precedent to the validity of any action taken
in reliance upon such a waiver.

          In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

          Where this Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event
of Default.

          SECTION 11.6 [Reserved]

          SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

          The provisions of TIA §§ 310 through 317 that impose duties on any person
(including the provisions automatically deemed included herein unless expressly
excluded by
this Indenture) are a part of and govern this Indenture, whether or not
physically contained herein.

          SECTION 11.8 Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

63

 

          SECTION 11.9 Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Trustee in this Indenture
shall bind its successors. All agreements of the Trust Collateral Agent in
this Indenture shall bind its successors.

          SECTION 11.10 Separability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

          SECTION 11.11 Benefits of Indenture. The Security Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Indenture, and shall be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default shall have occurred
and be continuing. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Noteholders, and any other party secured
hereunder, and any other person with an Ownership interest in any part of the
Trust Estate, any benefit or any legal or equitable right, remedy or claim
under this Indenture. The Security Insurer may disclaim any of its rights and
powers under this Indenture (in which case the Trustee may exercise such right
or power hereunder), but not its duties and obligations under the Note Policy,
upon delivery of a written notice to the Trustee.

          In exercising any of its voting rights, rights to direct or consent or any
other rights as the Security Insurer under this Indenture or any other Basic
Document, subject to the terms and conditions of this Indenture, the Security
Insurer shall not have any obligation or duty to any Person to consider or take
into account the interests of any Person and shall not be liable to any Person
for any action taken by it or at its discretion or any failure by it to act or
to direct that any action be taken, without regard to whether such inaction or
action benefits or adversely affects any Noteholder, the Issuer or any other
Person.

          SECTION 11.12 Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date an which nominally due, and no
interest shall accrue for the period from and after any such nominal date.

          SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING
IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          SECTION 11.14 Counterparts. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

64

 

          SECTION 11.15 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Trustee or any other counsel reasonably acceptable
to the Trustee and the Security Insurer) to the effect that such recording is
necessary either for the protection of the Noteholders or any other person
secured hereunder or for the enforcement of any right or remedy granted to the
Trustee or the Trust Collateral Agent under this Indenture or the Collateral
Agent under the Spread Account Agreement.

          SECTION 11.16 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Seller, the
Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the
Notes or under this Indenture, any other Basic Document or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Seller, the Servicer, the Owner
Trustee, the Trust Collateral Agent or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee, the Trust Collateral Agent or
the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Trustee, the Trust
Collateral Agent and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture,
in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Article VI, VII and VIII of the Trust Agreement.

          SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by
entering into this Indenture, and each Noteholder, by accepting a Note, hereby
covenant and agree that they will not at any time institute against the Seller,
or the Issuer, or join in any institution against the Seller, or the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the Basic Documents.

          SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Trustee or of the Security
Insurer, during the Issuer’s normal business hours, to examine all the books of
account, records, reports, and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer’s affairs, finances and accounts
with the Issuer’s officers, employees, and independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. Notwithstanding anything herein to the contrary, the foregoing
shall not be construed to prohibit (i) disclosure of any and all information
that is or becomes publicly known, (ii) disclosure of any and all information
(A) if required to do so by any applicable statute, law, rule or regulation,
(B) to any government

65

 

agency or regulatory body having or claiming authority to
regulate or oversee any respects of the Trustee’s business or that of its
affiliates, (C) pursuant to any subpoena, civil investigative demand or similar
demand or request of any court, regulatory authority, arbitrator or arbitration
to which the Trustee or an affiliate or an officer, director, employer or
shareholder thereof is a party, (D) in any preliminary or final offering
circular, registration statement or contract or other document pertaining to
the transactions contemplated by the Indenture approved in advance by the
Servicer or the Issuer or (E) to any independent or internal auditor, agent,
employee or attorney of the Trustee having a need to know the same, provided
that the Trustee advises such recipient of the confidential nature of the
information being disclosed, or (iii) any other disclosure authorized by the
Servicer or the Issuer.

[SIGNATURE PAGE FOLLOWS]

66

 

          IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Indenture
to be duly executed by their respective officers, hereunto duly authorized, all
as of the day and year first above written.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST

2004-B-M,
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its

individual capacity but solely as

Owner Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kathleen A. Pedelini
	

	 	 	 	
 
	

	 	 	 	Name: Kathleen A. Pedelini
	

	 	 	 	Title: Financial Services Officer
	 
	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	not in its individual capacity but solely
as Trustee and Trust Collateral Agent
	 
	 	 	 	 
	

	 	By:
	 	/s/ Marianna C. Stershic
	

	 	 	 	
 
	

	 	 	 	Name: Marianna C. Stershic
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	 	[Indenture]

 

EXHIBIT A-1

	 	 
	REGISTERED
	$224,000,000          

No. RB-A-1

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N HA 0

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M

CLASS A-1 1.06% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-B-M, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED TWENTY-FOUR MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $224,000,000
and the denominator of which is $224,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-1 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on April 6, 2005
Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will
pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2004. Interest will be computed on the basis of a 360-day year and
the actual number of days in the related Interest Period. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse
hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-1-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a note guaranty insurance policy
(the “Note Policy”) issued by MBIA Insurance Corporation (the “Security
Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount (net of
any interest shortfall resulting from the application of the Servicemembers
Civil Relief Act, as amended, or any similar state legislation or regulations)
and the Noteholders’ Parity Deficit Amount with respect to each Distribution
Date and the unpaid principal balance of the Notes on the Final Schedule
Distribution Date, all as more fully set forth in the Note Policy.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

                    Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-1-2

 

                    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer as of the date set forth
below.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
	 	 	2004-B-M
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: April 14, 2004	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its
individual capacity but
solely as Trustee
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Authorized Signer

A-1-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 1.06% Asset Backed Notes (herein called the “Class
A-1 Notes”), all issued under an Indenture dated as of April 5, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as trustee (the
“Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes
any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-1 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing May 6, 2004. The term “Distribution Date,”
shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date
on which an Event of Default shall have occurred and be continuing if the
Security Insurer has declared the Notes to be immediately due and payable in
the manner provided in the Indenture, so long as an Insurer Default shall not
have occurred and be continuing or (ii) if an Insurer Default shall have
occurred and be continuing, on the date on which an Event of Default shall have
occurred and be continuing and the Trustee or the Holders of the Notes
representing at least 66-2/3% of the Outstanding Amount of the Notes have
declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-1 Notes shall be made pro
rata to the Class A-1 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be

A-1-4

 

submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Distribution Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date,
then the Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee’s principal Corporate Trust Office or at
the office of the Trustee’s agent appointed for such purposes located in
Minneapolis, Minnesota.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-1-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-1-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-1-7

 

ASSIGNMENT

     Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
                           
                       

(name and address of assignee)                 

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated ___________________1

	 	
Signature Guaranteed:
	 	 	 
	
	 	

	1       NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

A-1-8

 

STATEMENT OF INSURANCE

	 	 	 
	OBLIGATIONS:

	 	AmeriCredit Automobile Receivables Trust 2004-B-M
	

	 	Automobile Receivables Backed Notes
	

	 	$224,000,000 Class A-1 Notes
	

	 	$308,000,000 Class A-2 Notes
	

	 	$147,000,000 Class A-3 Notes
	

	 	$221,000,000 Class A-4 Notes

     MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty
Insurance Policy (the “Policy”) relating to the Obligations containing the
following provisions, the Policy being on file at the Corporate Trust Office of
Wells Fargo Bank, National Association (the “Trustee”).

     The Insurer, in consideration of the payment of the premium and subject to
the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will
be received from the Insurer by the Trustee, or its successors, as trustee for
the Owners, on behalf of the Owners, for distribution by the Trustee to each
Owner of each Owner’s proportionate share of the Insured Payment. The
Insurer’s obligations under the Policy with respect to a particular Insured
Payment shall be discharged to the extent funds equal to the applicable Insured
Payment are received by the Trustee, whether or not such funds are properly
applied by the Trustee. Insured Payments shall be made only at the time set
forth in the Policy, and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer.

     Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee
for withholding taxes, if any (including interest and penalties in respect of
any such liability).

     The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to
the receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

A-1-9

 

     The Insurer will pay any other amount payable under the Policy no later
than 12:00 noon, New York City time, on the later of the Distribution Date on
which the related Deficiency Amount is due or the second Business Day following
receipt in New York, New York on a Business Day by U.S. Bank Trust National
Association, as Fiscal Agent for the Insurer, or any successor fiscal agent
appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described
below), provided that if such Notice is received after 12:00 noon, New York
City time, on such Business Day, it will be deemed to be received on the
following Business Day. If any such Notice received by the Fiscal Agent is not
in proper form or is otherwise insufficient for the purpose of making claim
under the Policy, it shall be deemed not to have been received by the Fiscal
Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as
the case may be, shall promptly so advise the Trustee and the Trustee may
submit an amended Notice.

     Insured Payments due under the Policy, unless otherwise stated in the
Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the
Insured Payment less, in respect of Insured Payments related to Preference
Amounts, any amount held by the Trustee for the payment of such Insured Payment
and legally available therefor.

     The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds
to make payments due under the Policy.

     Subject to the terms of the Agreement, the Insurer shall be subrogated to
the rights of each Owner to receive payments under the Obligations to the
extent of any payment by the Insurer under the Policy.

     As used in the Policy, the following terms shall have the following
meanings:

     “Agreement” means the Indenture dated as of April 5, 2004 among
AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer and Wells Fargo
Bank, National Association, as Trustee and Trust Collateral Agent, and the Sale
and Servicing Agreement dated as of April 5, 2004 among AmeriCredit Automobile
Receivables Trust 2004-B-M, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit
Financial Services, Inc., as Servicer and Wells Fargo Bank, National
Association, as Trust Collateral Agent and Backup Servicer, without regard to
any amendment or supplement thereto, unless such amendment or supplement has
been approved in writing by the Insurer.

     “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a
day on which the Insurer is closed or (c) a day on which banking institutions
in New York City, Fort Worth, Texas, Wilmington, Delaware or Minneapolis,
Minnesota or in the city in which the corporate trust office of the Trustee
under the Indenture or the Owner Trustee under the Trust Agreement is located
are authorized or obligated by law or executive order to be closed.

     “Deficiency Amount” means, for any Distribution Date, an amount equal to
the excess, if any, of (a) the sum, without duplication, of (i) the
Noteholders’ Interest Distributable Amount (net of any interest shortfall
resulting from the application of the Servicemembers Civil Relief Act, as
amended, or any similar state legislation or regulations), (ii) the
Noteholders’ Parity

A-1-10

 

Deficit Amount for the related Distribution Date and (iii) if the related
Distribution Date is the Final Scheduled Distribution Date for any Class, the
unpaid principal amount of the Class over (b) the sum, without duplication, of
(i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance
Policy) and (ii) Additional Funds Available, if any, for the Distribution Date.

     “Insured Payment” means (a) as of any Distribution Date, any Deficiency
Amount and (b) any Preference Amount.

     “Notice” means the telephonic or telegraphic notice, promptly confirmed in
writing by facsimile substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified
mail, from the Trustee specifying the Insured Payment which shall be due and
owing on the applicable Distribution Date.

     “Owner” means each Note Owner (as defined in the Agreement) who, on the
applicable Payment Date, is entitled under the terms of the applicable
Obligations to payment thereunder.

     “Preference Amount” means any amount previously distributed to an Owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

     Capitalized terms used in the Policy and not otherwise defined therein
shall have the respective meanings set forth in the Agreement as of the date of
execution of the Policy, without giving effect to any subsequent amendment to
or modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

     Any notice under the Policy or service of process on the Fiscal Agent may
be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee.

     The
notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

     THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED
UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF.

     The insurance provided by the Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

     The Policy is not cancelable for any reason. The premium on the Policy is
not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

MBIA INSURANCE CORPORATION           

A-1-11

 

EXHIBIT A-2

	 	 	 	 	 
	REGISTERED

	 	$	308,000,000	 

No. RB-A-2

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N HB 8

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M

CLASS A-2 1.45% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-B-M, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of THREE HUNDRED EIGHT MILLION DOLLARS
payable on each Distribution Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $308,000,000 and the
denominator of which is $308,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-2 Notes pursuant to the Indenture; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on September 6, 2007
Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will
pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2004. Interest will be computed on the basis of a 360 day year
consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-2-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a note guaranty insurance policy
(the “Note Policy”) issued by MBIA Insurance Corporation (the “Security
Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount (net of
any interest shortfall resulting from the application of the Servicemembers
Civil Relief Act, as amended, or any similar state legislation or regulations)
and the Noteholders’ Parity Deficit Amount with respect to each Distribution
Date and the unpaid principal balance of the Notes on the Final Schedule
Distribution Date, all as more fully set forth in the Note Policy.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-2-2

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer as of the date set forth
below.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
	 	 	2004-B-M
	 
	 	 	 	 
	

	 	 	 	 
	

	 	By:	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust

Agreement
	

	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: April 14, 2004	 	WELLS FARGO BANK, NATIONAL
	

	 	 ASSOCIATION, not in its individual capacity but
solely as Trustee
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Authorized Signer

A-2-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 1.45% Asset Backed Notes (herein called the “Class
A-2 Notes”), all issued under an Indenture dated as of April 5, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as trustee (the
“Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes
any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3-Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-2 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing May 6, 2004. The term “Distribution Date,”
shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date
on which an Event of Default shall have occurred and be continuing if the
Security Insurer has declared the Notes to be immediately due and payable in
the manner provided in the Indenture, so long as an Insurer Default shall not
have occurred and be continuing or (ii) if an Insurer Default shall have
occurred and be continuing, on the date on which an Event of Default shall have
occurred and be continuing and the Trustee or the Holders of the Notes
representing at least 66-2/3% of the Outstanding Amount of the Notes have
declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-2 Notes shall be made pro
rata to the Class A-2 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be

A-2-4

 

submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Distribution Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date,
then the Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee’s principal Corporate Trust Office or at
the office of the Trustee’s agent appointed for such purposes located in
Minneapolis, Minnesota.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-2 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-2-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-2-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-2-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto __________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated ___________________1

	 	
Signature Guaranteed:
	 	 	 
	
	 	

	1       NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

A-2-8

 

STATEMENT OF INSURANCE

	 	 	 
	OBLIGATIONS:

	 	AmeriCredit Automobile Receivables Trust 2004-B-M
	

	 	Automobile Receivables Backed Notes
	

	 	$224,000,000 Class A-1 Notes
	

	 	$308,000,000 Class A-2 Notes
	

	 	$147,000,000 Class A-3 Notes
	

	 	$221,000,000 Class A-4 Notes

     MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty
Insurance Policy (the “Policy”) relating to the Obligations containing the
following provisions, the Policy being on file at the Corporate Trust Office of
Wells Fargo Bank, National Association (the “Trustee”).

     The Insurer, in consideration of the payment of the premium and subject to
the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will
be received from the Insurer by the Trustee, or its successors, as trustee for
the Owners, on behalf of the Owners, for distribution by the Trustee to each
Owner of each Owner’s proportionate share of the Insured Payment. The
Insurer’s obligations under the Policy with respect to a particular Insured
Payment shall be discharged to the extent funds equal to the applicable Insured
Payment are received by the Trustee, whether or not such funds are properly
applied by the Trustee. Insured Payments shall be made only at the time set
forth in the Policy, and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer.

     Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee
for withholding taxes, if any (including interest and penalties in respect of
any such liability).

     The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to
the receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

A-2-9

 

     The Insurer will pay any other amount payable under the Policy no later
than 12:00 noon, New York City time, on the later of the Distribution Date on
which the related Deficiency Amount is due or the second Business Day following
receipt in New York, New York on a Business Day by U.S. Bank Trust National
Association, as Fiscal Agent for the Insurer, or any successor fiscal agent
appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described
below), provided that if such Notice is received after 12:00 noon, New York
City time, on such Business Day, it will be deemed to be received on the
following Business Day. If any such Notice received by the Fiscal Agent is not
in proper form or is otherwise insufficient for the purpose of making claim
under the Policy, it shall be deemed not to have been received by the Fiscal
Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as
the case may be, shall promptly so advise the Trustee and the Trustee may
submit an amended Notice.

     Insured Payments due under the Policy, unless otherwise stated in the
Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the
Insured Payment less, in respect of Insured Payments related to Preference
Amounts, any amount held by the Trustee for the payment of such Insured Payment
and legally available therefor.

     The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds
to make payments due under the Policy.

     Subject to the terms of the Agreement, the Insurer shall be subrogated to
the rights of each Owner to receive payments under the Obligations to the
extent of any payment by the Insurer under the Policy.

     As used in the Policy, the following terms shall have the following
meanings:

     “Agreement” means the Indenture dated as of April 5, 2004 among
AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer and Wells Fargo
Bank, National Association, as Trustee and Trust Collateral Agent, and the Sale
and Servicing Agreement dated as of April 5, 2004 among AmeriCredit Automobile
Receivables Trust 2004-B-M, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit
Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association,
as Trust Collateral Agent and Backup Servicer, without regard to any amendment
or supplement thereto, unless such amendment or supplement has been approved in
writing by the Insurer.

     “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a
day on which the Insurer is closed or (c) a day on which banking institutions
in New York City, Fort Worth, Texas, Wilmington, Delaware or Minneapolis,
Minnesota or in the city in which the corporate trust office of the Trustee
under the Indenture or the Owner Trustee under the Trust Agreement is located
are authorized or obligated by law or executive order to be closed.

     “Deficiency Amount” means, for any Distribution Date, an amount equal to
the excess, if any, of (a) the sum, without duplication, of (i) the
Noteholders’ Interest Distributable Amount (net of any interest shortfall
resulting from the application of the Servicemembers Civil Relief Act, as
amended, or any similar state legislation or regulations), (ii) the
Noteholders’ Parity

A-2-10

 

Deficit Amount for the related Distribution Date and (iii) if the related
Distribution Date is the Final Scheduled Distribution Date for any Class, the
unpaid principal amount of the Class over (b) the sum, without duplication, of
(i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance
Policy) and (ii) Additional Funds Available, if any, for the Distribution Date.

     “Insured Payment” means (a) as of any Distribution Date, any Deficiency
Amount and (b) any Preference Amount.

     “Notice” means the telephonic or telegraphic notice, promptly confirmed in
writing by facsimile substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified
mail, from the Trustee specifying the Insured Payment which shall be due and
owing on the applicable Distribution Date.

     “Owner” means each Note Owner (as defined in the Agreement) who, on the
applicable Payment Date, is entitled under the terms of the applicable
Obligations to payment thereunder.

     “Preference Amount” means any amount previously distributed to an Owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

     Capitalized terms used in the Policy and not otherwise defined therein
shall have the respective meanings set forth in the Agreement as of the date of
execution of the Policy, without giving effect to any subsequent amendment to
or modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

     Any notice under the Policy or service of process on the Fiscal Agent may
be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee.

     The
notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

     THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED
UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF.

     The insurance provided by the Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

     The Policy is not cancelable for any reason. The premium on the Policy is
not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

MBIA INSURANCE CORPORATION           

A-2-11

 

EXHIBIT A-3

	 	 	 	 	 
	REGISTERED

	 	$	147,000,000	 

No. RB-A-3

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N HC 6

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M

CLASS A-3 2.07% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-B-M, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED FORTY-SEVEN MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $147,000,000
and the denominator of which is $147,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-3 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on August 6, 2008
Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will
pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2004. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-3-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a note guaranty insurance policy
(the “Note Policy”) issued by MBIA Insurance Corporation (the “Security
Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount (net of
any interest shortfall resulting from the application of the Servicemembers
Civil Relief Act, as amended, or any similar state legislation or regulations)
and the Noteholders’ Parity Deficit Amount with respect to each Distribution
Date and the unpaid principal balance of the Notes on the Final Schedule
Distribution Date, all as more fully set forth in the Note Policy.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-3-2

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer as of the date set forth
below.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST

2004-B-M
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: April 14, 2004	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its

individual capacity but solely as Trustee
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Authorized Signer

A-3-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 2.07% Asset Backed Notes (herein called the “Class
A-3 Notes”), all issued under an Indenture dated as of April 5, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo, National Association, as trustee (the
“Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes
any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-3 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing May 6, 2004. The term “Distribution Date,”
shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date
on which an Event of Default shall have occurred and be continuing if the
Security Insurer has declared the Notes to be immediately due and payable in
the manner provided in the Indenture, so long as an Insurer Default shall not
have occurred and be continuing or (ii) if an Insurer Default shall have
occurred and be continuing, on the date on which an Event of Default shall have
occurred and be continuing and the Trustee or the Holders of the Notes
representing at least 66-2/3% of the Outstanding Amount of the Notes have
declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-3 Notes shall be made pro
rata to the Class A-3 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be

A-3-4

 

submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Distribution Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date,
then the Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee’s principal Corporate Trust Office or at
the office of the Trustee’s agent appointed for such purposes located in
Minneapolis, Minnesota.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-3-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-3-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-3-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ____________________________________________________________   

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated ___________________1

	 	
Signature Guaranteed:
	 	 	 
	
	 	

	1       NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

A-3-8

 

STATEMENT OF INSURANCE

	 	 	 
	OBLIGATIONS:

	 	AmeriCredit Automobile Receivables Trust 2004-B-M
	

	 	Automobile Receivables Backed Notes
	

	 	$224,000,000 Class A-1 Notes
	

	 	$308,000,000 Class A-2 Notes
	

	 	$147,000,000 Class A-3 Notes
	

	 	$221,000,000 Class A-4 Notes

     MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty
Insurance Policy (the “Policy”) relating to the Obligations containing the
following provisions, the Policy being on file at the Corporate Trust Office of
Wells Fargo Bank, National Association (the “Trustee”).

     The Insurer, in consideration of the payment of the premium and subject to
the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will
be received from the Insurer by the Trustee, or its successors, as trustee for
the Owners, on behalf of the Owners, for distribution by the Trustee to each
Owner of each Owner’s proportionate share of the Insured Payment. The
Insurer’s obligations under the Policy with respect to a particular Insured
Payment shall be discharged to the extent funds equal to the applicable Insured
Payment are received by the Trustee, whether or not such funds are properly
applied by the Trustee. Insured Payments shall be made only at the time set
forth in the Policy, and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer.

     Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee
for withholding taxes, if any (including interest and penalties in respect of
any such liability).

     The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to
the receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

A-3-9

 

     The Insurer will pay any other amount payable under the Policy no later
than 12:00 noon, New York City time, on the later of the Distribution Date on
which the related Deficiency Amount is due or the second Business Day following
receipt in New York, New York on a Business Day by U.S. Bank Trust National
Association, as Fiscal Agent for the Insurer, or any successor fiscal agent
appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described
below), provided that if such Notice is received after 12:00 noon, New York
City time, on such Business Day, it will be deemed to be received on the
following Business Day. If any such Notice received by the Fiscal Agent is not
in proper form or is otherwise insufficient for the purpose of making claim
under the Policy, it shall be deemed not to have been received by the Fiscal
Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as
the case may be, shall promptly so advise the Trustee and the Trustee may
submit an amended Notice.

     Insured Payments due under the Policy, unless otherwise stated in the
Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the
Insured Payment less, in respect of Insured Payments related to Preference
Amounts, any amount held by the Trustee for the payment of such Insured Payment
and legally available therefor.

     The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds
to make payments due under the Policy.

     Subject to the terms of the Agreement, the Insurer shall be subrogated to
the rights of each Owner to receive payments under the Obligations to the
extent of any payment by the Insurer under the Policy.

     As used in the Policy, the following terms shall have the following
meanings:

     “Agreement” means the Indenture dated as of April 5, 2004 among
AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer and Wells Fargo
Bank, National Association, as Trustee and Trust Collateral Agent, and the Sale
and Servicing Agreement dated as of April 5, 2004 among AmeriCredit Automobile
Receivables Trust 2004-B-M, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit
Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association,
as Trust Collateral Agent and Backup Servicer, without regard to any amendment
or supplement thereto, unless such amendment or supplement has been approved in
writing by the Insurer.

     “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a
day on which the Insurer is closed or (c) a day on which banking institutions
in New York City, Fort Worth, Texas, Wilmington, Delaware or Minneapolis,
Minnesota or in the city in which the corporate trust office of the Trustee
under the Indenture or the Owner Trustee under the Trust Agreement is located
are authorized or obligated by law or executive order to be closed.

     “Deficiency Amount” means, for any Distribution Date, an amount equal to
the excess, if any, of (a) the sum, without duplication, of (i) the
Noteholders’ Interest Distributable Amount (net of any interest shortfall
resulting from the application of the Servicemembers Civil Relief Act, as
amended, or any similar state legislation or regulations), (ii) the
Noteholders’ Parity

A-3-10

 

Deficit Amount for the related Distribution Date and (iii) if the related
Distribution Date is the Final Scheduled Distribution Date for any Class, the
unpaid principal amount of the Class over (b) the sum, without duplication, of
(i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance
Policy) and (ii) Additional Funds Available, if any, for the Distribution Date.

     “Insured Payment” means (a) as of any Distribution Date, any Deficiency
Amount and (b) any Preference Amount.

     “Notice” means the telephonic or telegraphic notice, promptly confirmed in
writing by facsimile substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified
mail, from the Trustee specifying the Insured Payment which shall be due and
owing on the applicable Distribution Date.

     “Owner” means each Note Owner (as defined in the Agreement) who, on the
applicable Payment Date, is entitled under the terms of the applicable
Obligations to payment thereunder.

     “Preference Amount” means any amount previously distributed to an Owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

     Capitalized terms used in the Policy and not otherwise defined therein
shall have the respective meanings set forth in the Agreement as of the date of
execution of the Policy, without giving effect to any subsequent amendment to
or modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

     Any notice under the Policy or service of process on the Fiscal Agent may
be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee.

     The
notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

     THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED
UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF.

     The insurance provided by the Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

     The Policy is not cancelable for any reason. The premium on the Policy is
not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

MBIA INSURANCE CORPORATION           

A-3-11

 

EXHIBIT A-4

	 	 	 	 	 
	REGISTERED

	 	$	221,000,000	 

No. RB-A-4

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N HD 4

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M

CLASS A-4 2.67% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-B-M, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED TWENTY-ONE MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $221,000,000
and the denominator of which is $221,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-4 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on March 7, 2011
Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will
pay interest on this Note at the per annum shown above on each Distribution
Date until the principal of this Note is paid or made available for payment.
Interest on this Note will accrue for each Distribution Date from the most
recent Distribution Date on which interest has been paid to but excluding such
Distribution Date or, if no interest has yet been paid, from April 14, 2004.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-4-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a note guaranty insurance policy
(the “Note Policy”) issued by MBIA Insurance Corporation (the “Security
Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount (net of
any interest shortfall resulting from the application of the Servicemembers
Civil Relief Act, as amended, or any similar state legislation or regulations)
and the Noteholders’ Parity Deficit Amount with respect to each Distribution
Date and the unpaid principal balance of the Notes on the Final Schedule
Distribution Date, all as more fully set forth in the Note Policy.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-4-2

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer as of the date set forth
below.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST

2004-B-M
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: April 14, 2004 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its

individual capacity but solely as Trustee

 	 
	 	By:  	

	 
	 	 	Authorized Signer 	 
	 	 	 	 

A-4-3

 

	 	 	 	 	 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 2.67% Asset Backed Notes (herein called the “Class
A-4 Notes”), all issued under an Indenture dated as of April 5, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as trustee (the
“Trustee,” which term includes any successor Trustee under the Indenture) and
as trust collateral agent (the “Trust Collateral Agent”), which term includes
any successor Trust Collateral Agent to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-4 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing May 6, 2004. The term “Distribution Date,”
shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date, if any. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable (i) on the date
on which an Event of Default shall have occurred and be continuing if the
Security Insurer has declared the Notes to be immediately due and payable in
the manner provided in the Indenture, so long as an Insurer Default shall not
have occurred and be continuing or (ii) if an Insurer Default shall have
occurred and be continuing, on the date on which an Event of Default shall have
occurred and be continuing and the Trustee or the Holders of the Notes
representing at least 66-2/3% of the Outstanding Amount of the Notes have
declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-4 Notes shall be made pro
rata to the Class A-4 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be

A-4-4

 

submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Distribution Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date,
then the Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee’s principal Corporate Trust Office or at
the office of the Trustee’s agent appointed for such purposes located in
Minneapolis, Minnesota.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-4-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-4-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-4-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _________________________________________________   

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated ___________________1

	 	
Signature Guaranteed:
	 	 	 
	
	 	

	1       NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

A-4-8

 

STATEMENT OF INSURANCE

	 	 	 
	OBLIGATIONS:

	 	AmeriCredit Automobile Receivables Trust 2004-B-M
	

	 	Automobile Receivables Backed Notes
	

	 	$224,000,000 Class A-1 Notes
	

	 	$308,000,000 Class A-2 Notes
	

	 	$147,000,000 Class A-3 Notes
	

	 	$221,000,000 Class A-4 Notes

     MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty
Insurance Policy (the “Policy”) relating to the Obligations containing the
following provisions, the Policy being on file at the Corporate Trust Office of
Wells Fargo Bank, National Association (the “Trustee”).

     The Insurer, in consideration of the payment of the premium and subject to
the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will
be received from the Insurer by the Trustee, or its successors, as trustee for
the Owners, on behalf of the Owners, for distribution by the Trustee to each
Owner of each Owner’s proportionate share of the Insured Payment. The
Insurer’s obligations under the Policy with respect to a particular Insured
Payment shall be discharged to the extent funds equal to the applicable Insured
Payment are received by the Trustee, whether or not such funds are properly
applied by the Trustee. Insured Payments shall be made only at the time set
forth in the Policy, and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer.

     Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee
for withholding taxes, if any (including interest and penalties in respect of
any such liability).

     The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to
the receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

A-4-9

 

     The Insurer will pay any other amount payable under the Policy no later
than 12:00 noon, New York City time, on the later of the Distribution Date on
which the related Deficiency Amount is due or the second Business Day following
receipt in New York, New York on a Business Day by U.S. Bank Trust National
Association, as Fiscal Agent for the Insurer, or any successor fiscal agent
appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described
below), provided that if such Notice is received after 12:00 noon, New York
City time, on such Business Day, it will be deemed to be received on the
following Business Day. If any such Notice received by the Fiscal Agent is not
in proper form or is otherwise insufficient for the purpose of making claim
under the Policy, it shall be deemed not to have been received by the Fiscal
Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as
the case may be, shall promptly so advise the Trustee and the Trustee may
submit an amended Notice.

     Insured Payments due under the Policy, unless otherwise stated in the
Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the
Insured Payment less, in respect of Insured Payments related to Preference
Amounts, any amount held by the Trustee for the payment of such Insured Payment
and legally available therefor.

     The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds
to make payments due under the Policy.

     Subject to the terms of the Agreement, the Insurer shall be subrogated to
the rights of each Owner to receive payments under the Obligations to the
extent of any payment by the Insurer under the Policy.

     As used in the Policy, the following terms shall have the following
meanings:

     “Agreement” means the Indenture dated as of April 5, 2004 among
AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer and Wells Fargo
Bank, National Association, as Trustee and Trust Collateral Agent, and the Sale
and Servicing Agreement dated as of April 5, 2004 among AmeriCredit Automobile
Receivables Trust 2004-B-M, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit
Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association,
as Trust Collateral Agent and Backup Servicer, without regard to any amendment
or supplement thereto, unless such amendment or supplement has been approved in
writing by the Insurer.

     “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a
day on which the Insurer is closed or (c) a day on which banking institutions
in New York City, Fort Worth, Texas, Wilmington, Delaware or Minneapolis,
Minnesota or in the city in which the corporate trust office of the Trustee
under the Indenture or the Owner Trustee under the Trust Agreement is located
are authorized or obligated by law or executive order to be closed.

     “Deficiency Amount” means, for any Distribution Date, an amount equal to
the excess, if any, of (a) the sum, without duplication, of (i) the
Noteholders’ Interest Distributable Amount (net of any interest shortfall
resulting from the application of the Servicemembers Civil Relief Act, as
amended, or any similar state legislation or regulations), (ii) the
Noteholders’ Parity

A-4-10

 

Deficit Amount for the related Distribution Date and (iii) if the related
Distribution Date is the Final Scheduled Distribution Date for any Class, the
unpaid principal amount of the Class over (b) the sum, without duplication, of
(i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance
Policy) and (ii) Additional Funds Available, if any, for the Distribution Date.

     “Insured Payment” means (a) as of any Distribution Date, any Deficiency
Amount and (b) any Preference Amount.

     “Notice” means the telephonic or telegraphic notice, promptly confirmed in
writing by facsimile substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified
mail, from the Trustee specifying the Insured Payment which shall be due and
owing on the applicable Distribution Date.

     “Owner” means each Note Owner (as defined in the Agreement) who, on the
applicable Payment Date, is entitled under the terms of the applicable
Obligations to payment thereunder.

     “Preference Amount” means any amount previously distributed to an Owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

     Capitalized terms used in the Policy and not otherwise defined therein
shall have the respective meanings set forth in the Agreement as of the date of
execution of the Policy, without giving effect to any subsequent amendment to
or modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

     Any notice under the Policy or service of process on the Fiscal Agent may
be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee.

     The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

     THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED
UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF.

     The insurance provided by the Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

     The Policy is not cancelable for any reason. The premium on the Policy is
not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

MBIA INSURANCE CORPORATION          

A-4-11

 

SCHEDULE A

REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

1.    Security Interest in Financed Vehicle. This Indenture creates a valid
and continuing security interest (as defined in the applicable UCC) in
the Receivables in favor of the Trust Collateral Agent, which security
interest is prior to all other Liens, and is enforceable as such as
against creditors of and purchasers from the Seller. The Issuer owns and
has good and marketable title to the Receivables free and clear of any
Lien (other than the Lien in favor of the Trust Collateral Agent), claim
or encumbrance of any Person.

2.    All Filings Made. The Issuer has taken all steps necessary to perfect
the Trust Collateral Agent’s security interest in the property securing
the Receivables, provided that, if not done as of the Closing Date, the
Issuer will cause, within ten days of the Closing Date, the filing of
all appropriate financing statements in the proper filing office in the
State of Delaware under applicable law in order to perfect the security
interest in the Receivables granted to the Trust Collateral Agent
hereunder.

3.    No Impairment. The Issuer has not done anything to convey any right
to any Person that would result in such Person having a right to payments
due under the Receivable or otherwise to impair the rights of the
Security Insurer, the Trustee, the Trust Collateral Agent and the
Noteholders in any Receivable or the proceeds thereof. Other than the
security interest granted to the Trust Collateral Agent pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Receivables. The Issuer has
not authorized the filing of and is not aware of any financing statements
against the Issuer that include a description of collateral covering the
Receivables other than any financing statement relating to the security
interest granted to the Trust Collateral Agent hereunder or that has been
terminated. The Issuer is not aware of any judgment or tax lien filings
against it.

4.    Chattel Paper. The Receivables constitute chattel paper within the
meaning of the UCC as in effect in the States of Texas, New York,
Delaware, Nevada and Minnesota.

5.    Good Title. Immediately prior to the pledge of the Receivables to the
Trust Collateral Agent pursuant to this Indenture, the Issuer was the
sole owner thereof and had good and indefeasible title thereto, free of
any Lien and, upon execution and delivery of this Agreement, the Trust
shall have good and indefeasible title to and will be the sole owner of
such Receivables, free of any Lien. No Dealer or Third-Party Lender has a
participation in, or other right to receive, proceeds of any Receivable.
The Issuer has not taken any action to convey any right to any Person
that would result in such Person having a right to payments received
under the related Insurance Policies or the related Dealer Agreements,
Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party
Lender Assignments or to payments due under such Receivables.

Sch. A-1

 

6.    Possession of Original Copies. The Servicer, as Custodian on behalf
of the Issuer, has in its possession all original copies of the contracts
that constitute or evidence the Receivable.

Sch. A-2exv4w2

 

Exhibit 4.2

EXECUTION COPY

AMENDED AND RESTATED

TRUST AGREEMENT

between

AFS SENSUB CORP.

Seller

and

WILMINGTON TRUST COMPANY

Owner Trustee

Dated as of April 5, 2004

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I. DEFINITIONS
	 	 	1	 
	SECTION 1.1. Capitalized Terms
	 	 	1	 
	SECTION 1.2. Other Definitional Provisions
	 	 	3	 
	ARTICLE II. ORGANIZATION
	 	 	4	 
	SECTION 2.1. Name
	 	 	4	 
	SECTION 2.2. Office
	 	 	4	 
	SECTION 2.3. Purposes and Powers
	 	 	4	 
	SECTION 2.4. Appointment of Owner Trustee
	 	 	5	 
	SECTION 2.5. Initial Capital Contribution of Trust Estate
	 	 	5	 
	SECTION 2.6. Declaration of Trust
	 	 	5	 
	SECTION 2.7. Title to Trust Property
	 	 	5	 
	SECTION 2.8. Situs of Trust
	 	 	6	 
	SECTION 2.9. Representations and Warranties of the Depositor
	 	 	6	 
	SECTION 2.10. Covenants of the Certificateholder
	 	 	7	 
	SECTION 2.11. Federal Income Tax Treatment of the Trust
	 	 	7	 
	SECTION 2.12. [Reserved]
	 	 	8	 
	ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST
	 	 	8	 
	SECTION 3.1. Initial Ownership
	 	 	8	 
	SECTION 3.2. The Certificate
	 	 	8	 
	SECTION 3.3. Authentication of Certificate
	 	 	8	 
	SECTION 3.4. Registration of Transfer and Exchange of Certificate
	 	 	8	 
	SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	9	 
	SECTION 3.6. Persons Deemed Certificateholders
	 	 	9	 
	SECTION 3.7. Maintenance of Office or Agency
	 	 	10	 
	SECTION 3.8. Disposition in Whole But Not in Part
	 	 	10	 
	SECTION 3.9. ERISA Restrictions
	 	 	10	 
	ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS
	 	 	10	 
	SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters
	 	 	10	 
	SECTION 4.2. Action by Certificateholder with Respect to Certain Matters
	 	 	11	 
	SECTION 4.3. Restrictions on Certificateholder’s Power
	 	 	11	 
	SECTION 4.4. Rights of Security Insurer
	 	 	12	 
	SECTION 4.5. Action with Respect to Bankruptcy Action
	 	 	12	 
	SECTION 4.6. Covenants and Restrictions on Conduct of Business
	 	 	13	 
	ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	14	 
	SECTION 5.1. General Authority
	 	 	14	 
	SECTION 5.2. General Duties
	 	 	15	 
	SECTION 5.3. Action upon Instruction
	 	 	15	 
	SECTION 5.4. No Duties Except as Specified in this Agreement or in Instructions
	 	 	16	 

 

 

	 	 	 	 	 
	SECTION 5.5. No Action Except under Specified Documents or Instructions
	 	 	16	 
	SECTION 5.6. Restrictions
	 	 	17	 
	ARTICLE VI. CONCERNING THE OWNER TRUSTEE
	 	 	17	 
	SECTION 6.1. Acceptance of Trusts and Duties
	 	 	17	 
	SECTION 6.2. Furnishing of Documents
	 	 	18	 
	SECTION 6.3. Representations and Warranties
	 	 	18	 
	SECTION 6.4. Reliance; Advice of Counsel
	 	 	19	 
	SECTION 6.5. Not Acting in Individual Capacity
	 	 	19	 
	SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables
	 	 	19	 
	SECTION 6.7. Owner Trustee May Own Notes
	 	 	20	 
	SECTION 6.8. Payments from Owner Trust Estate
	 	 	20	 
	SECTION 6.9. Doing Business in Other Jurisdictions
	 	 	20	 
	ARTICLE VII. COMPENSATION OF OWNER TRUSTEE
	 	 	21	 
	SECTION 7.1. Owner Trustee’s Fees and Expenses
	 	 	21	 
	SECTION 7.2. Indemnification
	 	 	21	 
	SECTION 7.3. Payments to the Owner Trustee
	 	 	21	 
	SECTION 7.4. Non-recourse Obligations
	 	 	21	 
	ARTICLE VIII. TERMINATION OF TRUST AGREEMENT
	 	 	22	 
	SECTION 8.1. Termination of Trust Agreement
	 	 	22	 
	ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	23	 
	SECTION 9.1. Eligibility Requirements for Owner Trustee
	 	 	23	 
	SECTION 9.2. Resignation or Removal of Owner Trustee
	 	 	23	 
	SECTION 9.3. Successor Owner Trustee
	 	 	24	 
	SECTION 9.4. Merger or Consolidation of Owner Trustee
	 	 	24	 
	SECTION 9.5. Appointment of Co-Trustee or Separate Trustee
	 	 	25	 
	ARTICLE X. MISCELLANEOUS
	 	 	26	 
	SECTION 10.1. Supplements and Amendments
	 	 	26	 
	SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder
	 	 	27	 
	SECTION 10.3. Limitations on Rights of Others
	 	 	27	 
	SECTION 10.4. Notices
	 	 	27	 
	SECTION 10.5. Severability
	 	 	28	 
	SECTION 10.6. Separate Counterparts
	 	 	28	 
	SECTION 10.7. Assignments; Security Insurer
	 	 	28	 
	SECTION 10.8. No Recourse
	 	 	28	 
	SECTION 10.9. Headings
	 	 	28	 
	SECTION 10.10. GOVERNING LAW
	 	 	28	 
	SECTION 10.11. Servicer
	 	 	28	 

ii

 

 

EXHIBITS

	 	 	 	 	 
	

	 	Exhibit A
	 	Form of Certificate
	 
	 	 	 	 
	

	 	Exhibit B
	 	Form of Certificate of Trust

iii

 

 

     This AMENDED AND RESTATED TRUST AGREEMENT dated as of April 5, 2004
between AFS SENSUB CORP., a Nevada corporation (the “Seller”), and WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as Owner Trustee, amends and
restates in its entirety that certain Trust Agreement dated as of March 17,
2004 between the Seller and the Owner Trustee.

ARTICLE I.

Definitions

               SECTION 1.1. Capitalized Terms. For all purposes of this Agreement, the
following terms shall have the meanings set forth below:

          “AmeriCredit” shall mean AmeriCredit Financial Services, Inc.

          “Agreement” shall mean this Trust Agreement, as the same may be amended
and supplemented from time to time.

          “Basic Documents” shall mean this Agreement, the Certificate of Trust, the
Sale and Servicing Agreement, the Spread Account Agreement, the Insurance
Agreement, the Indenture and the other documents and certificates delivered in
connection therewith.

          “Benefit Plan” shall have the meaning assigned to such term in Section
3.9.

          “Certificate” means a trust certificate evidencing the beneficial interest
of a Certificateholder in the Trust, substantially in the form of Exhibit A
attached hereto.

          “Certificateholder” or “Holder” shall mean the person in whose name a
Certificate is registered on the Certificate Register, initially the Seller.

          “Certificate of Trust” shall mean the Certificate of Trust in the form of
Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the
Statutory Trust Statute.

          “Certificate Register” and “Certificate Registrar” shall mean the register
mentioned and the registrar appointed pursuant to Section 3.4.

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

          “Corporate Trust Office” shall mean, with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration, or at such other address as the
Owner Trustee may designate by notice to the Depositor, or the principal
corporate trust office of any successor Owner Trustee (the address of which the
successor owner trustee will notify the Depositor).

          “Depositor” shall mean the Seller in its capacity as Depositor hereunder.

 

 

          “Distribution Date” shall have the meaning set forth in the Sale and
Servicing Agreement.

          “ERISA” shall have the meaning assigned to such term in Section 3.9.

          “Expenses” shall have the meaning assigned to such term in Section 7.2.

          “Indemnified Parties” shall have the meaning assigned to such term in
Section 7.2.

          “Indenture” shall mean the Indenture dated as of April 5, 2004, among the
Issuer and Wells Fargo Bank, National Association, as Trust Collateral Agent
and Trustee, as the same may be amended and supplemented from time to time.

          “Owner Trust Estate” shall mean all right, title and interest of the Trust
in and to the property and rights assigned to the Trust pursuant to Article II
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and all other property of the Trust from time to time,
including any rights of the Owner Trustee and the Trust pursuant to the Sale
and Servicing Agreement and the Spread Account Agreement.

          “Owner Trustee” shall mean Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under
this Agreement, and any successor Owner Trustee hereunder.

          “Record Date” shall mean with respect to any Distribution Date, the close
of business on the last Business Day immediately preceding such Distribution
Date.

          “Responsible Officer” shall mean, with respect to the Owner Trustee, any
officer within the Corporate Trust Administration office of the Owner Trustee
with direct responsibility for the administration of the Trust and also, with
respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the
particular subject.

          “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement
dated as of April 5, 2004, among the Trust, the Seller, AmeriCredit Financial
Services, Inc. and the Trust Collateral Agent, as the same may be amended and
supplemented from time to time.

          “Secretary of State” shall mean the Secretary of State of the State of
Delaware.

          “Security Insurer” shall mean MBIA Insurance Corporation, or its successor
in interest.

          “Spread Account” shall mean the Spread Account established and maintained
pursuant to the Spread Account Agreement.

          “Spread Account Agreement” shall mean the Spread Account Agreement dated
as of April 5, 2004, among the Trust, the Security Insurer, the Collateral
Agent, the Trustee and the

2

 

Trust Collateral Agent, as the same may be amended,
supplemented or otherwise modified in accordance with the terms thereof.

          “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code § 3801 et seq. as the same may be amended from time
to time.

          “Treasury Regulations” shall mean regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to
specific provisions of proposed or temporary regulations shall include
analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

          “Trust” shall mean the trust established by this Agreement.

          “Trust Collateral Agent” shall mean, initially, Wells Fargo Bank, National
Association, in its capacity as collateral agent, including its successors in
interest, until and unless a successor Person shall have become the Trust
Collateral Agent pursuant to the Sale and Servicing Agreement, and thereafter
“Trust Collateral Agent” shall mean such successor Person.

               SECTION 1.2. Other Definitional Provisions.

          (a) Capitalized terms used herein and not otherwise defined have the
meanings assigned to them in the Sale and Servicing Agreement or, if not
defined therein, in the Spread Account Agreement or in the Indenture.

          (b) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

          (c) As used in this Agreement 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 certificate or other document, and accounting
terms partly defined in this Agreement or in any such 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 certificate or other document, as applicable. To
the extent that the definitions of accounting terms in this Agreement or in any
such 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 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 and Exhibit references
contained in this Agreement are references to Sections 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.

3

 

ARTICLE II.

Organization

               SECTION 2.1. Name. There is hereby formed a trust to be known as
“AmeriCredit Automobile Receivables Trust 2004-B-M,” in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

               SECTION 2.2. Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the
Owner Trustee may designate by written notice to the Certificateholder.

               SECTION 2.3. Purposes and Powers.

          (a) The purpose of the Trust is, and the Trust shall have the power and
authority, to engage in the following activities:

     (i) to issue the Notes pursuant to the Indenture and the Certificate
pursuant to this Agreement, and to sell the Notes;

     (ii) with the proceeds of the sale of the Notes, to fund the
Pre-Funding Account, the Capitalized Interest Account and the Spread
Account and to pay the organizational, start-up and transactional
expenses of the Trust and to pay the balance to the Depositor pursuant to
the Sale and Servicing Agreement;

     (iii) to acquire from time to time the Owner Trust Estate, to
assign, grant, transfer, pledge, mortgage and convey the Owner Trust
Estate to the Trust Collateral Agent pursuant to the Indenture for the
benefit of the Security Insurer and the Indenture Trustee on behalf of
the Noteholders and to hold, manage and distribute to the
Certificateholder pursuant to the terms of the Sale and Servicing
Agreement any portion of the Owner Trust Estate released from the Lien
of, and remitted to the Trust pursuant to, the Indenture;

     (iv) to enter into and perform its obligations under the Basic
Documents to which it is a party;

     (v) to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith (including the
sale, from time to time, of Receivables at the direction
of the Servicer pursuant to Section 4.3(c) of the Sale and Servicing
Agreement) and the filing of state business licenses (and any renewal
thereof) as prepared and instructed by the Certificateholder or Servicer
without further consent or instruction from the Instructing Party,
including a Sales Finance Company Application (and any renewal thereof)
with the Pennsylvania Department of Banking, Licensing Division, and a
Financial Regulation Application (and any renewal thereof) with the
Maryland Department of Labor, Licensing and Regulation; and

4

 

     (vi) subject to compliance with the Basic Documents, to engage in
such other activities as may be required in connection with conservation
of the Owner Trust Estate and the making of distributions to the
Certificateholder and the Noteholders.

The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this
Agreement or the Basic Documents.

               SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to
have all the rights, powers and duties set forth herein. The Owner Trustee
hereby accepts such appointment.

               SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner
Trustee hereby acknowledges receipt in trust from SenSub Corp. of the sum of
$1,000 which contribution shall constitute the initial Owner Trust Estate. AFS
SenSub Corp. acknowledges that such contribution has been transferred to, and
is being held by, Wells Fargo Bank, National Association, as agent for the
Trust in an account established by Wells Fargo Bank, National Association, on
behalf of the Trust, which contribution shall constitute the initial Trust
Estate. The Depositor shall pay organizational expenses of the Trust as they
may arise.

               SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Holder, subject to the
obligations of the Trust under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Statutory
Trust Statute and that this Agreement constitute the governing instrument of
such statutory trust. Effective as of the date hereof, the Owner Trustee shall
have all rights, powers and duties set forth herein and to the extent not
inconsistent herewith, in the Statutory Trust Statute with respect to
accomplishing the purposes of the Trust. The Owner Trustee shall file the
Certificate of Trust with the Secretary of State.

          The Holder shall not have any personal liability for any liability or
obligation of the Trust.

               SECTION 2.7. Title to Trust Property.

          (a) Legal title to all the Owner Trust Estate shall be vested at all times
in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be vested
in a trustee or trustees, in which case title shall be deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

          (b) The Holder shall not have legal title to any part of the Trust
Property. The Holder shall be entitled to receive distributions with respect
to its undivided ownership interest therein only in accordance with Article
VIII. No transfer, by operation of law or otherwise, of any right, title or
interest by the Certificateholder of its ownership interest in the Owner Trust
Estate shall operate to terminate this Agreement or the trusts hereunder or
entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Property.

5

 

               SECTION 2.8. Situs of Trust. The Trust will be located and administered in the
State of Delaware. All bank accounts maintained by the Owner Trustee on behalf
of the Trust shall be located in the State of Delaware or the State of New
York. Payments will be received by the Trust only in Delaware or New York and
payments will be made by the Trust only from Delaware or New York. The Trust
shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee, the
Servicer or any agent of the Trust from having employees within or without the
State of Delaware. The only office of the Trust will be at the Corporate Trust
Office located in Delaware.

               SECTION 2.9. Representations and Warranties of the Depositor. The Depositor
makes the following representations and warranties on which the Owner Trustee
relies in accepting the Owner Trust Estate in trust and issuing the Certificate
and upon which the Security Insurer relies in issuing the Note Policy.

          (a) Organization and Good Standing. The Depositor is duly organized and
validly existing as a Nevada corporation with power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted and is proposed to be conducted
pursuant to this Agreement and the Basic Documents.

          (b) Due Qualification. It is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions in which the ownership or lease of its
property, the conduct of its business and the performance of its obligations
under this Agreement and the Basic Documents requires such qualification.

          (c) Power and Authority. The Depositor has the corporate power and
authority to execute and deliver this Agreement and to carry out its terms; the
Depositor has full power and authority to sell and assign the property to be
sold and assigned to and deposited with
the Trust and the Depositor has duly authorized such sale and assignment
and deposit to the Trust by all necessary corporate action; and the execution,
delivery and performance of this Agreement has been duly authorized by the
Depositor by all necessary corporate action.

          (d) No Consent Required. No consent, license, approval or authorization
or registration or declaration with, any Person or with any governmental
authority, bureau or agency is required in connection with the execution,
delivery or performance of this Agreement and the Basic Documents, except for
such as have been obtained, effected or made.

          (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof do 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 certificate of
incorporation or by-laws of the Depositor, or any material indenture, agreement
or other instrument to which the Depositor is a party or by which it is bound;
nor result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than pursuant to the Basic Documents); nor violate any law or, to the
best of the Depositor’s knowledge, any order, rule or

6

 

regulation applicable to
the Depositor of any court or of any Federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties.

          (f) No Proceedings. There are no proceedings or investigations pending
or, to its knowledge threatened against it before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having
jurisdiction over it or its properties (A) asserting the invalidity of this
Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of
the Certificate or the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect its
performance of its obligations under, or the validity or enforceability of,
this Agreement or any of the Basic Documents, or (D) seeking to adversely
affect the federal income tax or other federal, state or local tax attributes
of the Certificate.

               SECTION 2.10. Covenants of the Certificateholder. The Certificateholder
agrees:

          (a) to be bound by the terms and conditions of the Certificate of which
the Holder is the beneficial owner and of this Agreement, including any
supplements or amendments hereto and to perform the obligations of a Holder as
set forth therein or herein, in all respects as if it were a signatory hereto.
This undertaking is made for the benefit of the Trust, the Owner Trustee and
the Security Insurer; and

          (b) until the completion of the events specified in Section 8.1(d), not
to, for any reason, institute proceedings for the Trust to be adjudicated a
bankrupt or insolvent, or consent to the institution of bankruptcy or
insolvency proceedings against the Trust, or file a petition seeking or
consenting to reorganization or relief under any applicable federal or state
law relating to bankruptcy, or consent to the appointment of a receiver,
liquidator, assignee, trustee,
sequestrator (or other similar official) of the Trust or a substantial
part of its property, or cause or permit the Trust to make any assignment for
the benefit of its creditors, or admit in writing its inability to pay its
debts generally as they become due, or declare or effect a moratorium on its
debt or take any action in furtherance of any such action.

               SECTION 2.11. Federal Income Tax Treatment of the Trust.

          (a) For so long as the Trust has a single owner for federal income tax
purposes, it will, pursuant to Treasury Regulations promulgated under section
7701 of the Code, be disregarded as an entity distinct from the
Certificateholder for all federal income tax purposes. Accordingly, for
federal income tax purposes, the Certificateholder will be treated as (i)
owning all assets owned by the Trust, (ii) having incurred all liabilities
incurred by the Trust, and (iii) all transactions between the Trust and the
Certificateholder will be disregarded.

          (b) Neither the Owner Trustee nor any Certificateholder will, under any
circumstances, and at any time, make an election on IRS Form 8832 or otherwise,
to classify the Trust as an association taxable as a corporation for federal,
state or any other applicable tax purpose.

7

 

          (c) In the event that the Trust has two equity owners for federal income
tax purposes, the Trust will be treated as a partnership. At any such time
that the Trust has two equity owners, this Agreement will be amended, in
accordance with Section 10.1 herein, and appropriate provisions will be added
so as to provide for treatment of the Trust as a partnership.

               SECTION 2.12. [Reserved]

ARTICLE III.

Certificate and Transfer of Interest

               SECTION 3.1. Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance of
the Certificate to the initial Certificateholder, the Depositor shall be the
sole beneficiary of the Trust.

               SECTION 3.2. The Certificate. The Certificate shall be executed on behalf of
the Trust by manual or facsimile signature of an authorized officer of the
Owner Trustee. A Certificate bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be validly issued and entitled
to the benefit of this Agreement, notwithstanding that such individuals or any
of them shall have ceased to be so authorized prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of
authentication and delivery of such Certificate. A transferee of a Certificate
shall become a Certificateholder, and shall be entitled to the rights and
subject to the obligations of a Certificateholder hereunder, upon due
registration of such Certificate in such transferee’s name pursuant to Section
3.4.

               SECTION 3.3. Authentication of Certificate. Concurrently with the sale of the
Receivables to the Trust pursuant to the Sale and Servicing Agreement, the
Owner Trustee shall cause the Certificate to be executed on behalf of the
Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president or any vice
president, its treasurer or any assistant treasurer without further corporate
action by the Depositor, in authorized denominations. No Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by
the Owner Trustee or Wilmington Trust Company as the Owner Trustee’s
authentication agent, by manual signature; such authentication shall constitute
conclusive evidence that such Certificate shall have been duly authenticated
and delivered hereunder. The Certificate shall be dated the date of its
authentication.

               SECTION 3.4. Registration of Transfer and Exchange of Certificate. The
Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.7, a Certificate Register in which, subject to
such reasonable regulations as it may prescribe, the Owner Trustee shall
provide for the registration of the Certificate and of transfers and exchanges
of the Certificate as herein provided. Wilmington Trust Company shall be the
initial Certificate Registrar.

          The Certificate Registrar shall provide the Trust Collateral Agent with
the name and address of the Certificateholder on the Closing Date. Upon any
transfers of the Certificate,

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the Certificate Registrar shall notify the Trust
Collateral Agent of the name and address of the transferee in writing, by
facsimile, on the day of such transfer.

          Upon surrender for registration of transfer of the Certificate at the
office or agency maintained pursuant to Section 3.7, the Owner Trustee shall
execute, authenticate and deliver (or shall cause Wilmington Trust Company as
its authenticating agent to authenticate and deliver), in the name of the
designated transferee, a new Certificate dated the date of authentication by
the Owner Trustee or any authenticating agent.

          A Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed
by the Certificateholder or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Certificate Registrar, which requirements include
membership or participation in the Securities Transfer Agent’s Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Certificate Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Exchange Act. Each Certificate surrendered
for registration of transfer or exchange shall be canceled and subsequently
disposed of by the Owner Trustee in accordance with its customary practice.

          No service charge shall be made for any registration of transfer or
exchange of the Certificate, but the Owner Trustee or the Certificate Registrar
may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate.

               SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or if
the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar, the Owner Trustee and (unless an Insurer Default
shall have occurred and be continuing) the Security Insurer, such security or
indemnity as may be required by them to save each of them harmless, then in the
absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee, or Wilmington Trust Company, as the Owner Trustee’s authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
class, tenor and denomination. In connection with the issuance of any new
Certificate under this Section, the Owner Trustee or the Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive
evidence of an ownership interest in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

               SECTION 3.6. Persons Deemed Certificateholders. Every Person by virtue of
becoming a Certificateholder in accordance with this Agreement shall be deemed
to be bound by the terms of this Agreement. Prior to due presentation of the
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar and the Security Insurer and any agent of the Owner Trustee, the
Certificate Registrar and the Security Insurer, may treat

9

 

the person in whose
name any Certificate shall be registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant
to the Sale and Servicing Agreement and for all other purposes whatsoever, and
none of the Owner Trustee, the Certificate Registrar or the Security Insurer
nor any agent of the Owner Trustee, the Certificate Registrar or the Security
Insurer shall be bound by any notice to the contrary.

               SECTION 3.7. Maintenance of Office or Agency. The Owner Trustee shall maintain
an office or offices or agency or agencies where the Certificate may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee in respect of the Certificate and the
Basic Documents may be served. The Owner Trustee initially designates the
Corporate Trust Office for such purposes. The Owner Trustee shall give prompt
written notice to the Depositor, the Certificateholder and (unless an Insurer
Default shall have occurred and be continuing) the Security Insurer of any
change in the location of the Certificate Register or any such office or
agency.

               SECTION 3.8. Disposition in Whole But Not in Part. The Certificate may be transferred in whole but not in part. Any attempted
transfer of the Certificate that would divide the ownership of the Owner Trust
Estate shall be void. The Certificate is only transferable (i) to an Affiliate
of AmeriCredit Corp. whose stock has been pledged to the Security Insurer or
(ii) to another entity with the prior written consent of the Security Insurer
in its sole discretion. The Owner Trustee shall cause any Certificate issued
to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER
THE LIMITED CONDITIONS SPECIFIED IN THE TRUST AGREEMENT.”

               SECTION 3.9. ERISA Restrictions. The Certificate may not be acquired by or for
the account of (i) an employee benefit plan (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is
subject to the provisions of Title I of ERISA, (ii) a plan (as defined in
Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, or
(iii) any entity whose underlying assets include assets of a plan described in
(i) or (ii) above by reason of such plan’s investment in the entity (each, a
“Benefit Plan”). By accepting and holding its beneficial ownership interest in
its Certificate, the Holder thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

ARTICLE IV.

Voting Rights and Other Actions

               SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Certificateholder in writing of the proposed action and
the Certificateholder shall not have notified the Owner Trustee in writing
prior to the 30th day after such notice is given that the Certificateholder has
withheld consent or provided alternative direction:

10

 

          (a) the election by the Trust to file an amendment to the Certificate of
Trust (unless such amendment is required to be filed under the Statutory Trust
Statute or unless such amendment would not materially and adversely affect the
interests of the Holder);

          (b) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

          (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholder;
or

          (d) except pursuant to Section 12.1(b) of the Sale and Servicing
Agreement, the amendment, change or modification of the Sale and Servicing
Agreement, except to cure any ambiguity or defect or to amend or supplement any
provision in a manner that would not materially adversely affect the interests
of the Certificateholder.

The Owner Trustee shall notify the Certificateholder in writing of any
appointment of a successor Note Registrar or Trust Collateral Agent within five
Business Days after receipt of notice thereof.

               SECTION 4.2. Action by Certificateholder with Respect to Certain Matters. The
Owner Trustee shall not have the power, except upon the direction of the
Certificateholder or the Security Insurer in accordance with the Basic
Documents, to (a) remove the Servicer under the Sale and Servicing Agreement
pursuant to Section 9.2 thereof or (b) except as expressly provided in the
Basic Documents, sell the Receivables after the termination of the Indenture.
The Owner Trustee shall take the actions referred to in the preceding sentence
only upon written instructions signed by the Certificateholder and the
furnishing of indemnification satisfactory to the Owner Trustee by the
Certificateholder.

               SECTION 4.3. Restrictions on Certificateholder’s Power.

          (a) The Certificateholder shall not direct the Owner Trustee to take or
refrain from taking any action if such action or inaction would be contrary to
any obligation of the Trust or the Owner Trustee under this Agreement or any of
the Basic Documents or would be contrary to Section 2.3 nor shall the Owner
Trustee be obligated to follow any such direction, if given.

          (b) The Certificateholder shall not have any right by virtue or by
availing itself of any provisions of this Agreement to institute any suit,
action, or proceeding in equity or at law upon or under or with respect to this
Agreement or any Basic Document, unless the Certificateholder is the
Instructing Party pursuant to Section 5.3 and unless the Certificateholder
previously shall have given to the Owner Trustee a written notice of default
and of the continuance thereof, as provided in this Agreement, and also unless
Certificateholder shall have made written request upon the Owner Trustee to
institute such action, suit or proceeding in its own name as Owner Trustee
under this Agreement and shall have offered to the Owner Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Owner Trustee, for 30
days after its receipt of such notice, request, and offer of indemnity, shall
have neglected or refused to institute any such action, suit,

11

 

or proceeding,
and during such 30-day period no request or waiver inconsistent with such
written request has been given to the Owner Trustee pursuant to and in
compliance with this Section or Section 5.3. For the protection and
enforcement of the provisions of this Section, the Certificateholder and the
Owner Trustee shall be entitled to such relief as can be given either at law or
in equity.

               SECTION 4.4. Rights of Security Insurer. Notwithstanding anything to the
contrary in the Basic Documents, without the prior written consent of the
Security Insurer (so long as no Insurer Default shall have occurred and be
continuing), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate
any claim, suit or proceeding by the Trust or compromise any claim, suit or
proceeding brought by or against the Trust, other than with respect to the
enforcement of any Receivable or any rights of the Trust thereunder, (iii)
authorize the merger or consolidation of the Trust with or into any
other statutory trust or other entity (other than in accordance with
Section 3.10 of the Indenture) or (iv) amend the Certificate of Trust (unless
such amendment is required to be filed under the Statutory Trust Statute).

               SECTION 4.5. Action with Respect to Bankruptcy Action

          (a) The Trust shall not, without the prior written consent of the Owner
Trustee, (a) institute any proceedings to adjudicate the Trust a bankrupt or
insolvent, (b) consent to the institution of bankruptcy or insolvency
proceedings against the Trust, (c) file a petition seeking or consenting to
reorganization or relief under any applicable federal or state law relating to
bankruptcy with respect to the Trust, (d) consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Trust or a substantial part of its property, (e) make any
assignment for the benefit of the Trust’s creditors; (f) cause the Trust to
admit in writing its inability to pay its debts generally as they become due;
or (g) take any action in furtherance of any of the foregoing (any of the above
foregoing actions, a “Bankruptcy Action”). In considering whether to give or
withhold written consent to a Bankruptcy Action by the Trust, the Owner
Trustee, with the consent of the Certificateholders (hereby given, which
consent the Certificateholders believe to be in the best interests of the
Certificateholders and the Trust), shall consider the interest of the
Noteholders and the Security Insurer in addition to the interests of the Trust
and whether the Trust is insolvent; provided, however, that the Owner Trustee
shall not be deemed to owe any fiduciary duty to the Noteholders or the
Security Insurer. The Owner Trustee shall have no duty to give such written
consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have
been furnished (at the expense of the Trust) or the Person that requested that
such letter be furnished to the Owner Trustee) a letter from an independent
accounting firm of national reputation stating that in the opinion of such firm
the Trust is then insolvent. The Owner Trustee (as such and in its individual
capacity) shall not be personally liable to any Person on account of the Owner
Trustee’s good faith reliance on the provisions of this Section or in
connection with the Owner Trustee’s giving prior written consent to a
Bankruptcy Action by the Trust in accordance herewith, or withholding such
consent, in good faith, and neither the Trust nor any Certificateholder shall
have any claim for breach of fiduciary duty or otherwise against the Owner
Trustee (as such and in its individual capacity) for giving or withholding its
consent to any such Bankruptcy Action.

          (b) The parties hereto stipulate and agree that no Certificateholder has
power to commence any Bankruptcy Action on the part of the Trust or to direct
the Owner Trustee to

12

 

take any Bankruptcy Action on the part of the Trust except
as provided in Section 4.5(a). To the extent permitted by applicable law, the
consent of the Security Insurer and the Trust Collateral Agent shall be
obtained prior to taking any Bankruptcy Action by the Trust.

          (c) The provisions of this Section do not constitute an acknowledgement or
admission by the Trust, the Owner Trustee, any Certificateholder or any
creditor of the Trust that the Trust is eligible to be a debtor, under the
United States Bankruptcy Code, I1 U.S.C. §§ 101 et seq., as amended.

               SECTION 4.6. Covenants and Restrictions on Conduct of
Business.

          (a) The Owner Trustee on behalf of the Trust agrees to abide by the
following restrictions:

     (i) other than as contemplated by the Basic Documents and related
documentation, the Trust shall not incur any indebtedness;

     (ii) other than as contemplated by the Basic Documents and related
documentation, the Trust shall not engage in any dissolution,
liquidation, consolidation, merger or sale of assets;

     (iii) the Trust shall not engage in any business activity in which
it is not currently engaged other than as contemplated by the Basic
Documents and related documentation; and

     (iv) the Trust shall not form, or cause to be formed, any
subsidiaries and shall not own or acquire any asset other than as
contemplated by the Basic Documents and related documentation.

          (b) The Owner Trustee on behalf of the Trust shall:

     (i) maintain books and records separate from any other person or
entity;

     (ii) maintain its office and bank accounts separate from any other
person or entity;

     (iii) not commingle its assets with those of any other person or
entity;

     (iv) conduct its own business in its own name and use stationery or
other business forms under its own name and not that of any
Certificateholder or any Affiliate;

     (v) other than as contemplated by the Basic Documents and related
documentation, pay its own liabilities and expenses only out of its own
funds;

     (vi) observe all formalities required under the Statutory Trust
Statute;

13

 

     (vii) not guarantee or become obligated for the debts of any other
person or entity;

     (viii) not hold out its credit as being available to satisfy the
obligation of any other person or entity;

     (ix) not acquire the obligations or securities of its
Certificateholders or its Affiliates;

     (x) other than as contemplated by the Basic Documents and related
documentation, not make loans to any other person or entity or buy or
hold evidence of indebtedness issued by any other person or entity;

     (xi) other than as contemplated by the Basic Documents and related
documentation, not pledge its assets for the benefit of any other person
or entity;

     (xii) hold itself out as a separate entity from each
Certificateholder and not conduct any business in the name of any
Certificateholder;

     (xiii) correct any known misunderstanding regarding its separate
identity;

     (xiv) not identify itself as a division of any other person or
entity; and

     (xv) except as required or specifically provided in the Trust
Agreement, the Trust will conduct business with the Certificateholders or
any Affiliate thereof on an arm’s length basis.

          (c) So long as the Notes or any other amounts owed under the Indenture
remain outstanding, the Trust shall not amend this Section 4.6 unless the
Rating Agency Condition has been satisfied and without the prior written
consent of the Security Insurer.

ARTICLE V.

Authority and Duties of Owner Trustee

               SECTION 5.1. General Authority.

          (a) The Owner Trustee is authorized and directed to execute and deliver
the Basic Documents to which the Trust is named as a party, each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents
to which the Trust is named as a party and any amendment thereto and on behalf
of the Trust, each state business license (and any renewal thereof) prepared by
the Certificateholder or Servicer, including a Sales Finance Company
Application (and any renewal thereof) with the Pennsylvania Department of
Banking, Licensing Division, and a Financial Regulation Application (and any
renewal thereof) with the Maryland Department of Labor, Licensing and
Regulation, in each case, in such form as the Depositor shall approve as
evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf
of the Trust, to direct the Indenture Trustee to authenticate and deliver Class
A-1 Notes in the aggregate principal amount of $224,000,000, Class A-2 Notes in
the aggregate principal

14

 

amount of $308,000,000, Class A-3 Notes in the
aggregate principal amount of $147,000,000 and Class A-4 Notes in the aggregate
principal amount of $221,000,000. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Instructing Party
recommends with respect to the Basic Documents so long as such activities are
consistent with the terms of the Basic Documents.

          (b) The Owner Trustee shall sign on behalf of the Trust any applicable tax
returns of the Trust, unless applicable law requires a Certificateholder to
sign such documents.

               SECTION 5.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this Agreement
and the Sale and Servicing Agreement and to administer the Trust in the
interest of the Holder, subject to the Basic Documents and in accordance with
the provisions of this Agreement. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Servicer has agreed
in the Sale and Servicing Agreement to perform any act or to discharge any duty
of the Trust or the Owner Trustee hereunder or under any Basic Document, and
the Owner Trustee shall not be liable for the default or failure of the
Servicer to carry out its obligations under the Sale and Servicing Agreement.

               SECTION 5.3. Action upon Instruction.

          (a) Subject to Article IV and the terms of the Spread Account Agreement,
the Security Insurer (so long as an Insurer Default shall not have occurred and
be continuing) or the Certificateholder (if an Insurer Default shall have
occurred and be continuing) (the “Instructing Party”) shall have the exclusive
right to direct the actions of the Owner Trustee in the management of the
Trust, so long as such instructions are not inconsistent with the express terms
set forth herein or in any Basic Document, provided, however, that the Owner
Trustee shall be permitted to treat the Security Insurer as the Instructing
Party until such time as the Owner Trustee has received written notice that the
Security Insurer is no longer the Instructing Party as a result of the
occurrence and continuance of an Insurer Default. The Instructing Party shall
not instruct the Owner Trustee in a manner inconsistent with this Agreement or
the Basic Documents.

          (b) The Owner Trustee shall not be required to take any action hereunder
or under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely
to result in liability on the part of the Owner Trustee or is contrary to the
terms hereof or of any Basic Document or is otherwise contrary to law.

          (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any
Basic Document, the Owner Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Instructing Party
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instruction of the Instructing Party received, the Owner Trustee shall not be
liable on account of

15

 

such action to any Person. If the Owner Trustee shall not
have received appropriate instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this
Agreement or the Basic Documents, as it shall deem to be in the best interests
of the Certificateholder, and shall have no liability to any Person for such
action or inaction.

          (d) In the event that the Owner Trustee is unsure as to the application of
any provision of this Agreement or any Basic Document or any such provision is
ambiguous as to its application, or is, or appears to be, in conflict with any
other applicable provision, or in the event
that this Agreement permits any determination by the Owner Trustee or is
silent or is incomplete as to the course of action that the Owner Trustee is
required to take with respect to a particular set of facts, the Owner Trustee
may give notice (in such form as shall be appropriate under the circumstances)
to the Instructing Party requesting instruction and, to the extent that the
Owner Trustee acts or refrains from acting in good faith in accordance with any
such instruction received, the Owner Trustee shall not be liable, on account of
such action or inaction, to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the
Basic Documents, as it shall deem to be in the best interests of the
Certificateholder, and shall have no liability to any Person for such action or
inaction.

               SECTION 5.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 5.3; and no implied duties or
obligations shall be read into this Agreement or any Basic Document against the
Owner Trustee. The Owner Trustee shall have no responsibility for filing any
financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to prepare or file any Commission filing (including
any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or
regulation promulgated thereunder) for the Trust or to record this Agreement or
any Basic Document. The Owner Trustee nevertheless agrees that it will, at its
own cost and expense, promptly take all action as may be necessary to discharge
any Liens on any part of the Owner Trust Estate that result from actions by, or
claims against, the Owner Trustee (solely in its individual capacity) and that
are not related to the ownership or the administration of the Owner Trust
Estate.

               SECTION 5.5. No Action Except under Specified Documents or Instructions. The
Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
deal with any part of the Owner Trust Estate except (i) in accordance with the
powers granted to and the authority conferred upon the Owner Trustee pursuant
to this

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Agreement, (ii) in accordance with the Basic Documents and (iii) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 5.3.

               SECTION 5.6. Restrictions. The Owner Trustee shall not take any action (a)
that is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Owner Trustee, would result in the
Trust’s becoming taxable as a corporation for Federal income tax purposes. The
Certificateholder shall not direct the Owner Trustee to take action that would
violate the provisions of this Section.

ARTICLE VI.

Concerning the Owner Trustee

               SECTION 6.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect
to such trusts but only upon the terms of this Agreement. The Owner Trustee
also agrees to disburse all moneys actually received by it constituting part of
the Owner Trust Estate upon the terms of the Basic Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder
or under any Basic Document under any circumstances, except (i) for its own
willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy
of any representation or warranty contained in Section 6.3 expressly made by
the Owner Trustee, (iii) for liabilities arising from the failure of the Owner
Trustee to perform obligations expressly undertaken by it in the last sentence
of Section 5.4 hereof, (iv) for any investments issued by the Owner Trustee or
any branch or affiliate thereof in its commercial capacity or (v) for taxes,
fees or other charges on, based on or measured by, any fees, commissions or
compensation received by the Owner Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding sentence):

          (a) the Owner Trustee shall not be liable for any error of judgment made
by a Responsible Officer of the Owner Trustee (except in the case of willful
misconduct, bad faith or negligence);

          (b) the Owner Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in accordance with the instructions of the
Instructing Party, the Servicer or the Certificateholder;

          (c) no provision of this Agreement or any Basic Document shall require the
Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder or under
any Basic Document if the Owner Trustee shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it;

          (d) under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes;

          (e) the Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by
the Depositor or for the form,

17

 

character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate or for or in respect of the validity
or sufficiency of the Basic Documents, other than the certificate of
authentication on the Certificate, and the Owner Trustee shall in no event
assume or incur any liability, duty or obligation to the Security Insurer,
Trustee, Trust Collateral Agent, the Collateral
Agent, any Noteholder or to any Certificateholder, other than as expressly
provided for herein and in the Basic Documents;

          (f) the Owner Trustee shall not be liable for the default or misconduct of
the Security Insurer, the Trustee, the Trust Collateral Agent or the Servicer
under any of the Basic Documents or otherwise and the Owner Trustee shall have
no obligation or liability to perform the obligations under this Agreement or
the Basic Documents that are required to be performed by the Trustee under the
Indenture or the Trust Collateral Agent or the Servicer under the Sale and
Servicing Agreement; and

          (g) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement or any Basic Document, at the request, order or direction of the
Instructing Party or the Certificateholder, unless such Instructing Party or
Certificateholder has offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in any
Basic Document shall not be construed as a duty, and the Owner Trustee shall
not be answerable for other than its negligence, bad faith or willful
misconduct in the performance of any such act.

               SECTION 6.2. Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholder promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
under the Basic Documents.

               SECTION 6.3. Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, the Holder and the Security Insurer
(which shall have relied on such representations and warranties in issuing the
Note Policy), that:

          (a) It is a Delaware banking corporation, duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

          (b) It has taken all corporate action necessary to authorize the execution
and delivery by it of this Agreement, and this Agreement will be executed and
delivered by one of its officers who is duly authorized to execute and deliver
this Agreement on its behalf.

          (c) Neither the execution nor the delivery by it of this Agreement, nor
the consummation by it of the transactions contemplated hereby nor compliance
by it with any of the terms or provisions hereof will contravene any federal or
Delaware state law, governmental rule or regulation governing the banking or
trust powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any

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indenture, mortgage, contract, agreement or instrument to which it is a
party or by which any of its properties may be bound.

          (d) The Agreement has been, or, when executed and delivered will have
been, duly authorized, validly executed and delivered by the Owner Trustee and
constitutes, a valid and binding agreement of the Owner Trustee, enforceable
against the Owner Trustee in accordance with its terms, except to the extent
that enforceability may (A) be subject to insolvency, reorganization,
moratorium, or other similar laws, regulations or procedures of general
applicability now or hereinafter in effect relating to or affecting creditor’s
rights generally and (B) be limited by general principles of equity (whether
considered in a proceeding at law or in equity).

               SECTION 6.4. Reliance; Advice of Counsel.

          (a) The Owner Trustee shall incur no liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to
be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Owner Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer, secretary or other authorized officers
of the relevant party, as to such fact or matter, and such certificate shall
constitute full protection to the Owner Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon.

          (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Basic
Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled persons to be selected with reasonable care and employed by
it. The Owner Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the written opinion or advice of
any such counsel, accountants or other such persons and according to such
opinion not contrary to this Agreement or any Basic Document.

               SECTION 6.5. Not Acting in Individual Capacity. Except as provided in this
Article VI, in accepting the trust hereby created Wilmington Trust Company acts
solely as Owner Trustee hereunder and not in its individual capacity and all
Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall look
only to the Owner Trust Estate for payment or satisfaction thereof.

               SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables. The recitals contained herein and in the Certificate (other than the
signature and countersignature of the Owner Trustee on the Certificate) shall
be taken as the

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statements of the Depositor and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document or of the Certificate (other than the signature and
countersignature of the Owner Trustee on the Certificate) or the Notes, or of
any Receivable or related documents. The Owner Trustee shall at no time have
any responsibility or liability for or with respect to the legality, validity
and enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any Financed Vehicle or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments
to be distributed to Certificateholder under this Agreement or the Noteholders
under the Indenture, including, without limitation: the existence, condition
and ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to
the Trust or of any intervening assignment; the completeness of any Receivable;
the performance or enforcement of any Receivable; the compliance by the
Depositor, the Servicer or any other Person with any warranty or representation
made under any Basic Document or in any related document or the accuracy of any
such warranty or representation or any action of the Trustee or the Servicer or
any subservicer taken in the name of the Owner Trustee.

               SECTION 6.7. Owner Trustee May Own Notes. The Owner Trustee in its
individual or any other capacity may become the owner or pledgee of the Notes
and may deal with the Depositor, the Trustee and the Servicer in banking
transactions with the same rights as it would have if it were not Owner
Trustee.

               SECTION 6.8. Payments from Owner Trust Estate. All payments to be made by
the Owner Trustee under this Agreement or any of the Basic Documents to which
the Trust or the Owner Trustee is a party shall be made only from the income
and proceeds of the Owner Trust Estate and only to the extent that the Owner
Trust shall have received income or proceeds from the Owner Trust Estate to
make such payments in accordance with the terms hereof. Wilmington Trust
Company, or any successor thereto, in its individual capacity, shall not be
liable for any amounts payable under this Agreement or any of the Basic
Documents to which the Trust or the Owner Trustee is a party.

               SECTION 6.9. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, neither Wilmington Trust Company or
any successor thereto, nor the Owner Trustee shall be required to take any
action in any jurisdiction other than in the State of Delaware if the taking of
such action will, even after the appointment of a co-trustee or separate
trustee in accordance with Section 9.5 hereof, (i) require the consent or
approval or authorization or order of or the giving of notice to, or the
registration with or the taking of any other action in respect of, any state or
other governmental authority or agency of any jurisdiction other than the State
of Delaware; (ii) result in any fee, tax or other governmental charge under the
laws of the State of Delaware becoming
payable by Wilmington Trust Company (or any successor thereto); or (iii)
subject Wilmington Trust Company (or any successor thereto) to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of
action arising from acts unrelated to the consummation of the transactions by
Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as
the case may be, contemplated hereby.

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ARTICLE VII.

Compensation of Owner Trustee

               SECTION 7.1. Owner Trustee’s Fees and Expenses. The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between AmeriCredit and the Owner
Trustee, and the Owner Trustee shall be entitled to be reimbursed by the
Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder and under the
Basic Documents. AmeriCredit Corp. shall be jointly and severally liable for
the fees and expenses owing to the Owner Trustee under this Section 7.1.

               SECTION 7.2. Indemnification. The Depositor shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its officers, directors,
successors, assigns, agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs,
expenses and disbursements (including reasonable legal fees and expenses) of
any kind and nature whatsoever (collectively, “Expenses”) which may at any time
be imposed on, incurred by, or asserted against the Owner Trustee or any
Indemnified Party in any way relating to or arising out of this Agreement, the
Basic Documents, the Owner Trust Estate, the administration of the Owner Trust
Estate or the action or inaction of the Owner Trustee hereunder, except only
that the Depositor shall not be liable for or required to indemnify the Owner
Trustee from and against Expenses arising or resulting from any of the matters
described in the third sentence of Section 6.1. The indemnities contained in
this Section and the rights under Section 7.1 shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. In any
event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be
subject to the approval of the Depositor which approval shall not be
unreasonably withheld. AmeriCredit Corp. shall be jointly and severally liable
for the indemnification duties and obligations of the Depositor which are
described in this Section 7.2.

               SECTION 7.3. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

               SECTION 7.4. Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document, the
Owner Trustee agrees in its individual capacity and in its capacity as Owner
Trustee for the Trust that all obligations of the Trust to the Owner Trustee
individually or as Owner Trustee for the Trust shall be with recourse to the
Owner Trust Estate only and specifically shall be without recourse to the
assets of the Holder.

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ARTICLE VIII.

Termination of Trust Agreement

               SECTION 8.1. Termination of Trust Agreement.

          (a) This Agreement and the Trust shall terminate in accordance with
Section 3808 of the Statutory Trust Statute and be of no further force or
effect upon the latest of (i) the maturity or other liquidation of the last
Receivable (including the purchase by the Servicer at its option or by the
Seller at its option of the corpus of the Trust as described in Section 10.1 of
the Sale and Servicing Agreement) and the subsequent distribution of amounts in
respect of such Receivables as provided in the Basic Documents, or (ii) the
payment to the Certificateholder of all amounts required to be paid to it
pursuant to this Agreement and the payment to the Security Insurer of all
amounts payable or reimbursable to it pursuant to the Sale and Servicing
Agreement or the Insurance Agreement; provided, however, that the rights to
indemnification under Section 7.2 and the rights under Section 7.1 shall
survive the termination of the Trust. The Seller or the Servicer shall
promptly notify the Owner Trustee and the Security Insurer of any prospective
termination pursuant to this Section. The bankruptcy, liquidation,
dissolution, death or incapacity of the Certificateholder, shall not (x)
operate to terminate this Agreement or the Trust, nor (y) entitle the
Certificateholder’s legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

          (b) Neither the Depositor nor the Certificateholder shall be entitled to
revoke or terminate the Trust.

          (c) Notice of any termination of the Trust, specifying the Distribution
Date upon which the Certificateholder shall surrender the Certificate to the
Trust Collateral Agent for payment of the final distribution and cancellation,
shall be given by the Owner Trustee by letter to the Certificateholder mailed
within five Business Days of receipt of notice of such termination from the
Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement,
stating (i) the Distribution Date upon or with respect to which final payment
of the Certificate shall be made upon presentation and surrender of the
Certificate at the office of the Trust Collateral Agent therein designated,
(ii) the amount of any such final payment, (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Certificate at the office of the
Trust Collateral Agent therein specified and (iv) interest will cease to accrue
on the Certificate. The Owner Trustee shall give such notice to the Trust
Collateral Agent and the Security Insurer at the time such notice is given to
the Certificateholder. Upon presentation and surrender of the Certificate, the
Trust Collateral
Agent shall cause to be distributed to the Certificateholder amounts
distributable on such Distribution Date pursuant to Section 5.7 of the Sale and
Servicing Agreement.

          In the event that the Certificateholder shall not surrender the
Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Owner Trustee shall give a second written
notice to the Certificateholder to surrender the Certificate for cancellation
and receive the final distribution with respect thereto. If within one

22

 

year
after the second notice all the Certificate shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the Certificateholder concerning
surrender of its Certificate, and the cost thereof shall be paid out of the
funds and other assets that shall remain subject to this Agreement. Any funds
remaining in the Trust after exhaustion of such remedies shall be distributed,
subject to applicable escheat laws, by the Owner Trustee to the Holder.

          (d) Upon the completion of the winding up of the Trust in accordance with
Section 3808 of the Statutory Trust Statute and its termination, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Statute.

ARTICLE IX.

Successor Owner Trustees and Additional Owner Trustees

               SECTION 9.1. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation (i) satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise
corporate trust powers; (iii) having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by Federal or State
authorities; and (iv) acceptable to the Security Insurer in its sole
discretion, so long as an Insurer Default shall not have occurred and be
continuing. If such corporation shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 9.2.

               SECTION 9.2. Resignation or Removal of Owner Trustee. The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Depositor, the Security Insurer and the Servicer.
Upon receiving such notice of resignation, the Depositor shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee, provided that the Depositor shall have
received written confirmation from each of the Rating Agencies that the
proposed appointment will not result in an increased capital charge to the
Security Insurer by
either of the Rating Agencies. If no successor Owner Trustee shall have been
so appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee or the Security Insurer
may petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee.

          If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.1 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Owner Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any

23

 

public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Depositor with the consent of the Security Insurer (so
long as an Insurer Default shall not have occurred and be continuing) may
remove the Owner Trustee. If the Depositor shall remove the Owner Trustee
under the authority of the immediately preceding sentence, the Depositor shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee
so removed, one copy to the Security Insurer and one copy to the successor
Owner Trustee and payment of all fees owed to the outgoing Owner Trustee.

          Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Depositor shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

               SECTION 9.3. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the
Depositor, the Servicer, the Security Insurer and to its predecessor Owner
Trustee an instrument accepting such appointment under this Agreement, and
thereupon the resignation or removal of the predecessor Owner Trustee shall
become effective and such successor Owner Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like
effect as if originally named as Owner Trustee. The predecessor Owner Trustee
shall upon payment of its fees and expenses deliver to the successor Owner
Trustee all documents and statements and monies held by it under this
Agreement; and the Depositor and the predecessor Owner Trustee shall execute
and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties and obligations.

          No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.1.

          Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Servicer shall mail notice of the successor of such Owner
Trustee to the Certificateholder, the Trustee, the Noteholders, the Security
Insurer and the Rating Agencies. If
the Servicer shall fail to mail such notice within 10 days after
acceptance of appointment by the successor Owner Trustee, the successor Owner
Trustee shall cause such notice to be mailed at the expense of the Servicer.

               SECTION 9.4. Merger or Consolidation of Owner Trustee. Any corporation
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such corporation shall be eligible pursuant to Section 9.1, without

24

 

the
execution or filing of any instrument or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding; provided,
further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies and the Security Insurer.

               SECTION 9.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Servicer and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee and the Security Insurer to act as co-trustee,
jointly with the Owner Trustee, or separate trustee or separate trustees, of
all or any part of the Owner Trust Estate, and to vest in such Person, in such
capacity, such title to the Trust, or any part thereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Servicer and the Owner Trustee may consider necessary or
desirable. If the Servicer shall not have joined in such appointment within 15
days after the receipt by it of a request so to do, the Owner Trustee subject,
unless an Insurer Default shall have occurred and be continuing, to the
approval of the Security Insurer (which approval shall not be unreasonably
withheld) shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 9.1 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to
Section 9.3.

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

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

     (ii) no trustee under this Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Agreement;
and

     (iii) the Servicer and the Owner Trustee acting jointly may at any
time accept the resignation of or remove any separate trustee or
co-trustee.

          Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article. Each separate trustee and co-trustee, upon its

25

 

acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee and a copy thereof given to the Servicer and the Security
Insurer.

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

ARTICLE X.

Miscellaneous

               SECTION 10.1. Supplements and Amendments.

          (a) This Agreement may be amended by the Depositor and the Owner Trustee,
with the prior written consent of the Security Insurer (so long as an Insurer
Default shall not have occurred and be continuing) and with prior written
notice to the Rating Agencies, without the consent of any of the Noteholders or
the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct,
supplement or modify any provisions in this Agreement; provided, however, that
such action shall not, as evidenced by an Opinion of Counsel which may be based
upon a certificate of the Servicer, adversely affect in any material respect
the interests of any Noteholder or Certificateholder.

          (b) This Agreement may also be amended from time to time, with the prior
written consent of the Security Insurer (so long as an Insurer Default shall
not have occurred and be continuing) by the Depositor and the Owner Trustee,
with prior written notice to the Rating Agencies, to the extent such amendment
materially and adversely affects the interests of the Noteholders, with the
consent of the Noteholders evidencing not less than a majority of the
Outstanding Amount of the Notes, and the consent of the Certificateholder
(which consent of any
Holder of a Certificate or Note given pursuant to this Section or
pursuant to any other provision of this Agreement shall be conclusive and
binding on such Holder) for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholder;
provided, however, that subject to the express rights of the Security Insurer
under the Basic Documents, no such amendment shall (a) increase or reduce in
any manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made for
the benefit of the Noteholders or the Certificateholder or (b) reduce the
aforesaid percentage of the Outstanding Amount of the Notes and the Certificate
Balance required to consent to any such amendment, without the consent of the
Holders of all the outstanding Notes and the Certificateholder.

26

 

          Promptly after the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment
or consent to the Certificateholder, the Trustee and each of the Rating
Agencies.

          It shall not be necessary for the consent of Certificateholder, the
Noteholders or the Trustee pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents (and any other consents of the Certificateholder provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization
of the execution thereof by Certificateholder shall be subject to such
reasonable requirements as the Owner Trustee may prescribe. Promptly after the
execution of any amendment to the Certificate of Trust, the Owner Trustee shall
cause the filing of such amendment with the Secretary of State.

          Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Owner Trustee’s own rights, duties or immunities under this
Agreement or otherwise.

               SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder.
The Certificateholder shall not have legal title to any part of the Owner Trust
Estate. The Certificateholder shall be entitled to receive distributions in
accordance with Article VIII. No transfer, by operation of law or otherwise,
of any right, title or interest of the Certificateholder to and in its
ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trust hereunder or entitle any transferee to an accounting or
to the transfer to it of legal title to any part of the Owner Trust Estate.

               SECTION 10.3. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholder, the Servicer and, to the extent expressly provided herein,
the Security Insurer, the Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

               SECTION 10.4. Notices.

          (a) Unless otherwise expressly specified or permitted by the terms hereof,
all notices shall be in writing and shall be deemed given upon receipt
personally delivered, delivered by overnight courier or mailed first class mail
or certified mail, in each case return receipt requested, and shall be deemed
to have been duly given upon receipt, if to the Owner Trustee, addressed to the
Corporate Trust Office; if to the Depositor, addressed to AFS SenSub Corp., 639
Isbell Road, Suite 390 Reno, Nevada 89509, Attention: Chief Financial Officer,
with a copy to AFS SenSub Corp., c/o AmeriCredit Financial Services, Inc., as
Administrator, 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102,
Attention: Chief Financial Officer; if to the Security Insurer, addressed to
Security Insurer, MBIA Insurance Corporation, 113 King Street,

27

 

Armonk, NY
10504, Attention: Insured Portfolio Management–Structured Finance (AmeriCredit
2004-B-M), Facsimile No.: (914) 765-3810, Confirmation: (914) 765-3781 (in each
case in which notice or other communication to MBIA refers to an Event of
Default, a claim on the Note Policy or with respect to which failure on the
part of MBIA to respond shall be deemed to constitute consent or acceptance,
then a copy of such notice or other communication should also be sent to the
attention of the General Counsel “URGENT MATERIAL ENCLOSED”); or, as to each
party, at such other address as shall be designated by such party in a written
notice to each other party.

          (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of the
Holder. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

          SECTION 10.5. 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 10.6. 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.

          SECTION 10.7. Assignments; Security Insurer. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and the Security Insurer and
their respective successors and permitted assigns.

               SECTION 10.8. No Recourse. The Certificateholder by accepting a Certificate acknowledges that the
Certificate represents a beneficial interest in the Trust only and do not
represent interests in or obligations of the Seller, the Servicer, the Owner
Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no
recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the Certificate or the
Basic Documents.

               SECTION 10.9. Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

               SECTION 10.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

               SECTION 10.11. Servicer. The Servicer is authorized to prepare, or cause to be
prepared, execute and deliver on behalf of the Trust and all such

28

 

documents,
reports, filings, instruments, certificates and opinions as it shall be the
duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the
Basic Documents. Upon written request, the Owner Trustee shall execute and
deliver to the Servicer a limited power of attorney appointing the Servicer the
Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute
and deliver all such documents, reports, filings, instruments, certificates and
opinions.

               SECTION 10.12. Nonpetition Covenants. Notwithstanding any prior termination of
this Agreement, the Certificateholder shall not, prior to the date which is one
year and one day after the termination of this Agreement with respect to the
Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the Trust under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trust or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Trust.

               SECTION 10.13. Third Party Beneficiary. The Security Insurer shall be an
express third party beneficiary of this Agreement, entitled to enforce the
provisions hereof as if a party hereto.

[Remainder of page intentionally left blank.]

29

 

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

	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

     as Owner Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kathleen A. Pedelini

	

	 	 	 	Name: Kathleen A. Pedelini
	

	 	 	 	Title: Financial Services Officer
	 
	 	 	 	 
	 	 	AFS SENSUB CORP.,
	 
	 	 	 	 
	

	 	By:
	 	/s/ Sheli Fitzgerald

	

	 	 	 	Name: Sheli Fitzgerald
	

	 	 	 	Title:   Assistant Vice President, Structured Finance

	 	 	 
	ACKNOWLEDGED AND AGREED TO:
	 
	 	 
	AMERICREDIT CORP.,

Solely with respect to Sections 7.1 and 7.2
	 
	 	 
	By:

	 	/s/ Susan B. Sheffield

	

	 	Name: Susan B. Sheffield
	

	 	Title: Senior Vice President, Structured Finance

[Amended and Restated Trust Agreement]

 

 

EXHIBIT A

NUMBER

R-1

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS NOT TRANSFERABLE,

EXCEPT UNDER THE LIMITED CONDITIONS

SPECIFIED IN THE TRUST AGREEMENT

ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Trust, as defined below, the property of which includes a pool of retail
installment sale contracts secured by new or used automobiles, vans or light
duty trucks and sold to the Trust by AFS SenSub Corp.

(This Certificate does not represent an interest in or obligation of AFS SenSub
Corp. or any of its Affiliates, except to the extent described below.)

     THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a
nonassessable, fully-paid, beneficial ownership interest in certain
distributions of AmeriCredit Automobile Receivables Trust 2004-B-M (the
“Trust”) formed by AFS SenSub Corp., a Nevada corporation (the “Seller”).

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is the Certificate referred to in the within-mentioned Trust
Agreement.

WILMINGTON TRUST COMPANY
not

in its individual

capacity but solely as

Owner Trustee

by:

Authenticating Agent

by:

 

 

     The Trust was created pursuant to a Trust Agreement dated as of March 17,
2004, as amended and restated as of April 5, 2004 (the “Trust Agreement”),
between the Seller and Wilmington Trust Company, as owner trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Trust Agreement.

     This is the duly authorized Certificate designated as “Asset Backed
Certificate” (herein called the “Certificate”). Also issued under the
Indenture, dated as of April 5, 2004, among the Trust, Wells Fargo Bank,
National Association, as trustee and indenture collateral agent, are four
classes of Notes designated as “Class A-1 1.06% Asset Backed Notes” (the “Class
A-1 Notes”), “Class A-2 1.45% Asset Backed Notes” (the “Class A-2 Notes”),
“Class A-3 2.07% Asset Backed Notes” (the “Class A-3 Notes”) and “Class A-4
2.67% Asset Backed Notes” (the “Class A-4 Notes” and together with the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound. The property of the Trust includes a pool of retail installment sale
contracts secured by new and used automobiles, vans or light duty trucks (the
“Receivables”), all monies due thereunder on or after the Initial Cutoff Date,
in the case of the Initial Receivables, and the Subsequent Cutoff Date, in the
case of the Subsequent Receivables, security interests in the vehicles financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims
on certain insurance policies and certain other rights under the Trust
Agreement and the Sale and Servicing Agreement, all right, to and interest of
the Seller in and to the Purchase Agreement dated as of April 5, 2004 among
AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the
foregoing.

     The holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement, the
Indenture and the Trust Agreement, as applicable.

     Distributions on this Certificate will be made as provided in the Trust
Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or
the making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office or agency maintained for the purpose by the Owner
Trustee in the Corporate Trust Office.

     Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

A-2

 

     THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

A-3

 

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Certificate to be duly executed.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST

     2004-B-M
	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY

not in its individual capacity but

solely as Owner Trustee
	 
	 	 	 	 
	Dated: April 14, 2004

	 	By:
	 	

A-4

 

(Reverse of Certificate)

     The Certificate does not represent an obligation of, or an interest in,
the Seller, the Servicer, the Owner Trustee or any Affiliates of any of them
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or contemplated herein or in the Trust Agreement, the
Indenture or the Basic Documents. In addition, this Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in
right of payment to certain collections with respect to the Receivables, all as
more specifically set forth herein and in the Sale and Servicing Agreement. A
copy of each of the Sale and Servicing Agreement and the Trust Agreement may be
examined during normal business hours at the principal office of the Seller,
and at such other places, if any, designated by the Seller, by any
Certificateholder upon written request.

     The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Seller under the Trust Agreement at any time by the Seller and the Owner
Trustee with the consent of the Note Majority and the Certificateholder. Any
such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and on all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Trust Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Certificateholder.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Owner Trustee in the Corporate Trust Office, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon a new Certificate evidencing
the same aggregate interest in the Trust will be issued to the designated
transferee. The initial Certificate Registrar appointed under the Trust
Agreement is Wilmington Trust Company. No service charge will be made for any
such registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

     The Owner Trustee, the Security Insurer and any agent of the Owner Trustee
or the Security Insurer may treat the person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee,
the Security Insurer nor any such agent shall be affected by any notice to the
contrary.

     The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Trust. The Seller or the Servicer of the
Receivables may at its option purchase the corpus of the Trust at a price
specified in the Sale and Servicing Agreement, and such purchase of the
Receivables and other property of the Trust will effect early retirement of the
Certificate; however, such right of purchase is exercisable, subject to

A-5

 

certain restrictions, only as of the last day of any Collection Period as
of which the Pool Balance is 10% or less of the Original Pool Balance.

     The Certificate may not be acquired by (a) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (b) a plan (as defined in Section 4975(e)(1) of the Code) that is
subject to subject to Section 4975 or (c) any entity whose underlying assets
include assets of a plan described in (a) or (b) above by reason of such plan’s
investment in the entity (each, a “Benefit Plan”). By accepting and holding
this Certificate, the Holder hereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

     The recitals contained herein shall be taken as the statements of the
Depositor or the Servicer, as the case may be, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Certificate or of any
Receivable or related document.

Unless the certificate of authentication hereon shall have been executed by an
authorized officer of the Owner Trustee, by manual or facsimile signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

A-6

 

ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

                Attorney to transfer said Certificate on the
books of the Certificate Registrar, with full power of substitution in the
premises.

	 	 	 	 	 
	Dated:
	

	 	 	*

	 	

	 	 	

Signature
	 
	 	 	 	 
	Guaranteed:
	

	 	 	*

     

	*	 	NOTICE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within
Certificate in every particular, without alteration, enlargement or any
change whatever. Such signature must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Certificate
Registrar, which requirements include membership or participation in STAMP
or such other “signature guarantee program” as may be determined by the
Certificate Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

A-7

 

EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M

     THIS Certificate of Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2004-B-M (the “Trust”) is being duly executed and filed on behalf of the Trust
by the undersigned, as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

     1. Name. The name of the statutory trust formed by this Certificate of
Trust is “AmeriCredit Automobile Receivables Trust 2004-B-M.”

     2. Delaware Trustee. The name and business address of the trustee of the
Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

     3. Effective Date. This Certificate of Trust shall be effective upon
filing.

     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

	 	 	 	 
	

	 	WILMINGTON TRUST COMPANY, not in its

individual capacity but solely as trustee of
the Trust
	 
	 	 	 
	

	 	By:	 
	

	 	 	 

	

	 	 	Name:
	

	 	 	Title:

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