Document:

Security Agreement

 Exhibit 10.1 
  

 SECURITY AGREEMENT 
  
 among 
  
 AMERICREDIT MTN RECEIVABLES TRUST IV, 
 as the Debtor 
  
 AMERICREDIT
FINANCIAL SERVICES, INC., 
 Individually and as the Servicer 
  
 AMERICREDIT MTN CORP. IV, 
 Individually 
  
 and 
  
 JPMORGAN CHASE BANK, 
 as the Collateral Agent and as the Securities Intermediary 
  
 Dated as of 
 October 1, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page

	 ARTICLE I DEFINITIONS; THE NOTE
	  	1
			
	 SECTION 1.1.
	  	 Certain Defined Terms
	  	1
	 SECTION 1.2.
	  	 Other Terms
	  	30
	 SECTION 1.3.
	  	 Computation of Time Periods
	  	30
	 SECTION 1.4.
	  	 Form of Notes
	  	30
	 SECTION 1.5.
	  	 Execution, Authentication and Delivery
	  	30
	 SECTION 1.6.
	  	 Registration; Registration of Transfer and Exchange
	  	31
	 SECTION 1.7.
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	33
	 SECTION 1.8.
	  	 Persons Deemed Owner
	  	33
	 SECTION 1.9.
	  	 Cancellation
	  	33
	 SECTION 1.10.
	  	 Maintenance of Office or Agency
	  	34
		
	 ARTICLE II GRANT OF SECURITY INTEREST AND SETTLEMENTS
	  	34
	 SECTION 2.1.
	  	 Grant of Security Interest
	  	34
	 SECTION 2.2.
	  	 Note Interest, Premium Amounts, Fees and Other Costs and Expenses
	  	35
	 SECTION 2.3.
	  	 Monthly Flow of Funds.
	  	35
	 SECTION 2.4.
	  	 Prepayments
	  	37
	 SECTION 2.5.
	  	 Liquidation Settlement Procedures.
	  	38
	 SECTION 2.6.
	  	 Protection of Interest of the Collateral Agent.
	  	38
	 SECTION 2.7.
	  	 Deemed Collections; Application of Payments.
	  	39
	 SECTION 2.8.
	  	 Payments and Computations, Etc.
	  	40
	 SECTION 2.9.
	  	 Reports
	  	40
	 SECTION 2.10.
	  	 Collection Account.
	  	41
	 SECTION 2.11.
	  	 Funding Account.
	  	42
	 SECTION 2.12.
	  	 Yield Supplement Account; Withdrawals; Releases.
	  	44
	 SECTION 2.13.
	  	 [Intentionally Omitted].
	  	45
	 SECTION 2.14.
	  	 [Intentionally Omitted].
	  	45
	 SECTION 2.15.
	  	 Reserve Account; Withdrawals; Releases.
	  	45
	 SECTION 2.16.
	  	 Optional Release.
	  	46
	 SECTION 2.17.
	  	 Delivery of Collateral.
	  	47
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	48
			
	 SECTION 3.1.
	  	 Representations and Warranties of the Debtor, AmeriCredit and AMC
	  	48
	 SECTION 3.2.
	  	 Representations and Warranties of the Servicer
	  	52
		
	 ARTICLE IV CONDITIONS PRECEDENT
	  	53
			
	 SECTION 4.1.
	  	 Conditions to Closing
	  	53
		
	 ARTICLE V COVENANTS
	  	57
			
	 SECTION 5.1.
	  	 Affirmative Covenants of the Debtor and AmeriCredit
	  	57
	 SECTION 5.2.
	  	 Negative Covenants of Debtor, AMC and AmeriCredit
	  	61

					
	 SECTION 5.3.
	  	 Hedging Arrangements
	  	64
	 SECTION 5.4.
	  	 Affirmative Covenants of the Servicer
	  	65
	 SECTION 5.5.
	  	 Negative Covenants of the Servicer
	  	66
		
	 ARTICLE VI TERMINATION AND AMORTIZATION EVENTS; OPTIONAL TERMINATION
	  	67
			
	 SECTION 6.1.
	  	 Termination and Amortization Events
	  	67
	 SECTION 6.2.
	  	 Termination
	  	71
	 SECTION 6.3.
	  	 Optional Redemption of Note
	  	72
	 SECTION 6.4.
	  	 Optional Purchase of All Receivables
	  	72
	 SECTION 6.5.
	  	 Proceeds
	  	72
		
	 ARTICLE VII THE COLLATERAL AGENT
	  	73
			
	 SECTION 7.1.
	  	 Duties of the Collateral Agent
	  	73
	 SECTION 7.2.
	  	 Compensation and Indemnification of Collateral Agent
	  	73
	 SECTION 7.3.
	  	 [Intentionally Omitted].
	  	73
	 SECTION 7.4.
	  	 Liability of the Collateral Agent.
	  	74
	 SECTION 7.5.
	  	 [Intentionally Omitted].
	  	76
	 SECTION 7.6.
	  	 Limitation on Liability of the Collateral Agent and Others
	  	76
		
	 ARTICLE VIII THE SECURITIES INTERMEDIARY
	  	77
			
	 SECTION 8.1.
	  	 Duties of the Securities Intermediary.
	  	77
	 SECTION 8.2.
	  	 Representations, Warranties and Covenants of the Securities Intermediary
	  	77
	 SECTION 8.3.
	  	 Governing Law for Certain Securities Intermediary Matters
	  	78
		
	 ARTICLE IX MISCELLANEOUS
	  	78
			
	 SECTION 9.1.
	  	 Term of Agreement
	  	78
	 SECTION 9.2.
	  	 Waivers; Amendments.
	  	78
	 SECTION 9.3.
	  	 Notices
	  	79
	 SECTION 9.4.
	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial; Integration; Appointment of Agent for Service of Process.
	  	81
	 SECTION 9.5.
	  	 Counterparts; Severability
	  	82
	 SECTION 9.6.
	  	 Successors and Assigns.
	  	82
	 SECTION 9.7.
	  	 Waiver of Confidentiality
	  	82
	 SECTION 9.8.
	  	 Confidentiality Agreement
	  	82
	 SECTION 9.9.
	  	 No Bankruptcy Petition Against the Purchaser, AMC, or the Debtor
	  	83
	 SECTION 9.10.
	  	 Further Assurances
	  	83
	 SECTION 9.11.
	  	 Characterization of the Transactions Contemplated by the Agreement; Tax Treatment.
	  	83
	 SECTION 9.12.
	  	 Responsibilities of the Debtor
	  	83
	 SECTION 9.13.
	  	 Headings
	  	84
	 SECTION 9.14.
	  	 Limitation on Liability
	  	84
	 SECTION 9.15.
	  	 Binding Effect
	  	84
	 SECTION 9.16.
	  	 Effect of Note Insurer Default
	  	84

  

 ii 

 EXHIBITS 
  

			
	 EXHIBIT A
	  	 List of Lock-Box Banks and Lock-Box Accounts

	 EXHIBIT B
	  	 Form of Lock-Box Agreement

	 EXHIBIT C
	  	 Form of Note

	 EXHIBIT D
	  	 [Intentionally Omitted]

	 EXHIBIT E
	  	 List of Actions and Suits

	 EXHIBIT F
	  	 Schedule of Locations of Records

	 EXHIBIT G
	  	 List of Subsidiaries, Divisions and Tradenames

	 EXHIBIT H
	  	 [Intentionally Omitted]

	 EXHIBIT I
	  	 Form of Secretary’s Certificate

	 EXHIBIT J
	  	 [Intentionally Omitted]

	 EXHIBIT K
	  	 Form of Take-Out Notice

	 EXHIBIT L
	  	 Form of Delivery Notice

	 EXHIBIT M
	  	 Cumulative Net Loss Table

	 EXHIBIT N
	  	 Delinquency Ratio Table

	 EXHIBIT O
	  	 Default Ratio Table

	 EXHIBIT P
	  	 Collateral Agent’s Fee Schedule

	 EXHIBIT Q
	  	 Form of Redemption Notice

  

 iii 

 SECURITY AGREEMENT 
  
 SECURITY AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of October 1, 2004, by and among AMERICREDIT MTN RECEIVABLES TRUST IV, a Delaware statutory trust, as debtor (in such capacity, the “Debtor”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
(“AmeriCredit”), individually and in its capacity as Servicer (in such capacity, the “Servicer”), AMERICREDIT MTN CORP. IV, a Delaware corporation (“AMC”), individually, and JPMORGAN CHASE BANK, a
New York banking corporation (“JPMorgan”), individually and as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”) and as securities intermediary (in such capacity, the
“Securities Intermediary”). 
  
 PRELIMINARY
STATEMENTS 
  
 WHEREAS, subject to the terms and conditions of
this Agreement, the Debtor desires to grant a security interest in and to the Receivables and related property including the Debtor’s interest in certain retail automotive installment sales contracts and loans or promissory notes secured by
automobiles; 
  
 WHEREAS, pursuant to the Note Purchase Agreement,
the Debtor has issued the Note to the Purchaser and will be obligated to the holder of the Note to pay the principal of and interest on the Note in accordance with the terms thereof; 
  
 MBIA Insurance Corporation (the “Note Insurer”), a New York stock insurance company, has issued and
delivered a note guaranty insurance policy, dated the Closing Date (with endorsements and exhibits, the “Note Policy”), pursuant to which the Note Insurer guarantees Insured Payments, as defined in the Note Policy. 
  
 As an inducement to the Note Insurer to issue and deliver the Note Policy,
the Debtor and the Note Insurer have executed and delivered the Insurance Agreement, dated as of October 1, 2004 (as amended from time to time, the “Insurance Agreement”), among the Note Insurer, the Debtor, AmeriCredit, the
Servicer, the Collateral Agent and AMC. 
  
 As an additional
inducement to the Note Insurer to issue the Note Policy, and as security for the performance by the Debtor of its obligations hereunder the Debtor has agreed to assign the Collateral (as defined below) as collateral to the Collateral Agent for the
benefit of the Secured Parties, as their respective interests may appear. 
  
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS; THE NOTE

  
 SECTION 1.1. Certain Defined Terms. As used in this
Agreement, the following terms shall have the following meanings: 

 “ABS” means the assumed rate of prepayments on the Receivables for each Settlement
Period based upon the “Absolute Prepayment Model,” applied in accordance with current market standards. 
  
 “Account(s)” means, singularly, each of the Lock-Box Account, the Collection Account, the Funding Account, the Reserve Account and the
Yield Supplement Account, and, collectively, all such Accounts. 
  
 “Accrual Period” means, with respect to each MTN Payment Date other than the first MTN Payment Date, the period commencing on the prior MTN Payment Date and ending on the day immediately preceding such MTN Payment Date and,
with respect to the first MTN Payment Date, the period commencing on the Closing Date and ending on the day immediately preceding such first MTN Payment Date. 
  

“Administrative Agent” means MBIA, as agent for the Purchaser, and any successor thereto appointed pursuant to the Note Purchase
Agreement. 
  
 “Adverse Claim” means a lien,
security interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person (including any UCC financing statement or any similar instrument filed against such Person’s
assets or properties). 
  
 “Affected Assets”
means, collectively, the Receivables and the Related Security, Collections and Proceeds relating thereto. 
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled
Person, whether through ownership of voting stock, by contract or otherwise. 
  
 “Aggregate Outstanding Balance” means, with respect to any group of Receivables as of any date, the sum of the Outstanding Balances of all such Receivables as of the close of business on the
immediately preceding date. 
  
 “AMC” means
AmeriCredit MTN Corp. IV, a Delaware corporation, and its successors and assigns. 
  
 “AmeriCredit” means AmeriCredit Financial Services, Inc., a Delaware corporation, and its successors and assigns. 
  
 “AmeriCredit Corp.” means AmeriCredit Corp., a Texas corporation, and its successors and assigns.

  
 “AmeriCredit Score” means, with respect to a
Receivable, the credit score for the related Obligor, determined in accordance with the Credit and Collection Policy. 
  

 2 

 “Amortization Period” means the period commencing on the earlier to occur of (i) the
date on which the Regular Amortization Period commences or (ii) the date on which the Rapid Amortization Period commences and ending on the later of (x) the date on which the Net Investment is reduced to zero and there are no amounts outstanding to
the Note Insurer and (y) the Final Maturity Date. 
  
 “Amortization Period Reserve Percentage” means, (x) with respect to any date of determination which occurs after the commencement of the Amortization Period and prior to the seventh (7th) Remittance Date during the
Amortization Period: 
  
 (i) 11.0% if the
Portfolio Net Loss Ratio calculated as of the most recent Determination Date is less than 7.00%. 
  
 (ii) 12.0%, if the Portfolio Net Loss Ratio calculated as of the most recent Determination Date is greater than or equal to 7.00% but less
than 7.50%. 
  
 (iii) 13.0%, if the Portfolio Net
Loss Ratio calculated as of the most recent Determination Date is greater than or equal to 7.50% but less than 8.00%. 
  
 (iv) 14.0%, if the Portfolio Net Loss Ratio calculated as of the most recent Determination Date is greater than or equal to 8.00% but less
than 8.50%. 
  
 (v) 15.0%, if the Portfolio Net
Loss Ratio calculated as of the most recent Determination Date is greater than or equal to 8.50%; and 
  
 (y) with respect to any date of determination occurring on and after the seventh (7th) Remittance Date during the Amortization Period, the applicable percentage set forth in the numbered clauses (i) through (v) in paragraph (x) above calculated
with respect to the (6th) Remittance Date. 
  
 “Amount Financed” means, with respect to a Receivable, the aggregate amount of credit extended under the
Contract related to such Receivable to pay, or to refinance, the purchase price of or outstanding balance with respect to the Financed Vehicle and related costs, including amounts advanced in respect of accessories, insurance premiums, service and
warranty contracts, other items customarily financed as part of retail automobile installment sales contracts or promissory notes, and related costs. 
  
 “Annualized Net Loss Ratio” means, as of any date of determination, the ratio (expressed as a percentage), computed by dividing
“A” by “B,” and then multiplying the result by “C” where: 
  
 “A” is equal to the Monthly Net Losses for all Receivables held as Collateral which have occurred during six Settlement Periods immediately preceding such date divided by the average Aggregate Outstanding
Balance of all Receivables held as Collateral during such six-month period; 
  
 “B” is equal to the actual number of days in such six-month period; and 
  

 3 

 “C” is equal to the actual number of days in the Servicer’s fiscal year in which the most
recently-ended Settlement Period occurred. 
  
 “Annual Percentage Rate” or “APR” means, with respect to a Receivable, the rate per annum of finance charges stated in the Contract related to such Receivable as the “annual percentage rate”
(within the meaning of the Federal Truth-in-Lending Act). If, after the applicable Delivery Date, the rate per annum with respect to a Receivable as of such Delivery Date is reduced as a result of (a) an insolvency proceeding involving the related
Obligor or (b) pursuant to the Servicemembers Civil Relief Act, “Annual Percentage Rate” or “APR” shall refer to such reduced rate. 
  
 “Authorized Officer” means, with respect to the Debtor, any officer, or agent acting pursuant to a power of attorney of the Debtor, who
is authorized to act for the Debtor, in matters relating to the Debtor and who is identified on the list of Authorized Officers delivered by the Debtor to the Collateral Agent on the Closing Date (as such list may be modified or supplemented from
time to time thereafter). 
  
 “Available Funds”
means, with respect to any Remittance Date, the aggregate amount then on deposit in the Collection Account which represents the amounts described in clause (i), (ii), (iii) and (iv) of Section 2.10(a) hereof on such Remittance Date. 
  
 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978
(11 U.S.C.) §§ 101 et seq., as amended. 
  
 “Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Debtor, AmeriCredit, AMC or any ERISA Affiliate of the Debtor, AmeriCredit or AMC is, or at any time during the
immediately preceding six years was, an “employer” as defined in Section 3(5) of ERISA. 
  
 “Borrowing Base” means, as of any Borrowing Base Determination Date, the sum of (x) the product of (i) 91.5% and (ii) the Net Receivables
Balance as of the close of business on such Borrowing Base Determination Date after taking into account all Facility Activity on such Borrowing Base Determination Date plus (y) the amount on deposit in the Funding Account at the close of business on
such Borrowing Base Determination Date after taking into account all Facility Activity on such Borrowing Base Determination Date plus (z) the amount on deposit in the Collection Account with respect to principal at the close of business on such
Borrowing Base Determination Date after taking into account all Facility Activity on such Borrowing Base Determination Date. 
  
 “Borrowing Base Determination Date” means each of the following dates: (i) the last day of each Settlement Period, (ii) each Take-Out
Date and (iii) each Delivery Date. 
  
 “Business
Day” means any day excluding Saturday, Sunday and any day on which banks in New York, New York, Fort Worth, Texas or London, England are authorized or required by law to close. 
  

 4 

 “Capitalized Lease” of a Person means any lease of property by such Person as lessee
which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP. 
  
 “Certificateholders” means the holders of the Class A Certificates and the Class B Certificates issued under the Trust Agreement. The Debtor shall inform the Collateral Agent and the Note Insurer in
writing of the identity of the Certificateholders. 
  
 “Class A Certificates” means the Class A Certificates issued under the Trust Agreement. 
  
 “Class B Certificates” means the Class B Certificates issued under the Trust Agreement. 
  
 “Closing Date” means October 1, 2004. 
  
 “Code” means the Internal Revenue Code of 1986, as amended.

  
 “Collateral” has the meaning specified in
Section 2.1 hereof. 
  
 “Collateral Agent” means
JPMorgan Chase Bank, as collateral agent for the Secured Parties, and its successors and assigns. 
  
 “Collateral Agent Accounts” has the meaning described in Section 8.2(i) hereof. 
  
 “Collection Account” means the account established by the
Collateral Agent, for the benefit of the Secured Parties, pursuant to Section 2.10. 
  
 “Collections” means, with respect to any Receivable, all cash collections and other cash proceeds (including liquidation proceeds) of such Receivable, including, without limitation, all Finance
Charges, if any, and any refunded portion of extended warranty protection plan costs or of insurance costs (for example, physical damage, credit life or disability) included in the original amount financed under such Receivable, and cash proceeds of
Related Security with respect to such Receivable. 
  
 “Commission” means the United States Securities and Exchange Commission. 
  
 “Contract” means any and all retail installment sales contracts or installment notes and security agreements relating to the sale or
refinancing of a new or used automobile, light duty truck, van or minivan and other writings related thereto now existing and hereafter created or acquired by AmeriCredit or AMC and assigned from time to time to the Debtor pursuant to the Master
Receivables Purchase Agreement. 
  
 “Corporate Liquidity
Pool” means the sum of (i) cash and cash equivalents held by AmeriCredit Corp. plus (ii) 75% of the aggregate outstanding balance of all receivables owned by AmeriCredit Corp. or AmeriCredit that are not subject to any lien or security
interest of any third party; provided, that “Corporate Liquidity Pool” shall not include any restricted cash balances. 
  

 5 

 “Cram Down Loss” has the meaning given such term in the Servicing and Custodian
Agreement. 
  
 “Credit and Collection Policy”
means the Servicer’s credit and collection policy or policies and practices relating to automobile installment sales contracts, existing on the date hereof and in effect from time to time in compliance with Section 5.2(d). 
  
 “Credit Score Based Reserve Percentage” means, with respect
to the Amortization Period, the applicable percentage set forth in the numbered clauses (i) through (v) below: 
  
 (i) 11% if the Weighted Average AmeriCredit Score of all Eligible Receivables as of the commencement of the Amortization Period, after
taking into account all Facility Activity on such date is greater than or equal to 235.00; or 
  
 (ii) 12%, if the Weighted Average AmeriCredit Score of all Eligible Receivables as of the commencement of the Amortization Period, after
taking into account all Facility Activity on such date is greater than or equal to 234.00 but less than 235.00; or 
  
 (iii) 13%, if the Weighted Average AmeriCredit Score of all Eligible Receivables as of the commencement of the Amortization Period, after
taking into account all Facility Activity on such date is greater than or equal to 232.00 but less than 234.00; or 
  
 (iv) 14%, if the Weighted Average AmeriCredit Score of all Eligible Receivables as of the commencement of the Amortization Period, after
taking into account all Facility Activity on such date is greater than or equal to 230.00 but less than 232.00; or 
  
 (v) 15%, if the Weighted Average AmeriCredit Score of all Eligible Receivables as of the commencement of the Amortization Period, after
taking into account all Facility Activity on such date is less than 230.00. 
  
 “Cumulative Net Loss” means, for any Receivables Pool or the Regular Amortization Receivables Pool, as appropriate, the positive difference between (i) the sum of (A) the Aggregate Outstanding Balance
of all Liquidated Receivables plus (B) aggregate Cram Down Losses minus (ii) Liquidation Proceeds received with respect to the Receivables described in clause (i). 
  
 “Cumulative Net Loss Ratio” means, for any Receivables Pool or the Regular Amortization Receivables Pool,
as appropriate, the ratio, expressed as a percentage, computed by dividing: 
  
 (a) the sum (without duplication) of (i) Cumulative Net Losses and (ii) the product of (x) 0.50 and (y) the Aggregate Outstanding Balance of all Receivables which are more than ninety (90) days past due as of the end
of the related Settlement Period; 
  

 6 

 by 
  
 (b) the sum of (i) the aggregate initial principal balance plus (ii) the initial pre-funding account
balance, if any, in each case for the related Receivables Pool or the Regular Amortization Receivables Pool, as appropriate. 
  
 “Debtor” means AmeriCredit MTN Receivables Trust IV, a Delaware statutory trust, and its successors and permitted assigns. 
  
 “Debtor Order” means a written order or request signed in
the name of the Debtor by any one of its Authorized Officers and delivered to the Collateral Agent. 
  
 “Defaulted Receivable” means a Receivable with respect to which (i) 10% or more of a Scheduled Payment is more than ninety (90) days past
due, (ii) the Servicer has repossessed the related Financed Vehicle (and any applicable redemption period has expired), or (iii) such Receivable is in default and the Servicer has charged-off such Receivable in accordance with the Credit and
Collection Policy or otherwise has determined in good faith that payments thereunder are not likely to be resumed. 
  
 “Default Ratio” means a fraction, expressed as a percentage, the numerator of which is the Aggregate Outstanding Balance of all Defaulted
Receivables since the commencement of the Regular Amortization Period and the denominator of which is the Initial Regular Amortization Receivables Pool Balance. 
  

“Deficiency Amount” has the meaning specified in the Note Policy. 
  
 “Delinquency Ratio” means, the ratio (expressed as a percentage) computed by dividing: 
  
 (a) the Aggregate Outstanding Balance of all Receivables
which were Delinquent Receivables as of the close of business on the last day of the related Settlement Period. 
  
 by 
  
 (b) the sum of the Aggregate Outstanding Balance of all Receivables as of the close of business on the first day of the related Settlement
Period. 
  
 “Delinquent Receivable” means a
Receivable with respect to which 10% or more of a scheduled payment is more than sixty (60) days past due (excluding (i) Receivables which the Servicer has repossessed the related Financed Vehicle and (ii) Receivables which have become Liquidated
Receivables). 
  
 “Delivery” when used with
respect to Collateral means: 
  
 (a) with respect to
bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical 

  

 7 

 
delivery, transfer thereof to the Collateral Agent by physical delivery to the Collateral Agent endorsed to, or registered in the name of, the Collateral
Agent or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Collateral Agent
or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the
transferor and increasing the appropriate securities account of the Collateral Agent by the amount of such certificated security and the identification by the clearing corporation of the certificated securities for the sole and exclusive account of
the Collateral Agent (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Collateral Agent or its nominee; and such additional or alternative
procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation
thereof; 
  
 (b) with respect to any security issued by the U.S.
Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in
accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Collateral to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities
intermediary that is also a “depository” pursuant to applicable federal regulations; the making by such securities intermediary of entries in its books and records crediting such Collateral to the Collateral Agent’s security account
at the securities intermediary and identifying such book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations as belonging to the Collateral Agent; and such additional or alternative procedures as may
hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the Collateral Agent, consistent with changes in applicable law or regulations or the interpretation thereof; 
  
 (c) with respect to any item of Collateral that is an uncertificated
security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the Collateral Agent or its nominee or custodian who either (i) becomes the registered owner
on behalf of the Collateral Agent or (ii) having previously become the registered owner, acknowledges that it holds for the Collateral Agent; and 
  
 (d) with respect to any item of Collateral that is a security entitlement under Article 8 of the UCC and that is not governed by clause (b) above, causing
the securities intermediary to indicate on its books and records that such security entitlement has been credited to a securities account of the Collateral Agent. 
  
 “Delivery Date” means the date on which a Receivables Delivery occurs. 
  

 8 

 “Delivery Notice” means the notice, substantially in the form attached hereto as Exhibit
L, furnished by the Debtor in accordance with Section 2.11(b)(1). 
  
 “Depositary” has the meaning set forth in 31 C.F.R. 306.118 or similar federal regulations governing the transfer of securities issued by the United States Treasury which are maintained in book-entry form. 
  
 “Determination Date” means, with respect to each Remittance
Date, the second Business Day preceding such Remittance Date, notwithstanding anything else to the contrary herein, the Determination Date for any month in which any repayment of principal is to be made by the Debtor (currently expected to begin in
October 2007) shall be the 11th Business Day prior to the MTN Payment Date in such month, unless such day falls in
the prior calendar month, in which case it shall be the first Business Day of the month. 
  
 “EBITDA” means, with respect to AmeriCredit Corp., GAAP earnings before interest, taxes, depreciation and amortization. 
  
 “Eligible Collateral” means, collectively, Eligible Receivables, Eligible Investments credited to the
Funding Account, and Eligible Investments credited to the Collection Account. 
  
 “Eligible Deposit Account” means a segregated trust account with the corporate trust department of a depository institution acceptable to the Note Insurer organized under the laws of the United States
of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such
depository institution have a long term unsecured debt rating of “AA” or higher from S&P and “Aa2” or higher by Moody’s and in the highest short-term rating category by S&P and Moody’s or is otherwise acceptable
to the Note Insurer. Each Eligible Deposit Account created hereunder shall be established as follows: “[name of account], JPMorgan Chase Bank, as Collateral Agent.” 
  
 “Eligible Investments” means any of the following (a) negotiable instruments or securities represented by
instruments in bearer or registered or in book-entry form which evidence (i) obligations fully guaranteed by the United States having original or remaining maturities of no more than thirty-one (31) days; (ii) time deposits in, or bankers
acceptances issued by, any depository institution or trust company incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities;
provided, however, that at the time of investment or contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than such obligation whose rating
is based on collateral or on the credit of a Person other than such institution or trust company) of such depository institution or trust company has a credit rating from Moody’s and S&P of at least “P-1” and “A-1,”
respectively, in the case of the certificates of deposit or short-term deposits, or a rating not lower than one of the two highest investment categories granted by Moody’s and by S&P; (iii) certificates of deposit having, at the time of
investment or contractual commitment to invest therein, a rating from Moody’s and S&P of at least “P-1” and “A-1,” respectively; or (iv) investments in money market funds rated in the highest investment category or
otherwise 

  

 9 

 
approved in writing by the applicable rating agencies; (b) demand deposits in any depository institution or trust company referred to in (a)(ii) above; (c)
commercial paper (having original or remaining maturities of no more than thirty-one (31) days) having, at the time of investment or contractual commitment to invest therein, a credit rating from Moody’s and S&P of at least “P-1”
and “A-1,” respectively; (d) Eurodollar time deposits having a credit rating from Moody’s and S&P of at least “P-1” and “A-1,” respectively; and (e) repurchase agreements involving any of the Eligible
Investments described in clauses (a)(i), (a)(iii) and (d) hereof, so long as the other party to the repurchase agreement has at the time of investment therein, a rating from Moody’s and S&P of at least “P-1” and “A-1,”
respectively. 
  
 “Eligible Receivable” means, at
any time, any Receivable: 
  
 (i) (A) which shall have been
originated by AmeriCredit directly with an Obligor or through an automobile dealer or Third Party Lender approved in accordance with AmeriCredit’s standard operating procedures and which has been acquired from a Dealer by means of a Dealer
Agreement or a Dealer Assignment (as defined in the Servicing Agreement), which dealer shall be located in the United States and which, together with the Contract related thereto, if originated by a dealer, shall have been validly assigned by such
dealer to AmeriCredit and which assignment, if part of a bulk sale by such dealer to AmeriCredit, shall have been approved in writing by the Note Insurer, or pursuant to the terms of such Contract, for the retail sale or refinancing of the related
Financed Vehicle in the ordinary course of its business, shall have been fully and properly executed by the parties thereto, and shall have been advanced directly to or for the benefit of the Obligor for the purchase or refinancing of the related
Financed Vehicle, (B) which shall have been sold by AmeriCredit or AMC to the Debtor pursuant to the Master Receivables Purchase Agreement, and to which the Debtor has good and marketable title thereto, free and clear of all Adverse Claims, and (C)
the Contract related to which contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for the realization against the collateral of the benefits of the security provided thereby;

  
 (ii) which (together with the Collections and Related Security
related thereto) has been the subject of the grant of a first priority perfected security interest therein (and in the Collections and Related Security related thereto) to the Collateral Agent for the benefit of the Secured Parties, effective until
the termination of this Agreement; 
  
 (iii) the Obligor of which
(A) is a United States resident and is recorded in the Servicer’s records as having a United States billing address or is a member of the U.S. military and is recorded in the Servicer’s records as having an overseas U.S. military base
address, (B) is a natural person, and (C) is not a government or a governmental subdivision or agency or any other governmental entity; 
  
 (iv) which is not a Defaulted Receivable at the time of the related Receivables Delivery hereunder; 
  
 (v) (A) during the Revolving Period with respect to which 10% or more of a
scheduled payment is not more than thirty (30) days past due and (B) during the Amortization Period, with respect to which 10% or more of a scheduled payment is not more than thirty (30) days past due as of the date the Amortization Period
commences; 
  

 10 

 (vi) the Contract related to which provides for level monthly payments (provided that the payment
in the first or last month in the life of the Receivable may be minimally different from such level payment) that fully amortizes the Amount Financed over the original term and yields interest at the related APR; 
  
 (vii) the Contract related to which provides for the calculation of interest
payable thereunder under either the “simple interest” or “Rule of 78’s” or the “sum of the periodic time balances” method; 
  
 (viii) the Contract related to which provides for no more than 72 monthly payments; 
  
 (ix) which is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act of 1940, as amended;

  
 (x) which is “chattel paper” within the meaning of
Article 9 of the UCC of all applicable jurisdictions and, which is secured by a first priority perfected lien on the related Financed Vehicle, free and clear of any Adverse Claim or for which all necessary steps to result in such a first priority
perfected lien shall have been taken as of the Delivery Date; 
  
 (xi) which is denominated and payable only in United States dollars in the United States; 
  
 (xii) which arises under a Contract that, together with the Receivable related thereto, is in full force and effect and constitutes the legal, valid and
binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms, is the complete, accurate and entire financing agreement with the Obligor relating to the Financed Vehicle, is not subject to any litigation,
dispute, offset, counterclaim or other defense and the provisions of which have not been extended, waived or modified except in accordance with the Credit and Collection Policy or upon the written instructions of the Note Insurer; 
  
 (xiii) which, together with the Contract related thereto, does not contravene
in any material respect any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair
debt collection practices and privacy) and with respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation in any material respect; 
  
 (xiv) which (A) satisfies all applicable requirements of the Credit and Collection Policy and is identified on the
Servicer’s master servicing records as a automobile installment sales contract or installment note, (B) arises under a Contract which is assignable without the consent of, or notice to, the Obligor thereunder, and which does not contain a
confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under this Agreement, including, without limitation, its right to review the Contract, and (C) arises under a Contract with respect to which
AmeriCredit, AMC and the Debtor have each 

  

 11 

 
performed all obligations required to be performed by them thereunder, and, in the event such Contract is an installment sales contract, delivery of the
Financed Vehicle to the related Obligor has occurred; 
  
 (xv)
which was generated in the ordinary course of AmeriCredit’s business; 
  
 (xvi) the assignment of which under the Master Receivables Purchase Agreement by AmeriCredit or AMC to the Debtor and the grant of a security interest with respect thereto hereunder by the Debtor to the Collateral
Agent does not violate, conflict or contravene any applicable laws, rules, regulations, orders or writs or any contractual or other restriction, limitation or encumbrance; 
  
 (xvii) with respect to which AmeriCredit or any Affiliate thereof has not advanced any funds to or for the benefit of the
related Obligor in order to make such Receivable an “Eligible Receivable”; 
  
 (xviii) the Obligor of which has been or will be directed to make all payments to a specified account of the Servicer with respect to which there shall be a Lock-Box Agreement in effect; 
  
 (xix) with respect to which there is only one original Contract which
original Contract has been delivered to the Custodian; 
  
 (xx)
with respect to which the Amount Financed does not exceed $80,000; 
  
 (xxi) the APR of which is 7% or greater; provided, that on any date of determination, Receivables which have an Aggregate Principal Balance of no more than 5% of the Aggregate Principal Balance of all Eligible Receivables may have an
APR of less than 7%; 
  
 (xxii) the Contract related to which
provides that any prepayment in full of such Receivable fully pays all remaining principal and all interest due at the applicable APR as of such date of prepayment, in each case with respect to such Receivable; 
  
 (xxiii) which is not, at the time of an initial creation of an interest
therein hereunder, subject to any right of rescission, cancellation, set-off, claim, counterclaim or defense (including the defense of usury) of the Obligor; 
  
 (xxiv) which is secured by a valid, existing and enforceable first priority perfected security interest in favor of the Receivable’s originator in
the related Financed Vehicle, which security interest has been validly assigned by the originator to AmeriCredit (if such Receivable is not originated by, or the security interest is not initially perfected in favor of, AmeriCredit) and either (A)
by AmeriCredit to the Debtor or (B) by AmeriCredit to AMC and by AMC to the Debtor, and by the Debtor to the Collateral Agent; 
  
 (xxv) the Contract related to which requires it to be insured by an individual physical damage insurance policy; and 
  

 12 

 (xxvi) provides for enforcement of the lien or the clear legal right of repossession as applicable on the
Financed Vehicle securing such Receivable, and the certificate of title names the Servicer as the secured party, or an application for a certificate of title naming the Servicer as secured party has been filed with the relevant jurisdiction.

  
 “Entitlement Order” shall have the meaning
given such term in Section 8-102(a)(8) of the UCC. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 
  
 “ERISA Affiliate” means, with respect to any Person, (i) any corporation which is a member of the same
controlled group of corporations (within the meaning of Section 414(b) of the Code) as such Person; (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with such Person; or
(iii) a member of the same affiliated service group (within the meaning of Section 414(n) of the Code) as such Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above. 
  
 “Event of Bankruptcy” means, with respect to any Person, (i)
that such Person (a) shall generally not pay its debts as such debts become due or (b) shall admit in writing its inability to pay its debts generally or (c) shall make a general assignment for the benefit of creditors; (ii) any proceeding shall be
instituted by or against such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property or (iii) if such Person is
a corporation, such Person or any Subsidiary shall take any corporate action to authorize any of the actions set forth in the preceding clauses (i) or (ii). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating
Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, any Assistant Vice President the Secretary or the Treasurer of such corporation; and with respect to any partnership, any
general partner thereof. 
  
 “Facility Activity”
means, with respect to any calculation as of a specified date or time after taking into account all Facility Activity, adjusting (x) all Accounts for any withdrawals, transfers and deposits on such date and prior to such time, (y) for any
Receivables Delivery or any Take-Out which occurs on such date and prior to such time and (z) any amortization of Receivables and the Net Investment on such date and prior to such time. 
  
 “Final Maturity Date” means the Remittance Date in October 2014. 
  

 13 

 “Final Receivables Delivery Date” means the date specified in the Redemption Notice
delivered pursuant to Section 6.3 hereof. 
  
 “Finance
Charges” means, with respect to a Contract, any finance, interest or similar charges owing by an Obligor or another Person pursuant to such Contract. 
  

“Financed Vehicle” means, with respect to a Receivable, any new or used automobile, light-duty truck, van or minivan, together with
all accessories thereto, securing the related Obligor’s indebtedness thereunder. 
  
 “Funding Account” has the meaning specified in Section 2.11 hereof. 
  
 “GAAP Portfolio Net Loss Ratio” means, as of any date of determination, the ration (expressed as a percentage), computed by dividing
“A” by “B”, and then multiplying the result by “C” where: 
  
 “A” is equal to (i) the net charge-offs (as defined in AmeriCredit Corp.’s 10-Q and 10-K SEC filings) for the Servicing Portfolio that have occurred during the six Settlement Periods immediately
preceding such date divided by (ii) the average Aggregate Outstanding Balance of the Servicing Portfolio during such six-month period; 
  
 “B” is equal to the actual number of days in such six-month period; and 
  
 “C” is equal to the actual number of days in the Servicer’s fiscal year in which the most recently ended
Settlement Period occurred. 
  
 “Guaranty” means,
with respect to any Person any agreement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes liable upon, the obligation of any other Person, or agrees to
maintain the net worth or working capital or other financial condition of any other Person or otherwise assures any other creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement or
take-or-pay contract and shall include, without limitation, the contingent liability of such Person in connection with any application for a letter of credit. 
  

“Hedging Arrangement” means any financial arrangement obtained by the Debtor from a counterparty rated “A” or better by
S&P and “A2” or better by Moody’s satisfying the requirements of Section 5.3 hereof and otherwise in form and substance reasonably satisfactory to the Purchaser and the Note Insurer, the benefits of which are in favor of the
Debtor and pledged to the Collateral Agent for the benefit of the Secured Parties. 
  
 “Indebtedness” means, with respect to any Person such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of property other than accounts
payable arising in the ordinary course of such Person’s business on terms customary in the trade, (iii) obligations, whether or not assumed, secured by liens or payable out of the proceeds or products of property now or hereafter owned or
acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) Capitalized Lease obligations and (vi) obligations for which such Person is obligated pursuant to a Guaranty. 
  

 14 

 “Ineligible Receivable” means any Receivable that is not an Eligible Receivable.

  
 “Initial Regular Amortization Receivables Pool
Balance” means the Aggregate Outstanding Balance of all Receivables held as Collateral at the commencement of the Regular Amortization Period. 
  
 “Initial Reserve Percentage” means, with respect to any Delivery Date: 
  

	 	(i)	2.50% if both 

  

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables (including the Receivables to be delivered on such Delivery Date) is greater than or equal to 235.00; and

  

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is less than 7.00%. 

  

	 	(ii)	3.50%, if either 

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables (including the Receivables to be delivered on such Delivery Date) is greater than or equal to 234.00 but less than
235.00; or 

  

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 7.00% but less than 7.50%. 

  

	 	(iii)	4.50%, if either 

  

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables (including the Receivables to be delivered on such Delivery Date) is less than 234.00; or

  

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 7.50% but less than 8.00%. 

  

	 	(iv)	5.50%, if the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 8.00% but less than 8.50%. 

  

	 	(v)	6.50%, if the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 8.50%. 

  
 “Insurance Agreement” has the meaning specified in the Recitals hereto. 
  
 “Insurance Termination Date” means the date on which the Net
Investment has been reduced to zero, and there are no amounts outstanding to the Note Insurer. 
  

 15 

 “Interest Expense” means with respect to AmeriCredit Corp. and for any period,
AmeriCredit Corp.’s interest expense during such period for money borrowed (exclusive of any such interest expense on any “off-balance sheet” securitizations or warehouse facilities), calculated in accordance with GAAP. 
  
 “Late Payment Rate” has the meaning specified in the
Insurance Agreement. 
  
 “Law” means any law
(including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Official Body. 
  
 “LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in U.S. dollars for one month which appears on
Telerate Page 3750 as of 11:00 a.m., London time, on the LIBOR Determination Date. If such rate does not appear on the Telerate Page 3750, the rate will be determined on the basis of the rates at which deposits for U.S. dollars are offered by four
major banks in the London interbank market at approximately 11:00 a.m., London time, on the LIBOR Determination Date to prime banks in the London interbank market for one month commencing on the first day of the Accrual Period. The Collateral Agent
will request the principal London office of each such banks to provide a quotation of its rate. If at least two such quotations are provided, the LIBOR rate for that Accrual Period will be the arithmetic mean of the quotations. If fewer than two
quotations are provided, the rate will be the arithmetic mean of the rates quoted by two major banks in New York City, selected by the Collateral Agent, at approximately 11:00 a.m., New York City time, on the LIBOR Determination Date for loans in
the U.S. dollars to leading European banks for one month commencing on the first day of the related Accrual Period. 
  
 “LIBOR Determination Date” means, with respect to any Accrual Period, the second day preceding such Accrual Period and is a day on which
commercial banks are open for international business (including dealings in U.S. dollar deposits) in London. 
  
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same
economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction to evidence any of the foregoing.

  
 “Liquidated Receivable” means, with respect
to any Settlement Period, a Receivable (i) as to which the Servicer has repossessed the Financed Vehicle and either (a) 10% or more of a Scheduled Payment on such Receivable has become 210 or more days delinquent or (b) 90 days have elapsed since
the date of such repossession, (ii) as to which the Servicer has determined in good faith that all amounts it expects to recover have been received or (iii) as to which 10% or more of a Scheduled Payment shall have become 120 or more days
delinquent, except in the case of a repossessed Financed Vehicle. 
  
 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable. 
  

 16 

 “Lock-Box Account” means an account or accounts maintained by the Servicer at a Lock-Box
Bank for the purpose of receiving Collections from Receivables. 
  
 “Lock-Box Agreement” means an agreement between the Servicer, the Collateral Agent and a Lock-Box Bank in substantially the form of Exhibit B hereto. 
  
 “Lock-Box Bank” means each of the banks set forth in Exhibit A hereto and such banks as may be added
thereto or deleted therefrom pursuant to Section 2.6 hereof. 
  
 “Managed Portfolio” means the Servicing Portfolio together with all repossessed receivables that are available for sale. 
  
 “Master Receivables Purchase Agreement” means the Master Receivables Purchase Agreement, dated as of the date hereof, among the Debtor,
AmeriCredit, AMC and the Collateral Agent, as such agreement may be amended, supplemented, or otherwise modified from time to time. 
  
 “Material Adverse Effect” means any event or condition which would have a material adverse effect on (i) the collectibility of the
Receivables, (ii) the condition (financial or otherwise), businesses or properties of the Debtor, the Servicer, AmeriCredit or AMC, (iii) the ability of the Debtor, the Servicer, AmeriCredit or AMC to perform its respective obligations under the
Transaction Documents to which it is a party, or (iv) the interests of the Note Insurer, the Collateral Agent or the Secured Parties under the Transaction Documents. 
  
 “Master Warehouse Facility Servicing Agreement” means the Second Amended and Restated Sale and Servicing
Agreement, dated as of November 5, 2003, by and among AmeriCredit Master Trust, AmeriCredit Funding Corp. VII, AmeriCredit and Bank One, NA, as the same may be amended from time to time. 
  
 “MBIA” means MBIA Insurance Corporation. 
  
 “Monthly Administration Fee” means, with respect to any Remittance Date, the product of (x) one twelfth,
(y) 0.10% per annum and (z) the Net Investment outstanding immediately prior to such Remittance Date. The Monthly Administration Fee is included in the calculation of the Note Rate. 
  
 “Monthly Extension Ratio” means, with respect to any Determination Date, the fraction expressed as a
percentage, the numerator of which is the Aggregate Outstanding Balance of all Receivables in the Servicing Portfolio whose payments are extended during the related Settlement Period and the denominator of which is the Aggregate Outstanding Balance
of all Receivables in the Servicing Portfolio as of the close of business on the last day of the Settlement Period immediately preceding such related Settlement Period. 
  
 “Monthly Net Losses” means the positive difference, if any, of (i) the sum of (A) the Aggregate Outstanding
Balance of all Receivables that became Liquidated Receivables during the related Settlement Period plus (B) all Cram Down Losses incurred during the related Settlement Period minus (ii) all Liquidation Proceeds received during the related Settlement
Period. 
  

 17 

 “Monthly Principal Amount” means, as of any Remittance Date: 
  
 (A) during the Revolving Period, the amount equal to the excess, if any, of
(x) the sum of (i) the principal portion of all Collections received during the related Settlement Period (other than Collections with respect to Liquidated Receivables and Purchased Receivables) and (ii) the principal portion of the Purchase
Amounts received with respect to all Receivables that became Purchased Receivables during the related Settlement Period over (y) the Step-Down Amount, if any, for such Remittance Date; and 
  
 (B) during the Amortization Period, the amount equal to the excess, if any,
of (x) the sum of (i) the principal portion of all Collections received during the related Settlement Period (other than Collections with respect to Liquidated Receivables and Purchased Receivables), (ii) the principal portion of the Purchase
Amounts received with respect to all Receivables that became Purchased Receivables during the related Settlement Period, (iii) the Aggregate Outstanding Balance of all Receivables that became Liquidated Receivables during the related Settlement
Period (other than Purchased Receivables), (iv) in the sole discretion of the Note Insurer, the Principal Balance of all the Receivables that were required to be become Purchased Receivables during such Settlement Period but were not purchased, (v)
the aggregate amount of Cram Down Losses that occurred during the related Settlement Period and (vi) if such Remittance Date is the first Remittance Date to occur during the Amortization Period, the amount transferred from the Funding Account to the
Collection Account in accordance with Section 2.11(e) hereof over (y) the Step-Down Amount, if any, for such Remittance Date. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “MTN Eligible Collateral” means all Eligible Collateral owned by AmeriCredit MTN Receivables Trust IV.

  
 “MTN Eligible Receivables” means all Eligible
Receivables owned by AmeriCredit MTN Receivables Trust IV. 
  
 “MTN Payment Date” means the 15th day of each month or next succeeding Business Day,
commencing November 15, 2004. 
  
 “Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Debtor, AmeriCredit, AMC or any ERISA
Affiliate of the Debtor, AmeriCredit or AMC on behalf of its employees. 
  
 “Net Investment” means (i) $650,000,000 minus (ii) the aggregate amount applied to reduce such Net Investment pursuant to Section 2.3 hereof. 
  
 “Net Receivables Balance” means at any time the Aggregate Outstanding Balance of all Eligible Receivables
at such time. 
  
 “Net Spread Deficiency” means,
as of any Borrowing Base Determination Date, the positive difference, if any, of (i) the sum of (A) 8.75% plus (B) the Servicing Fee, expressed as a percentage of the Net Receivables Balance plus (C) the lesser of (x) one-month LIBOR plus 

  

 18 

 
(I) from the Closing Date up to and including the thirty-sixth (36th) Remittance Date, 0.845% and (II) after the thirty-sixth (36th)
Remittance Date, 2.105% and (y) the weighted average strike price under the Hedging Arrangements then in effect, minus (ii) the weighted average APR of all Eligible Receivables then held as Collateral. 
  
 “Note” means the Debtor’s note issued and delivered
pursuant to Section 1.5 hereof, in substantially the form set forth as Exhibit C hereto. 
  
 “Noteholder” or “Holder” means the Person in whose name a Note is registered on the Note Register. 
  
 “Note Insurer” means MBIA, as Note Insurer, and its successors and assigns. 
  
 “Note Insurer Default” means any one of the following events
shall have occurred and be continuing: 
  
 (a) the Note Insurer
shall have failed to make a payment required under the Note Policy; 
  
 (b) the Note Insurer shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy,
rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or (iii) had an order for relief entered against it under the United States Bankruptcy Code or any other similar federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or 
  
 (c) a court of competent jurisdiction, the New York Department of Insurance, or other competent regulatory authority shall have entered a final and
nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Note Insurer or for all or any material portion of its property or (ii) authorizing the taking of possession by a custodian, trustee, agent or
receiver of the Note Insurer (or the taking of possession of all or any material portion of the property of the Note Insurer). 
  
 “Note Interest” means, with respect to each Remittance Date, the product of (x) the Note Rate in effect with respect to such Remittance
Date, (y) the Net Investment outstanding immediately prior to such Remittance Date and (z) a fraction, the numerator of which is the actual number of days in the related Accrual Period and the denominator of which is 360. The Note Interest shall be
reduced by the interest portion of any Prepayment Amount applied since the preceding Remittance Date. 
  
 “Note Policy” means the note guaranty insurance policy No.45003(1), issued by the Note Insurer. 
  
 “Note Purchase Agreement” means that certain Note Purchase
Agreement, dated as of September 21, 2004, among the Debtor, AmeriCredit, the Purchaser and the Administrative Agent. 
  

 19 

 “Note Rate” means, (i) with respect to each Accrual Period relating to a Remittance Date
prior to the Remittance Date in October 2007, LIBOR as of the related LIBOR Determination Date plus 0.44% per annum and (ii) with respect to each Accrual Period thereafter, LIBOR as of the related LIBOR Determination Date plus 1.70% per annum;
provided, that with respect to the first Accrual Period, the Note Rate shall be 2.308% per annum. 
  
 “Obligor” means a Person obligated to make payments pursuant to a Contract. 
  
 “Officer’s Certificate” means, with respect to any Person which is not an individual, a certificate
signed by the President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, any Executive Vice President, Senior Vice President, Vice President or Assistant Vice President of such Person. 
  
 “Official Body” means any government or political
subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

  
 “Outstanding Balance” means, with respect to
any Receivable, as of any date, the sum of the Amount Financed minus that portion of all amounts received by the Servicer with respect to such Receivable on or prior to such date and allocable to principal in accordance with the terms of the
Contract related to such Receivable minus any Cram Down Loss in respect of such Receivable plus the accrued and unpaid interest on such Receivable. 
  
 “Overcollateralization Shortfall” means, as of any date, the positive difference, if any, of (i) the
quotient of (x) the Net Investment minus the principal amount of Eligible Investments comprising Eligible Collateral on such date divided by (y) 91.5% minus (ii) the Net Receivables Balance as of such date; provided, that if a Termination and
Amortization Event has occurred and is continuing, the Overcollateralization Shortfall shall equal the Net Investment. 
  
 “Owner” has the meaning specified in the Note Purchase Agreement. 
  
 “Owner Trustee” means the Owner Trustee under the Trust Agreement. 
  
 “Person” means any corporation, limited liability company,
natural person, firm, joint venture, partnership, trust, unincorporated organization, enterprise, government or any department or agency of any government. 
  
 “Portfolio Delinquency Ratio” means as of any date of determination a fraction, expressed as a percentage, equal to (i) the Aggregate
Outstanding Balance of all Receivables included in the Servicing Portfolio which are Delinquent Receivables on the last day of the related Settlement Period divided by (ii) the average Aggregate Outstanding Balance of the Servicing Portfolio during
the related Settlement Period. 
  
 “Portfolio Net Loss
Ratio” means, as of any date of determination, the ratio (expressed as a percentage), computed by dividing “A” by “B,” and then multiplying the result by “C” where: 
  

 20 

 “A” is equal to (i) the Monthly Net Losses for the Managed Portfolio which have
occurred during the six Settlement Periods immediately preceding such date divided by (ii) the average Aggregate Outstanding Balance of the Managed Portfolio during such six-month period; 
  
 “B” is equal to the actual number of days in such
six-month period; and 
  
 “C” is equal
to the actual number of days in the Servicer’s fiscal year in which the most recently-ended Settlement Period occurred. 
  
 “Portfolio Repossession Ratio” means as of any date of determination a fraction, expressed as a percentage, equal to (i)
the Aggregate Outstanding Balance of all repossessed receivables included in the Managed Portfolio as of the last Business Day of the related Settlement Period divided by (ii) the average Aggregate Outstanding Balance of the Managed Portfolio during
the related Settlement Period. 
  
 “Potential Termination
and Amortization Event” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Termination and Amortization Event. 
  
 “Premium Amount” shall have the meaning set forth in the Premium Side Letter. 
  
 “Premium Side Letter” means the letter agreement dated
October 1, 2004 between AmeriCredit and the Note Insurer, as amended, modified or otherwise supplemented from time to time. 
  
 “Prepayment Amount” means, with respect to any Prepayment Date, the sum of (i) the amount deposited in the Collection Account in
accordance with Section 6.5 hereof on account of principal and not previously applied as a principal reduction of the Net Investment and (ii) accrued interest at the Note Rate on the amount described in clause (i). 
  
 “Prepayment Date” means each date on which a Prepayment
Amount is applied, which date shall be a Remittance Date. 
  
 “Proceeds” means “proceeds” as defined in Section 9-306(1) of the UCC of the states set forth in Section 2.6 hereof. 
  
 “Purchase Amount” has the meaning given such term in the Master Receivables Purchase Agreement. 
  
 “Purchased Receivables” means a Receivable purchased from
the Debtor pursuant to Article V of the Master Receivables Purchase Agreement or Section 2.7 of the Servicing Agreement. 
  
 “Purchaser” means Meridian Funding Company, LLC, a Delaware limited liability company. 
  

 21 

 “Rapid Amortization Period” means the period commencing on the close of business on the
Business Day immediately preceding the day on which a Termination and Amortization Event occurs or is deemed to have occurred and ending on the later of (i) the date on which the Net Investment is reduced to zero and there are no amounts outstanding
to the Note Insurer and (ii) the Final Maturity Date. 
  
 “Receivable” means indebtedness owed by an Obligor (without giving effect to any transfer hereunder) under a Contract, whether constituting an account, chattel paper, instrument or general intangible, arising out of or in
connection with the sale, refinancing or loan made or purchased by AmeriCredit with respect to new or used automobiles, light-duty trucks, vans or minivans or the rendering of services by the originating dealer in connection therewith, and includes
the right of payment of any Finance Charges and other obligations of the Obligor with respect thereto. Notwithstanding the foregoing, once the Collateral Agent has released its security interest in a Receivable and the related Contract pursuant to
Section 2.4, 2.7 or Section 2.15 hereof, it shall no longer constitute a Receivable hereunder. 
  
 “Receivables Delivery” means the delivery by the Debtor of Eligible Receivables hereunder on any date prior to the Final Receivables Delivery Date (x) in exchange for a release of cash from the
Funding Account or (y) for any other reason pursuant to this Agreement or the other Transaction Documents. 
  
 “Receivables Delivery Payment Amount” has the meaning specified in Section 2.11(c)(ii) hereof. 
  
 “Receivables Pool” means each receivables pool supporting an
asset-backed securitization sponsored by AmeriCredit on or after September 30, 2004 (excluding any Receivables held as part of any warehouse arrangement); provided, that if on any date after October 1, 2005, fewer than three such Receivables
Pools relating to asset-backed securitizations were created during the immediately preceding twelve calendar months, then all of the receivables originated or purchased by AmeriCredit during (i) the immediately preceding calendar quarter (if only
two such Receivables Pools relating to asset-backed securitizations were created during the immediately preceding twelve calendar months) will be treated as a single Receivables Pool, (ii) the immediately preceding calendar quarter and the second
immediately preceding calendar quarter (if only one such Receivables Pool relating to an asset-backed securitization was created during the immediately preceding twelve calendar months) will each be treated as a single Receivables Pool or (iii) the
immediately preceding calendar quarter, the second immediately preceding calendar quarter and the third immediately preceding calendar quarter (if no such Receivables Pools relating to asset-backed securitizations were created during the immediately
preceding twelve calendar months) will each be treated as a single Receivables Pool, in each case notwithstanding the fact that any such Receivables may have been included in a separate Receivables Pool relating to an asset-backed securitization.

  
 “Receivables Systems” means, with respect to
any Person, all computer applications of such Person (including, but not limited to, those of any suppliers, vendors, customers and any third party Servicers of such Person), which are related to or involved in the origination, collection,
management or servicing of the Receivables. 
  

 22 

 “Records” means all Contracts and other documents, books, records and other information
(including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related Obligors. 
  
 “Redemption Date” means any date designated as a
“Redemption Date” in a Redemption Notice properly delivered by the Debtor pursuant to Section 6.3(ii) hereof. 
  
 “Redemption Notice” means a notice, substantially in the form of Exhibit Q hereto, delivered by the Debtor indicating its intention to
optionally redeem the Note pursuant to Section 6.3 hereof on a Redemption Date. 
  
 “Regular Amortization Period” means the period commencing on the thirty-sixth (36th) Remittance Date and ending on the earlier of (i) the date on which a Termination and Amortization Event occurs and (ii) the later of (A) the date on which the Net Investment is reduced to zero and there are no amounts outstanding
to the Note Insurer and (B) the Final Maturity Date. 
  
 “Regular Amortization Period Cumulative Net Loss Ratio” means the ratio, expressed as a percentage, computed by dividing: 
  
 (a) the sum (without duplication) of (i) Cumulative Net Losses for the Regular Amortization Receivables Pool and (ii) the product of (x) 0.50 multiplied
by (y) the Aggregate Outstanding Balance of all Receivables which are more than ninety (90) days past due as of the end of the related Settlement Period 
  
 by 
  
 (b) the Initial Regular Amortization Receivables Pool Balance. 
  
 “Regular Amortization Receivables Pool” means all Eligible Receivables held as Collateral during the Regular Amortization Period.

  
 “Regulation D” means Regulation D of the
Board of Governors of the Federal Reserve System, as the same may be amended, supplemented or otherwise modified and in effect from time to time. 
  
 “Reimbursement Amount” means, with respect to any Remittance Date, the sum of (i) any draws under the Note Policy paid by the Note
Insurer to the Collateral Agent which was not previously repaid to the Note Insurer pursuant to Section 2.3(a)(viii) hereof plus (ii) any other amounts then due and owing to the Note Insurer pursuant to the Insurance Agreement and (iii) interest
accrued on each such amount described in (i) or (ii) above which was not previously repaid, calculated from the date the Collateral Agent received the related amount, at the Late Payment Rate applicable to such Remittance Date. On each Determination
Date, the Note Insurer shall notify the Collateral Agent and the Servicer of the amount of any Reimbursement Amount due on the related Remittance Date if such amount is greater than zero. 
  

 23 

 “Related Security” means with respect to any Receivable: 
  
 (i) all of the Debtor’s interest in the Financed Vehicles (including
repossessed vehicles) or in any document or writing evidencing any security interest in any Financed Vehicle and all of the Debtor’s interest in all rights to payment under all insurance contracts with respect to a Financed Vehicle, including,
without limitation, any monies collected from whatever source in connection with any default of an Obligor with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any physical damage, lender’s single interest,
credit life, disability and hospitalization insurance policies covering Financed Vehicles or Obligors; 
  
 (ii) all of the Debtor’s interest in all other security interests or liens and property subject thereto from time to time, if any, purporting to
secure payment of such Receivable, whether pursuant to the Contract related thereto or otherwise, together with all financing statements signed by an Obligor and security agreements describing any collateral securing such Contract; 
  
 (iii) all of the Debtor’s interest in all guaranties, indemnities,
warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable, whether pursuant to the Contract related to such
Receivable or otherwise; 
  
 (iv) all of the Debtor’s
interest in all rights to payment under all service contracts and other contracts and agreements associated with such Receivables and all of the Debtor’s interest in all recourse rights against the dealers (excluding any rights in any dealer
reserve); 
  
 (v) all of the Debtor’s interest in all
Records, documents and writings evidencing or related to such Receivables or the Contracts; 
  
 (vi) all of the Debtor’s interest in all rights and remedies of the Debtor under the Master Receivables Purchase Agreement, together with all financing statements filed by the Debtor against each of AmeriCredit
and AMC in connection therewith; 
  
 (vii) all of the
Debtor’s interest in all Lock-Box Accounts and Lock-Box Agreements; 
  
 (viii) all of the Debtor’s interest in the Hedging Agreements; and 
  
 (ix) all Proceeds of the foregoing. 
  
 “Remittance Date” means, for each Settlement Period, the third Business Day prior to the MTN Payment Date, commencing in November 2004.

  
 “Repossessions” means Financed Vehicles the
Servicer has voluntarily or involuntarily taken possession of and has not yet disposed of at auction or otherwise. 
  

 24 

 “Required Notional Amount” means, with respect to the aggregate notional amount of any
set of Hedging Arrangements, the lesser of (i) the Net Investment and (ii) the product of (A) the Net Receivables Balance multiplied by (B) 91.5%. 
  
 “Reserve Account” has the meaning specified in Section 2.15 hereof. 
  
 “Reserve Account Deposit Amount” has the meaning specified in Section 2.11(c)(i) hereof. 
  
 “Reserve Account Required Amount” means, 
  
 (x) as of any Borrowing Base Determination Date during the
Revolving Period, the product of (i) the applicable Revolving Period Reserve Percentage and (ii) the Net Receivables Balance as of such Borrowing Base Determination Date; and 
  
 (y) as of any date of determination during the Amortization Period, the lesser of: 
  
 (i) the greatest of: 
  
 (A) 6.00% of the Aggregate Outstanding Balance of all
Receivables as of the commencement of the Amortization Period; 
  
 (B) the product of (I) the applicable Amortization Period Reserve Percentage and (II) the Aggregate Outstanding Balance of all Receivables as of such date of determination; and 
  
 (C) the product of (I) the Credit Score Based Reserve
Percentage applicable to the Amortization Period and (II) the Aggregate Outstanding Balance of all Receivables as of such date of determination; and 
  
 (ii) the Net Investment as of such date of determination. 
  
 “Revolving Period” means the period commencing on the Closing Date and ending on the commencement of the
earlier of (i) the date on which the Regular Amortization Period commences and (ii) the date on which the Rapid Amortization Period commences. 
  
 “Revolving Period Reserve Percentage” means, with respect to any Borrowing Base Determination Date during the Revolving Period, the sum
of (x) if, and only if, the Weighted Average Age of the Eligible Receivables then exceeds 180.00 days, 1.50%, plus (y) the applicable percentage set forth in the numbered clauses (i) through (v) below: 
  

	 	(i)	4.50% if both 

  

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables as of such date of determination, after taking into account all Facility Activity on such date is greater than or
equal to 235.00; and 

  

 25 

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is less than 7.00%. 

  

	 	(ii)	5.50%, if either 

  

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables as of such date of determination, after taking into account all Facility Activity on such date is greater than or
equal to 234.00 but less than 235.00; or 

  

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 7.00% but less than 7.50%. 

  

	 	(iii)	6.50%, if either 

  

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables as of such date of determination, after taking into account all Facility Activity on such date is greater than or
equal to 232.00 but less than 234.00; or 

  

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 7.50% but less than 8.00%. 

  

	 	(iv)	7.50%, if either 

  

	 	(a)	the Weighted Average AmeriCredit Score of all Eligible Receivables as of such date of determination, after taking into account all Facility Activity on such date is less than
232.00; or 

  

	 	(b)	the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 8.00% but less than 8.50%. 

  

	 	(v)	8.50%, if the most-recently calculated Portfolio Net Loss Ratio is greater than or equal to 8.50%. 

  
 “S&P” or “Standard & Poor’s” means Standard & Poor’s Ratings
Services, a Division of the McGraw-Hill Companies. 
  
 “Schedule of Receivables” means the schedule of all retail installment sales contracts and promissory notes originally held as part of the Trust. 
  
 “Secured Obligations” means, at any time, collectively but without duplication, all of the following: the
Net Investment then outstanding, any accrued and unpaid Note Interest, any accrued and unpaid Premiums and Reimbursement Amounts, the Monthly Administration Fee, all amounts due to the Owner Trustee, to the Collateral Agent and the Standby Servicer,
all amounts due to the Note Insurer, and all other amounts due from the Debtor hereunder or under any other Transaction Document. 
  

 26 

 “Secured Parties” means, collectively, the Purchaser and the Note Insurer. 

 
 “Securities Account” shall have the meaning given such
term in Section 8-501(a) of the UCC. 
  
 “Security
Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 
  
 “Securities Intermediary” has the meaning specified in Article VIII hereto. 
  
 “Securitization Assets” means the sum of (i) restricted cash deposits under securitizations sponsored by
AmeriCredit, (ii) investments in trust receivables from securitizations sponsored by AmeriCredit and (iii) the interest-only receivables from the trusts created in connection with securitizations sponsored by AmeriCredit. 
  
 “Servicer” means at any time the Person then authorized
pursuant to Section 2.1 of the Servicing Agreement to service, administer and collect Receivables. 
  
 “Servicer’s Certificate” has the meaning specified in the Servicing Agreement. 
  
 “Servicing Agreement” means the Servicing and Custodian
Agreement, dated as of the date hereof, among the Servicer, the Custodian, the Debtor and the Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time. 
  
 “Servicing Fee” means, for any Settlement Period, the fee
payable to the Servicer from Collections pursuant to Section 2.3(a) hereof on the related Remittance Date, in an amount equal to 2.25% per annum on the average daily Aggregate Outstanding Balance of the Receivables (excluding Purchased Receivables
and Liquidated Receivables) during such Settlement Period. 
  
 “Servicing Portfolio” means, as of any date, the Aggregate Outstanding Balance of all Receivables (whether or not thereafter sold or disposed of) relating to retail installment sales contracts or installment notes and
security agreements relating to the sale or refinancing of new or used automobiles, light-duty trucks, vans, or minivans that were originated by, and are serviced by, the Servicer or any of its Affiliates as of such date, calculated in a manner
consistent with the components of “managed receivables” in the most recent reports on Form 10-K or Form 10-Q filed by AmeriCredit Corp. 
  
 “Settlement Period” means any calendar month, provided that the initial Settlement Period shall commence on the Closing Date and end on
October 31, 2004. 
  
 “Standby Servicer” means
Systems & Services Technologies, Inc., and its successors and assigns, and any successor standby servicer appointed by the Note Insurer. 
  
 “Step-Down Amount” means zero for any Remittance Date occurring during the Revolving Period or during the Rapid Amortization Period; for
any Remittance Date occurring during the Regular Amortization Period, the excess, if any, of (x) the excess of (i) the Aggregate Outstanding Balance of all Receivables held as Collateral as of the end of the related Settlement 

  

 27 

 
Period over (ii) the Net Investment outstanding on such Remittance Date, assuming that 100% of the Monthly Principal Amount (without deduction for any
Step-Down Amount) were applied in reduction of the Net Investment on such Remittance Date over (y) 8.50% of the Aggregate Outstanding Balance of all Receivables held as Collateral as of the end of the related Settlement Period. 
  
 “Subsidiary” of a Person means any corporation more than 50%
of the outstanding voting securities of which, and any partnership more than 50% of the partnership interests of which, shall at any time be owned or controlled, directly or indirectly, by such Person or by one or more Subsidiaries of such Person or
any similar business organization which is so owned or controlled. 
  
 “Substitute Receivables Pool” means, on any Delivery Date, that portion of the Receivables comprising the Receivables Delivery having an Aggregate Outstanding Balance equal to the Aggregate Outstanding Balance of those
Receivables that have become Ineligible Receivables since the most recent to occur of (i) the most recent preceding Delivery Date, (ii) the most recent preceding Take-Out Date and (iii) the most recent preceding Determination Date. 
  
 “Take-Out” means the release, pursuant to Section 2.16
hereof, by the Collateral Agent of Receivables and the Contracts related thereto. 
  
 “Take-Out Date” means the date on which a Take-Out occurs. 
  
 “Take-Out Notice” means the notice, substantially in the form attached hereto as Exhibit K, furnished by the Debtor to the Collateral
Agent and the Note Insurer in accordance with Section 2.15. 
  
 “Tangible Net Worth” means, with respect to any Person, the net worth of such Person calculated in accordance with GAAP, after subtracting therefrom the aggregate amount of such Person’s intangible assets, including,
without limitation, goodwill, franchises, licenses, patents, trademarks, copyrights and service marks. 
  
 “Target Yield Supplement Account Amount” means as of any Borrowing Base Determination Date the product of (i) the amount credited to the
Funding Account and the amount on deposit in the Collection Account with respect to principal at the close of business on such Determination Date multiplied by (ii)(A) from the first until the sixth Determination Dates after the Closing Date, 1.75%
(or 2.25% if the following proviso is applicable), (B) from the seventh until the twelfth Determination Dates after the Closing Date, 1.20% (or 1.70% if the following proviso is applicable), and (C) thereafter, 0.70% (or 1.20% if the following
proviso is applicable); provided, that if on any Borrowing Base Determination Date beginning after the third Settlement Period the average Usage Rate for the three most recently completed calendar months is less than 35%, then the Target
Yield Supplement Account Amount shall be calculated using the percentage set forth parenthetically in clause (A), (B) or (C), above, as appropriate; provided, further, that from the Final Receivables Delivery Date until the Redemption
Date, the Target Yield Supplement Account Amount shall be the amount set forth in the Redemption Notice, as acknowledged therein by the Note Insurer and the Purchaser. 
  

 28 

 “Termination and Amortization Event” means an event described in Section 6.1 hereof.

  
 “Third Party Lender” means a lender other
than the Sellers that has originated a Receivable in connection with the sale of a Financed Vehicle and has sold such Receivable to AmeriCredit under a Third Party Loan Purchase Agreement or pursuant to a Third Party Lender Assignment and (i) which
has been approved by AmeriCredit in accordance with comparable procedures as Dealers are approved, (ii) which will be monitored by AmeriCredit in accordance with comparable procedures as Dealers are monitored, (iii) whose motor vehicle installment
sale contracts or installment loan contracts are underwritten in accordance with AmeriCredit’s underwriting standards, and (iv) whose motor vehicle installment sales contracts or installment loan contracts are serviced in accordance with the
Servicer’s servicing standards. 
  
 “Third Party
Lender Assignment” means, with respect to a Receivable, the executed assignment executed by a Third Party Lender conveying such Receivable to AmeriCredit, as the same may be amended, supplemented or otherwise modified and in effect.

  
 “Third Party Loan Purchase Agreement” means
any agreement between a Third Party Lender and AmeriCredit relating to the acquisition of Receivables from a Third Party Lender by AmeriCredit, as the same may be amended, supplemented or otherwise modified and in effect. 
  
 “Total Available Funds” means, with respect to any
Remittance Date, the sum of (x) the Available Funds for such Remittance Date and (y) the amounts, if any, withdrawn from the Yield Supplement Account and from the Reserve Account on such Remittance Date and deposited to the Collection Account
pursuant to Section 2.3(b) hereof. 
  
 “Transaction
Documents” means this Agreement, the Note Purchase Agreement, the Note, the Master Receivables Purchase Agreement, the Servicing Agreement, the Standby Servicing Agreement, the Insurance Agreement, the Trust Agreement, the Lockbox
Agreement, the Premium Side Letter, each Hedging Arrangement and all other agreements, documents and instruments delivered pursuant thereto or in connection therewith. 
  
 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date hereof, among
AmeriCredit, AMC and the Owner Trustee, together with all permitted amendments, modifications and supplements thereto. 
  
 “UCC” means, with respect to any state, the Uniform Commercial Code as from time to time in effect in such state. 
  
 “U.S.” or “United States” means the United
States of America. 
  
 “Usage Rate” means, during
any calendar month commencing with October 2004, the daily average percentage of MTN Eligible Receivables as a portion of MTN Eligible Collateral. 
  
 “Weighted Average Age” means, with respect to any group of Eligible Receivables, the quotient equal to (x) the product of (i) the number
of days each Receivable in such group has been included as Collateral multiplied by (ii) the Outstanding Balance of the related Receivable divided by (y) the Aggregate Outstanding Balance of all such Receivables. 
  

 29 

 “Weighted Average AmeriCredit Score” means, with respect to any group of Eligible
Receivables, the quotient equal to (x) the product of (i) the AmeriCredit Score for each Receivable in such group multiplied by (ii) the Outstanding Balance of the related Receivable divided by (y) the Aggregate Outstanding Balance of all such
Receivables. 
  
 “Yield Supplement
Account” has the meaning specified in Section 2.12 hereof. 
  
 “Yield Supplement Account Shortfall” means, as of any Determination Date, that the amount on deposit in the Yield Supplement Account on such Determination Date is less than the required Target Yield Supplement Account
Amount for such Determination Date. 
  
 SECTION 1.2. Other
Terms. Unless the context otherwise requires, all capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Note Purchase Agreement, and shall include in the singular number the plural and in the
plural number the singular. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as
defined in such Article 9. 
  
 SECTION 1.3. Computation of Time
Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and
“until” each means “to but excluding,” and the word “within” means “from and excluding a specified date and to and including a later specified date.” 
  
 SECTION 1.4. Form of Notes. The Notes, in each case together with the
Collateral Agent’s certificate of authentication, shall be in substantially the form set forth in Exhibit C, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Security Agreement
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 Note, as evidenced by their execution of the Notes. Any
portion of the text of such Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
  
 The 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. 
  
 SECTION 1.5. Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Debtor 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 Debtor shall bind the Debtor, 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. 
  

 30 

 The Collateral Agent shall, upon receipt of the Debtor Order, authenticate and deliver Notes for original
issue in an aggregate principal amount of $650,000,000. 
  
 The
Notes shall be issuable as registered Notes in the minimum denomination of $1,000,000 and in integral multiples thereof (except for one Note which may be issued in a denomination other than an integral multiple of $1,000,000). 
  
 No Note shall be entitled to any benefit under this Security Agreement 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 Collateral Agent 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 1.6. Registration; Registration of Transfer and Exchange. The Debtor shall cause to be kept a register (the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Debtor shall provide for the registration of Notes and the registration of transfers of Notes. The Collateral Agent 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 Debtor 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 Collateral Agent is
appointed by the Debtor as Note Registrar, the Debtor will give the Collateral Agent 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 Collateral Agent
shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Collateral Agent 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. 
  
 Upon surrender for registration of transfer of any Note at the office or agency of the Debtor to be maintained as provided in Section 1.10 hereof, if the
requirements of Section 8-401(a) of the UCC are met the Owner Trustee on behalf of the Debtor shall execute and upon its request the Collateral Agent shall authenticate and the Noteholder shall obtain from the Collateral Agent, 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, if the requirements of Section 8-401(a) of the UCC are met the Debtor shall execute and upon its request the Collateral
Agent shall authenticate and the Noteholder shall obtain from the Collateral Agent, the Notes which the Noteholder making the exchange is entitled to receive. 
  

 31 

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of
the Debtor, evidencing the same debt, and entitled to the same benefits under this Security Agreement, 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 Exhibit C duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by an investor representation letter in substantially the form of Exhibit D hereto or, in lieu
thereof, a legal opinion to the effect that such transfer or exchange constitutes an exempt transaction under Section 4(2) of the Securities Act of 1933, as amended. 
  
 Notwithstanding the foregoing, in the case of any sale or other transfer of a Note, the transferor of such 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. 
  
 Notwithstanding the foregoing, the transferor of such Note shall be further required to represent and warrant in writing that it reasonably believes,
after due inquiry, that the prospective transferee is not a Benefit Plan Entity. Each transferee of such Note shall be deemed to represent that it is not a Benefit Plan Entity. 
  
 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. 
  
 The preceding provisions of this section notwithstanding, the Debtor 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 fifteen (15) days preceding the due date for any payment with respect to the Note. 
  

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 SECTION 1.7. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered
to the Collateral Agent, or the Collateral Agent receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Collateral Agent such security or indemnity as may be required by it to hold the
Debtor and the Collateral Agent harmless, then, in the absence of notice to the Debtor, the Note Registrar or the Collateral Agent 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 Debtor shall execute and upon its request the Collateral Agent 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 (7) days shall be due and payable, instead of issuing a replacement Note, the Debtor may direct the Collateral Agent, in writing, to pay
such destroyed, lost or stolen Note when so due or payable 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 Debtor and the Collateral Agent shall be entitled to recover such replacement Note (or such payment) from the Person to
whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Debtor or the Collateral Agent in connection therewith. 
  
 Upon the issuance of any replacement Note under this Section 1.7, the Debtor 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 Collateral Agent) connected therewith. 
  
 Every replacement Note issued pursuant to this Section 1.7 in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Debtor, 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 Security Agreement equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section 1.7 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 1.8. Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Debtor, the Collateral Agent and any agent of the Debtor or the Collateral Agent may treat the Person in whose name any Note is
registered 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 Debtor, the Collateral Agent nor
any agent of the Debtor or the Collateral Agent shall be affected by notice to the contrary. 
  
 SECTION 1.9. Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Collateral 

  

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Agent, be delivered to the Collateral Agent and shall be promptly canceled by the Collateral Agent. The Debtor may at any time deliver to the Collateral
Agent for cancellation any Notes previously authenticated and delivered hereunder which the Debtor may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Collateral Agent. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 1.9, except as expressly permitted by this Security Agreement. All canceled Notes may be held or disposed of by the Collateral Agent in accordance with its
standard retention or disposal policy as in effect at the time unless the Debtor shall timely direct by a Debtor Order that they be destroyed or returned to it; provided that such Debtor Order is timely and the Notes have not been previously
disposed of by the Collateral Agent. 
  
 SECTION 1.10.
Maintenance of Office or Agency. The Debtor 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 Debtor in respect of
the Notes and this Security Agreement may be served. The Debtor hereby initially appoints the Collateral Agent to serve as its agent for the foregoing purposes. The Debtor will give prompt written notice to the Collateral Agent of the location, and
of any change in the location, of any such office or agency. If at any time the Debtor shall fail to maintain any such office or agency or shall fail to furnish the Collateral Agent with the address thereof, such surrenders, notices and demands may
be made or served at the Collateral Agent’s office, and the Debtor hereby appoints the Collateral Agent as its agent to receive all such surrenders, notices and demands. 
  
 ARTICLE II 
  
 GRANT OF SECURITY INTEREST AND SETTLEMENTS 
  
 SECTION 2.1. Grant of Security Interest. As security for the prompt and complete payment of the Note and the performance of all of the
Debtor’s obligations under the Transaction Documents, the Debtor hereby grants to the Collateral Agent, for the benefit of the Secured Parties, without recourse except as provided herein, a security interest in and continuing Lien on all of the
Debtor’s property, in existence on the Closing Date or thereafter acquired and wherever located, including, without limitation, all of its right, title and interest in, to and under all accounts, contract rights, general intangibles, chattel
paper, instruments, documents, money, cash, deposit accounts, certificates of deposit, goods, letters of credit, securities, investment property, financial assets or security entitlements (all of the foregoing, collectively, the
“Collateral”); provided, that once the Secured Parties have released their interest in a Receivable and the related Contract pursuant to Section 2.7 or 2.15 hereof, such Receivable and related Contract shall no longer be part
of the Collateral. 
  
 In connection with such grant, the Debtor
agrees to record and file, at its own expense, financing statements with respect to the Collateral now existing and hereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to
perfect the first priority security interest of the Collateral Agent in the Collateral, and to deliver a file-stamped copy of such financing statements or other evidence of such filing (which may, for purposes of this Section 2.1, consist of
telephone confirmation of such filing) to the Collateral Agent on or prior to the Closing Date. In addition, in order to show that the Collateral, including that portion of the Collateral consisting of the Receivables and the related 

  

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Contracts, have been pledged to the Collateral Agent hereunder, the Debtor and the Servicer agree (i) to clearly and unambiguously mark their respective
general ledgers and all accounting records and documents and all computer tapes and records and (ii) to stamp all Contracts and related files (including all chattel paper contained in the Receivable Files) with the following legend: 
  
 All right, title and interest in the foregoing finance contract has been
assigned to a financial institution in its capacity as agent or collateral agent for the secured parties in connection with a credit facility. 
  
 SECTION 2.2. Note Interest, Premium Amounts, Fees and Other Costs and Expenses. Notwithstanding the limitation on recourse under Section 2.1
hereof, the Debtor shall pay, as and when due in accordance with this Agreement, all Note Interest, all Reimbursement Amounts, the Monthly Administration Fee, all amounts payable pursuant to Article VII hereof, if any, all Premium Amounts, and the
Servicing Fee. Nothing in this Agreement shall limit in any way the obligations of the Debtor to pay the amounts set forth in this Section 2.2. 
  
 SECTION 2.3. Monthly Flow of Funds. 
  
 (a) On each Remittance Date, the Available Funds or the Total Available Funds, as applicable, plus, in the case of priorities (v) and (vi), the amount of
any draws made under the Note Policy by the Collateral Agent shall be applied at the direction of the Servicer, without duplication, by the Collateral Agent as follows: 
  
 (i) first, from the Total Available Funds, (x) to pay any regularly scheduled amounts due under any Hedging
Arrangement and (y) to pay, with the prior consent of the Note Insurer, any other amounts then due to the counterparty under any such Hedging Agreements; 
  
 (ii) second, from the Total Available Funds, to pay the Servicer, the Servicing Fee for such Settlement Period; 
  
 (iii) third, from the Total Available Funds, to the extent available,
to pay to AmeriCredit, any amounts on deposit in the Collection Account with respect to a Settlement Period for amounts previously deposited in the Collection Account but later determined to have resulted from mistaken deposits or postings or checks
returned for insufficient funds, together with amounts paid by Obligors that were collected during the related Settlement Period and which do not relate to principal and interest payments due on the Receivables; 
  
 (iv) fourth, from the Total Available Funds, to pay to the Collateral
Agent all fees and expenses due pursuant to Section 7.2 hereof, but not, for any single Remittance Date, in excess of one-twelfth of the annual amount set forth on the fee schedule attached as Exhibit P hereto, and to the Owner Trustee, its fees and
expenses (to the extent not paid by the Servicer), but not, for any single Remittance Date, in excess of one-twelfth of the Owner Trustee’s annual administration fee and reasonable out-of-pocket expenses pursuant to Section 8.1 of the Trust
Agreement and provided that such fees and expenses shall not exceed $100,000 in the aggregate in any calendar year; 
  

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 (v) fifth, from the Total Available Funds, to pay the Purchaser an amount equal to all accrued and
unpaid Note Interest in respect of such Settlement Period and with respect to any previous Settlement Period to the extent not previously paid; 
  
 (vi) sixth, from the Total Available Funds, the Monthly Principal Amount shall be paid (x) if such Remittance Date occurs during the Revolving
Period, to the Funding Account, or (y) if such Remittance Date occurs during the Amortization Period, to the Purchaser, in reduction of the Net Investment; 
  
 (vii) seventh, from the Total Available Funds, (A) to the Standby Servicer, any accrued and unpaid fees and expenses payable to the Standby
Servicer (to the extent such fees and expenses have not been previously paid by the Servicer); provided, however, the fees and expenses payable to the Standby Servicer pursuant to this clause (vii)(A) shall not exceed $200,000 in aggregate in any
calendar year and (B) to the successor Servicer, if any, (1) transition fees and expenses (including boarding fees) not to exceed $300,000 in aggregate and (2) any fees and expenses owed to the successor Servicer not paid in (ii) above, which
expenses shall not exceed $100,000 in aggregate in any calendar year, in either case, to the extent such fees and expenses have not been previously paid by the Servicer; 
  
 (viii) eighth, from the Total Available Funds, to the Note Insurer, the Premium Amount then due, any accrued and
unpaid Premium Amount with interest at the Late Payment Rate and the Reimbursement Amount, if any, then due to it; 
  
 (ix) ninth, from the Total Available Funds, to the Standby Servicer, any accrued and unpaid fees and expenses payable to the Standby Servicer (to
the extent such fees and expenses have not been previously paid by the Servicer or pursuant to clause (ii) or (vii) above) and to the successor Servicer, if any, expenses incurred in connection with the transition of servicing and any fees and
expenses owed to the successor Servicer not paid in clause (ii) or (vii) above; 
  
 (x) tenth, from the Available Funds, to the Reserve Account, the amount, if any, by which the Reserve Account Required Amount, after taking into account any Receivables Delivery which occurs on such Remittance
Date, then exceeds the amount then on deposit in the Reserve Account, after taking into account all other deposits to, and all withdrawals and transfers from, the Reserve Account on such Remittance Date; 
  
 (xi) eleventh, from the Available Funds, to the Yield Supplement
Account, the amount, if any, by which the Target Yield Supplement Account Amount then exceeds the amount on deposit in the Yield Supplement Account, after taking into account all other deposits to, and all withdrawals and transfers from, the Yield
Supplement Account on such Remittance Date; 
  
 (xii)
twelfth, from the Available Funds, any amounts owed to the Collateral Agent and the Owner Trustee not paid in (iv) above; 
  
 (xiii) thirteenth, from the Available Funds, an amount equal to the positive excess, if any, of (x) the Net Investment on such Remittance Date,
after taking into account all other Facility Activity on such Remittance Date over (y) the Borrowing Base as of such 

  

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Remittance Date, after taking into account all other Facility Activity on such Remittance Date, which amount shall be paid (a) if such Remittance Date occurs
during the Revolving Period, to the Funding Account, or (b) if such Remittance Date occurs during the Amortization Period, to the Purchaser, in reduction of the Net Investment; and 
  
 (xiv) fourteenth, from the Available Funds, all remaining Available Funds shall be paid (x) if the Rapid Amortization
Period is then in effect unless the Note Insurer otherwise directs, to the Purchaser, as a reduction in the Net Investment until the Net Investment has been reduced to zero or (y) if the Rapid Amortization Period is not then in effect, to the
holders of the Class A Certificates. 
  
 (b) (i) In the event
that, on any Remittance Date, the Available Funds are insufficient, after following the priority of payments as enumerated in paragraph (a) above, to fund in full the amounts described in clauses (i), (ii), (iii), (iv) and (v) of paragraph (a) above
on such Remittance Date, the Collateral Agent shall transfer the amount of the insufficiency to the Collection Account (x) first, from the Yield Supplement Account, until the amount on deposit therein has been reduced to zero and (y) second, and to
the extent of any remaining insufficiency once the amount on deposit in the Yield Supplement Account has been reduced to zero, from the Reserve Account. 
  
 (ii) In the event that, on any Remittance Date, the Available Funds are insufficient after following the payment priorities enumerated in paragraph (a)
above, to fund in full the amounts described in clauses (vi), (vii), (viii) and (ix) of paragraph (a) above on such Remittance Date, the Collateral Agent shall transfer the amount of such insufficiency to the Collection Account from the Reserve
Account, to the extent of amounts then on deposit therein and after taking into account any withdrawal therefrom pursuant to clause (b)(i)(y) above. 
  
 (c) In the event that, on any Determination Date, the Collateral Agent determines that, after application of the Total Available Funds on such Remittance
Date, a Deficiency Amount then exists, the Collateral Agent shall, submit a claim under the Note Policy pursuant to the terms thereof demanding that the Note Insurer pay to the Collateral Agent for deposit in the Collection Account the amount of
such Deficiency Amount, in immediately available funds pursuant to the terms of the Note Policy. 
  
 SECTION 2.4. Prepayments. On each Prepayment Date the Collateral Agent shall apply an amount on deposit in the Collection Account, to the extent of
the Prepayment Amount, as directed by the Servicer as follows: 
  

	 	(a)	an amount equal to the amount described in clause (i) of the definition of Prepayment Amount shall be paid to the Purchaser, in reduction of the Net Investment; and

  

	 	(b)	an amount equal to the amount described in clause (ii) of the definition of Prepayment Amount shall be paid to the Purchaser on account of accrued interest on the Note, through the
Prepayment Date. 

  

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 SECTION 2.5. Liquidation Settlement Procedures. 
  
 Following any date after the date on which all Secured Obligations have been
paid in full in cash, (i) the Collateral Agent shall be considered to have released its security interest in and continuing Lien on the Collateral, including all of the Receivables and Related Security, (ii) the Servicer shall pay to the Debtor any
remaining Collections set aside and held by the Servicer, and (iii) the Collateral Agent shall, at the written request of the Debtor, execute and deliver to the Debtor, at the Debtor’s expense, such documents or instruments as are necessary to
terminate the Collateral Agent’s security interest in the Collateral, including all of the Receivables and Related Security and Collections with respect thereto. Any such documents shall be prepared by or on behalf of the Debtor at the expense
of the Debtor. After giving effect to any such liquidation, any amounts remaining in the Reserve Account, the Yield Supplement Account and in the Funding Account shall be paid to the holders of the Class A Certificates. 
  
 SECTION 2.6. Protection of Interest of the Collateral Agent.

  
 (a) AmeriCredit and AMC agree that they shall, and shall
cause the Debtor to, from time to time, at its expense, promptly execute and deliver all instruments and documents and take all actions as may be necessary or as the Collateral Agent may reasonably request in order to perfect or protect the
Collateral or to enable the Collateral Agent or any Secured Party to exercise or enforce any of its rights hereunder. Nothing contained herein shall imply a duty of the Collateral Agent to initiate the preparation of documents or the taking of
action to perfect or protect the Collateral beyond the duties specifically enumerated herein and contained in the Transaction Documents. Without limiting the foregoing, AmeriCredit and AMC shall, and shall cause the Debtor to, in order to accurately
reflect the security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral, (i) stamp (or cause to be stamped) all Contracts and related files with the legend set forth in Section 2.1 hereof and (ii) upon the
request of any Secured Party, execute and file such financing or continuation statements or amendments thereto or assignments thereof as may be requested by such Secured Party and mark its master data processing records and other documents (or to
cause such records or other documents to be marked) so as to indicate the Collateral Agent’s security interest in the portion of the Collateral consisting of Receivables, the related Contracts, the Collections and the Related Security with
respect thereto. AmeriCredit and AMC agree that they shall take all actions necessary to cause the Debtor to similarly mark its records to reflect the sale of the Receivables and the Contracts to the Debtor and the Collateral Agent’s security
interest in the Receivables, the related Contracts, the Collections and the Related Security with respect thereto. AmeriCredit and AMC shall, and shall cause the Debtor to, at their own expense, upon request of any Secured Party, obtain such
additional search reports as any such Secured Party shall request. To the fullest extent permitted by applicable law, the Collateral Agent shall be permitted to sign and file continuation statements and amendments thereto and assignments thereof in
respect of security interests created under this Agreement without the Debtor’s, AmeriCredit’s or AMC’s signature. Carbon, photographic or other reproduction of this Agreement or any financing statement shall be sufficient as a
financing statement. The Debtor shall not, and shall not permit AmeriCredit or AMC to, change its name, identity or corporate structure (within the meaning of Section 9-402(7) of the UCC as in effect in the State of New York, Delaware and Texas) or
relocate its chief executive office or any office where Records are kept unless it shall have: (i) given the Collateral Agent and the Note Insurer at least thirty (30) days’ prior notice thereof and (ii) 

  

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prepared at the Debtor’s expense and delivered to the Collateral Agent all financing statements, instruments and other documents necessary to preserve
and protect the Collateral or requested by the Collateral Agent or any Secured Party in connection with such change or relocation. Any filings under the UCC or otherwise that are occasioned by such change in name or location shall be made at the
expense of the Debtor. On the Closing Date, the Debtor shall deliver to the Collateral Agent and the Note Insurer a listing by account number of the Contracts as of the Closing Date, which listing shall constitute Schedule A hereto and is hereby
incorporated herein by reference. On each Remittance Date, the Debtor shall deliver to the Collateral Agent and the Note Insurer an updated listing by account number of the Contracts as of the last day of such Settlement Period (giving effect to any
releases by the Purchaser pursuant to Section 2.15 hereof) and such updated list shall thereupon constitute Schedule A hereto and is hereby incorporated by reference herein. 
  
 (b) The Servicer shall instruct all Obligors to cause all Collections to be deposited directly with a Lock-Box Bank, acting
as agent for the Collateral Agent, on behalf of the Secured Parties, pursuant to a Lock-Box Agreement. Amounts received by a Lock-Box Bank in respect of Receivables may initially be deposited into a Lock-Box Account maintained by the Lock-Box Bank
as agent for the Collateral Agent, on behalf of the Secured Parties, and for other owners of automobile Receivables serviced by the Servicer. The Servicer shall be permitted to give instructions to the Lock-Box Banks for so long as neither a
Potential Termination and Amortization Event nor any Termination and Amortization Event has occurred hereunder. The Servicer shall not add any bank as a Lock-Box Bank to those listed on Exhibit A attached hereto unless such bank has entered into a
Lock-Box Agreement. The Servicer shall not terminate any bank as a Lock-Box Bank unless the Collateral Agent and the Note Insurer shall have received fifteen (15) days’ prior notice of such termination. The Servicer shall use its best efforts
to cause the Lock-Box Bank, pursuant to the Lock-Box Agreement, to deposit all payments on the Receivables in the Lock-Box Account not later than the Business Day after receipt thereof and, within two (2) Business Days of receipt of Collections into
the Lock-Box Account, the Servicer shall cause such Collections to be remitted into the Collection Account. If the Debtor, AmeriCredit, AMC or the Servicer receives any Collections, the Debtor, AmeriCredit, AMC or the Servicer, as applicable, shall
immediately, but in any event within two (2) Business Days of receipt, remit (and shall cause AmeriCredit and AMC to remit) such Collections to the Collection Account. 
  
 SECTION 2.7. Deemed Collections; Application of Payments. 
  
 (a) If on any day the Outstanding Balance of a Receivable is either (x)
reduced as a result of any defective, rejected or returned merchandise or services, any discount, credit, rebate, dispute, warranty claim, repossessed or returned goods, charge-back, allowance, any billing adjustment, dilutive factor or other
adjustment or (y) reduced or canceled as a result of a setoff or offset in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), the Debtor shall be deemed to have
received on such day a Collection of such Receivable in the amount of such reduction or cancellation and the Debtor shall pay to the Servicer an amount equal to such reduction or cancellation and such amount shall be deposited into the Collection
Account and applied by the Servicer as a Collection in accordance with Section 2.3 or 2.4 hereof, as applicable. 
  

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 (b) If on any day any of the representations or warranties in Article III was or becomes untrue with
respect to a Receivable (whether on or after the date of any transfer of an interest therein to the Collateral Agent, for the benefit of the Secured Parties, as contemplated hereunder), the Debtor shall be deemed to have received on such day a
Collection of such Receivable in full and the Debtor shall on such day pay to the Servicer an amount equal to the Outstanding Balance of such Receivable and such amount shall be deposited into the Collection Account and allocated and applied by the
Servicer as a Collection on account of such Receivable. 
  
 (c)
Any payment by an Obligor in respect of any indebtedness owed by it to the Debtor, AmeriCredit or AMC shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Note Insurer,
be applied as a Collection of any Receivable of such Obligor included in the Net Investment (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other
indebtedness of such Obligor. 
  
 SECTION 2.8. Payments and
Computations, Etc. All amounts to be paid or deposited by the Debtor or the Servicer hereunder shall be paid or deposited in accordance with the terms hereof no later than 1:00 p.m. (New York City time) on the day when due in immediately
available funds; if such amounts are payable to the Note Insurer (whether on behalf of the Purchaser or any other Owners or otherwise), they shall be paid or deposited in the Note Insurer’s account indicated in Section 9.3 hereof, until
otherwise notified by the Note Insurer, the Purchaser or any other Owners. The Debtor shall, to the extent permitted by law, pay to the applicable Secured Parties upon demand, interest on all amounts not paid or deposited when due to the Secured
Parties hereunder at a rate equal to 2% per annum plus LIBOR as of the most recent LIBOR Determination Date. All computations of Note Interest, Premium Amount, the Monthly Administration Fee, the Late Payment Rate and the Servicing Fee hereunder
shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed. Any computations by the Note Insurer of amounts payable by the Debtor hereunder shall be binding upon the Debtor
absent manifest error. 
  
 SECTION 2.9. Reports. On or
before each Determination Date, the Servicer shall prepare and forward to the Collateral Agent, the Note Insurer and the Standby Servicer, (i) a Servicer’s Certificate as of the end of the preceding Settlement Period, (ii) if requested by the
Collateral Agent, the Note Insurer or the Standby Servicer, a computer tape listing by Obligor all Receivables, together with an aging of such Receivables, and (iii) such other information as the Collateral Agent, the Note Insurer, the Standby
Servicer or any Secured Party may reasonably request. The Note Insurer shall provide to the Debtor, the Servicer and to the Collateral Agent, within three (3) Business Days of each LIBOR Determination Date indicating LIBOR as it applies to the
Purchaser’s medium term notes with respect to the upcoming MTN Payment Date. The Collateral Agent will determine LIBOR as it applies to the Note, on each LIBOR Determination Date, and will forward such determination to the Debtor and to the
Servicer within three (3) Business Days. The Servicer will compare the two LIBOR rates, and will promptly contact the Purchaser, the Collateral Agent and the Note Insurer if such rates do not reconcile. 
  

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 SECTION 2.10. Collection Account. 
  
 (a) There shall be established on or prior to the Closing Date and maintained, for the benefit of the Secured Parties, with
the Collateral Agent, an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held in the name of the Collateral Agent, for the benefit of the Secured
Parties. The Collection Account shall be under the exclusive ownership and control of the Collateral Agent, for the benefit of the Secured Parties. Subject to the terms hereof, the Collateral Agent shall possess all right, title and interest in and
to all funds deposited from time to time in the Collection Account. 
  
 There shall be deposited in the Collection Account: 
  
 (i) by the Servicer, on a daily basis and from the Lock-Box Account, all Collections on account of the Receivables, within two (2) Business Days upon receipt or such Collections in the Lock-Box Account; 
  
 (ii) amounts representing net investment earnings (a) on the Funding Account,
as provided in Section 2.11(h), (b) on the Yield Supplement Account as provided in Section 2.12(a)(iii) and (c) on the Reserve Account, as provided in Section 2.15(a)(iii), in each case, upon the Collateral Agent’s receipt of any such net
investment earnings; 
  
 (iii) amounts received under any Hedging
Arrangement; 
  
 (iv) amounts transferred from the Funding Account
to the Collection Account pursuant to Section 2.11(e), and from the Yield Supplement Account to the Collection Account pursuant to Section 2.12(a)(vi), in each case in connection with the commencement of the Amortization Period; 
  
 (v) amounts transferred from the Reserve Account and from the Yield
Supplement Account pursuant to Section 2.3(b) hereof; 
  
 (vi) the
proceeds of each draw under the Note Policy; and 
  
 (vii) the
amount deposited in the Collection Account as provided in Section 6.5 hereof. 
  
 On the date on which Secured Obligations have been paid in full, any funds remaining on deposit in the Collection Account shall be paid to the Debtor. 
  
 (b) Subject to subsection (d) below, funds on deposit in the Collection Account shall be invested in Eligible Investments by
the Collateral Agent at the written direction of the Servicer, provided that if such Eligible Investments are not available or a Termination and Amortization Event shall have occurred, such investments shall be made in the investment described in
subclause (a)(iv) of the definition of Eligible Investments. Any such written directions shall specify the particular investment to be made and shall certify that such investment is an Eligible Investment and is permitted to be made under this
Agreement. 
  
 (c) The Servicer shall provide the Collateral Agent
on or prior to the Closing Date and from time to time an incumbency certificate or the substantial equivalent with respect to each officer of the Servicer that is authorized to provide instructions relating to investments in Eligible Investments in
the Collection Account. 
  

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 (d) Funds on deposit in the Collection Account shall be invested by the Collateral Agent, in the name of
the Collateral Agent, in Eligible Investments that will mature so that such funds will be available so as to permit amounts in the Collection Account to be paid and applied on the Remittance Date and otherwise in accordance with the provisions of
Sections 2.3 and 2.4 hereof. Realized losses, if any, on amounts invested in such Eligible Investments shall be charged against investment earnings on amounts on deposit in the Collection Account 
  
 SECTION 2.11. Funding Account. 
  
 (a) There shall be established on or prior to the Closing Date and
maintained, for the benefit of the Secured Parties, with the Collateral Agent, an Eligible Deposit Account (the “Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held in the name of
the Collateral Agent, for the benefit of the Secured Parties. The Funding Account shall be under the exclusive ownership and control of the Collateral Agent, for the benefit of the Secured Parties. Subject to the terms hereof, the Collateral Agent
shall possess all right, title and interest in and to all funds deposited from time to time in the Funding Account. 
  
 There shall be deposited in the Funding Account: 
  
 (i) on the Closing Date, $650,000,000; 
  
 (ii) on each Remittance Date, the amounts, if any, described in Sections 2.3(a)(vi) and 2.3(a)(xiii) hereof with respect to such Remittance Date;

  
 (iii) on each Take-Out Date, the amount, if any, specified in
the related Take-Out Notice which is to be deposited in the Funding Account in connection with the related Take-Out; and 
  
 (iv) any amounts delivered to the Collateral Agent by the Debtor and designated by the Debtor for deposit in the Funding Account. 
  
 All interest and earnings (net of losses and investment expenses) on funds on deposit in the
Funding Account shall be deposited upon receipt in the Collection Account. On the date on which the Net Investment is zero and all Secured Obligations have been paid in full, any funds remaining on deposit in the Funding Account shall be paid to the
holders of the Class A Certificates. 
  
 (b) On any Business Day
during the Revolving Period, amounts on deposit in the Funding Account may be released therefrom and paid to the Debtor in exchange for a Receivables Delivery on such Business Day, provided that: 
  
 (i) the Collateral Agent, the Purchaser and the Note Insurer shall have
received an executed copy of the related Delivery Notice not later than 11:30 a.m. Eastern Standard Time on the related Delivery Date; and 
  

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 (ii) the Debtor shall have timely delivered an Officer’s Certificate regarding Hedging Arrangements,
as required pursuant to Section 5.3 hereof. 
  
 (c) The amount to
be released from the Funding Account in connection with a Receivables Delivery shall be comprised of two components: 
  
 (i) the “Reserve Account Deposit Amount,” which shall equal the product of (x) the applicable Initial Reserve Percentage
and (y) the Aggregate Outstanding Balance of all Receivables comprising the Receivables Delivery less the Aggregate Outstanding Balance of all Receivables comprising the Substitute Receivables Pool, but in no event (1) an amount less than
zero or (2) an amount which would increase the amount on deposit in the Reserve Account to a level above the then Reserve Account Required Amount; and 
  
 (ii) the “Receivables Delivery Payment Amount,” which shall be equal to, after giving effect to any related release
pursuant to Section 2.11(c)(i) hereof, the excess of (A) the Borrowing Base immediately following such Receivables Delivery over (B) the Net Investment. 
  
 On the related Delivery Date, the Collateral Agent shall transfer the related Reserve Account Deposit Amount from the Funding Account to the Reserve
Account, and shall pay the Receivables Delivery Payment Amount to the accounts designated by the Debtor on behalf of the holders of the Class A Certificates in the related Delivery Notice. 
  
 (d) On any Business Day on which the Borrowing Base exceeds the Net
Investment, the amount of such excess, to the extent then on deposit in the Funding Account may be paid by the Collateral Agent to the accounts designated by the Debtor on behalf of the holders of the Class A Certificates, if the Debtor so requests.
If, after taking into account the payment to the Debtor of any such amount from the Funding Account, the Borrowing Base still exceeds the Net Investment, the Debtor may deliver a Take-Out Notice and request the release to it of Receivables
designated by the Debtor such that, when so released, the Net Investment would equal the Borrowing Base, provided that no Termination and Amortization Event would result from such release. The provisions of this paragraph (d) shall be inoperative
following the Final Receivables Delivery Date and following the occurrence of a Termination and Amortization Event. 
  
 (e) On the first Remittance Date occurring during the Amortization Period, the Collateral Agent at the direction of the Servicer or, if the Servicer fails
to so direct, at the direction of the Note Insurer, shall transfer all amounts then on deposit in the Funding Account to the Collection Account for application in accordance with Section 2.3(a) hereof and on a Redemption Date the Collateral Agent at
the direction of the Servicer or, if the Servicer fails to so direct, at the direction of the Note Insurer, shall transfer all amounts then on deposit in the Funding Account to the Collection Account for application in accordance with Section 2.4
hereof. 
  
 (f) Subject to subsection (h) below, funds on deposit
in the Funding Account shall be invested in Eligible Investments by the Collateral Agent at the written direction of the 

  

 43 

 
Servicer, provided that if such Eligible Investments are not available or a Termination and Amortization Event shall have occurred, such investments shall be
made in the investment described in subclause (a)(iv) of the definition of Eligible Investments. Any such written directions shall specify the particular investment to be made and shall certify that such investment is an Eligible Investment and is
permitted to be made under this Agreement. 
  
 (g) The Servicer
shall provide the Collateral Agent on or prior to the Closing Date and from time to time an incumbency certificate or the substantial equivalent with respect to each officer of the Servicer that is authorized to provide instructions relating to
investments in Eligible Investments in the Funding Account. 
  
 (h) Funds on deposit in the Funding Account shall be invested by the Collateral Agent, in the name of the Collateral Agent, in Eligible Investments that will mature so that such funds will be available so as to permit amounts in the
Collection Account to be paid and applied on each Remittance Date and otherwise in accordance with the provisions of this Section 2.11. Investment earnings on amounts on deposit in the Funding Account shall be deposited into the Collection Account
immediately following receipt thereof. Realized losses, if any, on amounts invested in such Eligible Investments shall be charged against investment earnings on amounts on deposit in the Collection Account 
  
 SECTION 2.12. Yield Supplement Account; Withdrawals; Releases.

  
 (i) There shall be established on the Closing Date and
maintained, for the benefit of the Secured Parties, with the Collateral Agent, an Eligible Deposit Account (the “Yield Supplement Account”), bearing a designation clearly indicating that the funds deposited therein are held in the
name of the Collateral Agent, for the benefit of the Secured Parties. Subject to the terms hereof, the Collateral Agent shall possess all right, title and interest in and to all funds deposited from time to time in the Yield Supplement Account,
including all Eligible Investments in which such funds are invested. 
  
 (ii) There shall be deposited in the Yield Supplement Account: (x) by the Debtor, on any Take-Out Date, the amount, if any, by which the Target Yield Supplement Account Amount then exceeds the amount on deposit in the Yield Supplement
Account; (y) any amounts delivered to the Collateral Agent by the Debtor and designated by the Debtor for deposit to the Yield Supplement Account; and (z) on each Remittance Date, the amount, if any, described in Section 2.3(a)(xi) hereof with
respect to such Remittance Date. 
  
 (iii) Funds on deposit in the
Yield Supplement Account (other than investment earnings) shall be invested by the Collateral Agent (in the name of the Collateral Agent on behalf of the Secured Parties) in Eligible Investments that will mature so that such funds will be available
on the Remittance Date following such investment. Investment earnings on amounts on deposit in the Yield Supplement Account shall be deposited into the Collection Account immediately following receipt thereof. 
  
 (iv) Subject to clause (iii) above, funds on deposit in the Yield Supplement
Account shall be invested in Eligible Investments by or at the written direction of the Servicer, provided that if such Eligible Investments are not available or a Termination and Amortization 

  

 44 

 
Event shall have occurred, such investments shall be made in the investment described in subclause (a)(iv) of the definition of Eligible Investments. Any
such written directions shall specify the particular investment to be made and shall certify that such investment is an Eligible Investment and is permitted to be made under this Agreement. 
  
 (v) The Servicer shall provide the Collateral Agent on the date hereof and
from time to time an incumbency certificate or the substantial equivalent with respect to each officer of the Servicer that is authorized to provide instructions relating to investments in Eligible Investments in the Yield Supplement Account.

  
 (vi) On the first Remittance Date occurring during the
Amortization Period, the Collateral Agent at the direction of the Servicer or, if the Servicer fails to so direct, at the direction of the Note Insurer, shall withdraw all amounts on deposit in the Yield Supplement Account and deposit such amounts
into the Collection Account. Realized losses, if any, on amounts invested in such Eligible Investments shall be charged against investment earnings on amounts on deposit in the Yield Supplement Account, as applicable. 
  
 (b) In the event that on any Borrowing Base Determination Date, after giving
effect to the amounts required to be distributed pursuant to Section 2.3(a) hereof and any amounts to be withdrawn pursuant to clause Section 2.3(b), the amount on deposit in the Yield Supplement Account exceeds the Target Yield Supplement Account
Amount, the Collateral Agent shall, at the direction of the Servicer or, if the Servicer fails to so direct, at the direction of the Note Insurer, if no Termination and Amortization Event or Potential Termination and Amortization Event shall have
occurred, release to the Debtor an amount equal to the excess of the amount on deposit in the Yield Supplement Account over the Target Yield Supplement Account Amount. 
  
 (c) On the day on which the Secured Obligations shall have been paid in full, in cash, the Collateral Agent shall release to
the Debtor all amounts on deposit in the Yield Supplement Account. 
  
 SECTION 2.13. [Intentionally Omitted]. 
  
 SECTION
2.14. [Intentionally Omitted]. 
  
 SECTION 2.15. Reserve
Account; Withdrawals; Releases. 
  
 (i) There shall be
established on the Closing Date and maintained, for the benefit of the Secured Parties, with the Collateral Agent, an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds
deposited therein are held in the name of the Collateral Agent, for the benefit of the Secured Parties. Subject to the terms hereof, the Collateral Agent shall possess all right, title and interest in and to all funds deposited from time to time in
the Reserve Account. 
  
 (ii) There shall be deposited in the
Reserve Account (x) on each Delivery Date, the related Reserve Account Deposit Amount transferred from the Funding Account, or if not so available from the Funding Account, then from the Servicer as described in Section 2.11(c)(i) hereof and (y) on
each Remittance Date, the amount, if any, described in Section 2.3(a)(x) hereof on such Remittance Date. 
  

 45 

 (iii) Funds on deposit in the Reserve Account (other than investment earnings) shall be invested by the
Collateral Agent (in the name of the Collateral Agent on behalf of the Secured Parties) in Eligible Investments that will mature so that such funds will be available on the Remittance Date following such investment. Investment earnings on amounts on
deposit in the Reserve Account shall be deposited into the Collection Account immediately following receipt thereof. 
  
 (iv) Subject to clause (iii) above, funds on deposit in the Reserve Account shall be invested in Eligible Investments by or at the written direction of
the Servicer, provided that if such Eligible Investments are not available or a Termination and Amortization Event shall have occurred, such investments shall be made in the investment described in subclause (iv) of the definition of Eligible
Investments. Any such written directions shall specify the particular investment to be made and shall certify that such investment is an Eligible Investment and is permitted to be made under this Agreement. 
  
 (v) The Servicer shall provide the Collateral Agent on the date hereof and
from time to time an incumbency certificate or the substantial equivalent with respect to each officer of the Servicer that is authorized to provide instructions relating to investments in Eligible Investments in the Reserve Account. 
  
 (vi) Realized losses, if any, on amounts invested in such Eligible
Investments shall be charged against investment earnings on amounts on deposit in the Reserve Account, as applicable. 
  
 (b) In the event that on any Borrowing Base Determination Date or on any Remittance Date, after taking into account all other Facility Activity on such
date, the amount on deposit in the Reserve Account exceeds the Reserve Account Required Amount, the Collateral Agent shall, at the direction of the Servicer or, if the Servicer fails to so direct, at the direction of the Note Insurer, if no
Termination and Amortization Event or Potential Termination and Amortization Event shall have occurred, release to the holders of the Class A Certificates an amount equal to the excess of the amount on deposit in the Reserve Account over the Reserve
Account Required Amount. 
  
 (c) On the day on which the Secured
Obligations shall have been paid in full, in cash, the Collateral Agent shall release to the holders of the Class A Certificates all amounts on deposit in the Reserve Account. 
  
 SECTION 2.16. Optional Release. 
  
 On any Business Day, the Debtor shall have the right, upon delivery to the Collateral Agent of a Take-Out Notice
substantially in the form of Exhibit K hereto, to require the Collateral Agent to release its security interest in and its Lien on all or part of the Contracts and the related Receivables on the terms and conditions set forth herein. It shall be a
condition precedent to any such release that (i) the Debtor shall pay to the Collateral Agent for deposit in the Funding Account an amount equal to the amount necessary to maintain the Borrowing Base 

  

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at a level at least equal to the Net Investment (calculated after giving effect to such proposed release of Receivables and by including in the Net
Receivables Balance only those Receivables that as of such date satisfy (as if determined on such date) the definition of Eligible Receivable provided that no Delinquent Receivable shall be classified as an Eligible Receivable on such day) (ii) the
Debtor shall have given the Note Insurer and the Collateral Agent irrevocable prior written notice by not later than 11:30 a.m. Eastern Standard Time on the day of such release of (x) its intention to request a release with respect to such Contracts
and Receivables and (y) the proposed date of such release, (iii) the Debtor shall provide to the Note Insurer and the Collateral Agent, either in the Take-Out Notice or in an Officer’s Certificate, certification that as of the date of such
release all non-released Receivables satisfy the definition of Eligible Receivable (and are not Delinquent Receivables or Defaulted Receivables) set forth herein, (iv) after giving effect to such release the amount on deposit in the Reserve Account
shall be at least equal to the Reserve Account Required Amount, (v) the Debtor shall not have applied any adverse selection criteria to the Contracts and the Receivables being released on such date and (vi) AmeriCredit shall pay any breakage costs
incurred in connection with such release under any Hedging Arrangement. Nothing above shall imply a duty of the Collateral Agent to determine whether such above-referenced conditions precedent have been satisfied. The Debtor shall pay to the Note
Insurer, for the benefit of the Purchaser, such amounts as are required under this Section on the date of such release. 
  
 The Debtor shall be obligated to pay all reasonable legal fees, expenses or other costs of the Note Insurer, the Collateral Agent, and the Secured Parties
arising in connection with any such assignment. 
  
 Upon the
deposit of all required amounts and the payment by the Debtor of the amounts described in this Section, the Collateral Agent shall execute and deliver to the Debtor, at the Debtor’s expense, such documents or instruments as are necessary to
terminate the Collateral Agent’s security interest in the released Receivables and the Contracts related thereto. Any such documents shall be prepared by or on behalf of the Debtor in form and substance satisfactory to the Collateral Agent.

  
 SECTION 2.17. Delivery of Collateral. 
  
 With respect to the Collateral, the Debtor and the Collateral Agent hereby agree that:

  
 (i) Any Collateral that is held in deposit
accounts shall be held in the Collection Account and shall be subject to the exclusive dominion and control of the Collateral Agent, and the Collateral Agent shall have sole signature authority with respect thereto; 
  
 (ii) Any Collateral that is Physical Property (as defined
under the definition of “Delivery”) shall be delivered to the Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Collateral Agent or
a Securities Intermediary (as such term is defined in Section 8-102(a)(14) of the UCC; 
  

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 (iii) The “securities intermediary’s jurisdiction” for purposes of Section
8-110 of the UCC shall be the State of New York; 
  
 (iv) Any Collateral that is a “certificated security” under Article 8 of the UCC shall be delivered to the Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending
maturity or disposition, solely by the Collateral Agent or a Securities Intermediary (as such term is defined in Section 8-102(a)(14) of the UCC); 
  
 (v) Any Collateral that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations shall
be delivered to the Collateral Agent in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Collateral Agent, pending maturity or disposition, through continued book-entry registration of such
Collateral in the name of the Collateral Agent or a Securities Intermediary (as such term is defined in Section 8-102(a)(14) of the UCC; 
  
 (vi) Any Collateral that is an “uncertificated security” or a “security entitlement” under Article 8 of the UCC that
is not governed by clause (v) above shall be delivered to the Collateral Agent in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Collateral Agent, pending maturity or disposition, through
continued registration on the books and records of the issuer thereof of the ownership of such security by the Collateral Agent (or its nominee) or a Securities Intermediary (as such term is defined in Section 8-102(a)(14) of the UCC); and

  
 (vii) Any Collateral held through a
Securities Intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) shall be held in a securities account (as such term is defined in Section 8-501(a) of the UCC) that is established by such Securities Intermediary in the name of
the Collateral Agent for which the Collateral Agent is the sole entitlement holder (as defined in Section 8-102(a)(7) of the UCC). 
  
 Effective upon Delivery of any Collateral in the form of Physical Property, book-entry securities or uncertificated securities, the Collateral Agent shall
be deemed to have purchased such Collateral for value, in good faith and without notice of any adverse claim thereto. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 SECTION 3.1. Representations and Warranties of the Debtor, AmeriCredit and AMC. On the Closing Date and on each Determination Date, Remittance Date and Delivery Date, the Debtor, AmeriCredit and AMC represent
and warrant to the Note Insurer, the Collateral Agent and the Secured Parties that: 
  
 (a) Existence and Power. The Debtor is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware and has all power and all material governmental licenses,
authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is now conducted. The Debtor is duly qualified to do business in, and is in good standing in, every other jurisdiction in which the
nature of its business requires it to be so qualified. 
  

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 (b) Authorization; Contravention. The execution, delivery and performance by the Debtor of this
Agreement and the other Transaction Documents are within the Debtor’s trust powers, have been duly authorized by all necessary trust action, require no action by or in respect of, or require the consent or approval of, or the filing of any
notice or other documentation with, any Official Body or other Person (except as contemplated by Section 2.6 hereof), and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the Trust Agreement of
the Debtor or of any agreement, judgment, injunction, order, decree or other instrument binding upon the Debtor or result in the creation or imposition of any Adverse Claim on the assets of the Debtor or any of its Subsidiaries (except as
contemplated by Section 2.6 hereof). 
  
 (c) Binding
Effect. Each of this Agreement and the other Transaction Documents has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Debtor, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally. 
  
 (d) Perfection. Immediately preceding each Receivables Delivery, the Debtor shall be the legal and beneficial owner of all of the Receivables,
Related Security and Collections, free and clear of all Adverse Claims. On or prior to each Funding and each day on which a Receivable is sold to the Debtor by AmeriCredit or AMC, as the case may be, pursuant to the Master Receivables Purchase
Agreement, all financing statements and other documents required to be recorded or filed in order to perfect and protect (i) the Debtor’s interest in the Receivables, the Contracts related thereto, the Related Security with respect thereto and
all Proceeds thereof against all creditors of and purchasers from AmeriCredit or AMC, as applicable and (ii) the interest of the Collateral Agent on behalf of the Purchaser and the other Owners in the Collateral against all creditors of and
purchasers from AmeriCredit, AMC and the Debtor will have been duly filed in each filing office necessary for such purpose, and all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full. 
  
 (e) Accuracy of Information. All information heretofore furnished by
the Debtor (including without limitation, the Servicer’s Certificate, any reports delivered pursuant to Section 2.9 hereof and AmeriCredit Corp.’s financial statements) to the Collateral Agent, the Secured Parties, the Note Insurer or any
of the other Persons party hereto for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the Debtor to any such Person will be, true and accurate in every
material respect, and the Debtor has not omitted to disclose any information which is material to the transaction on the date such information is furnished. 
  
 (f) Tax Status. All tax returns (federal, state and local) required to be filed with respect to the Debtor have been filed (which filings may be
made by an Affiliate of the Debtor on a consolidated basis covering the Debtor and other Persons) and there has been paid or adequate provision made for the payment of all taxes, assessments and other governmental charges in respect of the Debtor
(or in the event consolidated returns have been filed, with respect to the Persons subject to such returns). 
  

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 (g) Action, Suits. There are no actions, suits or proceedings pending, or to the knowledge of the
Debtor threatened, against or affecting (x) the Debtor or its properties and (y) except as set forth in Exhibit E hereto, against any Affiliate of the Debtor or their respective properties, in or before any court, arbitrator or other body which in
the case of clause (y), individually or in the aggregate, could reasonably be expected to have a material adverse effect if determined adversely to such Affiliate. The Debtor is not in violation of any order of any Official Body. 
  
 (h) Use of Proceeds. The proceeds of any Receivables Delivery Payment
Amount will be used by the Debtor to (a) acquire the Receivables, the Contracts related thereto and the Related Security with respect thereto from AmeriCredit or AMC, as the case may be, pursuant to the Master Receivables Purchase Agreement, (b) to
pay down debt in connection with the purchase of the Receivables and Contracts pursuant to the Master Receivables Purchase Agreement, or (c) to make distributions constituting a return of capital. No proceeds of any Receivables Delivery Payment
Amount will be used by the Debtor to acquire any security in any transaction which is subject to Section 12 of the Securities Exchange Act of 1934, as amended or for any purpose that violates any applicable law, rule or regulation, including
Regulation U of the Federal Reserve Board. 
  
 (i) Place of
Business. The principal place of business and chief executive office (as such terms are defined in the UCC) of the Debtor are located at the address of the Debtor indicated in Section 9.3 hereof and the offices where the Debtor keeps all its
Records, are located at the address(es) described on Exhibit F or such other locations notified to the Purchaser in accordance with Section 2.6 hereof in jurisdictions where all action required by Section 2.6 hereof has been taken and completed.

  
 (j) Good Title. Upon each Receivables Delivery and on
each day on which a Receivable and related Contract is sold to the Debtor by AmeriCredit or AMC, as the case may be, pursuant to the Master Receivables Purchase Agreement, the Collateral Agent shall acquire a valid and perfected first priority
security interest in each Receivable and related Contract that exists on the date of such Funding and sale and in the Related Security and Collections with respect thereto free and clear of any Adverse Claim. 
  
 (k) Tradenames, Etc. As of the date hereof: (i) the Debtor has only
the subsidiaries and divisions listed on Exhibit G hereto; and (ii) the Debtor has not operated under any tradenames and has not changed its name, merged with or into or consolidated with any other corporation or been the subject of any proceeding
under Title 11, United States Code (Bankruptcy). 
  
 (l) Nature
of Receivables. Each Receivable (x) represented by the Debtor or the Servicer to be an Eligible Receivable (including in any report, document or instrument delivered hereunder or in connection with the other Transaction Documents) or (y)
included in the calculation of the Net Receivables Balance, satisfies at the time of such representation or inclusion the definition of “Eligible Receivable” set forth herein and, in the case of clause (y) above is not a Defaulted
Receivable. 
  

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 (m) Credit and Collection Policy. Since [June 30], 2004, there have been no material changes in
the Credit and Collection Policy other than as permitted hereunder. 
  
 (n) Collection and Servicing; Material Adverse Effect. Since [June 30], 2004, there has not been any material adverse change in the ability of the Servicer (to the extent it is AmeriCredit, the Debtor or any Subsidiary or Affiliate
of any of the foregoing) to service and collect the Receivables or other material adverse effect. 
  
 (o) No Termination and Amortization Event. No event has occurred and is continuing and no condition exists which constitutes a Termination and
Amortization Event or a Potential Termination and Amortization Event. 
  
 (p) Not an Investment Company or a Holding Company. The Debtor is not, and is not controlled by, an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or is exempt from all provisions
of such Act. The Debtor is not a “holding company,” or a subsidiary or affiliate of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
  
 (q) ERISA. Each of the Debtor and its ERISA Affiliates is in
compliance in all material respects with ERISA and no lien exists in favor of the Pension Benefit Guaranty Corporation on any of the Receivables. 
  
 (r) Lock-Box Account. The name and address of the Lock-Box Bank, together with the account number of the Lock-Box Account at such Lock-Box Bank,
are specified in Exhibit A hereto (or at such other Lock-Box Banks and/or with such other Lock-Box Accounts as have been notified to the Collateral Agent and for which Lock-Box Agreements have been executed in accordance with Section 2.6(b) hereof
and delivered to the Collateral Agent). All Obligors have been instructed (or will be instructed on their next billing statement) to make payment to a Lock-Box Account. 
  
 (s) Bulk Sales. No transaction contemplated hereby or by the Note Purchase Agreement or the Master Receivables
Purchase Agreement requires compliance with any bulk sales act or similar law. 
  
 (t) Transfers Under Master Receivables Purchase Agreement. Each Receivable which has been transferred to the Debtor by AmeriCredit or AMC has been purchased by the Debtor from AmeriCredit or AMC, as the case
may be, pursuant to, and in accordance with, the terms of the Master Receivables Purchase Agreement. 
  
 (u) Preference; Voidability. With respect to each transfer of Receivables and Related Security (as defined in the Master Receivables Purchase
Agreement) from AmeriCredit or AMC, as the case may be, to the Debtor, the Debtor has given reasonably equivalent value to AmeriCredit or AMC, as applicable, in consideration for such transfer of Receivables and such Related Security, and each such
transfer has not been made for or on account of an antecedent debt owed by AmeriCredit or AMC to the Debtor and no such transfer is or may be voidable under any Section of the Bankruptcy Code. 
  

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 (v) Insurance Policies. At the time of the sale of each Receivable and related Contract by
AmeriCredit or AMC to the Debtor pursuant to the Master Receivables Purchase Agreement, each Financed Vehicle is required to be covered by physical damage and liability insurance obtained by the related Obligor at least in the amount required by the
related Contract, and each such required insurance policy is required to name AmeriCredit or AMC, as loss payee and is required to be in full force and effect. 
  

(w) Representations and Warranties of AmeriCredit and AMC. Each of the representations and warranties of AmeriCredit and AMC set forth in
Sections 3.1 and 3.3, respectively, of the Master Receivables Purchase Agreement are true and correct in all material respects and each of AmeriCredit and AMC hereby remakes all such representations and warranties for the benefit of the Note
Insurer, the Collateral Agent, the Purchaser and the Note Insurer. 
  
 Any document, instrument, certificate or notice delivered hereunder by the Debtor to the Note Insurer, the Collateral Agent or the Secured Parties shall be deemed a representation and warranty by the Debtor. 
  
 SECTION 3.2. Representations and Warranties of the Servicer. On the
Closing Date and on each Determination Date, Remittance Date and Delivery Date, the Servicer represents and warrants to the Note Insurer, the Collateral Agent and the Secured Parties that: 
  
 (a) Corporate Existence and Power. The Servicer is a corporation duly
organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate power and all material governmental licenses, authorizations, consents and approvals required to carry on its business in each
jurisdiction in which its business is now conducted. The Servicer is duly qualified to do business in and is in good standing in every other jurisdiction in which the nature of its business requires it to be so qualified. 
  
 (b) Corporate and Governmental Authorization; Contravention. The
execution, delivery and performance by the Servicer of this Agreement and the other Transaction Documents are within the Servicer’s corporate powers, have been duly authorized by all necessary corporate action, require no action by or in
respect of, or require the consent or approval of, or the filing of any notice or other documentation with, any Official Body (except as contemplated by Section 2.6 hereof), and do not contravene, or constitute a default under, any provision of
applicable law or regulation or of the certificate of incorporation or bylaws of the Servicer or of any agreement, judgment, injunction, order, decree or other instrument binding upon the Servicer or result in the creation or imposition of any
Adverse Claim on assets of the Servicer or any of its Subsidiaries (except as contemplated by Section 2.6 hereof). 
  
 (c) Binding Effect. This Agreement has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Servicer,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally. 
  

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 (d) Accuracy of Information. All information heretofore furnished by the Servicer to the
Collateral Agent, the Secured Parties, the Note Insurer or any of the other Persons party hereto for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the
Servicer to the Collateral Agent, the Secured Parties or the Note Insurer will be, true and accurate in every material respect, and the Servicer has not omitted, and will not omit, to disclose any information which is material to the transactions
contemplated by this Agreement on the date such information was or is furnished. 
  
 (e) Action, Suits. There are no actions, suits or proceedings pending, or to the knowledge of the Servicer threatened, against or affecting the Servicer or any Affiliate of the Servicer or their respective
properties, in or before any court, arbitrator or other body, which, individually or in the aggregate, could reasonably be expected to cause a material adverse effect. The Servicer is not in violation of any order of any Official Body. 

 
 (f) Nature of Receivables. Each Receivable included in the
calculation of the Net Receivables Balance satisfies at such time the definition of “Eligible Receivable” and is not a Defaulted Receivable. 
  
 (g) Credit and Collection Policy. Since [June 30], 2004, there have been no material changes in the Credit and Collection Policy other than as
permitted hereunder. Since such date, no material adverse change has occurred in the overall rate of collection of the Receivables. 
  
 (h) Collections and Servicing; Material Adverse Effect. Since [June 30], 2004, there has not been any material adverse change in the ability of the
Servicer to service and collect the Receivables or other material adverse effect relating to the Servicer. 
  
 (i) Not an Investment Company or a Holding Company. The Servicer is not, and is not controlled by, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended, or is exempt from all provisions of such Act. The Servicer is not a “holding company,” or a subsidiary or affiliate of a “holding company,” within the meaning of the
Public Utility Holding Company Act of 1935, as amended. 
  
 (j)
Lock-Box Account. The name and address of the Lock-Box Bank, together with the account number of the Lock-Box Account at such Lock-Box Bank, are specified in Exhibit A (or at such other Lock-Box Banks and/or with such other Lock-Box Accounts
as have been notified to the Debtor and the Collateral Agent and for which Lock-Box Agreements have been executed in accordance with Section 2.6(b) hereof and delivered to the Collateral Agent). All Obligors have been instructed (or will be
instructed on their next billing statement) to make payment to a Lock-Box Account. 
  
 ARTICLE IV 
  
 CONDITIONS PRECEDENT

  
 SECTION 4.1. Conditions to Closing. The obligation of
the Purchaser to pay for the Note upon initial issuance is subject to (i) satisfaction of the conditions precedent set forth in 

  

 53 

 
Section 4.01 of the Note Purchase Agreement and (ii) receipt by the Note Insurer of the following documents, instruments and fees, all of which shall be in a
form and substance acceptable to the Note Insurer: 
  
 (a) An
executed copy of this Agreement, the Master Receivables Purchase Agreement, the Premium Side Letter and each of the other Transaction Documents (other than Hedging Arrangements not then executed, which shall be subject to the review and approval
procedures of Section 5.3 hereof). 
  
 (b) Any other fees or
amounts due and payable on the Closing Date in accordance with the Premium Side Letter. 
  
 (c) Such other documents, approvals, consents, instruments, certificates or opinions as the Collateral Agent or the Secured Parties shall reasonably request. 
  
 (d) A copy of the resolutions of the Board of Directors of AmeriCredit,
certified by its Secretary approving the execution, delivery and performance by it (and the Debtor) of this Agreement, the Master Receivables Purchase Agreement, the Trust Agreement and the other Transactions Documents to be delivered by it (and the
Debtor) hereunder or thereunder and all other documents evidencing necessary corporate action (including shareholders consents) and government approvals, if any. 
  
 (e) A copy of the resolutions of the Board of Directors of AMC, certified by its Secretary approving the execution, delivery
and performance by it of this Agreement, the Master Receivables Purchase Agreement, the Trust Agreement and the other Transactions Documents to be delivered by it hereunder or thereunder and all other documents evidencing necessary corporate action
(including shareholders consents, if any) and government approvals, if any. 
  
 (f) The certificate of trust of the Debtor certified by the Secretary of State of the State of Delaware dated a date reasonably prior to the Closing Date. 
  
 (g) The certificate of incorporation of AmeriCredit certified by its Secretary. 
  
 (h) The certificate of incorporation of AMC certified by its Secretary.

  
 (i) (i) The articles of incorporation of the Owner Trustee
certified by an officer of the Owner Trustee dated a date reasonably prior to the Closing Date. 
  
 (j) A Good Standing Certificate for the Debtor issued by the Secretary of State of the State of Delaware and certificates of qualification as a foreign
trust issued by the Secretary of State or other similar official of each jurisdiction where such qualification is material to the transactions contemplated by this Agreement, the Master Receivables Purchase Agreement and the other Transaction
Documents, in each case, dated a date reasonably prior to the Closing Date. 
  
 (k) A Good Standing Certificate for AmeriCredit issued by the Secretary of State of the State of Delaware and certificates of qualification as a foreign corporation issued by the Secretary of State or other similar
official of Texas, Florida and California, in each case, dated a date reasonably prior to the Closing Date. 
  

 54 

 (l) A Good Standing Certificate for AMC issued by the Secretary of State of the State of Delaware and
certificates of qualification as a foreign corporation issued by the Secretary of State or other similar official of each jurisdiction where such qualification is material to the transactions contemplated by this Agreement, the Master Receivables
Purchase Agreement and the other Transaction Documents, in each case, dated a date reasonably prior to the Closing Date. 
  
 (m) A Good Standing Certificate for the Owner Trustee issued by the Secretary of State of the State of Delaware, dated a date reasonably prior to the
Closing Date. 
  
 (n) [Intentionally Omitted].

  
 (o) A Certificate of the Secretary of AmeriCredit
substantially in the form of Exhibit I hereto. 
  
 (p) A
Certificate of the Secretary of AMC substantially in the form of Exhibit I hereto. 
  
 (q) A Certificate of the Secretary of the Owner Trustee substantially in the form of Exhibit I hereto. 
  
 (r) Acknowledgement copies of proper financing statements (Form UCC-1), naming AmeriCredit as the debtor/seller in favor of the Debtor as secured
party/purchaser and the Collateral Agent, for the benefit of the Secured Parties, as assignee of the secured party/purchaser or other similar instruments or documents as may be necessary or in the reasonable opinion of the Collateral Agent desirable
under the UCC of all appropriate jurisdictions or any comparable law to perfect the Debtor’s interest in the Receivables, Related Security (as defined in the Master Receivables Purchase Agreement) and Collections, free and clear of any Adverse
Claim. 
  
 (s) Acknowledgement copies of proper financing
statements (Form UCC-1), naming AMC as the debtor/seller in favor of the Debtor as secured party/purchaser and the Collateral Agent, for the benefit of the Secured Parties, as assignee of the secured party/purchaser or other similar instruments or
documents as may be necessary or in the reasonable opinion of the Collateral Agent desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Debtor’s interest in the Receivables, Related Security (as defined
in the Master Receivables Purchase Agreement) and Collections, free and clear of any Adverse Claim. 
  
 (t) Acknowledgement copies of proper financing statements (Form UCC-1), naming the Debtor as the debtor in favor of the Collateral Agent, for the benefit
of the Secured Parties, or other similar instruments or documents as may be necessary or in the reasonable opinion of the Collateral Agent desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Collateral
Agent’s security interest in the Collateral, including all Receivables, Related Security and Collections, free and clear of any Adverse Claim. 
  

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 (u) Copies of proper financing statements (Form UCC-3), if any, necessary to terminate all security
interests and other rights of any person in the Receivables, Related Security (as defined in the Master Receivables Purchase Agreement) and Collections, previously granted by AmeriCredit. 
  
 (v) Copies of proper financing statements (Form UCC-3), if any, necessary to terminate all security interests and other
rights of any person in the Receivables, Related Security (as defined in the Master Receivables Purchase Agreement) and Collections, previously granted by AMC. 
  

(w) Copies of proper financing statements (Form UCC-3), if any, necessary to terminate all security interests and other rights of any person in the
Collateral, including the Receivables, Related Security and Collections, previously granted by the Debtor. 
  
 (x) Certified copies of request for information or copies (or a similar search report certified by parties acceptable to the Collateral Agent) dated a
date reasonably near the date of the Initial Funding listing all effective financing statements which name the Debtor, AmeriCredit or AMC (under its present name and any previous name) as debtor and which are filed in jurisdictions in which the
filings were made pursuant to items (p), (q) and (r) above together with copies of such financing statements with respect to AMC and the Debtor, and, with respect to AmeriCredit, as may be requested by the Note Insurer or its counsel (none of which
shall cover any Receivables or Contracts). 
  
 (y) Executed copies
of the Lock-Box Agreement relating to the Lock-Box Account. 
  
 (z) An opinion of Dewey Ballantine LLP, special counsel to the Debtor, AmeriCredit and AMC, in form and substance satisfactory to the Note Insurer and the Note Insurer’s counsel. 
  
 (aa) An opinion of Dewey Ballantine LLP, special counsel to the Debtor,
AmeriCredit and AMC, covering certain bankruptcy and insolvency matters (i.e. “true sale” and non-consolidation) in form and substance satisfactory to the Note Insurer and the Note Insurer’s counsel. 
  
 (bb) The Note, duly executed by the Debtor and appropriately completed.

  
 (cc) Executed copies of the documentation relating to any
Hedging Arrangement. 
  
 (dd) Such other documents, approvals,
consents, instruments, certificates or opinions as the Collateral Agent or the Secured Parties shall reasonably request. 
  

 56 

 ARTICLE V 
  
 COVENANTS 
  
 SECTION 5.1. Affirmative Covenants of the Debtor and AmeriCredit. At all times from the date hereof to the date on which all Secured Obligations
have been paid in full in cash, unless the Collateral Agent and the Secured Parties shall otherwise consent in writing: 
  
 (a) Financial Reporting and Other Information. AmeriCredit and AMC shall, and shall cause the Debtor and each of the Debtor’s,
AmeriCredit’s and AMC’s Subsidiaries to, maintain, for itself and each of its respective Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish to the Note Insurer and the Collateral Agent:

  
 (i) Annual Reporting. As soon as available and in any
event within one hundred twenty (120) days (or the next succeeding Business Day if the last day of such period is not a Business Day) after the end of each fiscal year, a copy of the audited consolidated financial statements for such year for
AmeriCredit Corp. and its consolidated Subsidiaries prepared in accordance with GAAP and any management letter (which letter shall be furnished as soon as available) prepared by independent certified public accountants acceptable to the Note
Insurer, certified, without qualification by such accountants and each other report or statement sent to shareholders or publicly filed by AmeriCredit Corp. or the Debtor. 
  
 (ii) Quarterly Reporting. As soon as available and in any event within forty-five (45) days (or the next succeeding
Business Day if the last day of such period is not a Business Day) after the end of each of the first three quarters of each fiscal year of AmeriCredit Corp., a consolidated balance sheet of AmeriCredit Corp. and its consolidated Subsidiaries as of
the end of such quarter and including the prior comparable period, and a consolidated statement of income of AmeriCredit Corp. and its consolidated Subsidiaries for such quarter and for the period commencing at the end of the previous fiscal year
and ending with the end of such quarter, certified by the chief financial officer or treasurer of AmeriCredit Corp. identifying such documents as being the documents described in this Section 5.1(a)(ii) and stating that the information set forth
therein fairly presents the financial condition of AmeriCredit Corp. and its consolidated Subsidiaries as of and for the periods then ended, subject to year-end adjustments consisting only of normal, recurring accruals. 
  
 (iii) Compliance Certificate. Together with the financial statements
required pursuant to clauses (i) and (ii) above, a compliance certificate signed by AmeriCredit Corp.’s chief financial officer, treasurer or authorized officer who shall hold the office of a Vice President or above, stating that (x) the
attached financial statements have been prepared in accordance with GAAP and accurately reflect the financial condition of the Debtor or AmeriCredit Corp. as applicable and (y) to the best of such Person’s knowledge, no Termination and
Amortization Event or Potential Termination and Amortization Event exists, or if any Termination and Amortization Event or Potential Termination and Amortization Event exists, stating the nature and status thereof and showing the computation of, and
showing compliance with, each of the financial ratios and restrictions set forth in Section 6.1(w), (x) and (y) hereof. 
  

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 (iv) Shareholders Statements and Reports. Copies of any financial statements, reports or proxy
statements furnished by AmeriCredit Corp. to its shareholders will be provided upon the written request of the Note Insurer to the Servicer. 
  
 (v) S.E.C. Filings. Copies of any registration statements or annual, quarterly, monthly or other regular reports which AmeriCredit Corp. or any
Subsidiary files with the Securities and Exchange Commission, other than any reports on Form 8-K filed with respect to securitizations unrelated to this Agreement or the transactions contemplated hereby, will be provided upon the written request of
the Note Insurer to the Servicer. 
  
 (vi) Notice of
Termination and Amortization Events or Potential Termination and Amortization Events, Etc. (A) As soon as possible and in any event within two (2) days after the occurrence of each Termination and Amortization Event or each Potential Termination
and Amortization Event, a statement of the chief financial officer or treasurer of the Servicer setting forth details of such Termination and Amortization Event or Potential Termination and Amortization Event and the action which the Debtor proposes
to take with respect thereto, which information shall be updated promptly from time to time; (B) promptly after the Debtor obtains knowledge thereof, notice of any Termination and Amortization Event, litigation, investigation or proceeding that may
exist at any time between the Servicer and any Person that may result in a Material Adverse Effect or any litigation or proceeding relating to any Transaction Document; and (C) promptly after the occurrence thereof, notice of any Material Adverse
Effect. 
  
 (vii) Change in Credit and Collection Policy and
Debt Ratings. Within ten (10) days after the date any material change in or amendment to the Credit and Collection Policy is made, a copy of the Credit and Collection Policy then in effect indicating such change or amendment. Within ten (10)
days after the date of any change in AmeriCredit’s or AmeriCredit Corp.’s public or private debt ratings, if any, a written certification of AmeriCredit’s or AmeriCredit Corp.’s public and private debt ratings after giving effect
to any such change. 
  
 (viii) ERISA. Promptly after the
filing or receiving thereof, copies of all reports and notices with respect to any Reportable Event (as defined in Article IV of ERISA) which the Debtor, AmeriCredit, AMC or any ERISA Affiliate of the Debtor, AmeriCredit or AMC files under ERISA
with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or which the Debtor, AmeriCredit, AMC or any ERISA Affiliates of the Debtor, AmeriCredit or AMC receives from the Internal Revenue Service,
the Pension Benefit Guaranty Corporation or the U.S. Department of Labor. 
  
 (ix) Change in Accountants or Accounting Policy. Promptly, notice of any change in the accountants or material change in accounting policy of either the Debtor, AmeriCredit Corp., AmeriCredit or AMC.

  
 (x) Other Information. Such other information
(including non-financial information) with respect to the Debtor, AmeriCredit Corp., AmeriCredit, AMC or any of their respective Subsidiaries as the Note Insurer, the Collateral Agent or any Secured Party may from time to time reasonably request.

  

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 (b) Conduct of Business. (i) AmeriCredit and AMC shall cause the Debtor and each of the
Debtor’s, AmeriCredit’s and AMC’s Subsidiaries to, carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to
remain duly organized, validly existing and in good standing as a domestic corporation in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and (ii)
the Debtor and AMC shall at all times be a wholly-owned Subsidiary of AmeriCredit. 
  
 (c) Compliance with Laws. AmeriCredit or AMC shall, and shall cause the Debtor and each of the Debtor’s, AmeriCredit’s and AMC’s Subsidiaries to, comply with all laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it or its respective properties may be subject. 
  
 (d) Furnishing of Information and Inspection of Records. AmeriCredit or AMC shall, and shall cause the Debtor to, furnish to the Note Insurer from
time to time such information with respect to the Receivables as the Note Insurer may reasonably request, including, without limitation, listings identifying the Obligor and the outstanding balance for each Receivable. AmeriCredit or AMC shall, and
shall cause the Debtor to, at any time and from time to time, during regular business hours and, provided that a Termination and Amortization Event or Potential Termination and Amortization Event shall not have occurred and be continuing, upon
reasonable prior notice, permit the Collateral Agent or any Secured Party, or their agents or representatives, (i) to examine and make copies of and take abstracts from all Records and (ii) to visit the offices and properties of the Debtor,
AmeriCredit or AMC, as applicable, for the purpose of examining such Records, and to discuss matters relating to Receivables or the Debtor’s, AmeriCredit’s or AMC’s performance hereunder and under the other Transaction Documents to
which such Person is a party with any of the officers, directors, employees or independent public accountants of the Debtor, AmeriCredit or AMC, as applicable, having knowledge of such matters. 
  
 (e) Offices, Records and Books of Account. The Debtor (i) shall keep
its principal place of business and chief executive office (as such terms or similar terms are used in the UCC) and the office where it keeps its records concerning the Receivables at the address of the Debtor set forth in Section 9.3 hereof or at
any other locations in jurisdictions where all actions requested by the Secured Parties to protect and perfect the interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral have been taken and completed and (ii)
shall provide the Collateral Agent with at least thirty (30) days’ written notice before making any change in the Debtor’s name or making any other change in the Debtor’s identity or corporate structure that could render any UCC
financing statement filed in connection with this Agreement seriously misleading as such term (or similar term) is used in the UCC. Each notice to the Collateral Agent pursuant to the foregoing sentence shall set forth the applicable change and the
effective date thereof. AmeriCredit or AMC shall, and shall cause the Debtor to, maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the
destruction of the originals thereof), and keep and maintain, all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the
daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable). AmeriCredit or AMC shall, and 

  

 59 

 
shall cause the Debtor to, give the Note Insurer notice of any material change in the administrative and operating procedures of the Debtor, AmeriCredit or
AMC, as applicable, referred to in the previous sentence. 
  
 (f)
Performance and Compliance with Contracts Related to the Receivables. AmeriCredit or AMC, at their expense, shall, and shall cause the Debtor to, timely and fully perform and comply with all material provisions, covenants and other promises
required to be observed by the Debtor, AmeriCredit or AMC under the Contracts related to the Receivables. 
  
 (g) Credit and Collection Policies. AmeriCredit or AMC shall, and shall cause the Debtor to, comply in all material respects with the Credit and
Collection Policy in regard to each Receivable and the related Contract. 
  
 (h) Collections. AmeriCredit or AMC shall, and shall cause the Debtor to, instruct all Obligors to cause all Collections to be deposited directly to a Lock-Box Account. 
  
 (i) Collections Received. AmeriCredit or AMC shall, and shall cause
the Debtor to, hold in trust, and deposit, immediately, but in any event not later than forty-eight (48) hours of its receipt thereof, to the Collection Account all Collections received from time to time by the Debtor, AmeriCredit or AMC, as the
case may be. 
  
 (j) Contribution Treatment. AmeriCredit or
AMC shall not, and shall not permit the Debtor to, account for (including for accounting and tax purposes), or otherwise treat, the transactions contemplated by the Master Receivables Purchase Agreement in any manner other than as a contribution of
Receivables by AmeriCredit or AMC, as applicable, to the Debtor. In addition, AmeriCredit or AMC shall, and shall cause the Debtor to, disclose (in a footnote or otherwise) in all of its respective financial statements (including any such financial
statements consolidated with any other Persons’ financial statements) the existence and nature of the transactions contemplated by the Master Receivables Purchase Agreement and the interest of the Debtor (in the case of AmeriCredit’s or
AMC’s financial statements) in the Affected Assets. 
  
 (k)
Separate Business. (a) The Debtor shall be a limited purpose entity whose primary activities are restricted in the Trust Agreement to (i) purchasing or otherwise acquiring from AmeriCredit or AMC, owning, holding, granting security interests
or selling interests in Affected Assets, (ii) entering into agreements for the selling, financing and servicing of the Affected Assets, and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary
activities. The Debtor shall not create any Subsidiaries or divisions. The Debtor shall not engage in any business other than the transactions contemplated by the Transaction Documents. The Debtor shall at all times (a) to the extent the
Debtor’s office is located in the offices of AmeriCredit, AMC or any Affiliate of AmeriCredit or AMC, pay fair market rent for its executive office space located in such offices, (b) maintain the Debtor’s books, financial statements,
accounting records and other trust documents and records separate from those of AmeriCredit, AMC or any other entity, (c) not commingle the Debtor’s assets with those of AmeriCredit, AMC or any other entity, (d) act solely in its own name and
through its own authorized officers and agents, (e) make investments directly or by brokers engaged and paid by the Debtor or its agents (provided that if any such agent is an Affiliate of the Debtor it shall be compensated at a fair market
rate for its services), (f) separately manage its liabilities from those 

  

 60 

 
of AmeriCredit, AMC or any Affiliates of AmeriCredit or AMC and pay its own liabilities, including all administrative expenses, from its own separate assets,
except that AmeriCredit may pay the organizational expenses of the Debtor, and (g) pay from the Debtor’s assets all obligations and indebtedness of any kind incurred by the Debtor. The Debtor shall abide by all trust formalities, and the Debtor
shall cause its financial statements to be prepared in accordance with GAAP in a manner that indicates the separate existence of the Debtor and its assets and liabilities. The Debtor shall (i) pay all its liabilities, (ii) not assume the liabilities
of AmeriCredit, AMC or any Affiliate of AmeriCredit or AMC, (iii) not lend funds or extend credit to AmeriCredit, AMC or any Affiliate of AmeriCredit or AMC and (iv) not guarantee the liabilities of AmeriCredit, AMC or any Affiliates of AmeriCredit
or AMC. The officers of the Debtor (as appropriate) shall make decisions with respect to the business and daily operations of the Debtor independent of and not dictated by any controlling entity. The Debtor shall not engage in any business not
permitted by the Trust Agreement as in effect on the Closing Date. 
  
 (l) Trust Agreement. The Debtor shall only amend, alter, change or repeal the Trust Agreement with the prior written consent of the Collateral Agent and the Note Insurer. 
  
 (m) Public Use of “MBIA”. Neither the Debtor nor AFS shall use MBIA’s name in any public documents,
including, without limitation, any press release or presentation, announcement or forum (other than verbal communications regarding prior public transactions limited to information regarding MBIA that is available to the general public) without
MBIA’s prior written consent, which consent shall not be unreasonably withheld or delayed. In the event that either the Debtor or AFS is advised by counsel that the Debtor or AFS has a legal obligation to disclose MBIA’s name in any press
release, public announcement or other public document, the Debtor or AFS, whichever has been so advised, shall provide MBIA with at least three Business Days prior written notice of its intent to use MBIA’s name, together with a copy of the
proposed use of MBIA’s name and of any description of the transaction involving MBIA and shall make changes to the form or substance of the proposed use of MBIA’s name or any such description that MBIA reasonably requests unless the Debtor
of AFS is advised by counsel that such change is not permitted under applicable law. 
  
 SECTION 5.2. Negative Covenants of Debtor, AMC and AmeriCredit. At all times from the date hereof to the date on which all Secured Obligations shall have been paid in full in cash, unless the Collateral Agent
and the Secured Parties shall otherwise consent in writing: 
  
 (a) No Sales, Liens, Etc. Except as otherwise provided herein and in the Master Receivables Purchase Agreement, AmeriCredit and AMC shall not, and shall not permit the Debtor to, sell, assign (by operation of law or otherwise) or
otherwise dispose of, or create or suffer to exist any Adverse Claim (or the filing of any financing statement) upon or with respect to any of the Affected Assets, or any account which concentrates in a Lock-Box Bank to which any Collections of any
Receivable are sent, or assign any right to receive income in respect thereof. 
  
 (b) Extensions and Amendments of Receivables. AmeriCredit or AMC shall not, and shall not permit the Debtor to, extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term
or condition of any Contract related thereto, except in accordance with the Terms of Section 2.2(c) of the Servicing Agreement. 
  

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 (c) No Amendment of Master Receivables Purchase Agreement. AmeriCredit or AMC shall not, and shall
not permit the Debtor to, amend, supplement or otherwise modify the Master Receivables Purchase Agreement or waive any provision thereof, in each case except with the prior written consent of the Collateral Agent and the Secured Parties; nor shall
AmeriCredit or AMC take, or permit the Debtor to take, any other action under the Master Receivables Purchase Agreement that could have a material adverse effect on the Note Insurer, the Purchaser or any other Owner or which is inconsistent with the
terms of this Agreement. 
  
 (d) No Change in Business or
Credit and Collection Policy. AmeriCredit or AMC shall not, and shall not permit the Debtor to, make any change in the character of its business or in the Credit and Collection Policy, which change would, in either case (i) impair the
collectibility of any Receivable or (ii) otherwise have a material adverse effect. 
  
 (e) No Mergers, Sale of Assets, Etc. AmeriCredit or AMC shall not, and shall not permit the Debtor to, (i) consolidate or merge with or into any other Person, or (ii) sell, lease or transfer all or
substantially all of its assets to any other Person; provided, however, that no such sale shall be deemed to occur solely as a result of a Take-Out or solely as a result of the sale of Contracts and related Receivables which are
released to the Debtor pursuant to Section 2.16 hereof. 
  
 (f)
Change in Payment Instructions to Obligors. AmeriCredit or AMC shall not, and shall not permit the Debtor or the Servicer to, add or terminate any bank as a Lock-Box Bank or any account as a Lock-Box Account to or from those listed in Exhibit
A hereto or make any change in its instructions to Obligors regarding payments to be made to any Lock-Box Account, unless (i) such instructions are to deposit such payments to another existing Lock-Box Account or (ii) the Collateral Agent and the
Note Insurer shall have received written notice of such addition, termination or change at least thirty (30) days prior thereto and the Collateral Agent and the Note Insurer shall have received a Lock-Box Agreement executed by each new Lock-Box Bank
or existing Lock-Box Bank, as applicable, with respect to each new Lock-Box Account. 
  
 (g) Change of Name, Etc. AmeriCredit or AMC shall not, and shall not permit the Debtor to, change its name, identity or structure or the location of its chief executive office, unless at least thirty (30) days
prior to the effective date of any such change the Debtor, AmeriCredit or AMC, as applicable, delivers to the Collateral Agent (i) such documents, instruments or agreements, executed by the Debtor or the Collateral Agent, as applicable, as are
necessary to reflect such change and to continue the perfection of the Collateral Agent’s security interest in the Collateral and (ii) new or revised Lock-Box Agreements executed by the Lock-Box Banks which reflect such change and enable the
Note Insurer to continue to exercise its rights contained in Section 2.6 hereof. 
  
 (h) Contribution Treatment. AmeriCredit or AMC shall not, and shall not permit the Debtor to account for (including for accounting and tax purposes), or otherwise treat, the transactions contemplated by the
Master Receivables Purchase Agreement in any manner other than as a contribution of Receivables by AmeriCredit or AMC, as applicable, to the Debtor. 
  

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 (i) Other Debt. Except as provided for herein, the Debtor shall not create, incur, assume or
suffer to exist any indebtedness whether current or funded, or any other liability other than indebtedness of the Debtor representing fees, expenses and indemnities arising hereunder or under the Master Receivables Purchase Agreement for the
purchase price of the Receivables under the Master Receivables Purchase Agreement. 
  
 (j) ERISA Matters. The Servicer shall not, and shall not permit AmeriCredit, AMC or the Debtor to, (i) engage or permit any of its respective ERISA Affiliates to engage in any prohibited transaction (as defined
in Section 4975 of the Code and Section 406 of ERISA) for which an exemption is not available or has not previously been obtained from the U.S. Department of Labor; (ii) permit to exist any accumulated funding deficiency (as defined in Section
302(a) of ERISA and Section 412(a) of the Code) or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan; (iii) fail to make any payments to any Multiemployer Plan that the Debtor, AmeriCredit, AMC or any ERISA
Affiliate of the Debtor, AmeriCredit or AMC is required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto; (iv) terminate any Benefit Plan so as to result in any liability; (v) permit to exist any
occurrence of any reportable event described in Title IV of ERISA which represents a material risk of a liability to the Debtor, AmeriCredit, AMC or any ERISA Affiliate of the Debtor, AmeriCredit or AMC under ERISA or the Code; or (vi) take any
action or fail to take any action which shall give rise to a lien under Section 302(f) of ERISA or cause the Internal Revenue Service to indicate its intention in writing or to file a notice of lien asserting a claim or claims pursuant to the Code
with regard to any assets of the Debtor, AmeriCredit, AMC or any ERISA Affiliate or cause the Pension Benefit Guaranty Corporation to indicate its intention in writing to file a notice of lien asserting a claim pursuant to ERISA with regard to any
assets of the Debtor, AmeriCredit, AMC or any ERISA Affiliate or to terminate any Benefit Plan, or to take any steps to terminate any Benefit Plan, if such prohibited transactions, accumulated funding deficiencies, payments, terminations, reportable
events and actions or inactions occurring within any fiscal year of the Debtor, AmeriCredit and AMC, in the aggregate, involve a payment of money or an incurrence of liability by the Debtor, AmeriCredit, AMC or any ERISA Affiliate of the Debtor,
AmeriCredit or AMC, in an amount in excess of $10,000. 
  
 (k)
Payment to AmeriCredit and AMC. With respect to any Receivable sold by AmeriCredit or AMC to the Debtor, AmeriCredit or AMC shall, and shall cause the Debtor to, effect such sale under, and pursuant to the terms of, the Master Receivables
Purchase Agreement, including, without limitation, the payment by the Debtor in cash to AmeriCredit or AMC, as the case may be, an amount equal to the purchase price for such Receivable as required by the terms of the Master Receivables Purchase
Agreement. 
  
 (l) the Debtor shall not engage in any business or
activity other than set forth in its organizational documents; 
  
 (m) the Debtor shall not, without the affirmative vote of 100% of the its Certificateholders, institute proceedings to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it,
or file a petition seeking or consent 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 

  

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of the corporation or substantial part of its property, or make any assignment for the benefit of creditors, or admit in writing its inability to pay its
debts generally as they become due, or take corporate action in furtherance of any such action. 
  
 (n) the Debtor shall not amend, change or repeal its Certificate of Trust as in effect on the date hereof with the prior written consent of the Collateral
Agent and the Note Insurer. 
  
 SECTION 5.3. Hedging
Arrangements. The Debtor shall (a) at or prior to the time of any Receivables Delivery, provide to the Note Insurer, and the Collateral Agent an Officer’s Certificate stating that the Servicer has Hedging Arrangements in place satisfying
the conditions of this Section 5.3 as set forth below, and (b) in connection with any Servicer’s Certificate provided hereunder and to the extent not previously provided, provide an executed copy of all existing Hedging Arrangements, and with
respect to which the Debtor shall be the beneficiary, in respect of an aggregate notional amount equal to the Required Notional Amount, and if such Hedging Arrangement is a swap, not greater than the Net Investment related to such swap. 

 
 On each Delivery Date, the notional balance of the Hedging Arrangement
shall be in an amount equal to the Required Notional Amount and, in the case of a swap, not exceeding the Net Receivables Balance (including any Receivables to be added in connection with such Funding). The form, structure and counterparty to each
Hedging Arrangement shall be acceptable to the Note Insurer (and which, unless such Hedging Agreement is a cap agreement, shall be submitted to the Note Insurer for its prior review) and must be in full force and effect at all times during which the
Net Receivables Balance is greater than zero (however such required amount may be reduced for the period of time between the pricing and the funding of a structured financing utilizing receivables released to the Debtor pursuant to Section 2.16
hereof by the Aggregate Outstanding Balance of such Receivables). Any counterparty to a Hedging Arrangement shall have a long-term unsecured debt rating from Moody’s and S&P of at least “A2” and “A,” respectively.

  
 With respect to any Hedging Arrangement, (i) on and after the
occurrence of a Termination and Amortization Event or Potential Termination and Amortization Event, the Note Insurer shall have the right, in its sole discretion, to direct the Debtor’s actions with respect thereto and (ii) the related
amortization schedule shall be approved by the Note Insurer. 
  
 Any Hedging Arrangement relating to a Receivables Delivery which is an interest rate cap agreement shall consist of the following requirements (each interest rate cap agreement meeting the following requirements, an “Interest Rate
Cap” and collectively, the “Interest Rate Caps”): (i) any such counterparty thereto not rated at least “A” by S&P or “A2” by Moody’s shall be approved in writing by the Note Insurer,
Moody’s and S&P; (ii) each Interest Rate Cap shall be documented in form and substance reasonably acceptable to the Note Insurer; (iii) the strike rate of any Interest Rate Cap shall be set at a level that will not result in a Net Spread
Deficiency; (iv) all amounts payable by the counterparty thereunder shall be required to be paid by such counterparty directly to the Collection Account; (v) the notional amount thereunder shall amortize according to the scheduled amortization of
the Receivables funded on the related Delivery Date assuming zero prepayments and zero defaults with respect to such Receivables; (vi) the aggregate notional amount of such Hedging Arrangement together with all other 

  

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Hedging Arrangements then in effect must equal the Required Notional Amount; (vii) such Hedging Arrangement must be in effect for at least as long as the
latest maturing Receivables securing the Net Investment; and (viii) the Effective Date shall be no later than the Delivery Date. 
  
 SECTION 5.4. Affirmative Covenants of the Servicer. At all times from the date hereof to the date on which all Secured Obligations have been paid
in full in cash, unless the Collateral Agent and the Secured Parties shall otherwise consent in writing: 
  
 (a) Conduct of Business. The Servicer shall, and shall cause each of its Subsidiaries to, carry on and conduct its business in substantially the
same manner and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation in its jurisdiction of incorporation
and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 
  
 (b) Compliance with Laws. The Servicer shall, and shall cause each of its Subsidiaries to, comply with all laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which it or its respective properties may be subject. 
  
 (c) Furnishing of Information and Inspection of Records. The Servicer shall furnish to the Note Insurer and the Collateral Agent from time to time
such information with respect to the Receivables as the Note Insurer or the Collateral Agent may reasonably request (at the Servicer’s expense), including, without limitation, listings identifying the Obligor and the outstanding balance for
each Receivable. The Servicer shall, at any time and from time to time during regular business hours and, provided that a Termination and Amortization Event or Potential Termination and Amortization Event shall not have occurred and be continuing,
upon reasonable prior notice, permit the Collateral Agent or any Secured Party, or their agents or representatives, (i) to examine and make copies of and take abstracts from all Records and (ii) to visit the offices and properties of the Servicer
for the purpose of examining such Records, and to discuss matters relating to Receivables or its performance hereunder and under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Servicer having knowledge of such matters. 
  
 (d) Keeping of Records and Books of Account. The Servicer shall maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the
destruction of the originals thereof), and keep and maintain, all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the
daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable). The Servicer shall give the Note Insurer notice of any material change in its administrative and operating procedures referred to in the
previous sentence. 
  
 (e) Notice of Collateral Agent’s
Interest. In the event that the Debtor, AmeriCredit or AMC shall sell or otherwise transfer any interest in accounts receivable, the Servicer shall disclose on any computer tapes or other documents or instruments provided by the Servicer in
connection with any such sale or transfer the Debtor’s ownership of the Receivables and the Servicer’s interest therein. 
  

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 (f) Credit and Collection Policies. The Servicer shall comply in all material respects with the
Credit and Collection Policy with respect to each Receivable and the related Contract. 
  
 (g) Collections. The Servicer shall instruct all Obligors to cause all Collections to be deposited directly to a Lock-Box Account. 
  
 (h) Collections Received. The Servicer shall hold in trust, and deposit, immediately, but in any event not later than
two (2) Business Days of its receipt thereof, to a Lock-Box Account all Collections received by it from time to time. 
  
 (i) Change in Accountants or Accounting Policies. The Servicer shall promptly notify the Note Insurer of any change in its accountants or material
change in its accounting policy. 
  
 (j) At the Note
Insurer’s request, but no more than twice a year or once in any six month period, the Servicer shall provide the Note Insurer with (A) a written confirmation from S&P that the rating on the Note issued by the Debtor, without regard to the
Note Policy, is at least “BBB” as of the date of such confirmation and (B) a written confirmation from Moody’s that the rating on the Note issued by the Debtor, without regard to the Note Policy, is at least “Baa2” as of the
date of such confirmation; provided, that if either or both of S&P and Moody’s is unable to confirm its aforementioned “BBB” or “Baa2” rating, respectively, during the related time period, then the Servicer shall
have the right to provide additional credit enhancement to cause either or both of S&P and Moody’s, as necessary, to provide the related confirmation and the Servicer shall be deemed not to have breached this covenant if it has provided the
Note Insurer with the related confirmation within 30 days of the request. The cost of any rating reaffirmations/confirmations will be paid by AmeriCredit. 
  
 SECTION 5.5. Negative Covenants of the Servicer. At all times from the date hereof to the date on which all Secured Obligations shall have been
paid in full in cash, unless the Collateral Agent and the Secured Parties shall otherwise consent in writing: 
  
 (a) Extensions or Amendments of Receivables. The Servicer shall not extend, amend or otherwise modify the terms of any Receivable, or amend, modify
or waive any term or condition of any Contract related thereto, except in accordance with the Terms of Section 2.2(c) of the Servicing Agreement. 
  
 (b) No Change in Business or Credit and Collection Policy. The Servicer shall not make any change in the character of its business or in the Credit
and Collection Policy, which change would, in either case, impair the collectibility of any Receivable or otherwise have a material adverse effect. 
  
 (c) No Mergers, Etc. The Servicer shall not (i) consolidate or merge with or into any other Person or (ii) sell, lease or transfer all or
substantially all of its assets to any other Person. 
  

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 (d) Change in Payment Instructions to Obligors. The Servicer shall not add or terminate any bank
as a Lock-Box Bank or any account as a Lock-Box Account to or from those listed in Exhibit A hereto or make any change in its instructions to Obligors regarding payments to be made to any Lock-Box Account, unless (i) such instructions are to deposit
such payments to another existing Lock-Box Account or (ii) the Note Insurer shall have received written notice of such addition, termination or change at least thirty (30) days prior thereto and the Collateral Agent shall have received a Lock-Box
Agreement executed by each new Lock-Box Bank or existing Lock-Box Bank, as applicable, with respect to each new Lock-Box Account. 
  
 ARTICLE VI 
  
 TERMINATION AND AMORTIZATION EVENTS; OPTIONAL TERMINATION 
  
 SECTION 6.1. Termination and Amortization Events. The occurrence of any one or more of the following events shall constitute a Termination and
Amortization Event: 
  
 (a) any representation or warranty made
by AmeriCredit or AMC in this Agreement, the Master Receivables Purchase Agreement (other than the representations and warranties relating to the Receivables) or in any other Transaction Document shall prove to have been incorrect in any material
respect when made or deemed made, or AmeriCredit or AMC shall fail to perform any covenant in this Agreement or any other Transaction Document; or 
  
 (b) AmeriCredit or AMC shall fail to make any payment or deposit to be made by it hereunder or under the Note Purchase Agreement, the Servicing and
Custodian Agreement or the Insurance Agreement when due hereunder or thereunder; or 
  
 (c) any Event of Bankruptcy shall occur with respect to the Debtor, AmeriCredit or AMC; or 
  
 (d) an “Event of Default” shall have occurred and be continuing under the Insurance Agreement; or 
  
 (e) the Debtor shall at any time not be in compliance with the requirements
of Section 5.3 hereof and such noncompliance shall continue for five (5) days; or 
  
 (f) any event of default by the Debtor under the Hedge Agreement, as defined by the ISDA guidelines with respect to the related hedge type; or 
  
 (g) the long-term debt rating of any hedge counterparty under a Hedge Agreement is either “A-”/”A3” or
below or withdrawn or suspended (unless a new hedge counterparty reasonably acceptable to the Note Insurer replaces such hedge counterparty within ten (10) Business Days or Collateral acceptable to the Note Insurer is transferred by the hedge
counterparty to the Debtor pursuant to a Collateral Agreement (as defined in the Hedge Agreement) within ten (10) Business Days); or 
  
 (h) the Collateral Agent, on behalf of the Secured Parties, shall, for any reason, fail to have a valid and perfected security interest in the Collateral,
including, without limitation, the Receivables and Related Security and Collections with respect thereto, free and clear of any Adverse Claim; or 
  

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 (i) (1) a final judgment for the payment of money in excess of $10,000,000 shall have been rendered
against AmeriCredit or AMC by a court of competent jurisdiction and AmeriCredit or AMC shall not have either (A) discharged or provided for the discharge of such judgment in accordance with its terms, or (B) perfected a timely appeal of such
judgment and caused the execution thereof to be stayed (by supersedeas or otherwise) pending such appeal or (2) AmeriCredit or AMC shall have made payments of amounts in excess of $25,000,000 in settlement of any litigation unless covered by
insurance; or 
  
 (j) a claim shall have been made under the Note
Policy; or 
  
 (k) during the Revolving Period only, a Yield
Supplement Account Shortfall exists, and continues for a period of five (5) Business Days; or 
  
 (l) either (1) an amount less than the related Reserve Account Deposit Amount is deposited to the Reserve Account with respect to any Receivables Delivery on a Delivery Date and the entire Reserve Account Deposit
Amount has not been deposited therein by the close of business on the fifth (5th) Business Day following such Delivery or (2) any amount is withdrawn from the Reserve Account pursuant to Section 2.3(b) and the amount of such withdrawal has not been
redeposited to the Reserve Account by the close of business on the fifth (5th) Business Day following the date of the initial withdrawal; or 
  
 (m) an unwaived event of default by AmeriCredit or AMC which continues for ten (10) or more days under any material agreement for borrowed money exceeding
$5,000,000 to which any such Person is a party; or the default by the Debtor, AmeriCredit, AMC or any Subsidiary of the Debtor or AmeriCredit in the performance of any term, provision or condition contained in any agreement to which any such Person
is a party and under which any Indebtedness owing by the Debtor, AmeriCredit, AMC or any Subsidiary of the Debtor, AmeriCredit or AMC greater than such respective amounts was created or is governed, regardless of whether such event is an “event
of default” or “default” under any such agreement; or any Indebtedness owing by the Debtor, AmeriCredit, AMC or any Subsidiary of the Debtor, AmeriCredit or AMC greater than such respective amounts shall be declared to be due and
payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof; or 
  
 (n) the Portfolio Delinquency Ratio averaged for the three most recent Determination Dates shall exceed 5.50%; or 
  
 (o) the Portfolio Net Loss Ratio for any Determination Date shall exceed (i)
9.00% or (ii) if the credit enhancement associated with any public asset-backed securitization sponsored by AmeriCredit that closes on or after October 1, 2004 decreases to an amount below 18%, 8.50%; or 
  
 (p) the Portfolio Repossession Ratio, as measured on a 3-month rolling
average basis is greater than 1.5%; or 
  

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 (q) the Cumulative Net Loss Ratio exceeds the amount specified for the related Determination Date in
Exhibit M hereto; or 
  
 (r) the weighted average AmeriCredit
Score for all Receivables shall at any time be less than 225 or more than 3.50% of the Receivables shall have an AmeriCredit Score below 200; or 
  
 (s) the average Monthly Extension Ratios for the three most recent Determination Dates shall exceed 2.50%; or 
  
 (t) the weighted average remaining maturity of the Receivables shall exceed
65 months; or 
  
 (u) during the Revolving Period only, the Net
Investment exceeds the Borrowing Base, for five (5) consecutive days following any Borrowing Base Determination Date; or 
  
 (v) a Net Spread Deficiency exists, and such deficiency continues for a period of more than five (5) Business Days; or 
  
 (w) (i) the Tangible Net Worth of AmeriCredit Corp. shall be less than the
sum of (a) $1,700,000,000 and (b) 75% of the cumulative positive net income (without deduction for negative net income) of AmeriCredit Corp. for each fiscal quarter having been completed since June 30, 2003, as reported in each annual report on Form
10-K and periodic report on Form 10-Q filed by AmeriCredit Corp. with the Commission less (c) the amount of any stock repurchase, (ii) the Tangible Net Worth of AmeriCredit Corp. shall be less than the sum of (a) $1,600,000,000 and (b) 75% of the
cumulative positive net income (without deduction for negative net income) of AmeriCredit Corp. for each fiscal quarter having been completed since June 30, 2003, as reported in each annual report on Form 10-K and periodic report on Form 10-Q filed
by AmeriCredit Corp. with the Commission, or (iii) upon the completion of any stock repurchase by AmeriCredit Corp., AmeriCredit Corp. shall have a Corporate Liquidity Pool of less than $200,000,000; or 
  
 (x) the average of the ratios of AmeriCredit Corp.’s EBITDA to Interest
Expense for the two most recent financial quarters ended September 30, 2004 and any two consecutive financial quarters thereafter shall be less than 1.2x; or 
  
 (y) the Servicer or the Note Insurer shall have been informed in writing by either Rating Agency that the risk covered by the Note Policy shall no longer
carry a shadow rating of at least “BBB” from S&P or “Baa2” from Moody’s, the failure to maintain either such shadow rating shall continue for a period of fifteen (15) days from the date that such notice is provided, and
MBIA, in its sole discretion, shall have delivered written notice to the Servicer and the Collateral Agent declaring such downgrade to be a Termination and Amortization Event; or 
  
 (z) one or more courts of competent jurisdiction have issued final, non-appealable orders to the effect that the Collateral
Agent is not the secured party with respect to Financed Vehicles financed under Receivables with an Aggregate Outstanding Balance (i.e., as of the date upon which such Receivables were originated), equal to 5.00% or more of the Aggregate Outstanding
Balance of all Receivables owned by the Debtor; or 
  

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 (aa) AmeriCredit shall enter into any transaction or merger whereby it is not the surviving entity (other
than internal re-organization), or AMC or the Debtor shall enter into any merger regardless of the surviving entity; or 
  
 (bb) the periodic due diligence by the Note Insurer (or its designee) as permitted by the Transaction Documents, reveals that Receivables representing
more than 10% of the sample reviewed (which sample must be of a reasonably statistically significant size) displays material non-compliance with the standards described in the Credit and Collection Policy; or 
  
 (cc) except as permitted by the transaction documents, any assignment by
AmeriCredit of its rights and obligations under the Transaction Documents without the prior written consent of the Note Insurer; or 
  
 (dd) the Trust becomes an “investment company” within the meaning of the Investment Company Act of 1940; or 
  
 (ee) AMC fails to repurchase Receivables in connection with a breach of
representation or warranty relating to the Receivables or due to an incomplete or defective Receivable File, or as a result of either (I) an amount in excess of 0.50% of the related Lien Certificates not having been received by the Custodian by the
181st day following the origination date of the related Receivable or (II) a Lien Certificate not having been
received by the Custodian by the 240th day following the origination date of the related Receivable; or 

 
 (ff) AmeriCredit is removed as servicer or is provided with notice of
servicer non-renewal or non-extension on any outstanding term asset-backed transaction or pursuant to the Master Warehouse Facility Servicing Agreement; or 
  
 (gg) the Eligible Receivables held as Collateral that have Contracts that provided for 72 monthly payments is greater than (I) 40% or (II) if the
concentration limitation for Contracts that provide for 72 monthly payments set forth for the Receivables Pool related to the most recent securitization prior to any date of determination is less than 40% then such concentration limitation, but no
less than 30% and, in any such condition shall continue for five Business Days; or 
  
 (hh) the Weighted Average AmeriCredit Score for all of the Eligible Receivables held as Collateral which have Contracts which provide for 72 monthly payments is (I) less than 235 or (II) if 30% or less of the
Contracts provide for 72 monthly payments, less than 230; or 
  
 (ii) an Overcollateralization Shortfall exists for thirty (30) consecutive days; or 
  
 (jj) the GAAP Portfolio Net Loss Ratio for any Determination Date shall exceed (i) 9.00% or (ii) if the credit enhancement associated with any public asset-backed securitization sponsored by AmeriCredit that closes on
or after October 1, 2004 decreases to an amount below 18%, 8.50%; 
  

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 (kk) a Servicer Termination Event occurs; or 
  
 (ll) The portion of AmeriCredit’s total committed and in good standing
warehouse facilities that is insured by the Note Insurer exceeds 40%. 
  
 In addition to the Termination and Amortization Events listed above, the following Termination and Amortization Events apply only during the Regular Amortization Period and only with respect to the Regular Amortization Receivables Pool:

  
 (a) on any Determination Date, the Regular Amortization
Period Cumulative Net Loss Ratio exceeds the amount (based on weighted average pool seasoning in months) specified for the related Determination Date in Exhibit M hereto; or 
  
 (b) on any Determination Date during the Regular Amortization Period, the Delinquency Ratio, averaged for the 3 most recent
Determination Dates, exceeds the level specified for such Determination Date in Exhibit N hereto; or 
  
 (c) on any Determination Date during the Regular Amortization Period, the Default Ratio exceeds the level specified for such Determination Date in Exhibit
O hereto; or 
  
 (d) (i) on any of the seventh through thirteenth
Determination Dates during the Regular Amortization Period, the Annualized Net Loss Ratio for Receivables held as Collateral, exceeds 10%; or (ii) on any Determination Dates during the Regular Amortization Period thereafter, the Annualized Net Loss
Ratio for Receivables held as Collateral, exceeds 11%. 
  
 SECTION
6.2. Termination. Upon the occurrence of any Termination and Amortization Event hereunder, the Rapid Amortization Period shall commence, unless the Note Insurer otherwise waives in writing such Termination and Amortization Event. No waiver of
any Termination and Amortization Event hereunder shall be effective without the prior written consent of the Note Insurer. 
  
 The Debtor and the Servicer agree that they shall take all actions (including reliening of the certificates of title or other title documents in the name
of the Collateral Agent on behalf of the Secured Parties) and execute all documents as may be necessary or requested by the Collateral Agent or the Note Insurer to perfect its interest in the Collateral, including, without limitation, to perfect the
Collateral Agent’s security interest in the Financed Vehicles. Each of the Debtor, AmeriCredit and AMC hereby grant to the Collateral Agent, on behalf of the Secured Parties, a power of attorney to act in its place and stead to take all actions
as may be necessary to perfect the Collateral Agent’s security interest in the Financed Vehicles. Each of AmeriCredit, AMC and the Debtor acknowledge that such power of attorney is irrevocable and is coupled with an interest. In connection with
any sale of the Receivables by the Collateral Agent after the occurrence of a Termination and Amortization Event, the Debtor shall have, for a period of five (5) Business Days after notice of such proposed sale from or on behalf of the Secured
Parties, the right to repurchase the Receivables and related Contracts for a price, payable in immediately available funds, in an amount equal to the then outstanding Secured Obligations. 
  

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 SECTION 6.3. Optional Redemption of Note. On any Remittance Date (i) following the occurrence of a
Termination and Amortization Event (which Termination and Amortization Event itself occurs on or after the twelfth (12th) Remittance Date), the Note Insurer, on not fewer than fifteen (15) prior Business Days’ written notice, substantially in the form of Exhibit Q hereto, delivered to the Debtor, the Servicer, the Collateral Agent and the
Purchaser may, or (ii) on or after the twenty-fourth (24th)Remittance Date, the Debtor not fewer than fifteen (15)
prior Business Day’s written notice delivered to the Note Insurer, the Purchaser and the Collateral Agent, may, redeem the Note, in whole or in part, on, in each case for a purchase price equal to the Net Investment then outstanding, plus all
accrued and unpaid Note Interest, to the date of payment; and provided that all amounts, if any, then due and owing to the Note Insurer, the Collateral Agent and the Servicer are paid in full in cash. The purchase price shall be applied as set forth
in Section 6.5 hereof. 
  
 SECTION 6.4. Optional Purchase of
All Receivables. (a) (a) On the last day of any Settlement Period during the Amortization Period as of which the Aggregate Outstanding Balance of all Receivables shall be less than or equal to 10% of the Aggregate Outstanding Balance of all
Receivables as of the beginning of the Amortization Period, the Servicer and AMC each shall have the option to purchase the Trust Estate, other than the Accounts (with the consent of the Note Insurer if such purchase would result in a claim on the
Note Policy or would result in any amount owing to the Note Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay
the full amount of principal, premium, if any, and interest then due and payable on the Notes and the Certificates and any amount then due and owed to the Note Insurer. To exercise such option, the Servicer or AMC, as the case may be, shall deposit
in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust and any amount then due and owed to the Note Insurer,
such value to be determined by an appraiser mutually agreed upon by the Servicer, the Note Insurer and the Collateral Agent, and shall succeed to all interests in and to the Trust. 
  
 (b) Notice of any termination of the Trust shall be given to the Owner Trustee, the Collateral Agent, the Note Insurer and
the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  
 (c) All amounts deposited in the Collection Account pursuant to this Section 6.4 shall be applied as set forth in Section 6.5 hereof. 
  
 SECTION 6.5. Proceeds. The proceeds from the sale, disposition or liquidation of the Receivables pursuant to Section
6.2 hereof, in connection with any optional redemption of the Note pursuant to Section 6.3 hereof, or in connection with the optional purchase of all Receivables pursuant to Section 6.4 hereof, shall be treated as Prepayment Amounts and applied
pursuant to Section 2.4 hereof. 
  

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 ARTICLE VII 
  
 THE COLLATERAL AGENT 
  
 SECTION 7.1. Duties of the Collateral Agent. The Secured Parties hereby appoint JPMorgan to act solely on their behalf as Collateral Agent
hereunder, and JPMorgan hereby accepts such appointment. The Collateral Agent, both prior to the occurrence of a Termination and Amortization Event hereunder and after a Termination and Amortization Event shall have been cured or waived, shall
undertake to perform such duties and only such duties as are specifically set forth in this Agreement. The Collateral Agent shall at all times after the occurrence of a Termination and Amortization Event which has not been cured or waived exercise
such of the rights and powers vested in it pursuant to this Agreement using the same degree of care and skill as a prudent person would exercise or use in the conduct of his or her own affairs. 
  
 All Collections received by the Collateral Agent from the Servicer or
otherwise will, pending remittance to the Secured Parties entitled thereto, be held in trust by the Collateral Agent for the benefit of the Secured Parties and together with all other payment obligations of the Debtor hereunder owing to the Secured
Parties shall be payable to the Secured Parties in accordance with the provisions of Article III hereof. 
  
 SECTION 7.2. Compensation and Indemnification of Collateral Agent. The Collateral Agent shall be compensated for its activities hereunder and
reimbursed for reasonable out-of-pocket expenses (including, but not limited to, (i) securities transaction charges not waived due to the Collateral Agent’s receipt of a payment from a financial institution with respect to certain Eligible
Investments and (ii) the compensation and expenses of its counsel and agents) pursuant to a separate letter agreement between the Collateral Agent and the Debtor. All such amounts shall be payable from funds available therefor in accordance with
Section 2.3(a)(iv) and (xii) hereof. Notwithstanding any other provisions in this Agreement, the Collateral Agent shall not be liable for any liabilities, costs or expenses of the Debtor arising under any tax law, including without limitation any
federal, state or local income or franchise taxes or any other tax imposed on or measured by income (or any interest or penalties with respect thereto or from a failure to comply therewith). 
  
 (a) Each of the Debtor and AmeriCredit shall, jointly and severally,
indemnify the Collateral Agent, its officers, directors, employees and agents for, and hold it harmless against any loss, liability or expense incurred without willful misconduct, gross negligence or bad faith on its part, arising out of or in
connection with (i) the acceptance or administration of this Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties under this
Agreement and (ii) the negligence, willful misconduct or bad faith of the Debtor in the performance of its duties hereunder. All such amounts shall be payable in accordance with Section 2.3(a)(iv) and (xii) hereof. The provisions of this Section 7.2
shall survive the termination of this Agreement or the earlier resignation or removal of the Collateral Agent. 
  
 SECTION 7.3. [Intentionally Omitted]. 
  

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 SECTION 7.4. Liability of the Collateral Agent. 
  
 (a) The Collateral Agent shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by the Collateral Agent in such capacity herein. No implied covenants or obligations shall be read into this Agreement against the Collateral Agent and, in the absence of bad faith on the part of the
Collateral Agent, the Collateral Agent may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Collateral Agent and conforming to the requirements of this
Agreement. 
  
 (b) The Collateral Agent shall not be liable for an
error of judgment made in good faith by an authorized officer, unless it shall be conclusively proved in a judicial proceeding that the Collateral Agent shall have been negligent in ascertaining the pertinent facts of which the Collateral Agent is
required by the terms of this Agreement or any other Transaction Documents to make itself aware. 
  
 (c) The Collateral Agent shall not be liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with this
Agreement or at the direction of a Secured Party relating to the exercise of any power conferred upon the Collateral Agent under this Agreement. 
  
 (d) The Collateral Agent shall not be charged with knowledge of any Termination and Amortization Event unless an authorized officer obtains actual
knowledge of such event or the Collateral Agent receives written notice of such event from the Debtor, the Purchaser, any other Owner, any other Secured Party or the Note Insurer, as the case may be. 
  
 (e) Without limiting the generality of this Section 7.4, the Collateral Agent
shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any other Transaction Document or any financing statement or continuation statement evidencing a security interest in the Receivables or 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 Receivables, (iv) to confirm or verify the
contents of any reports or certificates of the Servicer or the Debtor delivered to the Collateral Agent pursuant to this Agreement believed by the Collateral Agent 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 or observance of any of the Debtor’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as
Servicer and as custodian of books, records, files and computer records relating to the Receivables. 
  
 (f) The Collateral Agent shall not be required 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 there shall be reasonable ground for believing that the repayment of such funds or indemnity satisfactory to it against such risk or liability shall not be assured to it, and
none of the provisions contained in this Agreement shall in any event require the Collateral Agent to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement. 
  

 74 

 (g) The Collateral Agent may conclusively rely and shall be fully protected in acting or refraining from
acting upon any resolution, officer’s certificate, any Servicer’s Certificate, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or
document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 
  
 (h) The Collateral Agent may consult with counsel and any opinion of such counsel shall be full and complete authorization and protection in respect of
any action taken or suffered or omitted by it under this Agreement in good faith and in accordance with such opinion of counsel. 
  
 (i) The Collateral Agent 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 in relation to this Agreement, at the request, order or direction of the Note Insurer pursuant to the provisions of this Agreement, unless the Note Insurer shall have offered to the Collateral Agent
reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained in this Agreement, however, shall relieve the Collateral Agent of its obligations, upon the occurrence of a
Termination and Amortization Event (that shall not have been cured or waived), to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of his or her own affairs. 
  
 (j) The Collateral Agent shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
Agreement. 
  
 (k) Prior to the occurrence of a Termination and
Amortization Event and before the Collateral Agent has received notice of such Termination and Amortization Event and after the waiver of any Termination and Amortization Event that may have occurred, the Collateral Agent shall not be bound to make
any investigation into the facts of 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 so to do by a Secured
Party; provided, however, that if the payment within a reasonable time to the Collateral Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the
Collateral Agent, not reasonably assured by the Debtor, the Collateral Agent 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 Debtor or, if paid by the Collateral Agent, shall be reimbursed by the Debtor upon demand. 
  
 (l) The Collateral Agent may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents or attorneys or a custodian. The Collateral Agent shall not
be responsible for any misconduct or negligence of any such Agent or custodian appointed with due care by it hereunder. 
  

 75 

 (m) The Collateral Agent shall have no obligation to invest and reinvest any cash held in the applicable
Eligible Deposit Account in the absence of timely and specific written investment direction of the Servicer. In no event shall the Collateral Agent be liable for the selection of investments or for investment losses incurred thereon by reason of
investment performance, nor shall the Collateral Agent shall have any liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure to be provided with timely written investment
direction from the Servicer. 
  
 (n) The Collateral Agent may at
any time resign by giving thirty (30) days written notice of resignation to the Debtor, the Servicer, AMC and the Note Insurer. Upon receiving such notice of resignation, the Servicer, with the consent of the Note Insurer, shall promptly appoint a
successor and, upon the acceptance by the successor of such appointment, release the resigning Collateral Agent from its obligations hereunder by written instrument, a copy of which instrument shall be delivered to each of the Debtor, the Servicer,
AMC and the Note Insurer, the resigning Collateral Agent and the successor. If no successor shall have been so appointed and have accepted appointment within forty-five (45) days after the giving of such notice of resignation, the resigning
Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor. 
  
 SECTION 7.5. [Intentionally Omitted]. 
  
 SECTION 7.6. Limitation on Liability of the Collateral Agent and Others. The directors, officers, employees or agents of the Collateral Agent shall
not be under any liability to the Note Insurer, any Secured Party or any other Person hereunder or pursuant to any document delivered hereunder, it being expressly understood that all such liability is expressly waived and released as a condition
of, and as consideration for, the execution of this Agreement; provided, however, that this provision shall not protect the directors, officers, employees and agents of the Collateral Agent against any liability which would otherwise
be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. Except as provided in Section 7.4 hereof, the Collateral Agent shall not
be under any liability to any Secured Party or any other Person for any action taken or for refraining from the taking of any action in its capacity as Collateral Agent pursuant to this Agreement whether arising from express or implied duties under
this Agreement; provided, however, that this provision shall not protect the Collateral Agent against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of
duties or by reason of reckless disregard of obligations and duties hereunder. The Collateral Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Collateral Agent shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to administer the Collections and the Collection Account in accordance with this
Agreement which in its reasonable opinion may involve it in any expense or liability. 
  

 76 

 ARTICLE VIII 
  
 THE SECURITIES INTERMEDIARY 
  
 SECTION 8.1. Duties of the Securities Intermediary. JPMorgan, in its capacity as Securities Intermediary hereunder, hereby undertakes and agrees to
act as “security intermediary” (as such term is defined in Section 8-501 of the Uniform Commercial Code as in effect in the State of New York (the “New York UCC”)) in connection with the securities accounts hereinafter
referred to in this Article 8 and all securities, security entitlements, cash and other property held from time to time in such securities accounts). In such capacity and in accordance with Sections 2.10, 2.11, 2.12 and 2.15 herein, the Securities
Intermediary will (a) establish account number 10209854.1 in the name of JPMorgan Chase Bank, as Collateral Agent for the benefit of the Secured Parties, which account is the account referred to herein as the “Collection Account”, (b)
establish account number 10209854.4 in the name of JPMorgan Chase Bank, as Collateral Agent for the benefit of the Secured Parties, which account is the account referred to herein as the “Funding Account”, (c) establish account number
10209854.5 in the name of JPMorgan Chase Bank, as Collateral Agent for the benefit of the Secured Parties, which account is the account referred to herein as the “Yield Supplement Account” and (d) establish account number 10209854.3 in the
name of JPMorgan Chase Bank, as Collateral Agent for the benefit of the Secured Parties, which account is the account referred to herein as the “Reserve Account”. 
  
 SECTION 8.2. Representations, Warranties and Covenants of the Securities Intermediary. The Securities Intermediary
represents, warrants and covenants that: 
  
 (i) It shall not
change the name or account number of the Collection Account, the Funding Account, the Yield Supplement Account or the Reserve Account (collectively, the “Collateral Agent Accounts”) without the prior written consent of the
Collateral Agent and the Note Insurer; 
  
 (ii) All securities or
other property comprising any financial assets deposited in or credited to the Collateral Agent Accounts shall be registered in the name of the Securities Intermediary or the Collateral Agent or in blank or shall be credited to another securities
account or accounts maintained in the name of the Securities Intermediary, and in no case shall any financial asset deposited in or credited to any such account be registered in the name of the Debtor, payable to the order of the Debtor or specially
endorsed to the Debtor, except to the extent the foregoing have been specifically endorsed to the Securities Intermediary or in blank; 
  
 (iii) All property delivered to the Securities Intermediary pursuant to this Agreement for deposit in or credit to the Collateral Agent Accounts shall be
promptly credited to such account; 
  
 (iv) Each of the Collateral
Agent Accounts is and shall remain a “securities account” as such term is defined in Section 8-501(a) of the New York UCC, and the Securities Intermediary agrees that each item of property (whether investment property, financial asset,
security, instrument or cash) deposited in or credited to each such account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC and that, 

  

 77 

 
subject to the terms of this Agreement, the Securities Intermediary will treat the Collateral Agent as the holder of a security entitlement in and as
entitled to exercise the rights that comprise any financial asset deposited in or credited to such account; 
  
 (v) JPMorgan, in the ordinary course of its business maintains securities accounts for others and is acting in that capacity in exercising its rights and
discharging its duties hereunder; and 
  
 (vi) If at any time the
Securities Intermediary shall receive any notification from the Collateral Agent directing transfer or redemption of any financial asset relating to the Collateral Agent Accounts, the Securities Intermediary shall comply with such entitlement order
without further consent by the Debtor or any other person. 
  
 SECTION 8.3. Governing Law for Certain Securities Intermediary Matters. Without limiting the generality of Section 9.4 of this Agreement, the parties agree that both this Agreement, the Collateral Agent Accounts shall be governed by
the laws of the State of New York. Regardless of any provision in any other agreement, for purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Collateral Agent Accounts (as well as all
of the securities entitlements related thereto) shall be governed by the laws of the State of New York. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 SECTION 9.1. Term of Agreement.
This Agreement shall terminate on the date immediately following the date upon which all Secured Obligations have been paid in full in cash; provided, however, that (i) the rights and remedies of the Collateral Agent, the Note Insurer,
and the Secured Parties with respect to any representation and warranty made or deemed to be made by the Debtor, AmeriCredit, AMC or the Servicer pursuant to this Agreement, (ii) the indemnification and payment provisions of Article VII, and (iii)
the agreement set forth in Section 9.9 hereof, shall be continuing and shall survive any termination of this Agreement. 
  
 SECTION 9.2. Waivers; Amendments. 
  
 (a) No failure or delay on the part of the Collateral Agent, the Note Insurer or any of the Secured Parties in exercising any power, right or remedy under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies
herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. 
  
 (b) Any provision of this Agreement or any of the Transaction Documents may be amended or waived if, but only if, such amendment is in writing and is
signed by the Debtor, the Servicer and the Purchaser and the Note Insurer (and, if the Servicing and Custodian Agreement or the rights or duties of the Collateral Agent are affected thereby, by the Collateral Agent). 
  

 78 

 Prior to the execution of any amendment to this Agreement, the Collateral Agent shall be entitled to
receive and conclusively 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 such execution and delivery have been satisfied. The Collateral
Agent may, but shall not be obligated to enter into any such amendment which affects the Collateral Agent’s own rights, duties or immunities under this Agreement. 
  
 SECTION 9.3. Notices. Except as provided below, all communications and notices provided for hereunder shall be in
writing (including bank wire, telex, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other party at its address or telecopy number set forth below or at such other address or telecopy number as such party
may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this Section 9.3 and
confirmation is received, (ii) if given by mail three (3) Business Days following such posting, if postage prepaid, or if sent via U.S. certified or registered mail, (iii) if given by overnight courier, one (1) Business Day after deposit thereof
with a national overnight courier service, or (iv) if given by any other means, when received at the address specified in this Section 9.3. However, the absence of such confirmation shall not affect the validity of such notice. If the written
confirmation differs in any material respect from the action taken by the Purchaser, the records of the Purchaser shall govern absent manifest error. 
  
 If to the Purchaser: 
  
 Meridian Funding Company, LLC 
 c/o MBIA
Insurance Corporation 
 113 King Street 
 Armonk, NY 10504 
 Attention: Group Managing Directors-Conduits 
 Telephone: 914-273-4545 
 Telecopy:
914-765-3979 
  
 (with a copy to the Note Insurer) 

 
 If to the Debtor: 
  
 AmeriCredit MTN Receivables Trust IV 
 c/o Wilmington Trust Company 
 Rodney Square
North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Asset Backed Securities Administration 
  

 79 

 and a copy to: 
  

AmeriCredit Financial Services, Inc. 
 801 Cherry Street 
 Suite 3900 Fort Worth, Texas 76102 
 Attention: Treasury Department 
 Telephone:
(817) 302-7022 
 Telecopy: (817) 302-7942 
  
 If to the Owner Trustee: 
  
 Wilmington Trust Company 
 Rodney Square
North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Asset Backed Securities Administration 
  
 If to AmeriCredit or the Servicer: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street 
 Suite 3900 

Fort Worth, Texas 76102 
 Attention:
Treasury Department 
 Telephone: (817) 302-7022 
 Telecopy: (817) 302-7942 
  
 If
to AMC: 
  
 AmeriCredit MTN Corp. IV 
 801 Cherry Street - Suite 4000 
 Fort Worth,
Texas 76102 
 Attention: Treasury Department 
 Telephone: (817) 302-7082 
 Telecopy: (817) 302-7915 
  
 If to the Note Insurer: 
  
 MBIA Insurance Corporation 
 113 King Street 
 Armonk, NY 10504

 Attention: Insured Portfolio Management - SF 
 Telephone: (914) 273-4545 
 Telecopy: (914) 765-3810 
  

 80 

 If to the Collateral Agent or the Securities Intermediary: 
  
 JP Morgan Chase Bank 
 4 New York Plaza, 6th Floor 
 New York, NY
10004 
 Attention: Institutional Trust Services, 
 AmeriCredit MTN Receivables Trust IV 
 Telecopy: (212) 623-5932 
  
 SECTION 9.4. Governing Law; Submission to Jurisdiction; Waiver of Jury
Trial; Integration; Appointment of Agent for Service of Process. 
  
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE DEBTOR, AMERICREDIT, AMC AND THE SERVICER HEREBY SUBMITS TO
THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each of the Debtor, AmeriCredit, AMC and the Servicer hereby irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of the
venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Nothing in this Section 9.4 shall affect the right of the Purchaser to bring any action or
proceeding against the Debtor, AmeriCredit, AMC or the Servicer or their respective properties in the courts of other jurisdictions. 
  
 (b) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS. 
  
 (c) This Agreement contains the final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire Agreement between the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.

  
 (d) The Debtor, AmeriCredit, AMC and the Servicer each hereby
appoint Corporation Servicing Company, located at 80 State Street, Albany, New York 12207-2543, as the authorized agent upon whom process may be served in any action arising out of or based upon this Agreement, the other Transaction Documents to
which such Person is a party or the transactions contemplated hereby or thereby that may be instituted in the United States District Court for the Southern District of New York and of any New York State court sitting in the City of New York by the
Purchaser, the Note Insurer, any other Owner, the Collateral Agent or any assignee of any of them. 
  

 81 

 SECTION 9.5. Counterparts; Severability. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Any provisions of this
Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 9.6. Successors and Assigns. 
  
 (a) This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided, however, that none of the
Debtor, AmeriCredit, AMC or the Servicer may assign any of its rights or delegate any of its duties hereunder or under the Master Receivables Purchase Agreement or under any of the other Transaction Documents without the prior written consent of the
Collateral Agent, except that the Servicer may delegate its duties hereunder and under any other Transaction Document with respect to the servicing of and collections on certain Receivables to AmeriCredit Financial Services of Canada Ltd. without
first obtaining the consent of the Collateral Agent or any other Person. No provision of this Agreement shall in any manner restrict the ability of the Collateral Agent to assign, participate, grant security interests in, or otherwise transfer any
portion of the Collateral. 
  
 (b) Each of the Debtor,
AmeriCredit, AMC and the Servicer hereby consents to and acknowledges the assignment by the Purchaser of all of its rights under, interest in and title to this Agreement, the Note and the Collateral to the Note Insurer. 
  
 SECTION 9.7. Waiver of Confidentiality. Each of the Debtor,
AmeriCredit, AMC and the Servicer hereby consents to the disclosure of any non-public information with respect to it received by any Secured Party, the Collateral Agent or the Note Insurer to any of the Purchaser, any nationally recognized rating
agency rating the Purchaser’s medium term notes, the Note Insurer or any Secured Party, in relation to this Agreement. 
  
 SECTION 9.8. Confidentiality Agreement. Each of the Debtor, AmeriCredit and AMC hereby agrees that it shall not disclose the contents of this
Agreement or any other proprietary or confidential information of any of the Secured Parties, the Collateral Agent or the Note Insurer to any other Person except (i) its auditors and attorneys, employees or financial advisors (other than any
commercial bank) and any nationally recognized rating agency; provided such auditors, attorneys, employees, financial advisors or rating agencies are informed of the highly confidential nature of such information or (ii) as otherwise required
(x) by applicable law, (y) under the Securities Exchange Act of 1934, as amended, in connection with an offering of securities issued by the Debtor or an Affiliate thereof, or (z) by order of a court of competent jurisdiction (provided,
however, that in the case of this clause (ii) no such disclosure shall occur without the prior review by the Note Insurer of the material to be disclosed). 
  

 82 

 SECTION 9.9. No Bankruptcy Petition Against the Purchaser, AMC, or the Debtor. Each of the Debtor,
AmeriCredit, AMC and the Servicer hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding indebtedness of the Purchaser, it shall not institute against, or join any other Person
in instituting against, the Purchaser, AMC or the Debtor or any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.

  
 SECTION 9.10. Further Assurances. The Debtor agrees to
do such further acts and things and to execute and deliver to the Secured Parties, the Note Insurer or the Collateral Agent such additional assignments, agreements, powers and instruments as are required by each of them to carry into effect the
purposes of this Agreement or to better assure and confirm unto each of them their rights, powers and remedies hereunder. 
  
 SECTION 9.11. Characterization of the Transactions Contemplated by the Agreement; Tax Treatment. 
  
 (a) The parties hereto agree that this Agreement shall constitute a security
agreement under applicable law. The Debtor hereby assigns to the Collateral Agent, for the benefit of the Secured Parties, all of its rights and remedies under (i) the Master Receivables Purchase Agreement with respect to the Receivables and with
respect to any obligations thereunder of each of AmeriCredit and AMC with respect to the Receivables and (ii) under or in connection with any Hedging Arrangement. The Collateral Agent agrees that upon any release of a Receivable or Contract to the
Debtor, the Collateral Agent shall be deemed to have released its security interest therein and reassigned to the Debtor all of the Collateral Agent’s rights under the Master Receivables Purchase Agreement with respect to such Receivable or
Contract. The Debtor agrees that neither it nor the Servicer shall give any consent or waiver required or permitted to be given under the Master Receivables Purchase Agreement with respect to the Receivables or the Contracts without the prior
consent of the Collateral Agent and the Note Insurer. 
  
 (b) Each
of the parties hereto agrees to treat the transactions contemplated by this Agreement as a financing for federal income tax purposes and further agree to file on a timely basis all federal and other income tax returns consistent with such treatment.

  
 SECTION 9.12. Responsibilities of the Debtor. Anything
herein to the contrary notwithstanding, the Debtor shall (i) perform all of its obligations under the Contracts related to the Receivables to the same extent as if interests in such Receivables had not been pledged hereunder and the exercise by the
Collateral Agent or any Secured Party of their rights hereunder shall not relieve the Debtor from such obligations and (ii) pay when due any taxes, including, without limitation, any sales taxes payable in connection with the Receivables and their
creation and satisfaction. Neither the Collateral Agent nor any Secured Party shall have any obligation or liability with respect to any Receivable or related Contracts, nor shall any of them be obligated to perform any of the obligations of the
Debtor thereunder. 
  

 83 

 SECTION 9.13. Headings. Section headings used in this Agreement are for convenience of reference
only and shall not affect the construction or interpretation of this Agreement. 
  
 SECTION 9.14. Limitation on Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally
but solely as Owner Trustee of the Debtor, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Debtor is made and intended not as a
personal representation, undertaking and agreement by Wilmington Trust Company but is made and intended for the purpose for binding only the Debtor, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust
Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto
and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Debtor or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Debtor under this Agreement or any other related documents; provided, however, that no provision of this Agreement shall be construed to relieve the Owner Trustee from liability for its own grossly negligent action,
its own grossly negligent failure to act, its action in bad faith or its own willful misconduct. 
  
 SECTION 9.15. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns. In addition, each of the Secured Parties shall be an express third party beneficiary hereof entitled to enforce the terms hereof as if it were a party hereto. Concurrently with the appointment of a successor Collateral Agent
under the Security Agreement, the parties hereto shall amend this Agreement to make said Collateral Agent, the successor to the Collateral Agent hereunder. 
  
 SECTION 9.16. Effect of Note Insurer Default. Upon the occurrence of a Note Insurer Default, and for so long as such Note Insurer Default
continues, all rights of the Note Insurer shall vest in the Purchaser; provided, however, that all rights of the Note Insurer shall be immediately reinstated upon cure of such Note Insurer Default. 
  

 84 

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

			
	 AMERICREDIT MTN RECEIVABLES TRUST IV, as Debtor

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

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT FINANCIAL SERVICES, INC., individually and as Servicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT MTN CORP. IV, individually

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, as Collateral Agent and as Securities Intermediary

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 85 

 EXHIBIT A 
  

List of Lock-Box Banks and Lock-Box Accounts 
  
 [                    ] 

 EXHIBIT B 
  

Form of Lock-Box Agreement 
  
 [See Tri-Party Remittance Processing Agreement (Tab 10)] 

 EXHIBIT C 
  

Form of Note 
  
 [See Specimen Note (Tab 12)] 

 EXHIBIT D 
  

[Intentionally Omitted] 

 EXHIBIT E 
  

List of Actions and Suits 
  
 None. 

 EXHIBIT F 
  

Schedule of Locations of Records 
  
 AmeriCredit Financial Services, Inc. 
 4001 Embarcadero Drive

 Arlington, Texas 76014 

 EXHIBIT G 
  

List of Subsidiaries, Divisions and Tradenames 
  
 None. 

 EXHIBIT H 
  

[Intentionally Omitted] 

 EXHIBIT I 
  

Form of Secretary’s Certificate 
  
 [See AmeriCredit Secretary’s Certificate (Tab 20)] 

 EXHIBIT J 
  

[Intentionally Omitted] 

 EXHIBIT K 
  

Form of Take-Out Notice 

 EXHIBIT L 
  

Form of Delivery Notice 
  
 [See Initial Delivery Notice (Tab 14)] 

 EXHIBIT M 
  

Cumulative Net Loss Table 
  

				
	 Seasoning
in Months

	  	Trigger Rate

	 
	 3
	  	1.25	%
	 6
	  	2.50	%
	 9
	  	5.20	%
	 12
	  	7.10	%
	 15
	  	9.00	%
	 18
	  	10.90	%
	 21
	  	12.60	%
	 24
	  	13.60	%
	 27
	  	14.60	%
	 30
	  	15.60	%
	 33
	  	16.20	%
	 36
	  	16.60	%
	 39
	  	16.90	%
	 42
	  	17.10	%

 EXHIBIT N 
  

Delinquency Ratio Table 
  

				
	 Weighted Average
Seasoning of Pool

	  	Trigger Rate

	 
	 1- 12 months
	  	5.00	%
	 13 - 24 months
	  	5.50	%
	 25 - 48 months
	  	6.50	%
	 49 - 72 months
	  	7.00	%

 EXHIBIT O 
  

Default Ratio Table 
  

				
	 Weighted Average
Seasoning of Pool

	  	Default Rate
Trigger

	 
	   1-3 months
	  	3.53	%
	   4-6 months
	  	5.82	%
	   7-9 months
	  	8.24	%
	 10-12 months
	  	10.00	%
	 13-15 months
	  	12.00	%
	 16-18 months
	  	14.50	%
	 19-21 months
	  	17.00	%
	 22-24 months
	  	18.50	%
	 25-27 months
	  	20.50	%
	 28-30 months
	  	22.00	%
	 31-33 months
	  	23.75	%
	 34-36 months
	  	25.00	%
	 37-39 months
	  	26.25	%
	 40-42 months
	  	27.00	%
	 43-45 months
	  	27.75	%
	 46-48 months
	  	27.75	%
	 49-51 months
	  	27.75	%
	 52-54 months
	  	27.75	%
	 55-57 months
	  	27.75	%
	 58-60 months
	  	27.75	%
	 61-63 months
	  	27.75	%
	 64-66 months
	  	27.75	%
	 67-69 months
	  	27.75	%
	 70-72 months
	  	27.75	%

 EXHIBIT P 
  

Collateral Agent’s Fee Schedule 

 EXHIBIT Q 
  

Form of Redemption Notice 
  
 REDEMPTION NOTICE 
  
 [DATE]             
  
 MBIA Insurance Corporation 
 113 King Street

 Armonk, New York 10504 
 Attn: Insured Portfolio Management
– SF 
  
 Meridian Funding Company, LLC 
 c/o MBIA Insurance Corporation 
 113 King Street 
 Armonk, New York 10504 
 Attn: Group Managing Directors – Conduits

  
 JPMorgan Chase Bank 
 4 New York Plaza 
 New York, New York 10004 
 Attn: AmeriCredit MTN Receivables Trust IV 
  
 Re: AmeriCredit MTN Receivables Trust IV 
  
 Ladies and Gentlemen: 
  
 Reference is made to the Security Agreement, dated as of October 1, 2004 (as amended, the “Security Agreement”), by and among AmeriCredit
MTN Receivables Trust IV, as debtor, (the “Debtor”), AmeriCredit Financial Services, Inc. (“AmeriCredit”), individually and as servicer, AmeriCredit MTN Corp. IV (“AMC”), individually, and JPMorgan
Chase Bank, as Collateral Agent and as Securities Intermediary. All capitalized used and not otherwise defined herein shall have the meanings assigned thereto in the Security Agreement. 
  
 The Debtor hereby provides you with notice pursuant to Section 6.3 of the Security Agreement that on [DATE] (the
“Redemption Date”) it shall redeem the Note in whole for a Prepayment Amount equal to $                     (representing the
Net Investment as of the Redemption Date of $                     and the actual accrued and unpaid interest on such Net Investment as of the
Redemption Date totaling $                    ). As of the date of this Redemption Notice, AmeriCredit is not required to make a capital
contribution to the Debtor and AMC is not required to make a capital contribution to the Debtor insofar as the sum of 

  

 O-2 

 
the estimated Prepayment Amount to be paid on the Redemption Date plus
$                     of amounts remaining due and owing to the Note Insurer, the Collateral Agent and the Servicer as of the Redemption Date
does not exceed the estimated aggregate amounts on deposit in the Accounts as of the Redemption Date (such aggregate amounts estimated to equal
$                     as of the Redemption Date). 
  
 [Remainder of page intentionally left blank] 
  

 O-3 

			
	 AMERICREDIT MTN RECEIVABLES TRUST IV

		
	 By:
	 	 WILMINGTON TRUST COMPANY not in its individual capacity but solely as Owner Trustee on behalf of the Issuer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

			
	Acknowledged and Agreed:
	
	 AMERICREDIT FINANCIAL SERVICES, INC., Individually and as Servicer,

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 AMERICREDIT MTN CORP. IV

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 MBIA INSURANCE CORPORATION,
as Insurer,

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 MERIDIAN FUNDING COMPANY, LLC,
as Purchaser

		
	By:	 	  

	Name:	 	 
	Title:	 	 

			
	 JPMORGAN CHASE BANK,
as Collateral Agent and as Securities Intermediary

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 Q-2Servicing and Custodian Agreement

 Exhibit 10.2 

 SERVICING AND 
 CUSTODIAN AGREEMENT 

 
 among 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
 as Servicer and Custodian, 
  
 AMERICREDIT MTN RECEIVABLES TRUST IV, 
 as Debtor, 
  
 and 
  
 JPMORGAN CHASE BANK, 
 as Collateral Agent

  
 dated as of 
 October 1, 2004 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	2
			
	     Section 1.1.
	  	 Definitions
	  	2
	     Section 1.2.
	  	 Other Definitional Provisions.
	  	6
		
	 ARTICLE II ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	6
			
	     Section 2.1.
	  	 Duties of the Servicer.
	  	6
	     Section 2.2.
	  	 Collection of Receivable Payments; Modifications of Receivables; Lock-Box Agreements.
	  	8
	     Section 2.3.
	  	 Realization upon Receivables.
	  	10
	     Section 2.4.
	  	 Insurance.
	  	11
	     Section 2.5.
	  	 Maintenance of Security Interests in Vehicles.
	  	13
	     Section 2.6.
	  	 Covenants, Representations, and Warranties of Servicer.
	  	13
	     Section 2.7.
	  	 Purchase of Receivables Upon Breach of Covenant or Representation and Warranty
	  	15
	     Section 2.8.
	  	 Total Servicing Fee; Payment of Certain Expenses by Servicer
	  	16
	     Section 2.9.
	  	 Servicer’s Certificate
	  	16
	     Section 2.10.
	  	 Annual Statement as to Compliance, Notice of Servicer Termination Event.
	  	17
	     Section 2.11.
	  	 Annual Servicing Review
	  	17
	     Section 2.12.
	  	 Access to Certain Documentation and Information Regarding Receivables
	  	18
	     Section 2.13.
	  	 Monthly Tape
	  	18
	     Section 2.14.
	  	 Fidelity Bond and Errors and Omissions Policy
	  	19
		
	 ARTICLE III THE SERVICER
	  	19
			
	     Section 3.1.
	  	 Liability of Servicer; Indemnities.
	  	19
	     Section 3.2.
	  	 Merger or Consolidation of, or Assumption of the Obligations of the Servicer
	  	20
	     Section 3.3.
	  	 Limitation on Liability of Servicer and Others
	  	21
	     Section 3.4.
	  	 Delegation of Duties
	  	21
	     Section 3.5.
	  	 Servicer Not to Resign
	  	21
	     Section 3.6.
	  	 Administrative Duties of Servicer.
	  	22
		
	 ARTICLE IV SERVICER TERMINATION
	  	22
			
	     Section 4.1.
	  	 Servicer Termination Event
	  	22
	     Section 4.2.
	  	 Consequences of a Servicer Termination Event
	  	23
	     Section 4.3.
	  	 Appointment of Successor.
	  	24
	     Section 4.4.
	  	 Notification to Secured Parties
	  	25
	     Section 4.5.
	  	 Waiver of Past Defaults
	  	25
		
	 ARTICLE V THE CUSTODIAN
	  	25
			
	     Section 5.1.
	  	 Appointment of Custodian; Acknowledgment of Receipt; Monthly Exception Reports
	  	25

					
	     Section 5.2.
	  	 Maintenance of Receivable Files at Office
	  	25
	     Section 5.3.
	  	 Duties of Custodian.
	  	26
	     Section 5.4.
	  	 Instructions; Authority to Act
	  	27
	     Section 5.5.
	  	 Custodian Fee
	  	27
	     Section 5.6.
	  	 Indemnification by the Custodian
	  	27
	     Section 5.7.
	  	 Advice of Counsel
	  	27
	     Section 5.8.
	  	 Effective Period, Termination, and Amendment; Interpretive and Additional Provisions
	  	27
	     Section 5.9.
	  	 Representations, Warranties and Covenants of Custodian.
	  	28
		
	 ARTICLE VI MISCELLANEOUS
	  	30
			
	     Section 6.1.
	  	 Governing Law
	  	30
	     Section 6.2.
	  	 Notices
	  	30
	     Section 6.3.
	  	 Binding Effect
	  	31
	     Section 6.4.
	  	 Severability
	  	31
	     Section 6.5.
	  	 Separate Counterparts
	  	31
	     Section 6.6.
	  	 Limitation of Liability of Owner Trustee
	  	31
	     Section 6.7.
	  	 Waivers; Amendment
	  	32
	     Section 6.8.
	  	 Nonpetition Covenants
	  	32

  

					
	 EXHIBITS AND SCHEDULES

	
	 Exhibit A -   Form of Servicer’s Certificate

	 Exhibit B -   Form of Monthly Exception Report

	 Exhibit C -   Scope of Quarterly Audit

	
	 Schedule A – Form of Custodian’s Acknowledgment

  

 ii 

 THIS SERVICING AND CUSTODIAN AGREEMENT, dated as of October 1, 2004, is between AmeriCredit Financial
Services, Inc. (“AmeriCredit”), as Servicer (in such capacity, the “Servicer”) and as Custodian (in such capacity, the “Custodian”), AmeriCredit MTN Receivables Trust IV (the
“Trust”) and JPMorgan Chase Bank, as Collateral Agent (in such capacity, the “Collateral Agent”). 
  
 W I T N E S S E T H 
  
 WHEREAS, AmeriCredit MTN Receivables Trust IV (the “Trust”), AmeriCredit, MBIA Insurance Corporation, as
Administrative Agent, and Meridian Funding Company, LLC (“Meridian”) have entered into a Note Purchase Agreement, dated as of the date hereof (the “Note Purchase Agreement”); 
  
 WHEREAS, the Trust, AmeriCredit, AmeriCredit MTN Corp.
IV(“AMC”) and the Collateral Agent have entered into a Security Agreement dated as of the date hereof (the “Security Agreement”); 
  
 WHEREAS, AmeriCredit, AMC, the Collateral Agent, and the Trust have entered into a Master Receivables Purchase Agreement,
dated as of the date hereof (the “Receivables Purchase Agreement”), pursuant to which the Sellers (as defined in the Receivables Purchase Agreement) agree to sell, transfer and assign to the Trust all of their right, title and
interest in and to the Receivables described in the Schedules of Receivables attached to the Supplements (as defined below); 
  
 WHEREAS, pursuant to the Receivables Purchase Agreement, the Sellers and the Trust will enter into Supplements to the Receivables Purchase Agreement from
time to time (each a “Supplement”), whereby the Sellers will sell, transfer and assign to the Trust on the applicable Receivables Transfer Date (as defined in the Receivables Purchase Agreement) all of their right, title and
interest in and to Receivables listed on the Schedules of Receivables attached to such Supplements; 
  
 WHEREAS, pursuant to the Security Agreement, the Trust will pledge to the Collateral Agent for the benefit of the Secured Parties all of its right, title
and interest in the Collateral, including, but not limited to, the Receivables and the Other Conveyed Property (as defined in the Receivables Purchase Agreement); 
  
 WHEREAS, the Servicer is willing to service the Receivables; and 
  
 WHEREAS, the Collateral Agent wishes to appoint the Custodian to hold the
Receivable Files as the custodian on behalf of the Collateral Agent. 
  
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and of other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
  
 “Accounting Date” means, with respect to any Settlement
Period the last day of such Settlement Period. 
  
 “Agreement” means this Agreement, as the same may be amended and supplemented from time to time. 
  
 “AmeriCredit” means AmeriCredit Financial Services, Inc. 
  
 “Amount Financed” means, with respect to a Receivable, the aggregate amount advanced under such Receivable
toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other items customarily financed as part of retail automobile
installment sale contracts or promissory notes, and related costs. 
  
 “Annual Percentage Rate” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in the related Contract. 
  
 “Collateral Agent” means JPMorgan Chase Bank, in its capacity as Collateral Agent under the Security
Agreement. 
  
 “Collateral Insurance” shall have
the meaning set forth in Section 2.4(a). 
  
 “Collection
Records” means all manually prepared or computer generated records relating to collection efforts or payment histories with respect to the Receivables. 
  

“Cram Down Loss” means, with respect to a Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency
Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable, an amount equal to (i) the excess of the Outstanding Balance of such
Receivable immediately prior to such order over the Outstanding Balance of such Receivable as so reduced and/or (ii) if such court shall have issued an order reducing the effective rate of interest on such Receivable, the excess of the Outstanding
Balance of such Receivable immediately prior to such order over the net present value (using as the discount rate the higher of the Annual Percentage Rate on such Receivable or the rate of interest, if any, specified by the court in such order) of
the Scheduled Receivables Payments as so modified or restructured. A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order. 
  
 “Custodian” means AmeriCredit acting as agent for the Collateral Agent and any successor Custodian selected
pursuant to Section 4.3(a) hereof. 
  

 2 

 “Custodian’s Acknowledgment” means an acknowledgment from the Custodian
substantially in the form of Schedule A. 
  
 “Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to AmeriCredit under a Dealer Agreement or pursuant to a Dealer Assignment. 
  
 “Dealer Agreement” means any agreement between a Dealer and
AmeriCredit relating to the acquisition of Receivables from a Dealer by AmeriCredit. 
  
 “Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to AmeriCredit. 
  
 “Force-Placed Insurance” has the meaning ascribed thereto in
Section 2.4 hereof. 
  
 “Independent Accountants”
means a firm of nationally recognized independent certified public accountants. 
  
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such Person or the entry of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such petition, decree or order shall remain
unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or
similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or
the taking of action by such Person in furtherance of any of the foregoing. 
  
 “Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 2.4. 
  
 “Insurance Policy” means, with respect to a Receivable, any
insurance policy (including the insurance policies described in Section 2.4 hereof) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with
respect to the Financed Vehicle or the Obligor. 
  
 “Lien
Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien
of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall 

  

 3 

 
mean only a certificate or notification issued to a secured party. For Financed Vehicles registered in certain states, the Lien Certificate may consist of
electronic evidence of ownership indicating that the lien of the secured party has been recorded on the electronic lien and title systems of such states. 
  
 “Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables, including the following with
respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Outstanding Balance; original term; Annual Percentage Rate; current Outstanding
Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent; number of contract
extensions (months) to date; amount of Scheduled Receivables Payment; and past due late charges. 
  
 “Net Liquidation Proceeds” means, with respect to a Defaulted Receivable, all amounts realized with respect to such Receivable net of (i)
reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable;
provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
  
 “Note Insurer” means MBIA Insurance Corporation. 
  

“Opinion of Counsel” means a written opinion of counsel addressed to and acceptable to the Note Insurer. 
  
 “Purchase Amount” means, with respect to a Receivable, the
Outstanding Balance and all accrued and unpaid interest on the Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Receivable, if any. 
  
 “Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a
Settlement Period by AmeriCredit pursuant to Section 2.7. 
  
 “Rating Agency” means Moody’s and Standard & Poor’s. 
  
 “Receivable Files” means, with respect to each Receivable, the following documents: 
  
 (i) the fully executed original of the Contract evidencing such Receivable (together with any agreements modifying the Receivable);

  
 (ii) the original credit application, or a
copy thereof, of each Obligor, fully executed by each such Obligor on AmeriCredit’s customary form, or on a form approved by AmeriCredit, for such application; and 
  
 (iii) the original Lien Certificate (when received), or with respect to certain of the Financed Vehicles,
evidence of the electronic Lien Certificate, and otherwise such documents, if any, that AmeriCredit keeps on file in accordance with its customary 

  

 4 

 
procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of AmeriCredit as first lienholder or secured party
(including any Lien Certificate received by AmeriCredit), or, if such Lien Certificate has not yet been received, a copy of the application therefor, showing AmeriCredit as secured party. 
  
 “Registrar of Titles” means, with respect to any state, the governmental agency or body responsible for the
registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 
  
 “Responsible Officer” means any officer in the corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a
power of attorney with direct responsibility for the administration of this Agreement or any of the other Transaction Documents on behalf of the Owner Trustee. 
  

“Scheduled Receivables Payment” means, with respect to any Settlement Period for any Receivable, the amount set forth in such
Receivable as required to be paid by the Obligor in such Settlement Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Settlement Period has been modified so as to differ from the amount specified
in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or (iii) modifications or extensions of the Receivable permitted by Section 2.2(b),
the Scheduled Receivables Payment with respect to such Settlement Period shall refer to the Obligor’s payment obligation with respect to such Settlement Period as so modified. 
  
 “Servicer” means AmeriCredit Financial Services, Inc., as the servicer of the Receivables, and each
successor Servicer pursuant to Section 4.3. 
  
 “Servicer
Termination Event” means an event specified in Section 4.1. 
  
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 2.9, substantially in the form of Exhibit A. 
  
 “Standby Servicer” means Systems & Services Technologies, Inc., and its successors and assigns, or any
other party serving as Standby Servicer under the Standby Servicing and Successor Servicer Agreement, dated as of October 1, 2004 among the Servicer, the Trust, the Collateral Agent, the Note Insurer and Systems & Services Technologies, Inc.

  
 “Substitution of Collateral Criteria” means
AmeriCredit’s written criteria for substitution of collateral as delivered by AmeriCredit to the Note Insurer on or before the Closing Date, as amended by revisions to such criteria as may be delivered by AmeriCredit to the Note Insurer upon
request. 
  
 “Titled Third Party Lender” means a
Third Party Lender having a short term debt rating of at least “A-1”/”P-1” from S&P and Moody’s, respectively, that has agreed to assist AmeriCredit, to the extent necessary, with any repossession or legal action in
respect of Financed Vehicles with respect to which such Third Party Lender has assigned its full interest therein to AmeriCredit and is listed as first lienholder or secured party on the certificate of title relating to such Financed Vehicle.

  

 5 

 Section 1.2. Other Definitional Provisions. 
  
 (a) Capitalized terms used herein and not otherwise defined herein have
meanings assigned to them in the Security Agreement or the Note Purchase Agreement. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined
therein. 
  
 (c) As used in this Agreement, in any instrument
governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in
this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such
instrument, certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 
  
 (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified;
and the term “including” shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (f) Any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments
thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
  
 ARTICLE II 
  
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
  
 Section 2.1. Duties of the Servicer. 
  
 (a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the
Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which service
motor vehicle retail installment sales contracts and, to 

  

 6 

 
the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle
receivables that it services for itself or others. The Servicer’s duties shall include, without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending
payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the collateral, complying with the terms of the Lock-Box Agreement, accounting for collections and furnishing monthly and annual statements to the Collateral
Agent with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein. 
  
 (b) The Servicer shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided
for in the Dealer Agreements and Third Party Loan Purchase Agreements (and shall maintain possession of the Dealer Agreements and Third Party Loan Purchase Agreements, to the extent it is necessary to do so), the Dealer Assignments, Third Party
Lender Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Third Party Loan Purchase Agreements, Dealer Assignments, Third Party Lender Assignments and Insurance Policies relate to the Receivables, the Financed
Vehicles or the Obligors. The Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and
collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the
Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor.

  
 (c) The Servicer is hereby authorized to commence, in its own
name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 2.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a
Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for
purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses,
affidavits or other documents or instruments in connection with any such proceeding. The Collateral Agent shall, in its reasonable discretion, furnish the Servicer with any limited powers of attorney and other documents which the Servicer may
reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement.

  

 7 

 Section 2.2. Collection of Receivable Payments; Modifications of Receivables; Lock-Box Agreements.

  
 (a) Consistent with the standards, policies and procedures
required by this Agreement and the Credit and Collection Policy, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow
such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Third Party
Loan Purchase Agreements, the Third Party Lender Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect
thereto. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 
  
 (b) So long as no Servicer Termination Event shall have occurred and be
continuing, and in accordance with the Credit and Collection Policy, the Servicer may (A) at any time agree to a modification or amendment of a Receivable in order to (i) not more than once per year, change the Obligor’s regular monthly due
date to a date that shall in no event be later than 30 days after the original monthly due date of that Receivable (ii) re-amortize the Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with
its customary procedures or (B) may direct the Issuer to sell the Receivables pursuant to Section 2.3 hereof if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default on such
Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust. 
  
 (c) The Servicer may grant payment extensions on, or other modifications or amendments to, a receivable (in addition to those modifications permitted by
Section 2.2(b)) in accordance with its customary procedures and the Credit and Collection Policy if the Servicer believes in good faith that such extension, modification or amendment is necessary to avoid a default on such Receivable, will maximize
the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided, however, that: 
  
 (i) In no event may a Receivable be extended more than twice during any twelve month period or more than eight times during the full term
of such Receivable; 
  
 (ii) In no event may a
Receivable be extended beyond the date 80 months after the date on which such Receivable was originated; and 
  
 (iii) the Servicer shall not amend or modify a Receivable (except as provided in Section 2.2(b), this Section 2.2(c) and Section 2.2(f)
without the prior written consent of the Note Insurer. 
  
 The
Servicer shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor’s bank account, to be made directly to one or more Lock-Box Banks, acting as agent for
the Collateral Agent, on behalf of the Secured Parties pursuant to a Lock-Box Agreement. The Servicer shall use its best efforts to notify or direct any Lock-Box Bank to deposit all payments on the Receivables in the Lock-Box Account no later than
the Business Day after receipt, and to cause all amounts credited 

  

 8 

 
to the Lock-Box Account on account of such payments to be transferred to the Collection Account no later than the second Business Day after receipt of such
payments. The Lock-Box Account shall be a demand deposit account held by the Lock-Box Bank, or at the request of the Note Insurer, an Eligible Deposit Account. 
  

Notwithstanding any Lock-Box Agreement, or any of the provisions of this Agreement relating to the Lock-Box Agreement, the Servicer shall remain
obligated and liable to the Trust, the Collateral Agent and Secured Parties for servicing and administering the Receivables and the Other Conveyed Property in accordance with the provisions of this Agreement without diminution of such obligation or
liability by virtue thereof. 
  
 (d) In the event of a termination
of the Servicer, the successor Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lock-Box Agreement subject to the terms hereof. In such event, the successor Servicer shall be deemed to have assumed all of
the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Lock-Box Agreement to the same extent as if such Lock-Box Agreement had been assigned to the successor Servicer, except that the
outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lock-Box Bank under such Lock-Box Agreement. The outgoing Servicer shall, upon request of the Collateral Agent, but at the
expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to each such Lock-Box Agreement and an accounting of amounts collected and held by the Lock-Box Bank and otherwise use its best efforts to effect
the orderly and efficient transfer of any Lock-Box Agreement to the successor Servicer. In the event that the Note Insurer elects to change the identity of the Lock-Box Bank, the outgoing Servicer, at its expense, shall cause the Lock-Box Bank to
deliver, at the direction of the Note Insurer to the Collateral Agent or a successor Lock-Box Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lock-Box Bank (together with an accounting
of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the Lock-Box arrangements and the Servicer shall notify the Obligors to make payments to the Lock-Box Account established by the successor.

  
 (e) The Servicer shall remit all payments by or on behalf of
the Obligors received directly by the Servicer to the Lock-Box Bank for deposit into the Lock-Box Account and for transfer to the Collection Account in accordance with Section 2.2(c) hereof, in either case, as soon as practicable, but in no event
later than the second Business Day after receipt thereof. 
  
 (f)
Substitution of Financed Vehicles. AmeriCredit shall not cause or permit the substitution of the Financed Vehicle relating to a Receivable unless: (i) the substitution is a replacement of the Financed Vehicle originally financed under the
related Receivable; (ii) the Financed Vehicle originally financed under the related Receivable was either (x) insured under an Insurance Policy as required under Section 2.4(a) of this Agreement at the time of a casualty loss that is treated as a
total loss under such Insurance Policy or (y) deemed to be a “lemon” pursuant to applicable State law and repurchased by the related Dealer; (iii) the related Receivable is not more than 30 days delinquent; (iv) the Obligor is deemed to be
in “good standing” by the Servicer and is not in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle has a book value (N.A.D.A.) at least equal to the book 

  

 9 

 
value (N.A.D.A.) of the Financed Vehicle that is being replaced, measured immediately before the casualty loss or replacement by the Dealer; (vi) as of the
date of such substitution, the replacement Financed Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that is being replaced and (vii) the substitution complies with the Substitution of Collateral Criteria. During the
Revolving Period, AmeriCredit shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an Aggregate Outstanding Balance greater than 0.15% of the Net Investment to be owned by the Debtor at any time. During the
Amortization Period, AmeriCredit shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an Aggregate Outstanding Balance greater than one percent (1%) of the Aggregate Outstanding Balance of all Receivables
owned by the Debtor as of the start of the Amortization Period. In the event that either of the substitution limits set forth in the preceding two sentences is exceeded for any reason, AmeriCredit shall, on or before the next following Accounting
Date, repurchase a sufficient number of such Receivables to cause the aggregate original principal balances of such Receivables to be less than such limit. 
  
 Section 2.3. Realization upon Receivables. 
  
 (a) Consistent with the standards, policies and procedures required by this Agreement and the Credit and Collection Policy, the Servicer shall use its
best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as
is practicable after default on such Receivable but in no event later than the date on which all or any portion of a Scheduled Receivables Payment has become ninety-one (91) days delinquent; provided, however, that the Servicer may
elect not to repossess a Financed Vehicle within such time period if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer is authorized to
follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 2.1, which practices and procedures may include reasonable efforts to realize upon any recourse to
Dealers and Third Party Lenders, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is
subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in
its reasonable discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle
shall be remitted by the Servicer to the Collection Account as soon as practicable, but in no event later than two (2) Business Days after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the
course of repossessing and liquidating a Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor with respect to such Financed Vehicle or any amounts received from the
related Dealer and Third Party Lender with respect to such Financed Vehicle, which amounts in reimbursement may be retained by the Servicer to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes
assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 
  

 10 

 (b) If the Servicer elects to commence a legal proceeding to enforce a Dealer Agreement, Third Party Loan
Purchase Agreement, Dealer Assignment or Third Party Lender Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer of the rights under such Dealer Agreement, Third Party Loan Purchase
Agreement, Dealer Assignment and Third Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Third Party Loan Purchase
Agreement, Dealer Assignment or Third Party Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement, Third Party Loan Purchase Agreement, Dealer Assignment or Third Party Lender
Assignment, the Sellers, at the Sellers’ expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Third Party Loan Purchase Agreement, Dealer Assignment or Third Party Lender Assignment,
including bringing suit in its name or the name of the Sellers or of the Trust. All amounts recovered in any legal proceeding shall be remitted directly by the Servicer to the Lock-Box Bank as provided in Section 2.2(d). Notwithstanding anything to
the contrary contained herein, (i) the Note Insurer may, in its reasonable discretion, direct the Servicer (whether the Servicer is AmeriCredit or any other Person) to commence or settle any legal action to enforce collection of any Receivable or to
foreclose upon or repossess any Related Security and (ii) the Servicer shall not make the Collateral Agent or the Secured Parties a party to any litigation without the prior written consent of such Person; provided, however, that in the case of
subsection (i) of this sentence, the Servicer may decline or refuse to act on instructions provided by the Note Insurer if, in the reasonable determination of the Servicer, such action is not consistent with any Requirements of Law (as defined in
the Note Purchase Agreement) or the Credit and Collection Policy (as defined in the Security Agreement), or could result in legal or regulatory action against the Servicer. 
  
 Section 2.4. Insurance. 
  
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by the related
Obligor under the Insurance Policies and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical
loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to
maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle (including, without limitation, during the repossession of
such Financed Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and
procedures. The Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against
physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to
the Servicer. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. The Servicer will administer the filing of claims under the Insurance Policies. 
  

 11 

 (b) The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance
Policy, obtain insurance with respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as
“Force-Placed Insurance”). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be
recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 2.4(c). 
  
 (c) In connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in the manner and to the extent permitted by applicable law,
require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount Financed under the Receivable. For all purposes of this Agreement, the Insurance Add-On Amount with
respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the Obligor and will not be added to the Outstanding Balance of such Receivable, and amounts allocable thereto will not be available for distribution
on the Note. The Servicer shall retain and separately administer the right to receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an Obligor makes a payment with respect to a
Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments
and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the Outstanding Balance and accrued interest on such Receivable (until reduced to zero) and then to pay the related Insurance Add-On
Amount. If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the
Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent Determination Date. Any such Receivable, and any Receivable with respect to which
the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer. 
  
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Trust. If the Servicer elects
to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to the Servicer for purposes of collection only. If, however,
in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Sellers, at the
Sellers’ expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust. 
  
 (e) The Servicer will cause itself and may cause the Collateral Agent on behalf of the Secured Parties to be named as named
insured under all policies of Collateral Insurance. 
  

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 Section 2.5. Maintenance of Security Interests in Vehicles. 
  
 (a) Consistent with the standards, policies and procedures required by this
Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Contract in the related Financed Vehicle with respect to each Receivable, including, but not
limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the
security interest granted by the Obligors under the respective Contracts. The Servicer (so long as AmeriCredit is the Servicer) shall take all action required under Section 2.1 and 2.6 of the Security Agreement with respect to the notation of
Contracts and the marking of records of the Trust. The Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of
the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any
additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of
AmeriCredit as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust and that to the extent any Titled Third Party Lender is designated as the secured party on the Lien Certificate, AmeriCredit shall enforce
its rights through such Titled Third Party Lender, in its capacity as Servicer as agent of the Trust. 
  
 (b) Upon the occurrence of a Termination and Amortization Event, the Note Insurer may instruct the Collateral Agent and the Servicer to take or cause to
be taken such action as may, in the discretion of the Note Insurer, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such
Financed Vehicles to name the Collateral Agent on behalf of the Secured Parties as lienholder or by such other reasonable means as may, in the opinion of counsel to the Note Insurer, be necessary or prudent. Any costs associated with such retitling
shall be paid by the Servicer and to the extent not so paid, the Note Insurer shall have the option to pay such costs and shall be entitled to reimbursement therefor pursuant to Section 2.3(a)(ix) of the Security Agreement and the Collateral Agent
shall not be responsible for any such costs. 
  
 Section 2.6.
Covenants, Representations, and Warranties of Servicer. 
  
 (a) The Servicer covenants as follows: 
  
 (i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or
as otherwise contemplated herein; 
  
 (ii) No
Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Secured Parties in the Receivables, the Dealer Agreements, the Third Party Loan Purchase Agreements, the Dealer Assignments, the Third Party Lender Assignments,
the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 
  

 13 

 (iii) No Amendments. The Servicer shall not extend or otherwise amend the terms of
any Receivable, except in accordance with Section 2.2; and 
  
 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a
contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Collateral Agent for the benefit of the Secured Parties and the restrictions on
transferability imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names AmeriCredit or the Servicer as a debtor, or sign any security agreement authorizing any secured
party thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Collateral Agent, for the benefit of the Secured Parties.

  
 (b) The Servicer represents and warrants as
follows: 
  
 (i) Representations and
Warranties. Each Receivable is an Eligible Receivable; 
  
 (ii) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right
to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, all power, authority and legal right required to enter into and perform
its obligations under this Agreement and each of the other Transaction Documents to which it is a party; 
  
 (iii) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has
obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such
qualification; 
  
 (iv) Power and
Authority. The Servicer has the full power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to carry out its terms and their terms, respectively, and the execution, delivery and
performance of this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer by all necessary corporate action; 
  
 (v) Binding Obligation. This Agreement and the other Transaction Documents to which the Servicer is a
party shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the
enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
  

 14 

 (vi) No Violation. The consummation of the transactions contemplated by this
Agreement and the other Transaction Documents to which the Servicer is a party, and the fulfillment of the terms of this Agreement and the Transaction Documents to which the Servicer is a party, shall not conflict with, result in any breach of any
of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the
Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this
Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of
its properties and do not require any action by or require the consent of or the filing of any notice with any Official Body or other Person; 
  
 (vii) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against
the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Transaction
Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Transaction Documents, or (C) seeking any determination or ruling that might materially and adversely affect the performance
by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Transaction Documents or (D) that could have a Material Adverse Effect on the Receivables; and 
  
 (viii) No Consents. The Servicer is not required to
obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained. 
  
 Section 2.7. Purchase of Receivables Upon Breach of Covenant or Representation and Warranty. Upon discovery by either of the Servicer or a Responsible Officer of the Note Insurer of a breach of any of the covenants set forth in
Sections 2.5(a), 2.6(a), 5.1, 5.2, 5.3 or 5.9, the party discovering such breach shall give prompt written notice to all of the parties hereto; provided, however, that the failure to give any such notice shall not affect any obligation
of AmeriCredit as Servicer under this Section. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 2.5(a), 2.6(a), 5.1, 5.2, 5.3 or 5.9 which materially and adversely
affects the interests of the Secured Parties in any Receivable (including any Defaulted Receivable) (or, at AmeriCredit’s election, the first Accounting Date so following) or the related Financed Vehicle, AmeriCredit shall, unless such breach
shall have been cured in all material respects by the last day of the second Settlement Period after such breach, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, AmeriCredit shall pay the
related Purchase Amount to the Trust. It is understood and agreed that the obligation of AmeriCredit to purchase any Receivable (including any Defaulted Receivable) with respect to which such a breach has 

  

 15 

 
occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to the Secured
Parties or the Collateral Agent except as otherwise provided in the Insurance Agreement; provided, however, that AmeriCredit shall indemnify the Trust, the Collateral Agent and the Secured Parties from and against all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach.
Notwithstanding anything to the contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of
Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with principal balances which total more than 0.5% of the Aggregate Outstanding Balance as of the
180th day after the related date of origination as applicable, in which case AmeriCredit shall be required to
repurchase a sufficient number of such Receivables to cause the Aggregate Outstanding Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater than 0.5% of the Aggregate Outstanding Balance
as of such date or (ii) such Lien Certificates shall not have been received as of the 240th day after the related
date of origination. This section shall survive the termination of this Agreement and the earlier removal or resignation of the Collateral Agent and/or the Standby Servicer. 
  
 Section 2.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Remittance Date, the Servicer
shall to the extent provided in Section 2.3(a) of the Security Agreement be entitled to receive out of the Collection Account the Servicing Fee for the related Settlement Period. The Servicer shall be required to pay all expenses incurred by it in
connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to Secured Parties and all other fees and expenses of the Collateral
Agent (to the extent such fees and expenses are not paid pursuant to Section 2.3(a) of the Security Agreement), except taxes levied or assessed against the Trust, and claims against the Trust in respect of indemnification, which taxes and claims in
respect of indemnification against the Trust are expressly stated to be for the account of AmeriCredit). The Servicer shall be liable for the fees and expenses of the Custodian, the Collateral Agent, the Lock-Box Bank (and any fees under the
Lock-Box Agreement) and the Independent Accountants. 
  
 Section
2.9. Servicer’s Certificate. No later than 5 p.m. Eastern time on each Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trust, the Note Insurer and the Collateral Agent a Servicer’s
Certificate executed by a Responsible Officer of the Servicer in the form attached hereto as Exhibit A. Receivables purchased by the Servicer or by the Sellers on the related Accounting Date and each Receivable which became a Defaulted Receivable or
which was paid in full during the related Settlement Period shall be identified by account number (as set forth in the Schedule of Receivables). In addition to the information set forth in the preceding sentence, the Servicer’s Certificate
shall also state whether to the knowledge of the Servicer a Termination and Amortization Event or Potential Termination and Amortization Event has occurred. 
  

 16 

 Section 2.10. Annual Statement as to Compliance, Notice of Servicer Termination Event. 

 
 (a) The Servicer shall deliver to the Note Insurer, the Trust, and the
Collateral Agent, on or before October 31 (or one hundred twenty (120) days after the end of the Servicer’s fiscal year, if other than June 30) of each year, beginning on October 31, 2005, an officer’s certificate signed by any Responsible
Officer of the Servicer, dated as of June 30 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding 12-month period (or such other period as shall have elapsed from the Closing Date
to the date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled all its
obligations under this Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 
  
 (b) The Servicer shall deliver to the Trust, the Note Insurer, the Standby
Servicer and the Collateral Agent, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer’s certificate of any event which with the giving of notice or lapse
of time, or both, would become a Servicer Termination Event under Section 4.1(a). The Servicer shall, and shall cause the Sellers to, deliver to the Note Insurer, the Standby Servicer, the Collateral Agent and the Servicer promptly after having
obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination
Event under any other clause of Section 4.1. 
  
 Section 2.11.
Annual Servicing Review. The Servicer shall cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer, to deliver to the
Owner Trustee, the Collateral Agent, the Standby Servicer, the Note Insurer and each Rating Agency, on or before October 31 (or 120 days after the end of the Servicer’s fiscal year, if other than June 30) of each year, beginning on October 31,
2005, with respect to the twelve (12) months ended the immediately preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than
six months)), a statement (the “Accountants’ Report”) addressed to the Board of Directors of the Servicer, to the Owner Trustee, the Standby Servicer, the Collateral Agent, and to the Note Insurer, to the effect that
such firm has audited the books and records of AmeriCredit Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements of
AmeriCredit Corp. and that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the
circumstances; (2) the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to
three (3) randomly selected Servicer’s Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. Without
otherwise limiting the scope of the examination, the Note Insurer may, using generally accepted audit procedures, verify the status of each Receivable and review the Receivable Files and records relating thereto for conformity to the Servicer’s
Certificates prepared pursuant to Section 2.09 hereof, conformity with the Dealer Underwriting 

  

 17 

 
Guide and with the Credit and Collection Policy and compliance with the servicing standards and the Credit and Collection Policy pursuant to this Agreement.
In furtherance and not in limitation of the foregoing, a quarterly operational audit shall be performed at the Note Insurer’s request, however such audit shall not be performed more than once each calendar quarter, with respect to the
Receivable Files by an independent auditor approved in writing by the Note Insurer commencing with the March 2005 quarter end and such report shall be delivered 30 days after each quarter end. The scope of such quarterly audit shall be as set forth
in Exhibit C hereto. 
  
 Section 2.12. Access to Certain
Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of the Collateral Agent and the Note Insurer reasonable access to the documentation regarding the Receivables. In each case, such access shall be
afforded without charge and, provided no Servicer Termination Event or Potential Termination and Amortization Event shall have occurred, only upon reasonable request and during normal business hours. Nothing in this Section shall affect the
obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute
a breach of this Section. 
  
 Section 2.13. Monthly Tape.
On or before the Remittance Date, the Servicer will deliver to the Note Insurer and the Standby Servicer a computer tape or a diskette (or any other electronic transmission acceptable to the Standby Servicer) in a format acceptable to the Standby
Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the
application of collections. The Standby Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Standby Servicer) to (i) confirm that the Servicer’s Certificate is complete, (ii) confirm that such tape,
diskette or other electronic transmission is in readable form, (iii) verify the mathematical accuracy of all calculations contained within the Servicer’s Certificate and (iv) calculate and confirm any amounts distributed. The Standby Servicer
shall certify to the Note Insurer that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Note Insurer of any discrepancies, in each case, on or before the fifth Business Day
following the Remittance Date. In the event that the Standby Servicer reports any discrepancies, the Servicer and the Standby Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Remittance Date, but in the absence of
a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Remittance Date. In the event that the Standby Servicer and the Servicer are unable to reconcile
discrepancies with respect to a Servicer’s Certificate by the next succeeding Remittance Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last
day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for the next succeeding
Remittance Date, and/or the Servicer’s Certificate for such next succeeding Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Note Insurer, deliver to the Standby
Servicer its Collection Records and its Monthly Records within fifteen (15) days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in
connection with servicing the Receivables. 

  

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Other than the duties specifically set forth in this Agreement, the Standby Servicer shall have no obligations hereunder, including, without limitation, to
supervise, verify, monitor or administer the performance of the Servicer. The Standby Servicer shall have no liability for any actions taken or omitted by the Servicer. 
  
 Section 2.14. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to
maintain in full force and effect, a fidelity bond and errors and omissions policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables. 
  
 ARTICLE III 
  
 THE SERVICER 
  
 Section 3.1. Liability of Servicer; Indemnities. 
  
 (a) The Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement and the Security Agreement
specifically undertaken by the Servicer and the representations made by the Servicer herein and therein. 
  
 (b) The Servicer shall defend, indemnify and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the Note Insurer, the Secured Parties, the
Standby Servicer and their respective officers, directors, agents and employees, from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation
arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle; 
  
 (c) AmeriCredit shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the Collateral Agent, the Note Insurer, the Secured Parties, the
Standby Servicer and their respective officers, directors, agents and employees from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including,
without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the
sale of the Receivables and the Other Conveyed Property to the Trust) and costs and expenses in defending against the same; 
  
 (d) The Servicer shall indemnify, defend and hold harmless the Trust, the Owner Trustee, and the Collateral Agent, the Secured Parties, the Standby
Servicer and their respective officers, directors, agents and employees from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or
was imposed upon the Trust, the Owner Trustee, the Collateral Agent, the Secured Parties or the Standby Servicer by reason of the breach of this Agreement by the Servicer, the negligence, misfeasance, or bad faith of the Servicer in the performance
of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement; 
  

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 (e) AmeriCredit shall indemnify the Collateral Agent, the Owner Trustee, the Standby Servicer and their
officers, directors, agents and employees thereof against any and all loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or
administration of the Trust and the performance of their duties under the Transaction Documents other than if such loss, liability or expense is conclusively determined by a judicial proceeding to have been incurred by the Collateral Agent as a
result of any such entity’s willful misconduct, bad faith or negligence; and 
  
 (f) Indemnification under this Article shall survive the termination of the Transaction Documents or the resignation and removal of the Owner Trustee, the Standby Servicer and the Collateral Agent and shall include,
without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts collected to the Servicer, without interest. 
  
 Section 3.2. Merger or Consolidation of, or Assumption of the Obligations of the Servicer. AmeriCredit shall not merge or consolidate with any other person, convey, transfer or lease substantially all its
assets as an entirety to another Person, or permit any other Person to become the successor to AmeriCredit’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be
capable of fulfilling the duties of AmeriCredit contained in this Agreement and shall be acceptable to the Note Insurer in the Note Insurer’s sole discretion. Any corporation (i) into which AmeriCredit may be merged or consolidated, (ii)
resulting from any merger or consolidation to which AmeriCredit shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of AmeriCredit, or (iv) succeeding to the business of AmeriCredit, in any of the
foregoing cases shall execute an agreement of assumption to perform every obligation of AmeriCredit under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to AmeriCredit under this Agreement without
the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release
AmeriCredit from any obligation. AmeriCredit shall provide notice of any merger, consolidation or succession pursuant to this Section to the Collateral Agent and the Secured Parties. Notwithstanding the foregoing, AmeriCredit shall not merge or
consolidate with any other Person or permit any other Person to become a successor to AmeriCredit’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.6 shall have
been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no Termination and Amortization Event or Potential Termination and Amortization Event shall have occurred
and be continuing, (y) AmeriCredit shall have delivered to the Collateral Agent and the Note Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption
comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) AmeriCredit shall have delivered to the Collateral Agent and the Note Insurer an Opinion
of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto 

  

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have been executed and filed that are necessary to preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property and
reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
  
 Section 3.3. Limitation on Liability of Servicer and Others. None of AmeriCredit nor any of the directors or officers or employees or agents of
AmeriCredit shall be under any liability to the Trust or the Secured Parties, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this
provision shall not protect AmeriCredit or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence in the performance of duties; provided further
that this provision shall not affect any liability to indemnify the Collateral Agent for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Collateral Agent, in its individual capacity. AmeriCredit and any director, officer,
employee or agent of AmeriCredit may rely in good faith on the written advice of counsel selected by it with due care or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this
Agreement. 
  
 Section 3.4. Delegation of Duties. The
Servicer may delegate duties under this Agreement to an Affiliate of AmeriCredit with the prior written consent of the Note Insurer. The Servicer also may at any time perform through sub-contractors the specific duties of (i) repossession of
Financed Vehicles, (ii) tracking Financed Vehicles’ insurance and (iii) pursuing the collection of deficiency balances on certain Defaulted Receivables, in each case, without the consent of the Note Insurer and may perform other specific duties
through such sub-contractors in accordance with Servicer’s customary servicing policies and procedures, with the prior consent of the Note Insurer; provided, however, that no such delegation or sub-contracting duties by the
Servicer shall relieve the Servicer of its responsibility with respect to such duties. Neither AmeriCredit or any party acting as Servicer hereunder shall appoint any subservicer hereunder without the prior written consent of the Note Insurer.
Notwithstanding the foregoing, the Servicer may delegate its duties hereunder and under any other Transaction Document with respect to the servicing of and collections on certain Receivables to AmeriCredit Financial Services of Canada Ltd. without
first obtaining the consent of any Person. 
  
 Section 3.5.
Servicer Not to Resign. Subject to the provisions of Section 3.2, the Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer except upon a determination that by reason of a change in legal
requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer and the Note Insurer does not elect to waive the
obligations of the Servicer to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to
such effect delivered and acceptable to the Note Insurer. No resignation of the Servicer shall become effective until a successor Servicer that is an eligible servicer as approved by the Note Insurer, shall have assumed the responsibilities and
obligations of the Servicer. 
  

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 Section 3.6. Administrative Duties of Servicer. 
  
 (a) Duties with Respect to the Transaction Documents. AmeriCredit
shall perform the duties of the Trust under the Transaction Documents. In furtherance of the foregoing, AmeriCredit shall consult with the Owner Trustee as AmeriCredit deems appropriate regarding the duties of the Debtor under the Transaction
Documents. AmeriCredit shall monitor the performance of the Trust and shall advise the Owner Trustee when action is necessary to comply with the Trust’s duties under the Transaction Documents. AmeriCredit shall prepare for execution by the
Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or the Owner Trustee to prepare, file or deliver pursuant
to the Transaction Documents. 
  
 (b) Duties with Respect to
the Trust. 
  
 (i) In addition to the duties of the Servicer
set forth in this Agreement or any of the Transaction Documents, AmeriCredit shall perform such calculations and shall prepare, or shall cause the preparation, for execution by the Owner Trustee or other appropriate Persons of all such documents,
reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to state and federal tax and securities laws. AmeriCredit shall administer, perform or supervise the performance of
such other activities in connection with the Trust as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of AmeriCredit. 
  
 (c) Notwithstanding anything in this Agreement or any of the Transaction
Documents to the contrary, AmeriCredit shall be responsible for promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Trust’s payments (or allocations of income) to a Certificateholder. Any such notice
shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision 
  
 (d) Records. AmeriCredit shall maintain appropriate books of account and records relating to services performed under this Agreement and as
required by the Transaction Documents, which books of account and records shall be accessible for inspection by the Owner Trustee and the Note Insurer at any time during normal business hours. 
  
 (e) Additional Information to be Furnished to the Owner Trustee and the
Note Insurer. AmeriCredit shall furnish to the Owner Trustee from time to time such additional information regarding the Trust or the Transaction Documents as the Owner Trustee and the Note Insurer shall reasonably request. 
  
 ARTICLE IV 
  
 SERVICER TERMINATION 
  
 Section 4.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination
Event”: 
  
 (a) Any failure by the Servicer to deliver to
the Collateral Agent for distribution to Secured Parties payment required to be so delivered under the terms of the Transaction Documents; 
  

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 (b) Failure on the part of the Servicer duly to observe or perform in any material respect any covenant
or agreement set forth in this Agreement or any other Transaction Document to which it is a party, which failure continues unremedied for a period of ten (10) days; 
  
 (c) Any representation, warranty, certification or statement made by the Servicer (including AmeriCredit, if it is the
Servicer) or the Trust, any Seller or any Affiliate of the Trust or any Seller (in the event that the Trust, any Seller or such Affiliate is then acting as the Servicer) in this Agreement, the Receivables Purchase Agreement or in any of the other
Transaction Documents or in any certificate or report delivered by it pursuant to any of the foregoing shall prove to have been incorrect in any material respect when made or deemed made; 
  
 (d) The Servicer shall materially modify the Credit and Collection Policy, unless it has given the Note Insurer prompt
notification of such modification and the Note Insurer has determined in its reasonable discretion that such modification is not a material adverse change; 
  
 (e) The occurrence of a Termination and Amortization Event listed in Section 6.1 of the Security Agreement; 
  
 (f) Any Event of Bankruptcy shall occur with respect to the Servicer or any
of its Subsidiaries or Affiliates; and 
  
 (g) Failure of the
Servicer or any Subsidiary of the Servicer to pay when due any amounts due under any agreement to which any such Person is a party and under which any Indebtedness greater than $5,000,000, in the case of AmeriCredit or any Subsidiary of AmeriCredit
(other than the Trust), is governed; or the default by the Servicer or any Subsidiary of the Servicer in the performance of any term, provision or condition contained in any agreement to which any such Person is a party and under which any
Indebtedness owing by the Servicer or any Subsidiary of the Servicer greater than such respective amounts was created or is governed, regardless of whether such event is an “event of default” or “default” under any such
agreement; or any Indebtedness owing by the Servicer or any Subsidiary of the Servicer greater than such respective amounts shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the
date of maturity thereof. 
  
 Section 4.2. Consequences of a
Servicer Termination Event. If a Servicer Termination Event shall occur and be continuing, the Collateral Agent, with the consent of the Note Insurer, by notice given in writing to the Servicer may, or at the direction of the Note Insurer shall,
terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities
of the Servicer under this Agreement, whether with respect to the Receivables or the Other Conveyed Property (as defined in the Master Receivables Purchase Agreement) or otherwise, automatically shall pass to, be vested in and become obligations and
responsibilities of a successor Servicer acceptable to the Note Insurer); provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated
Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any 

  

 23 

 
alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf
of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to
cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of
all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the
successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer or a successor Servicer
to service the Receivables and the Other Conveyed Property. If requested by the Note Insurer, the successor Servicer shall terminate the Lock-Box Agreement and direct the Obligors to make all payments under the Receivables directly to the successor
Servicer (in which event the successor Servicer shall process such payments in accordance with Section 2.2(d)), or to a Lock-Box Account established by the successor Servicer at the direction of the Note Insurer, at the successor Servicer’s
expense. The terminated Servicer shall grant the Collateral Agent, the successor Servicer and the Note Insurer reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 
  
 Section 4.3. Appointment of Successor. 
  
 (a) On and after the time the Servicer receives a notice of termination
pursuant to Section 4.2, or upon the resignation of the Servicer, the Collateral Agent shall appoint an alternate successor Servicer upon written direction from the Note Insurer, provided that any successor Servicer may not be an Affiliate (as
defined in the Security Agreement) of the Note Insurer, who shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of
this Agreement except as otherwise stated herein. The Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer
hereunder, it shall be subject to termination under Section 4.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
  
 (b) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have
been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder. The Collateral Agent and such successor Servicer may agree on additional reasonable compensation to be paid to such successor Servicer. In addition,
any successor Servicer shall be entitled to reasonable transition expenses incurred in acting as successor Servicer. 
  

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 Section 4.4. Notification to Secured Parties. Upon any termination of, or appointment of a
successor to, the Servicer, the Collateral Agent shall give prompt written notice thereof to each Secured Party. 
  
 Section 4.5. Waiver of Past Defaults. The Secured Parties may waive any default by the Servicer in the performance of its obligations hereunder and
its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other default or impair any right consequent thereto. 
  
 ARTICLE V 
  
 THE CUSTODIAN

  
 Section 5.1. Appointment of Custodian; Acknowledgment of
Receipt; Monthly Exception Reports. Subject to the terms and conditions hereof, the Collateral Agent hereby revocably appoints the Custodian and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Collateral
Agent (for the benefit of the Secured Parties) to maintain exclusive custody of the Receivable Files relating to the Receivables from time to time held as part of the Collateral; provided, however, that neither the Collateral Agent nor
any Secured Party shall be responsible for the acts or omissions of the Custodian. In performing its duties hereunder, the Custodian agrees to act with that degree of care, skill and attention that a commercial bank acting in the capacity of a
custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for itself or others, and, in any event, to exercise at least that degree of care, skill and attention that it exercises
with respect to its own assets. The Custodian, as of each Receivables Transfer Date with respect to the Receivables sold on such date, hereby acknowledges receipt of the Receivable File for each Receivable listed in the Schedules of Receivables
attached to the related Supplement, subject to any exceptions noted on the applicable Custodian’s Acknowledgment. As evidence of its acknowledgement of such receipt of such Records, the Custodian shall execute and deliver to the Collateral
Agent and the Note Insurer on each Receivables Transfer Date with respect to the Receivables sold on such date, the Custodian’s Acknowledgement in the form attached hereto as Schedule A. In addition, the Custodian shall deliver to the
Collateral Agent and the Note Insurer a monthly exception report in the form attached as Exhibit B hereto. AmeriCredit shall be required to repurchase the Receivables listed on the monthly exception report pursuant to Section 2.7 hereof, in the
event that the Lien Certificates relating to Receivables having Outstanding Balances which in the aggregate represent more than 0.5% of the Aggregate Outstanding Balance are indicated as not having been received by the 181st day following the date
of origination of the related Receivables. Furthermore, AmeriCredit shall be required to repurchase any Receivable for which no such Lien Certificate shall have been received by the 241st day following the related date of origination. 
  
 Section 5.2. Maintenance of Receivable Files at Office. The Custodian
agrees to maintain the Receivable Files at 4001 Embarcadero Drive, Arlington, Texas 76014 or at such other office as shall from time to time be identified to the Collateral Agent and the Note Insurer, and the Custodian will hold the Receivable Files
in such office on behalf of the Collateral Agent 

  

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(for the benefit of the Secured Parties), clearly identified on its records as being separate from any other instruments and files, including other
instruments and files held by the Custodian, and in compliance with Section 5.3(b) hereof. 
  
 Section 5.3. Duties of Custodian. 
  
 (a) Safekeeping. (i) The Custodian shall hold the Receivable Files on behalf of the Collateral Agent (for the benefit of the Secured Parties) clearly identified as being separate from all other files or records
maintained by the Custodian, whether at the same or any other location, and shall maintain such accurate and complete accounts, records or computer systems pertaining to each Receivable File as are required to comply with the terms and conditions of
the Note Purchase Agreement. Each Contract shall be stamped on both of the first page and the signature page (if different) in accordance with the requirements of any Opinion of Counsel or as otherwise is deemed necessary or desirable by the
Collateral Agent and the Note Insurer. Each Receivable shall be identified on the books and records of the Custodian in an manner that (x) is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to
similar receivables, (y) indicates that the Receivables are held by the Custodian on behalf of the Collateral Agent and (z) is otherwise necessary, as reasonably determined by the Custodian, to comply with the terms of this Agreement. The Custodian
shall conduct, or cause to be conducted, periodic physical inspections of the Receivable Files held by it under this Agreement, and of the related accounts, records and computer systems, in such a manner as shall enable the Collateral Agent, the
Note Insurer and the Custodian to verify the accuracy of the Custodian’s inventory and recordkeeping. Such inspections shall be conducted at such times, in such manner and by such persons, including, without limitation, independent accountants,
as the Collateral Agent and the Note Insurer may request and the cost of such inspections shall be borne by the Custodian. The Custodian shall promptly report to the Collateral Agent and the Note Insurer any failure on the Custodian’s part to
hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and the Custodian shall promptly take appropriate action to remedy any such failure. 
  
 (ii) Notwithstanding the above paragraph (i), upon a Servicer Termination Event, at the direction of the Note Insurer, the
Custodian shall deliver the Receivable Files within thirty (30) days of such notice to the Collateral Agent and the Collateral Agent shall hold such Receivable Files on behalf of the Secured Parties. Subject to Section 5.3(c) hereof and the
preceding sentence, the Custodian shall at all times maintain the original of the fully executed original retail installment sales contract or promissory note and of the Lien Certificate or application therefore, if no such Lien Certificate has yet
been issued, relating to each Receivable in a fire resistant vault. 
  
 (b) Access to Records. The Custodian shall, subject only to the Custodian’s security requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent
with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, and at such times as may be reasonably imposed by the Custodian, permit only the Secured Parties and the Collateral Agent or their
duly authorized representatives, attorneys or auditors to inspect the Receivable Files and the related accounts, records, and computer systems maintained by the Custodian pursuant hereto at such times as any of the Secured Parties or the Collateral
Agent may reasonably request. 
  

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 (c) Release of Documents. The Custodian shall release such Receivable Files to the Servicer only
(1) upon payment in full of such Receivable or (2) as required from time to time as appropriate for servicing and enforcing any Receivable but, in the case of clause (1) or (2), only as is consistent with the terms of the Note Purchase Agreement and
the Security Agreement. 
  
 (d) Administration; Reports.
The Custodian shall, in general, attend to all ministerial matters in connection with maintaining custody of the Receivable Files on behalf of the Collateral Agent. In addition, the Custodian shall assist the Collateral Agent or the Servicer, as the
case may be, in the preparation of any routine reports to Secured Parties or to regulatory bodies, to the extent necessitated by the Custodian’s custody of the Receivable Files. 
  
 Section 5.4. Instructions; Authority to Act. The Custodian shall be deemed to have received proper instructions with
respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Collateral Agent. Such instructions may be general or specific in terms. 
  
 Section 5.5. Custodian Fee. For its services under this Agreement, the Custodian shall be entitled to reasonable
compensation to be paid by the Servicer. 
  
 Section 5.6.
Indemnification by the Custodian. The Custodian agrees to indemnify the Secured Parties, the Trust, the Note Insurer, the Owner Trustee, the Collateral Agent and the Standby Servicer for any and all liabilities, obligations, losses, damage,
payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or asserted against any of the Secured Parties, the Trust, the Note Insurer, the Standby Servicer and/or the Collateral
Agent as the result of any act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files or any default by the Custodian of its obligations hereunder; provided, however, that the Custodian
shall not be liable to any party indemnified hereunder for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses as are due to the willful misfeasance, bad faith or gross negligence of such indemnified
party. 
  
 Section 5.7. Advice of Counsel. The Custodian
shall be entitled to rely and act upon advice of counsel selected by it with due care with respect to its performance hereunder as custodian and shall be without liability for any action reasonably taken in good faith pursuant to such advice,
provided that such action is not in violation of applicable federal or state law. 
  
 Section 5.8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. This Agreement shall become effective as of the date hereof and shall continue in full force and effect until
terminated as hereinafter provided. This Agreement may be amended at any time by agreement of the Collateral Agent, the Note Insurer and the Custodian and the rights and obligations of the Servicer and the Custodian may be terminated by the Note
Insurer following a Termination and Amortization Event; provided so long as AmeriCredit is Custodian, the Custodian shall not resign from the obligations and duties imposed 

  

 27 

 
on it by this Agreement, except upon a determination that by reason of a change in legal requirements, the performance of its duties under this Agreement
would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on it and the Note Insurer does not elect to waive the obligations of the Custodian to perform the duties which render it legally
unable to act or to delegate those duties to another Person; provided, further, that any such determination permitting the resignation of the Custodian shall be evidenced by an Opinion of Counsel to such effect delivered to the Note
Insurer and the Collateral Agent that is acceptable to the Note Insurer. So long as AmeriCredit is serving as Custodian, any termination of AmeriCredit as Servicer under the Note Purchase Agreement or the Security Agreement shall terminate
AmeriCredit as Custodian under this Agreement. Immediately after receipt of notice of termination of this Agreement, the Custodian shall deliver the Receivable Files to the Collateral Agent on behalf of the Secured Parties, at such place or places
as the Collateral Agent may designate, and the Collateral Agent, or its agent, as the case may be, shall act as custodian for such Records on behalf of the Secured Parties until such times as a successor custodian acceptable to the Note Insurer has
been appointed by the Collateral Agent or by the Note Insurer. (For the avoidance of doubt, during any such period, the Collateral Agent shall be acting in its capacity as Collateral Agent, including the standard of care and liability in such
capacity, and not as a successor “Custodian” hereunder.) If, within thirty (30) days after the termination of this Agreement, the Custodian has not delivered the Receivable Files in accordance with the preceding sentence, the Collateral
Agent may enter the premises of the Custodian and remove the Receivable Files from such premises. In connection with the administration of this Agreement, the parties may agree from time to time upon the interpretation of the provisions of this
Agreement as may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any such interpretation to be signed by all parties and annexed hereto. 
  
 Section 5.9. Representations, Warranties and Covenants of Custodian. 
  
 (a) The Custodian hereby represents and warrants to, and covenants with, the
Collateral Agent and the Secured Parties that as of the date hereof and as of each Receivables Transfer Date: 
  
 (i) The Custodian is duly organized, validly existing and in good standing under the laws of the state of its incorporation; 

 
 (ii) The Custodian has the full power and authority to
hold each Receivable File on behalf of the Collateral Agent, and to execute, deliver and perform, and to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this
Agreement, has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the Custodian, enforceable against it in accordance with its terms, except as enforcement of such terms may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies; 
  
 (iii) The consummation of the transactions contemplated by this Agreement and the Transaction Documents to which the Custodian is a Party,
and the fulfillment of 

  

 28 

 
the terms of this Agreement and the Transaction Documents to which the Custodian is a Party, shall not conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Custodian, or any indenture, agreement, mortgage, deed of trust or other instrument to which the
Custodian is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this
Agreement, or violate any law, order, rule or regulation applicable to the Custodian of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Custodian or any
of its properties and do not require any action by or require the consent of or the filing of any notice with any Official Body or other Person; 
  
 (iv) There is no litigation pending or, to the Custodian’s knowledge, threatened, which if determined adversely to the Custodian,
would adversely affect the execution, delivery or enforceability of this Agreement, or any of the duties or obligations of the Custodian thereunder, or which would have a material adverse effect on the financial condition of the Custodian;

  
 (v) No consent, approval, authorization or
order of any court or governmental agency or body is required for the execution, delivery and performance by the Custodian of or compliance by the Custodian with this Agreement or the consummation of the transactions contemplated hereby or thereby;

  
 (vi) Upon written request of the Collateral
Agent or the Note Insurer, the Custodian shall take such steps as requested by the Collateral Agent or the Note Insurer to protect or maintain any interest in any Receivable; and 
  
 (vii) The Custodian has not been notified by any party that any third party claims an interest in the
Receivables or is requesting the Custodian to act as a bailee with respect to the Records, except such interests that are created under the Master Receivables Purchase Agreement, the Security Agreement, the Note Purchase Agreement and any
Supplement. 
  
 (b) The Custodian covenants and warrants to the
Collateral Agent and each of the Secured Parties that as of the date of each Custodian’s Acknowledgment: (i) it holds no adverse interest, by way of security or otherwise, in any Receivable or Receivable File; and (ii) the execution of this
Agreement and the creation of the custodial relationship hereunder does not create any interest, by way of security or otherwise, of the Custodian in or to any Receivable or Receivable File, other than the Custodian’s rights as custodian
hereunder. 
  
 (c) The Custodian shall, at its own expense,
maintain at all times during the existence of this Agreement and keep in full force and effect, a fidelity bond and errors and omissions policy of a type and in such amount as is customary for custodians engaged in the business of acting as
custodian of automobile receivables and shall maintain any other similar insurance policies that are customarily maintained by custodians engaged in the business of acting as custodian of automobile receivables. A certificate of the respective
insurer as to each 

  

 29 

 
such policy or a blanket policy for such coverage shall be furnished to the Collateral Agent and the Note Insurer containing the insurer’s statement or
endorsement that such insurance shall not terminate prior to receipt by such party, by certified mail, of ten (10) days advance notice thereof. 
  
 ARTICLE VI 
  
 MISCELLANEOUS 
  
 Section 6.1. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of law provisions thereof. 
  
 Section 6.2. Notices. All demands, notices and communications
hereunder shall be in writing (including bank wire, telex, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other party at its address or telecopy number set forth below or at such other address or telecopy
number as such party may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this
Section and confirmation is received, (ii) if given by mail three (3) Business Days following such posting, if postage prepaid, or if sent via U.S. certified or registered mail, (iii) if given by overnight courier, one (1) Business Day after deposit
thereof with a national overnight courier service, or (iv) if given by any other means, when received at the address specified in this Section. 
  
 If to the Trust: 
  
 AmeriCredit MTN Receivables Trust IV 
 c/o
Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Asset Backed Securities Administration 
  
 Telephone: (302) 636-6119 
 Telecopy: (302)
636-[            ] 
  
 with a copy to: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street 
 Suite 3900 
 Fort Worth, Texas 76102 
 Attention: Treasury Department 
 Telephone: (817) 302-7022 
 Telecopy: (817) 302-7942 
  

 30 

 If to the Servicer or the Custodian: 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street 
 Suite 3900 
 Fort Worth, Texas 76102 
  
 Telephone: (817) 302-7022 
 Telecopy: (817)
302-7942 
  
 If to the Note Insurer: 
  
 MBIA Insurance Corporation 
 113 King Street 
 Armonk, NY 10504 

Attention: Insured Portfolio Management – SF 
  
 Telephone: (914) 273-4545 
 Telecopy: (914)
765-3810 
  
 If to the Collateral Agent: 
  
 JPMorgan Chase Bank 
 4 New York Plaza, 6th Floor 
 New York, NY
10004 
 Attention: AmeriCredit MTN Receivables Trust IV 
 Telephone: (212) 623-5416 
 Telecopy: (212) 623-5991 
  
 Section 6.3. Binding Effect. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors and assigns. In addition, each of the Secured Parties shall be an express third party beneficiary hereof entitled to enforce the terms hereof as if it were a party
hereto. Concurrently with the appointment of a successor Collateral Agent under the Security Agreement, the parties hereto shall amend this Agreement to make said Collateral Agent, the successor to the Collateral Agent hereunder. 
  
 Section 6.4. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 6.5. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 6.6. Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by 

  

 31 

 
Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Trust, in the exercise of the powers and authority conferred and
vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended
for the purpose for binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all
such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other Transaction Documents; provided,
however, that no provision of this Agreement shall be construed to relieve the Owner Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, its action in bad faith or its own willful misconduct.

  
 Section 6.7. Waivers; Amendment 
  
 (a) No failure or delay on the part of the Collateral Agent, the Note
Insurer, the Note Insurer or any of the Secured Parties in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other
further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. 
  
 (b) Any provision of this Agreement [or any of the Transaction Documents] may
be amended or waived if, but only if, such amendment is in writing and is signed by the Trust, the Collateral Agent, the Custodian, the Servicer, the Purchaser and the Note Insurer and, if such amendment or waiver materially and adversely affects
the interests of the Standby Servicer, with the consent of the Standby Servicer (such consent not to be unreasonably withheld or delayed). 
  
 Section 6.8. Nonpetition Covenants. None of the parties shall petition or otherwise invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Trust, AMC or Purchaser 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, AMC or the Purchaser (as defined in the Note Purchase Agreement) or any substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the Trust, AMC and the Purchaser. This Section
6.8 shall be continuing and shall survive any termination of this Agreement. 
  
 Notwithstanding anything else herein to the contrary, in no event shall the Collateral Agent be liable for any servicing fee or for any differential in the amount of the servicing fee paid hereunder and the amount
necessary to induce any successor Servicer to act as successor Servicer under this Agreement and the transactions set forth or provided for herein. 
  

 32 

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

			
	 JPMORGAN CHASE BANK solely in its capacity as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT FINANCIAL SERVICES, INC., as Servicer and Custodian

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT MTN RECEIVABLES TRUST IV

		
	 By:
	 	 Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 [Servicing and
Custodian Agreement] 
  

 33 

 EXHIBIT C 
  

SCOPE OF QUARTERLY AUDIT 
  

	1.	MBIA will provide an account listing of a random sample of 125 accounts on a quarterly basis. The accounts will be selected from the pool of collateral then backing the Meridian
facilities. AmeriCredit will provide a pool cut to MBIA on a quarterly basis for this purpose. 

  

	2.	The auditor will specify any changes to AmeriCredit’s underwriting guidelines since the last quarterly review. 

  

	3.	The auditor will review the random sample of 125 accounts for document completeness and adherence to AmeriCredit’s stated underwriting criteria. 

  

	4.	The auditor will review the contract files for the following documents and report on any missing items: 

  

	 	•	 	Signed Credit Application 

  

	 	•	 	Credit Report 

  

	 	•	 	Title or Application for Title 

  

	 	•	 	Income and Employment Confirmations 

  

	 	•	 	Residence Confirmations 

  

	 	•	 	Signed Installment Sales Contract 

  

	 	•	 	Agreement to Obtain Insurance or Insurance Binder 

  

	 	•	 	Odometer Statement 

  

	5.	The auditor will review the selected sample and identify and document any exceptions or deviations from the stated underwriting guidelines with regards to the following items:

  

			
	 Guideline

	  	 Criteria

	 Minimum Time at Residence
	  	 1 year

	 Minimum Housing Payment
	  	 $300 (Typically)

	 Monthly Payment for Auto Insurance
	  	 $100

	 Minimum Age of Borrower
	  	 18 years

	 Minimum Years on the Job
	  	 1 year

	 Minimum Monthly Income
	  	 $1,300 (Gross)

	 Maximum Debt Ratio (Credit Score < 230)
	  	 55%

	 Maximum Debt Ratio (Credit Score > 230)
	  	 60%

	 Maximum Payment to Income Ratio
	  	 21%

	 Bankruptcy Score
	  	 > 200

			
	 Guideline

	  	 Criteria

	 Income and Employment Verification
	  	 Required1

	 Residence Verification
	  	 Required1

	 Minimum Internal Credit Score
	  	 210

	 Maximum Mileage (Loan Term < 60 months)
	  	 80,000 miles

	 Maximum Mileage (Loan Term > 60 months)
	  	 30,000 miles

	 Maximum Loan Term (Credit Score < 220)
	  	 60 months

	 Maximum Loan Term (Credit Score > 220)
	  	 72 months

	 Maximum Unpaid Loan to Value (Credit Score < 200)3
	  	 115%

	 Maximum Unpaid Loan to Value (Credit Score > 200)3
	  	 120%

	 Maximum Amount Financed to Value (Credit Score < 210)
	  	 120%

	 Maximum Amount Financed to Value (Credit Score > 210 < 229)
	  	 136%

	 Maximum Amount Financed to Value (Credit Score > 230)
	  	 137%

	 Excluded Vehicles
	  	 vs. Current List2

  
 Any exceptions to stated policy should
be checked as to whether or not they were authorized/approved by management and documented as such. 
  

	1	This requirement is waived on transactions that are considered "Preferred," "Select" or "Valued" customer programs. 

	2	Current List: Alfa Romeo, Daihatsu, Merkur, Peugeot, Yugo, Sterling and Renault. Also 1998 and older Hyundai, Suzuki, Kia and Daewoo. 

	3	The unpaid loan to value ratio equals the sales price of the vehicles plus sales tax less all down-payments including trade-in and manufacturer's rebate (Contract
line 3) divided by the value of the vehicle. 

  

 ii 

 SCHEDULE A 
  

FORM OF CUSTODIAN’S ACKNOWLEDGMENT 
  
 AmeriCredit Financial Services, Inc. (the “Custodian”), acting as Custodian under a Servicing and Custodian Agreement, dated as of
October 1, 2004 (the “Servicing and Custodian Agreement”), between the Custodian, AmeriCredit MTN Receivables Trust IV, as Debtor, and JPMorgan Chase Bank, as Collateral Agent, pursuant to which the Custodian holds on behalf of the
Secured Parties certain Receivable Files (as defined in the Servicing and Custodian Agreement), hereby acknowledges receipt of the Receivable File for each Receivable listed in the Schedules of Receivables attached as Exhibits to the Supplements to
the Receivables Purchase Agreement, dated [insert date of the relevant Supplement], except as noted in the Exception List attached as Schedule I hereto, if any. 
  
 IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc., has caused this acknowledgment to be executed by its duly
authorized officer as of this [    ] day of [            ], [        ]. 
  

			
	 AMERICREDIT FINANCIAL SERVICES, INC.
 as Custodian

		
	 By:
	 	  

	 Name:
	 	 
	 Title:

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