Document:

exv10w10

 

Exhibit 10.10

(Multicurrency – Cross Border)

ISDA®

International Swap Dealers Association, Inc.

MASTER AGREEMENT

dated as of July 26, 2007

CREDIT SUISSE INTERNATIONAL  and AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2007-C-M

have entered and/or anticipate entering into one or more transactions (each a “Transaction”)
that are or will be governed by this Master Agreement, which includes the schedule (the
“Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged
between the parties confirming those Transactions.

Accordingly, the parties agree as follows: —

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings
therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and
the other provisions of this Master Agreement, the Schedule will prevail. In the event of any
inconsistency between the provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties (collectively referred
to as this “Agreement”), and the parties would not otherwise enter into any Transactions.

2. Obligations

(a) General Conditions.

(i) Each party will make each payment or delivery specified in each Confirmation to be made
by it, subject to the other provisions of this Agreement.

(ii) Payments under this Agreement will be made on the due date for value on that date in
the place of the account specified in the relevant Confirmation or otherwise pursuant to
this Agreement, in freely transferable funds and in the manner customary for payments in the
required currency. Where settlement is by delivery (that is, other than by payment), such
delivery will be made for receipt on the due date in the manner customary for the relevant
obligation unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement.

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition
precedent that no Event of Default or Potential Event of Default with respect to the other
party has occurred and is continuing, (2) the condition precedent that no Early Termination
Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement.

Copyright© 1992 by International Swap Dealers Association, Inc.

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1992

 

 

(b) Change of Account. Either party may change its account for receiving a payment or
delivery by giving notice to the other party at least five Local Business Days prior to the
scheduled date for the payment or delivery to which such change applies unless such other party
gives timely notice of a reasonable objection to such change.

(c) Netting. If on any date amounts would otherwise be payable: —

	 	(i)	 	in the same currency; and
	 
	 	(ii)	 	in respect of the same Transaction,

by each party to the other, then, on such date, each party’s obligation to make payment of any such
amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon the party by whom the larger
aggregate amount would have been payable to pay to the other party the excess of the larger
aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount will be determined
in respect of all amounts payable on the same date in the same currency in respect of such
Transactions, regardless of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii)
above will not apply to the Transactions identified as being subject to the election, together with
the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such
Transactions from such date). This election may be made separately for different groups of
Transactions and will apply separately to each pairing of Offices through which the parties make
and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

(i) Gross-Up. All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by
any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party
(“X”) will: —

(1) promptly notify the other party (“Y”) of such requirement;

(2) pay to the relevant authorities the full amount required to be deducted or
withheld (including the full amount required to be deducted or withheld from any
additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier
of determining that such deduction or withholding is required or receiving notice
that such amount has been assessed against Y;

(3) promptly forward to Y an official receipt (or a certified copy), or other
documentation reasonably acceptable to Y, evidencing such payment to such
authorities; and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to
which Y is otherwise entitled under this Agreement, such additional amount as is
necessary to ensure that the net amount actually received by Y (free and clear of
Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y
would have received had no such deduction or withholding been required. However, X
will not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for: —

(A) the failure by Y to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d); or

(B) the failure of a representation made by Y pursuant to Section 3(f) to be
accurate and true unless such failure would not have occurred but for (I)
any action taken by a taxing authority, or brought in a court of competent
jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law.

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	 	(ii)	 	Liability. If: —

(1) X is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, to make any deduction or withholding in respect of
which X would not be required to pay an additional amount to Y under Section
2(d)(i)(4);

(2) X does not so deduct or withhold; and

(3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability resulting from
such Tax, Y will promptly pay to X the amount of such liability (including any related
liability for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or
4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party that defaults in the performance
of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be
required to pay interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as such overdue amount, for the period from (and including)
the original due date for payment to (but excluding) the date of actual payment, at the Default
Rate. Such interest will be calculated on the basis of daily compounding and the actual number of
days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in
respect of the relevant Transaction, a party defaults in the performance of any obligation required
to be settled by delivery, it will compensate the other party on demand if and to the extent
provided for in the relevant Confirmation or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed to be repeated by
each party on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this Agreement) that: —

(a) Basic Representations.

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of
its organisation or incorporation and, if relevant under such laws, in good standing;

(ii) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other
documentation relating to this Agreement that it is required by this Agreement to deliver
and to perform its obligations under this Agreement and any obligations it has under any
Credit Support Document to which it is a party and has taken all necessary action to
authorise such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or
conflict with any law applicable to it, any provision of its constitutional documents, any
order or judgment of any court or other agency of government applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been obtained
by it with respect to this Agreement or any Credit Support Document to which it is a party
have been obtained and are in full force and effect and all conditions of any such consents
have been complied with; and

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations,
enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

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(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or
circumstance would occur as a result of its entering into or performing its obligations under this
Agreement or any Credit Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any
of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely to affect the legality,
validity or enforceability against it of this Agreement or any Credit Support Document to which it
is a party or its ability to perform its obligations under this Agreement or such Credit Support
Document.

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by
or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in every material
respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it
for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as being made by it
for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have any obligation under
this Agreement or under any Credit Support Document to which it is a party: —

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under
subparagraph (iii) below, to such government or taxing authority as the other party reasonably
directs: —

(i) any forms, documents or certificates relating to taxation specified in the Schedule or
any Confirmation;

(ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be required
or reasonably requested in writing in order to allow such other party or its Credit Support
Provider to make a payment under this Agreement or any applicable Credit Support Document
without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such
form or document would not materially prejudice the legal or commercial position of the
party in receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be executed and to
be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if none is specified,
as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and
effect all consents of any governmental or other authority that are required to be obtained by it
with respect to this Agreement or any Credit Support Document to which it is a party and will use
all reasonable efforts to obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders
to which it may be subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section
3(f) to be accurate and true promptly upon learning of such failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon
it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is
incorporated,

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organised, managed and controlled. or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”)
and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or
in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any
Credit Support Provider of such party or any Specified Entity of such party of any of the following
events constitutes an event of default (an “Event of Default”) with respect to such party: —

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under
this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such
failure is not remedied on or before the third Local Business Day after notice of such
failure is given to the party;

(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or
obligation (other than an obligation to make any payment under this Agreement or delivery
under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied on or before the
thirtieth day after notice of such failure is given to the party;

(iii) Credit Support Default.

(1) Failure by the party or any Credit Support Provider of such party to comply with
or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any
applicable grace period has elapsed;

(2) the expiration or termination of such Credit Support Document or the failing or
ceasing of such Credit Support Document to be in full force and effect for the
purpose of this Agreement (in either case other than in accordance with its terms)
prior to the satisfaction of all obligations of such party under each Transaction to
which such Credit Support Document relates without the written consent of the other
party; or

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support
Document;

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or
(f)) made or repeated or deemed to have been made or repeated by the party or any Credit
Support Provider of such party in this Agreement or any Credit Support Document proves to
have been incorrect or misleading in any material respect when made or repeated or deemed to
have been made or repeated;

(v) Default under Specified Transaction. The party, any Credit Support Provider of such
party or any applicable Specified Entity of such party (1) defaults under a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination
of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment,
delivery or exchange date of, or any payment on early termination of, a Specified
Transaction (or such default continues for at least three Local Business Days if there is no
applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person
or entity appointed or empowered to operate it or act on its behalf);

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the
party, the occurrence or existence of (1) a default, event of default or other similar
condition or event (however

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described) in respect of such party, any Credit Support Provider of such party or any
applicable Specified Entity of such party under one or more agreements or instruments
relating to Specified Indebtedness of any of them (individually or collectively) in an
aggregate amount of not less than the applicable Threshold Amount (as specified in the
Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at
such time of being declared, due and payable under such agreements or instruments, before it
would otherwise have been due and payable or (2) a default by such party, such Credit
Support Provider or such Specified Entity (individually or collectively) in making one or
more payments on the due date thereof in an aggregate amount of not less than the applicable
Threshold Amount under such agreements or instruments (after giving effect to any applicable
notice requirement or grace period);

(vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party:–

(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general
assignment, arrangement or composition with or for the benefit of its creditors; (4)
institutes or has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law
or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the
making of an order for its winding-up or liquidation or (B) is not dismissed,
discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof, (5) has a resolution passed for its winding-up, official
management or liquidation (other than pursuant to a consolidation, amalgamation or
merger); (6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all its assets; (7) has a secured party
take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or
against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained,
in each case within 30 days thereafter; (8) causes or is subject to any event with
respect to it which, under the applicable laws of any jurisdiction, has an analogous
effect to any of the events specified in clauses (1) to (7) (inclusive); or (9)
takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

(viii) Merger Without Assumption. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially
all its assets to, another entity and, at the time of such consolidation, amalgamation,
merger or transfer: –

(1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or
any Credit Support Document to which it or its predecessor was a party by operation
of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or

(2) the benefits of any Credit Support Document fail to extend (without the consent
of the other party) to the performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any
Credit Support Provider of such party or any Specified Entity of such party of any event specified
below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

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Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if
the event is specified pursuant to (v) below:—

(i) Illegality. Due to the adoption of, or any change in, any applicable law after the date
on which a Transaction is entered into, or due to the promulgation of, or any change in, the
interpretation by any court, tribunal or regulatory authority with competent jurisdiction of
any applicable law after such date. it becomes unlawful (other than as a result of a breach
by the party of Section 4(b)) for such party (which will be the Affected Party):—

(1) to perform any absolute or contingent obligation to make a payment or delivery
or to receive a payment or delivery in respect of such Transaction or to comply with
any other material provision of this Agreement relating to such Transaction; or

(2) to perform, or for any Credit Support Provider of such party to perform, any
contingent or other obligation which the party (or such Credit Support Provider) has
under any Credit Support Document relating to such Transaction;

(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or
there is a substantial likelihood that it will, on the next succeeding Scheduled Payment
Date (1) be required to pay to the other party an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be
deducted or withheld for or on account of a Tax (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such
Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

(iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding
Scheduled Payment Date will either (1) be required to pay an additional amount in respect of
an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Indemnifiable Tax in respect of which the other party is
not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or
(B)), in either case as a result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets to, another entity (which
will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii);

(iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule
as applying to the party, such party (“X”), any Credit Support Provider of X or any
applicable Specified Entity of X consolidates or amalgamates with, or merges with or into,
or transfers all or substantially all its assets to, another entity and such action does not
constitute an event described in Section 5(a)(viii) but the creditworthiness of the
resulting, surviving or transferee entity is materially weaker than that of X, such Credit
Support Provider or such Specified Entity, as the case may be, immediately prior to such
action (and, in such event, X or its successor or transferee, as appropriate, will be the
Affected Party); of

(v) Additional Termination Event. If any “Additional Termination Event” is specified in the
Schedule or any Confirmation as applying, the occurrence of such event (and, in such event,
the Affected Party or Affected Parties shall be as specified for such Additional Termination
Event in the Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute
or give rise to an Event of Default also constitutes an Illegality, it will be treated as an
Illegality and will not constitute an Event of Default.

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6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect
to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the
“Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the
relevant Event of Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in
respect of all outstanding Transactions will occur immediately upon the occurrence with respect to
such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the institution of the
relevant proceeding or the presentation of the relevant petition upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous
thereto, (8).

(b) Right to Terminate Following Termination Event.

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming
aware of it, notify the other party, specifying the nature of that Termination Event and
each Affected Transaction and will also give such other information about that Termination
Event as the other party may reasonably require.

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1)
or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger
occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition
to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i)
all its rights and obligations under this Agreement in respect of the Affected Transactions
to another of its Offices or Affiliates so that such Termination Event ceases to exist.

If the Affected Party is not able to make such a transfer it will give notice to the other
party to that effect within such 20 day period, whereupon the other party may effect such a
transfer within 30 days after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional
upon the prior written consent of the other party, which consent will not be withheld if
such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed.

(iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs
and there are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to
avoid that Termination Event.

(iv) Right to Terminate. If:—

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as
the case may be, has not been effected with respect to all Affected Transactions
within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an
Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the
Burdened Party is not the Affected Party,

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event
Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination
Event if there is more than one Affected Party, or the party which is not the Affected Party
in the case of a Credit Event Upon Merger or an Additional Termination Event if there is
only one Affected Party may, by not more than 20 days notice to the other party and provided
that the relevant Termination Event is then

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continuing, designate a day not earlier than the day such notice is effective as an Early
Termination Date in respect of all Affected Transactions.

(c) Effect of Designation.

(i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the
Early Termination Date will occur on the date so designated, whether or not the relevant
Event of Default or Termination Event is then continuing.

(ii) Upon the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated
Transactions will be required to be made, but without prejudice to the other provisions of
this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be
determined pursuant to Section 6(e).

(d) Calculations.

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early
Termination Date, each party will make the calculations on its part, if any, contemplated by
Section 6(e) and will provide to the other party a statement (1) showing, in reasonable
detail, such calculations (including all relevant quotations and specifying any amount
payable under Section 6(e)) and (2) giving details of the relevant account to which any
amount payable to it is to be paid. In the absence of written confirmation from the source
of a quotation obtained in determining a Market Quotation, the records of the party
obtaining such quotation will be conclusive evidence of the existence and accuracy of such
quotation.

(ii) Payment Date. An amount calculated as being due in respect of any Early Termination
Date under Section 6(e) will be payable on the day that notice of the amount payable is
effective (in the case of an Early Termination Date which is designated or occurs as a
result of an Event of Default) and on the day which is two Local Business Days after the day
on which notice of the amount payable is effective (in the case of an Early Termination Date
which is designated as a result of a Termination Event). Such amount will be paid together
with (to the extent permitted under applicable law) interest thereon (before as well as
after judgment) in the Termination Currency, from (and including) the relevant Early
Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate.
Such interest will be calculated on the basis of daily compounding and the actual number of
days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions
shall apply based on the parties’ election in the Schedule of a payment measure, either “Market
Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If
the parties fail to designate a payment measure or payment method in the Schedule, it will be
deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The
amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off.

(i) Events of Default. If the Early Termination Date results from an Event of Default:—

(1) First Method and Market Quotation. If the First Method and Market Quotation
apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a
positive number, of (A) the sum of the Settlement Amount (determined by the
Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B)
the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party.

(2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party
will pay to the Non-defaulting Party, if a positive number, the Non-defaulting
Party’s Loss in respect of this Agreement.

(3) Second Method and Market Quotation. If the Second Method and Market Quotation
apply, an amount will be payable equal to (A) the sum of the Settlement Amount
(determined by the

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Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B)
the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party. If that amount is a positive number, the Defaulting Party will pay it to the
Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay
the absolute value of that amount to the Defaulting Party.

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be
payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If
that amount is a positive number, the Defaulting Party will pay it to the
Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay
the absolute value of that amount to the Defaulting Party.

(ii) Termination Events. If the Early Termination Date results from a Termination Event:—

(1) One Affected Party. If there is one Affected Party, the amount payable will be
determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or
Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be references to
the Affected Party and the party which is not the Affected Party, respectively, and,
if Loss applies and fewer than all the Transactions are being terminated, Loss shall
be calculated in respect of all Terminated Transactions.

(2) Two Affected Parties. If there are two Affected Parties:—

(A) if Market Quotation applies, each party will determine a Settlement
Amount in respect of the Terminated Transactions, and an amount will be
payable equal to (I) the sum of (a) one-half of the difference between the
Settlement Amount of the party with the higher Settlement Amount (“X”) and
the Settlement Amount of the party with the lower Settlement Amount (“Y”)
and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X
less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to
Y; and

(B) if Loss applies, each party will determine its Loss in respect of this
Agreement (or, if fewer than all the Transactions are being terminated, in
respect of all Terminated Transactions) and an amount will be payable equal
to one-half of the difference between the Loss of the party with the higher
Loss (“X”) and the Loss of the party with the lower Loss (“Y”).

If the amount payable is a positive number, Y will pay it to X; if it is a negative
number, X will pay the absolute value of that amount to Y.

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs
because “Automatic Early Termination” applies in respect of a party, the amount determined
under this Section 6(e) will be subject to such adjustments as are appropriate and permitted
by law to reflect any payments or deliveries made by one party to the other under this
Agreement (and retained by such other party) during the period from the relevant Early
Termination Date to the date for payment determined under Section 6(d)(ii).

(iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount
is payable for the loss of bargain and the loss of protection against future risks and
except as otherwise provided in this Agreement neither party will be entitled to recover any
additional damages as a consequence of such losses.

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7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this
Agreement may be transferred (whether by way of security or otherwise) by either party without the
prior written consent of the other party, except that:—

(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation
with, or merger with or into, or transfer of all or substantially all its assets to, another entity
(but without prejudice to any other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any amount payable to it
from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the
relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the
extent permitted by applicable law, any obligation to make payments under this Agreement in the
Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in a reasonable manner and in good faith in converting the
currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the amount in the
Contractual Currency so received falls short of the amount in the Contractual Currency payable in
respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency
so received exceeds the amount in the Contractual Currency payable in respect of this Agreement,
the party receiving the payment will refund promptly the amount of such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a
currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in
respect of this Agreement, (ii) for the payment of any amount relating to any early termination in
respect of this Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in
full of the aggregate amount to which such party is entitled pursuant to the judgment or order,
will be entitled to receive immediately from the other party the amount of any shortfall of the
Contractual Currency received by such party as a consequence of sums paid in such other currency
and will refund promptly to the other party any excess of the Contractual Currency received by such
party as a consequence of sums paid in such other currency if such shortfall or such excess arises
or results from any variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such judgment or order and
the rate of exchange at which such party is able, acting in a reasonable manner and in good faith
in converting the currency received into the Contractual Currency, to purchase the Contractual
Currency with the amount of the currency of the judgment or order actually received by such party.
The term “rate of exchange” includes, without limitation, any premiums and costs of exchange
payable in connection with the purchase of or conversion into the Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute
separate and independent obligations from the other obligations in this Agreement, will be
enforceable as separate and independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of this Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to
demonstrate that it would have suffered a loss had an actual exchange or purchase been made.

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9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the
parties with respect to its subject matter and supersedes all oral communication and prior writings
with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this Agreement will be
effective unless in writing (including a writing evidenced by a facsimile transmission) and
executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations
of the parties under this Agreement will survive the termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers,
remedies and privileges provided by law.

(e) Counterparts and Confirmations.

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which
will be deemed an original.

(ii) The parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be
entered into as soon as practicable and may be executed and delivered in counterparts
(including by facsimile transmission) or be created by an exchange of telexes or by an
exchange of electronic messages on an electronic messaging system, which in each case will
be sufficient for all purposes to evidence a binding supplement to this Agreement. The
parties will specify therein or through another effective means that any such counterpart,
telex or electronic message constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect
of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of
any right, power or privilege will not be presumed to preclude any subsequent or further exercise,
of that right, power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in interpreting this Agreement.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to the other party
that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation
of such party, the obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be repeated by such party
on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives payments or deliveries
for the purpose of a Transaction without the prior written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make
and receive payments or deliveries under any Transaction through any Office listed in the Schedule,
and the Office through which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all
reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party
by reason of the enforcement and protection of its rights under this Agreement or any Credit
Support Document

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to which the Defaulting Party is a party or by reason of the early termination of any Transaction,
including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in
any manner set forth below (except that a notice or other communication under Section 5 or 6 may
not be given by facsimile transmission or electronic messaging system) to the address or number or
in accordance with the electronic messaging system details provided (see the Schedule) and will be
deemed effective as indicated:—

(i) if in writing and delivered in person or by courier, on the date it is delivered;

(ii) if sent by telex, on the date the recipient’s answerback is received;

(iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a transmission report generated
by the sender’s facsimile machine);

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery is attempted;
or

(v) if sent by electronic messaging system, on the date that electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt as applicable, is not a
Local Business Day or that communication is delivered (or attempted) or received, as applicable,
after the close of business on a Local Business Day, in which case that communication shall be
deemed given and effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the address, telex or
facsimile number or electronic messaging system details at which notices or other communications
are to be given to all

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law
specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement
(“Proceedings”), each party irrevocably:—

(i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be
governed by English law, or to the non-exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of Manhattan in New
York City, if this Agreement is expressed to be governed by the laws of the State of New
York; and

(ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to
such Proceedings, that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or
any modification, extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in
any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified
opposite its name in the Schedule to receive, for it and on its behalf, service of process in any
Proceedings. If for any

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reason any party’s Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to the other party.
The parties irrevocably consent to service of process given in the manner provided for notices in
Section 12. Nothing in this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by
applicable law, with respect to itself and its revenues and assets (irrespective of their use or
intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit,
(ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance
or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise
be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the
extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement: —

“Additional Termination Event” has the meaning specified in Section 5(b).

“Affected Party” has the meaning specified in Section 5(b).

“Affected Transactions” means (a) with respect to any Termination Event consisting of an
Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such
Termination Event and (b) with respect to any other Termination Event, all Transactions.

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled,
directly or indirectly, by the person, any entity that controls, directly or indirectly, the person
or any entity directly or indirectly under common control with the person. For this purpose,
“control” of any entity or person means ownership of a majority of the voting power of the entity
or person.

“Applicable Rate” means: —

(a) in respect of obligations payable or deliverable (or which would have been but for Section
2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after
the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the
Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and

(d) in all other cases, the Termination Rate.

“Burdened Party” has the meaning specified in Section 5(b).

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change
in or amendment to, any law (or in the application or official interpretation of any law) that
occurs on or after the date on which the relevant Transaction is entered into.

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing,
registration or exchange control consent.

“Credit Event Upon Merger” has the meaning specified in Section 5(b).

“Credit Support Document” means any agreement or instrument that is specified as such in this
Agreement.

“Credit Support Provider” has the meaning specified in the Schedule.

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual
cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant
amount plus 1% per annum.

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“Defaulting Party” has the meaning specified in Section 6(a).

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

“Illegality” has the meaning specified in Section 5(b).

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a
payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person
related to such recipient (including, without limitation, a connection arising from such recipient
or related person being or having been a citizen or resident of such jurisdiction, or being or
having been organised, present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such jurisdiction, but excluding
a connection arising solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this Agreement or a Credit
Support Document).

“law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the
practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be
construed accordingly.

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for
business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to
any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if
not so specified, as otherwise agreed by the parties in writing or determined pursuant to
provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other
payment, in the place where the relevant account is located and, if different. in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in the city specified in the
address for notice provided by the recipient and, in the case of a notice contemplated by Section
2(b), in the place where the relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

“Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case
may be, and a party, the Termination Currency Equivalent of an amount that party reasonably
determines in good faith to be its total losses and costs (or gain, in which case expressed as a
negative number) in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at
the election of such party but without duplication, loss or cost incurred as a result of its
terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any
gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each applicable condition
precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(c)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a
party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine
its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as
of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine
its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in
the relevant markets.

“Market Quotation” means, with respect to one or more Terminated Transactions and a party making
the determination, an amount determined on the basis of quotations from Reference Market-makers.
Each quotation will be for an amount, if any, that would be paid to such party (expressed as a
negative number) or by such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document with respect to the
obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the
“Replacement Transaction”) that would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent
and assuming the satisfaction of each applicable condition precedent) by the parties under Section
2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would,
but for the occurrence of the relevant Early Termination Date, have

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been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated
Transaction or group of Terminated Transactions are to be excluded but, without limitation, any
payment or delivery that would, but for the relevant Early Termination Date, have been required
(assuming satisfaction of each applicable condition precedent) after that Early Termination Date is
to be included. The Replacement Transaction would be subject to such documentation as such party
and the Reference Market-maker may, in good faith, agree. The party making the determination (or
its agent) will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different time zones) on or
as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of
which those quotations are to be obtained will be selected in good faith by the party obliged to
make a determination under Section 6(e), and, if each party is so obliged, after consultation with
the other. If more than three quotations are provided, the Market Quotation will be the arithmetic
mean of the quotations, without regard to the quotations having the highest and lowest values, If
exactly three such quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more than one quotation
has the same highest value or lowest value, then one of such quotations shall be disregarded. If
fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of
such Terminated Transaction or group of Terminated Transactions cannot be determined.

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any
actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant
amount.

“Non-defaulting Party” has the meaning specified in Section 6(a).

“Office” means a branch or office of a party, which may be such party’s head or home office.

“Potential Event of Default” means any event which, with the giving of notice or the lapse of time
or both, would constitute an Event of Default.

“Reference Market-makers” means four leading dealers in the relevant market selected by the party
determining a Market Quotation in good faith (a) from among dealers of the highest credit standing
which satisfy all the criteria that such party applies generally at the time in deciding whether to
offer or to make an extension of credit and (b) to the extent practicable, from among such dealers
having an office in the same city.

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is
incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office
through which the party is acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through which such payment is
made.

“Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section
2(a)(i) with respect to a Transaction.

“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or
similar right or requirement to which the payer of an amount under Section 6 is entitled or subject
(whether arising under this Agreement, another contract, applicable law or otherwise) that is
exercised by, or imposed on, such payer.

“Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of.-

(a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for
each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is
determined; and

(b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts)
for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation
cannot be determined or would not (in the reasonable belief of the party making the determination)
produce a commercially reasonable result.

“Specified Entity” has the meaning specified in the Schedule.

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“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

“Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement
with respect thereto) now existing or hereafter entered into between one party to this Agreement
(or any Credit Support Provider of such party or any applicable Specified Entity of such party) and
the other party to this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with
respect to any of these transactions), (b) any combination of these transactions and (c) any other
transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

“Stamp Tax” means any stamp, registration, documentation or similar tax.

“Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature
(including interest, penalties and additions thereto) that is imposed by any government or other
taxing authority in respect of any payment under this Agreement other than a stamp, registration,
documentation or similar tax.

“Tax Event” has the meaning specified in Section 5(b).

“Tax Event Upon Merger” has the meaning specified in Section 5(b).

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a
Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all
Transactions (in either case) in effect immediately before the effectiveness of the notice
designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately
before that Early Termination Date).

“Termination Currency” has the meaning specified in the Schedule.

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination
Currency, such Termination Currency amount and, in respect of any amount denominated in a currency
other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency
determined by the party making the relevant determination as being required to purchase such amount
of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market
Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the
Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent
(selected as provided below) for the purchase of such Other Currency with the Termination Currency
at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date
as would be customary for the determination of such a rate for the purchase of such Other Currency
for value on the relevant Early Termination Date or that later date. The foreign exchange agent
will, if only one party is obliged to make a determination under Section 6(e), be selected in good
faith by that party and otherwise will be agreed by the parties

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to
be applicable, a Credit Event Upon Merger or an Additional Termination Event.

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof
or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of
funding such amounts.

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate
of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would
have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to
such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in
respect of each Terminated Transaction. for each obligation under Section 2(a)(i) which was (or
would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or
prior to such Early Termination Date and which has not been so settled as at such Early Termination
Date, an amount equal to the fair market

ISD®
1992

17

 

value of that which was (or would have been) required to be delivered as of the originally
scheduled date for delivery, in each case together with (to the extent permitted under applicable
law) interest, in the currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to (but excluding) such
Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. The fair market value of any
obligation referred to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it shall be the average
of the Termination Currency Equivalents of the fair market values reasonably determined by both
parties.

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below
with effect from the date specified on the first page of this document.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES	 	 
	CREDIT SUISSE INTERNATIONAL	 	 	 	TRUST 2007-C-M	 	 
	 
	 
	 
	 	 	 	 	 	 	 
	 

	 	(Name of Party)
	 	 	 	 	 	(Name of Party)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: AMERICREDIT FINANCIAL SERVICES, INC., as	 	 
	 	 	 	 	 	 	Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Barry Dixon
 

Name: Barry Dixon
	 	 
	 	By
	 	/s/ Susan B. Sheffield
 

Name: Susan B. Sheffield
	 	 
	 

	 	Title: Authorized Signatory
	 	 	 	 	 	Title: Senior Vice President, Structured Finance	 	 
	 

	 	Date: July 26, 2007
	 	 	 	 	 	Date: July 26, 2007	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Steven J. Reis
 

Name: Steven J. Reis
	 	 	 	 	 	 	 	 
	 

	 	Title: Authorized Signatory	 	 	 	 	 	 	 	 
	 

	 	Date: July 26, 2007	 	 	 	 	 	 	 	 

ISD®
1992

18

 

EXECUTION COPY

SCHEDULE

to the

MASTER AGREEMENT

dated as of July 26, 2007 between

CREDIT SUISSE INTERNATIONAL (“Party A”)

and

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-C-M (“Party B”)

Part 1. Termination Provisions

	(a)	 	“Specified Entity” means, with respect to Party A for all purposes of this Agreement,
none, and with respect to Party B for all purposes of this Agreement, none.
	 
	(b)	 	“Specified Transaction” has its meaning as defined in Section 14 of this Agreement.
	 
	(c)	 	The “Automatic Early Termination” provision of Section 6(a) of this Agreement does not apply
to Party A or Party B.
	 
	(d)	 	[Reserved].
	 
	(e)	 	Payments on Early Termination. Except as otherwise provided in this Schedule, “Market
Quotation” and the “Second Method” apply.
	 
	(f)	 	“Termination Currency” means United States Dollars.
	 
	(g)	 	Timing of Party B Termination Payment. If an amount calculated as being due in respect of an
Early Termination Date under Section 6(e) of this Agreement is an amount to be paid by Party B
to Party A then, notwithstanding the provisions of Section 6(d)(ii) of this Agreement, such
amount will be payable on the first Distribution Date following the date on which the payment
would have been payable as determined in accordance with Section 6(d)(ii); provided that if
the date on which the payment would have been payable as determined in accordance with Section
6(d)(ii) is a Distribution Date, then the payment will be payable on the date determined in
accordance with Section 6(d)(ii).
	 
	(h)	 	Limitation on Defaults by Party A and Party B. The Events of Default specified in Section 5
of this Agreement shall not apply to Party A or Party B except for the following:

	 	(i)	 	With respect to both Party A and Party B, Section 5(a)(i) of this Agreement
(Failure to Pay or Deliver) subject to the provisions of the last paragraph hereof;
	 
	 	(ii)	 	With respect to Party A only, Section 5(a)(ii) of this Agreement (Breach of
Agreement); provided that Section 5(a)(ii) will not apply to Party A with respect to
Party A’s failure to comply with its obligations under Part 5(b)(ii) or 5(b)(iii)
herein or under the Credit Support Annex;
	 
	 	(iii)	 	With respect to Party A only, Section 5(a)(iii) of this Agreement (Credit
Support Default) subject to the provisions of the last paragraph hereof; provided that
Section 5(a)(iii)(1) shall apply to Party B with respect to Party B’s obligations under
Paragraph 3(b) of any Credit Support Annex;
	 
	 	(iv)	 	With respect to Party A only, Section 5(a)(iv) of this Agreement
(Misrepresentation);
	 
	 	(v)	 	With respect to Party A only, Section 5(a)(vi) of this Agreement (Cross
Default). For the purposes of this Part 1(h)(v), “Threshold Amount” shall
mean, with respect to Party A, three percent (3%) of the Stockholders’ Equity
(excluding deposits) of the Relevant Entity.

 

 

	 	 	 	“Stockholders’ Equity” means with respect to an entity, at any time, the sum
at such time of (i) its capital stock (including preferred stock) outstanding, taken
at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv)
treasury stock, each to be determined in accordance with generally accepted
accounting principles consistently applied.
	 
	 	 	 	“Specified Indebtedness,” with respect to Party A, shall have the meaning
specified in Section 14,
	 
	 	(vi)	 	With respect to both Party A and Party B, Section 5(a)(vii) of this Agreement
(Bankruptcy); provided that clauses (2), (7) and (9) thereof shall not apply with
respect to Party B, provided further that clause (4) shall not apply to Party B to the
extent that it refers to proceedings or petitions instituted or presented by Party A or
any of its Affiliates, provided further that clause (6) shall not apply to Party B to
the extent that it refers to (i) any appointment that is effected by or pursuant to the
Basic Documents or (ii) any appointment to which Party B has not become subject, and
provided further that clause (8) shall not apply to Party B to the extent that clause
(8) relates to clauses (2), (4), (6) and (7) (except to the extent that such provisions
are not disapplied to Party B); and
	 
	 	(vii)	 	With respect to both Party A and Party B, Section 5(a)(viii) of this Agreement
(Merger Without Assumption).

	 	 	Notwithstanding Sections 5(a)(i) and 5(a)(iii) of this Agreement, any failure by Party A to
comply with or perform any obligation to be complied with or performed by Party A under the
Credit Support Annex shall not be an Event of Default unless (A) (i) the Second Rating
Trigger Requirements apply and at least 30 Local Business Days have elapsed since the last
time the Second Rating Trigger Requirements did not apply and (ii) such failure is not
remedied on or before the third Local Business Day after notice of such failure is given to
Party A, or (B) (i) a Ratings Event has occurred and is continuing and at least 10 Local
Business Days (or 30 calendar days, in the case of Fitch) have elapsed since the date on
which a Ratings Event occurred and (ii) such failure is not remedied on or before the third
Local Business Day after notice of such failure is given to Party A.
	 
	(i)	 	Limitation on Termination Events by Party A and Party B. The Termination Events specified in
Section 5 of this Agreement shall not apply to Party A or Party B except for the following:

	 	(i)	 	With respect to both Party A and Party B, Section 5(b)(i) of this Agreement
(Illegality);
	 
	 	(ii)	 	With respect to both Party A and Party B, Section 5(b)(ii) of this Agreement
(Tax Event); and
	 
	 	(iii)	 	With respect to both Party A and Party B, Section 5(b)(iii) of this Agreement
(Tax Event Upon Merger); provided that Party A shall not be entitled to designate an
Early Termination Date by reason of a Tax Event Upon Merger in respect of which it is
the Affected Party.

(j) Additional Termination Events. The occurrence of any of the following events shall be an
Additional Termination Event.

	 	(i)	 	First Rating Trigger. If at any time no Relevant Entity maintains the First
Trigger Required Ratings and the Second Rating Trigger Requirements do not apply and
Party A has failed to (A) comply with or perform any obligation to be complied with or
performed by Party A in accordance with the Credit Support Annex or Part 5(b) hereof
(after giving effect to the relevant time frame specified in Part 5(b) hereof), (B)
furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a
guarantor that maintains the First Trigger Required Ratings and/or the Second Trigger
Required Ratings (provided, that if such guarantor maintains only the Second Trigger
Required Ratings, it must post collateral in the amount required to be posted pursuant
to the terms of the Credit Support Annex (such amount which is the greatest of the
amounts required to be posted by Moody’s, S&P and Fitch) at the time that such Eligible
Guarantee is so furnished) or (C) obtain an Eligible Replacement pursuant to Part 6(a)
that (1)

2

 

	 	 	 	upon satisfaction of the Rating Agency Condition (as defined below) assumes the
obligations of Party A under this Agreement (through a novation or other assignment
and assumption agreement in form and substance reasonably satisfactory to Party B)
or (2) having provided prior written notice to S&P and Fitch, replaces the
outstanding Transactions hereunder with transactions on identical terms, except that
Party A shall be replaced as counterparty (provided that such Eligible Replacement,
as of the date of such assumption or replacement, will not, as a result thereof, be
required to withhold or deduct on account of tax under the Agreement or the new
Transactions, as applicable, and such assumption or replacement will not lead to a
Termination Event or Event of Default occurring under the Agreement or new
Transactions, as applicable). With respect to the foregoing Additional Termination
Event, Party A shall be the sole Affected Party and all Transactions shall be
Affected Transactions.

	 	(ii)	 	Second Rating Trigger. (1) The Second Rating Trigger Requirements apply and 30
or more Local Business Days have elapsed since the last time the Second Rating Trigger
Requirements did not apply and (2) (x) at least one Eligible Replacement has made a
Firm Offer (which remains capable of becoming legally binding upon acceptance) to be
the transferee of a transfer to be made in accordance with Part 6(a) below and/or (y)
at least one entity with the First Trigger Required Ratings and/or the Second Trigger
Required Ratings has made a Firm Offer (which remains capable of becoming legally
binding upon acceptance by the offeree) to provide an Eligible Guarantee in respect of
all of Party A’s present and future obligations under this Agreement. With respect to
the foregoing Additional Termination Event, Party A shall be the sole Affected Party
and all Transactions shall be Affected Transactions.
	 
	 	(iii)	 	Ratings Event. Party A fails to comply with any downgrade provisions as set
forth in Part 5(b), after giving effect to the relevant time frame specified therein,
and (i) at least one Eligible Replacement has made a Firm Offer (which remains capable
of becoming legally binding upon acceptance) to be the transferee of a transfer to be
made in accordance with Part 6(a) below and/or (ii) at least one entity with the Hedge
Counterparty Ratings Requirement has made a Firm Offer (which remains capable of
becoming legally binding upon acceptance by the offeree) to provide an Eligible
Guarantee in respect of all of Party A’s present and future obligations under this
Agreement. With respect to the foregoing Additional Termination Event, Party A shall
be the sole Affected Party and all Transactions shall be Affected Transactions.
	 
	 	(iv)	 	Regulation AB Matters. Party A fails to comply with Part 6(n)(ii) of this
Agreement. With respect to the foregoing Additional Termination Event, Party A shall
be the sole Affected Party and all Transactions shall be Affected Transactions.
	 
	 	(v)	 	Termination. Party B is dissolved. With respect to the foregoing Additional
Termination Event, Party B shall be the sole Affected Party and all Transactions shall
be Affected Transactions.
	 
	 	(vi)	 	Acceleration. The Trustee declares the Notes due and payable for any reason
and such declaration is (or becomes) unrescindable or irrevocable. With respect to the
foregoing Additional Termination Event, Party B shall be the sole Affected Party and
all Transactions shall be Affected Transactions.
	 
	 	(vii)	 	Redemption. Any mandatory redemption, auction call redemption, optional
redemption, tax redemption, clean-up call or other prepayment in full or repayment in
full of all Notes outstanding occurs under the Indenture (or any notice is given to
that effect and such mandatory redemption, auction call redemption, optional
redemption, tax redemption, clean-up call or other prepayment or repayment is not
capable of being rescinded). With respect to the foregoing Additional Termination
Event, Party B shall be the sole Affected Party and all Transactions shall be Affected
Transactions.
	 
	 	(viii)	 	Default. Any Event of Default (as defined in the Indenture) occurs under the
Indenture (or any notice is given by the Trustee or any other authorized party to that
effect), the Notes have been declared due and payable under the Indenture (and such
declaration has not been rescinded and

3

 

	 	 	 	annulled in accordance with the Indenture), and the Trustee, the Noteholders or any
other party authorized under the terms of the Basic Documents or by law: (1)
initiates procedures to sell, liquidate or dispose of any of the Collateral under
the Indenture; (2) institutes Proceedings for the collection of all amounts payable
under the Indenture; (3) institutes Proceedings for the complete or partial
foreclosure of the Indenture with respect to the Collateral; or (4) exercises any
remedies of a secured party under the UCC with respect to the Collateral, and any
such action is not to judgment or final decree. With respect to the foregoing
Additional Termination Event, Party B shall be the sole Affected Party and all
Transactions shall be Affected Transactions; provided, however, in connection with
the foregoing Additional Termination Event, for purposes of designating any Early
Termination Date, notwithstanding anything contained in Section 6(a) of the
Agreement to the contrary, either Party A or Party B shall be permitted to designate
an Early Termination Date.
	 
	 	(ix)	 	Amendment. Any Basic Document is amended or modified without the prior written
consent of Party A if the consent of Party A is required pursuant to the terms of the
related Basic Document; provided, however, that it shall not be an Additional
Termination Event where such amendment or modification involves the appointment of any
successor trustee, securities administrator, master servicer or servicer pursuant to
the terms of the Indenture. With respect to the foregoing Additional Termination
Event, Party B shall be the sole Affected Party and all Transactions shall be Affected
Transactions.
	 
	 	(x)	 	MBIA fails, at any time during the term of this Agreement, to have (a) a claims
paying ability rating of “A-” or above from S&P, (b) a financial strength rating of
“A3” or above from Moody’s or (c) a financial strength rating of “A-” or above from
Fitch and either (x) an Event of Default under this Agreement has occurred and is
continuing with respect to which Party B is the Defaulting Party or (y) a Termination
Event has occurred and is continuing with respect to which Party B is the Affected
Party. With respect to the foregoing Additional Termination Event, Party B shall be
the sole Affected Party and all Transactions shall be Affected Transactions.
	 
	 	(xi)	 	MBIA fails to meet its payment obligations under the Swap Policy with respect
to Fixed Amounts (as defined in the related Confirmation) (other than Termination
Payments) due from Party B and such failure is continuing under the Swap Policy. With
respect to the foregoing Additional Termination Event, Party B shall be the sole
Affected Party and all Transactions shall be Affected Transactions.
	 
	 	(xii)	 	Notwithstanding anything to the contrary in Section 6 of this Agreement, if
either an Event of Default or Termination Event has occurred and is continuing, (other
than with respect to Section 5(b)(i) or an Additional Termination Event described in
Part 1(j)(iv), (x) or (xi)), neither Party A nor Party B shall have the right to
designate an Early Termination Date unless either (a) MBIA has failed to pay any
payment due to Party A under the terms and conditions of the Swap Policy with respect
to Fixed Amounts (other than Termination Payments), which failure is continuing, or (b)
MBIA has otherwise consented to such designation in writing. Any purported designation
in violation of this provision will, at the election of MBIA, be void and of no effect.
	 
	 	(xiii)	 	If any Event of Default under this Agreement occurs with respect to Party B as the
Defaulting Party, then MBIA (so long as it has not failed to pay any payment due to
Party A under the terms and conditions of the Swap Policy) shall have the right (but
not the obligation) upon notice to Party A to designate an Early Termination Date with
respect to Party B with the same effect as if such designation were made by Party A.
For purposes of the foregoing sentence, an Event of Default with respect to Party B
shall be considered to be continuing, notwithstanding any payment by MBIA under the
Swap Policy. The parties acknowledge that, except as the Swap Policy may be otherwise
endorsed, unless MBIA designates an Early Termination Date (as opposed to merely
consenting to such designation by one of the parties), payments due from Party B
because an Early Termination Date has been designated will not be insured.

4

 

	(k)	 	Calculations. Notwithstanding Section 6 of this Agreement, for so long as Party A is (A) the
sole Affected Party in respect of an Additional Termination Event or a Tax Event Upon Merger
or (B) the Defaulting Party in respect of any Event of Default, the following shall apply:

(i) The definition of “Market Quotation” shall be deleted in its entirety and replaced with
the following:

“Market Quotation” means, with respect to one or more Terminated
Transactions, a Firm Offer which is (1) made by a Reference Market-maker that is an
Eligible Replacement, (2) for an amount that would be paid to Party B (expressed as
a negative number) or by Party B (expressed as a positive number) in consideration
of an agreement between Party B and such Reference Market-maker to enter into a
transaction (the “Replacement Transaction”) that would have the effect of
preserving for such party the economic equivalent of any payment or delivery
(whether the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under Section
2(a)(i) in respect of such Terminated Transactions or group of Terminated
Transactions that would, but for the occurrence of the relevant Early Termination
Date, have been required after that date, (3) made on the basis that Unpaid Amounts
in respect of the Terminated Transaction or group of Transactions are to be excluded
but, without limitation, any payment or delivery that would, but for the relevant
Early Termination Date, have been required (assuming satisfaction of each applicable
condition precedent) after that Early Termination Date is to be included and (4)
made in respect of a Replacement Transaction with terms substantially the same as
those of this Agreement (save for the exclusion of provisions relating to
Transactions that are not intended to be replacements for Terminated Transactions).

(ii) The definition of “Settlement Amount” shall be deleted in its entirety and replaced
with the following:

“Settlement Amount” means, with respect to any Early Termination Date, an
amount (as determined by Party B) equal to the Termination Currency Equivalent of
the amount (whether positive or negative) of any Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions that is accepted by Party
B so as to become legally binding; provided that:

	 	(A)	 	If, on the day falling ten Local Business Days after the day on
which the Early Termination Date is designated or such later day as Party B may
specify in writing to Party A (but in either case no later than the Early
Termination Date) (such day the “Latest Settlement Amount Determination
Day”), no Market Quotation for the relevant Terminated Transaction or group
of Terminated Transactions has been accepted by Party B so as to become legally
binding and one or more Market Quotations have been made and remain capable of
becoming legally binding upon acceptance, the Settlement Amount shall equal the
Termination Currency Equivalent of the amount (whether positive or negative) of
the lowest of such Market Quotations (for the avoidance of doubt, the lowest
negative number shall equal the largest absolute value such that, for example,
negative 3 shall be lower than negative 2); or
	 
	 	(B)	 	If, on the Latest Settlement Amount Determination Day, no
Market Quotation for the relevant Terminated Transaction or group of Terminated
Transactions is accepted by Party B so as to become legally binding and no
Market Quotations have been made and remain capable of becoming legally binding
upon acceptance, the Settlement Amount shall equal Party B’s Loss (whether
positive or negative and without reference to any Unpaid amounts) for the
relevant Terminated Transaction or group of Terminated Transactions.

	 	(iii)	 	For the purpose of clause (4) of the definition of Market Quotation, Party B
shall determine in its sole discretion, acting in a commercially reasonable manner,
whether a Firm Offer is made in respect of a Replacement Transaction with commercial
terms substantially the same as those of

5

 

	 	 	 	this Agreement (save for the exclusion of provisions relating to Transactions that
are not Terminated Transactions); provided, however, that notwithstanding the
provisions of this Part 1(k), nothing in this Agreement shall preclude Party A from
obtaining Market Quotations.
	 
	 	(iv)	 	At any time on or before the Latest Settlement Amount Determination Day at
which two or more Market Quotations remain capable of becoming legally binding upon
acceptance, Party B shall be entitled to accept only the lowest of such Market
Quotations.
	 
	 	(v)	 	If Party B requests Party A in writing to obtain Market Quotations, Party A
shall use its reasonable efforts to do so before the Latest Settlement Amount
Determination Day.
	 
	 	(vi)	 	If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this
Agreement shall be deleted in its entirety and replaced with the following:
	 
	 	 	 	Second Method and Market Quotation. If Second Method and Market Quotation (without
giving effect to the modifications to the definition of “Market Quotation” in Part
1(k) hereof) apply, (1) Party B shall pay to Party A an amount equal to the absolute
value of the Settlement Amount in respect of the Terminated Transactions, (2) Party
B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts
owing to Party A and (3) Party A shall pay to Party B the Termination Currency
Equivalent of the Unpaid Amounts owing to Party B; provided that, (i) the amounts
payable under (2) and (3) shall be subject to netting in accordance with Section
2(c) of this Agreement and (ii) notwithstanding any other provision of this
Agreement, any amount payable by Party A under (3) shall not be netted-off against
any amount payable by Party B under (1).

	(l)	 	Designation of Early Termination Date; Amendments. Notwithstanding any other provision of
this Agreement, Party B shall not designate an Early Termination Date, and no transfer of any
rights or obligations under this Agreement shall be made, unless each Rating Agency has been
given prior written notice of such amendment, designation or transfer. Furthermore, this
Agreement will not be amended unless the Rating Agency Condition is satisfied.
	 
	(m)	 	No Suspension of Payments. Notwithstanding Section 2(a)(iii) of this Agreement, Party A
shall not suspend any payments due under an Insured Transaction (as defined below) under
Section 2(a)(iii) unless MBIA is in default in respect of any payment obligations under the
Swap Policy.
	 
	(n)	 	Replacement. Party A agrees that if Party B or MBIA has a right to designate an Early
Termination Date pursuant to Part 1(j)(i), (ii) or (iii) above, then, (i) upon the request of
MBIA or Party B with the consent of MBIA, Party A shall use commercially reasonable efforts to
procure a replacement Transaction at its own expense (and at no expense to Party B) with a
swap counterparty on the same terms as this Agreement, mutatis mutandis, or else with such
amendments to the terms of this Agreement (A) as have been confirmed by S&P and Moody’s as not
resulting in a reduction, withdrawal or suspension of the ratings assigned to the Notes
without regard to the presence of the Note Policy and (B) as have been approved by MBIA or
(ii) Party A may, at its sole option, elect to procure a replacement Transaction at its own
expense (and at no expense to Party B) with a swap counterparty acceptable to MBIA on the same
terms as this Agreement, mutatis mutandis, or else with such amendments to the terms of this
Agreement (A) as to which the Rating Agency Condition have been met and (B) as have been
approved by MBIA.

Part 2. Tax Provisions

	(a)	 	Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, each party
makes the following representation: None.

	(b)	 	Gross Up. Section 2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii) shall not
apply to Party B as Y, in each case such that Party B shall not be required to pay any
additional amounts referred to therein.

6

 

	(c)	 	Indemnifiable Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its
entirety and replaced with the following:
	 
	 	 	     “Indemnifiable Tax” means, in relation to payments by Party A, any Tax and, in
relation to payments by Party B, no Tax; provided that nothing herein will modify a party’s
right to terminate by reason of a Tax Event Upon Merger.
	 
	(d)	 	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement:

	 	 	 	(i) Party A makes the following representation(s): None
	 
	 	 	 	(ii) Party B makes the following representation(s): None.

	(e)	 	Tax Forms.

	 	(i)	 	Delivery of Tax Forms. For the purpose of Section 4(a)(i), and without
limiting Section 4(a)(iii), each party agrees to duly complete, execute and deliver to
the other party the tax forms specified below with respect to it (A) before the first
Payment Date under this Agreement and (B) promptly upon reasonable demand by the other
party.
	 
	 	 	 	In addition, in the case of any tax form that is a Periodic Tax Form required to be
delivered by Party B under this Agreement, Party B agrees to renew such tax form
prior to its expiration by completing, executing and delivering to Party A that tax
form (“Renewal Tax Form”) in each succeeding third year following the year
of execution of any such tax form or Renewal Tax Form delivered by Party B to Party
A under this Agreement so that Party A receives each Renewal Tax Form not later than
December 31 of the relevant year. “Periodic Tax Form” means any U.S. IRS
Form W-8BEN, W-8IMY or W-8EXP that is delivered by Party B to Party A without a U.S.
Taxpayer Identification Number.
	 
	 	(ii)	 	Tax Forms to be Delivered by Party A:
	 
	 	 	 	None specified.
	 
	 	(iii)	 	Tax forms to be Delivered by Party B:
	 
	 	 	 	Party B will deliver a correct, complete and duly executed U.S. IRS Form W-9 (or
successor thereto) that eliminates U.S. federal back-up withholding tax on payments
to Party B under this Agreement.

Part 3. Documents

	(a)	 	Delivery of Documents. When it delivers this Agreement, each party shall also deliver its
Closing Documents to the other party, and from time to time after it delivers this Agreement,
each party shall deliver its Other Documents to the other party, in each case in form and
substance reasonably satisfactory to the other party. For each Transaction, a party shall
deliver, promptly upon request, a duly executed incumbency certificate for the person(s)
executing the Confirmation for that Transaction on behalf of that party.
	 
	(b)	 	Closing Documents.

	 	(i)	 	For Party A, “Closing Documents” means:

	 	(A)	 	an opinion of Party A’s counsel addressed to Party B, together
with a reliance letter addressed to MBIA, each in form and substance acceptable
to Party B and MBIA;

7

 

	 	(B)	 	a duly executed incumbency certificate for each person
executing this Agreement for Party A, or in lieu thereof, a copy of the
relevant pages of its official signature book; and
	 
	 	(C)	 	each Credit Support Document (if any) specified for Party A in
this Schedule, together with a duly executed incumbency certificate for the
person(s) executing that Credit Support Document, or in lieu thereof, a copy of
the relevant pages of its official signature book.

	 	(ii)	 	For Party B, “Closing Documents” means:

	 	(A)	 	an opinion of Party B’s counsel addressed to Party A, MBIA and
the Rating Agencies in form and substance acceptable to Party A and the Rating
Agencies;
	 
	 	(B)	 	a duly executed incumbency certificate with respect to each
signatory to this Agreement;
	 
	 	(C)	 	a duly executed copy of the Indenture and the other operative
documents relating thereto and referred to therein, executed and delivered by
the parties thereto; and
	 
	 	(D)	 	the duly executed Swap Policy.

	(c)	 	Other Documents.

	 	(i)	 	For Party A, “Other Documents” means: none.
	 
	 	(i)	 	For Party B, “Other Documents” means: a copy of each Servicer’s
Certificate that is delivered to the Trustee.

Part 4. Miscellaneous

	(a)	 	Addresses for Notices. For purposes of Section 12(a) of this Agreement, all notices to a
party shall, with respect to any particular Transaction, be sent to its address, telex number
or facsimile number specified in the relevant Confirmation, provided that any notice under
Section 5 or 6 of this Agreement, and any notice under this Agreement not related to a
particular Transaction, shall be sent to a party at its address, telex number or facsimile
number specified below; provided, further, that any notice under the Credit Support Annex
shall be sent to a party at its address, telex number or facsimile number specified in the
Credit Support Annex.

8

 

To Party A:

(1) Address for notices or communications to Party A (other than by facsimile):

	 	 	 	 	 
	 	 	CREDIT SUISSE INTERNATIONAL
	 	 	One Cabot Square
	 	 	London E14 4QJ
	 	 	England
	 

	 	Attention:
	 	(1) Head of Credit Risk Management;
	 

	 	 	 	(2) Managing Director — Operations Department;
	 

	 	 	 	(3) Managing Director — Legal Department

Telex No.: 264521

Answerback: CSI G

(For all purposes)

with a copy to:

MBIA INSURANCE CORPORATION

113 King Street

Armonk, New York 10504

Attention: IPM — Structured

Telephone No.: (914) 273-4545

Facsimile No.: (914) 765-3810

(2) For the purpose of facsimile notices or communications under this Agreement (other than
a notice or communication under Section 5 or 6):

Facsimile No.: 44 20 7888 2686

Attention: Managing Director — Legal Department

Telephone number for oral confirmation of receipt of facsimile in legible form: 44 20 7888
2028

Designated responsible employee for the purposes of Section 12(a)(iii): Senior Legal
Secretary

with a copy to:

MBIA INSURANCE CORPORATION

113 King Street

Armonk, New York 10504

Attention: IPM — Structured

Telephone No.: (914) 273-4545

Facsimile No.: (914) 765-3810

To Party B:

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-C-M

c/o Wilmington Trust Company, as Owner Trustee

1100 North Market Street

Wilmington, Delaware 19890

9

 

with a copy to:

AMERICREDIT FINANCIAL SERVICES, INC.

801 Cherry Street, Suite 3900

Fort Worth, Texas 76102

Attention: Derivatives Operations

with a copy to:

MBIA INSURANCE CORPORATION

113 King Street

Armonk, New York 10504

Attention: IPM — Structured

Telephone No.:  (914) 273-4545

Facsimile No.:  (914) 765-3810

	(b)	 	Process Agent. For the purpose of Section 13(c) of this Agreement:
	 
	 	 	Party A appoints as its Process Agent:

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010

Attention: General Counsel, Legal and Compliance Department

	 	 	Party B appoints as its Process Agent: Not applicable.
	 
	(c)	 	Offices. The provisions of Section 10(a) will apply to this Agreement.

(d) Multibranch Party. For the purpose of Section 10(c) of this Agreement, neither party is a
Multibranch Party.

(e) “Calculation Agent” means Party A; provided that if Party A is the Defaulting Party,
the Calculation Agent shall be any designated party mutually agreed to by the parties and MBIA (so
long as no Swap Insurer Default has occurred and is continuing) until such time as Party A is no
longer the Defaulting Party.

     “Swap Insurer Default” shall have the meaning given to “Insurer Default” (as defined
in the Sale and Servicing Agreement); provided that any reference therein to “Note Policy” shall be
deemed to refer instead to “Swap Policy”.

	(f)	 	Credit Support Document.

	 	(i)	 	For Party A, the following is a Credit Support Document: (i) the Credit Support
Annex dated the date hereof (the “Credit Support Annex”) and duly executed and
delivered by Party A and Party B; and (ii) any Eligible Guarantee, if applicable.
	 
	 	(ii)	 	For Party B, none.

	(g)	 	Credit Support Provider.

	 	(i)	 	For Party A, Credit Support Provider means: The guarantor under any Eligible
Guarantee, if applicable.
	 
	 	(ii)	 	For Party B, Credit Support Provider means: None.

10

 

	(h)	 	Governing Law. This Agreement will be governed by and construed in accordance with the law
(and not the law of conflicts except with respect to §§ 5-1401 and 5-1402 of the New York
General Obligations Law) of the State of New York.
	 
	(i)	 	Waiver of Jury Trial. To the extent permitted by applicable law, each party irrevocably
waives any and all right to trial by jury in any legal proceeding in connection with this
Agreement, any Credit Support Document to which it is a party, or any Transaction.
	 
	(j)	 	Netting of Payments. Section 2(c)(ii) of this Agreement will apply to any Transactions
described in Part 5(a) of this Agreement; provided, that notwithstanding Section 2(c) of this
Agreement, in no event shall either Party A or Party B be entitled to net its payment
obligations in respect of any Transaction to which the Swap Policy relates (each, an “Insured
Transaction”) against the payment obligations of the other party in respect of other
Transactions under this Agreement if such Transactions are not Insured Transactions, nor may
either Party A or Party B net the payment obligations of the other party under Transactions
that are not Insured Transactions against the payment obligations of such party under Insured
Transactions, it being the intention of the parties that their payment obligations under
Insured Transactions be treated separate and apart from all other Transactions. Section 6(e)
of this Agreement shall apply to all Insured Transactions with the same effect as if the
Insured Transactions constituted a single master agreement. Notwithstanding Section 6(e) of
this Agreement, the amount payable under Section 6(e) of this Agreement upon the termination
of any Insured Transaction shall be determined without regard to any Transactions other than
the Insured Transactions, it being the intention of the parties that their payment obligations
under the Insured Transactions be treated separate and apart from all other Transactions
unless otherwise specified in such other Transaction and agreed to in writing by MBIA..
	 
	(k)	 	“Affiliate” has its meaning as defined in Section 14 of this Agreement, provided that
Party B shall be deemed to have no Affiliates and Party A shall be deemed to have no
Affiliates for purposes of Section 3(c) of this Agreement.
	 
	(l)	 	Severability. If any term, provision, covenant, or condition of this Agreement, or the
application thereof to any party or circumstance, shall be held to be illegal, invalid or
unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants
and conditions hereof shall continue in full force and effect as if this Agreement had been
executed with the illegal, invalid or unenforceable portion eliminated, so long as this
Agreement as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter of this Agreement and the deletion of such
portion of this Agreement will not substantially impair the respective benefits or
expectations of the parties to this Agreement provided, however, that this severability
provision shall not be applicable if any provision of Sections 1(c), 2, 5, 6 or 13 (or any
definition or provision in Section 14 to the extent it relates to, or is used in or in
connection with any such Section) shall be held to be invalid or unenforceable.

Part 5. Other Provisions

	(a)	 	2000 ISDA Definitions. This Agreement and each Transaction are subject to the 2000 ISDA
Definitions (including its Annex) published by the International Swaps and Derivatives
Association, Inc. (together, the “2000 ISDA Definitions”) and will be governed by the
provisions of the 2000 ISDA Definitions. The provisions of the 2000 ISDA Definitions are
incorporated by reference in, and shall form part of, this Agreement and each Confirmation.
Any reference to a “Swap Transaction” in the 2000 ISDA Definitions is deemed to be a reference
to a “Transaction” for purposes of this Agreement or any Confirmation, and any reference to a
“Transaction” in this Agreement or any Confirmation is deemed to be a reference to a “Swap
Transaction” for purposes of the 2000 ISDA Definitions. The provisions of this Agreement
(exclusive of the 2000 ISDA Definitions) shall prevail in the event of any conflict between
such provisions and the 2000 ISDA Definitions.
	 
	(b)	 	Downgrade Provisions.

	 	(i)	 	Second Trigger Failure Condition. So long as the Second Rating Trigger
Requirements apply, Party A shall, at its own expense use commercially reasonable
efforts, as soon as reasonably

11

 

	 	 	 	practicable (but not later than thirty days after the Second Rating Trigger
Requirements first apply), to either:

	 	(A)	 	furnish an Eligible Guarantee of Party A’s obligations under
this Agreement from a guarantor that maintains the First Trigger Required
Ratings and/or the Second Trigger Required Ratings (provided, that if such
guarantor maintains only the Second Trigger Required Ratings, it must post
collateral in the amount required to be posted pursuant to the terms of the
Credit Support Annex (such amount which is the greatest of the amounts required
to be posted by Moody’s, S&P and Fitch) at the time that such Eligible
Guarantee is so furnished); or
	 
	 	(B)	 	obtain an Eligible Replacement pursuant to Part 6(a) that (1)
upon satisfaction of the Rating Agency Condition (as defined below) assumes the
obligations of Party A under this Agreement (through a novation or other
assignment and assumption agreement in form and substance reasonably
satisfactory to Party B) or (2) having provided prior written notice to S&P and
Fitch, replaces the outstanding Transactions hereunder with transactions on
identical terms, except that Party A shall be replaced as counterparty,
provided that such Eligible Replacement, as of the date of such assumption or
replacement, will not, as a result thereof, be required to withhold or deduct
on account of tax under the Agreement or the new Transactions, as applicable,
and such assumption or replacement will not lead to a Termination Event or
Event of Default occurring under the Agreement or new Transactions, as
applicable.

	 	(ii)	 	Collateralization Event. Within 10 calendar days from the date a
Collateralization Event has occurred and so long as such Collateralization Event is
continuing, Party A shall, at its sole expense, either:

	 	(A)	 	post collateral in an amount required to be posted pursuant to
terms of the Credit Support Annex (such amount which is the greater of amounts
required to be posted by Moody’s, S&P and Fitch); or
	 
	 	(B)	 	obtain an Eligible Replacement pursuant to Part 6(a) that (1)
upon satisfaction of the Rating Agency Condition (as defined below), assumes
the obligations of Party A under this Agreement (through a novation or other
assignment and assumption agreement in form and substance reasonably
satisfactory to Party B) or (2) having provided prior written notice to S&P and
Fitch, replaces the outstanding Transactions hereunder with transactions on
identical terms, except that Party A shall be replaced as counterparty;
provided that such Eligible Replacement, as of the date of such assumption or
replacement, will not, as a result thereof, be required to withhold or deduct
on account of tax under the Agreement or the new Transactions, as applicable,
and such assumption or replacement will not lead to a Termination Event or
Event of Default occurring under the Agreement or new Transactions, as
applicable.

	 	(iii)	 	Ratings Event.

	 	(A)	 	Upon the occurrence of a Ratings Event, Party A shall
immediately post collateral in an amount required to be posted pursuant to the
terms of the Credit Support Annex (such amount which is the greatest of the
amounts required to be posted by Moody’s, S&P and Fitch).
	 
	 	(B)	 	Within 10 Local Business Days from the date a Ratings Event has
occurred and so long as such Ratings Event is continuing, Party A shall, at its
sole expense, obtain an Eligible Replacement that (1) upon satisfaction of the
Rating Agency Condition, assumes the obligations of Party A under this
Agreement (through a novation or other assignment and assumption agreement in
form and substance reasonably satisfactory to Party B) or (2) having provided
prior written notice to S&P and Fitch, replaces the outstanding

12

 

	 	 	 	Transactions hereunder with transactions on identical terms, except that
Party A shall be replaced as counterparty; provided that such Eligible
Replacement, as of the date of such assumption or replacement, will not, as
a result thereof, be required to withhold or deduct on account of tax under
the Agreement or the new Transactions, as applicable, and such assumption or
replacement will not lead to a Termination Event or Event of Default
occurring under the Agreement or new Transactions, as applicable.

	 	(iv)	 	Downgrade Definitions.

	 	(A)	 	“Collateralization Event” means that:

(1) , with respect to a Relevant Entity that is a Financial
Institution, either (a) the unsecured, short-term debt obligations of
the Relevant Entity are not rated “A-1” or above by S&P or (b) if the
Relevant Entity does not have a short-term rating from S&P, the
unsecured, long-term senior debt obligations of a Relevant Entity are
not rated “A+” or above by S&P (or such lower long-term rating as
satisfies the Rating Agency Condition with respect to S&P and is
acceptable to MBIA); or

(2) the unsecured, long-term senior debt obligations or financial
strength ratings of the Relevant Entity are not rated “A” or above by
Fitch, or the short-term senior debt obligations or financial
strength ratings of the Relevant Entity are not rated “F1” or above by
Fitch. For the avoidance of doubt, the parties hereby acknowledge and
agree that notwithstanding the occurrence of a Collateralization
Event, this Agreement and each Transaction hereunder shall continue to
be a Swap Agreement for purposes of the Basic Documents.

	 	(B)	 	“Eligible Guarantee” means an unconditional and
irrevocable guarantee that is provided by a guarantor as principal debtor
rather than surety and is directly enforceable by Party B, where either:

(1) a law firm has given a legal opinion confirming that none of the
guarantor’s payments to Party B under such guarantee will be subject
to withholding for Tax; or

(2) such guarantee provides that, in the event that any of such
guarantor’s payments to Party B are subject to withholding for Tax,
such guarantor is required to pay such additional amount as is
necessary to ensure that the net amount actually received by Party B
(free and clear of any withholding tax) will equal the full amount
Party B would have received had no such withholding been required;

	 	 	 	provided, that if the unsecured, long-term senior debt obligations of a
proposed guarantor are not rated “AA” or above by S&P or “Aa” or above by
Moody’s, then such guarantor also must be acceptable to MBIA.
	 
	 	(C)	 	“Eligible Replacement” means a transferee:

(1) either (a) with the First Trigger Required Ratings and/or the
Second Trigger Required Ratings (provided, that if such transferee
maintains only the Second Trigger Required Ratings, it must post
collateral in the amount required to be posted pursuant to the terms
of the Credit Support Annex (such amount which is the greatest of the
amounts required to be posted by Moody’s, S&P and Fitch) at the time
that it becomes a transferee) or (b) whose present and future
obligations owing to Party B are guaranteed pursuant to an Eligible
Guarantee provided by a guarantor with the First Trigger Required
Ratings and/or the Second Trigger

13

 

Required Ratings (provided, that if such guarantor maintains only the
Second Trigger Required Ratings, it must post collateral in the amount
required to be posted pursuant to the terms of the Credit Support
Annex (such amount which is the greatest of the amounts required to be
posted by Moody’s, S&P and Fitch) at the time that such Eligible
Guarantee is so furnished); and

(2) that satisfies the Hedge Counterparty Ratings Requirement below;

	 	 	 	provided, that if the unsecured, long-term senior debt obligations of a
proposed transferee are not rated “AA” or above by S&P or “Aa” or above by
Moody’s, then such transferee also must be acceptable to MBIA.
	 
	 	(D)	 	“Financial Institution” means a bank, broker/dealer,
insurance company, structured investment vehicle or derivative product
counterparty.
	 
	 	(E)	 	“Firm Offer” means an offer which, when made, was
capable of becoming legally binding upon acceptance.
	 
	 	(F)	 	“First Trigger Required Ratings” means with respect to
an entity, either:

(1) where the entity is the subject of a Moody’s Short-term Rating,
such entity’s Moody’s Short-term Rating is “Prime-1” and the entity’s
long-term, unsecured and unsubordinated debt or counterparty
obligations are rated “A2” or above by Moody’s; or

(2) where the entity is not the subject of a Moody’s Short-term
Rating, its long-term, unsecured and unsubordinated debt or
counterparty obligations are rated “A1” or above by Moody’s.

	 	(G)	 	“Fitch” means Fitch, Inc.
	 
	 	(H)	 	“Hedge Counterparty Ratings Requirement” means with
respect to an entity both:

(1) either (a) the unsecured, short-term debt obligations of the
Relevant Entity (or its Credit Support Provider) are rated “A-1” or
above by S&P or (b) if the Relevant Entity does not have a short-term
rating from S&P, the unsecured, long-term senior debt obligations of
the Relevant Entity (or its Credit Support Provider) are rated “A+” or
above by S&P; and

(2) either (a) the unsecured, long-term senior debt obligations of the
Relevant Entity (or its Credit Support Provider) are rated “A” or
above by Fitch or (b) the unsecured, short-term debt obligations of
the Relevant Entity (or its Credit Support Provider) are rated “F1” or
above by Fitch.

	 	 	 	For the purpose of this definition, no direct or indirect recourse against
one or more shareholders of the substitute counterparty (or against any
Person in control of, or controlled by, or under common control with, any
such shareholder) shall be deemed to constitute a guarantee, security or
support of the obligations of the substitute counterparty.
	 
	 	(I)	 	“Hedge Counterparty Ratings Threshold” means that both:

	 	(1)	 	either

14

 

(a) with respect to a Relevant Entity that is a Financial Institution,
either (i) the unsecured, short-term debt obligations of the Relevant
Entity are rated “A-2” or above by S&P or (ii) if the Relevant Entity
does not have a short-term rating from S&P, the unsecured, long-term
senior debt obligations of the Relevant Entity are rated “BBB+” or
above by S&P (or such lower long-term rating as satisfies the Rating
Agency Condition with respect to S&P and is acceptable to MBIA); or

(b) with respect to a Relevant Entity that is not a Financial
Institution, either (i) the unsecured, short-term debt obligations of
the Relevant Entity are rated “A-1” or above by S&P or (ii) if the
Relevant Entity does not have a short-term rating from S&P, the
unsecured, long-term senior debt obligations of a Relevant Entity are
rated “A+” or above by S&P (or such lower long-term rating as
satisfies the Rating Agency Condition with respect to S&P and is
acceptable to MBIA); and

	 	 	 	(2) either (a) the unsecured, senior debt obligations or financial strength
ratings of the Relevant Entity, are rated “BBB+”
     or above by Fitch or (b)
the unsecured, short-term debt obligations (if any) of the Relevant Entity,
are rated “F2” or
     above by Fitch.
	 
	 	(J)	 	“Moody’s” means Moody’s Investors Service, Inc.
	 
	 	(K)	 	“Moody’s Short-term Rating” means a rating assigned by
Moody’s under its short-term rating scale in respect of an entity’s short-term,
unsecured and unsubordinated debt obligations.
	 
	 	(L)	 	“Rating Agency Condition” means first receiving prior
written confirmation from S&P and Fitch that their then-current ratings of the
rated Notes (without giving effect to the Note Policy) will not be downgraded
or withdrawn by such Rating Agency.
	 
	 	(M)	 	“Ratings Event” means that on any date the
Relevant Entity shall fail to satisfy the Hedge Counterparty Ratings Threshold
or the Relevant Entity is no longer rated by S&P.
	 
	 	(N)	 	“Relevant Entity” means Party A or any guarantor under
an Eligible Guarantee in respect of all of Party A’s present and future
obligations under this Agreement.
	 
	 	(O)	 	“S&P” means Standard & Poor’s Rating Services, a
division of The McGraw-Hill Companies, Inc.
	 
	 	(P)	 	“S&P Short-term Rating” means a rating assigned by S&P
under its short-term rating scale in respect of an entity’s short-term,
unsecured and unsubordinated debt obligations.
	 
	 	(Q)	 	“Second Rating Trigger Requirements” shall apply at any
time that no Relevant Entity maintains the Second Trigger Required Ratings.
	 
	 	(Q)	 	“Second Trigger Required Ratings” means with respect to
an entity:

(1) where the entity is the subject of a Moody’s Short-term Rating,
such entity’s Moody’s Short-term Rating is “Prime-2” or above and its
long-term, unsecured and unsubordinated debt or counterparty
obligations are rated “A3” or above by Moody’s; and

(2) where such entity is not the subject of a Moody’s Short-term
Rating, if the entity’s long-term, unsecured and unsubordinated debt
or counterparty obligations are rated “A3” or above by Moody’s.

15

 

(c) Additional Representations. Section 3 of this Agreement is hereby amended by adding the
following Sections 3(g) and (h):

“(g) Non-Reliance. For any Relevant Agreement: (i) it acts as principal and not as agent,
(ii) it acknowledges that the other party acts only arm’s length and is not its agent,
broker, advisor or fiduciary in any respect, and any agency, brokerage, advisory or
fiduciary services that the other party (or any of its affiliates) may otherwise provide to
the party (or to any of its affiliates) excludes the Relevant Agreement, (iii) it is relying
solely upon its own evaluation of the Relevant Agreement (including the present and future
results, consequences, risks, and benefits thereof, whether financial, accounting, tax,
legal, or otherwise) and upon advice from its own professional advisors, (iv) it understands
the Relevant Agreement and those risks, has determined they are appropriate for it, and
willingly assumes those risks, (v) it has not relied and will not be relying upon any
evaluation or advice (including any recommendation, opinion, or representation) from the
other party, its affiliates or the representatives or advisors of the other party or its
affiliates (except representations expressly made in the Relevant Agreement or an opinion of
counsel required thereunder); and (vi) if a party is acting as a Calculation Agent or
Valuation Agent, it does so not as the other party’s agent or fiduciary, but on an arm’s
length basis for the purpose of performing an administrative function in good faith.

“Relevant Agreement” means this Agreement, each Transaction, each Confirmation, any
Credit Support Document, and any agreement (including any amendment, modification, transfer
or early termination) between the parties relating thereto or to any Transaction.

(h) Eligibility. It is an “eligible contract participant” within the meaning of the
Commodity Exchange Act (as amended by the Commodity Futures Modernization Act of 2000).”

	(d)	 	Recorded Conversations. Each party and any of its Affiliates may electronically record any
of its telephone conversations with the other party or with any of the other party’s
Affiliates in connection with this Agreement or any Transaction, and any such recordings may
be submitted in evidence in any proceeding to establish any matters pertinent to this
Agreement or any Transaction.

Part 6. Additional Terms

	(a)	 	Transfers by Party A.

	 	(i)	 	Notwithstanding anything to the contrary in Section 7 of the Agreement,
Party A may assign all of its rights and obligations under the Agreement (in one or
more transactions to one or more other entities, provided that all of its rights and
obligations relating to any single Transaction must be assigned to a single entity),
(1) to any Affiliate of Party A effective upon delivery to Party B of a guarantee by
Party A, in favor of Party B, of the obligations of such Affiliate, (x) that is
identical to the guarantee then in effect of the obligations of the transferor (except
for the name, address and the jurisdiction of such Affiliate) or (y) that otherwise
satisfies the Rating Agency Condition and is satisfactory in form and substance to MBIA
in its sole discretion, or (2) to any entity with the same or higher long term senior
unsecured debt rating (as determined by S&P or Moody’s) as Party A at the time of such
transfer, in each case provided that (A) the transferee is an Eligible Replacement and
(B) in the case of a transfer of less than all of Party A’s obligations under this
Agreement to a single entity, as determined by Party B acting in a commercially
reasonable manner. In the event of any such transfer, this Agreement shall be replaced
with an Agreement having identical terms except that Party A shall be replaced as a
counterparty or, solely with respect to clause (2) above, with an agreement that
otherwise satisfies the Rating Agency Condition and is satisfactory in form and
substance to MBIA in its sole discretion. Notwithstanding the foregoing, any
assignment hereunder shall not be permitted if, as a result thereof, a payment becomes
subject to any deduction or withholding for or on account of any tax which would not
have arisen had such assignment not been effected or such transfer would cause an Event
of Default or Termination event to occur. Party A will provide prior written notice to
each Rating Agency of any such assignment. If an entity has made a Firm Offer (which
remains capable of becoming legally binding upon acceptance) to be the transferee of a
transfer, Party B

16

 

	 	 	 	shall at Party A’s written request take any reasonable steps required to be taken
by it to effect such transfer. The costs of any transfer pursuant to this Part
6(a)(i) shall be at the expense of Party A.
	 
	 	(ii)	 	All collateral posted by Party A shall be returned to Party A immediately
upon the assumption by a substitute counterparty of all of Party A’s obligations
hereunder and the posting by such substitute counterparty of collateral in the amount
required to be posted, if any, pursuant to the terms of the Credit Support Annex (such
amount which is the greatest of the amounts required to be posted by Moody’s, S&P and
Fitch).

	(b)	 	Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A hereby
consents to the Permitted Security Interest, subject to the provisions of paragraph (c) below.
	 
	 	 	“Permitted Security Interest” means the collateral assignment by Party B of the Swap
Collateral to the Trustee pursuant to the Indenture, and the granting to the Trustee of a
security interest in the Swap Collateral pursuant to the Indenture.
	 
	 	 	“Swap Collateral” means all right, title and interest of Party B in this Agreement,
each Transaction hereunder, and all present and future amounts payable by Party A to Party B
under or in connection with this Agreement or any Transaction governed by this Agreement,
whether or not evidenced by a Confirmation, including, without limitation, any transfer or
termination of any such Transaction.
	 
	 	 	“Trustee” means Wells Fargo Bank, National Association or any successor acting as
indenture trustee pursuant to the Indenture.
	 
	(c)	 	Effect of Permitted Security Interest.

	 	(i)	 	Notwithstanding the Permitted Security Interest, Party B shall not be released
from any of its obligations under this Agreement or any Transaction, and Party A may
exercise its rights and remedies under this Agreement without notice to, or the consent
of the Trustee or any Noteholder except as otherwise expressly provided in this
Agreement.
	 
	 	(ii)	 	Party A’s consent to the Permitted Security Interest is expressly limited to
the Trustee for the benefit of the secured parties under the Indenture, and Party A
does not consent to the sale or transfer by the Trustee of the Swap Collateral to any
other person or entity (other than a successor to the Trustee under the Indenture
acting in that capacity).
	 
	 	(iii)	 	Party B hereby acknowledges that, as a result of the Permitted Security
Interest, all of its rights under this Agreement, including any Transaction, have been
assigned to the Trustee pursuant to the Indenture and notwithstanding any other
provision in this Agreement, Party B may not take any action hereunder to exercise any
of such rights without the prior written consent of the Trustee, including, without
limitation, providing any notice under this Agreement the effect of which would be to
cause an Early Termination Date to occur or be deemed to occur. If Party B gives any
notice to Party A for the purposes of exercising any of Party B’s rights under this
Agreement, Party A shall have the option of treating that notice as void unless that
notice is signed by the Trustee acknowledging its consent to the provisions of that
notice. Nothing herein shall be construed as requiring the consent of the Owner
Trustee, the Trustee or any Noteholder for the performance by Party B of any of its
obligations hereunder.
	 
	 	(iv)	 	Except as expressly provided in this Agreement, Party A and Party B may not
enter into any agreement to dispose of any Transaction, whether in the form of a
termination, unwind, transfer or otherwise without the prior written consent of the
Trustee and MBIA.
	 
	 	(v)	 	Except as expressly provided in this Agreement, no amendment, modification, or
waiver in respect of this Agreement will be effective unless (A) evidenced by a writing
executed by each party hereto, and (B) each of MBIA and the Trustee has acknowledged
its consent thereto in writing and

17

 

	 	 	 	each Rating Agency (other than Moody’s) confirms that the amendment, modification or
waiver will not cause the reduction or withdrawal of its then current rating on any
Notes under the Indenture (without giving effect to the Note Policy).
Notwithstanding the foregoing, so long as no Swap Insurer Default shall have
occurred and be continuing, no Transactions may be entered into by Party A and Party
B pursuant to this Agreement other than the two Transactions memorialized by
Confirmations dated as of July 26, 2007, and no waiver, amendment or modification of
any provision of either such Confirmation or any of the other terms of this
Agreement may be made without the prior written consent of MBIA (so long as no Swap
Insurer Default has occurred and is continuing).

	(d)	 	Payments. All payments to Party B under this Agreement or any Transaction shall be made to
the appropriate account under the Basic Documents.
	 
	(e)	 	No Set-off or Counterclaim. In no event shall either Party A or Party B be entitled to:

(1) set-off its payment obligations in respect of a Transaction against the payment
obligations of the other party (whether by counterclaim or otherwise), or

(2) net the payment obligations of the other party that are not with respect to Insured
Transactions against the payment obligations of such party under Insured Transactions;

it being the intention of the parties that their payment obligations
under Insured Transactions be treated separate and apart from all
other obligations. Notwithstanding Section 6(e) of this Agreement,
the amount payable under Section 6(e) of this Agreement upon the
termination of any Insured Transaction shall be determined without
regard to any obligation other than those under the Insured
Transactions, it being the intention of the parties that their payment
obligations under the Insured Transactions be treated separate and
apart from all other obligations unless otherwise specified in such
other obligation and agreed to in writing by MBIA.

	(f)	 	Indenture.

	 	(i)	 	Party B hereby acknowledges that Party A is a secured party under the Indenture
with respect to this Agreement and a third-party beneficiary under the Indenture and
that Party A has the benefit of the consent rights with respect to proposed amendments
of the Basic Documents (as defined in the Indenture) as set forth in each related Basic
Document.
	 
	 	 	 	“Indenture” means that certain Indenture, by and among Party B as Issuer,
and the Trustee, dated as of July 18, 2007, as the same may be amended, modified,
supplemented or restated from time to time.
	 
	 	(ii)	 	On the date Party B executes and delivers this Agreement and on each date on
which a Transaction is entered into, Party B hereby represents and warrants to Party A:
that the Indenture is in full force and effect; that Party B is not party to any
separate agreement with any of the parties to the Indenture that has not been disclosed
to Party A prior to such date and that would have the effect of diminishing or
impairing the rights, interests or benefits that have been granted to Party A under,
and which are expressly set forth in, the Indenture; that Party B’s obligations under
this Agreement are secured under the Indenture; that this Agreement constitutes a “Swap
Agreement” under the Basic Documents applicable to it; that each Transaction entered
into under this Agreement is a Swap Agreement under the Basic Documents applicable to
it; that Party A constitutes a Swap Provider under the Basic Documents applicable to
it; that no Event of Default has occurred and is continuing as defined in the Basic
Documents applicable to it; that nothing herein violates or conflicts with any of the
provisions of the Basic Documents applicable to it or any other documents executed in
connection therewith. In addition, on each date on which a Transaction is entered
into, Party B hereby represents and warrants to Party A: that the Transaction meets all
of the requirements under the Basic Documents applicable to it and does not

18

 

	 	 	 	violate or conflict with any of the provisions of the Basic Documents applicable to
it or any other documents executed in connection therewith; and that under the terms
of the Basic Documents applicable to it, neither the consent of the Owner Trustee,
the Trustee nor of any of the Noteholders under the Basic Documents is required for
Party B to enter into that Transaction or for Party A to be entitled for that
Transaction to the rights, interests and benefits granted to Party A under the Basic
Documents.
	 
	 	(iii)	 	Party B will provide at least five Business Days’ prior written notice, or
lesser time period as agreed to by Party A and Party B, to Party A of any proposed
amendment or modification to the Basic Documents.

	(g)	 	Consent to Notice & Communications. Party B hereby consents to the giving to the Trustee of
notice by Party A of Party A’s address and telecopy and telephone numbers for all purposes of
the Basic Documents, and in addition, Party A shall also be entitled at any time to provide
the Trustee with copies of this Agreement, including all Confirmations. In addition, Party A
shall not be precluded from communicating with the Trustee or any party to, or any third party
beneficiary under, the Basic Documents for the purpose of exercising, enforcing or protecting
any of Party A’s rights or remedies under this Agreement or any rights, interests or benefits
granted to Party A under the Basic Documents.

	(h)	 	No Bankruptcy Petition. Without impairing any right afforded to it under the Basic Documents
as a third party beneficiary, Party A shall not institute against or cause any other person to
institute against, or join any other person in instituting against Party B any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or state bankruptcy, dissolution or similar law, for a period of one year and one
day following indefeasible payment in full of the Notes and all payments due to MBIA under the
Insurance Agreement. Nothing shall preclude, or be deemed to stop, Party A (i) from taking
any action prior to the expiration of the aforementioned one year and one day period, or if
longer the applicable preference period then in effect, in (A) any case or proceeding
voluntarily filed or commenced by Party B or (B) any involuntary insolvency proceeding filed
or commenced by a Person other than Party A, or (ii) from commencing against Party B or any of
the Collateral any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium, liquidation or similar proceeding. This Part 6(h) shall survive
termination of this Agreement.

	(i)	 	Limitation of Liability. It is expressly understood and agreed by the parties hereto that
(i) this Agreement is executed and delivered by the Trustee not individually or personally but
solely as trustee of the Trust, in the exercise of the powers and authority conferred and
vested in it, (ii) each of the representations, undertakings and agreements herein made on the
part of the Trust is made and intended not as a personal representation, undertaking or
agreement by the Trustee but is made and intended for the purpose of binding only the Trust,
(iii) nothing herein contained shall be construed as creating any liability on the part of the
Trustee, 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 (iv) under no circumstances
shall the Trustee 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.

	(j)	 	Party A Rights Solely Against Collateral. The liability of Party B to Party A hereunder is
limited in recourse to the assets of the Trust, and to distributions of interest proceeds and
principal proceeds thereon applied in accordance with the terms of the Indenture. Upon
application of and exhaustion of all of the assets of the Trust (and proceeds thereof) in
accordance with the Indenture, Party A shall not be entitled to take any further steps against
Party B to recover any sums due but still unpaid hereunder or thereunder, all claims in
respect of which shall be extinguished. This Part 6(j) shall survive termination of this
Agreement.

	(k)	 	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition of the
words “to another account in the same legal and tax jurisdiction as the original account”
following the word “delivery” in the first line thereof.

19

 

	(l)	 	Notice of Certain Events or Circumstances. Each party agrees, upon learning of the
occurrence or existence of any event or condition that constitutes (or that with the giving of
notice or passage of time or both would constitute) an Event of Default or Termination Event
with respect to such party, promptly to give the other party notice of such event or condition
(or, in lieu of giving notice of such event or condition in the case of an event or condition
that with the giving of notice or passage of time or both would constitute an Event of Default
or Termination Event with respect to the party, to cause such event or condition to cease to
exist before becoming an Event of Default or Termination Event); provided that failure to
provide notice of such event or condition pursuant to this Part 6(l) shall not constitute an
Event of Default or a Termination Event. Each party agrees to provide to the other party any
other notice reasonably expected to be provided to facilitate compliance with the terms of
this Agreement and the Credit Support Document.

	(m)	 	Regarding Party A. Party B acknowledges and agrees that Party A has had and will have no
involvement in and, accordingly Party A accepts no responsibility for: (i) the establishment,
structure, or choice of assets of Party B; (ii) the selection of any person performing
services for or acting on behalf of Party B; (iii) the selection of Party A as the
Counterparty; (iv) the terms of the Notes, (v) other than with respect to the Prospectus
Information (as defined herein), the preparation of or passing on the disclosure and other
information contained in any offering circular or offering document for the Notes, the Basic
Documents, or any other agreements or documents used by Party B or any other party in
connection with the marketing and sale of the Notes; (vi) the ongoing operations and
administration of Party B, including the furnishing of any information to Party B which is not
specifically required under this Agreement or (vii) any other aspect of Party B’s existence.

	(n)	 	Compliance with Regulation AB.

	 	(i)	 	Party A has been advised by Party B that AmeriCredit Financial Services, Inc.
(the “Sponsor”), AFS SenSub Corp. (the “Depositor”) and Party B are
required under Regulation AB under the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended (“Regulation AB”), to disclose certain
information regarding Party A. Such information may include financial information to
the extent required under Item 1115 of Regulation AB.
	 
	 	(ii)	 	If required, and only for so long as any Notes are registered with the
Securities and Exchange Commission and Party B is required to file periodic reports as
a result of such registration, upon written request, Party A shall provide to Party B,
the Depositor or the Sponsor the applicable financial information described under Item
1115(b) of Regulation AB (the “Reg AB Financial Information”) within ten (10)
Business Days of receipt of a written request for such Reg AB Financial Information by
the Sponsor, the Depositor or Party B (the “Response Period”), so long as the
Sponsor, the Depositor or Party B has reasonably determined, in good faith, that such
information is required under Regulation AB. In the event that Party A does not
provide any such Reg AB Financial Information by the end of the related Response
Period, Party A shall promptly, but in no event later than ten (10) Local Business Days
following the end of such Response Period either, at Party A’s own expense (1) find a
replacement counterparty that (A) has the ability to provide its applicable Reg AB
Financial Information, (B) satisfies the Rating Agency Condition, (C) is acceptable to
Party B and MBIA and (D) enters into an agreement with Party B substantially in the
form of this Agreement (such replacement counterparty, a “Reg AB Approved
Entity”); (2) obtain a guaranty of Party A’s obligations under this Agreement from
an affiliate of Party A that complies with the financial information disclosure
requirements of Item 1115 of Regulation AB, and cause such affiliate to provide Swap
Financial Disclosure and any future Swap Financial Disclosure and other information
pursuant to clause (1), such that disclosure provided in respect of such affiliate will
satisfy any disclosure requirements applicable to the Swap Provider, or (3) transfer
Eligible Collateral to Party B’s Custodian in an amount (taking into account any amount
posted pursuant to Part 5(b) herein, if any) which is sufficient, as reasonably
determined in good faith by the Sponsor, to reduce the aggregate significance
percentage below 10% (or, so long as Party A is able to provide the Swap Financial
Disclosure required pursuant to Item 1115(b)(1) of Regulation AB, below 20%, in the
event Party A is requested to provide the Swap Financial Disclosure required pursuant
to Item 1115(b)(2) of Regulation AB).

20

 

	 	(iii)	If Party B, the Depositor or the Sponsor request (in writing) the Reg AB
Financial Information from Party A, then the Sponsor, the Depositor or Party B will
promptly (and in any event within one (1) Business Day of the date of the request for
the Reg AB Financial Information) provide Party A with a written explanation of how the
significance percentage was calculated.
	 
	 	(iv)	Party A represents and warrants that the statements appearing in the
Preliminary Prospectus Supplement, dated July 13, 2007, or in the Prospectus
Supplement, dated July 17, 2007, each relating to AmeriCredit Automobile Receivables
Trust 2007-C-M under the headings “The Swap Counterparty” (the “Prospectus
Information”) are true and correct in all material respects and do not contain any
untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading.
	 
	 	(v)	(A) Party A shall indemnify and hold harmless Party B, the Sponsor, the
Depositor, their respective directors or officers and any person controlling Party B,
the Depositor or the Sponsor, from and against any and all losses, claims, damages and
liabilities caused by any untrue statement or alleged untrue statement of a material
fact contained in the Prospectus Information or in any Reg AB Financial Information
that Party A provides to Party B or the Sponsor pursuant to this Part 6(n) (the
“Party A Information”) or caused by any omission or alleged omission to state
in the Party A Information a material fact required to be stated therein or necessary
to make the statements therein not misleading.
	 
	 	 	(B)	The Sponsor shall indemnify and hold harmless Party A, its respective directors
or officers and any person controlling Party A, from and against any and all losses,
claims, damages and liabilities caused by any untrue statement or alleged untrue
statement of a material fact contained in the Preliminary Prospectus Supplement
referred to in clause (iv) above (together with the accompanying base Prospectus),
the Prospectus Supplement referred to in clause (iv) above (together with the
accompanying base Prospectus) (collectively, the “Prospectus Disclosure”) or
caused by any omission or alleged omission to state in the Prospectus Disclosure a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading;
provided, however, that the Sponsor shall not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement in or omission or alleged
omission made in any such Prospectus Disclosure in the Party A Information.
	 
	 	(vi)	Promptly after the indemnified party under Part 6(n)(v) receives notice of the
commencement of any such action, the indemnified party will, if a claim in respect
thereof is to be made pursuant to Part 6(n)(v), promptly notify the indemnifying party
in writing of the commencement thereof. In case any such action is brought against the
indemnified party, and it notifies the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to appoint counsel of the indemnifying party’s
choice at the indemnifying party’s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying party shall
not thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party except as set forth below); provided, however, that
such counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party’s election to appoint counsel to represent the
indemnified party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall bear the
reasonable fees, costs and expenses of such separate counsel if (i) such indemnified
party shall have been advised by such counsel that there may be one or more legal
defenses available to it which are different from or additional to those available to
the indemnifying party and in the reasonable judgment of such counsel it is advisable
for such indemnified party to employ separate counsel, (ii) a conflict or potential
conflict exists (based on advice of counsel to the indemnified party) between the
indemnified party and the indemnifying party, (iii) the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such
action or (iv) the indemnifying party shall authorize the indemnified party to employ
separate counsel at the expense of the indemnifying party. The indemnifying party will

21

 

	 	 	 	not, without the prior written consent of the indemnified party, settle or
compromise or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an
actual or potential party to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party
from all liability arising out of such claim, action, suit or proceeding. No
indemnified party will settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in
respect of which indemnification or contribution may be sought hereunder without the
consent of the indemnifying party, which consent shall not be unreasonably withheld.

	(o)	 	Expenses. Party B agrees to reimburse MBIA immediately and unconditionally upon demand for
all reasonable expenses incurred by MBIA in connection with the issuance of the Swap Policy
and the enforcement by MBIA of Party B’s obligations under this Agreement and any other
documents executed in connection with the execution and delivery of this Agreement, including,
but not limited to, fees (including professional fees), costs and expenses incurred by MBIA
which are related to or resulting from any breach by Party B of its obligations hereunder.
	 
	(p)	 	Notices. A copy of each notice or other communication between the parties with respect to
this Agreement must be sent at the same time to MBIA.
	 
	(q)	 	Article 76. Party A and Party B acknowledge that the Swap Policy is not covered by the
property/casualty insurance security fund specified in Article 76 of the New York Insurance
Law.
	 
	(r)	 	Representations and Agreements. Each party agrees that each of its representations and
agreements in this Agreement is expressly made to and for the benefit of MBIA.
	 
	(s)	 	Third-Party Beneficiary. Party A and Party B hereby each acknowledge and agree that MBIA
shall be an express third-party beneficiary (and not merely an incidental third-party
beneficiary) of this Agreement and the obligations of such party under any Insured
Transaction, and as such, entitled to enforce the Agreement and the terms of any such Insured
Transaction against such party on its own behalf and/or on behalf of the holders of the
related Obligations and otherwise shall be afforded all remedies available hereunder or
otherwise afforded by law against the parties hereto to redress any damage or loss incurred by
MBIA including, but not limited to, fees (including legal, accounting and other professional
fees), costs and expenses incurred by MBIA which are related to, or resulting from any breach
by such party of its obligations hereunder; provided, that in no event will Party A be liable
to MBIA for payment of any fees, costs or expenses that (i) Party A has previously paid to
Party B with respect to the same matter or (ii) Party A would not otherwise have been required
to pay to Party B pursuant to this Agreement if such fees, costs or expenses had been incurred
by Party B.
	 
	(t)	 	Swap Policy Coverage. Party A and Party B hereby each acknowledge and agree that MBIA’s
obligation with respect to the Insured Transactions shall be limited to the terms of the Swap
Policy. Notwithstanding Section 2(e) or any other provision of this Agreement, MBIA shall not
have any obligation to pay interest on any amount payable by Party B under this Agreement.
	 
	(u)	 	Subrogation. Party A and Party B hereby acknowledge that to the extent of payments made by
MBIA to Party A under the Swap Policy, MBIA shall be fully subrogated to the rights of Party A
against Party B under the Insured Transaction to which such payments relate, including, but
not limited to, the right to receive payment from Party B and the enforcement of any remedies.
Party A hereby agrees to assign to MBIA its right to receive payment from Party B under any
Insured Transaction to the extent of any payment thereunder by MBIA to Party A. Party B
hereby acknowledges and consents to the assignment by Party A to MBIA of any rights and
remedies that Party A has under any Insured Transaction or any other document executed in
connection herewith.
	 
	(v)	 	Amendments and Waivers. Section 9(b) of the Agreement is hereby amended by (A) adding the
words “or any Credit Support Document” after the word “Agreement” in the first line thereof,
(B) adding the

22

 

	 	 	phrase “and the Controlling Party (whose execution of and consent to such amendment,
modification or waiver will not be unreasonably withheld), “ following the word “parties” in
the third line thereof and (C) adding the phrase “and unless the Rating Agency Condition has
been met with respect to such amendments, modifications or waiver” after the word “system”
in the third line thereof.
	 
	(w)	 	Reference Market-Makers. The definition of “Reference Market-makers” set forth in Section 12
of the Agreement shall be amended in its entirety to read as follows:
	 
	 	 	“Reference Market-makers” means four (4) leading dealers in the relevant swap market
selected by the party determining a Market Quotation in good faith (a) from among dealers of
the highest credit standing which satisfy all the criteria that such party applies generally
at the time in deciding whether to offer or to make an extension of credit and (b) to the
extent practicable, from among dealers having an office in the same city. The rating
classification assigned to any outstanding long-term senior debt securities issued by such
dealers shall be at least (1) “Aa3” or higher as determined by Moody’s, (2) “AA-” or higher
as determined by S&P or (3) an equivalent investment grade rating determined by a
nationally-recognized rating service acceptable to both parties, provided, however, that, in
any case, if four (4) such Reference Market-makers cannot be readily identified by the
determining party, the party making the determination of the Market Quotation may designate,
with the consent of the other party and MBIA, one (1) or more leading dealers whose
long-term senior debt bears a lower investment grade rating and; provided further, that (a)
Lehman Brothers Special Financing Inc. (guaranteed by Lehman Brothers Holdings Inc.) will be
acceptable as a reference market-maker, so long as Lehman Brothers Holdings Inc.’s
long-term, senior, unsecured debt rating is “A” or better from S&P and “A1” or better from
Moody’s, (b) Deutsche Bank AG will be acceptable as a reference market-maker, so long as its
long-term, senior, unsecured debt rating is “AA-” or better from S&P and “Aa3” or better
from Moody’s and (c) Goldman Sachs Mitsui Marine Derivative Products LP will be acceptable
as a reference market-maker, so long as its long-term, senior, unsecured debt rating is
“AA+” or better from S&P and “Aaa” or better from Moody’s.
	 
	(x)	 	Isolation of Insured Transactions in Designating an Early Termination Date. Notwithstanding
Section 6 of this Agreement, any designation of an Early Termination Date in respect of the
Insured Transactions by MBIA or by Party A with the consent of MBIA pursuant to Part 1(j)(xii)
above shall apply only to the Insured Transactions and not to any other Transaction under this
Agreement, unless Party A shall designate an Early Termination Date in respect of such other
Transaction. Nothing contained in this Part 6(x) shall affect the rights of Party A under
this Agreement to designate an Early Termination Date in respect of any Transaction other than
the Insured Transactions, which designation shall not apply to the Insured Transactions unless
expressly provided in such designation and unless MBIA shall have designated, or consented to
the designation by Party A of, an Early Termination Date (other than with respect to Section
5(b)(i) or an Additional Termination Event described in Part 1(j)(iv), (x) or (xi)) in respect
of the Insured Transactions in accordance with Part 1(j)(xii) or (xiii) above.

Part 7. Definitions.

	 	 	All capitalized terms used herein and not defined herein shall have the definitions ascribed
to them in the Indenture.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

23

 

     IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized
signatories as of the date hereof.

	 	 	 	 	 
	CREDIT SUISSE INTERNATIONAL	 	 
	 
	 	 	 	 
	By:

	 	/s/ Barry Dixon
 

	 	 
	Name: Barry Dixon	 	 
	Title: Authorized Signatory	 	 
	 
	 	 	 	 
	By:

	 	/s/ Steven J. Reis
 

	 	 
	Name: Steven J. Reis	 	 
	Title: Authorized Signatory	 	 
	 
	 	 	 	 
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-C-M	 	 
	 
	 	 	 	 
	BY: AMERICREDIT FINANCIAL SERVICES, INC.,	 	 
	as Attorney-In-Fact	 	 
	 
	 	 	 	 
	By:

	 	/s/ Susan B. Sheffield
 

	 	 
	Name: Susan B. Sheffield	 	 
	Title: Senior Vice President, Structured Finance	 	 

24

 

ISDA®

International Swap Dealers Association, Inc.

CREDIT SUPPORT ANNEX

to the Schedule to the

ISDA MASTER AGREEMENT

dated as of July 26, 2007

between

	 	 	 	 	 
	Credit Suisse International

	 	 	 	AmeriCredit Automobile Receivables Trust 2007-C-M
	(“Party A”)

	 	and
	 	(“Party B”)

This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is
part of its Schedule and is a Credit Support Document under this Agreement with respect to each
party.

Accordingly, the parties agree as follows:

Paragraph 1 Interpretation

	(a)	 	Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere
in this Agreement have the meanings specified pursuant to Paragraph 12, and all references in
this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency
between this Annex and the other provisions of this Schedule, this Annex will prevail, and in
the event of any inconsistency between Paragraph 13 and the other provisions of this Annex,
Paragraph 13 will prevail.

	(b)	 	Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to
either party when acting in that capacity and all corresponding references to the Pledgor will
be to the other party when acting in that capacity; provided, however, that if Other Posted
Support is held by a party to this Annex, all references herein to that party as the Secured
Party with respect to that Other Posted Support will be to that party as the beneficiary
thereof and will not subject that support or that party as the beneficiary thereof to
provisions of law generally relating to security interests and secured parties.

Paragraph 2 Security Interest

Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security
for its Obligations and grants to the Secured Party a first priority continuing security interest
in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the
Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor or Posted
Collateral, the

1

 

security interest and lien granted hereunder on that Posted Collateral will be released immediately
and, to the extent possible, without any further action by either party.

Paragraph 3 Credit Support Obligations

	(a)	 	Delivery Amount. Subject to Paragraphs 4 and 5, upon demand made by the Secured Party on or
promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or
exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will Transfer to the Secured
Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the
applicable Delivery Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in
Paragraph 13, the “Delivery Amount” applicable to the Pledgor for any Valuation Date will
equal the amount by which:

	 	(i)	 	the Credit Support Amount

exceeds

	 	(ii)	 	the Value as of that Valuation Date of all Posted Credit Support held by the
Secured Party.

	(b)	 	Return Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or
promptly following a Valuation Date, if the Return Amount for that Valuation Date equals or
exceeds Secured Party’s Minimum Transfer Amount, then the Secured Party will Transfer to the
Pledgor Posted Credit Support specified by the Pledgor in that demand having a Value as of the
date of Transfer as close as practicable to the applicable Return Amount (rounded pursuant to
Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount” applicable to
the Secured Party for any Valuation Date will equal the amount by which:

	 	(i)	 	the Value as of that Valuation Date of all Posted Credit Support held by the
Secured Party

exceeds

	 	(ii)	 	the Credit Support Amount.

“Credit Support Amount” means, unless otherwise specified in Paragraph 13, for any Valuation Date
(i) the Secured Party’s Exposure for that Valuation Date plus (ii) the aggregate of all Independent
Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the
Secured Party, if any, minus (iv) the Pledgor’s Threshold; provided, however, that the Credit
Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a
number less than zero.

2

 

Paragraph 4 Conditions Precedent, Transfer Timing, Calculations and Substitutions

	(a)	 	Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and
of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions
precedent that:

	 	(i)	 	no Event of Default, Potential Event of Default or Specified Condition has
occurred and is continuing with respect to the other party; and
	 
	 	(ii)	 	no Early Termination Date for which any unsatisfied payment obligations exist
has occurred or been designated as the result of an Event of Default or Specified
Condition with respect to the other party.

	(b)	 	Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a
demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the
Notification Time, then the relevant Transfer will be made not later than the close of
business on the next Local Business Day; if a demand is made after the Notification Time, then
the relevant Transfer will be made not later than the close of business on the second Local
Business Day thereafter.

	(c)	 	Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d)
will be made by the Valuation Agent as of the Valuation Time. The Valuation Agent will notify
each party (or the other party, if the Valuation Agent is a party) of its calculations not
later than the Notification Time on the Local Business Day following the applicable Valuation
Date (or in the case of Paragraph 6(d), following the date of calculation).

	(d)	 	Substitutions.

	 	(i)	 	Unless otherwise specified in Paragraph 13, upon notice to the Second Party
specifying the items of Posted Credit Support to be exchanged, the Pledgor may, on any
Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support
(the “Substitute Credit Support”); and
	 
	 	(ii)	 	subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the
items of Posted Credit Support specified by the Pledgor in its notice not later than
the Local Business Day following the date on which the Secured Party receives the
Substitute Credit Support, unless otherwise specified in Paragraph 13 (the
“Substitution Date”); provided that the Secured Party will only be obligated to
Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted
Credit Support equal to the Value as of that date of the Substitute Credit Support.

3

 

Paragraph 5 Dispute Resolution

If a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery
Amount or a Return Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted
Credit Support, then (1) the Disputing Party will notify the other party and the Valuation Agent
(if the Valuation Agent is not the other party) not later than the close of business on the Local
Business Day following (X) the date that the demand is made under Paragraph 3 in case of (I) above
or (Y) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date
of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will
Transfer the undisputed amount to the other party not later than the close of business on the Local
Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I)
above or (Y) the date of Transfer in the case of (II) above, (3) the parties will consult with each
other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the
Resolution Time, then:

	 	(i)	 	In the case of a dispute involving a Delivery Amount or Return Amount, unless
otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure
and the Value as of the Recalculation Date by:

	 	(A)	 	utilizing any calculations of Exposure for the Transactions (or
Swap Transactions) that the parties have agreed are not in dispute;
	 
	 	(B)	 	calculating the Exposure for the Transactions (or Swap
Transactions) in dispute by seeking four actual quotations at mid-market from
Reference Market-makers for purposes of calculating Market Quotation, and
taking the arithmetic average of those obtained; provided that if four
quotations are not available for a particular Transaction (or Swap
Transaction), then fewer than four quotations may be used for that Transaction
(or Swap Transaction); and if no quotations are available for a particular
Transaction (or Swap Transaction), then the Valuation Agent’s original
calculations will be used for that Transaction (or Swap Transaction);
	 
	 	(C)	 	utilizing the procedures specified in Paragraph 13 for
calculating the Value, if disputed, of Posted Credit Support.

	 	(ii)	 	In the case of a dispute involving the Value of any Transfer of Eligible Credit
Support or Posted Credit Support the Valuation Agent will recalculate the Value as of
the date of Transfer pursuant to Paragraph 13.

Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party
(or the other party, if the Valuation Agent is a party) not later than the Notification Time on the
Local Business Day following the Resolution Time. The appropriate party will, upon demand
following that notice by the Valuation Agent or a resolution pursuant to (3) above and subject to
Paragraphs 4(a) and 4(b), make the appropriate Transfer.

4

 

Paragraph 6 Holding and Using Posted Collateral

	(a)	 	Care of Posted Collateral. Without limiting the Secured Party’s rights under Paragraph 6(c),
the Secured Party will exercise reasonable care to assure the safe custody of all Posted
Collateral to the extent required by applicable law, and in any event the Secured Party will
be deemed to have exercised reasonable care if it exercises at least the same degree of care
as it would exercise with respect to its own property. Except as specified in the preceding
sentence, the Secured Party will have no duty with respect to Posted Collateral, including,
without limitation, any duty to collect any Distributions, or enforce or preserve any rights
pertaining thereto.

	(b)	 	Eligibility to Hold Posted Collateral; Custodians.

	 	(i)	 	General. Subject to the satisfaction of any conditions specified in Paragraph
13 for holding Posted Collateral, the Secured Party will be entitled to hold Posted
Collateral or to appoint an agent (a “Custodian”) to hold Posted Collateral for the
Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a
Custodian, the Pledgor’s obligations to make any Transfer will be discharged by making
the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will
be deemed to be the holding of that Posted Collateral by the Secured Party for which
the Custodian is acting.
	 
	 	(ii)	 	Failure to Satisfy Conditions. If the Secured Party or its Custodian fails to
satisfy conditions for holding Posted Collateral, then upon a demand made by the
Pledgor, the Secured Party will, not later than five Local Business Days after the
demand, Transfer or cause its Custodian to Transfer all Posted Collateral held by it to
a Custodian that satisfies those conditions or to the Secured Party if it satisfies
those conditions.
	 
	 	(iii)	 	Liability. The Secured Party will be liable for the acts or omissions of its
Custodian to the same extent that the Secured Party would be liable hereunder for its
own acts or omissions.

	(c)	 	Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting
the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the
Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified
Condition and no Early Termination Date has occurred or been designated as the result of an
Event of Default or Specified Condition with respect to the Secured Party, then the Secured
Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the
right to:

	 	(i)	 	sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise
dispose of, or otherwise use in its business any Posted Collateral it holds, free from
any claim or right of any nature whatsoever of the Pledgor, including any equity or
right of redemption by the Pledgor; and

5

 

	 	(ii)	 	register any Posted Collateral in the name of the Secured Party, its Custodian
or a nominee for either.

For purposes of the obligation to Transfer Eligible Credit Support or Posted Credit Support
pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the
Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions
made thereon, regardless of whether the Secured Party has exercised any rights with respect to any
Posted Collateral pursuant to (i) or (ii) above.

	(d)	 	Distributions and Interest Amount.

	 	(i)	 	Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is
deemed to receive Distributions on a Local Business Day, it will Transfer to the
Pledgor not later than the following Business Day any Distributions it receives or is
deemed to receive to the extent that a Delivery Amount would not be created or
increased by that Transfer, as calculated by the Valuation Agent (and the date of
calculation will be deemed to be a Valuation Date for this purpose).
	 
	 	(ii)	 	Interest Amount. Unless otherwise specified in Paragraph 13 and subject to
Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to
have been paid with respect to Posted Collateral in the form of Cash (all of which may
be retained by the Secured Party), the Secured Party will Transfer to the Pledgor at
the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery
Amount would not be created or increased by that Transfer, as calculated by the
Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for
this purpose). The Interest Amount or portion thereof not Transferred pursuant to this
Paragraph will constitute Posted Collateral in the form of Cash and will be subject to
the security interest granted under Paragraph 2.

Paragraph 7 Events of Default

For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect
to a party if:

	 	(i)	 	that party fails (or fails to cause its Custodian) to make, when due, any
Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as
applicable, required to be made by it and that failure continues for two Local Business
Days after notice of that failure is given to that party;
	 
	 	(ii)	 	that party fails to comply with any restriction or prohibition specified in
this Annex with respect to any of the rights specified in Paragraph 6(c) and that
failure continues for five Local Business Days after notice of that failure is given to
that party; or

6

 

	 	(iii)	 	that party fails to comply with or perform any agreement or obligation other
than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30
days after notice of that failure is given to that party.

Paragraph 8 Certain Rights and Remedies

	(a)	 	Secured Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified
Condition with respect to the Pledgor has occurred and is continuing or (2) an Early
Termination Date has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all
of its Obligations that are then due, the Secured Party may exercise one or more of the
following rights and remedies:

	 	(i)	 	all rights and remedies available to a secured party under applicable law with
respect to Posted Collateral held by the Secured Party;
	 
	 	(ii)	 	any other rights and remedies available to the Secured Party under the terms of
Other Posted Support, if any;
	 
	 	(iii)	 	the right to Set-off any amounts payable by the Pledgor with respect to any
Obligations against any Posted Collateral or the Cash equivalent of any Posted
Collateral held by the Secured Party (or any obligation of the Secured Party to
Transfer that Posted Collateral); and
	 
	 	(iv)	 	the right to liquidate any Posted Collateral held by the Secured Party through
one or more public or private sales or other dispositions with such notice, if any, as
may be required under applicable law, free from any claim or right of any nature
whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor
(with the Secured Party having the right to purchase any or all of the Posted
Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from
the liquidation of the Posted Collateral to any amounts payable by the Pledgor with
respect to any Obligations in that order as the Secured Party may elect.

Each party acknowledges and agrees that Posted Collateral in the form of securities may decline
speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the
Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party,
except any notice that is required under applicable law and cannot be waived.

	(b)	 	Pledgor’s Rights and Remedies. If at any time an Early Termination Date has occurred or been
designated as the result of an Event of Default or Specified Condition with respect to the
Secured Party, then (except in the case of an Early Termination Date relating to less than all
Transactions (or Swap Transactions) where the Secured Party has paid in full all of its
obligations that are then due under Section 6(e) of this Agreement):

	 	(i)	 	the Pledgor may exercise all rights and remedies available to a Pledgor under
applicable law with respect to Posted Collateral held by the Secured Party;

7

 

	 	(ii)	 	the Pledgor may exercise any other rights and remedies available to the Pledgor
under the terms of Other Posted Support, if any;
	 
	 	(iii)	 	the Secured Party will be obligated immediately to Transfer all Posted
Collateral and the Interest Amount to the Pledgor; and
	 
	 	(iv)	 	to the extent that Posted Collateral or the Interest Amount is not so
Transferred pursuant to (iii) above, the Pledgor may:

	 	(A)	 	Set-off any amounts payable by the Pledgor with respect to any
Obligations against any Posted Collateral or the Cash equivalent of any Posted
Collateral held by the Secured Party (or any obligation of the Secured Party to
Transfer that Posted Collateral); and
	 
	 	(B)	 	to the extent that the Pledgor does not Set-off under (iv)(A)
above, withhold payment of any remaining amounts payable by the Pledgor with
respect to any Obligations, up to the Value of any remaining Posted Collateral
held by the Secured Party, until that Posted Collateral is Transferred to the
Pledgor.

	(c)	 	Deficiencies and Excess Proceeds. The Secured Party will Transfer to the Pledgor any
proceeds and Posted Credit Support remaining after liquidation, Set-off and/or application
under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the
Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any
amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs
8(a) and 8(b).

	(d)	 	Final Returns. When no amounts are or thereafter may become payable by the Pledgor with
respect to any Obligations (except for any potential liability under Section 2(d) of this
Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the
Interest Amount, if any.

Paragraph 9 Representations

Each party represents to the other party (which representation will be deemed to be repeated as of
each date on which it, as the Pledgor, Transfers Eligible Collateral) that:

	 	(i)	 	it has the power to grant a security interest in and lien on any Eligible
Collateral it Transfers as the Pledgor and has taken all necessary actions to authorize
the granting of that security interest and lien;
	 
	 	(ii)	 	it is the sole owner of or otherwise has the right to Transfer all Eligible
Collateral it Transfers to the Secured Party hereunder, free and clear of any security
interest, lien, encumbrance or other restrictions other than the security interest and
lien granted under Paragraph 2;

8

 

	 	(iii)	 	upon the Transfer of any Eligible Collateral to the Secured Party under the
terms of this Annex, the Secured Party will have a valid and perfected first priority
security interest therein (assuming that any central clearing corporation or any
third-party financial intermediary or other entity not within the control of the
Pledgor involved in the Transfer of that Eligible Collateral gives the notices and
takes the action required of it under applicable law for perfection of that interest);
and
	 
	 	(iv)	 	the performance by it of its obligations under this Annex will not result in
the creation of any security interest, lien or other encumbrance on any Posted
Collateral other than the security interest and lien granted under Paragraph 2.

Paragraph 10 Expenses

	(a)	 	General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its
own costs and expenses in connection with performing its obligations under this Annex and
neither party will be liable for any costs and expenses incurred by the other party in
connection herewith.

	(b)	 	Posted Credit Support. The Pledgor will promptly pay when due all taxes, assessments or
charges of any nature that are imposed with respect to Posted Credit support held by the
Secured Party upon becoming aware of the same, regardless of whether any portion of that
Posted Credit Support is subsequently disposed of under Paragraph 6(c), except for those
taxes, assessments and charges that result from the exercise of the Secured Party’s rights
under Paragraph 6(c).

	(c)	 	Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred
by or on behalf of the Secured Party or the Pledgor in connection with the liquidation and/or
application of any Posted Credit Support under Paragraph 8 will be payable, on demand and
pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no
Defaulting Party, equally by the parties.

Paragraph 11 Miscellaneous

	(a)	 	Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted
Collateral or the Interest Amount will be obliged to pay the Pledgor (to the extent permitted
under applicable law) an amount equal to interest at the Default Rate multiplied by the Value
of the items of property that were required to be Transferred, from (and including) the date
that the Posted Collateral or Interest Amount was required to be Transferred to (but
excluding) the date of Transfer of that Posted Collateral or Interest Amount. This interest
will be calculated on the basis of daily compounding and the actual number of days elapsed.

	(b)	 	Further Assurances. Promptly following a demand made by a party, the other party will
execute, deliver, file and record any financing statement, specific assignment or other
document and take any other action that may be necessary or desirable and reasonably requested
by that party to create, preserve, perfect or validate any security interest or lien

9

 

	 	 	granted under Paragraph 2, to enable that party to exercise or enforce its rights under this
Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a
release of a security interest on Posted Collateral or an Interest Amount.

	(c)	 	Further Protection. The Pledgor will promptly give notice to the Secured Party of, and
defend against, any suit, action, proceeding or lien that involves Posted Credit Support
Transferred by the Pledgor or that could adversely affect the security interest and lien
granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the
exercise of the Secured Party’s rights under Paragraph 6(c).

	(d)	 	Good Faith and Commercially Reasonable Manner. Performance of all obligations under this
Annex, including, but not limited to, all calculations, valuations and determinations made by
either party, will be made in good faith and in a commercially reasonable manner.

	(e)	 	Demands and Notices. All demands and notices given by a party under this Annex will be made
as specified in the Notices Section of this Agreement, except as otherwise provided in
Paragraph 13.

	(f)	 	Specifications of Certain Matters. Anything referred to in this Annex as being specified in
Paragraph 13 also may be specified in one or more Confirmations or other documents and this
Annex will be construed accordingly.

Paragraph 12 Definitions

As used in this Annex:—

“Cash” means the lawful currency of the United States of America.

“Credit Support Amount” has the meaning specified in Paragraph 3.

“Custodian” has the meaning specified in Paragraphs 6(b)(i) and 13.

“Delivery Amount” has the meaning specified in Paragraph 3(a).

“Disputing Party” has the meaning specified in Paragraph 5.

“Distributions” means, with respect to Posted Collateral other than Cash, all principal, interest
and other payments and distributions of cash or other property with respect thereto, regardless of
whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c).
Distributions will not include any item of property acquired by the Secured Party upon any
disposition or liquidation of Posted Collateral or, with respect to any Posted Collateral in the
form of Cash, any distributions on that collateral, unless otherwise specified herein.

“Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that
party in Paragraph 13.

10

 

“Eligible Credit Support” means Eligible Collateral and Other Eligible Support.

“Exposure” means for any Valuation Date or other date for which Exposure is calculated and subject
to Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that
is the Secured Party by the other party (expressed as a positive number) or by a party that is the
Secured Party to the other party (expressed as a negative number) pursuant to Section
6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions) were being
terminated as of the relevant Valuation Time; provided that Market Quotation will be determined by
the Valuation Agent using its estimates at mid-market of the amounts that would be paid for
Replacement Transactions (as that term is defined in the definition of “Market Quotation”).

“Independent Amount” means, with respect to party, the amount specified as such for that party in
Paragraph 13; if no amount is specified, zero.

“Interest Amount” means, with respect to an Interest Period, the aggregate sum of the amounts of
interest calculated for each day in that Interest Period on the principal amount of Posted
Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured
Party for each such day as follows:

	 	(x)	 	the amount of Cash on that day; multiplied by
	 
	 	(y)	 	the Interest Rate in effect for that day; divided by
	 
	 	(z)	 	360.

“Interest Period” means the period from (and including) the last Local Business Day on which an
Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local
Business Day on which Posted Collateral in the form of Cash was Transferred to or received by the
Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to
be Transferred.

“Interest Rate” means the rate specified in Paragraph 13.

“Local Business Day,” unless otherwise specified in Paragraph 13, has the meaning specified in the
Definitions Section of this Agreement, except that references to a payment in clause (b) thereof
will be deemed to include a Transfer under this Annex.

“Minimum Transfer Amount” means, with respect to a party, the amount specified as such for that
party in Paragraph 13; if no amount is specified, zero.

“Notification Time” has the meaning specified in Paragraph 13.

“Obligations” means, with respect to a party, all present and future obligations of that party
under this Agreement and any additional obligations specified for that party in Paragraph 13.

11

 

“Other Eligible Support” means, with respect to a party, the items, if any, specified as such for
that party in Paragraph 13.

“Other Posted Support” means all Other Eligible Support Transferred to the Secured Party that
remains in effect for the benefit of that Secured Party.

“Pledgor” means either party, when that party (i) receives a demand for or is required to Transfer
Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support under
Paragraph 3(a).

“Posted Collateral” means all Eligible Collateral, other property, Distributions, and all proceeds
thereof that have been Transferred to or received by the Secured Party under this Annex and not
Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the
Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant
to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash.

“Posted Credit Support” means Posted Collateral and Other Posted Support.

“Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 5;
provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the
resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under
Paragraph 3.

“Resolution Time” has the meaning specified in Paragraph 13.

“Return Amount” has the meaning specified in Paragraph 3(b).

“Secured Party” means either party, when that party (i) makes a demand for or is entitled to
receive Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold Posted
Credit Support.

“Specified Condition” means, with respect to a party, any event specified as such for that party in
Paragraph 13.

“Substitute Credit Support” has the meaning specified in Paragraph 4(d)(i).

“Substitution Date” has the meaning specified in Paragraph 4(d)(ii).

“Threshold” means, with respect to a party, the amount specified as such for that party in
Paragraph 13; if no amount is specified, zero.

“Transfer” means, with respect to any Eligible Credit Support, Posted Credit Support or Interest
Amount, and in accordance with the instructions of the Secured Party, Pledgor or Custodian, as
applicable:

12

 

	 	(i)	 	in the case of Cash, payment or delivery by wire transfer into one or more bank
accounts specified by the recipient;
	 
	 	(ii)	 	in the case of certificated securities that cannot be paid or delivered by
book-entry, payment or delivery in appropriate physical form to the recipient or its
account accompanied by any duly executed instruments of transfer, assignments in blank,
transfer tax stamps and any other documents necessary to constitute a legally valid
transfer to the recipient;
	 
	 	(iii)	 	in the case of securities that can be paid or delivered in book-entry, the
giving of written instruments to the relevant depository institution or other entity
specified by the recipient, together with a written copy thereof to the recipient,
sufficient if complied with to result in a legally effective transfer of the relevant
interest to the recipient; and
	 
	 	(iv)	 	in the case of Other Eligible Support or Other Posted Support, as specified in
Paragraph 13.

“Valuation Agent” has the meaning specified in Paragraph 13.

“Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 13.

“Valuation Percentage” means, for any item of Eligible Collateral, the percentage specified in
Paragraph 13.

“Valuation Time” has the meaning specified in Paragraph 13.

“Value” means for any Valuation Date or other date for which Value is calculated, and subject to
Paragraph 5 in the case of a dispute, with respect to:

	 	(i)	 	Eligible Collateral or Posted Collateral that is:

	 	(A)	 	Cash, the amount thereof; and
	 
	 	(B)	 	a security, the bid price obtained by the Valuation Agent
multiplied by the applicable Valuation Percentage, if any;

	 	(ii)	 	Posted Collateral that consists of items that are not specified as Eligible
Collateral, zero; and
	 
	 	(iii)	 	Other Eligible Support and Other Posted Support, as specified in Paragraph 13.

13

 

EXECUTION COPY

Elections and Variables

to the 1994 ISDA Credit Support Annex

dated as of

July 26, 2007

between

	 	 	 	 	 
	CREDIT SUISSE INTERNATIONAL

	 	
	 	AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2007-C-M
	(“Party A”)

	 	and
	 	(“Party B”)

Paragraph 13.

	(a)	 	Security Interest for “Obligations”.

     The term “Obligations” as used in this Annex includes the following additional
obligations: None.

	(b)	 	Credit Support Obligations.

	 	(i)	 	Delivery Amount, Return Amount and Credit Support Amount.

	 	(A)	 	“Delivery Amount” has the meaning specified in
Paragraph 3(a), except that the words “upon a demand made by the Secured Party
on or promptly following a Valuation Date” shall be deleted and replaced by
the words “on each Valuation Date;” provided, that the Delivery Amount shall
be calculated, with respect to collateral posting required by each Rating
Agency, by using (i) such Rating Agency’s Valuation Percentages as provided
below to determine Value and (ii) the Credit Support Amount related to such
Rating Agency. The Delivery Amount shall be the greatest of such calculated
amounts.
	 
	 	(B)	 	“Return Amount” has the meaning specified in
Paragraph 3(b); provided, that the Return Amount shall be calculated, with
respect to collateral posting required by each Rating Agency, by using (i)
such Rating Agency’s Valuation Percentages as provided below to determine
Value and (ii) the Credit Support Amount related to such Rating Agency. The
Return Amount shall be the least of such calculated amounts.
	 
	 	(C)	 	“Credit Support Amount” has the meaning specified in
Paragraph 13(j)(iii).

	 	(ii)	 	Eligible Collateral. The Valuation Percentages1 listed below
shall apply to the following Eligible Collateral:

 

			
	1	 	With respect to collateral types not listed below, such assets will be subject to review by each of S&P, Fitch and Moody’s.

1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Valuation	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Percentages	 	Valuation	 	 
	 	 	 	 	 	 	 	 	 	 	applicable with	 	Percentages	 	 
	 	 	Valuation	 	Valuation	 	respect to	 	applicable with	 	 
	 	 	Percentages	 	Percentages	 	calculating S&P	 	respect to	 	Valuation
	 	 	applicable with	 	applicable with	 	Credit Support	 	calculating S&P	 	Percentages
	 	 	respect to	 	respect to	 	Amount when a	 	Credit Support	 	applicable with
	 	 	calculating	 	calculating	 	Collateralization	 	Amount when a	 	respect to
	 	 	Moody’s First	 	Moody’s Second	 	Event has	 	Ratings Event	 	calculating Fitch
	 	 	Trigger Credit	 	Trigger Credit	 	occurred and is	 	has occurred and	 	Credit Support
	 	 	Support Amount	 	Support Amount	 	continuing	 	is continuing	 	Amount
	Instrument	 	      Moody’s	 	      Moody’s	 	      S&P	 	      S&P	 	      Fitch
	U.S. Dollar Cash
	 	 	100	%	 	 	100	%	 	 	100	%	 	 	80	%	 	 	100	%
	Euro Cash
	 	 	97	%	 	 	93	%	 	 	92.6	%	 	 	74.1	%	 	 	94.36	%
	Sterling Cash
	 	 	97	%	 	 	94	%	 	 	94.1	%	 	 	75.3	%	 	 	95.18	%
	Fixed Rate Negotiable Treasury Debt issued by U.S. Treasury Department with Remaining Maturity:
	<1 Year
	 	 	100	%	 	 	100	%	 	 	98.0	%	 	 	78.4	%	 	 	99.5	%
	1 to 2 years
	 	 	100	%	 	 	99	%	 	 	98.0	%	 	 	78.4	%	 	 	98.2	%
	2 to 3 years
	 	 	100	%	 	 	98	%	 	 	98.0	%	 	 	78.4	%	 	 	98.2	%
	3 to 5 years
	 	 	100	%	 	 	97	%	 	 	98.0	%	 	 	78.4	%	 	 	96.6	%
	5 to 7 years
	 	 	100	%	 	 	95	%	 	 	92.6	%	 	 	74.1	%	 	 	95.3	%
	7 to 10 years
	 	 	100	%	 	 	94	%	 	 	92.6	%	 	 	74.1	%	 	 	93.9	%
	10 to 20 years
	 	 	100	%	 	 	89	%	 	 	87.9	%	 	 	70.3	%	 	 	n/a	 
	10 to 15 years
	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	92.7	%
	15 to 20 years
	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	0	%
	> 20 years
	 	 	100	%	 	 	87	%	 	 	84.6	%	 	 	67.7	%	 	 	0	%
	Floating-Rate Negotiable U.S. Dollar Denominated Treasury Debt Issued by The U.S. Treasury Department
	All Maturities
	 	 	100	%	 	 	99	%	 	 	0	%	 	 	0	%	 	 	99.5	%
	Fixed-Rate U.S. Dollar Denominated U.S. Agency Debentures with Remaining Maturity:
	< 1 Year
	 	 	100	%	 	 	99	%	 	 	98	%	 	 	78.4	%	 	 	98.51	%
	1 to 2 years
	 	 	100	%	 	 	98	%	 	 	98	%	 	 	78.4	%	 	 	97.22	%
	2 to 3 years
	 	 	100	%	 	 	97	%	 	 	98	%	 	 	78.4	%	 	 	97.22	%
	3 to 5 years
	 	 	100	%	 	 	96	%	 	 	98	%	 	 	78.4	%	 	 	95.63	%
	5 to 7 years
	 	 	100	%	 	 	94	%	 	 	92.6	%	 	 	74.1	%	 	 	94.35	%
	7 to 10 years
	 	 	100	%	 	 	93	%	 	 	92.6	%	 	 	74.1	%	 	 	92.96	%
	10 to 20 years
	 	 	100	%	 	 	88	%	 	 	82.6	%	 	 	66.1	%	 	 	n/a	 
	10 to 15 years
	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	91.77	%
	15 to 20 years
	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	0	%
	> 20 years
	 	 	100	%	 	 	86	%	 	 	77.9	%	 	 	62.3	%	 	 	0	%
	Floating-Rate U.S. Dollar Denominated U.S. Agency Debentures
	All maturities
	 	 	100	%	 	 	98	%	 	 	0	%	 	 	0	%	 	 	98.51	%
	Fixed-Rate Euro Denominated Euro-Zone Government Bonds Rated “Aa3” or Above by Moody’s and “AAA” by S&P with Remaining Maturity:
	< 1 Year
	 	 	97	%	 	 	93	%	 	 	79.0	%	 	 	76.2	%	 	 	93.47	%
	1 to 2 years
	 	 	97	%	 	 	92	%	 	 	78.3	%	 	 	76.2	%	 	 	93	%
	2 to 3 years
	 	 	97	%	 	 	91	%	 	 	77.5	%	 	 	76.2	%	 	 	93	%
	3 to 5 years
	 	 	97	%	 	 	89	%	 	 	76.2	%	 	 	76.2	%	 	 	92.7	%
	5 to 7 years
	 	 	97	%	 	 	87	%	 	 	71.0	%	 	 	69.6	%	 	 	92.4	%
	7 to 10 years
	 	 	97	%	 	 	86	%	 	 	69.6	%	 	 	69.6	%	 	 	92.1	%
	10 to 20 years
	 	 	97	%	 	 	82	%	 	 	60.4	%	 	 	58	%	 	 	n/a	 
	10 to 15 years
	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	91.6	%

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Valuation	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Percentages	 	Valuation	 	 
	 	 	 	 	 	 	 	 	 	 	applicable with	 	Percentages	 	 
	 	 	Valuation	 	Valuation	 	respect to	 	applicable with	 	 
	 	 	Percentages	 	Percentages	 	calculating S&P	 	respect to	 	Valuation
	 	 	applicable with	 	applicable with	 	Credit Support	 	calculating S&P	 	Percentages
	 	 	respect to	 	respect to	 	Amount when a	 	Credit Support	 	applicable with
	 	 	calculating	 	calculating	 	Collateralization	 	Amount when a	 	respect to
	 	 	Moody’s First	 	Moody’s Second	 	Event has	 	Ratings Event	 	calculating Fitch
	 	 	Trigger Credit	 	Trigger Credit	 	occurred and is	 	has occurred and	 	Credit Support
	 	 	Support Amount	 	Support Amount	 	continuing	 	is continuing	 	Amount
	Instrument	 	      Moody’s	 	      Moody’s	 	      S&P	 	      S&P	 	      Fitch
	15 to 20 years
	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 	 	 	0	%
	> 20 years
	 	 	97	%	 	 	80	%	 	 	0	%	 	 	0	%	 	 	0	%
	Floating-Rate Euro Denominated Euro-Zone Government Bonds Rated “Aa3” or Above by Moody’s and “AAA” by S&P
	All maturities:
	 	 	97	%	 	 	92	%	 	 	0	%	 	 	0	%	 	 	93.47	%
	Qualified Commercial Paper
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	0	%*	 	 	0	%*	 	 	0	%	 	 	0	%	 	 	99.50	%

For the purposes of the above table, “Qualified Commercial Paper” means commercial
paper with a rating of at least “P-1” by Moody’s and “A-1+” by S&P and having a remaining
maturity of not more than one month.

*or such other percentage in respect of which Moody’s has provided a rating affirmation.

	 	(iii)	 	Thresholds.

	 	(A)	 	“Independent Amount"  means with respect
to Party A: Zero
	 
	 	 	 	“Independent Amount” means with respect to Party B: Zero
	 
	 	(B)	 	“Threshold” means with respect to Party A: infinity;
provided that the Threshold with respect to Party A shall be zero for so long
as (i) a Ratings Event is occurring or (ii) for so long as no Relevant Entity
has the First Trigger Required Ratings or a Collateralization Event is
occurring and (a) no Relevant Entity has had the First Trigger Required
Ratings since this Annex was executed, or (b) at least 30 Local Business Days
have elapsed since the last time a Relevant Entity had the First Trigger
Required Ratings, or (c) no Relevant Entity has met the Hedge Counterparty
Ratings Requirement since this Annex was executed or (d) at least 10 calendar
days have elapsed since the last time a Collateralization Event occurred.
	 
	 	 	 	“Threshold” means with respect to Party B: infinity.
	 
	 	(C)	 	“Minimum Transfer Amount” means with respect to Party
A: USD $100,000; provided, however, that if S&P is rating the Notes and the
aggregate principal amount of the rated Notes falls below $50,000,000, then
the Minimum Transfer Amount shall mean USD $50,000.
	 
	 	(D)	 	“Minimum Transfer Amount” means with respect to Party
B: USD $100,000 (or if the Posted Collateral is less than $100,000, the
aggregate Value of Posted Collateral), provided, however, that if S&P is
rating the Notes and the aggregate principal amount of the rated Notes falls
below $50,000,000, then the Minimum Transfer Amount shall mean USD $50,000 (or
if the Posted Collateral is less than $50,000, the aggregate Value of Posted
Collateral).
	 
	 	(E)	 	Rounding. The Delivery Amount will be rounded up to the
nearest integral multiple of USD $10,000. The Return Amount will be rounded
down to the nearest integral multiple of USD $10,000.

	 	(iv)	 	“Exposure” has the meaning specified in Paragraph 12, except that (1)
after the word “Agreement” the words “(assuming, for this purpose only, that Part 1(k)
of the Schedule is deleted)” shall be inserted and (2) at the end of such definition,
the words “with terms substantially the same as those of this Agreement.”

3

 

	(c)	 	Valuation and Timing.

	 	(i)	 	“Valuation Agent” means Party A in all circumstances.
	 
	 	(ii)	 	“Valuation Date” means the first any Local Business Day in each week.
	 
	 	(iii)	 	“Valuation Time” means the close of business in the location where
the relevant product is traded, provided that the calculations of Value and Exposure
will made as of approximately the same time on the same date.
	 
	 	(iv)	 	“Notification Time” means 3:00 p.m., New York time, on a Local
Business Day.

	(d)	 	Conditions Precedent and Secured Party’s Rights and Remedies. None.
	 
	(e)	 	Substitution.

	 	(i)	 	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii).
	 
	 	(ii)	 	Consent. The Pledgor need not obtain the Secured Party’s consent for any
substitution pursuant to Paragraph 4(d).

	(f)	 	Dispute Resolution.

	 	(i)	 	“Resolution Time” means 1:00 p.m., New York time on the Local
Business Day following the date on which the notice is given that gives rise to a
dispute under Paragraph 5.
	 
	 	(ii)	 	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of
Eligible Credit Support or Posted Credit Support as of the relevant Valuation Date or
date of Transfer will be calculated as follows:

	 	(A)	 	with respect to any Eligible Credit Support or Posted Credit
Support comprising securities (“Securities”) the sum of (a)(x) the
last bid price on such date for such Securities on the principal national
securities exchange on which such Securities are listed, multiplied by the
applicable Valuation Percentage; or (y) where any Securities are not listed on
a national securities exchange, the bid price for such Securities quoted as at
the close of business on such date by any principal market maker (which shall
not be and shall be independent from the Valuation Agent) for such Securities
chosen by the Valuation Agent, multiplied by the applicable Valuation
Percentage; or (z) if no such bid price is listed or quoted for such date, the
last bid price listed or quoted (as the case may be), as of the day next
preceding such date on which such prices were available, multiplied by the
applicable Valuation Percentage; plus (b) the accrued interest where
applicable on such Securities (except to the extent that such interest shall
have been paid to the Pledgor pursuant to Paragraph 5(c)(ii) or included in
the applicable price) as of such date; and
	 
	 	(B)	 	with respect to any Cash, (i) the face amount thereof or (ii)
for purposes of calculating any S&P Credit Support Amount, the face amount
thereof multiplied by applicable Valuation Percentage.

	 	(iii)	 	Alternative. The provisions of Paragraph 5 will apply.

4

 

	(g)	 	Holding and Using Posted Collateral.

	 	(i)	 	Eligibility to Hold Posted Collateral; Custodians:
	 
	 	 	 	A Custodian will be entitled to hold Posted Collateral on behalf of Party B
pursuant to Paragraph 6(b); provided that:

     (1) Posted Collateral may be held only in the following jurisdiction: United
States.

     (2) The Custodian for Party B (A) is a commercial bank or trust company which
is unaffiliated with Party B and organized under the laws of the United States or
state thereof, having assets of at least $500 million and a long term debt or a
deposit rating of at least (i) “Baa2” from Moody’s and (ii) “A-1” from S&P, or is
the Trustee, and a short term rating from Fitch of at least “F1” and (B) shall hold
all Eligible Credit Support in the appropriate account under the Basic Documents.

     (3) Initially, the Custodian for Cash and Securities for Party B is: The
Trustee under the Indenture, or any successor trustee thereto.

	 	(ii)	 	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to Party
B. The Trustee shall invest Cash Posted Credit Support in such overnight (or redeemable
within two Local Business Days of demand) investments rated at least “Prime-1” and “Aaa”
by Moody’s and either “AAAm” or “AAAm-G” by S&P (or such other investments as may be
affirmed in writing by S&P and Moody’s) as directed by Party A (unless (x) an Event of
Default or an Additional Termination Event has occurred with respect to which Party A is
the defaulting or sole Affected Party and (y) an Early Termination Date has been
designated by Party B, in which case such investment shall be at the direction of Party
B) with gains and losses incurred in respect of such investments to be for the account of
Party A.
	 
	 	(iii)	 	Notice. If a party or its Custodian fails to meet the criteria for eligibility to
hold (or, in the case of a party, to use) Posted Collateral set forth in this Paragraph
13(g), such party shall promptly notify the other party of such ineligibility.

	(h)	 	Distributions and Interest Amount.

	 	(i)	 	Interest Rate. The “Interest Rate” will be the actual rate of
interest earned by Party B or the Custodian if the Cash is invested at the direction
of Party A in accordance with Paragraph 13(g)(ii) above, otherwise the “Interest Rate”
will be the federal funds overnight rate as published by the Board of Governors of the
Federal Reserve System in H.15 (519) or its successor publication, or such other rate
as the parties may agree from time to time.
	 
	 	(ii)	 	Transfer of Interest Amount. The transfer of the Interest Amount will be
made on the second Local Business Day following the end of each calendar month and on
any other Local Business Day on which Posted Collateral in the form of Cash is
transferred to the Pledgor pursuant to Paragraph 3(b), in each case to the extent that
a Delivery Amount would not be created or increased by that transfer, provided that
Party B shall not be obliged to so transfer any Interest Amount unless and until it
has earned and received such interest.
	 
	 	(iii)	 	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will
apply.

	(i)	 	Address for Transfers.

5

 

	 	 	Party A: To be notified to Party B by Party A at the time of the request for the transfer.
	 
	 	 	Party B: To be notified to Party A by Party B upon request by Party A.
	 
	(j)	 	Other Provisions.

	 	(i)	 	Costs of Transfer on Exchange.
	 
	 	 	 	Notwithstanding Paragraph 10, the Pledgor will be responsible for,
and will reimburse the Secured Party for, all transfer and other
taxes and other costs involved in the transfer of Eligible Credit
Support either from the Pledgor to the Secured Party or from the
Secured Party to the Pledgor.
	 
	 	(ii)	 	Cumulative Rights.
	 
	 	 	 	The rights, powers and remedies of the Secured Party under this
Annex shall be in addition to all rights, powers and remedies given
to the Secured Party by the Agreement or by virtue of any statute or
rule of law, all of which rights, powers and remedies shall be
cumulative and may be exercised successively or concurrently without
impairing the rights of the Secured Party in the Posted Credit
Support created pursuant to this Annex.
	 
	 	(iii)	 	Ratings Criteria.
	 
	 	 	 	“Credit Support Amount” shall be (a) in respect of S&P, the S&P Credit
Support Amount, (b) in respect of Fitch, the Fitch Credit Support Amount, and (c)
in respect of Moody’s, the Moody’s First Trigger Credit Support Amount, or the
Moody’s Second Trigger Credit Support Amount, as applicable.

     With respect to Fitch:

     “Fitch Credit Support Amount” means, for any Valuation Date, the excess, if any,
of:

	 	(I)	(A)	for any Valuation Date (x) on which a Collateralization
Event with respect to Fitch has occurred and been continuing for at least 30
calendar days or (y) on which a Ratings Event with respect to Fitch has
occurred and is continuing, an amount equal to the sum of (1) the aggregate
Secured Party’s Exposure for such Valuation Date with respect to all
Transactions and (2) the aggregate of the products of the Volatility Buffer
for each Transaction and the Notional Amount of each Transaction for the
Calculation Period of each such Transaction which includes such Valuation
Date, or

	 	(B)	 	for any other Valuation Date, zero, over

	 	(II)	 	the Threshold for Party A for such Valuation Date.

“Volatility Buffer” shall mean the percentage set forth in the following table with respect
to any Transaction (other than a Transaction identified in the related Confirmation as a Timing
Hedge):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Weighted Average Life (Years)
	Notes’ Rating	 	1	 	2	 	3	 	4	 	5	 	6	 	7	 	8	 	9	 	10	 	11	 	12	 	13	 	14	 	>=15
	USD Interest Rate Swaps	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	“AA-” or Better
	 	 	0.8	 	 	 	1.7	 	 	 	2.5	 	 	 	3.3	 	 	 	4.0	 	 	 	4.7	 	 	 	5.3	 	 	 	5.9	 	 	 	6.5	 	 	 	7.0	 	 	 	7.5	 	 	 	8.0	 	 	 	8.5	 	 	 	9.0	 	 	 	9.5	 
	“A+”/“A”
	 	 	0.6	 	 	 	1.2	 	 	 	1.8	 	 	 	2.3	 	 	 	2.8	 	 	 	3.3	 	 	 	3.8	 	 	 	4.2	 	 	 	4.6	 	 	 	5.0	 	 	 	5.3	 	 	 	5.7	 	 	 	6.0	 	 	 	6.4	 	 	 	6.7	 
	“A-”/“BBB+”
	 	 	0.5	 	 	 	1.0	 	 	 	1.6	 	 	 	2.0	 	 	 	2.5	 	 	 	2.9	 	 	 	3.3	 	 	 	3.6	 	 	 	4.0	 	 	 	4.3	 	 	 	4.7	 	 	 	5.0	 	 	 	5.3	 	 	 	5.6	 	 	 	5.9	 

6

 

With respect to Moody’s:

“Moody’s First Trigger Credit Support Amount” means, for any Valuation
Date, the excess, if any, of

	 	(I)	 	(A) for any Valuation Date on which (I) a First Trigger
Failure Condition has occurred and has been continuing (x) for at least 30
Local Business Days or (y) since this Annex was executed and (II) it is not
the case that a Moody’s Second Trigger Event has occurred and been continuing
for at least 30 Local Business Days, an amount equal to the greater of (a)
zero and (b) the sum of the Secured Party’s aggregate Exposure for all
Transactions and the aggregate of Moody’s Additional Collateralized Amounts
for all Transactions.
	 
	 	 	 	For the purposes of this definition, the “Moody’s Additional
Collateralized Amount” with respect to any Transaction shall mean:
	 
	 	 	 	the product of the applicable Moody’s First Trigger Factor set forth in
Table 1 and the Notional Amount for such Transaction for the Calculation
Period which includes such Valuation Date; or
	 
	 	(B)	 	for any other Valuation Date, zero, over
	 
	 	(II)	 	the Threshold for Party A such Valuation Date.

“First Trigger Failure Condition” means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s First Trigger Required Ratings.

“Moody’s Second Trigger Credit Support Amount” means, for any Valuation
Date, the excess, if any, of

	 	(I)	 	(A) for any Valuation Date on which it is the case that a
Second Trigger Failure Condition has occurred and been continuing for at least
30 Local Business Days, an amount equal to the greatest of (a) zero, (b) the
aggregate amount of the Next Payments for all Next Payment Dates and (c) the
sum of the Secured Party’s aggregate Exposure and the aggregate of Moody’s
Additional Collateralized Amounts for all Transactions.
	 
	 	 	 	For the purposes of this definition:
	 
	 	 	 	“Next Payment” means, in respect of each Next Payment Date, the
greater of (i) the amount of any payments due to be made by Party A under
Section 2(a) on such Next Payment Date less any payments due to be made by
Party B under Section 2(a) on such Next Payment Date (in each case, after
giving effect to any applicable netting under Section 2(c)) and (ii) zero.
	 
	 	 	 	“Next Payment Date” means each date on which the next scheduled
payment under any Transaction is due to be paid.
	 
	 	 	 	“Moody’s Additional Collateralized Amount” with respect to any
Transaction shall mean:
	 
	 	 	 	if such Transaction is not a Transaction-Specific Hedge,

7

 

	 	 	 	the product of the applicable Moody’s Second Trigger Factor set forth in
Table 2 and the Notional Amount for such Transaction for the Calculation
Period which includes such Valuation Date; or
	 
	 	 	 	if such Transaction is a Transaction-Specific Hedge,
	 
	 	 	 	the product of the applicable Moody’s Second Trigger Factor set forth in
Table 3 and the Notional Amount for such Transaction for the Calculation
Period which includes such Valuation Date; or
	 
	 	(B)	 	for any other Valuation Date, zero, over
	 
	 	(II)	 	the Threshold for Party A for such Valuation Date.

“Transaction-Specific Hedge” means any Transaction that is an interest rate
cap, interest rate floor or interest rate swaption, or an interest rate swap if (x)
the notional amount of the interest rate swap is “balance guaranteed” or (y) the
notional amount of the interest rate swap for any Calculation Period otherwise is
not a specific dollar amount that is fixed at the inception of the Transaction.

“Second Trigger Failure Condition” means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Second Trigger Required Ratings.

With respect to S&P:

“S&P Credit Support Amount” means, for any Valuation Date, the excess, if
any, of:

	 	(I)	(A)	for any Valuation Date (x) on which a Collateralization
Event with respect to S&P has occurred and been continuing for at least 10
calendar days or (y) on which a Ratings Event with respect to S&P has occurred
and is continuing, an amount equal to the aggregate Secured Party’s Exposure
for such Valuation Date with respect to all Transactions, or

	 	(B)	 	for any other Valuation Date, zero, over

	 	(II)	 	the Threshold for Party A for such Valuation Date.

	(iv)	 	Demands and Notices.
	 
	 	 	All demands, specifications and notices under this Annex will be made pursuant to
the Notices Section of this Agreement, save that any demand, specification or
notice:

	 	(A)	 	shall be given to or made at the following addresses:
	 
	 	 	 	If to Party A:
	 
	 	 	 	     As set forth in Part 4(a) of the Schedule.
	 
	 	 	 	If to Party B:
	 
	 	 	 	     As set forth in Part 4(a) of the Schedule.

8

 

	 	 	 	or at such other address as the relevant party may from time to time
designate by giving notice (in accordance with the terms of this
subparagraph) to the other party;
	 
	 	(B)	 	shall be deemed to be effective at the time such notice is
actually received unless such notice is received on a day which is not a Local
Business Day or after the Notification Time on any Local Business Day in which
event such notice shall be deemed to be effective on the next succeeding Local
Business Day.

	 	 	Pursuant to the related Basic Document, the monthly report to Noteholders shall be
made available to Party A in the manner and form specified therein.
	 
	(v)	 	Agreement as to Single Secured Party and Pledgor
	 
	 	 	Party A and Party B agree that, notwithstanding anything to the contrary in the
first sentence of this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in
Paragraph 12, except with respect to Party B’s obligations under Paragraph 3(b),
(a) the term “Secured Party” as used in this Annex means only Party B, (b) the term
“Pledgor” as used in this Annex means only Party A, (c) only Party A makes
the pledge and grant in Paragraph 2, the acknowledgement in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9 and (d) only Party A will be
required to make Transfers of Eligible Credit Support hereunder. Party A and Party
B further agree that, notwithstanding anything to the contrary in the recital to
this Annex or Paragraph 7, this Annex will constitute a Credit Support Document
only with respect to Party A.
	 
	(vi)	 	External Marks.
	 
	 	 	At such time as the long-term senior debt rating of Party A’s Credit Support
Provider is “BBB” or lower from S&P, Party A in its capacity as Valuation Agent
shall get external verification of its calculation of Exposure on a monthly basis.
This verification shall be at Party A’s expense and may not be verified by the same
entity more than four (4) times in any twelve (12)-month period. The external mark
should reflect the higher of two (2) bids from counterparties that would be willing
and eligible to provide the swap in the absence of the current provider. Such bids
and any external marks received by the Valuation Agent shall be provided to S&P.
The calculation of Exposure should be based on the greater of the internal and
external marks.
	 
	(vii)	 	Event of Default.
	 
	 	 	Subclause (iii) of Paragraph 7 shall not apply to Party B.

[Signature page follows]

9

 

IN WITNESS WHEREOF, the parties have executed this document by their duly authorized officers with
effect from the date specified on the first page hereof.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	AMERICREDIT
AUTOMOBILE RECEIVABLES 	 	 
	CREDIT SUISSE INTERNATIONAL	 	 	 	TRUST 2007-C-M	 	 
	 	 	 	 	 	 	BY: AMERICREDIT FINANCIAL SERVICES, INC., 	 	 
	 	 	 	 	 	 	as Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Barry Dixon
	 	 	 	By:
	 	/s/ Susan B. Sheffield	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 
	Name: Barry Dixon	 	 	 	Name: Susan B. Sheffield	 	 
	Title: Authorized Signatory	 	 	 	Title: Senior Vice President, Structured Finance	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Steven J. Reis
 

	 	 	 	 	 	 	 	 
	Name: Steven J. Reis	 	 	 	 	 	 	 	 
	Title: Authorized Signatory	 	 	 	 	 	 	 	 

10

 

Table 1

Moody’s First Trigger Factor

[If “Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will

apply and the Weekly Collateral Posting Column will be deleted.]

[If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

Posting” column will apply and the Daily Collateral Posting Column will be deleted.]

	 	 	 	 	 	 	 	 	 
	Remaining	 	[Daily	 	[Weekly
	Weighted Average Life	 	Collateral	 	Collateral
	of Hedge in Years	 	Posting	 	Posting
	1 or less
	 	 	0.15	%	 	 	0.25	%
	More than 1 but not more than 2
	 	 	0.30	%	 	 	0.50	%
	More than 2 but not more than 3
	 	 	0.40	%	 	 	0.70	%
	More than 3 but not more than 4
	 	 	0.60	%	 	 	1.00	%
	More than 4 but not more than 5
	 	 	0.70	%	 	 	1.20	%
	More than 5 but not more than 6
	 	 	0.80	%	 	 	1.40	%
	More than 6 but not more than 7
	 	 	1.00	%	 	 	1.60	%
	More than 7 but not more than 8
	 	 	1.10	%	 	 	1.80	%
	More than 8 but not more than 9
	 	 	1.20	%	 	 	2.00	%
	More than 9 but not more than 10
	 	 	1.30	%	 	 	2.20	%
	More than 10 but not more than 11
	 	 	1.40	%	 	 	2.30	%
	More than 11 but not more than 12
	 	 	1.50	%	 	 	2.50	%
	More than 12 but not more than 13
	 	 	1.60	%	 	 	2.70	%
	More than 13 but not more than 14
	 	 	1.70	%	 	 	2.80	%
	More than 14 but not more than 15
	 	 	1.80	%	 	 	3.00	%
	More than 15 but not more than 16
	 	 	1.90	%	 	 	3.20	%
	More than 16 but not more than 17
	 	 	2.00	%	 	 	3.30	%
	More than 17 but not more than 18
	 	 	2.00	%	 	 	3.50	%
	More than 18 but not more than 19
	 	 	2.00	%	 	 	3.60	%
	More than 19 but not more than 20
	 	 	2.00	%	 	 	3.70	%
	More than 20 but not more than 21
	 	 	2.00	%	 	 	3.90	%
	More than 21 but not more than 22
	 	 	2.00	%	 	 	4.00	%
	More than 22 but not more than 23
	 	 	2.00	%	 	 	4.00	%
	More than 23 but not more than 24
	 	 	2.00	%	 	 	4.00	%
	More than 24 but not more than 25
	 	 	2.00	%	 	 	4.00	%
	More than 25 but not more than 26
	 	 	2.00	%	 	 	4.00	%
	More than 26 but not more than 27
	 	 	2.00	%	 	 	4.00	%
	More than 27 but not more than 28
	 	 	2.00	%	 	 	4.00	%
	More than 28 but not more than 29
	 	 	2.00	%	 	 	4.00	%
	More than 29
	 	 	2.00	%]	 	 	4.00	%]

11

 

Table 2

Moody’s Second Trigger Factor for Interest Rate Swaps with Fixed Notional Amounts

[If “Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will

apply and the Weekly Collateral Posting Column will be deleted.]

[If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

Posting” column will apply and the Daily Collateral Posting Column will be deleted.]

	 	 	 	 	 	 	 	 	 
	Remaining	 	[Daily	 	[Weekly
	Weighted Average Life	 	Collateral	 	Collateral
	of Hedge in Years	 	Posting	 	Posting
	1 or less
	 	 	0.50	%	 	 	0.60	%
	More than 1 but not more than 2
	 	 	1.00	%	 	 	1.20	%
	More than 2 but not more than 3
	 	 	1.50	%	 	 	1.70	%
	More than 3 but not more than 4
	 	 	1.90	%	 	 	2.30	%
	More than 4 but not more than 5
	 	 	2.40	%	 	 	2.80	%
	More than 5 but not more than 6
	 	 	2.80	%	 	 	3.30	%
	More than 6 but not more than 7
	 	 	3.20	%	 	 	3.80	%
	More than 7 but not more than 8
	 	 	3.60	%	 	 	4.30	%
	More than 8 but not more than 9
	 	 	4.00	%	 	 	4.80	%
	More than 9 but not more than 10
	 	 	4.40	%	 	 	5.30	%
	More than 10 but not more than 11
	 	 	4.70	%	 	 	5.60	%
	More than 11 but not more than 12
	 	 	5.00	%	 	 	6.00	%
	More than 12 but not more than 13
	 	 	5.40	%	 	 	6.40	%
	More than 13 but not more than 14
	 	 	5.70	%	 	 	6.80	%
	More than 14 but not more than 15
	 	 	6.00	%	 	 	7.20	%
	More than 15 but not more than 16
	 	 	6.30	%	 	 	7.60	%
	More than 16 but not more than 17
	 	 	6.60	%	 	 	7.90	%
	More than 17 but not more than 18
	 	 	6.90	%	 	 	8.30	%
	More than 18 but not more than 19
	 	 	7.20	%	 	 	8.60	%
	More than 19 but not more than 20
	 	 	7.50	%	 	 	9.00	%
	More than 20 but not more than 21
	 	 	7.80	%	 	 	9.00	%
	More than 21 but not more than 22
	 	 	8.00	%	 	 	9.00	%
	More than 22 but not more than 23
	 	 	8.00	%	 	 	9.00	%
	More than 23 but not more than 24
	 	 	8.00	%	 	 	9.00	%
	More than 24 but not more than 25
	 	 	8.00	%	 	 	9.00	%
	More than 25 but not more than 26
	 	 	8.00	%	 	 	9.00	%
	More than 26 but not more than 27
	 	 	8.00	%	 	 	9.00	%
	More than 27 but not more than 28
	 	 	8.00	%	 	 	9.00	%
	More than 28 but not more than 29
	 	 	8.00	%	 	 	9.00	%
	More than 29
	 	 	8.00	%]	 	 	9.00	%]

12

 

Table 3

Moody’s Second Trigger Factor for Transaction-Specific Hedges

[If “Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will

apply and the Weekly Collateral Posting Column will be deleted.]

[If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

Posting” column will apply and the Daily Collateral Posting Column will be deleted.]

	 	 	 	 	 	 	 	 	 
	Remaining	 	[Daily	 	[Weekly
	Weighted Average Life	 	Collateral	 	Collateral
	of Hedge in Years	 	Posting	 	Posting
	1 or less
	 	 	0.65	%	 	 	0.75	%
	More than 1 but not more than 2
	 	 	1.30	%	 	 	1.50	%
	More than 2 but not more than 3
	 	 	1.90	%	 	 	2.20	%
	More than 3 but not more than 4
	 	 	2.50	%	 	 	2.90	%
	More than 4 but not more than 5
	 	 	3.10	%	 	 	3.60	%
	More than 5 but not more than 6
	 	 	3.60	%	 	 	4.20	%
	More than 6 but not more than 7
	 	 	4.20	%	 	 	4.80	%
	More than 7 but not more than 8
	 	 	4.70	%	 	 	5.40	%
	More than 8 but not more than 9
	 	 	5.20	%	 	 	6.00	%
	More than 9 but not more than 10
	 	 	5.70	%	 	 	6.60	%
	More than 10 but not more than 11
	 	 	6.10	%	 	 	7.00	%
	More than 11 but not more than 12
	 	 	6.50	%	 	 	7.50	%
	More than 12 but not more than 13
	 	 	7.00	%	 	 	8.00	%
	More than 13 but not more than 14
	 	 	7.40	%	 	 	8.50	%
	More than 14 but not more than 15
	 	 	7.80	%	 	 	9.00	%
	More than 15 but not more than 16
	 	 	8.20	%	 	 	9.50	%
	More than 16 but not more than 17
	 	 	8.60	%	 	 	9.90	%
	More than 17 but not more than 18
	 	 	9.00	%	 	 	10.40	%
	More than 18 but not more than 19
	 	 	9.40	%	 	 	10.80	%
	More than 19 but not more than 20
	 	 	9.70	%	 	 	11.00	%
	More than 20 but not more than 21
	 	 	10.00	%	 	 	11.00	%
	More than 21 but not more than 22
	 	 	10.00	%	 	 	11.00	%
	More than 22 but not more than 23
	 	 	10.00	%	 	 	11.00	%
	More than 23 but not more than 24
	 	 	10.00	%	 	 	11.00	%
	More than 24 but not more than 25
	 	 	10.00	%	 	 	11.00	%
	More than 25 but not more than 26
	 	 	10.00	%	 	 	11.00	%
	More than 26 but not more than 27
	 	 	10.00	%	 	 	11.00	%
	More than 27 but not more than 28
	 	 	10.00	%	 	 	11.00	%
	More than 28 but not more than 29
	 	 	10.00	%	 	 	11.00	%
	More than 29
	 	 	10.00	%]	 	 	11.00	%]

13

 

EXECUTION COPY

SWAP TRANSACTION CONFIRMATION

	 	 	 
	Date:

	 	July 26, 2007
	 
	 	 
	To:

	 	AmeriCredit Automobile Receivables Trust 2007-C-M (“Party B”)
	 

	 	AmeriCredit Financial Services, Inc.
	 

	 	Attn: Derivatives Operations
	 

	 	                              801 Cherry Street, Suite 3900
	 

	 	Fort Worth, Texas 76102
	 

	 	                              (817) 302-7951
	 
	 	 
	From:

	 	Credit Suisse International (“Party A”)
	 
	 	 
	Ref. No.

	 	53262236

Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below (the
“Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified below.

1. The definitions and provisions contained in the 2000 ISDA Definitions (the “ISDA
Definitions”), as published by the International Swaps and Derivatives Association, Inc. are
incorporated into this Confirmation. In the event of any inconsistency between the definitions in
the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of the ISDA
Definitions.

Capitalized terms not defined herein shall have the meaning assigned to them in the Indenture dated
as of July 18, 2007 (the “Indenture”) between Party B and Wells Fargo Bank, National
Association, as Indenture Trustee, relating to the issuance by Party B of certain debt obligations
or, if not defined in the Indenture, in the ISDA Definitions. In the event of any inconsistency
between the definitions in the ISDA Definitions and the Indenture, the Indenture will govern.

This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of July 26, 2007 (including the Schedule thereto) as amended and supplemented from time to
time (the “Agreement”) between you and us. All provisions contained in the Agreement
govern this Confirmation except as expressly modified herein.

 

 

2. The terms of the particular Transaction to which the Confirmation relates are as follows:

	 	 	 
	Transaction Type:

	 	Interest Rate Swap
	 
	 	 
	Currency for Payments:

	 	U.S. Dollars
	 
	 	 
	Notional Amount:

	 	For the purpose of the initial
Calculation Period, the Notional Amount
will be equal to the outstanding
principal balance of the Class A-3-B
Notes of Party B as of the Closing Date.
The Notional Amount shall reset on each
Distribution Date and will at all times
be equal to the outstanding principal
balance of the Class A-3-B Notes of
Party B as of the first day of the
relevant Calculation Period; provided,
however, that if (a) an Event of Default
occurs under Section 5.1 of the
Indenture, (b) the Insurer exercises its
rights to declare the Notes immediately
due and payable pursuant to Section 5.2
of the Indenture and (c) as a result the
principal balance of the Class A-3-B
Notes is reduced to zero, (collectively,
an “Acceleration Event”), then
notwithstanding the foregoing, the
Notional Amount for the Calculation
Period in which such Distribution Date
falls and for each Calculation Period
thereafter, through and including the
Termination Date, shall mean the
Notional Amount set forth on the
attached Schedule A (the “Scheduled
Notional Amount”) for such Calculation
Period, assuming that Schedule A has
been adjusted in accordance with the
next two sentences.
	 
	 	 
	 

	 	On the Distribution Date or, in the
event the outstanding principal balance
of the Notes is reduced to zero pursuant
to an Acceleration Event, a date that
but for the occurrence of an
Acceleration Event would have been a
scheduled Distribution Date, immediately
following an Acceleration Event, if the
Notional Amount (calculated as equal to
the outstanding principal balance of the
Class A-3-B Notes without giving effect
to any principal reduction that occurs
solely as a consequence of such
Acceleration Event (the “Note Balance
Notional Amount”)) is smaller than the
Scheduled Notional Amount for the
Calculation Period in respect of such
Distribution Date, then (1) the
Scheduled Notional Amount for the
Calculation Period in respect of such
Distribution Date shall be reduced to
equal the Note Balance Notional Amount
calculated above and (2) the Scheduled
Notional Amount for each subsequent
Calculation Period shall be equal to the
Scheduled Notional Amount set forth on
Schedule A for such Calculation Period
multiplied by the percentage equivalent
of a fraction equal to: (a) the Note
Balance Notional Amount over (b) the
Scheduled Notional Amount for the
Calculation Period in respect of the
Distribution Date immediately following
the Acceleration Event.
	 
	 	 
	 

	 	On the Distribution Date or, in the
event the outstanding principal balance
of the Notes is reduced to zero pursuant
to an Acceleration Event, a date that
but for the occurrence of an
Acceleration Event would have been a
scheduled Distribution Date, following
an Acceleration Event, if the Note
Balance Notional Amount is greater than
or equal to the Scheduled Notional
Amount, no adjustment to the Scheduled
Notional Amount shall be made.
	 
	 	 
	 

	 	For the purposes of determining the
Settlement Amount in the event of an
Early Termination of this Transaction
pursuant to Section 6 of the Agreement,
notwithstanding anything to the contrary
contained in the Agreement, Market
Quotation will be determined as if this
Transaction

2 

 

	 	 	 
	 

	 	were a fixed amortization
swap transaction with an initial
Notional Amount as of the Early
Termination Date equal to the Scheduled
Notional Balance corresponding to the
Calculation Period in which such Early
Termination Date occurs and amortizing
according to Schedule A, subject to
adjustment to the Scheduled Notional
Amount in accordance with the
methodology set forth above.
	 
	 	 
	 

	 	With respect to any Distribution Date,
the outstanding balance of the Notes
will be determined by reference to the
Servicer’s Certificate issued with
respect to such Distribution Date
(before giving effect to all
distributions to be made on such
Distribution Date).
	 
	 	 
	Term:
	 	 
	Trade Date:

	 	July 17, 2007
	Effective Date:

	 	July 26, 2007
	Termination Date:
	 	The earliest of (i) May 7, 2012, (ii)
the date on which the outstanding
principal balance of the Class A-3-B
Notes is reduced to zero (unless such
outstanding principal balance is reduced
to zero due to the occurrence of an
Acceleration Event) and (iii) the Early
Termination Date, subject to adjustment
in accordance with the Following
Business Day Convention.
	 
	 	 
	Fixed Amounts:
	 	 
	Fixed Rate Payer:

	 	Party B
	 
	 	 
	Fixed Rate Payer 

Period End Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Fixed Rate Payer 

Payment Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Business Day:

	 	New York
	 
	 	 
	Fixed Rate:

	 	                              5.303%
	 
	 	 
	Fixed Rate Day Count 

Fraction:

	 	Actual/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	Party A
	 
	 	 
	Floating Rate Payer 

Period End Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Floating Rate Payer 

Payment Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Business Day:

	 	New York
	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	Designated Maturity:

	 	                              1 Month

3 

 

	 	 	 
	Spread:
	 	Plus 3 basis points (0.03%).

	 
	Floating Rate Day Count 

	 	
	Fraction:

	 	Actual/360

	 
	 	 
	Reset Dates:

	 	The first day of each Calculation Period.
	 
	 	 
	Compounding:

	 	Inapplicable

3. The additional provisions of this Confirmation are as follows:

	 	 	 
	Calculation Agent:

	 	Party A or as otherwise defined in the Agreement
	 
	 	 
	Payments to Party A:

	 	As advised separately in writing
	 
	 	 
	Payments to Party B:

	 	As advised separately in writing

3. For the purpose of facilitating this Transaction, an Affiliate of Party A, which is organized
in the United States of America (the “Agent”), has acted as agent for Party A. The Agent is not a
principal with respect to this Transaction and shall have no responsibility or liability to the
parties as a principal with respect to this Transaction.

4. Party A is authorized and regulated by the Financial Services Authority and has entered into
this Transaction as principal. The time to which the above Transaction was executed will be
notified to Party B on request.

4 

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us.

	 	 	 	 	 
	 	Very truly yours,

CREDIT SUISSE INTERNATIONAL

 	 
	 	By: 	/s/ Barry Dixon
 	 
	 	Name: Barry Dixon 	 
	 	Title: Authorized Signatory 	 
	 
	 	 	 
	 	By: 	                                              /s/ Steven J. Reis
 	 
	 	Name: Steven J. Reis 
	 	Title: Authorized Signatory
	 

Accepted and confirmed as of the date first above written:

AMERICREDIT AUTOMOBILE RECEIVABLES

TRUST 2007-C-M

BY: AmeriCredit Financial Services, Inc. as Attorney-In-Fact

	 	 	 	 	 
	 	 	 
	 	By: 	/s/ Susan B. Sheffield
 	 
	 	Name: Susan B. Sheffield 
	 	Title: Senior Vice President, Structured Finance 	 
	 

[Class A-3-B Note Swap Confirmation]

5 

 

Schedule A

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period	 	USD Notional Amount	 	USD Notional Reduction
	(from and including, to but excluding)	 	 	 	 	 	(at end of period)
	26 July 07
	 	to	 	06 Aug 07	 	 	271,000,000.00	 	 	 	0	 
	06 Aug 07
	 	to	 	06 Sep 07	 	 	271,000,000.00	 	 	 	0	 
	06 Sep 07
	 	to	 	06 Oct 07	 	 	271,000,000.00	 	 	 	0	 
	06 Oct 07
	 	to	 	06 Nov 07	 	 	271,000,000.00	 	 	 	0	 
	06 Nov 07
	 	to	 	06 Dec 07	 	 	271,000,000.00	 	 	 	0	 
	06 Dec 07
	 	to	 	06 Jan 08	 	 	271,000,000.00	 	 	 	0	 
	06 Jan 08
	 	to	 	06 Feb 08	 	 	271,000,000.00	 	 	 	0	 
	06 Feb 08
	 	to	 	06 Mar 08	 	 	271,000,000.00	 	 	 	0	 
	06 Mar 08
	 	to	 	06 Apr 08	 	 	271,000,000.00	 	 	 	0	 
	06 Apr 08
	 	to	 	06 May 08	 	 	271,000,000.00	 	 	 	0	 
	06 May 08
	 	to	 	06 Jun 08	 	 	271,000,000.00	 	 	 	0	 
	06 Jun 08
	 	to	 	06 Jul 08	 	 	271,000,000.00	 	 	 	0	 
	06 Jul 08
	 	to	 	06 Aug 08	 	 	271,000,000.00	 	 	 	0	 
	06 Aug 08
	 	to	 	06 Sep 08	 	 	271,000,000.00	 	 	 	0	 
	06 Sep 08
	 	to	 	06 Oct 08	 	 	271,000,000.00	 	 	 	0	 
	06 Oct 08
	 	to	 	06 Nov 08	 	 	271,000,000.00	 	 	 	0	 
	06 Nov 08
	 	to	 	06 Dec 08	 	 	271,000,000.00	 	 	 	0	 
	06 Dec 08
	 	to	 	06 Jan 09	 	 	260,918,272.14	 	 	 	10,081,727.86	 
	06 Jan 09
	 	to	 	06 Feb 09	 	 	244,361,684.14	 	 	 	16,556,588.00	 
	06 Feb 09
	 	to	 	06 Mar 09	 	 	225,188,491.28	 	 	 	19,173,192.86	 
	06 Mar 09
	 	to	 	06 Apr 09	 	 	206,273,434.44	 	 	 	18,915,056.84	 
	06 Apr 09
	 	to	 	06 May 09	 	 	187,622,541.66	 	 	 	18,650,892.78	 
	06 May 09
	 	to	 	06 Jun 09	 	 	169,241,958.63	 	 	 	18,380,583.03	 
	06 Jun 09
	 	to	 	06 Jul 09	 	 	151,137,950.78	 	 	 	18,104,007.85	 
	06 Jul 09
	 	to	 	06 Aug 09	 	 	137,596,794.70	 	 	 	13,541,156.08	 
	06 Aug 09
	 	to	 	06 Sep 09	 	 	119,869,339.77	 	 	 	17,727,454.93	 
	06 Sep 09
	 	to	 	06 Oct 09	 	 	102,441,304.93	 	 	 	17,428,034.84	 
	06 Oct 09
	 	to	 	06 Nov 09	 	 	85,319,532.00	 	 	 	17,121,772.93	 
	06 Nov 09
	 	to	 	06 Dec 09	 	 	68,510,995.09	 	 	 	16,808,536.91	 
	06 Dec 09
	 	to	 	06 Jan 10	 	 	52,022,802.97	 	 	 	16,488,192.12	 
	06 Jan 10
	 	to	 	06 Feb 10	 	 	39,017,951.57	 	 	 	13,004,851.40	 
	06 Feb 10
	 	to	 	06 Mar 10	 	 	23,017,457.16	 	 	 	16,000,494.41	 
	06 Mar 10
	 	to	 	06 Apr 10	 	 	7,363,250.49	 	 	 	15,654,206.67	 
	06 Apr 10
	 	to	 	06 May 10	 	 	0.00	 	 	 	7,363,250.49	 
	06 May 10
	 	to	 	06 Jun 10	 	 	0.00	 	 	 	0	 
	06 Jun 10
	 	to	 	06 Jul 10	 	 	0.00	 	 	 	0	 
	06 Jul 10
	 	to	 	06 Aug 10	 	 	0.00	 	 	 	0	 
	06 Aug 10
	 	to	 	06 Sep 10	 	 	0.00	 	 	 	0	 
	06 Sep 10
	 	to	 	06 Oct 10	 	 	0.00	 	 	 	0	 
	06 Oct 10
	 	to	 	06 Nov 10	 	 	0.00	 	 	 	0	 
	06 Nov 10
	 	to	 	06 Dec 10	 	 	0.00	 	 	 	0	 
	06 Dec 10
	 	to	 	06 Jan 11	 	 	0.00	 	 	 	0	 
	06 Jan 11
	 	to	 	06 Feb 11	 	 	0.00	 	 	 	0	 
	06 Feb 11
	 	to	 	06 Mar 11	 	 	0.00	 	 	 	0	 
	06 Mar 11
	 	to	 	06 Apr 11	 	 	0.00	 	 	 	0	 
	06 Apr 11
	 	to	 	06 May 11	 	 	0.00	 	 	 	0	 

 

 

EXECUTION COPY

SWAP TRANSACTION CONFIRMATION

	 	 	 
	Date:

	 	July 26, 2007
	 
	 	 
	To:

	 	AmeriCredit Automobile Receivables Trust 2007-C-M (“Party B”)
	 

	 	AmeriCredit Financial Services, Inc.
	 

	 	Attn: Derivatives Operations
	 

	 	                              801 Cherry Street, Suite 3900
	 

	 	Fort Worth, Texas 76102
	 

	 	                              (817) 302-7951
	 
	 	 
	From:

	 	Credit Suisse International (“Party A”)
	 
	 	 
	Ref. No.

	 	                              53262271

Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below (the
“Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified below.

1. The definitions and provisions contained in the 2000 ISDA Definitions (the “ISDA
Definitions”), as published by the International Swaps and Derivatives Association, Inc. are
incorporated into this Confirmation. In the event of any inconsistency between the definitions in
the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of the ISDA
Definitions.

Capitalized terms not defined herein shall have the meaning assigned to them in the Indenture dated
as of July 18, 2007 (the “Indenture”) between Party B and Wells Fargo Bank, National
Association, as Indenture Trustee, relating to the issuance by Party B of certain debt obligations
or, if not defined in the Indenture, in the ISDA Definitions. In the event of any inconsistency
between the definitions in the ISDA Definitions and the Indenture, the Indenture will govern.

This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of July 26, 2007 (including the Schedule thereto) as amended and supplemented from time to
time (the “Agreement”) between you and us. All provisions contained in the Agreement
govern this Confirmation except as expressly modified herein.

 

2. The terms of the particular Transaction to which the Confirmation relates are as follows:

	 	 	 
	Transaction Type:

	 	Interest Rate Swap
	 
	 	 
	Currency for Payments:

	 	U.S. Dollars
	 
	 	 
	Notional Amount:

	 	For the purpose of the initial
Calculation Period, the Notional Amount
will be equal to the outstanding
principal balance of the Class A-4-B
Notes of Party B as of the Closing Date.
The Notional Amount shall reset on each
Distribution Date and will at all times
be equal to the outstanding principal
balance of the Class A-4-B Notes of
Party B as of the first day of the
relevant Calculation Period; provided,
however, that if (a) an Event of Default
occurs under Section 5.1 of the
Indenture, (b) the Insurer exercises its
rights to declare the Notes immediately
due and payable pursuant to Section 5.2
of the Indenture and (c) as a result the
principal balance of the Class A-4-B
Notes is reduced to zero, (collectively,
an “Acceleration Event”), then
notwithstanding the foregoing, the
Notional Amount for the Calculation
Period in which such Distribution Date
falls and for each Calculation Period
thereafter, through and including the
Termination Date, shall mean the
Notional Amount set forth on the
attached Schedule A (the “Scheduled
Notional Amount”) for such Calculation
Period, assuming that Schedule A has
been adjusted in accordance with the
next two sentences.
	 
	 	 
	 

	 	On the Distribution Date or, in the
event the outstanding principal balance
of the Notes is reduced to zero pursuant
to an Acceleration Event, a date that
but for the occurrence of an
Acceleration Event would have been a
scheduled Distribution Date, immediately
following an Acceleration Event, if the
Notional Amount (calculated as equal to
the outstanding principal balance of the
Class A-4-B Notes without giving effect
to any principal reduction that occurs
solely as a consequence of such
Acceleration Event (the “Note Balance
Notional Amount”)) is smaller than the
Scheduled Notional Amount for the
Calculation Period in respect of such
Distribution Date, then (1) the
Scheduled Notional Amount for the
Calculation Period in respect of such
Distribution Date shall be reduced to
equal the Note Balance Notional Amount
calculated above and (2) the Scheduled
Notional Amount for each subsequent
Calculation Period shall be equal to the
Scheduled Notional Amount set forth on
Schedule A for such Calculation Period
multiplied by the percentage equivalent
of a fraction equal to: (a) the Note
Balance Notional Amount over (b) the
Scheduled Notional Amount for the
Calculation Period in respect of the
Distribution Date immediately following
the Acceleration Event.
	 
	 	 
	 

	 	On the Distribution Date or, in the
event the outstanding principal balance
of the Notes is reduced to zero pursuant
to an Acceleration Event, a date that
but for the occurrence of an
Acceleration Event would have been a
scheduled Distribution Date, following
an Acceleration Event, if the Note
Balance Notional Amount is greater than
or equal to the Scheduled Notional
Amount, no adjustment to the Scheduled
Notional Amount shall be made.
	 
	 	 
	 

	 	For the purposes of determining the
Settlement Amount in the event of an
Early Termination of this Transaction
pursuant to Section 6 of the Agreement,
notwithstanding anything to the contrary
contained in the Agreement, Market
Quotation will be determined as if this
Transaction

2

 

	 	 	 
	 

	 	were a fixed amortization
swap transaction with an initial
Notional Amount as of the Early
Termination Date equal to the Scheduled
Notional Balance corresponding to the
Calculation Period in which such Early
Termination Date occurs and amortizing
according to Schedule A, subject to
adjustment to the Scheduled Notional
Amount in accordance with the
methodology set forth above.
	 
	 	 
	 

	 	With respect to any Distribution Date,
the outstanding balance of the Notes
will be determined by reference to the
Servicer’s Certificate issued with
respect to such Distribution Date
(before giving effect to all
distributions to be made on such
Distribution Date).
	 
	 	 
	Term:
	 	 
	Trade Date:

	 	July 17, 2007
	Effective Date:

	 	July 26, 2007
	Termination Date:

	 	The earliest of (i) April 7, 2014, (ii)
the date on which the outstanding
principal balance of the Class A-4-B
Notes is reduced to zero (unless such
outstanding principal balance is reduced
to zero due to the occurrence of an
Acceleration Event) and (iii) the Early
Termination Date, subject to adjustment
in accordance with the Following
Business Day Convention.
	 
	 	 
	Fixed Amounts:
	 	 
	Fixed Rate Payer:

	 	Party B
	 
	 	 
	Fixed Rate Payer 

Period End Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business Day Convention.
	 
	 	 
	Fixed Rate Payer 

Payment Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Business Day:

	 	New York
	 
	 	 
	Fixed Rate:

	 	                              5.409%
	 
	 	 
	Fixed Rate Day Count 

Fraction:

	 	Actual/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	Party A
	 
	 	 
	Floating Rate Payer 

Period End Dates:
	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Floating Rate Payer 

Payment Dates:

	 	Monthly on the 6th of each
month, commencing August 6, 2007,
through and including the Termination
Date, subject to adjustment in
accordance with the Following Business
Day Convention.
	 
	 	 
	Business Day:

	 	New York
	 
	 	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:

	 	                              1 Month

3

 

	 	 	 
	Spread:

	 	Plus 8 basis points (0.08%).
	 
	 	 
	Floating Rate Day Count 

Fraction:

	 	Actual/360
	 
	 	 
	Reset Dates:

	 	The first day of each Calculation Period.
	 
	 	 
	Compounding:
	 	Inapplicable

3. The additional provisions of this Confirmation are as follows:

	 	 	 
	Calculation Agent:

	 	Party A or as otherwise defined in the Agreement
	 
	 	 
	Payments to Party A:

	 	As advised separately in writing
	 
	 	 
	Payments to Party B:

	 	As advised separately in writing

3. For the purpose of facilitating this Transaction, an Affiliate of Party A, which is organized
in the United States of America (the “Agent”), has acted as agent for Party A. The Agent is not a
principal with respect to this Transaction and shall have no responsibility or liability to the
parties as a principal with respect to this Transaction.

4. Party A is authorized and regulated by the Financial Services Authority and has entered into
this Transaction as principal. This time to which the above Transaction was executed will be
notified to Party B on request.

4

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us.

	 	 	 	 	 
	 	Very truly yours,

CREDIT SUISSE INTERNATIONAL

 	 
	 	By:  	/s/ Barry Dixon
 	 
	 	Name: 
Barry Dixon 	 
	 	Title: 
Authorized Signatory 	 
	 
	 	 	 
	 	By:  	                                              /s/ Steven J. Reis
 	 
	 	Name: 
Steven J. Reis 	 
	 	Title: 
Authorized Signatory 	 
	 

Accepted and confirmed as of the date first above written:

AMERICREDIT AUTOMOBILE RECEIVABLES

TRUST 2007-C-M

BY: AmeriCredit Financial Services, Inc. as Attorney-In-Fact

	 	 	 	 	 
	 	 	 
	By:  	/s/ Susan B. Sheffield
 	 
	Name: 
Susan B. Sheffield 	 
	Title: 
Senior Vice President, Structured Finance 	 
	 

[Class A-4-B Note Swap Confirmation]

5

 

Schedule A

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period	 	USD Notional Amount	 	USD Notional Reduction
	(from and including, to but excluding)	 	 	 	 	 	(at end of period)
	06 July 07
	 	to	 	06 Aug 07	 	 	261,000,000.00	 	 	 	0	 
	06 Aug 07
	 	to	 	06 Sep 07	 	 	261,000,000.00	 	 	 	0	 
	06 Sep 07
	 	to	 	06 Oct 07	 	 	261,000,000.00	 	 	 	0	 
	06 Oct 07
	 	to	 	06 Nov 07	 	 	261,000,000.00	 	 	 	0	 
	06 Nov 07
	 	to	 	06 Dec 07	 	 	261,000,000.00	 	 	 	0	 
	06 Dec 07
	 	to	 	06 Jan 08	 	 	261,000,000.00	 	 	 	0	 
	06 Jan 08
	 	to	 	06 Feb 08	 	 	261,000,000.00	 	 	 	0	 
	06 Feb 08
	 	to	 	06 Mar 08	 	 	261,000,000.00	 	 	 	0	 
	06 Mar 08
	 	to	 	06 Apr 08	 	 	261,000,000.00	 	 	 	0	 
	06 Apr 08
	 	to	 	06 May 08	 	 	261,000,000.00	 	 	 	0	 
	06 May 08
	 	to	 	06 Jun 08	 	 	261,000,000.00	 	 	 	0	 
	06 Jun 08
	 	to	 	06 Jul 08	 	 	261,000,000.00	 	 	 	0	 
	06 Jul 08
	 	to	 	06 Aug 08	 	 	261,000,000.00	 	 	 	0	 
	06 Aug 08
	 	to	 	06 Sep 08	 	 	261,000,000.00	 	 	 	0	 
	06 Sep 08
	 	to	 	06 Oct 08	 	 	261,000,000.00	 	 	 	0	 
	06 Oct 08
	 	to	 	06 Nov 08	 	 	261,000,000.00	 	 	 	0	 
	06 Nov 08
	 	to	 	06 Dec 08	 	 	261,000,000.00	 	 	 	0	 
	06 Dec 08
	 	to	 	06 Jan 09	 	 	261,000,000.00	 	 	 	0	 
	06 Jan 09
	 	to	 	06 Feb 09	 	 	261,000,000.00	 	 	 	0	 
	06 Feb 09
	 	to	 	06 Mar 09	 	 	261,000,000.00	 	 	 	0	 
	06 Mar 09
	 	to	 	06 Apr 09	 	 	261,000,000.00	 	 	 	0	 
	06 Apr 09
	 	to	 	06 May 09	 	 	261,000,000.00	 	 	 	0	 
	06 May 09
	 	to	 	06 Jun 09	 	 	261,000,000.00	 	 	 	0	 
	06 Jun 09
	 	to	 	06 Jul 09	 	 	261,000,000.00	 	 	 	0	 
	06 Jul 09
	 	to	 	06 Aug 09	 	 	261,000,000.00	 	 	 	0	 
	06 Aug 09
	 	to	 	06 Sep 09	 	 	261,000,000.00	 	 	 	0	 
	06 Sep 09
	 	to	 	06 Oct 09	 	 	261,000,000.00	 	 	 	0	 
	06 Oct 09
	 	to	 	06 Nov 09	 	 	261,000,000.00	 	 	 	0	 
	06 Nov 09
	 	to	 	06 Dec 09	 	 	261,000,000.00	 	 	 	0	 
	06 Dec 09
	 	to	 	06 Jan 10	 	 	261,000,000.00	 	 	 	0	 
	06 Jan 10
	 	to	 	06 Feb 10	 	 	261,000,000.00	 	 	 	0	 
	06 Feb 10
	 	to	 	06 Mar 10	 	 	261,000,000.00	 	 	 	0	 
	06 Mar 10
	 	to	 	06 Apr 10	 	 	261,000,000.00	 	 	 	0	 
	06 Apr 10
	 	to	 	06 May 10	 	 	252,705,011.00	 	 	 	8,294,989.00	 
	06 May 10
	 	to	 	06 Jun 10	 	 	237,092,854.37	 	 	 	15,612,156.63	 
	06 Jun 10
	 	to	 	06 Jul 10	 	 	221,867,396.67	 	 	 	15,225,457.70	 
	06 Jul 10
	 	to	 	06 Aug 10	 	 	207,037,218.83	 	 	 	14,830,177.84	 
	06 Aug 10
	 	to	 	06 Sep 10	 	 	192,611,065.55	 	 	 	14,426,153.28	 
	06 Sep 10
	 	to	 	06 Oct 10	 	 	178,597,848.24	 	 	 	14,013,217.31	 
	06 Oct 10
	 	to	 	06 Nov 10	 	 	165,006,647.92	 	 	 	13,591,200.32	 
	06 Nov 10
	 	to	 	06 Dec 10	 	 	151,846,718.25	 	 	 	13,159,929.67	 
	06 Dec 10
	 	to	 	06 Jan 11	 	 	139,127,488.56	 	 	 	12,719,229.69	 
	06 Jan 11
	 	to	 	06 Feb 11	 	 	126,858,566.94	 	 	 	12,268,921.62	 
	06 Feb 11
	 	to	 	06 Mar 11	 	 	115,157,931.32	 	 	 	11,700,635.62	 
	06 Mar 11
	 	to	 	06 Apr 11	 	 	103,906,737.14	 	 	 	11,251,194.18	 
	06 Apr 11
	 	to	 	06 May 11	 	 	0.00	 	 	 	103,906,737.14exv10w2

 

Exhibit 10.2

McKESSON CORPORATION

EXECUTIVE BENEFIT RETIREMENT PLAN

(Amended
and Restated as of May 22, 2007)

 

McKESSON CORPORATION

EXECUTIVE BENEFIT RETIREMENT PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	A.	 	PURPOSE
	 	 	1	 
	 	 	 
	 	 	 	 
	B.	 	ERISA PLAN
	 	 	1	 
	 	 	 
	 	 	 	 
	C.	 	PARTICIPATION
	 	 	1	 
	 	 	 
	 	 	 	 
	D.	 	BENEFITS ON APPROVED RETIREMENT
	 	 	2	 
	 	 	 
	 	 	 	 
	E.	 	DEATH BENEFITS
	 	 	4	 
	 	 	 
	 	 	 	 
	F.	 	SEPARATION FROM SERVICE BEFORE APPROVED RETIREMENT
	 	 	5	 
	 	 	 
	 	 	 	 
	G.	 	SPECIAL FORFEITURE AND REPAYMENT RULES
	 	 	8	 
	 	 	 
	 	 	 	 
	H.	 	METHOD OF PAYMENT
	 	 	9	 
	 	 	 
	 	 	 	 
	I.	 	SOURCE OF PAYMENT
	 	 	11	 
	 	 	 
	 	 	 	 
	J.	 	MISCELLANEOUS
	 	 	11	 
	 	 	 
	 	 	 	 
	K.	 	ADMINISTRATION OF THE PLAN
	 	 	13	 
	 	 	 
	 	 	 	 
	L.	 	AMENDMENT OR TERMINATION OF THE PLAN
	 	 	13	 
	 	 	 
	 	 	 	 
	M.	 	CLAIMS AND APPEALS
	 	 	14	 
	 	 	 
	 	 	 	 
	N.	 	DEFINITIONS
	 	 	15	 
	 	 	 
	 	 	 	 
	O.	 	SUCCESSORS
	 	 	19	 
	 	 	 
	 	 	 	 
	P.	 	EXECUTION
	 	 	19	 
	 	 	 
	 	 	 	 
	APPENDIX A SAMPLE CALCULATION EARLY RETIREMENT	 	 	A-1	 
	 	 	 
	 	 	 	 
	APPENDIX B SAMPLE CALCULATION SURVIVOR BENEFIT	 	 	B-1	 
	 	 	 
	 	 	 	 
	APPENDIX C SAMPLE
CALCULATION TERMINATION BEFORE APPROVED RETIREMENT	C-1	 

i

 

McKESSON CORPORATION

EXECUTIVE BENEFIT RETIREMENT PLAN

(Amended and Restated as of May 22, 2007)

A. PURPOSE

     This Plan was established to enable the Company to attract and retain key executive personnel
by assisting them and their survivors in maintaining their standards of living on the Executive’s
retirement or earlier death. The Plan has been amended and restated on various occasions. The
Plan as set forth in here is amended and restated effective May 22, 2007.

B. ERISA PLAN

     This Plan is an unfunded deferred compensation program for a select group of management or
highly compensated employees of the Company. The Plan, therefore, is covered by Title I of ERISA,
except that it is exempt from Parts 2, 3, and 4 of Title I of ERISA.

C. PARTICIPATION

     1. Selection by the Compensation Committee. The Compensation Committee may select, at
its discretion and from time to time as it decides, the Executives who participate in this Plan.
Participation in the Plan shall be limited to those Executives of the Company who are selected by
the Compensation Committee. Selection of an Executive to participate in the Plan may be evidenced
by the terms of the Executive’s contract of employment with the Company.

     2. Addition and Removal of Participants. The Compensation Committee may, at its
discretion and at any time, designate additional Executives to participate in the Plan and remove
Executives from participation in the Plan. If an Executive is removed from participation prior to
reaching age 65, he or she shall be entitled to receive benefits, if any, as specified in Section D
or F.

     3. Relation to Other Plans. If an Executive participates in this Plan, he or she
shall not participate in or receive benefits under any other Company-paid plan, program or
agreement that provides Company Executives, or the individual Executive, with retirement benefits
that supplement or are in addition to the benefits under the Retirement Plan, Profit-Sharing
Investment Plan or Supplemental Profit-Sharing Investment Plan, unless otherwise specifically
approved by the Compensation Committee. This paragraph shall not limit an Executive’s
participation in or benefits under any plan or program under which the Executive voluntarily defers
for later payment compensation otherwise currently payable to the Executive (such as, but not
limited to, the Deferred Compensation Administration Plan II or any successor or replacement plan).

1

 

D. BENEFITS ON APPROVED RETIREMENT

     1. Amount of Benefits.

          a. In General. Except as otherwise provided herein, each Executive who participates
in the Plan and Separates from Service by reason of an Approved Retirement shall be entitled to
receive a benefit determined with reference to the value of monthly payments equal to (1) reduced
by (2), as follows:

               (1) the percentage of Average Final Compensation specified for the Executive, which shall be
as provided herein and no higher than 60% (unless a higher percentage is specified in the
Executive’s written employment contract with the Company)

                    reduced by

               (2) the Executive’s Basic Retirement Benefits.

The percentage stated in clause (1) may be specified by the Compensation Committee or may be
specified in the Executive’s written employment contract with the Company. Unless otherwise
determined by the Compensation Committee, the percentage of Average Final Compensation specified in
clause (1) shall be 20% plus 0.148% for each completed month (1.77% per completed year) of the
Executive’s full-time continuous employment with the Company, but in no event shall such percentage
be higher than 60% (unless a higher percentage is specified in the Executive’s written employment
contract with the Company).

          b. Special Rule. The benefit of an Executive under this Section D. who is a
participant in the Plan as of August 28, 1996, shall not be less than such Executive’s benefit
calculated pursuant to Section F.1.a of the Plan, without regard to any reduction required by
Section D.3 of the Plan.

          c. Effect of Plan Termination. If the Plan is terminated in accordance with Section
L, an Executive who later Separates from Service by reason of an Approved Retirement shall be
entitled to receive upon such Approved Retirement monthly payments equal to (1) the applicable
percentage of Average Final Compensation under Section D.1.a multiplied by the Executive’s Pro Rata
Percentage, reduced by (2) the Executive’s Basic Retirement Benefits. For purposes of this
section, the Executive’s Pro Rata Percentage and Average Final Compensation shall be calculated by
treating the date of Plan termination as the date that the Executive Separates from Service with
the Company.

          d. Removal from Participation. If an Executive is removed from Plan participation and
later Separates from Service by reason of an Approved Retirement, the Executive shall be treated as
if the Plan were terminated with respect to the Executive as of the date of removal, and the
Executive’s benefits shall be determined under Section D.1.c above except that the Executive’s
Basic Retirement Benefits reduction shall be determined as of the date of the Executive’s Approved
Retirement.

          e. Change in Percentage. If the percentage of Average Final Compensation specified in
Section D.l.a is reduced, the percentage applied to determine the Executive’s benefit

2

 

shall be determined by averaging over the Executive’s period of participation in the Plan the
percentages that have been so specified. For example, if an Executive’s percentage is reduced from
60% to 50%, and one-half of the Executive’s Plan participation is at 60% and one-half at 50%, the
percentage used to determine the Executive’s benefits shall be 55%.

          In addition, the benefit payable under this Plan after a reduction in such percentage shall
not be less than the benefit that would have been paid if the Plan had been terminated with respect
to the Executive on the date of such reduction.

          If the percentage of Average Final Compensation specified in Section D.l.a is increased, such
increased percentage shall apply for determining Plan benefits without averaging it with prior
percentages, and all prior Plan participation shall be treated as having been participation under
that increased percentage.

          f. Reduction for Basic Retirement Benefits. The reduction for the Executive’s Basic
Retirement Benefits shall be applied, unless otherwise provided herein, by calculating all benefits
as if they were payable in the form of a straight life annuity beginning at the date of Approved
Retirement, without survivor benefits. There is no requirement, however, that the benefits payable
under this Plan and any other plan be paid in the same form or at the same time.

     2. Time of Payment. The benefits provided on Approved Retirement shall be made on the
first day of the month following the date the Executive Separates from Service. Effective January
1, 2005, the benefits provided on Approved Retirement accrued after December 31, 2004 shall be made
on the first day of the eighth month following the date the Executive Separates from Service.
Effective for Executives who Separate from Service on or after
October 27, 2006, all benefits
provided on Approved Retirement shall be made on the first day of the eighth month following the
date the Executive Separates from Service. Such payment shall include an additional amount
representing interest credited at the rate being credited to accounts under the Company’s Deferred
Compensation Administration Plan III during the relevant eight-month period.

     3. Reduction for Early Commencement of Approved Retirement. If an Executive’s
Approved Retirement occurs before the date the Executive attains age 62, the Executive shall
receive a reduced benefit commencing on the first day of the month following such Approved
Retirement. Effective January 1, 2005, an Executive’s reduced benefit accrued after December 31,
2004 shall be made on the first date of the eighth month following the date the Executive Separates
from Service. Effective for Executives who Separate from Service on
or after October 27, 2006, an
Executive’s entire reduced benefit shall be made on the first day of the eighth month following the
date the Executive Separates from Service. This reduced benefit shall be reduced by 0.3% for each
month the Executive’s Approved Retirement precedes the date the Executive will attain age 62. The
reduction for Basic Retirement Benefits shall be applied by calculating all benefits as if they
were payable in the form of a straight life annuity at the date of such Approved Retirement before
age 62, without survivor benefits, to determine the net benefit payable under this Plan. See
Appendix A for an example of this calculation.

3

 

     4. No Delayed or Accelerated Retirement Benefit. An Executive may not elect to delay
the commencement date of his or her retirement benefits under the Plan after the time for
commencement specified in Section D.2 or D.3. Notwithstanding any other provision of the Plan to
the contrary, no distribution will be made from the Plan that would constitute an impermissible
acceleration of payment as defined in Section 409A(a)(3) of the Code and the regulations
promulgated thereunder.

E. DEATH BENEFITS

     1. Death After Approved Retirement. If an Executive dies after Approved Retirement,
benefits shall be paid after the Executive’s death only in accordance with the method of payment
determined under Section H. For example, if the Executive received a straight life annuity or a
lump sum, no benefits shall be paid under this Plan after the Executive’s death.

     2. Death While Employed.

          a. Benefits Payable to Beneficiary. If an Executive dies while employed by the
Company, the Executive’s beneficiary shall receive the monthly benefit that would have been paid to
such beneficiary if the Executive had Separated from Service by reason of an Approved Retirement on
the last day of the month before the Executive’s death, had elected to receive benefits in the
actuarially reduced form of a joint and 100% survivor annuity with the Executive’s beneficiary as
the contingent annuitant, had begun to receive such benefits on the day prior to the Executive’s
death, and died immediately thereafter. Such payment shall be calculated by first determining the
amount payable to the Executive under this Plan without reduction for Basic Retirement Benefits
(applying the reduction, if applicable, for early commencement of such benefit as set forth in
Section D.3 and applying the actuarial reduction for joint and 100% survivor annuity) and only
thereafter making a reduction for Basic Retirement Benefits. The reduction for Basic Retirement
Benefits in connection with the Retirement Plan in this case shall be in the amount payable, if
any, under the Retirement Plan as a spouse allowance; if any spouse allowance is payable under the
Retirement Plan on account of the Executive, this reduction shall be made even if the Executive’s
beneficiary under this Plan is not the Executive’s surviving spouse. See Appendix B for an example
of this calculation. The foregoing notwithstanding, if prior to death the Executive had made an
election to receive a lump sum form of distribution and the Compensation Committee approves such
form of distribution, distribution shall be made to the beneficiary in the form of a lump sum
payment; provided, however, that any election made after December 31, 2004 shall not require
Compensation Committee approval but must comply with the last sentence of Section H.5. The present
value of benefits payable in a lump sum shall be determined under factors established and uniformly
applied by the Administrator in accordance with Section H.1.

          b. Average Final Compensation. For purposes of the calculations under this Section
E.2, the Executive’s Average Final Compensation shall be based on the compensation the Executive
actually earned during the Executive’s employment with the Company.

          c. No Designated Beneficiary. If an Executive dies before Approved Retirement without
having designated a beneficiary, and was married on the date of death, the

4

 

Executive’s surviving spouse shall be the Executive’s beneficiary, unless otherwise provided
by applicable community property or other laws or court order. If an Executive dies before
Approved Retirement, has no surviving spouse and has not designated a beneficiary, the present
value of the benefits that would be paid to a surviving spouse of the same age as the Executive
under a joint and 100% survivor annuity form (and under the method of calculation provided in
Section E.2.a and b) shall be paid to the Executive’s estate in two equal amounts in the 14 months
following death. The present value of benefits shall be determined under factors established and
uniformly applied by the Administrator in accordance with Section H.1.

     3. Designation of Beneficiary. An Executive may designate any natural person as his
or her beneficiary, but may not designate more than one person, or any person not a natural person,
without the approval of the Administrator. Designation shall be made in writing and shall become
effective only when filed with the Administrator. Such filing must occur before the Executive’s
death. An Executive may change his or her beneficiary, from time to time, by filing a new written
designation with the Administrator. If the Executive is married, any beneficiary designation which
does not designate the Executive’s spouse to receive at least one-half of the benefit payable on
the Executive’s death shall only become effective when approved in writing by the Executive’s
spouse.

F. SEPARATION FROM SERVICE BEFORE APPROVED RETIREMENT

     1. Basic Rule.

          a. Termination Benefits. Subject to other applicable provisions in this Plan, an
Executive who Separates from Service with the Company other than on Approved Retirement or death
shall be entitled to receive a benefit determined with reference to the value of monthly payments
equal to his Termination Benefits. An Executive’s Termination Benefits are equal to (1) the
applicable percentage of Average Final Compensation under Section D.1.a., multiplied by the
Executive’s Pro Rata Percentage and reduced by (2) the Executive’s Basic Retirement Benefits at the
date of Separation from Service. For purposes of the Plan, Termination Benefits are expressed as
the present value of a benefit payable at age 65, calculated using the GATT interest rate. See
Appendix C for an example of this calculation. Effective January 1, 2005, the Termination Benefits
accrued after December 31, 2004 shall be made on the first day of the eighth month following the
date the Executive Separates from Service. Effective for Executives who Separate from Service on
or after October 27, 2006, all Termination Benefits shall be made on the first day of the eighth
month following the date the Executive Separates from Service.

          b. Plan Termination or Removal from Participation. An Executive who Separates from
Service with the Company other than on Approved Retirement or death and who has been removed from
Plan participation (“removal”) or with respect to whom the Plan has terminated in accordance with
Section L prior to his or her Separation from Service (“termination”) shall be entitled to receive,
beginning at age 65, monthly payments determined under this Section F but treating the date of
“removal” or “termination”, whichever is applicable, as the date of Separation from Service for
purposes of calculating the Executive’s Pro Rata Percentage and Average Final Compensation.
Effective January 1, 2005, benefits payable under this Section F.1.b accrued after December 31,
2004 shall be made on the on first day of the eighth month following the date the Executive
Separates from Service. Effective for Executives

5

 

who
Separate from Service on or after October 27, 2006, all Termination Benefits shall be made
on the first day of the eighth month following the date the Executive Separates from Service.

          c. Reduction for Subsequent Employer Benefits. Prior to January 1, 2006, any amount
payable under Section F.1.a or b shall be reduced by any retirement benefit payable to the
Executive or the Executive’s beneficiary on account of service rendered to another employer after
the Executive’s Separation from Service with the Company.

     2. Limitations. No benefits shall be paid under this Section F to:

          a. Separation from Service for Cause. An Executive who is involuntarily Separated
from Service for Cause. If the Executive has a written employment agreement, Cause shall be
determined in accordance with that agreement.

          b. Violation of Employment Agreement. An Executive who Separates from Service in
violation of a written employment agreement (if any). Separation from Service is in violation of
an employment agreement if the Separation from Service occurs before the end of the term of that
agreement and is not allowed by the agreement (e.g., for “good reason”).

          c. No Vested Interest. An Executive who has not at the time of his or her Separation
from Service with the Company (i) either (A) completed five Years of Service, if such Executive was
selected to participate in this Plan prior to May 22, 2007 or (B) completed five Years of Service
as an Executive, as the Company determines in its sole discretion, if such Executive was selected
to participate in this Plan on or after May 22, 2007 or (ii) attained age 65, or if later, the
fifth anniversary of participation in the Plan (or, in the case of an Executive who was Separated
from Service prior to April 26, 1999, an Executive who had no vested interest in benefits under the
Retirement Plan at the time of his or her Separation from Service with the Company) shall have no
vested interest in benefits under the Plan and upon Separation from Service with the Company shall
forfeit any benefit the Executive had accrued under the Plan. For purposes of the foregoing, Years
of Service before a Break in Service shall not be counted if the consecutive one-year Breaks in
Service equal or exceed the greater of five or the aggregate number of Years of Service before the
Break in Service. An Executive who would have such a vested interest (1) if the Executive was not
involuntarily Separated from Service by the Company in violation of the Executive’s employment
agreement or (2) if the Executive’s Separation from Service was not for “good reason” under such
agreement, shall be treated as having such a vested interest. This Section F.2 shall not apply to
any Executive who was a participant in this Plan on September 29, 1993. The foregoing
notwithstanding, effective January 30, 2002, the Compensation Committee may in its sole discretion
waive the five Years of Service requirement and confer vested rights on any Executive.

     3. Pro Rata Percentage. An Executive’s Pro Rata Percentage is the higher of the
following two percentages (but not greater than 100%). The first percentage is determined by
dividing the number of the Executive’s whole months of employment with the Company by the number of
whole months from the date that the Executive was first hired by the Company to the date that the
Executive will reach age 65 and multiplying by 100. The second percentage is determined by
multiplying 4.44% by the number of the Executive’s whole and partial years of completed employment
with the Company.

6

 

     4. Rules of Application.

          a. Periods of Employment. Effective April 26, 1999, for purposes of determining
employment with the Company, Years of Service before a Break in Service (and, at the discretion of
the Administrator, any other periods of Service that would be disregarded under the Retirement
Plan) shall not be counted under this Section F if the consecutive one-year Breaks in Service equal
or exceed the greater of five or the aggregate number of the Executive’s Years of Service before
the Break in Service.

          b. Basic Retirement Benefits. For purposes of this Section F, an Executive’s Basic
Retirement Benefits shall be determined on the date the Executive’s employment with the Company
terminates. All benefits shall be calculated as if they were payable in the form of a straight
life annuity beginning at the later of age 65 or the date of actual termination of employment,
without survivor benefits.

          c. Method of Payment. Benefits under this Section shall be paid in the form provided
in Section H.

          d. Date Benefits Begin. Benefits payable under this Section shall begin on the first
day of the month following the date the Executive reaches age 65. Effective January 1, 2005,
benefits payable under this Section accrued after December 31, 2004 shall be made on the on first
day of the eighth month following the date the Executive Separates from Service. Effective for
Executives who Separate from Service on or after October 27, 2006, benefits payable under this
Section shall be made on the first day of the eighth month following the date the Executive
Separates from Service.

          e. Death Benefits. For purposes of this Section:

                         If an Executive dies after benefits have begun, benefits payable thereafter, if any, shall be
paid in accordance with the method of payment determined under Section H.

                         If an Executive who has Separated from Service and is entitled to receive benefits under this
Section F dies before benefits begin, the Executive’s beneficiary shall receive the monthly benefit
payable under an actuarially reduced form of joint and 100% survivor annuity with the Executive’s
beneficiary as the contingent annuitant, payable beginning on the first day of the month after the
Executive would have reached age 65. The principles of the second and third sentences of Section
E.2.a and the principles of Section E.2.b and of this Section shall apply for calculating these
survivor benefits. Effective with respect to benefits paid upon an Executive’s death on or after
January 1, 2005, distributions will be made to the beneficiary on the first day of the month
following the Executive’s death.

                         The principles of Section E.2.c and of this Section shall apply if there is no surviving
spouse and no designation of beneficiary. The rules of Section E.3 concerning designation of
beneficiary shall apply.

          f. Change in Percentage. The principles of Section D.1.d shall apply to benefits
calculated under this Section F.

7

 

          5. Other Agreement. If an Executive’s written employment agreement with the Company
provides higher benefits on Separation from Service before Approved Retirement than provided under
this Section F, such higher benefits shall be paid.

          6. Forfeiture of Benefits. Except as provided in this Section, and as provided
elsewhere in this Plan with respect to Approved Retirement or death of an Executive, an Executive
or the Executive’s beneficiaries shall not be entitled to any benefits under this Plan, all
obligations of the Company to the Executive and his or her beneficiaries shall cease, and the
Company shall have no further liability to the Executive or any other person under this Plan.

G. SPECIAL FORFEITURE AND REPAYMENT RULES

     Any other provisions of this Plan to the contrary notwithstanding, if the Compensation
Committee determines that an Executive has engaged in any of the actions described in Section G.3
below, the consequences set forth in Sections G.1 and 2 below shall result.

     1. Forfeiture of Benefits. To the extent that the benefit that otherwise would be
payable under this Plan exceeds the benefit, if any, that would have been payable if the
Executive’s Separation from Service had occurred on November 1, 1993, such excess portion shall be
forfeited and shall not be payable at any time under this Plan.

     2. Repayment. If the Executive received a payment under this Plan at any time within
six months prior to the date the Company discovered that the Executive engaged in any action
described in Section G.3 below, the Executive, upon written notice from the Company, shall repay to
the Company in cash the excess portion of any such payment, such excess portion to be calculated in
the manner described in Section G.1 above.

     3. The consequences described in Sections G.1 and 2 above shall apply if the Executive, either
before or after Separation from Service with the Company, engages in any of the following:

          a. Accepts a position as a consultant to or an employee of a business enterprise that is in
direct competition with any line of business engaged in by the Company at the time of the
Executive’s Separation from Service.

          b. Discloses to others, or takes or uses for the Executive’s own purpose or the purpose of
others, any trade secrets, confidential information, knowledge, data or know-how belonging to the
Company and obtained by the Executive during the term of the Executive’s employment, whether or not
they are the Executive’s work product. Examples of such confidential information or trade secrets
include (but are not limited to) customer lists, supplier lists, pricing and cost data, computer
programs, delivery routes, advertising plans, wage and salary data, financial information, research
and development plans, processes, equipment, product information and all other types and categories
of information as to which the Executive knows or has reason to know that the Company intends or
expects secrecy to be maintained.

          c. Fails to promptly return all documents and other tangible items belonging to the Company in
the Executive’s possession or control, including all complete or partial copies, recordings,
abstracts, notes or reproductions of any kind made from or about such documents or

8

 

information contained therein, upon Separation from Service, whether pursuant to an Approved
Retirement or otherwise.

          d. Fails to provide the Company with at least 30 days’ written notice prior to directly or
indirectly engaging in, becoming employed by, or rendering services, advice or assistance to any
business in competition with the Company. As used herein, “business in competition” means any
person, organization or enterprise which is engaged in or is about to become engaged in any line of
business engaged in by the Company at the time of the Executive’s Separation from Service with the
Company.

          e. Fails to inform any new employer, before accepting employment, of the terms of this Section
and of the Executive’s continuing obligation to maintain the confidentiality of the trade secrets
and other confidential information belonging to the Company and obtained by the Executive during
the term of the Executive’s employment with the Company.

          f. Induces or attempts to induce, directly or indirectly, any of the Company’s customers,
employees, representatives or consultants to terminate, discontinue or cease working with or for
the Company, or to breach any contract with the Company, in order to work with or for, or enter
into a contract with, the Executive or any third party.

          g. Engages in conduct which is not in good faith and which disrupts, damages, impairs or
interferes with the business, reputation or employees of the Company.

          The Compensation Committee shall determine in its sole discretion whether the Executive has
engaged in any of the acts set forth in a through g above, and its determination shall be
conclusive and binding on all interested persons.

          Any provision of this Section which is determined by a court of competent jurisdiction to be
invalid or unenforceable shall be construed or limited in a manner that is valid and enforceable
and that comes closest to the business objectives intended by such invalid or unenforceable
provision, without invalidating or rendering unenforceable the remaining provisions of this
Section.

H. METHOD OF PAYMENT

     1. Normal Form. The Normal Form of Benefit under this Plan shall be a straight life
annuity of monthly payments over the lifetime of the Executive, with payments ceasing on the first
day of the month in which the Executive dies. Effective October 27, 2006, the Normal Form of
Benefit under this Plan shall be an actuarial equivalent value lump sum distribution, where the
actuarial equivalent value is determined as follows: (i) the interest rate is the interest rate
prescribed by the Pension Benefit Guaranty Corporation for purposes of determining the present
value of a lump sum distribution on plan termination for the month in which the Executive’s
Approved Retirement is approved by the Compensation Committee and (ii) a table based upon a fixed
blend of 50 percent of male mortality rates and 50 percent of female mortality rates from the 1983
Group Annuity Mortality Table; provided, however, that effective October 28, 2004 the table shall
be based on the 1994 Group Annuity Reserving Table (1994 GAR). Notwithstanding the foregoing,
effective January 1, 2005, for purposes of calculating a lump sum benefit payable under Section F,
the interest rate is the GATT interest rate for purposes of

9

 

determining the present value of a lump sum distribution under a tax-qualified defined benefit
retirement plan.

     2. Joint and Survivor Annuity. If the Executive is married at the time the benefits
become payable, then unless the Executive has elected otherwise (as described below), the
Executive’s benefits shall be paid in the actuarially reduced form of a joint and 50% survivor
annuity payable to the Executive and the Executive’s spouse. Prior to January 31, 2006 and with
the approval of the Administrator if the election is made prior to January 1, 2005, the Executive
may elect, in writing, not to receive this form of benefit, but any such election which provides a
benefit for a beneficiary other than the Executive’s spouse must be approved in writing by the
Executive’s spouse to be effective. Such election shall become effective when filed with the
Administrator and must be filed before the Executive’s Separation from Service with the Company.
If an Executive is first selected for participation in the Plan after December 31, 2006, then the
Executive may make an election pursuant to this Section within thirty days of such selection for
participation.

     3. Lump Sum Distribution Prior to January 1, 2005. An Executive who Separates from
Service by reason of an Approved Retirement on or after June 1, 1997 and prior to January 1, 2005,
may elect to have the actuarial equivalent value of his or her benefits paid in the form of a lump
sum distribution in cash, where actuarial equivalence is determined as follows: (i) the interest
rate prescribed by the Pension Benefit Guaranty Corporation for purposes of determining the present
value of a lump sum distribution on plan termination for the month in which the Executive makes the
lump sum distribution election and (ii) a table based upon a fixed blend of 50 percent of male
mortality rates and 50 percent of female mortality rates from the 1983 Group Annuity Mortality
Table; provided, however, that effective October 28, 2004 the table shall be based on the 1994
Group Annuity Reserving Table (1994 GAR).

An election of a lump sum form of distribution made between June 1, 1997 and December 31, 2004,
must be made at least 12 months prior to the Executive’s Approved Retirement (except that an
election made prior to January 1, 1997 shall be effective as to any Approved Retirement occurring
during calendar year 1997) and shall be void and of no effect if either of the following occurs:
(a) the Executive’s Separation from Service with the Company does not occur within 24 months after
the date on which the Executive made the election of a lump sum form of distribution; or (b) the
Executive makes a new election under this Section H.3 at least 12 months after the date of the
Executive’s previous election under this Section H.3.

     An Executive who is married at the time benefits become payable under this Section H.3 may not
receive a lump sum form of distribution unless the Executive’s spouse approves of the election in
writing.

     An Executive, between June 1, 1997 and December 31, 2004, may elect a lump sum form of
distribution less than 12 months prior to Approved Retirement, but in such event the amount of the
lump sum distribution shall be reduced by ten percent.

     4. Lump Sum Distribution Between January 1, 2005 and December 31, 2006. An Executive
who Separates from Service by reason of an Approved Retirement and who is to receive a lump sum
distribution on or after January 1, 2005 and prior to December 31, 2006, may

10

 

elect to have the actuarial equivalent value of his or her benefits paid in the form of a lump
sum distribution in cash, where actuarial equivalence is determined as follows: (i) the interest
rate prescribed by the Pension Benefit Guaranty Corporation for purposes of determining the present
value of a lump sum distribution on plan termination for the month in which the Executive makes the
lump sum distribution election and (ii) a table based upon a fixed blend of 50 percent of male
mortality rates and 50 percent of female mortality rates from the 1983 Group Annuity Mortality
Table; provided, however, that effective October 28, 2004 the table shall be based on the 1994
Group Annuity Reserving Table (1994 GAR).

     An election made pursuant to this Section H.4. shall be treated as an initial distribution
election and shall be subject to any special administrative rules imposed by the Administrator
including rules intended to comply with Section 409A of the Code and Notice 2005-1, A-19. No
election under this Section H.4 shall (i) change the payment date of any distribution otherwise
scheduled to be paid in 2006 or cause a payment to be paid in 2006, or (iv) be permitted after
December 31, 2006.

     5. Additional Forms of Benefits. With the approval of the Administrator, the
Executive may elect to receive his or her benefits in the form of a single life annuity, a joint
and survivor annuity with a 100% or 50% annuity to the surviving spouse, or a lump sum distribution
or such other form as permitted by the Administrator. All such forms of payment shall be the
actuarial equivalent of the single life annuity with actuarial equivalence determined pursuant to
Section H.3. If the Executive is married, any such election must be approved in writing by the
Executive’s spouse to be effective, if it would provide the spouse with a benefit less than that
provided under Section H.2. Prior to April 26, 1999, the Executive, with the approval of the
Administrator, could elect to receive benefits in one of the actuarially equivalent benefit forms
permitted under the Retirement Plan or such other form as permitted by the Administrator. Effective
October 27, 2006, the Executive may elect to receive his or her benefits in any form provided for
in this Section H.5; provided, however, that the election must be made not later than the later of
(i) December 31, 2006 or (ii) thirty days after the Executive is first selected for participation
by the Compensation Committee in accordance with Section C.1.

I. SOURCE OF PAYMENT

     The benefits paid under this Plan shall be paid from the general funds of the Company, and the
Executive and the Executive’s beneficiaries shall be no more than unsecured general creditors of
the Company with no special or prior right to any assets of the Company for payment of any
obligations hereunder. Nothing contained in this Plan shall be deemed to create a trust of any
kind for the benefit of the Executive or any beneficiary, or create any fiduciary relationship
between the Company and the Executive or any beneficiary with respect to any assets of the Company.

J. MISCELLANEOUS

     1. Withholding. The Executive and any beneficiary shall make appropriate arrangements
with the Company for the satisfaction of any federal, state or local income tax withholding
requirements and Social Security or other employee tax requirements applicable to

11

 

the payment of benefits under this Plan. If no other arrangements are made, the Company may
provide, at its discretion, for such withholding and tax payments as may be required.

     2. No Assignment.

          a. Other than as provided in Section J.2.b below, benefits provided under this Plan may not be
alienated, assigned, transferred, pledged or hypothecated by any person, at any time, or to any
person whatsoever. These benefits shall be exempt from the claims of creditors or other claimants
and from all orders, decrees, levies, garnishment or executions to the fullest extent allowed by
law.

          b. If a court of competent jurisdiction determines pursuant to a judgment, order or approval
of a marital settlement agreement that all or any portion of the benefits payable hereunder to an
Executive constitute community property of the Executive and his or her spouse or former spouse
(hereafter, the “Alternate Payee”) or property which is otherwise subject to division by the
Executive and the Alternative Payee, a division of such property shall not constitute a violation
of Section J.2.a, and any portion of such property may be paid or set aside for payment to the
Alternate Payee. The preceding sentence of this Section J.2.b, however, shall not create any
additional rights and privileges for the Alternate Payee (or the Executive) not already provided
under the Plan; in this regard, the Administrator shall have the right to refuse to recognize any
judgment, order or approval of a martial settlement agreement that provides for any additional
rights and privileges already not already provided under the Plan, including without limitation
with respect to form and time of payment.

     3. Fiduciary Insurance. The Company may purchase insurance for its directors,
officers, employees and agents to cover potential liability arising from their acts and omissions
concerning this Plan.

     4. Applicable Law; Severability. The Plan hereby created shall be construed,
administered, and governed in all respects in accordance with ERISA and the laws of the State of
California to the extent the latter are not preempted by ERISA. If any provision of this
instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective. The Plan is intended to comply
with the requirements of Code Section 409A.

     5. No Right to Continued Employment. Each Executive selected to participate in the
Plan is deemed by the Company to be a bona fide executive or in a high policy making position for
purposes of the Age Discrimination in Employment Act and state laws of similar effect.
Accordingly, the terms of the Plan shall not confer any legal rights upon any Executive to
continued employment or employment past age 65, nor shall the Plan interfere with the rights of the
Company to discharge any Executive or to treat the Executive without regard to the effect which
that treatment might have upon the Executive as a participant in the Plan.

     6. Offset for Indebtedness. To the extent permitted by law, if at the time an
Executive becomes entitled to receive any payment under the Plan the Executive is indebted to the
Company, the amount of the payment shall be reduced by the amount of any such

12

 

indebtedness then due and owing to the Company. The indebtedness shall then be reduced to the
extent of such reduction.

K. ADMINISTRATION OF THE PLAN

     1. In General. The Plan shall be administered by the Executive Vice President, Human
Resources of McKesson under the direction of the Compensation Committee. If the Executive Vice
President, Human Resources, is an Executive participating in the Plan, then any discretionary
action taken as Administrator which directly affects the Executive Vice President, Human Resources,
as an Executive shall be specifically approved by the Compensation Committee. The Administrator
shall have the ultimate responsibility to interpret the Plan and shall adopt such rules and
regulations for carrying out the Plan as it may deem necessary or appropriate. Decisions of the
Administrator shall be final and binding on all parties who have an interest in the Plan.

     2. Elections and Notices. All elections and notices made by an Executive under this
Plan shall be in writing and filed with the Administrator.

     3. Action by Board of Directors and Compensation Committee. The Board and the
Compensation Committee may act under this Plan in accordance with their normal procedures and
practices, including but not limited to delegation of their authority to act under the Plan.

     4. Plan Year. The Plan Year is the calendar year.

L. AMENDMENT OR TERMINATION OF THE PLAN

     The Compensation Committee may at any time amend, alter or modify and the Board may at any
time terminate the Plan.

     Effective
October 27, 2006, the Board, in its discretion, may terminate the Plan at any time
and in the Board’s discretion any benefits payable to Executives may be accelerated and paid within
the period beginning twelve months after the date the Plan was terminated and ending twenty-four
months after the date the Plan was terminated, or pursuant to Section D, E or F of the Plan, if
earlier. If the Plan is terminated and benefits payments are accelerated, the Company shall
terminate all non-account balance non-qualified deferred compensation plans with respect to all
participants and shall not adopt a new non-account balance non-qualified deferred compensation plan
for at least five years after the date the Plan was terminated.

     Effective
October 27, 2006, the Board, in its discretion, may terminate the Plan upon a
corporate dissolution of the Company that is taxed under Section 331 of the Code or with the
approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1(A), provided that the any
benefits payable to Executives are distributed and included in the gross income of the Executives
by the latest of (i) the calendar year in which the Plan terminates or (ii) the first calendar year
in which payment of the benefits is administratively practicable.

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M. CLAIMS AND APPEALS

     1. Informal Resolution of Questions. Any Executive or beneficiary who has questions
or concerns about his or her benefits under the Plan is encouraged to communicate with the Human
Resources Department of McKesson. If this discussion does not give the Executive or beneficiary
satisfactory results, a formal claim for benefits may be made in accordance with the procedures of
this Section M.

     2. Formal Benefits Claim – Review by Executive Vice President, Human Resources. An
Executive or beneficiary may make a written request for review of any matter concerning his or her
benefits under this Plan. The claim must be addressed to the Executive Vice President, Human
Resources, McKesson Corporation, One Post Street, San Francisco, California 94104. The Executive
Vice President, Human Resources or his or her delegate (“Executive Vice President”) shall decide
the action to be taken with respect to any such request and may require additional information if
necessary to process the request. The Executive Vice President shall review the request and shall
issue his or her decision, in writing, no later than 90 days after the date the request is
received, unless the circumstances require an extension of time. If such an extension is required,
written notice of the extension shall be furnished to the person making the request within the
initial 90-day period, and the notice shall state the circumstances requiring the extension and the
date by which the Executive Vice President expects to reach a decision on the request. In no event
shall the extension exceed a period of 90 days from the end of the initial period.

     3. Notice of Denied Request. If the Executive Vice President denies a request in
whole or in part, he or she shall provide the person making the request with written notice of the
denial within the period specified in Section M.2. The notice shall set forth the specific reason
for the denial, reference to the specific Plan provisions upon which the denial is based, a
description of any additional material or information necessary to perfect the request, an
explanation of why such information is required, and an explanation of the Plan’s appeal procedures
and the time limits applicable to such procedures, including a statement of the claimant’s right to
bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on
review.

     4. Appeal to Executive Vice President.

          a. A person whose request has been denied in whole or in part (or such person’s authorized
representative) may file an appeal of the decision in writing with the Executive Vice President
within 60 days of receipt of the notification of denial. The appeal must be addressed to:
Executive Vice President, Human Resources, McKesson Corporation, One Post Street, San Francisco,
California 94104. The Executive Vice President, for good cause shown, may extend the period during
which the appeal may be filed for another 60 days. The appellant and/or his or her authorized
representative shall be permitted to submit written comments, documents, records and other
information relating to the claim for benefits. Upon request and free of charge, the applicant
should be provided reasonable access to and copies of, all documents, records or other information
relevant to the appellant’s claim.

14

 

          b. The Executive Vice President’s review shall take into account all comments, documents,
records and other information submitted by the appellant relating to the claim, without regard to
whether such information was submitted or considered in the initial benefit determination. The
Executive Vice President shall not be restricted in his or her review to those provisions of the
Plan cited in the original denial of the claim.

          c. The Executive Vice President shall issue a written decision within a reasonable period of
time but not later than 60 days after receipt of the appeal, unless special circumstances require
an extension of time for processing, in which case the written decision shall be issued as soon as
possible, but not later than 120 days after receipt of an appeal. If such an extension is
required, written notice shall be furnished to the appellant within the initial 60-day period.
This notice shall state the circumstances requiring the extension and the date by which the
Executive Vice President expects to reach a decision on the appeal.

          d. If the decision on the appeal denies the claim in whole or in part written notice shall be
furnished to the appellant. Such notice shall state the reason(s) for the denial, including
references to specific Plan provisions upon which the denial was based. The notice shall state
that the appellant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records, and other information relevant to the claim for benefits.
The notice shall describe any voluntary appeal procedures offered by the Plan and the appellant’s
right to obtain the information about such procedures. The notice shall also include a statement
of the appellant’s right to bring an action under Section 502(a) of ERISA.

          e. The decision of the Executive Vice President on the appeal shall be final, conclusive and
binding upon all persons and shall be given the maximum possible deference allowed by law.

     5. Exhaustion of Remedies. No legal or equitable action for benefits under the Plan
shall be brought unless and until the claimant has submitted a written claim for benefits in
accordance with Section M.2, has been notified that the claim is denied in accordance with Section
M.3, has filed a written request for a review of the claim in accordance with Section M.4, and has
been notified in writing that the Executive Vice President has affirmed the denial of the claim in
accordance with Section M.4.

N. DEFINITIONS

     For purposes of the Plan, the following terms shall have the meanings indicated:

     1. “Administrator” shall mean the person specified in Section K.

     2. “Approved Retirement” shall mean (i) any Separation from Service with the Company
after attainment of age 62; (ii) any involuntary Separation from Service after both attainment of
age 55 and completion of 15 Years of Service; or (iii) any other Separation from Service prior to
(i) or (ii) above (but not earlier than the Executive’s attainment of age 55 and completion of five
Years of Service) if the Compensation Committee has determined that such Separation from Service
will be an Approved Retirement. Such a determination by the Compensation Committee may occur at
the time of the Executive’s Separation from Service with the Company or at any earlier time.
Notwithstanding the foregoing, if an Executive’s written

15

 

employment agreement so requires or if the Board so decides, the Board may, in its sole
discretion, grant an Approved Retirement at any earlier Separation from Service either with or
without the reduction for early commencement of benefits in Section D.3.

          Notwithstanding the foregoing, “Approved Retirement” shall not include any Separation from
Service for Cause.

     3. “Average Final Compensation” shall mean one-fifth of the sum of the base salary and
annual bonuses under the Management Incentive Plan (“MIP”) or any successor or replacement plans
(including base salary and annual MIP bonuses or portions thereof voluntarily deferred under a cash
or deferred plan or any other tax qualified or non-qualified salary deferral plan such as the
Deferred Compensation Administration Plan II (or any successor or replacement plans) or bonuses
relinquished in favor of a stock option grant under the 1994 Stock Option and Restricted Stock
Plan) earned by an Executive for the five consecutive years of full-time continuous employment with
the Company which (a) fall within the 15-year period ending on the first day of the month following
the Executive’s Separation from Service with the Company and (b) produce the highest such sum. If
the Executive has had less than five years of full time continuous employment, Average Final
Compensation shall be base salary and annual bonuses, including amounts voluntarily deferred or
relinquished as described in the previous sentence, for the entire period of such employment with
the Company, divided by the number of whole and partial years of service.

     4. “Basic Retirement Benefits” shall mean the monthly annuity benefit payable under
the Retirement Plan and a hypothetical monthly annuity benefit payable to the Executive under the
Profit-Sharing Investment Plan as follows:

          Benefits from the Executive’s interest in the Retirement Plan shall be calculated on a
straight life annuity basis payable (i) to the Executive in the event of normal retirement,
retirement after age 65, early retirement, or termination allowance as defined in the Retirement
Plan, or (ii) as a spouse allowance in the event of the Executive’s death before Approved
Retirement or before benefits begin (Section F.4.e).

          The hypothetical annuity benefit payable under the Profit-Sharing Investment Plan shall be
calculated by first determining the value of each share credited to the Executive’s Retirement
Share Plan account under the Profit-Sharing Investment Plan as of the date it was credited and
applying an annual rate of 12% to such value from the date such share was credited to such account
to the date the Executive’s benefit under this Plan is to commence. The aggregate value of all of
the shares credited to the Executive’s Retirement Share Plan account so determined shall then be
converted to a straight life annuity using the factors for determining actuarial equivalence set
forth in Section H.3.

     5. “Board” shall mean the Board of Directors of McKesson.

     6. “Break in Service” shall occur when an Executive does not perform any Service
during a 12 consecutive month period beginning on a date after the Executive separates from
Service. A Break in Service occurs on the earlier of (i) the date on which the Executive quits,

16

 

retires, is discharged or dies, or (ii) he or she fails to return to work as determined at the
discretion of the Administrator.

     7. “Cause” shall be determined in accordance with the terms of the Executive’s written
employment agreement, if any, or if there is none, “Cause” shall mean (i) Executive’s misconduct,
dishonesty, habitual neglect, or other knowing and material violation of Company’s policies and
procedures in effect from time to time, (ii) actions (or failures to act) by Executive in bad faith
and to the detriment of Company, or (iii) conviction of a felony or a crime of moral turpitude.

     8. “Company” shall mean McKesson and any member of its controlled group as defined by
Section 414(b) and Section 414(c) of the Internal Revenue Code of 1986, as amended.

     9. “Compensation Committee” shall mean the Compensation Committee of the Board.

     10. “Deferred Compensation Administration Plan II” or “DCAP II” shall mean the
McKesson Corporation Deferred Compensation Administration Plan II or any successor or replacement
plan.

     11. “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended.

     12. “Executive” shall mean an employee of the Company selected to participate in this
Plan.

     13. “McKesson” shall mean McKesson Corporation, a Delaware corporation.

     14. “Normal Form of Benefit” is that form described in Section H.l.

     15. “Plan” or “EBRP” shall mean this McKesson Corporation Executive Benefit
Retirement Plan, as amended from time.

     16. “Pro Rata Percentage” is defined in Section F.3.

     17. “Profit-Sharing Investment Plan” or “PSIP” shall mean the McKesson
Corporation Profit-Sharing Investment Plan.

     18. “Retirement Plan” shall mean the McKesson Corporation Retirement Plan.

     19. “Separation from Service” or “Separated from Service” shall mean
termination of employment. Effective January 1, 2005, an Executive shall not be deemed to have
Separated from Service if the Executive continues to provide services to the Company in a capacity
other than as an employee and if the former employee is providing services at an annual rate that
is fifty percent or more of the services rendered, on average, during the immediately preceding
three full calendar years of employment with the Company (or if employed by the Company less than
three years, such lesser period) and the annual remuneration for such services is fifty

17

 

percent or more of the average annual remuneration earned during the final three full calendar
years of employment (of if less, such lesser period); provided, however, that a Separation from
Service will be deemed to have occurred if an Executive’s service with the Company is reduced to an
annual rate that is less than twenty percent of the services rendered, on average, during the
immediately preceding three full calendar years of employment with the Company (or if employed by
the Company less than three years, such lesser period) or the annual remuneration for such services
is less than twenty percent of the average annual remuneration earned during the three full
calendar years of employment with the Company (or if less, such lesser period).

     20. “Service” shall mean the period commencing with the first day of an Executive’s
employment with the Company and ending with the day he or she separates from Service with the
Company. An Executive separates from Service on the earlier of the date he or she resigns,
retires, is discharged or dies, or on the first anniversary of his or her absence from work for any
other reason. Notwithstanding the foregoing, an Executive’s period of Service shall also include
certain periods after he or she has separated from Service:

               (1) If an Executive separates from Service by resignation, discharge or retirement and
thereafter returns to the employ of the Company within one year, the period of separation shall be
considered as part of the Executive’s Service.

               (2) An Executive’s Service shall also continue during his or her absence caused by sickness,
accident, layoff where rehire is anticipated, required military service or any other absence
authorized by the Company on a uniform and nondiscriminatory basis. If, after such absence, the
individual fails to return to work as an employee of the Company within the time prescribed on a
uniform and nondiscriminatory basis by the Administrator for such absences, or within the period
during which his or her reemployment rights are protected by law, Service shall be deemed broken as
of the date the Executive should have returned to work, as determined by the Administrator.

               (3) If an Executive Separates from Service because of the pregnancy of the Executive, the
birth of a child of the Executive, the placement of a child with the Executive in connection with
the adoption of the child by the Executive, or for the purpose of caring for such child by the
Executive for a period immediately following birth or placement, the one-year period following such
separation shall be deemed Service of the Executive (“maternity or paternity absence”). Also, no
separation from Service on account of such absence shall occur until the earliest of resignation,
retirement, death, discharge or the second anniversary of the date the maternity or paternity
absence began. The period after the first anniversary of such absence and its second anniversary
is neither a period of Service or separation. An Executive must furnish the Administrator with
such timely information as the Administrator may reasonably require to establish that the absence
is for a reason described herein.

               (4) Effective as of May 13, 1993, if an Executive who separates from Service receives
severance pay immediately after such separation from Service, the period for which the Executive
receives such severance pay shall be considered part of the Executive’s Service.

18

 

     21. “Supplemental Profit-Sharing Investment Plan” or “Supplemental PSIP” shall
mean the McKesson Corporation Supplemental Profit-Sharing Investment Plan or any successor or
replacement plan.

     22. “Termination Benefits” shall mean those benefits specified in Section F.l.a.

     23. “Year of Service” shall mean a period of 365 aggregate days of Service (including
holidays, weekends, and other non-working days). A Year of Service is measured beginning on the
Executive’s first employment commencement date with the Company. To determine the number of whole
years of an Executive’s Service, nonsuccessive periods of Service must be aggregated and less than
whole year periods of Service must be aggregated. However, both aggregation rules are subject to
the Break in Service and other rules, as set forth in the Retirement Plan, and as applied at the
discretion of the Plan Administrator.

O. SUCCESSORS

     This Plan shall be binding on the Company and any successors or assigns thereto.

P. EXECUTION

     To record the amendment and restatement of the Plan by the Board of Directors of McKesson
Corporation at a meeting held on May 22, 2007.

	 	 	 	 	 
	McKESSON CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Paul E. Kirincic	 	 
	 

	 	 	 	 
	 

	 	Paul E. Kirincic

Executive Vice President, Human Resources	 	 

19

 

McKESSON CORPORATION

EXECUTIVE BENEFIT RETIREMENT PLAN

APPENDIX A

SAMPLE CALCULATION

EARLY RETIREMENT

Executive retires at age 59, three years early, with 25 Years of Service

Final Average Compensation: $600,000

Percentage of Final Average Compensation

specified under the Plan: 60% (20% + 1.77% for each of 25 years, capped at 60%)

	 	 	 	 	 	 	 
	Income Objective	 	 
	 	 	 	 
	 	 	(60% x $600,000)
	 	$	360,000	 
	 	 	 
	 	 	 	 
	LESS:	 	Early Retirement Reduction

(0.003 per month x 36 months = 10.8%)
	 	 	(38,800	)
	 	 	 
	 	 	 	 
	Adjusted Objective	 	 	321,120	 
	 	 	 
	 	 	 	 
	LESS:	 	Single Life Retirement Plan Benefit and
annuitized value of PSIP Retirement Share Plan Account
	 	 	(38,000	)
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	Annual Single Life EBRP Benefit	 	$	283,120	 
	 	 	 
	 	 	 	 
	NOTE:	 	Retirement Plan benefits are governed by the terms of that plan, and incorporate the appropriate reduction for
early retirement. As intended, the Plan provides a retirement income that, when added to income from the
Retirement Plan and the PSIP, if any, provides the executive with retirement income equal to the adjusted
objective.

A-1

 

McKESSON CORPORATION

EXECUTIVE BENEFIT RETIREMENT PLAN

APPENDIX B

SAMPLE CALCULATION

SURVIVOR BENEFIT

	 	 	 	 	 	 	 
	Death age 57 with 20 Years of Service	 	 	 	 
	 	 	 
	 	 	 	 
	Final Average Compensation:	 	$	500,000	 
	 	 	 
	 	 	 	 
	Percentage of Final Average Compensation

specified under the Plan: 55.4% (20% + 1.77% for each of 20 years)	 	 	 	 
	 	 	 
	 	 	 	 
	Income Objective	 	 	 	 
	 	 	(55.4% % x $500,000)
	 	$	277,000	 
	 	 	 
	 	 	 	 
	LESS:	 	Early Retirement Reduction

(0.003 per month x 60 months = 18%)
	 	 	(49,860	)
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	Subtotal	 	 
	 	$	227,140	 
	 	 	 
	 	 	 	 
	Application of 100% J&S Factor	 	 	80	%
	 	 	 
	 	 	 
	Adjusted Objective	 	$	181,712	 
	 	 	 
	 	 	 	 
	LESS:	 	Retirement Plan Spouse Allowance and

annuitized value of PSIP Retirement
Share Plan Account
	 	 	(25,000	)
	 	 	 
	 	 	 	 
	Annual EBRP Survivor Benefit	 	$	156,712	 
	 	 	 
	 	 	 	 
	NOTE:	 	As intended, the Plan Survivor Benefit provides a supplement to the Retirement Plan and the PSIP so that
the total of these sources of Company-provided benefits equals the survivor’s adjusted income objective.
This method would apply even if the Retirement Plan Spouse Allowance were paid to a minor child, and the
Plan benefit were paid to the spouse.

B-1

 

McKESSON CORPORATION

EXECUTIVE BENEFIT RETIREMENT PLAN

APPENDIX C

SAMPLE CALCULATION

TERMINATION BEFORE APPROVED RETIREMENT

	 	 	 
	Executive is hired at age 40 and terminates at age 50.
	 
	 	 
	Final Average Compensation:
	 	$600,000
	 
	 	 
	Percentage of Final Average
Compensation specified under the Plan:
	 	37.7% (20% + 1.77% for each of 10 years)
	 
	 	 
	Pro Rata Percentage Applied:
	 	44.4% (Greater of 120 months/300 months and 4.44% x 10 years
	 
	 	 
	Vested benefit at age 65:
	 	44.4% of 37.7% (or 16.74%) of Final Average Compensation, less the Executive’s Basic Retirement Benefit.

The benefit payable at age 50 is equal to the present value of the benefit payable at age 65,
calculated using the GATT interest rate.

C-1

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