Document:

Spread Account Agreement

 Exhibit 10.5 
 EXECUTION COPY 
  

 SPREAD ACCOUNT AGREEMENT, 
 dated as of April 11, 2007 
 among 
 AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2007-B-F 
 FINANCIAL SECURITY ASSURANCE INC. 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page
	Article I	 	DEFINITIONS	  	1
				
		 	Section 1.01	  	Definitions	  	1
				
		 	Section 1.02	  	Rules of Interpretation	  	15
			
	Article II	 	SECURITY INTERESTS; THE COLLATERAL	  	15
				
		 	Section 2.01	  	Grant of Security Interest by the Trust	  	15
				
		 	Section 2.02	  	Perfection and Profit	  	16
				
		 	Section 2.03	  	Reserved	  	16
				
		 	Section 2.04	  	The Trust Remains Liable	  	16
				
		 	Section 2.05	  	Maintenance of Collateral	  	17
				
		 	Section 2.06	  	Termination and Release of Rights	  	17
				
		 	Section 2.07	  	Non-Recourse Obligations of Trust	  	18
				
		 	Section 2.08	  	Securities Intermediary	  	18
			
	Article III	 	SPREAD ACCOUNT	  	19
				
		 	Section 3.01	  	Establishment of Spread Account, Initial Deposits into Spread Account	  	19
				
		 	Section 3.02	  	Investments	  	20
				
		 	Section 3.03	  	Distributions: Priority of Payments	  	21
				
		 	Section 3.04	  	General Provisions Regarding Spread Account	  	22
				
		 	Section 3.05	  	Reports by the Collateral Agent	  	23
			
	Article IV	 	THE COLLATERAL AGENT	  	23
				
		 	Section 4.01	  	Appointment and Powers	  	23
				
		 	Section 4.02	  	Performance of Duties	  	24
				
		 	Section 4.03	  	Limitation on Liability	  	24
				
		 	Section 4.04	  	Reliance upon Documents	  	25
				
		 	Section 4.05	  	Successor Collateral Agent	  	25
				
		 	Section 4.06	  	Indemnification	  	26
				
		 	Section 4.07	  	Compensation and Reimbursement	  	27
				
		 	Section 4.08	  	Representations and Warranties of Wells Fargo	  	27
				
		 	Section 4.09	  	Waiver of Setoffs	  	28
				
		 	Section 4.10	  	Control by the Controlling Party	  	28
			
	Article V	 	COVENANTS OF THE TRUST	  	28

  

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 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	 	 	 	 	  	Page
				
		 	Section 5.01	 	Preservation of Collateral	  	28
				
		 	Section 5.02	 	Opinions as to Collateral	  	28
				
		 	Section 5.03	 	Notices	  	29
				
		 	Section 5.04	 	Waiver of Stay or Extension Laws; Marshaling of Assets	  	29
				
		 	Section 5.05	 	Noninterference, etc.	  	29
				
		 	Section 5.06	 	Trust Changes	  	30
			
	Article VI	 	CONTROLLING PARTY; INTERCREDITOR PROVISIONS	  	30
				
		 	Section 6.01	 	Appointment of Controlling Party	  	30
				
		 	Section 6.02	 	Controlling Party’s Authority	  	30
				
		 	Section 6.03	 	Rights of Secured Parties	  	31
				
		 	Section 6.04	 	Degree of Care	  	31
			
	Article VII	 	REMEDIES UPON DEFAULT	  	32
				
		 	Section 7.01	 	Remedies upon a Default	  	32
				
		 	Section 7.02	 	Waiver of Default	  	32
				
		 	Section 7.03	 	Restoration of Rights and Remedies	  	32
				
		 	Section 7.04	 	No Remedy Exclusive	  	33
			
	Article VIII	 	MISCELLANEOUS	  	33
				
		 	Section 8.01	 	Further Assurances	  	33
				
		 	Section 8.02	 	Waiver	  	33
				
		 	Section 8.03	 	Amendments; Waivers	  	33
				
		 	Section 8.04	 	Severability	  	34
				
		 	Section 8.05	 	Nonpetition Covenant	  	34
				
		 	Section 8.06	 	Notices	  	34
				
		 	Section 8.07	 	Term of this Agreement	  	36
				
		 	Section 8.08	 	Assignments: Third-Party Rights; Reinsurance	  	36
				
		 	Section 8.09	 	Consent of Controlling Party	  	37
				
		 	Section 8.10	 	Trial by Jury Waived	  	37
				
		 	Section 8.11	 	Governing Law	  	37
				
		 	Section 8.12	 	Consents to Jurisdiction	  	37
				
		 	Section 8.13	 	Determination of Adverse Effect	  	38

  

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 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	 	 	 	 	  	Page
				
		 	 Section 8.14
	 	Counterparts	  	38
				
		 	 Section 8.15
	 	Headings	  	38
				
		 	 Section 8.16
	 	No Recourse	  	38

  

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 SPREAD ACCOUNT AGREEMENT, dated as of April 11, 2007 (the “Agreement”), by and among
FINANCIAL SECURITY ASSURANCE INC., a New York stock insurance company (“Financial Security”), AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F (the “Trust”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”),
in its capacity as Trustee with respect to the Notes (in such capacity, the “Trustee”) and as Collateral Agent (as defined below). 
 RECITALS 
 1. The Trust has requested that Financial Security issue the Notes Policy (as defined herein) with respect to the
Notes (as defined herein) to the Trustee to guarantee payment of the Scheduled Payments (as defined in the Notes Policy) with respect to the Notes. 
 2. The Trust has also requested that Financial Security issue the Swap Policy (as defined herein) with respect to the Swap Agreement (as defined herein) to the Trustee to guarantee payment of the Scheduled Payments (as defined in the Swap
Policy) with respect to the Swap Agreement. 
 3. In order to secure the performance of the Secured Obligations (as defined herein), the
Trust has agreed to pledge the Collateral to Wells Fargo, acting as the Collateral Agent for the benefit of Financial Security and for the benefit of the Trustee with respect to the Notes. 
 A G R E E M E N T S 
 In consideration of the premises, and for other good and
valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. All terms defined in the Sale and Servicing Agreement or the Indenture shall have the same meanings provided in the Sale and Servicing Agreement or the Indenture, respectively, unless otherwise
specified. The following terms shall have the following respective meanings: 
 “Accelerated Payment Termination Date” means
the earlier of the Distribution Date on which (A) the principal balance of the Class A-1 Notes is reduced to zero or (B) the Accelerated Payment Amount Shortfall equals zero. 
  

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 “Agreement” means this Spread Account Agreement, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “Authorized Officer” means,
(i) with respect to Financial Security, the Chairman of the Board, the President, the Executive Vice President, the Chief Operating Officer, the Chief Executive Officer or any Managing Director of Financial Security, (ii) with respect to
each Trustee or each Collateral Agent, any Vice President, Authorized Signer or Trust Officer thereof, and (iii) with respect to the Trust, any Responsible Officer of the Owner Trustee. 
 “Collateral” means collectively all collateral pledged hereunder. 
 “Collateral Agent” means Wells Fargo, in its capacity as collateral agent on behalf of the Secured Parties, including its successors in
interest, until a successor Person shall have become a Collateral Agent pursuant to Section 4.05 hereof, and thereafter “Collateral Agent” shall also mean such successor Person. 
 “Controlling Party” means, at any time, the Person designated as the Controlling Party at such time pursuant to Section 6.01
hereof. 
 “Cumulative Default Rate” shall mean, with respect to any Determination Date, the fraction, expressed as a
percentage, the numerator of which is equal to the Principal Balance of all Receivables which became Defaulted Receivables since the Initial Cutoff Date as of the related Accounting Date and the denominator of which is equal to the Original Pool
Balance. 
 “Cumulative Default Test Failure” shall mean, the Cumulative Default Rate shall be equal to or greater than:
(A) 3.31%, with respect to any Determination Date occurring prior to or during the 3rd calendar month succeeding the Closing Date, (B) 5.45%, with respect to any Determination Date occurring after the 3rd, and prior to or during the 6th,
calendar month succeeding the Closing Date, (C) 7.72%, with respect to any Determination Date occurring after the 6th, and prior to or during the 9th, calendar month succeeding the Closing Date, (D) 9.37%, with respect to any Determination
Date occurring after the 9th, and prior to or during the 12th, calendar month succeeding the Closing Date, (E) 11.24%, with respect to any Determination Date occurring after the 12th, and prior to or during the 15th, calendar month succeeding
the Closing Date, (F) 13.59%, with respect to any Determination Date occurring after the 15th, and prior to or during the 18th, calendar month succeeding the Closing Date, (G) 15.93%, with respect to any Determination Date occurring after
the 18th, and prior to or during the 21st, calendar month succeeding the Closing Date, (H) 17.33%, with respect to any Determination Date occurring after the 21st, and prior to or during the 24th, calendar month succeeding the Closing Date,
(I) 19.21%, with respect to any Determination Date occurring after the 24th, and prior to or during the 27th, calendar month succeeding the Closing Date, (J) 20.61%, with respect to any Determination Date occurring after the 27th, and
prior to or during the 30th, calendar month succeeding the Closing Date, 

  

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(K) 22.25%, with respect to any Determination Date occurring after the 30th, and prior to or during the 33rd, calendar month succeeding the Closing
Date, (L) 23.42%, with respect to any Determination Date occurring after the 33rd, and prior to or during the 36th, calendar month succeeding the Closing Date, (M) 24.59%, with respect to any Determination Date occurring after the 36th,
and prior to or during the 39th, calendar month succeeding the Closing Date, (N) 25.30%, with respect to any Determination Date occurring after the 39th, and prior to or during the 42nd, calendar month succeeding the Closing Date and
(O) 26.00%, with respect to any Determination Date occurring after the 42nd calendar month succeeding the Closing Date. 
 “Cumulative Net Loss Rate” shall mean, with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the sum of (a) Net Losses for such Determination Date plus
(b) 50% of the Principal Balance of all Receivables with respect to which 10% or more of a Scheduled Payment has become 91 or more days delinquent (not including Receivables included under the definition of Net Losses in clause (a) above)
as of the related Accounting Date and the denominator of which is equal to the Original Pool Balance. 
 “Cumulative Net Loss Test
Failure” shall mean, the Cumulative Net Loss Rate shall be equal to or greater than: (A) 1.99%, with respect to any Determination Date occurring prior to or during the 3rd calendar month succeeding the Closing Date, (B) 3.22%,
with respect to any Determination Date occurring after the 3rd, and prior to or during the 6th, calendar month succeeding the Closing Date, (C) 4.50%, with respect to any Determination Date occurring after the 6th, and prior to or during the
9th, calendar month succeeding the Closing Date, (D) 5.78%, with respect to any Determination Date occurring after the 9th, and prior to or during the 12th, calendar month succeeding the Closing Date, (E) 7.49%, with respect to any
Determination Date occurring after the 12th, and prior to or during the 15th, calendar month succeeding the Closing Date, (F) 8.66%, with respect to any Determination Date occurring after the 15th, and prior to or during the 18th, calendar
month succeeding the Closing Date, (G) 10.30%, with respect to any Determination Date occurring after the 18th, and prior to or during the 21st, calendar month succeeding the Closing Date, (H) 11.24%, with respect to any Determination Date
occurring after the 21st, and prior to or during the 24th, calendar month succeeding the Closing Date, (I) 11.94%, with respect to any Determination Date occurring after the 24th, and prior to or during the 27th, calendar month succeeding the
Closing Date, (J) 12.88%, with respect to any Determination Date occurring after the 27th, and prior to or during the 30th, calendar month succeeding the Closing Date, (K) 13.81%, with respect to any Determination Date occurring after the
30th, and prior to or during the 33rd, calendar month succeeding the Closing Date, (L) 14.28%, with respect to any Determination Date occurring after the 33rd, and prior to or during the 36th, calendar month succeeding the Closing Date and
(M) 14.75%, with respect to any Determination Date occurring after the 36th calendar month succeeding the Closing Date. 
 “Deemed Cured” means, as of a Determination Date, (a) with respect to a Trigger Event that has occurred pursuant to clause (ii) of the definition thereof, that no such clause (ii) Trigger Event shall have
occurred as of such Determination Date or as of 

  

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either of the two consecutively preceding Determination Dates, and (b) with respect to a Trigger Event that has occurred pursuant to clause (i) or
clause (iii) of the definition thereof, as of a Determination Date which occurs in a calendar month which is a multiple of three months succeeding the Closing Date, that no such clause (i) or clause (iii) Trigger Event shall have
occurred as of such Determination Date, it being understood that a Trigger Event that has occurred pursuant to clause (i) or clause (iii) of the definition thereof, may not be cured on a Determination Date which occurs in a calendar month
which is not a multiple of three months succeeding the Closing Date. 
 “Default” means, at any time, (i) if Financial
Security is then the Controlling Party, any Insurance Agreement Event of Default or any default in the satisfaction of Insurer Secured Obligations, and (ii) if the Trustee is then the Controlling Party, any Event of Default under the Indenture.

 “Defaulted Receivable” means any Receivable with respect to which (i) 10% or more of a Scheduled Payment has become
more than 90 days delinquent, (ii) the Servicer has repossessed the Financed Vehicle (and any applicable redemption period has expired), (iii) the Servicer has determined in good faith that payments under the Receivable are not likely to
be resumed, or (iv) without duplication, such Receivable is a Sold Receivable. 
 “Delinquency Ratio” means, with
respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the sum of the Principal Balances (as of the related Accounting Date) of all Receivables that were delinquent with respect to 10% or more
of a Scheduled Payment more than 60 days (excluding those Receivables for which the Financed Vehicle has been repossessed and is in inventory) as of the related Accounting Date or that became a Purchased Receivable as of the related Accounting Date
and that were delinquent with respect to 10% or more of a Scheduled Payment more than 60 days (excluding those Receivables for which the Financed Vehicle has been repossessed and is in inventory) as of such Accounting Date and the denominator of
which is equal to the Aggregate Principal Balance as of the second preceding Accounting Date. 
 “Delinquency Test Failure”
shall mean, (A) with respect to any May-October Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 4.0%;
provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twelfth Determination Date after the Closing Date, the percentage
referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 5.0%; provided, further, in the event that the OC Percentage is equal to or greater than the Target
OC Percentage on any Determination Date occurring subsequent to the twenty-fourth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date
thereafter shall be deemed to be 5.50%; provided, further, in the event that the OC Percentage is equal to or greater than the 

  

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Target OC Percentage on any Determination Date occurring subsequent to the thirtieth Determination Date after the Closing Date, the percentage referred to in
the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 6.0%; and provided, further, in the event that the OC Percentage is equal to or greater than the Target OC
Percentage on any Determination Date occurring subsequent to the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter
shall be deemed to be 6.75%; or (B) with respect to any November-April Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater
than 4.25%; provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twelfth Determination Date after the Closing Date, the
percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 5.25%; provided, further, in the event that the OC Percentage is equal to or greater
than the Target OC Percentage on any Determination Date occurring subsequent to the twenty-fourth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each
Determination Date thereafter shall be deemed to be 5.75%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirtieth
Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 6.25%; and provided, further, in the
event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for
such November-April Determination Date and each Determination Date thereafter shall be deemed to be 7.00%. 
 “Delivery”:
means with respect to the Collateral: 
  

	 	(1)	the perfection and priority of a security interest in which is governed by the law of a jurisdiction which has adopted the 1978 Revision to Article 8 of the UCC:

  

	(a)	with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of
Section 9-105(l)(i) of the UCC (other than certificated securities) and are susceptible of physical delivery, transfer thereof to the Collateral Agent by physical delivery to the Collateral Agent, indorsed to, or registered in the name of, the
Collateral Agent or its nominee or indorsed in blank and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any
adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof; 

  

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	(b)	with respect to a “certificated security” (as defined in Section 8-102(1)(a) of the UCC), transfer thereof: 

 (i) by physical delivery of such certificated security to the Collateral Agent, provided that if the certificated security is in
registered form, it shall be indorsed to, or registered in the name of, the Collateral Agent or indorsed in blank; 
 (ii) by
physical delivery of such certificated security to a “financial intermediary” (as defined in Section 8-313(4) of the UCC) of the Collateral Agent specially indorsed to or issued in the name of the Collateral Agent; 
 (iii) by the sending by a financial intermediary, not a “clearing corporation” (as defined in Section 8-102(3) of the UCC),
of a confirmation of the purchase and the making by such financial intermediary of entries on its books and records identifying as belonging to the Collateral Agent of (A) a specific certificated security in the financial intermediary’s
possession, (B) a quantity of securities that constitute or are part of a fungible bulk of certificated securities in the financial intermediary’s possession, or (C) a quantity of securities that constitute or are part of a fungible
bulk of securities shown on the account of the financial intermediary on the books of another financial intermediary; or 
 (iv) by the making by a clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Collateral Agent or a Person designated
by the Collateral Agent by the amount of such certificated security, provided that in each case: (A) the clearing corporation identifies such certificated security for the sole and exclusive account of the Collateral Agent or the Person
designated by the Collateral Agent, (B) such certificated security shall be subject to the clearing corporation’s exclusive control, (C) such certificated security is in bearer form or indorsed in blank or registered in the name of
the clearing corporation or custodian bank or a nominee or either of them, (D) custody of such certificated security shall be maintained by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the
UCC) or the nominee of either subject to the control of the clearing corporation and (E) such certificated security is shown on the account of the transferor thereof on the books of the clearing corporation prior to the making of such entries;
and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable
law or regulations or the interpretation thereof; 
  

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	(c)	with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security
held through the Federal Reserve System pursuant to Federal book entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry
registration of such property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary which is also a “depositary” pursuant to applicable Federal regulations and issuance by such financial
intermediary of a deposit advice or other written confirmation of such book-entry registration to the Collateral Agent of the purchase by the financial intermediary on behalf of the Collateral Agent of such book-entry security; the making by such
financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Collateral Agent and indicating that such
financial intermediary holds such book-entry security solely as agent for the Collateral Agent; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the
Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof; 

  

	(d)	with respect to any item of Collateral that is an “uncertificated security” (as defined in Section 8-102(1)(b) of the UCC) and that is not governed by clause (c)
above, transfer thereof: 

 (i) by registration of the transfer thereof to the Collateral Agent, on the books
and records of the issuer thereof; 
 (ii) by the sending of a confirmation by a financial intermediary of the purchase, and
the making by such financial intermediary of entries on its books and records identifying as belonging to the Collateral Agent (A) a quantity of securities which constitute or are part of a fungible bulk of uncertificated securities registered
in the name of the financial intermediary or (B) a quantity of securities which constitute or are part of a fungible bulk of securities shown on the account of the financial intermediary on the books of another financial intermediary; or

 (iii) by the making by a clearing corporation of appropriate entries on its books reducing the appropriate account of the
transferor and increasing the account of the Collateral Agent or a Person designated by the Collateral Agent by the amount of such uncertificated security, provided that in each case: (A) the clearing corporation identifies such uncertificated
security for the sole and exclusive use of the Collateral Agent or the Person designated by the Collateral Agent, (B) such uncertificated security is registered in the name of the clearing corporation or a custodian bank or a nominee of either,
and (C) such uncertificated security is shown on the account of the transferor on the books of the clearing corporation prior to the making of such entries; and 
  

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 (iv) in each case of delivery contemplated herein, the Collateral Agent shall make
appropriate notations on its records, and shall cause same to be made on the records of its nominees, indicating that such securities are held in trust pursuant to and as provided in this Agreement. 
 (2) the perfection and priority of a security interest in which is governed by the law of a jurisdiction which has adopted the 1994 Revision to Article 8
of the UCC: 
 (i) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other
obligations that constitute “instruments” within the meaning of Section 9-105(1)(i) of the UCC (other than certificated securities) and are susceptible of physical delivery, transfer thereof to the Collateral Agent by physical
delivery to the Collateral Agent, indorsed to, or registered in the name of, the Collateral Agent or its nominee or indorsed in blank and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer
of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof; 
  

	(e)	with respect to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC), transfer thereof: 

 (i) by physical delivery of such certificated security to the Collateral Agent, provided that if the certificated security is in
registered form, it shall be indorsed to, or registered in the name of, the Collateral Agent or indorsed in blank; 
 (ii) by
physical delivery of such certificated security in registered form to a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC) acting on behalf of the Collateral Agent if the certificated security has been specially
endorsed to the Collateral Agent by an effective endorsement. 
  

	(f)	 with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a
book-entry security held through the Federal Reserve System pursuant to Federal book entry regulations, the following procedures, all in accordance with applicable law, including applicable federal regulations and Articles 8 and 9 of the UCC:
book-entry registration of such property to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities intermediary which is also a “depositary” pursuant to applicable federal regulations and 

  

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issuance by such securities intermediary of a deposit advice or other written confirmation of such book-entry registration to the Collateral Agent of the
purchase by the securities intermediary on behalf of the Collateral Agent of such book-entry security; the making by such securities intermediary of entries in its books and records identifying such book-entry security held through the Federal
Reserve System pursuant to Federal book-entry regulations as belonging to the Collateral Agent and indicating that such securities intermediary holds such book-entry security solely as agent for the Collateral Agent; and such additional or
alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the Collateral Agent free of any adverse claims, consistent with changes in applicable law or regulations or the
interpretation thereof; 

  

	(g)	with respect to any item of Collateral that is an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by clause
(c) above, transfer thereof: 

 (i)(A) by registration to the Collateral Agent as the registered owner
thereof, on the books and records of the issuer thereof. 
     (B) by another Person (not a securities
intermediary) who either becomes the registered owner of the uncertificated security on behalf of the Collateral Agent, or having become the registered owner acknowledges that it holds for the Collateral Agent. 
 (ii) the issuer thereof has agreed that it will comply with instructions originated by the Collateral Agent without further consent of the
registered owner thereof. 
  

	(h)	in each case of delivery contemplated herein, the Collateral Agent shall make appropriate notations on its records, and shall cause same to be made of the records of its nominees,
indicating that securities are held in trust pursuant to and as provided in this Agreement. 

  

	(i)	with respect to a “security entitlement” (as defined in Section 8-102(a)(17) of the UCC) 

 (i) if a securities intermediary (A) indicates by book entry that a “financial asset” (as defined in
Section 8-102(a)(9) of the UCC) has been credited to be the Collateral Agent’s “securities account” (as defined in Section 8-501(a) of the UCC), (B) receives a financial asset (as so defined) from the Collateral Agent
or acquires a financial asset for the Collateral Agent, and in either case, accepts it for credit to the Collateral Agent’s securities account (as so defined), (C) becomes obligated under other law, regulation or rule to credit a financial
asset to the Collateral Agent’s securities account, or (D) has agreed that it will comply with 

  

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“entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) originated by the Collateral Agent without further consent by the
“entitlement holder” (as defined in Section 8-102(a)(7) of the UCC), of a confirmation of the purchase and the making by such securities intermediary of entries on its books and records identifying as belonging to the Collateral Agent
of (I) a specific certificated security in the securities intermediary’s possession, (II) a quantity of securities that constitute or are part of a fungible bulk of certificated securities in the securities intermediary’s possession,
or (III) a quantity of securities that constitute or are part of a fungible bulk of securities shown on the account of the securities intermediary on the books of another securities intermediary. 
 “Eligible Account” means a segregated trust account that (i) is either (x) maintained with a depository institution or trust
company the long-term unsecured debt obligations of which are rated “AA” or higher by Standard & Poor’s and “Aa2” or higher by Moody’s, or (y) maintained with a depository institution or trust company the
commercial paper or other short-term unsecured debt obligations of which are rated “A-1+” by Standard & Poor’s and “P-1” by Moody’s and (ii) in either case, such depository institution or trust company
shall have been specifically approved by the Controlling Party, acting in its discretion, by written notice to the Collateral Agent. 
 “Final Termination Date” means the date that is the later of (i) the Insurer Termination Date and (ii) the Trustee Termination Date. 
 “Financial Security Default” means any one of the following events shall have occurred and be continuing: 
 (a) Financial Security shall have failed to make a payment required under any Policy in accordance with its terms; 
 (b) Financial Security shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United States Bankruptcy Code, the New York State Insurance Law or any other
similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or (iii) had an order for relief entered against it under the
United States Bankruptcy Code, the New York State Insurance Law, or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or 
 (c) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory authority shall have entered a
final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for Financial Security or for all or any material portion of its property or (ii) authorizing the taking of possession by a custodian,
trustee, agent or receiver of Financial Security (or the taking of possession of all or any material portion of the property of Financial Security). 
  

 10 

 “Floor Amount” shall mean, with respect to any Determination Date, the greater of
(A) $100,000 and (B) the lesser of (i) the Note Balance and (ii) 2.0% of the Original Pool Balance. 
 “Indenture” means the Indenture, dated as of April 11, 2007, between the Trust and Wells Fargo, as amended from time to time with the consent of the Controlling Party. 
 “Insurance Agreement” means the Insurance and Indemnity Agreement, dated as of April 11, 2007 among Financial Security, AmeriCredit
Corp., AmeriCredit Financial Services, Inc., AFS SenSub Corp. and the Trust, pursuant to which Financial Security issued the Policies to the Trustee and the Swap Provider. 
 “Insurer Secured Obligations” means all amounts and obligations which may at any time be owed to or on behalf of Financial Security (or
any agents, accountants or attorneys for Financial Security) under the Insurance Agreement or under any Transaction Document, regardless of whether such amounts are owed in the future, whether liquidated or unliquidated, contingent or
non-contingent. 
 “Insurer Termination Date” means the date which is the latest of (i) the date of the expiration of
all the Policies, as specified in a written notice delivered by the Seller to the Collateral Agent and the Trustee, (ii) the date on which Financial Security shall have received payment and performance in full of all Insurer Secured Obligations
and (iii) the latest date on which any payment referred to above could be avoided as a preference or otherwise under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization, as specified in an Opinion of Counsel delivered to the Collateral Agent and the Trustee. 
 “Lien” means, as applied to the property or assets (or the income, proceeds, products, rents or profits therefrom) of any Person, in each case whether the same is consensual or nonconsensual or arises by contract, operation
of law, legal process or otherwise: (a) any mortgage, lien, pledge, attachment, charge, lease, conditional sale or other title retention agreement, or other security interest or encumbrance of any kind; or (b) any arrangement, express or
implied, under which such property or assets (and/or such income, proceeds, products, rents or profits) are transferred, sequestered or otherwise identified for the purpose of subjecting or making available the same for payment of debt or
performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person. 
 “May–October Determination Date” shall mean a Determination Date occurring during the months of May, June, July, August, September or October. 
 “Net Losses” means, with respect to any Determination Date, the positive difference of (A) the sum of (i) the aggregate of the
Principal Balances as of the related 

  

 11 

 
Accounting Date of all Receivables that became Liquidated Receivables since the Initial Cutoff Date, plus (ii) the Principal Balance of all Receivables
that became Purchased Receivables since the Initial Cutoff Date as of the related Accounting Date and that were delinquent with respect to 10% or more of a Scheduled Payment more than 30 days as of such Accounting Date, plus (iii) the aggregate
of all Cram Down Losses as of the related Accounting Date that occurred since the Initial Cutoff Date, over (B) the Liquidation Proceeds received by the Trust as of the related Accounting Date since the Initial Cutoff Date 
 “Non-Controlling Party” means, at any time, the Secured Party that is not the Controlling Party at such time. 
 “Note Balance” shall mean, with respect to any Determination Date, the sum of the aggregate principal balance of the Notes with respect
to such Determination Date after giving effect to all distributions on the Notes on the related Distribution Date. 
 “Notes
Policy” means the financial guaranty insurance policy, including any endorsements thereto, issued by Financial Security with respect to the Securities, substantially in the form attached as Annex I(A) to the Insurance Agreement. 

“November–April Determination Date” shall mean a Determination Date occurring during the months of November, December, January,
February, March or April. 
 “Obligor” means, with respect to any Receivable, the purchaser or the co-purchasers of the
Financed Vehicle and any other Person or Persons who are primarily or secondarily obligated to make payments under a Receivable. 
 “OC Level” shall mean 11.0%; provided, however, if each of the Step-Down Conditions are satisfied on a Determination Date preceding the Distribution Date set forth in the following table, the OC Level shall be
reduced to the amount set forth with respect to such Distribution Date in the following table; provided, further, however, that if any of such Step Down Conditions are not satisfied with respect to any Distribution Date in the
following table, the OC Level shall not be reduced on such Distribution Date and will not be subject to reduction or further reduction, as applicable, until the next Distribution Date set forth in the following table (if any): 
  

				
	 Distribution Date occurring in:
	  	OC Level	 
	 18th calendar month
	  	10.5	%
		
	 24th calendar month
	  	9.5	%
		
	 30th calendar month
	  	8.5	%

 “OC Percentage” shall mean, with respect to any Determination Date, the sum of
(i) the percentage equivalent of a fraction the numerator of which is equal to the excess, if 

  

 12 

 
any, of (A) the Aggregate Principal Balance as of such Determination Date over (B) the Note Balance as of such Determination Date and the
denominator of which is equal to the Aggregate Principal Balance as of such Determination Date, and (ii) the percentage equivalent of a fraction the numerator of which is equal to the amount on deposit in the Spread Account as of such
Determination Date (after giving effect to any withdrawals from the Spread Account to be made on the related Distribution Date) and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date. 
 “Opinion of Counsel” means a written opinion of counsel, acceptable as to form and substance, and reasonably acceptable as to issuing
counsel, to the Controlling Party. 
 “Policy” means any of the (a) the Notes Policy or (b) the Swap Policy.

 “Requisite Amount” shall mean, as of any Determination Date, (A) if no Trigger Event and no Insurance Agreement
Event of Default shall exist as of such Determination Date, the Floor Amount with respect to such Determination Date; (B) if a Trigger Event shall exist as of such Determination Date and no Insurance Agreement Event of Default shall have
occurred as of such Determination Date, the greater of (x) the Floor Amount and (y) 8.5% of the Aggregate Principal Balance with respect to such Determination Date; or (C) if an Insurance Agreement Event of Default shall have occurred
as of such Determination Date, the Pool Balance. 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement
dated as of April 11, 2007 among the Trust, AmeriCredit Financial Services, Inc., as Servicer, the Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent. 
 “Secured Obligations” means the Insurer Secured Obligations and the Trustee Secured Obligations. 
 “Secured Parties” means each of the Trustee, in respect of the Trustee Secured Obligations, and Financial Security, in respect of the
Insurer Secured Obligations. 
 “Security Interests” means the security interests and Liens in the Collateral granted
pursuant to Section 2.01 hereof. 
 “Spread Account” means the account established in accordance with
Section 3.01(a) hereof. 
 “Spread Account Eligible Investments” means Eligible Investments held by the Collateral
Agent in the Spread Account and with respect to which the Collateral Agent has taken Delivery. Any such Spread Account Eligible Investment may be purchased by or through the Collateral Agent or any of its affiliates. 
  

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 “Spread Account Initial Deposit” shall have the meaning assigned in Section 3.01(c)
hereof. 
 “Step-Down Conditions” shall be satisfied as of each Distribution Date in the following table if
each of the following conditions are met on such Distribution Date: (a) no Insurance Agreement Event of Default shall have occurred; (b) all amounts owed to the Insurer under the Basic Documents have been paid in full; (c) immediately
before and after giving effect to any reduction in the OC Level, (i) the Spread Account is at the Requisite Amount and (ii) the Pro Forma Note Balance is less than or equal to the Required Pro Forma Note Balance; (d) the arithmetic
average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is less than the percentage set forth opposite such Distribution Date, (e) the Cumulative Net Loss Rate for the related Collection Period is less
than the percentage set forth opposite such Distribution Date, (f) the Cumulative Default Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date and (g) the arithmetic average of the
Monthly Extension Rates for the three immediately preceding consecutive calendar months is less than 3.00%: 
  

										
	 Distribution Date occurring in:
	  	Delinquency
Ratio	 	 	Cumulative
Net Loss Rate	 	 	Cumulative
Default Rate	 
	 October 2008
	  	4.00	%	 	5.70	%	 	9.70	%
	 April 2009
	  	4.00	%	 	7.50	%	 	12.75	%
	 October 2009
	  	4.75	%	 	9.00	%	 	15.00	%

 “Swap Policy” means the financial guaranty insurance policy, including any
endorsements thereto, issued by Financial Security with respect to the Swap Agreement, substantially in the form attached as Annex I(B) to the Insurance Agreement. 
 “Target OC Percentage” shall mean, with respect to any Determination Date, the sum of (i) the percentage equivalent of a fraction the numerator of which is equal to the Floor Amount as of such
Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date, and (ii) the percentage equivalent of a fraction the numerator of which is equal to the excess, if any, of (A) the
Aggregate Principal Balance as of such Determination Date over (B) the Required Pro Forma Note Balance as of such Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date.

 “Transaction Documents” has the meaning provided in the Insurance Agreement. 
 “Trigger Date” means a Determination Date which occurs (i) on or after the date of occurrence of a Trigger Event and prior to the
date, if any, on which such Trigger Event is Deemed Cured or (ii) on or after the date of occurrence of an Insurance Agreement Event of Default. 
  

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 “Trigger Event” shall mean, as of a Determination Date, the occurrence of any of the
following: 
 (i) the occurrence of a Cumulative Net Loss Test Failure; 
 (ii) the occurrence of a Delinquency Test Failure; or 
 (iii) the occurrence of a Cumulative Default Test Failure. 
 “Trustee” means the Trust Collateral Agent named in
the Indenture. 
 “Trustee Secured Obligations” means all amounts and obligations which the Trust may at any time owe to or
on behalf of the Trustee, Collateral Agent, Trust Collateral Agent (without regard to any limitations on the amounts payable to the Trustee, the Collateral Agent or the Trust Collateral Agent specified in such Transaction Documents), or the
Noteholders under the Indenture or other Transaction Documents. 
 “Trustee Termination Date” means the date on which the
Trustee shall have received, as Trustee on behalf of (and as agent for) the Noteholders, payment and performance in full of all Trustee Secured Obligations. 
 “Underwriting Agreement” means the underwriting agreement dated as of April 11, 2007 among AmeriCredit Financial Services, Inc., AFS SenSub Corp. and Lehman Brothers Inc., as representative of
the Underwriters. 
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code in effect in the
relevant jurisdiction, as the same may be amended from time to time. 
 “Wells Fargo” means Wells Fargo Bank, National
Association, a national banking association and its successors. 
 Section 1.02 Rules of Interpretation. The terms
“hereof,” “herein,” “hereby” or “hereunder,” unless otherwise modified by more specific reference, shall refer to this Agreement in its entirety. Unless otherwise indicated in context, the terms
“Article,” “Section,” “Appendix,” “Exhibit” or “Annex” shall refer to an Article or Section of, or Appendix, Exhibit or Annex to, this Agreement. The definition of a term shall include the singular,
the plural, the past, the present, the future, the active and the passive forms of such term. 
 ARTICLE II 
 SECURITY INTERESTS; THE COLLATERAL 
 Section 2.01 Grant of Security Interest by the Trust. 
 (a) In order to secure the performance of the Secured
Obligations, the Trust hereby pledges, assigns, grants, transfers and conveys to Wells Fargo, as Collateral 

  

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Agent, on behalf of and for the benefit of the Secured Parties to secure such Secured Obligations, a Lien on and security interest in (which Lien and
security interest is intended to be prior to all other Liens), all of its right, title and interest in and to the following (all constituting Collateral hereunder): 
 (i) the Spread Account as established pursuant to Section 3.01 of this Agreement (including, without limitation, the Spread Account
Initial Deposit and all additional monies, checks, securities, investments and other items or documents at any time held in or evidencing any such accounts); 
 (ii) all of the Trust’s right, title and interest in and to investments made with proceeds of the property described in clause
(i) above, including investments made with amounts on deposit in the Spread Account; and 
 (iii) all distributions,
revenues, products, substitutions, benefits, profits and proceeds, in whatever form, of any of the foregoing. 
 (b) In order to effectuate
the provisions and purposes of this Agreement, including for the purpose of perfecting the security interests granted hereunder, the Trust represents and warrants that it has, prior to the execution of this Agreement, executed and filed an
appropriate Uniform Commercial Code financing statement in Delaware sufficient to assure that the Collateral Agent, as agent for the Secured Parties, has a first priority perfected security interest in all Collateral which can be perfected by the
filing of a financing statement or has delivered to Financial Security a legal opinion acceptable to Financial Security to the effect that no filings are required to perfect the security interests granted hereunder. 
 Section 2.02 Perfection and Profit. The Trust intends the security interests in favor of the Secured Parties to be prior to all other Liens
in respect of the Collateral, and the Trust shall take all actions necessary to obtain and maintain, in favor of the Collateral Agent, for the benefit of the Secured Parties, a first lien on and a first priority, perfected security interest in the
Collateral granted to the Collateral Agent. Subject to the provisions hereof specifying the rights and powers of the Controlling Party from time to time to control certain specified matters relating to the Collateral, each Secured Party shall have
all of the rights, remedies and recourse with respect to the Collateral afforded a secured party under the Uniform Commercial Code and all other applicable law in addition to, and not in limitation of, the other rights, remedies and recourse granted
to such Secured Parties by this Agreement or any other law relating to the creation and perfection of liens on, and security interests in, the Collateral. 
 Section 2.03 Reserved. 
 Section 2.04 The Trust Remains Liable. The Security
Interests are granted as security only and shall not (i) transfer or in any way affect or modify, or relieve the Trust from, any obligation to perform or satisfy, any term, covenant, condition or agreement to be performed or satisfied by the
Trust under or in connection with this Agreement, the 

  

 16 

 
Insurance Agreement or any other Transaction Document to which it is a party or (ii) impose any obligation on any of the Secured Parties or the
Collateral Agent to perform or observe any such term, covenant, condition or agreement or impose any liability on any of the Secured Parties or the Collateral Agent for any act or omission on its part relative thereto or for any breach of any
representation or warranty on its part contained therein or made in connection therewith, except, in each case, to the extent provided herein and in the other Transaction Documents. 
 Section 2.05 Maintenance of Collateral. 
 (a) Safekeeping. The Collateral Agent agrees to maintain the Collateral received by it and all records and documents relating thereto at the office of the Collateral Agent specified in Section 8.06 hereof or such other address
(unless all filings have been made to continue the perfection of the security interest in the Collateral to the extent such security interest can be perfected by filing a financing statement, as evidenced by an Opinion of Counsel delivered to the
Controlling Party), as may be approved by the Controlling Party. The Collateral Agent shall keep all Collateral and related documentation in its possession separate and apart from all other property that it is holding in its possession and from its
own general assets and shall maintain accurate records pertaining to the Spread Account Eligible Investments and Spread Account included in the Collateral in such a manner as shall enable the Collateral Agent and the Secured Parties to verify the
accuracy of such record-keeping. The Collateral Agent’s books and records shall at all times show that the Collateral is held by the Collateral Agent as agent of the Secured Parties and is not the property of the Collateral Agent. The
Collateral Agent will promptly report to each Secured Party and the Trust any failure on its part to hold the Collateral as provided in this Section 2.05(a) and will promptly take appropriate action to remedy any such failure. 
 (b) Access. The Collateral Agent shall permit each of the Secured Parties, or their respective duly authorized representatives, attorneys,
auditors or designees, to inspect the Collateral or the records relating to the Collateral in the possession of or otherwise under the control of the Collateral Agent pursuant hereto at such reasonable times during normal business hours as any such
Secured Party may reasonably request upon not less than one Business Day’s prior written notice. The costs and expenses associated with any such inspection will be paid by the party making such inspection. 
 Section 2.06 Termination and Release of Rights. 
 (a) On the Insurer Termination Date, the rights, remedies, powers, duties, authority and obligations conferred upon Financial Security pursuant to this Agreement in respect of the Collateral shall terminate and be of
no further force and effect and all rights, remedies, powers, duties, authority and obligations of Financial Security with respect to the Collateral shall be automatically released; provided that any indemnity provided to or by Financial
Security herein shall survive such Insurer Termination Date. If Financial Security is acting as Controlling Party on the Insurer Termination Date, Financial Security agrees, at the expense of the Trust, to execute and deliver such 

  

 17 

 
instruments as the successor Controlling Party may reasonably request to effectuate such release, and any such instruments so executed and delivered shall be
fully binding on Financial Security and any Person claiming by, through or under Financial Security. 
 (b) On the Trustee Termination Date,
the rights, remedies, powers, duties, authority and obligations, if any, conferred upon the Trustee pursuant to this Agreement in respect of the Collateral shall terminate and be of no further force and effect and all such rights, remedies, powers,
duties, authority and obligations of the Trustee with respect to the Collateral shall be automatically released; provided that any indemnity provided to the Trustee herein shall survive such Trustee Termination Date. If the Trustee is acting
as Controlling Party on the Trustee Termination Date, the Trustee agrees, at the expense of the Trust, to execute and deliver such instruments as the Trust may reasonably request to effectuate such release, and any such instruments so executed and
delivered shall be fully binding on the Trustee. 
 (c) On the Final Termination Date, the rights, remedies, powers, duties, authority and
obligations conferred upon the Collateral Agent and each Secured Party pursuant to this Agreement shall terminate and be of no further force and effect and all rights, remedies, powers, duties, authority and obligations of the Collateral Agent and
each Secured Party with respect to the Collateral shall be released in accordance with the provisions of Section 3.03(b). On the Final Termination Date, the Collateral Agent agrees, and each Secured Party agrees, at the expense of the Trust, to
execute such instruments of release, in recordable form if necessary, in favor of the Trust as the Trust may reasonably request, to deliver the Collateral, if any, in its possession to the Trust, and to otherwise release the lien of this Agreement
and release and deliver to the Trust the Collateral. 
 Section 2.07 Non-Recourse Obligations of Trust. Notwithstanding anything
herein or in the other Transaction Documents to the contrary, the parties hereto agree that the obligations of the Trust hereunder (without limiting the obligation to make distributions in accordance with Section 3.03(b)) shall be recourse only
to the extent of amounts released to the Trust pursuant to priority SECOND, fourth of Section 3.03(b). 
 Section 2.08
Securities Intermediary. Wells Fargo, hereby undertakes and agrees to act as “securities intermediary” (as such term is defined in Section 8-102 (a)(14) of the Uniform Commercial Code as in effect in the State of New York (the
“New York UCC”)). In such capacity (Wells Fargo, in such capacity being herein sometimes referred to as the “Securities Intermediary”) and in accordance with Section 3.01 of this Agreement, the Securities Intermediary has
established the Spread Account. The Securities Intermediary represents, warrants, acknowledges and agrees that: 
 (1) It shall not change the
name or account number of the Spread Account without the prior written consent of the Collateral Agent; 
 (2) All securities or other
property underlying any financial assets deposited in or credited to the Spread Account shall be registered in the name of the Securities 

  

 18 

 
Intermediary or the Collateral Agent or in blank or credited to another securities account or accounts maintained in the name of the Securities Intermediary,
and in no case shall any financial asset deposited in or credited to the Spread Account be registered in the name of Seller except to the extent the foregoing have been specially indorsed to the Securities Intermediary in blank; 
 (3) All property delivered to the Securities Intermediary pursuant to this Agreement for deposit in or credit to the Spread Account shall be promptly
credited to the Spread Account; 
 (4) The Spread Account is a “securities account” as such term is defined in
Section 8-501(a) of the New York UCC, and the Securities Intermediary agrees that each item of property (whether investment property, financial asset, security, instrument or cash) deposited in or credited to the Spread Account shall be treated
as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC and that, subject to the terms of this Agreement, the Securities Intermediary will treat the Collateral Agent as entitled to exercise the rights that
comprise any financial asset deposited in or credited to such Account; and 
 (5) If at any time the Securities Intermediary shall receive
any order from the Collateral Agent directing transfer or redemption of any financial asset relating to the Spread Account, the Securities Intermediary shall comply with such entitlement order without further consent by Seller or any other person.

 Without limiting the generality of Section 8.11 of this Agreement, the parties agree that both this Agreement and the Spread Account
shall be governed by the laws of the State of New York. Regardless of any provision in any other agreement, for purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Spread Account (as
well as all of the securities entitlements related thereto) shall be governed by the laws of the State of New York. 
 ARTICLE III 

SPREAD ACCOUNT 
 Section 3.01
Establishment of Spread Account, Initial Deposits into Spread Account. 
 (a) On or prior to the Closing Date, the Collateral Agent
shall establish at its office or at another depository institution or trust company an Eligible Account, designated, “Spread Account – Series 2007-B-F – Wells Fargo, as Collateral Agent for Financial Security Assurance Inc. and Well
Fargo, as Trustee” (the “Spread Account”). 
 (b) No withdrawals may be made of funds in the Spread Account except as provided
in Section 3.03 of this Agreement. Except as specifically provided in this Agreement, funds in the Spread Account shall not be commingled with any other monies. All monies deposited from time to time in the Spread Account and all investments
made with such monies shall be held by the Collateral Agent as part of the Collateral. 
  

 19 

 (c) The parties hereto acknowledge and agree that the initial amount deposited into the Spread Account
comprising part of the Collateral shall be in the amount of $32,258,099.89 (the “Spread Account Initial Deposit”). The Trust and the Collateral Agent confirm that concurrently with the execution and delivery of this Agreement such amount
has been deposited by the Trust with the Collateral Agent for deposit into the Spread Account. The Collateral Agent shall deposit all cash distributions with respect to the Collateral into the Spread Account. 
 (d) Except as specifically provided herein, the Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other
account of the Trust or the Servicer. All income or loss on investments of funds in the Spread Account shall be reported by AmeriCredit as taxable income or loss of AmeriCredit. 
 Section 3.02 Investments. 
 (a)
Funds which may at any time be held in the Spread Account shall be invested and reinvested by the Collateral Agent, at the written direction (which may include, subject to the provisions hereof, general standing instructions) of the Servicer (unless
a Servicer Termination Event shall have occurred and be continuing, in which case at the written direction of the Controlling Party) or its designee received by the Collateral Agent by 1:00 P.M., New York City time, on the Business Day prior to the
date on which such investment shall be made, in one or more Spread Account Eligible Investments in the manner specified in Section 3.02(c). If no written direction with respect to any portion of the Spread Account is received by the Collateral
Agent, the Collateral Agent shall invest such funds overnight in investments described in paragraph (g) of Eligible Investments, provided that the Collateral Agent shall not be liable for any loss or absence of income resulting from such
investments. 
 (b) Each investment made pursuant to this Section 3.02 on any date shall mature not later than the Business Day
immediately preceding the Distribution Date next succeeding the day such investment is made, provided that any investment of funds in the Spread Account maintained with the Collateral Agent in any investment as to which the Collateral Agent is the
obligor, if otherwise qualified as an Eligible Investment may mature on the Distribution Date next succeeding the date of such investment. 
 (c) Subject to the other provisions hereof, the Collateral Agent shall have sole control over each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered
directly to the Collateral Agent or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner which complies with Section 2.04 and the requirements of the
definition of “Spread Account Eligible Investments.” 
  

 20 

 (d) If amounts on deposit in the Spread Account are at any time invested in a Spread Account Eligible
Investment payable on demand, the Collateral Agent shall (i) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Spread Account Eligible Investment is permitted to mature under
the provisions hereof and (ii) demand payment of all amounts due thereunder promptly upon receipt of written notice from the Controlling Party to the effect that such investment does not constitute a Spread Account Eligible Investment.

 (e) All monies on deposit in the Spread Account, together with any deposits or securities in which such monies may be invested or
reinvested, and any gains from such investments, shall constitute Collateral hereunder subject to the Security Interest of the Secured Parties. 
 (f) Subject to Section 4.03 hereof, the Collateral Agent shall not be liable by reason of any insufficiency in the Spread Account resulting from any loss on any Spread Account Eligible Investment included therein. 
 Section 3.03 Distributions: Priority of Payments. 
 (a) Prior to each Distribution Date, the Controlling Party will direct the Collateral Agent with respect to the amounts to be distributed pursuant to Section 3.03(b) on such Distribution Date and the Collateral
Agent shall notify the Trustee of such determination. Additionally, on each Determination Date on which the amount in the Spread Account is less than the Requisite Amount with respect to such Determination Date, the Collateral Agent shall notify the
Trust Collateral Agent of the amount of such shortfall, and on the next succeeding Distribution Date, the Trust Collateral Agent shall be required pursuant to Section 5.7(a) of the Sale and Servicing Agreement to deliver such amount, to the
extent available in accordance with the Sale and Servicing Agreement, to the Collateral Agent for deposit into the Spread Account subject to Section 3.03(b) hereof. 
 (b) On each Distribution Date, following delivery by the Trustee to the Collateral Agent of the amounts required under the Sale and Servicing Agreement to be delivered to the Collateral Agent for deposit in the Spread
Account, and upon receipt of a Deficiency Notice, or notice with respect to an Accelerated Payment Amount Shortfall or notice with respect to other amounts referred to in priority SECOND being due and owing, the Collateral Agent shall make the
following distributions from the Spread Account in the following order of priority and, in each case, to the extent of the amount specified: 
 FIRST, if there exists a Deficiency Claim Amount, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Deficiency Claim Amount; and 
  

 21 

 SECOND, to the extent that the funds in the Spread Account are in excess of the
Requisite Amount or, following the Final Termination Date, to the extent of any funds remaining in the Spread Account: 
 first, if the Trust
Collateral Agent has delivered an Accelerated Payment Shortfall Notice and if there exists an Accelerated Payment Amount Shortfall, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Accelerated Payment Amount
Shortfall; 
 second, amounts in respect of indemnity payments to the Trustee, Lockbox Bank, Owner Trustee, Custodian, Backup Servicer,
Collateral Agent, Trust Collateral Agent, or other service provider that have not been reimbursed by the Servicer, to such Persons pro rata in accordance with amounts due to such Persons; 
 third, to the payment of any expenses payable pursuant to Section 4.5 of the Sale and Servicing Agreement to the extent not paid by the Servicer; and

 fourth, to the Certificateholder free and clear of the Lien established hereunder. 
 (c) On any date on which the Notes have been redeemed in full pursuant to Section 10.1 of the Indenture and all amounts due and payable to Financial
Security under the Insurance Agreement have been paid in full, the Collateral Agent shall release all amounts remaining on deposit in the Spread Account (following any distributions required to have been made on such date pursuant to
Section 3.03(b)) to the Certificateholder free and clear of the Lien established hereunder. 
 Section 3.04 General Provisions
Regarding Spread Account. 
 (a) Promptly upon the establishment (initially or upon any relocation) of the Spread Account hereunder, the
Collateral Agent shall advise the Trust and each Secured Party in writing of the name and address of the depository institution or trust company where the Spread Account has been established (if not Wells Fargo or any successor Collateral Agent in
its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing the Spread Account, the account number and the individuals whose names appear on the signature cards for the Spread Account.
The Trust shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives
(except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker’s or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable
law with respect to the Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Trust, the Collateral Agent, and each Secured Party of any charge or claim 

  

 22 

 
against or with respect to the Spread Account. The Collateral Agent shall give the Trust and each Secured Party at least ten Business Days’ prior
written notice of any change in the location of the Spread Account or in any related account information. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall
have no right to change the location of the Spread Account. 
 (b) Upon the written request of the Controlling Party or the Trust, the
Collateral Agent shall cause, at the expense of the Trust, the depository institution at which the Spread Account is located to forward to the requesting party copies of all monthly account statements for the Spread Account. 
 (c) If at any time the Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall
establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling
Party. 
 (d) No passbook, certificate of deposit or other similar instrument evidencing the Spread Account shall be issued, and all
contracts, receipts and other papers, if any, governing or evidencing the Spread Account shall be held by the Collateral Agent. 
 Section 3.05 Reports by the Collateral Agent. The Collateral Agent shall report to the Trustee, Financial Security, the Trust and the Servicer on a monthly basis no later than each Distribution Date with respect to the amount on
deposit in the Spread Account and the identity of the investments included therein as of the last day of the related Monthly Period, and shall provide accounts of deposits into and withdrawals from the Spread Account, and of the investments made
therein, to the independent accountants upon their request for purposes of their reports pursuant to Section 4.11 of the Sale and Servicing Agreement. 
 ARTICLE IV 
 THE COLLATERAL AGENT 
 Section 4.01 Appointment and Powers. Subject to the terms and conditions hereof, each of the Secured Parties hereby appoints Wells Fargo, as
Collateral Agent with respect to the Collateral, and Wells Fargo hereby accepts such appointment and agrees to act as Collateral Agent with respect to the Collateral for the Secured Parties, to maintain custody and possession of the Collateral
(except as otherwise provided hereunder) and to perform the other duties of the Collateral Agent in accordance with the provisions of this Agreement. Each Secured Party hereby authorizes the Collateral Agent to take such action on its behalf, and to
exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by the Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers
and privileges as are reasonably incidental thereto. The Collateral 

  

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Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Agreement promptly following receipt
of such written instructions; provided that the Collateral Agent shall not act in accordance with any instructions (i) which are not authorized by, or in violation of the provisions of, this Agreement or (ii) for which the Collateral Agent
has not received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Collateral Agent of its express duties hereunder, except where this Agreement provides that the Collateral Agent is permitted to act
only following and in accordance with such instructions. 
 Section 4.02 Performance of Duties. The Collateral Agent shall not
have any duties or responsibilities except those expressly set forth in this Agreement and the other Transaction Documents to which the Collateral Agent is a party or as directed by the Controlling Party in accordance with this Agreement.

 Section 4.03 Limitation on Liability. Neither the Collateral Agent nor any of its directors, officers or employees, shall be
liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Collateral Agent shall be liable for its gross negligence, bad faith or willful misconduct; nor shall the Collateral Agent be
responsible for the validity, effectiveness, value, sufficiency or enforceability against the Trust of this Agreement or any of the Collateral (or any part thereof) or perfection thereof. Notwithstanding any term or provision of this Agreement, the
Collateral Agent shall not incur any liability to the Trust or the Secured Parties for any action taken or omitted by the Collateral Agent in connection with the Collateral, except for gross negligence or willful misconduct on the part of the
Collateral Agent, and, further, the Collateral Agent shall not incur any liability to the Secured Parties except for gross negligence or willful misconduct in carrying out its duties to the Secured Parties. Subject to Section 4.04, the
Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other
document reasonably believed by the Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Collateral Agent) the Collateral Agent shall
not be required to make any independent investigation with respect thereto. The Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or
nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Transaction Documents. The Collateral Agent may consult with counsel, and shall not be liable for any action taken or
omitted to be taken by it hereunder in good faith and in accordance with the written advice of such counsel. The Collateral Agent shall not be under any obligation to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder, or to exercise any of the remedial rights or powers vested in it by this Agreement or to follow any direction from the Controlling Party unless it shall have received reasonable security or indemnity
satisfactory to the Collateral Agent against the costs, expenses and liabilities which might be incurred by it in connection therewith. 
  

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 Section 4.04 Reliance upon Documents. In the absence of bad faith or negligence on its part,
the Collateral Agent shall be entitled to rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability
in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument. 
 Section 4.05 Successor Collateral Agent. 
 (a) Merger. Any Person into which the
Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger,
consolidation, sale or transfer to which the Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Collateral Agent hereunder) be and become a successor Collateral Agent hereunder and be vested with all of the title
to and interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any
of the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Secured Parties in the Collateral.

 (b) Resignation. The Collateral Agent and any successor Collateral Agent may resign only (i) upon a determination that by
reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would result in a material adverse effect on the Collateral Agent, and the
Controlling Party does not elect to waive the Collateral Agent’s obligation to perform those duties which render it legally unable to act or elect to delegate those duties to another Person, or (ii) with the prior written consent of the
Controlling Party, such consent not to be unreasonably withheld. The Collateral Agent shall give not less than 60 days’ prior written notice of any such permitted resignation by registered or certified mail to the other Secured Party and the
Trust; provided, that such resignation shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent and the acceptance in writing by such successor Collateral Agent
of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, (ii) delivery of the Collateral to such successor to be held in accordance with the procedures specified in Article II hereof,
and (iii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 5.02. Notwithstanding the preceding sentence, if by the contemplated date of resignation specified in the written notice of resignation
delivered as described above no successor Collateral Agent or temporary successor Collateral Agent has been appointed Collateral Agent and accepted such appointment or becomes the Collateral Agent pursuant to subsection (d) hereof, the
resigning Collateral Agent may petition a court of competent jurisdiction in New York, New York for the appointment of a successor. 
  

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 (c) Removal. The Collateral Agent may be removed by the Controlling Party at any time, with or
without cause, by an instrument or concurrent instruments in writing delivered to the Collateral Agent, the other Secured Party and the Issuer. A temporary successor may be removed at any time to allow a successor Collateral Agent to be appointed
pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent and
the acceptance in writing by the successor Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, (ii) delivery of the Collateral to such successor to be held in
accordance with the procedures specified in Article II hereof and (iii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 5.02. 
 (d) Acceptance by Successor. The Controlling Party shall have the sole right to appoint each successor Collateral Agent. Every temporary or
permanent successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to each Secured Party and the Trust an instrument in writing accepting such appointment hereunder and the relevant predecessor
shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Collateral Agent to be held in accordance with the procedures specified in Article II hereof, whereupon
such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of
either Secured Party or the Trust, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Trust or a Secured
Party is reasonably required by a successor Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in such Collateral Agent, any
and all such written instruments shall, at the request of the temporary or permanent successor Collateral Agent, be forthwith executed, acknowledged and delivered by the Issuer. The designation of any successor Collateral Agent and the instrument or
instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law,
filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Collateral Agent or to protect or continue the perfection of the security
interests granted hereunder. 
 Section 4.06 Indemnification. The Trust shall indemnify the Collateral Agent, its directors,
officers, employees and agents for, and hold the Collateral Agent, its directors, officers, employees and agents harmless against, any loss, liability or expense (including the costs and expenses of defending against any claim of liability) arising
out 

  

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of or in connection with the Collateral Agent’s acting as Collateral Agent hereunder, except such loss, liability or expense as shall result from the
gross negligence, bad faith or willful misconduct of the Collateral Agent or its officers, employees, directors or agents. The obligation of the Trust under this Section shall survive the termination of this Agreement and the resignation or removal
of any Collateral Agent. The Collateral Agent covenants and agrees that the obligations of the Trust hereunder and under Section 4.07 shall be limited to the amounts distributed pursuant to Section 5.7(a)(iii) of the Sale and Servicing
Agreement and Section 3.03(b) of this Agreement, and further covenants not to take any action to enforce its rights to indemnification hereunder with respect to the Trust and to payment under Section 4.07, or otherwise to assert any Lien
or take any other action in respect of the Collateral, until the Final Termination Date. 
 Section 4.07 Compensation and
Reimbursement. The Trust agrees for the benefit of the Secured Parties and as part of the Secured Obligations (a) to pay to the Collateral Agent, from time to time, reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a collateral trustee); and (b) to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Collateral Agent in accordance with any provision of, or carrying out its duties and obligations under, this Agreement (including the reasonable compensation and fees and the expenses and disbursements of its agents, any independent
certified public accountants and independent counsel), except any expense, disbursement or advances as may be attributable to gross negligence, bad faith or willful misconduct on the part of the Collateral Agent. 
 Section 4.08 Representations and Warranties of Wells Fargo. Wells Fargo represents and warrants to the Trust and to each Secured Party as
follows: 
 (a) Due Organization. Wells Fargo is a national banking association, duly organized, validly existing and in good standing
under the laws of the United States and is duly authorized and licensed under applicable law to conduct its business as presently conducted. 
 (b) Corporate Power. Wells Fargo has all requisite right, power and authority to execute and deliver this Agreement and to perform all of its duties as Collateral Agent hereunder. 
 (c) Due Authorization. The execution and delivery by Wells Fargo of this Agreement and the other Transaction Documents to which it is a party, and
the performance by Wells Fargo of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution
and delivery by Wells Fargo, or the performance by Wells Fargo, of this Agreement and such other Transaction Documents. 
  

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 (d) Valid and Binding Agreement. Wells Fargo has duly executed and delivered this Agreement and
each other Transaction Document to which it is a party, and each of this Agreement and each such other Transaction Document constitutes the legal, valid and binding obligation of Wells Fargo, enforceable against Wells Fargo, in accordance with its
terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies
may be limited by equitable principles of general applicability. 
 Section 4.09 Waiver of Setoffs. The Collateral Agent hereby
expressly waives any and all rights of setoff that the Collateral Agent may otherwise at any time have under applicable law with respect to the Spread Account and agrees that amounts in the Spread Account shall at all times be held and applied
solely in accordance with the provisions hereof. 
 Section 4.10 Control by the Controlling Party. The Collateral Agent shall
comply with notices and instructions given by the Trust only if accompanied by the written consent of the Controlling Party, except that if any Default shall have occurred and be continuing, the Collateral Agent shall act upon and comply with
notices and instructions given by the Controlling Party alone in the place and stead of the Trust. 
 ARTICLE V 
 COVENANTS OF THE TRUST 
 Section 5.01
Preservation of Collateral. Subject to the rights, powers and authorities granted to the Collateral Agent and the Controlling Party in this Agreement, the Trust shall take such action as is necessary and proper with respect to the Collateral
in order to preserve and maintain the Collateral and to cause (subject to the rights of the Secured Parties) the Collateral Agent to perform its obligations with respect to the Collateral as provided herein. The Trust will do, execute, acknowledge
and deliver, or cause to be done, executed, acknowledged and delivered, such instruments of transfer or take such other steps or actions as may be necessary, or required by the Controlling Party, to perfect the Security Interests granted hereunder
in the Collateral, to ensure that such Security Interests rank prior to all other Liens and to preserve the priority of such Security Interests and the validity and enforceability thereof. Upon any delivery or substitution of Collateral, the Trust
shall be obligated to execute such documents and perform such actions as are necessary to create in the Collateral Agent for the benefit of the Secured Parties a valid first Lien on, and valid and perfected, first priority security interest in, the
Collateral so delivered and to deliver the Collateral to the Collateral Agent, free and clear of any other Lien together with satisfactory assurances thereof, and to pay any reasonable costs incurred by any of the Secured Parties or the Collateral
Agent (including its respective agents) or otherwise in connection with such delivery. 
 Section 5.02 Opinions as to Collateral.
Not more than 90 days nor less than 30 days prior to (i) each May 1, during the term of this Agreement, beginning in 2008 and 

  

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(ii) each date on which the Trust proposes to take any action contemplated by Section 5.06, the Trust shall, at its own cost and expense, furnish to
each Secured Party, the Collateral Agent and each Rating Agency an Opinion of Counsel either (a) stating that, in the opinion of such counsel, such action has been taken with respect to the execution and filing of any financing statements and
continuation statements and other actions as are necessary to perfect, maintain and protect the lien and security interest of the Collateral Agent (and the priority thereof), on behalf of the Secured Parties, with respect to the Collateral against
all creditors of and purchasers from the Trust and reciting the details of such action, or (b) stating that, in the opinion of such counsel, no such action is necessary to maintain such perfected lien and security interest. Such Opinion of
Counsel shall further describe each execution and filing of any financing statements and continuation statements and such other actions as will, in the opinion of such counsel, be required to perfect, maintain and protect the lien and security
interest of the Collateral Agent, on behalf of the Secured Parties, with respect to the Collateral against all creditors of and purchasers from the Trust for a period, specified in such Opinion, continuing until a date not earlier than eighteen
months from the date of such Opinion. 
 Section 5.03 Notices. In the event that the Trust acquires knowledge of the occurrence
and continuance of any Insurance Agreement Event of Default or Event of Default or of any event of default or like event, howsoever described or called, under any of the Transaction Documents, the Trust shall immediately give written notice thereof
to the Collateral Agent and each Secured Party. 
 Section 5.04 Waiver of Stay or Extension Laws; Marshaling of Assets. The Trust
covenants, to the fullest extent permitted by applicable law, that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law
wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or any absolute sale of the Collateral or any part thereof, or the possession thereof by any purchaser at any sale under Article
VII of this Agreement; and the Trust, to the fullest extent permitted by applicable law, for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. The Trust, for itself and all who may claim under it, waives, to the fullest extent permitted by
applicable law, all right to have the Collateral marshaled upon any foreclosure or other disposition thereof. 
 Section 5.05
Noninterference, etc. The Trust shall not (i) waive or alter any of its rights under the Collateral (or any agreement or instrument relating thereto) without the prior written consent of the Controlling Party; or (ii) fail to pay
any tax, assessment, charge or fee levied or assessed against the Collateral, or to defend any action, if such failure to pay or defend may adversely affect the priority or enforceability of the Trust’s right, title or interest in and to the
Collateral or the Collateral Agent’s lien on, and security interest in, the Collateral for the benefit of the Secured Parties; or (iii) take any action, or fail to take any action, if such action or failure to take action, will interfere
with the enforcement of any rights under the Transaction Documents. 
  

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 Section 5.06 Trust Changes. 
 (a) Change in Name, Structure, etc. The Trust shall not change its name, identity or structure unless it shall have given each Secured Party and
the Collateral Agent at least 30 days’ prior written notice thereof, shall have effected any necessary or appropriate assignments or amendments thereto and filings of financing statements or amendments thereto, and shall have delivered to the
Collateral Agent and each Secured Party an Opinion of Counsel of the type described in Section 5.02. 
 (b) Relocation of the
Trust. The Trust shall not change its principal office unless it gives each Secured Party and the Collateral Agent at least 30 days’ prior written notice of any relocation of its principal office. If the Trust relocates its principal office
or principal place of business from Delaware, the Trust shall give prior notice thereof to the Controlling Party and the Collateral Agent and shall effect whatever appropriate recordations and filings are necessary and shall provide to the
Controlling Party and the Collateral Agent an Opinion of Counsel, to the effect that, upon the recording of any necessary assignments or amendments to previously-recorded assignments and filing of any necessary amendments to the previously filed
financing or continuation statements or upon the filing of one or more specified new financing statements, and the taking of such other actions as may be specified in such opinion, the security interests in the Collateral shall remain, after such
relocation, valid and perfected. 
 ARTICLE VI 
 CONTROLLING PARTY; INTERCREDITOR PROVISIONS 
 Section 6.01 Appointment of Controlling Party.
From and after the Closing Date until the Insurer Termination Date, Financial Security shall be the Controlling Party and shall be entitled to exercise all the rights given the Controlling Party hereunder. From and after the Insurer Termination
Date, the Trustee shall be the Controlling Party hereunder until the Trustee Termination Date. Notwithstanding the foregoing, in the event that a Financial Security Default shall have occurred and be continuing, the Trustee shall be the Controlling
Party until the applicable Trustee Termination Date. If prior to an Insurer Termination Date the Trustee shall have become the Controlling Party as a result of the occurrence of a Financial Security Default and either such Financial Security Default
is cured or for any other reason ceases to exist or the Trustee Termination Date occurs, then upon such cure or other cessation or on such Trustee Termination Date, as the case may be, Financial Security shall, upon notice thereof being duly given
to the Collateral Agent, again be the Controlling Party. 
  

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 Section 6.02 Controlling Party’s Authority. 
 (a) The Trust hereby irrevocably appoints the Controlling Party, and any successor to the Controlling Party appointed pursuant to Section 6.01, its
true and lawful attorney, with full power of substitution, in the name of the Trust, the Secured Parties or otherwise, but at the expense of the Trust, to the extent permitted by law to exercise, at any time and from time to time while any Insurance
Agreement Event of Default has occurred and is continuing, any or all of the following powers with respect to the Collateral: (i) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by
virtue thereof, (ii) to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto, (iii) to sell, transfer, assign or otherwise deal with the same or the proceeds thereof as fully and effectively as if
the Collateral Agent were the absolute owner thereof, and (iv) to extend the time of payment of any or all thereof and to make any allowance or other adjustments with respect thereto. 
 (b) Each Secured Party hereby irrevocably and unconditionally constitutes and appoints the Controlling Party, and any successor to such Controlling Party
appointed pursuant to Section 6.01 from time to time, as the true and lawful attorney-in-fact of such Secured Party for so long as such Secured Party is the Non-Controlling Party, with full power of substitution, to execute, acknowledge and
deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Secured Party such acts, things and deeds for and on behalf of and in the name of
such Secured Party under this Agreement which such Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and, without
limitation, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration of the Collateral, and the enforcement of the rights of the Secured Parties hereunder, on behalf of and for the
benefit of such Controlling Party and such Non-Controlling Party, as their interests may appear. 
 Section 6.03 Rights of Secured
Parties. The Non-Controlling Party at any time expressly agrees that it shall not assert any rights that it may otherwise have, as a Secured Party with respect to the Collateral, to direct the maintenance, sale or other disposition of the
Collateral or any portion thereof, notwithstanding the occurrence and continuance of any Default or any nonperformance by the Trust of any obligation owed to such Secured Party hereunder or under any other Transaction Document, and each party hereto
agrees that the Controlling Party shall be the only Person entitled to assert and exercise such rights. 
 Section 6.04 Degree of
Care. 
 (a) Controlling Party. Notwithstanding any term or provision of this Agreement, the Controlling Party shall incur no
liability to the Trust for any action taken or omitted by the Controlling Party in connection with the Collateral, except for any gross negligence, bad faith or willful misconduct on the part of the Controlling Party and, further, shall incur no
liability to the Non-Controlling Party except for a breach of the 

  

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terms of this Agreement or for gross negligence, bad faith or willful misconduct in carrying out its duties, if any, to the Non-Controlling Party. The
Controlling Party shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents and assuming the genuineness of any notice, demand, certificate, signature, instrument or other
document believed by the Controlling Party to be genuine and to have been duly executed by the appropriate signatory, and (absent manifest error or actual knowledge to the contrary) the Controlling Party shall not be required to make any independent
investigation with respect thereto. The Controlling Party shall, at all times, be free independently to establish to its reasonable satisfaction the existence or nonexistence, as the case may be, of any fact the existence or nonexistence of which
shall be a condition to the exercise or enforcement of any right or remedy under this Agreement or any of the Transaction Documents. 
 (b)
The Non-Controlling Party. The Non-Controlling Party shall not be liable to the Trust for any action or failure to act by the Controlling Party or the Collateral Agent in exercising, or failing to exercise, any rights or remedies hereunder.

 ARTICLE VII 
 REMEDIES UPON
DEFAULT 
 Section 7.01 Remedies upon a Default. If a Default has occurred and is continuing, the Collateral Agent shall, at the
direction of the Controlling Party, take whatever action at law or in equity as may appear necessary or desirable in the judgment of the Controlling Party to collect and satisfy all Secured Obligations (including, but not limited to, foreclosure
upon the related Collateral and all other rights available to secured parties under applicable law) or to enforce performance and observance of any obligation, agreement or covenant under any of the Transaction Documents. 
 Section 7.02 Waiver of Default. The Controlling Party shall have the sole right, to be exercised in its complete discretion, to waive any
Default by a writing setting forth the terms, conditions and extent of such waiver signed by the Controlling Party and delivered to the Collateral Agent, the other Secured Party and the Issuer. Any such waiver shall be binding upon the
Non-Controlling Party and the Collateral Agent. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which gave rise to the Default so waived and not to any other similar
event or occurrence which occurs subsequent to the date of such waiver. 
 Section 7.03 Restoration of Rights and Remedies. If
the Collateral Agent has instituted any proceeding to enforce any right or remedy under this Agreement, and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Collateral Agent, then and in
every such case the Trust, the Collateral Agent and each of the Secured Parties shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Secured Parties shall continue as though no such proceeding had been instituted. 
  

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 Section 7.04 No Remedy Exclusive. No right or remedy herein conferred upon or reserved to the
Collateral Agent, the Controlling Party or any of the Secured Parties is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law, in equity or otherwise (but, in each case, shall be subject to the provisions of this Agreement limiting such remedies), and each and every right, power and remedy whether specifically
herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Controlling Party, and the exercise of or the beginning of the exercise of any right or power or remedy shall not
be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. 
 ARTICLE VIII

 MISCELLANEOUS 
 Section 8.01 Further Assurances. Each party hereto shall take such action and deliver such instruments to any other party hereto, in addition to the actions and instruments specifically provided for herein, as may be reasonably
requested or required to effectuate the purpose or provisions of this Agreement or to confirm or perfect any transaction described or contemplated herein. 
 Section 8.02 Waiver. Any waiver by any party of any provision of this Agreement or any right, remedy or option hereunder shall only prevent and estop such party from thereafter enforcing such provision,
right, remedy or option if such waiver is given in writing and only as to the specific instance and for the specific purpose for which such waiver was given. The failure or refusal of any party hereto to insist in any one or more instances, or in a
course of dealing, upon the strict performance of any of the terms or provisions of this Agreement by any party hereto or the partial exercise of any right, remedy or option hereunder shall not be construed as a waiver or relinquishment of any such
term or provision, but the same shall continue in full force and effect. 
 Section 8.03 Amendments; Waivers. No amendment,
modification, waiver or supplement to this Agreement or any provision of this Agreement shall in any event be effective unless the same shall have been made or consented to in writing by each of the parties hereto and each Rating Agency shall have
confirmed in writing that such amendment will not cause a reduction or withdrawal of its rating on the Notes; notwithstanding the foregoing, for so long as Financial Security shall be the Controlling Party, amendments, modifications, waivers or
supplements hereto, the Collateral or the Spread Account or any requirement hereunder to deposit or retain any amounts in such Spread Account or to distribute any amounts therein as provided in Section 3.03 shall be effective if made or
consented to in writing by Financial Security, the Trust and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment that does not adversely affect the Collateral Agent), but shall in no
circumstances require the consent of the Trustee or the Noteholders. 
  

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 Section 8.04 Severability. In the event that any provision of this Agreement or the
application thereof to any party hereto or to any circumstance or in any jurisdiction governing this Agreement shall, to any extent, be invalid or unenforceable under any applicable statute, regulation or rule of law, then such provision shall be
deemed inoperative to the extent that it is invalid or unenforceable and the remainder of this Agreement, and the application of any such invalid or unenforceable provision to the parties, jurisdictions or circumstances other than to whom or to
which it is held invalid or unenforceable, shall not be affected thereby nor shall the same affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that the holding by any court of competent
jurisdiction that any remedy pursued by the Collateral Agent, or any of the Secured Parties, hereunder is unavailable or unenforceable shall not affect in any way the ability of the Collateral Agent or any of the Secured Parties to pursue any other
remedy available to it or them (subject, however, to the provisions of this Agreement limiting such remedies). 
 Section 8.05
Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, each of the parties hereto agrees that it shall not, prior to one year and one day after the payment in full of all the Notes and all Insurer Secured Obligations,
acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of the United States of America, any State or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government for the purpose of commencing or sustaining a case by or against the Trust under a Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trust or all or any part of its property or assets or ordering the winding up or liquidation of the affairs of the Trust. The parties agree that damages will be an inadequate remedy
for breach of this covenant and that this covenant may be specifically enforced. 
 Section 8.06 Notices. All notices, demands,
certificates, requests and communications hereunder (“notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid,
with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an Authorized Officer of the party to which
sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: 
  

	 	(i)	If to the Trust: 

 AmeriCredit Automobile Receivables
Trust 2007-B-F 
 c/o Wilmington Trust Company 
 1100 North Market Street Wilmington, Delaware 19890-0001 
 Attention: Corporate Trust Administration, as
owner trustee 
  

 34 

	 	(ii)	If to Financial Security: 

 Financial Security Assurance
Inc. 
 31 West 52nd Street 
 New York, New York 10019 
 Attention: Senior Vice President, Surveillance 
 Re: Policy Number 51831A-N or 51831B-N 
 Americredit Automobile Receivables Trust 2007-B-F 
 Telecopier No.: (212) 339-3518 
          (212) 339-3529 
 Confirmation:   (212) 826-0100 
 (in each case in which notice or other communication to Financial Security refers to a Default or a claim on a Policy or in which failure on the part of Financial Security to respond shall be deemed to constitute consent or acceptance, then
with a copy to the attention of the Senior Vice President Surveillance) 
  

	 	(iii)	If to Wells Fargo as Trustee or Collateral Agent: 

 Wells
Fargo Bank, National Association 
 MAC N9311-161 
 Sixth and Marquette Avenue 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services - 
 Asset Backed Administration 
 Telecopy No.: (612) 667-3464 
 Confirmation: (612) 667-8058 
  

	 	(iv)	If to Moody’s: 

 Moody’s Investors Service, Inc.

 99 Church Street 
 New York,
New York 10007 
 Attention: ABS Monitoring Department 
 Telecopier No.: (212) 553-0344 
  

	 	(v)	If to Standard & Poor’s: 

 Standard & Poor’s Rating Group 
 55 Water Street 
 New York, New York 10041 
 Telecopier No.:
(212) 483-2664 
  

 35 

	 	(vi)	If to Fitch: 

 One State Street Plaza 
 New York, New York 10004 
 A copy of each notice given
hereunder to any party hereto shall also be given to (without duplication) Financial Security, the Trustee, the Trust and the Collateral Agent. Each party hereto may, by notice given in accordance herewith to each of the other parties hereto,
designate any further or different address to which subsequent notices shall be sent. 
 Section 8.07 Term of this Agreement.
This Agreement shall continue in effect until the Final Termination Date. On such Final Termination Date, this Agreement shall terminate, all obligations of the parties hereunder shall cease and terminate and the Collateral, if any, held hereunder
and not to be used or applied in discharge of any obligations of the Trust in respect of the Secured Obligations or otherwise under this Agreement, shall be released to and in favor of Trust, provided that the provisions of Sections 4.06,
4.07 and 8.05 shall survive any termination of this Agreement and the release of any Collateral upon such termination. 
 Section 8.08
Assignments: Third-Party Rights; Reinsurance. 
 (a) This Agreement shall be a continuing obligation of the parties hereto and
shall (i) be binding upon the parties and their respective successors and assigns, and (ii) inure to the benefit of and be enforceable by each Secured Party and the Collateral Agent, and by their respective successors, transferees and
assigns. The Trust may not assign this Agreement, or delegate any of its duties hereunder, without the prior written consent of the Controlling Party. 
 (b) Financial Security shall have the right (unless a Financial Security Default shall have occurred and be continuing) to give participations in its rights under this Agreement and to enter into contracts of
reinsurance with respect to any Policy and each such participant or reinsurer shall be entitled to the benefit of any representation, warranty, covenant and obligation of each party (other than Financial Security) hereunder as if such participant or
reinsurer was a party hereto and, subject only to such agreement regarding such reinsurance or participation, shall have the right to enforce the obligations of each such other party directly hereunder; provided, however, that no such
reinsurance or participation agreement or arrangement shall relieve Financial Security of its obligations hereunder, under the Transaction Documents to which it is a party or under such Policy. In addition, nothing contained herein shall restrict
Financial Security from assigning to any Person pursuant to any liquidity facility or credit facility any rights of Financial Security under this Agreement or with respect to any real or personal property or other interests pledged to Financial
Security, or in which Financial Security has a security interest, in connection with the transactions contemplated hereby. The terms of any such assignment or participation shall contain an express acknowledgment by such Person of the condition of
this Section and the limitations of the rights of Financial Security hereunder. 
  

 36 

 Section 8.09 Consent of Controlling Party. In the event that the Controlling Party’s
consent is required under the terms hereof or under the terms of any Transaction Document, it is understood and agreed that, except as otherwise provided expressly herein, the determination whether to grant or withhold such consent shall be made
solely by the Controlling Party in its sole discretion. 
 Section 8.10 Trial by Jury Waived. Each of the parties hereto waives,
to the fullest extent permitted by law, any right it may have to a trial by jury in respect of any litigation arising directly or indirectly out of, under or in connection with this Agreement, any of the other Transaction Documents or any of the
transactions contemplated hereunder or thereunder. Each of the parties hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to enter into this Agreement and the other Transaction Documents to which it is a party, by among other things, this waiver. 
 Section 8.11 Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or
relating in any way to this Agreement shall be governed by the law of the State of New York. 
 Section 8.12 Consents to
Jurisdiction. Each of the parties hereto irrevocably submits to the jurisdiction of the United States District Court for the Southern District of New York, any court in the state of New York located in the city and county of New York, and any
appellate court from any thereof, in any action, suit or proceeding brought against it and related to or in connection with this Agreement, the other Transaction Documents or the transactions contemplated hereunder or thereunder or for recognition
or enforcement of any judgment and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such suit or action or proceeding may be heard or determined in such New York State court or, to the extent
permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. To the extent permitted by applicable law, each of the parties hereby waives and agrees not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or any of the other Transaction Documents or the subject
matter hereof or thereof may not be litigated in or by such courts. The Trust hereby irrevocably appoints and designates The Prentice-Hall Corporation System, Inc., as its true and lawful attorney and duly authorized agent for acceptance of service
of legal process. The Trust agrees that service of such process upon such Person shall constitute personal service of such process upon it. Nothing contained in this Agreement shall limit or affect the rights of any party hereto to serve process in
any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against the Trust or its property in the courts of any jurisdiction. 
  

 37 

 Section 8.13 Determination of Adverse Effect. Any determination of an adverse effect on the
interest of the Secured Parties or the Noteholders shall be made without consideration of the availability of funds under the Policies. 
 Section 8.14 Counterparts. This Agreement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same
instrument. 
 Section 8.15 Headings. The headings of sections and paragraphs and the Table of Contents contained in this
Agreement are provided for convenience only. They form no part of this Agreement and shall not affect its construction or interpretation. 
 Section 8.16 No Recourse. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of
the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations,
undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or
personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no
circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Agreement or any other related documents. 
  

 38 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as amended and restated, as of the
date set forth on the first page hereof. 
  

			
	 AMERICREDIT AUTOMOBILE RECEIVABLES
 TRUST
2007-B-F

		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	 By:
	 	 /s/ J. Christopher Murphy

	 Name:
	 	J. Christopher Murphy
	 Title:
	 	Financial Services Officer
	
	FINANCIAL SECURITY ASSURANCE INC.
		
	 By:
	 	 /s/ Ravi Gandhi

	 Name:
	 	Ravi Gandhi
	 Title:
	 	Managing Director
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION
 as Trustee

		
	 By:
	 	 /s/ Marianna C. Stershic

	 Name:
	 	Marianna C. Stershic
	 Title:
	 	Vice President
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION
 as Collateral Agent

		
	 By:
	 	 /s/ Marianna C. Stershic

	 Name:
	 	Marianna C. Stershic
	 Title:
	 	Vice President

  

 39Financial Guaranty Insurance Policy

 Exhibit 10.6 
  

							
	[LOGO]	 	FINANCIAL	  		  	FINANCIAL GUARANTY
		 	SECURITY	  		  	INSURANCE POLICY
		 	ASSURANCE®	  		  	
		
	OBLIGOR: AmeriCredit Automobile Receivables Trust 2007-B-F	  	Policy No.: 51831A-N
		
	OBLIGATIONS: As described in Endorsement No. 1 hereto	  	Date of Issuance: April 19, 2007

 FINANCIAL SECURITY ASSURANCE INC. (“Financial Security”), for consideration received,
hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to each Holder, subject only to the terms of this Policy (which includes each endorsement hereto), the full and complete payment by the Obligor of Scheduled Payments of principal of, and interest on,
the Obligations. 
 For the further protection of each Holder, Financial Security irrevocably and unconditionally guarantees: 
 (a) payment of the amount of any distribution of principal of, or interest on, the Obligations made during the Term Of This Policy to such Holder that is
subsequently avoided in whole or in part as a preference payment under applicable law (such payment to be made by Financial Security in accordance with Endorsement No. 1 hereto). 
 (b) payment of any amount required to be paid under this Policy by Financial Security following Financial Security’s receipt of notice as described
in Endorsement No. 1 hereto. 
 Financial Security shall be subrogated to the rights of each Holder to receive payments under the
Obligations to the extent of any payment by Financial Security hereunder. 
 Except to the extent expressly modified by an endorsement
hereto, the following terms shall have the meanings specified for all purposes of this Policy. “Holder” means the registered owner of any Obligation as indicated on the registration books maintained by or on behalf of the Obligor for such
purpose or, if the Obligation is in bearer form, the holder of the Obligation. “Scheduled Payments” means payments which are scheduled to be made during the Term Of This Policy in accordance with the original terms of the Obligations when
issued and without regard to any amendment or modification of such Obligations thereafter; payments which become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an
accelerated basis or (c) any other cause, shall not constitute “Scheduled Payments” unless Financial Security shall elect, in its sole discretion, to pay such principal due upon such acceleration together with any accrued interest to
the date of acceleration. “Term Of This Policy” shall have the meaning set forth in Endorsement No. 1 hereto. 
 This Policy
sets forth in full the undertaking of Financial Security, and shall not be modified, altered or affected by any other agreement or instrument, including any modification or amendment thereto, or by the merger, consolidation or dissolution of the
Obligor. Except to the extent expressly modified by an endorsement hereto, the premiums paid in respect of this Policy are nonrefundable for any reason whatsoever, including payment, or provision being made for payment, of the Obligations prior to
maturity. This Policy may not be canceled or revoked during the Term Of This Policy. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. 
 In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this Policy to be executed on its behalf by its Authorized Officer. 
  

			
	FINANCIAL SECURITY ASSURANCE INC.
		
	 By:
	 	 /s/ [Authorized Signatory]

		 	      Authorized Officer

  

			
	A subsidiary of Financial Security Assurance Holdings Ltd.	 	
	31 West 52nd Street, New York, N.Y. 10019	 	(212) 826-0100
	Form 100NY (5/89)	 	

 ENDORSEMENT NO. 1 TO 
 FINANCIAL GUARANTY INSURANCE POLICY 
 (NOTES POLICY) 
  

			
	FINANCIAL SECURITY	 	31 West 52nd Street
	ASSURANCE INC.	 	New York, New York 10019

  

			
	OBLIGOR:	  	AmeriCredit Automobile Receivables Trust 2007-B-F
		
	OBLIGATIONS:	  	$275,000,000 Class A-1 5.3196% Asset Backed Notes, Series 2007-B-F
		  	$435,000,000 Class A-2 5.31% Asset Backed Notes, Series 2007-B-F
		  	$150,000,000 Class A-3-A 5.16% Asset Backed Notes, Series 2007-B-F
		  	$190,000,000 Class A-3-B LIBOR + 0.02% Floating Rate Asset Backed Notes, Series 2007-B-F
		  	$450,000,000 Class A-4 LIBOR + 0.05% Floating Rate Asset Backed Notes, Series 2007-B-F

 Policy No.: 51831A-N 
 Date of Issuance: April 19, 2007 
 1. Definitions. For all purposes of this Policy, the terms specified below shall
have the meanings or constructions provided below. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Indenture or the Sale and Servicing Agreement unless otherwise specified. 
 “Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which commercial banking institutions in
Wilmington, Delaware, Fort Worth, Texas, New York City, New York, Minneapolis, Minnesota or any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order
or governmental decree to be closed. 
 “Financial Security” means Financial Security Assurance Inc., a New York stock
insurance company. 
 “Holder” shall have the meaning set forth in the Indenture; provided, however that
“Holder” shall not include the Obligor or any affiliates or successors thereof in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Obligations. 
 “Indenture” means the Indenture, dated as of April 11, 2007, between the Obligor and Wells Fargo Bank, National Association, as
Trustee and Trust Collateral Agent, as amended from time to time with the consent of Financial Security. 
 “Indenture
Trustee” means Wells Fargo Bank, National Association, in its capacity as Trustee under the Indenture and any successor in such capacity. 

			
	Policy No.: 51831A-N	 	Date of Issuance: April 19, 2007

  

 “Policy” means this Financial Guaranty Insurance Policy and includes each
endorsement thereto. 
 “Receipt” and “Received” mean actual delivery to Financial Security and to the
Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, New York City time, shall be deemed to be receipt on the next succeeding
Business Day. If any notice or certificate given hereunder by the Trust Collateral Agent is not in proper form or is not properly completed, executed or delivered, or contains any misstatement, it shall be deemed not to have been Received, and
Financial Security or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral Agent may submit an amended notice. 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of April 11, 2007 among the Obligor, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller
and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
 “Scheduled Payments” means, as to each Insured Distribution Date, payments which are required to be made to Holders in accordance with
the original terms of the Obligations when issued and without regard to any subsequent amendment or modification of the Obligations or of the Indenture except amendments or modifications to which Financial Security has given its prior written
consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related Distribution Date, (ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related Distribution Date and
(iii) with respect to the Final Scheduled Distribution Date for any class of Obligations, the outstanding principal amount of such class on such Final Scheduled Distribution Date, after taking into account reductions on such date of such
outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments which become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay
principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless Financial Security elects, in its sole discretion, to pay in whole or in part such principal due upon
acceleration, together with any accrued interest to the date of acceleration. In the event Financial Security does not so elect, this Policy will continue to guarantee payment on the Obligations in accordance with their original terms. Scheduled
Payments shall not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Holders because the appropriate notice and certificate for payment in proper form as
required by paragraph 2 hereof was not timely Received by Financial Security or (y) any portion of a Noteholders’ Interest Distributable Amount due to Holders representing interest on any Noteholders’ Interest Carryover Amount accrued
from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount, unless in each case, Financial Security elects, in its sole discretion, to pay such amount in whole or in part, pursuant hereto. Scheduled
Payments shall not include any amounts due in respect of the 

  

 3 

			
	Policy No.: 51831A-N	 	Date of Issuance: April 19, 2007

  

 
Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of default in
respect of the Obligations, or by reason of any deterioration of the credit worthiness of the Obligor, nor shall Scheduled Payments include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge with
respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder. 
 “Term Of This Policy” means the period from and including the Date of Issuance to and including the date on which (i) all Scheduled Payments have been paid or deemed to be paid within the meaning of Section 4.1 of
the Indenture; (ii) any period during which any Scheduled Payment could have been avoided in whole or in part as a preference payment under applicable bankruptcy, insolvency, receivership or similar law shall have expired and (iii) if any
proceedings requisite to avoidance as a preference payment have been commenced prior to the occurrence of (i) and (ii), a final and nonappealable order in resolution of each such proceeding has been entered. 
 “Trust Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as Trust Collateral Agent under the Indenture,
acting as agent for the Indenture Trustee in accordance with the terms of the Indenture, and any successor in such capacity. 
 2. Notices
and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Financial Security of a notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement, Financial Security will
pay any amount payable hereunder in respect of Scheduled Payments on the Obligations out of the funds of Financial Security on the later to occur of (a) 12:00 noon, New York City time, on the third Business Day following such Receipt; and
(b) 12:00 noon, New York City time, on the date on which such payment is due on the Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire transfer of immediately available
funds. 
 Financial Security shall be entitled to pay any amount hereunder in respect of Scheduled Payments on the Obligations, including any
amount due on the Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Financial Security as provided above; provided, however, that by acceptance of this Policy the Trust Collateral Agent agrees
to provide to Financial Security, upon Financial Security’s request to the Trust Collateral Agent, a notice and certificate in respect of any such payments made by Financial Security. Financial Security shall be entitled to pay hereunder any
amount that becomes due on the Obligations on an accelerated basis at any time or from time to time after such amount becomes due, in whole or in part, prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not
include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and after the date of such payment of principal. Financial Security’s obligations hereunder in respect of Scheduled Payments shall be discharged to
the extent funds are disbursed by Financial Security as provided herein whether or not such funds are properly applied by the Trust Collateral Agent. 
  

 4 

			
	Policy No.: 51831A-N	 	Date of Issuance: April 19, 2007

  

 3. Notices and Conditions to Payment in Respect of Scheduled Payments Avoided as Preference
Payments. If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law, Financial Security will pay such amount out of the funds of Financial Security on the later of
(a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth Business Day following Receipt by Financial Security from the Trust Collateral Agent of (A) a certified copy of
the order (the “Order”) of the court or other governmental body that exercised jurisdiction to the effect that the Holder is required to return Scheduled Payments made with respect to the Obligations during the Term Of This Policy
because such payments were avoidable as preference payments under applicable bankruptcy law, (B) a certificate of the Holder that the Order has been entered and is not subject to any stay and (C) an assignment duly executed and delivered
by the Holder, in such form as is reasonably required by Financial Security, and provided to the Holder by Financial Security, irrevocably assigning to Financial Security all rights and claims of the Holder relating to or arising under the
Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Financial Security from the Trust Collateral Agent of the items referred to in clauses (A), (B) and
(C) above if, at least four Business Days prior to such date of Receipt, Financial Security shall have Received written notice from the Trust Collateral Agent that such items were to be delivered on such date and such date was specified in such
notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any Holder directly (unless a Holder has previously paid such amount to
the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for distribution to such Holder upon proof of such payment reasonably
satisfactory to Financial Security). In connection with the foregoing, Financial Security shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement. 
 4. Governing Law. This Policy shall be construed in accordance with, and this Policy and all matters arising out of or relating in any way to this
Policy shall be governed by, the law of the state of New York. 
 5. Fiscal Agent. At any time during the Term Of This Policy,
Financial Security may appoint a fiscal agent (the “Fiscal Agent”) for purposes of this Policy by written notice to the Trust Collateral Agent at the notice address specified in the Indenture specifying the name and notice address
of the Fiscal Agent. From and after the date of receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and documents required to be delivered to Financial Security pursuant to this Policy shall be simultaneously
delivered to the Fiscal Agent and to Financial Security and shall not be deemed Received until Received by both, and (ii) all payments required to be made by Financial Security under this Policy may be made directly by Financial Security or by
the Fiscal Agent on behalf of Financial Security. The Fiscal Agent is the agent of Financial Security only and the Fiscal Agent shall in no event be liable to any Holder for any acts of the Fiscal Agent or any failure of Financial Security to
deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
  

 5 

			
	Policy No.: 51831A-N	 	Date of Issuance: April 19, 2007

  

 6. Waiver of Defenses. To the fullest extent permitted by applicable law, Financial Security
agrees not to assert, and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or
otherwise, to the extent that such rights and defenses may be available to Financial Security to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. Nothing in this paragraph shall be
construed to limit or otherwise impair Financial Security’s right to pursue recovery or claims (based on contractual rights, securities law violations, fraud or other causes of action) against any person or entity, or, except as provided in
paragraph 3 of this Endorsement, to require payment by Financial Security of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy or the Obligations. Nothing in this Policy
shall be construed to require payment to the extent any force majeure event or governmental act prevents Financial Security from performing its obligations under this Policy or such performance is otherwise rendered impossible, in which event
Financial Security agrees to (i) use commercially reasonable efforts to perform its obligations under this Policy notwithstanding such force majeure event, governmental act or impossibility of performance and (ii) perform its obligations
under this Policy promptly following cessation of such force majeure event, governmental act or impossibility of performance. 
 7.
Notices. All notices to be given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to Financial Security as follows: 
  

	
	Financial Security Assurance Inc.
	 31 West 52nd Street

	 New York, NY 10019

	 Attention: Managing Director - Transaction Oversight Department

	 Re: Policy No. 51831A-N

	       AmeriCredit Automobile Receivables Trust 2007-B-F

	 Telecopy No.: (212) 339-3518

	 Confirmation: (212) 826-0100

 Financial Security may specify a different address or addresses by writing mailed or delivered to
the Trust Collateral Agent. 
 8. Priorities. In the event that any term or provision of the face of this Policy is inconsistent with
the provisions of this Endorsement, the provisions of this Endorsement shall take precedence and shall be binding. 
 9. Exclusions From
Insurance Guaranty Funds. This Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. This Policy is not covered by the Florida Insurance Guaranty Association created
under Part II of Chapter 631 of the Florida Insurance Code. In the event that Financial Security were to become insolvent, any claims arising under this Policy are excluded from coverage by the California Insurance Guaranty Association, established
pursuant to Article 14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code. 
  

 6 

			
	Policy No.: 51831A-N	 	Date of Issuance: April 19, 2007

  

 10. Surrender of Policy. The Trust Collateral Agent shall surrender this Policy to Financial
Security for cancellation upon expiration of the Term Of This Policy. 
 IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused
this Endorsement No. 1 to be executed by its Authorized Officer. 
  

			
	FINANCIAL SECURITY ASSURANCE INC.
		
	By:	 	 /s/ [Authorized Signatory]

		 	      Authorized Officer

  

 7 

 EXHIBIT A 
 To Endorsement No. 1 
 NOTICE OF CLAIM AND CERTIFICATE 
 (Letterhead of Trust Collateral Agent) 
 Financial Security
Assurance Inc. 
 31 West 52nd Street 
 New York, NY 10019

  

			
	Re:	  	AmeriCredit Automobile Receivables Trust 2007-B-F

 The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the
“Trust Collateral Agent”), hereby certifies to Financial Security Assurance Inc. (“Financial Security”), with reference to Financial Guaranty Insurance Policy No. 51831A-N dated April 19, 2007, (the “Policy”)
issued by Financial Security in respect of the $275,000,000 Class A-1 5.3196% Asset Backed Notes, $435,000,000 Class A-2 5.31% Asset Backed Notes, $150,000,000 Class A-3-A 5.16% Asset Backed Notes, $190,000,000 Class A-3-B LIBOR
+ 0.02% Floating Rate Asset Backed Notes and $450,000,000 Class A-4 LIBOR + 0.05% Floating Rate Asset Backed Notes of the above-referenced Trust (the “Obligations”), that: 
 (i) The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the Indenture. 
 (ii) The sum of all amounts on deposit (or scheduled to be on deposit) in the Note Distribution Account and available for distribution to the Holders
pursuant to the Indenture will be $                     (the “Shortfall”) less than the aggregate amount of Scheduled Payments due
on                     . 
 (iii)
The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of Scheduled Payments. 
 (iv)
The Trust Collateral Agent agrees that, following receipt of funds from Financial Security, it shall (a) hold such amounts in trust and apply the same directly to the payment of Scheduled Payments on the Obligations when due; (b) not apply
such funds for any other purpose; (c) not commingle such funds with other funds held by the Trust Collateral Agent and (d) maintain an accurate record of such payments with respect to each Obligation and the corresponding claim on the
Policy and proceeds thereof, and, if the Obligation is required to be surrendered or presented for such payment, shall stamp on each such Obligation the legend “$[insert applicable amount] paid by Financial Security and the balance hereof has
been cancelled and reissued” and then shall deliver such Obligation to Financial Security. 
 (v) The Trust Collateral Agent, on behalf
of the Holders, hereby assigns to Financial Security (a) the rights of the Holders with respect to the Obligations to the 

  

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extent of any payments under the Policy and (b) any claims of amounts due to the Holders in respect of securities law, fraud or other claims arising out
of or relating to the offer and sale of the Obligations. The foregoing assignments are in addition to, and not in limitation of, rights of subrogation otherwise available to Financial Security in respect of such payments. Payments to Financial
Security in respect of the foregoing assignments shall in all cases be subject to and subordinate to the rights of the Holders to receive all Scheduled Payments in respect of the Obligations. The Trust Collateral Agent shall take such action and
deliver such instruments as may be reasonably requested or required by Financial Security to effectuate the purpose or provisions of this clause (v). 
 (vi) The Trust Collateral Agent, on behalf of the Holders, hereby appoints Financial Security as agent and attorney-in-fact for the Trust Collateral Agent and each such Holder in any legal proceeding with respect to
the Obligations. The Trust Collateral Agent hereby agrees that, so long as an Insurer Default (as defined in the Indenture) shall not exist, Financial Security may at any time during the continuation of any proceeding by or against the Obligor under
the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an “Insolvency Proceeding”) direct all matters relating to such Insolvency Proceeding, including without
limitation, (A) all matters relating to any claim in connection with an Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment made with respect to the Obligations (a “Preference Claim”), (B) the
direction of any appeal of any order relating to any Preference Claim at the expense of Financial Security but subject to reimbursement as provided in the Insurance Agreement and (C) the posting of any surety, supersedeas or performance bond
pending any such appeal. In addition, the Trust Collateral Agent hereby agrees that Financial Security shall be subrogated to, and the Trust Collateral Agent on its behalf and on behalf of each Holder, hereby delegates and assigns, to the fullest
extent permitted by law, the rights of the Trust Collateral Agent and each Holder in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court
order issued in connection with any such Insolvency Proceeding. 
 (vii) Payment should be made by wire transfer directed to [SPECIFY
ACCOUNT]. 
 Unless the context otherwise requires, capitalized terms used in this Notice of Claim and Certificate and not defined herein
shall have the meanings provided in the Policy. 
  

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 IN WITNESS WHEREOF, the Trust Collateral Agent has executed and delivered this Notice of Claim and
Certificate as of the     th day of                     , 20    . 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 as Trust Collateral Agent

		
	 By:
	 	  

	 Title:
	 	

 For Financial Security or Fiscal Agent Use Only 
 Wire transfer sent on
                     By
                             
 Confirmation Number                      
  

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