Document:

Spread Account Agreement, dated as of October 11, 2007

 Exhibit 10.5 
 EXECUTION COPY 
  

 SPREAD ACCOUNT AGREEMENT 
 among 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M, 
 as Issuer, 
 MBIA INSURANCE CORPORATION, 
 as Insurer,

 and 
 THE BANK OF NEW YORK,

 as Trustee, as Trust Collateral Agent and as Collateral Agent 
 Dated as of October 11, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	
	DEFINITIONS	  	
			
	 Section 1.01.
	  	Definitions	  	1
	 Section 1.02.
	  	Other Definitional Provisions	  	7
		
	ARTICLE II	  	
	THE SPREAD ACCOUNT AGREEMENT COLLATERAL	  	
			
	 Section 2.01.
	  	Grant of Security Interest by the Issuer	  	8
	 Section 2.02.
	  	Priority	  	8
	 Section 2.03.
	  	Issuer Remains Liable	  	8
	 Section 2.04.
	  	Delivery and Maintenance of Spread Account Agreement Collateral	  	9
	 Section 2.05.
	  	Termination and Release of Rights	  	10
	 Section 2.06.
	  	Non-Recourse Obligations of Issuer	  	11
		
	ARTICLE III	  	
	SPREAD ACCOUNT	  	
			
	 Section 3.01.
	  	Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account	  	11
	 Section 3.02.
	  	Investments	  	12
	 Section 3.03.
	  	Payments; Priority of Payments.	  	13
	 Section 3.04.
	  	General Provisions Regarding Spread Account	  	14
	 Section 3.05.
	  	Reports by the Collateral Agent	  	15
	 Section 3.06.
	  	Cash Collateralized Receivables	  	15
		
	ARTICLE IV	  	
	THE COLLATERAL AGENT	  	
			
	 Section 4.01.
	  	Appointment and Powers	  	16
	 Section 4.02.
	  	Performance of Duties	  	16
	 Section 4.03.
	  	Limitation on Liability	  	17
	 Section 4.04.
	  	Reliance upon Documents	  	17
	 Section 4.05.
	  	Successor Collateral Agent	  	17
	 Section 4.06.
	  	Indemnification	  	19
	 Section 4.07.
	  	Compensation and Reimbursement	  	19
	 Section 4.08.
	  	Representations and Warranties of the Collateral Agent	  	20
	 Section 4.09.
	  	Waiver of Setoffs	  	20
	 Section 4.10.
	  	Control by the Controlling Party	  	20
		
	ARTICLE V	  	
	COVENANTS OF THE ISSUER	  	
			
	 Section 5.01.
	  	Preservation of Spread Account Agreement Collateral	  	20

					
	Section 5.02.	  	Notices	  	21
	Section 5.03.	  	Waiver of Stay or Extension Laws; Marshalling of Assets	  	21
	Section 5.04.	  	Noninterference, etc	  	21
	Section 5.05.	  	Issuer Changes	  	21
		
	ARTICLE VI	  	
	CONTROLLING PARTY; INTERCREDITOR PROVISIONS	  	
			
	Section 6.01.	  	Appointment of Controlling Party	  	22
	Section 6.02.	  	Controlling Party’s Authority	  	22
	Section 6.03.	  	Rights of Issuer Secured Parties	  	23
	Section 6.04.	  	Degree of Care	  	23
		
	ARTICLE VII	  	
	REMEDIES UPON DEFAULT	  	
			
	Section 7.01.	  	Remedies upon a Default	  	24
	Section 7.02.	  	Waiver of Default	  	24
	Section 7.03.	  	Restoration of Rights and Remedies	  	25
	Section 7.04.	  	No Remedy Exclusive	  	25
		
	ARTICLE VIII	  	
	MISCELLANEOUS	  	
			
	Section 8.01.	  	Further Assurances	  	25
	Section 8.02.	  	Waiver	  	25
	Section 8.03.	  	Amendments; Waivers	  	25
	Section 8.04.	  	Severability	  	26
	Section 8.05.	  	Nonpetition Covenant	  	26
	Section 8.06.	  	Notices	  	26
	Section 8.07.	  	Term of this Agreement	  	28
	Section 8.08.	  	Assignments; Third-Party Rights; Reinsurance	  	28
	Section 8.09.	  	Consent of Controlling Party	  	29
	Section 8.10.	  	Consents to Jurisdiction	  	29
	Section 8.11.	  	Determination of Adverse Effect	  	29
	Section 8.12.	  	Headings	  	29
	Section 8.13.	  	Trial By Jury Waived	  	29
	Section 8.14.	  	Governing Law	  	30
	Section 8.15.	  	Counterparts	  	30
	Section 8.16.	  	Limitation of Liability	  	30

  

 ii 

 SPREAD ACCOUNT AGREEMENT 
 This SPREAD ACCOUNT AGREEMENT, dated as of October 11, 2007 (this “Agreement”), is among AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M, as issuer (the “Issuer”), MBIA INSURANCE
CORPORATION, as insurer (the “Insurer”), and THE BANK OF NEW YORK, as trustee (in such capacity, the “Trustee”), as trust collateral agent (in such capacity the “Trust Collateral Agent”) and as collateral agent (in such
capacity, the “Collateral Agent”). 
 RECITALS 
 WHEREAS, the Issuer was formed pursuant to the Trust Agreement dated as of October 3, 2007 as amended and restated as of October 11, 2007 (as amended from time to time, the “Trust Agreement”),
between AFS SenSub Corp., as seller, (the “Seller”) and Wilmington Trust Company, as owner trustee (the “Owner Trustee”). 
 WHEREAS, pursuant to a Sale and Servicing Agreement, dated as of October 11, 2007, (the “Sale and Servicing Agreement”) among the Issuer, the Seller, the Servicer, the Trust Collateral Agent and the Backup Servicer, the
Seller sold to the Issuer all of its right, title and interest in and to the Receivables and Other Conveyed Property. 
 WHEREAS, pursuant to
the Indenture, dated as of October 11, 2007, (the “Indenture”), among the Issuer, the Trustee and the Trust Collateral Agent, the Issuer pledged all of its right, title and interest in and to the Collateral to the Trust Collateral
Agent on behalf of the Issuer Secured Parties. 
 WHEREAS, the Issuer requested that the Insurer issue the Note Policy to the Trustee to
guarantee payment of the Insured Payments on each Distribution Date, in respect of the Notes. 
 WHEREAS, in consideration of the issuance of
the Note Policy, the Issuer and the Servicer have agreed that the Insurer shall have certain rights as Controlling Party to the extent set forth in the Basic Documents, with respect to the Collateral. 
 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. Unless otherwise defined in this
Agreement, the following terms shall have the following meanings: 
 “Accelerated Payment Amount Shortfall” has the meaning
set forth in Section 1.1 of the Sale and Servicing Agreement. 
 “AmeriCredit” means AmeriCredit Financial Services,
Inc. 

 “Cash Collateral Deposit” has the meaning set forth in Section 3.06(a). 

“Cash Collateralized Receivable” means a Delinquent Receivable for which a deposit has been made to the Spread Account by the
Servicer pursuant to Section 3.06(a). 
 “Collateral Agent” means, initially The Bank of New York, in its capacity as
collateral agent on behalf of the Issuer Secured Parties, including its successors in interest, until a successor Person shall have become the Collateral Agent pursuant to Section 4.05 and thereafter “Collateral Agent” shall mean such
successor Person. 
 “Collateral Agent Fee” means as designated in the fee letter between Collateral Agent and AmeriCredit.

 “Controlling Party” means the Person designated as the Controlling Party at such time pursuant to Section 6.01.

 “Cumulative Net Loss” means the positive difference between (i) the sum of (A) the aggregate Principal Balance
of all Liquidated Receivables plus (B) aggregate Cram Down Losses minus (ii) Liquidation Proceeds received with respect to the Receivables described in clause (i). 
 “Cumulative Net Loss Ratio” means, the ratio, expressed as a percentage, computed by dividing: (a) the sum (without duplication) of
(i) Cumulative Net Losses and (ii) the product of (x) 0.50 and (y) the aggregate Principal Balance of all Receivables which are more than ninety (90) days past due as of the end of the related Collection Period; by
(b) the Original Pool Balance. 
 “Default” means, (i) if the Insurer is then the Controlling Party, any Insurance
Agreement Event of Default and (ii) if the Trustee is then the Controlling Party, any Event of Default under Section 5.1 of the Indenture. 
 “Defaulted Receivable” means a Receivable (i) with respect to which (A) 10% or more of a Scheduled Payment is more than ninety (90) days past due, (B) the Servicer has repossessed
the related Financed Vehicle (and any applicable redemption period has expired), or (C) such Receivable is in default and the Servicer has charged-off such Receivable in accordance with their scheduled credit and collection policy or otherwise
has determined in good faith that payments thereunder are not likely to be resumed, or (ii) which is a Sold Receivable. 
 “Delinquency Ratio” means, the ratio, expressed as a percentage, computed by dividing: (a) the aggregate Principal Balance of all Receivables which were Delinquent Receivables as of the close of business on the last
day of the related Collection Period minus the aggregate Principal Balance of all Cash Collateralized Receivables by (b) the sum of the aggregate Principal Balance of all Receivables as of the close of business on the first day of the related
Collection Period. 
 “Delinquent Receivable” means a Receivable with respect to which 10% or more of a scheduled payment is
more than sixty (60) days past due (excluding (i) Receivables which the Servicer has repossessed the related Financed Vehicle and (ii) Receivables which have become Liquidated Receivables). 
  

 2 

 “Final Termination Date” means the date that is the later of (i) the Insurer
Termination Date and (ii) the Trustee Termination Date. 
 “Gross Default Ratio” means, the ratio expressed as a
percentage, the numerator of which is the aggregate Principal Balance of all Defaulted Receivables since the Closing Date and the denominator of which is the Original Pool Balance. 
 “Insured Payments” has the meaning set forth in the Note Policy. 
 “Insurer Termination Date” means the date which is the latest of (i) the date of the expiration of the Note Policy and the
cancellation and return thereof to the Insurer, (ii) the date on which the Insurer shall have received payment and performance in full of all Insurer Issuer 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, the Insurer and the Trustee. 
 “Issuer” means AmeriCredit Prime Automobile
Receivables Trust 2007-2-M. 
 “Level 1 Cumulative Net Loss Test” means, for any Distribution Date specified below the
Cumulative Net Loss Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date: 
  

				
	 Distribution Date occurring after the Closing
Date:
	  	Percentage	 
	 1st through 3rd
	  	0.69	%
	 4th through 6th
	  	1.30	%
	 7th through 9th
	  	1.75	%
	 10th through
12th
	  	2.50	%
	 13th through
15th
	  	2.81	%
	 16th through
18th
	  	3.53	%
	 19th through
21st
	  	3.91	%
	 22nd through
24th
	  	4.42	%
	 25th through
27th
	  	4.75	%
	 28th through
30th
	  	5.25	%
	 31st through
33rd
	  	5.59	%
	 34th through
36th
	  	5.92	%
	 37th through
39th
	  	6.08	%
	 40th and
thereafter
	  	6.25	%

  

 3 

 “Level 1 Delinquency Test” means, for any Distribution Date specified below, the
arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is greater than the percentage set forth opposite such Distribution Date, provided however, that each such percentage shall be
increased by 0.25% with respect to each Distribution Date that occurs in the months of November through April: 
  

				
	 Distribution Date occurring after the Closing
Date:
	  	Percentage	 
	 4th through
14th
	  	2.25	%
	 15th through
26th
	  	3.25	%
	 27th and
thereafter
	  	4.25	%

 “Level 1 Gross Default Test” means, for any Distribution Date specified below,
the Gross Default Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date: 
  

				
	 Distribution Date occurring after the Closing
Date:
	  	Percentage	 
	 1st through 3rd
	  	1.42	%
	 4th through 6th
	  	1.98	%
	 7th through 9th
	  	2.75	%
	 10th through
12th
	  	4.13	%
	 13th through
15th
	  	5.02	%
	 16th through
18th
	  	6.81	%
	 19th through
21st
	  	7.23	%
	 22nd through
24th
	  	7.65	%
	 25th through
27th
	  	8.25	%
	 28th through
30th
	  	9.16	%
	 31st through
33rd
	  	9.77	%
	 34th through
36th
	  	10.37	%
	 37th through
39th
	  	10.68	%
	 40th and
thereafter
	  	10.97	%

 “Level 1 Trigger Event” means any violation of the Level 1 Cumulative Net Loss
Test, the Level 1 Delinquency Test (unless amounts are deposited to the Spread Account with respect to the Cash Collateral Deposit pursuant to Section 3.06) or the Level 1 Gross Default Test. 
  

 4 

 “Level 2 Cumulative Net Loss Test” means, for any Distribution Date specified below, the
Cumulative Net Loss Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date: 
  

				
	 Distribution Date occurring after the Closing
Date:
	  	Percentage	 
	 1st through 3rd
	  	0.92	%
	 4th through 6th
	  	1.60	%
	 7th through 9th
	  	2.10	%
	 10th through
12th
	  	2.85	%
	 13th through
15th
	  	3.10	%
	 16th through
18th
	  	3.86	%
	 19th through
21st
	  	4.64	%
	 22nd through
24th
	  	5.10	%
	 25th through
27th
	  	5.56	%
	 28th through
30th
	  	6.01	%
	 31st through
33rd
	  	6.49	%
	 34th through
36th
	  	6.79	%
	 37th through
39th
	  	6.94	%
	 40th and
thereafter
	  	7.25	%

 “Level 2 Delinquency Test” means, for any Distribution Date specified below, the
arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is greater than the percentage set forth opposite such Distribution Date: 
  

				
	 Distribution Date occurring after the Closing
Date:
	  	Percentage	 
	 4th through14th
	  	4.25	%
	 15th through
26th
	  	5.25	%
	 27th and
thereafter
	  	6.25	%

  

 5 

 “Level 2 Gross Default Test” means, for any Distribution Date specified below, the Gross
Default Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date: 
  

				
	 Distribution Date occurring after the Closing
Date:
	  	Percentage	 
	 1st through 3rd
	  	1.70	%
	 4th through 6th
	  	2.56	%
	 7th through 9th
	  	3.15	%
	 10th through
12th
	  	4.40	%
	 13th through
15th
	  	5.25	%
	 16th through
18th
	  	7.24	%
	 19th through
21st
	  	8.05	%
	 22nd through
24th
	  	8.88	%
	 25th through
27th
	  	9.73	%
	 28th through
30th
	  	10.55	%
	 31st through
33rd
	  	11.40	%
	 34th through
36th
	  	11.96	%
	 37th through
39th
	  	12.23	%
	 40th and
thereafter
	  	12.79	%

 “Level 2 Trigger Event” means the occurrence of any of the following (A) a
Servicer Termination Event, (B) violation of the Level 2 Cumulative Net Loss Test, (C) violation of the Level 2 Delinquency Test (D) violation of the Level 2 Gross Default Test or (E) an Insurance Agreement Event of Default.

 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such
Receivable including (1) proceeds from the disposition of the underlying financed vehicles; (2) any related insurance proceeds; (3) other monies received from the obligor that are allocable to principal and interest due under the
automobile loan, and (4) with respect to a Sold Receivable, the related Sale Amount. 
 “Non-Controlling Party” means,
at any time, the Issuer Secured Party that is not the Controlling Party at such time. 
 “Original Pool Balance” means the
Pool Balance as of the Cutoff Date. 
 “Outstanding Pool Balance” means the Pool Balance as of the end of the related
Collection Period. 
  

 6 

 “Overcollateralization Amount” means the greater of (a) 6.75% or (b) the
quotient (expressed as a percentage) of (i) product of 1% and the Original Pool Balance over (ii) the Outstanding Pool Balance. 
 “Requisite Amount” means an amount equal to 1.0% of the Original Pool Balance provided, however, that (i) on each Distribution Date upon which a Level 1 Trigger Event has occurred and is continuing, and
upon each Distribution Date thereafter (unless no Level 1 Trigger Event has occurred for three consecutive months) the Requisite Amount shall be equal to the greater of (x) 3.0% of the Outstanding Pool Balance or (y) 2.0% of the
Aggregate Principal Balance as of the Cutoff Date; and (ii) on each Distribution Date upon which a Level 2 Trigger Event has occurred and upon each Distribution Date thereafter, the Requisite Amount shall be equal to 100% of the
Outstanding Pool Balance. 
 “Security Interests” means the security interests and Liens in the Spread Account Agreement
Collateral granted pursuant to Section 2.01. 
 “Seller” means AFS SenSub Corp. 
 “Spread Account” means the account designated as such, established and maintained pursuant to Article Three. 
 “Spread Account Agreement Collateral” has the meaning set forth in Section 2.01. 
 “Spread Account Claim Amount” has the meaning set forth in Section 1.1 of the Sale and Servicing Agreement. 
 “Trigger Event” means a Level 1 Trigger Event or a Level 2 Trigger Event. 
 “Trustee Termination Date” means the date which is the latest of the date on which (i) the Trustee shall have received, as Trustee
for the holders of the Notes, payment and performance in full of all Trustee Issuer Secured Obligations and (ii) all payments in respect of the Notes shall have been made and the Indenture shall have been satisfied and discharged pursuant to
the terms of Article IV of the Indenture. 
 “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. 
 Section 1.02. Other
Definitional Provisions. 
 (a) Capitalized terms used but not otherwise defined herein shall have the meanings set forth in
the Sale and Servicing Agreement or the Indenture, as the case may be. 
 (b) The terms “hereof,” “herein”
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. 
  

 7 

 ARTICLE II 
 THE SPREAD ACCOUNT AGREEMENT COLLATERAL 
 Section 2.01. Grant of Security Interest by the
Issuer. In order to secure the performance of Issuer Secured Obligations, to the extent provided herein, the Issuer hereby pledges, assigns, grants, transfers and conveys to the Collateral Agent, on behalf of and for the benefit of the Issuer
Secured Parties, 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 being collectively referred to herein as the
“Spread Account Agreement Collateral” and constituting Spread Account Agreement Collateral hereunder): 
 (a) the
Spread Account established pursuant to Section 3.01, and each other account owned by the Issuer and maintained by the Collateral Agent (including, without limitation, the Spread Account Initial Deposit related thereto and all additional monies,
checks, securities, investments and other documents from time to time held in or evidencing any such accounts); 
 (b) all of
the Issuer’s right, title and interest in and to investments made with proceeds of the property described in clause (a) above, or made with amounts on deposit in the Spread Account; and 
 (c) all distributions, revenues, products, substitutions, benefits, profits and proceeds, in whatever form, of any of the foregoing
whether now owned or hereafter acquired. 
 Section 2.02. Priority. The Issuer intends the security interests in favor of the
Issuer Secured Parties to be prior to all other Liens in respect of the Spread Account Agreement Collateral, and the Issuer shall take all actions necessary to obtain and maintain, in favor of the Collateral Agent, for the benefit of the Issuer
Secured Parties, a first lien on and a first priority, perfected security interest in the Spread Account Agreement Collateral including, without limitation, the filing of a UCC-1 financing statement relating to the Spread Account Agreement
Collateral. Subject to the provisions hereof specifying the rights and powers of the Collateral Agent at the direction of the Controlling Party from time to time to control certain specified matters relating to the Spread Account Agreement
Collateral, each Issuer Secured Party shall have all of the rights, remedies and recourse with respect to the Spread Account Agreement 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 Issuer Secured Parties by this Agreement or any other law relating to the creation and perfection of liens on, and security interests in, the Spread Account
Agreement Collateral. 
 Section 2.03. Issuer Remains Liable. The Security Interests are granted as security only and shall not
(i) transfer or in any way affect or modify, or relieve either the Issuer from, any obligation to perform or satisfy, any term, covenant, condition or agreement to be performed 

  

 8 

 
or satisfied by the Issuer under or in connection with this Agreement, the Insurance Agreement or any other Basic Documents to which it is a party or
(ii) impose any obligation on any of the Issuer 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 Issuer 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 Basic
Documents. 
 Section 2.04. Delivery and Maintenance of Spread Account Agreement Collateral. 
 (a) The Collateral Agent agrees to maintain the Spread Account Agreement Collateral received by it (or evidence thereof, in the case of
book-entry securities in the name of the Collateral Agent) and all records and documents relating thereto at the office of the Collateral Agent specified in Section 8.06 or such other address as may be approved by the Controlling Party. The
Collateral Agent shall keep all Spread Account Agreement 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 Eligible Investments and Spread Account included in the Spread Account Agreement Collateral in such a manner as shall enable the Collateral Agent and the Issuer Secured Parties to verify the accuracy of such
record-keeping. The Collateral Agent’s books and records shall at all times show that the Spread Account Agreement Collateral is held by the Collateral Agent as agent of the Issuer Secured Parties and is not the property of the Collateral
Agent. The Collateral Agent will promptly report to each Issuer Secured Party and the Issuer any failure on its part to hold the Spread Account Agreement Collateral as provided in this Section 2.04(a) and will promptly take appropriate action
to remedy any such failure. 
 (b) The Collateral Agent shall permit each of the Issuer Secured Parties, or their respective
duly authorized representatives, attorneys, auditors or designees, to inspect the Spread Account Agreement 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 Issuer 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.

 (c) All Spread Account Agreement Collateral shall be transferred to the Collateral Agent on behalf of the Issuer Secured
Parties a manner consistent with the definition of “Delivery” set forth in the Sale and Servicing Agreement. 
 (d)
Notwithstanding anything to the contrary herein, the Collateral Agent: (i) is and will be acting on behalf of the Issuer Secured Parties as a securities intermediary under Article Eight of the UCC and acknowledges that it holds the Spread
Account Agreement Collateral for the benefit of the Issuer Secured Parties for purposes of Section 9-313 of the UCC (ii) shall establish and maintain the Spread Account for the benefit of the Issuer Secured Parties as a holder of a
security interest in the Spread Account Agreement Collateral and the Spread Account; (iii) shall treat all of the assets in the Spread Account (other than cash) as financial assets under Article Eight of the UCC; 

  

 9 

 
(iv) shall not hold, or exercise control (within the meaning of Article Eight or Nine of the UCC) over, the Spread Account Agreement Collateral
and/or the Spread Account for the benefit of any person or entity other than the Issuer Secured Parties; (v) has received notice of the Issuer Secured Parties’ interest in the assets contained and/or to be contained in the Spread Account;
and (vi) shall take instructions only from the Issuer Secured Party constituting the Controlling Party hereunder (without any consent of and notwithstanding any alternate direction of the Issuer) with respect to the Spread Account and/or the
Spread Account Agreement Collateral, including, without limitation, all instructions with respect to the acquisition, transfer and disposition of assets in the Spread Account and the proceeds thereof. In accordance with the choice of law governing
this Agreement set forth in Section 8.14 herein, for purposes of Article Eight of the UCC the jurisdiction of the Collateral Agent is deemed to be New York. 
 Section 2.05. Termination and Release of Rights. 
 (a) On the Insurer Termination
Date, the rights, remedies, powers, duties, authority and obligations conferred upon the Insurer pursuant to this Agreement in respect of the Spread Account Agreement Collateral shall terminate and be of no further force and effect and all rights,
remedies, powers, duties, authority and obligations of the Insurer with respect to such Spread Account Agreement Collateral shall be automatically released; provided that any indemnity provided to or by the Insurer herein shall survive such Insurer
Termination Date. If the Insurer is acting as Controlling Party on the related Insurer Termination Date, the Insurer agrees, at the expense of the Issuer, to execute and deliver such 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 the Insurer and any Person claiming by, through or under the Insurer. 
 (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 Spread Account Agreement 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 such
Spread Account Agreement 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 related Trustee
Termination Date, the Trustee agrees, at the expense of the Issuer, to execute and deliver such instruments as the Issuer 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 Issuer 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 Issuer
Secured Party with respect to the Spread Account Agreement Collateral shall be automatically released. On the Final Termination Date, the Collateral Agent agrees, and each Issuer Secured Party agrees, at the expense of the Issuer, to execute such
instruments of release, in recordable form if necessary, in favor of the Issuer as the Issuer 

  

 10 

 
may reasonably request, to deliver any Spread Account Agreement Collateral in its possession to the Issuer, and to otherwise release the lien of this
Agreement and release and deliver to the Issuer the Spread Account Agreement Collateral. 
 Section 2.06. Non-Recourse Obligations of
Issuer. Notwithstanding anything herein or in the other Basic Documents to the contrary, the parties hereto agree that the obligations of the Issuer hereunder shall be recourse only to the extent of amounts released to the Issuer pursuant to
Section 3.03(b)(ii) and retained by the Issuer in accordance with the next sentence. The Issuer agrees that it shall not declare or make any payment to the Seller or AmeriCredit except in accordance with the Basic Documents. Nothing contained
herein shall be deemed to limit the rights of the Noteholders under any other Basic Document. 
 ARTICLE III 
 SPREAD ACCOUNT 
 Section 3.01.
Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of 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 Deposit Account, designated, “Spread Account— The Bank of New York, as Collateral Agent for MBIA
Insurance Corporation and The Bank of New York, as Trustee and Trust Collateral Agent Re: AmeriCredit Prime Automobile Receivables Trust 2007-2-M, Class A Asset-Backed Notes Series 2007-2-M” (the “Spread Account”). The Spread
Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of AmeriCredit, the Seller, the Servicer or the Issuer. The Spread Account shall be maintained at the same depository institution (which
depository institution may be changed from time to time in accordance with this Agreement). If the Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish
within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution acceptable to the Controlling Party.

 (b) No withdrawals may be made of funds in the Spread Account except as provided in Section 3.03. Except as
specifically provided in this Agreement, funds in the Spread Account shall not be commingled with any other moneys. All moneys deposited from time to time in the Spread Account and all investments made with such moneys shall be held by the
Collateral Agent as part of the Spread Account Agreement Collateral. 
 (c) On the Closing Date, Issuer shall provide or cause
to be provided to the Collateral Agent for deposit into the Spread Account an amount equal to the Spread Account Initial Deposit. 
 (d) On each Distribution Date, after giving effect to all payments to be made on the related Distribution Date, the Collateral Agent shall cause to be maintained in the 

  

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Spread Account an amount equal to the Requisite Amount in accordance with Article V of the Sale and Servicing Agreement. Any amounts deposited with
respect to the Cash Collateral Deposit shall not be included for the purposes of determining whether the amount maintained in the Spread Account equals the Requisite Amount 
 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 Issuer (unless a Default shall have occurred and be continuing, in which case at the written direction of the Controlling Party if it so elects) 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 Eligible Investments in the manner specified in Section 3.02(b) and (c). If no written direction with respect to any
portion of such Spread Account is received by the Collateral Agent, the Spread Account Agreement Collateral Agent shall invest such funds overnight in money market mutual funds described in paragraph (d) of the definition of the term
“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 on any date shall mature not later than the Business Day immediately preceding the Distribution Date next succeeding the day such investment is made or payable on
demand, 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 “Eligible Investments.” 
 (d) If amounts on deposit in the Spread Account are at any time invested in an 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 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 an Eligible Investment. 
 (e) All moneys on deposit in the Spread Account, together with any deposits or securities in which such moneys may be invested or
reinvested, and any gains from such investments, shall constitute Spread Account Agreement Collateral hereunder subject to the Security Interests of the Issuer Secured Parties. 
  

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 (f) Subject to Section 4.03, the Collateral Agent shall not be liable by reason of
any insufficiency in amounts on deposit in the Spread Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Collateral Agent’s failure to make payments on Eligible Investments as to
which the Collateral Agent, in its commercial capacity, is obligated. All income or loss on investments of funds in the Spread Account shall be reported by AmeriCredit as taxable income or loss. 
 Section 3.03. Payments; Priority of Payments. 
 (a) On or before the second Business Day prior to each Distribution Date, the Collateral Agent will make the following calculations on the basis of information (including, without limitation, the amount of any Spread
Account Claim Amount and the amount of any Accelerated Payment Amount Shortfall) received pursuant to Article IV of the Sale and Servicing Agreement from the Servicer; provided, however, that if the Collateral Agent receives written notice from
the Insurer, the Trustee, the Issuer or the Servicer of the occurrence of an Insurance Agreement Event of Default, such notice shall be determinative for the purposes of determining the Requisite Amount: 
 (i) determine the amounts to be on deposit in the Spread Account on such Distribution Date which will be available to satisfy any Spread
Account Claim Amount; 
 (ii) determine (A) the amounts, if any, to be paid from the Spread Account with respect to the
Spread Account Claim Amount and (B) whether, following payment from the Spread Account to the Trust Collateral Agent for deposit into the Collection Account, a Spread Account Claim Amount will continue to exist; 
 (iii) [Reserved]; 
 (iv) determine the amounts to be on deposit in the Spread Account on that Distribution Date which will be available to satisfy any Accelerated Payment Amount Shortfall; 
 (v) determine (A) the amounts, if any, to be paid from the Spread Account with respect to the Accelerated Payment Amount Shortfall
and (B) whether, following payment from the Spread Account to the Trust Collateral Agent for deposit into the Collection Account, an Accelerated Payment Amount Shortfall will continue to exist; 
 On such Distribution Date, the Collateral Agent shall deliver a certificate to the Trust Collateral Agent and the Insurer with respect to any Deficiency
Notice and any Accelerated Payment Shortfall Notice, stating the amount, if any, to be distributed to the Trust Collateral Agent on that Distribution Date in respect of such Accelerated Payment Shortfall Amount and in respect of such Spread Account
Claim Amount. 
  

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 (b) On each Distribution Date, the Collateral Agent shall make the following payments
from the Spread Account (to the extent of funds available in the Spread Account) in the following order of priority: 
 (i) if
the Trust Collateral Agent has delivered a Deficiency Notice and if there exists a Spread Account Claim Amount, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Spread Account Claim Amount; and 
 (ii) any funds in the Spread Account (excluding net of any amounts deposited with respect to the Cash Collateral Deposit) in excess of the
Requisite Amount, after making the withdrawals therefrom required by clause (i) of this Section 3.03(b) (to the extent of funds available in excess of the Requisite Amount) and any funds remaining in the Spread Account as of the
Distribution Date immediately following the Final Termination Date will be applied by the Collateral Agent in the following order of priority: 
 (A) 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 Note Distribution
Account the amount of such Accelerated Payment Amount Shortfall; 
 (B) 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; 
 (C) to the Trust Collateral
Agent for payment to any replacement servicer any accrued and unpaid replacement servicer fees, transition costs or additional compensation to the extent not paid by AmeriCredit or pursuant to the Sale and Servicing Agreement; 
 (D) to the Trust Collateral Agent for payment to the Insurer, any amounts due and owing to the Insurer that were not paid under clause
(x) of Section 5.7(a) of the Sale and Servicing Agreement; 
 (E) to the Backup Servicer, any indemnification
amounts payable by the Servicer to the Backup Servicer to the extent not paid by the Servicer; and 
 (F) to the holder(s) of
the Certificates, any remaining funds in the Spread Account in excess of the Requisite Amount. 
 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 Issuer and each Issuer Secured Party in writing of the name and address of the depository institution or trust 

  

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company where the Spread Account has been established (if not at The Bank of New York 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 Issuer shall cause each such
depository institution or trust company to execute a written agreement, in form and substance reasonably 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 Issuer and each Issuer Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent
shall give the Issuer and each Issuer 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 Issuer, the Collateral Agent shall cause, at the expense of the Issuer, 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) 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 Issuer, the Insurer, the Trustee (unless the Trustee
is the same party as the Collateral Agent), the Trust Collateral Agent and the Servicer, on a monthly basis no later than each Distribution Date, the amount on deposit in the Spread Account and the identity of the investments included therein as of
the last day of the related Collection Period, and shall provide accountings of deposits into and withdrawals from the Spread Account, and of the investments made therein, upon the request of the Issuer, the Insurer or the Servicer. 
 Section 3.06. Cash Collateralized Receivables. 
 (a) On any date after the Outstanding Pool Balance has declined to 33% of the Original Pool Balance, if (i) the Delinquency Ratio violates the Level 1 Delinquency Test, (ii) the amount on deposit in the
Spread Account equals or exceeds the Requisite Amount and (iii) the Pro Forma Note Balance equaled the Required Pro Forma Note Balance on the immediately preceding Distribution Date, then the Servicer shall have the option of making a deposit
into the Spread Account to prevent the occurrence of a Level 1 Trigger. If the Servicer elects to exercise such option, then on each Distribution Date the Servicer shall deposit into the Spread Account the amount necessary to maintain the Cash
Collateral Deposit until such time as the Delinquency Ratio (without taking into 

  

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account any reduction for Cash Collateralized Receivables) is at a level that does not violate the Level 1 Delinquency Test or Level 2 Delinquency Test. As
of any date of determination, the “Cash Collateral Deposit” shall equal to the greater of (x) the aggregate Principal Balance of 100% of the Receivables that are ninety (90) or more days past due or (y) the aggregate
Principal Balance of the minimum amount of Delinquent Receivables necessary to reduce the Delinquency Ratio to a level that does not violate the Level 1 Delinquency Test. 
 (b) On each Distribution Date, upon which (i) the Delinquency Ratio (without taking into account any reduction for Cash
Collateralized Receivables) is at a level that does not violate the Level 1 Delinquency Test or Level 2 Delinquency Test, (ii) no Trigger Event is in effect and (iii) the amount on deposit in the Spread Account (net of the Cash Collateral
Deposit) is equal to or exceeds the Requisite Amount, then the Collateral Agent shall distribute the Cash Collateral Deposit in accordance with the priorities set forth in Section 3.03(b)(ii). 
 ARTICLE IV 
 THE COLLATERAL AGENT

 Section 4.01. Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured Parties
hereby appoints The Bank of New York as the Collateral Agent with respect to the Spread Account Agreement Collateral, and The Bank of New York hereby accepts such appointment and agrees to act as Collateral Agent with respect to the Spread Account
Agreement Collateral, for the Issuer Secured Parties, to maintain custody and possession of such Spread Account Agreement 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 Issuer 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 Agent shall act (and shall be
completely protected in so acting) 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, (ii) which are in violation of any applicable law, rule or regulation or (iii) 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 have no duties or responsibilities except those expressly set forth in this Agreement and the other Basic Documents to which the Collateral Agent is a party or as directed by the Controlling Party in accordance with this Agreement. The
Collateral Agent shall not be required to take any discretionary actions hereunder except at the written direction and with indemnification satisfactory to it from the Controlling Party. 
  

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 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 negligence, bad faith or willful misconduct; nor shall the
Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this Agreement or any of the Spread Account Agreement Collateral (or any part thereof). Notwithstanding any term or provision
of this Agreement, the Collateral Agent shall incur no liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Collateral Agent in connection with the Spread Account Agreement Collateral, except for the
negligence or willful misconduct on the part of the Collateral Agent, and, further, shall incur no liability to the Issuer Secured Parties except for negligence or willful misconduct in carrying out its duties to the Issuer Secured Parties. Subject
to Section 4.04, the Collateral Agent shall be completely 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) 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 Basic Documents. The Collateral Agent may consult with counsel selected by it with due care, 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 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.

 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) 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 and is acceptable to the Insurer) be and become a successor Collateral Agent hereunder and be vested with all of
the title to and interest in the Spread Account Agreement 

  

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Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any
instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of,
the security interest of the Issuer Secured Parties in the Spread Account Agreement Collateral. 
 (b) 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 as evidenced by an Opinion of Counsel delivered to the Insurer, 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. 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 Issuer Secured Party and the Issuer; provided, that such resignation shall take effect only upon the date which is the latest of (A) the effective date of the
appointment of a successor Collateral Agent acceptable to the Insurer (provided that an Insurer Default has not occurred and is continuing) 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, (B) delivery of the Collateral to such successor to be held in accordance with the procedures specified in Article Two, and (C) receipt by the Controlling Party of
an Opinion of Counsel to the effect described in Section 5.05. 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 or becomes the Collateral Agent pursuant to Section 4.05(d), the resigning Collateral Agent may petition a court of competent jurisdiction in New York,
New York for the appointment of a successor acceptable to the Insurer (provided that an Insurer Default has not occurred and is continuing). Notwithstanding anything herein to the contrary, if the Trustee, the Trust Collateral Agent and Collateral
Agent are the same party and the Trustee or the Trust Collateral Agent resigns under the Indenture, the Collateral Agent may resign in accordance with the procedures for resignation of the Trustee and the Trust Collateral Agent under the Indenture.

 (c) 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 Issuer 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
Section 4.05(d). 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 acceptable to the
Insurer (provided that an Insurer Default has not occurred and is continuing) 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 

  

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Spread Account Agreement Collateral to such successor to be held in accordance with the procedures specified in Article Two and (iii) receipt by
the Controlling Party of an Opinion of Counsel to the effect described in Section 5.05. 
 (d) 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 Issuer Secured Party and the
Issuer an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Spread Account Agreement Collateral
to the successor Collateral Agent to be held in accordance with the procedures specified in Article Two, 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 Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such successor all the estates,
properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Issuer or a Issuer 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 the 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 Spread Account Agreement 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 Spread Account Agreement Collateral to the successor Collateral Agent or to protect or continue the perfection of the security interests granted hereunder. 
 Section 4.06. Indemnification. The Servicer 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 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 negligence, bad faith or willful misconduct of the Collateral Agent. The obligation of the Servicer under this Section 4.06 shall
survive the termination of this Agreement and the resignation or removal of the Collateral Agent or the Servicer. 
 Section 4.07.
Compensation and Reimbursement. The Servicer agrees for the benefit of the Issuer Secured Parties to pay to the Collateral Agent, the Collateral Agent Fee 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 to reimburse the Collateral Agent for any reasonable and out of pocket expenses (including reasonable legal fees and expenses but excluding any expenses resulting from the
gross negligence, bad faith, or willful misconduct of the Collateral Agent) incurred in connection with the duties contemplated herein. 
  

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 Section 4.08. Representations and Warranties of the Collateral Agent. The Collateral Agent
represents and warrants to the Issuer and to each Issuer Secured Party as follows: 
 (a) Due Organization. The
Collateral Agent 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. The Collateral Agent 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 the Collateral Agent of this Agreement and the other Basic Documents to which it is a party, and the performance by the Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary
corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Collateral Agent, or the performance by the Collateral Agent, of this Agreement and such other
Basic Documents. 
 (d) Valid and Binding Agreement. The Collateral Agent has duly executed and delivered this
Agreement and each other Basic Document to which it is a party, and each of this Agreement and each such other Basic Document constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral Agent in
accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ 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 set off 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 Issuer 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 Issuer. 
 ARTICLE V 

 COVENANTS OF THE ISSUER 
 Section 5.01. Preservation of Spread Account Agreement Collateral. Subject to the rights, powers and authorities granted to the Collateral Agent and the Controlling Party in this Agreement, the Issuer shall take such action as
is necessary and proper with respect to the Spread 

  

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Account Agreement Collateral in order to preserve and maintain such Spread Account Agreement Collateral and to cause (subject to the rights of the Issuer
Secured Parties) the Collateral Agent to perform its obligations with respect to such Spread Account Agreement Collateral as provided herein including, without limitation, filing UCC-1s on the Spread Account and investments therein. The Issuer 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 Spread Account Agreement 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.

 Section 5.02. Notices. In the event that the Issuer acquires knowledge of the occurrence and continuance of any Insurance
Agreement Event of Default or Event of Default under the Indenture or of any event of default or like event, howsoever described or called, under any of the Basic Documents, the Issuer shall immediately give notice thereof to the Collateral Agent
and each Issuer Secured Party. 
 Section 5.03. Waiver of Stay or Extension Laws; Marshalling of Assets. The Issuer 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 Spread Account Agreement Collateral or any part thereof, or the possession thereof by any purchaser at any sale under
Article Seven; and the Issuer, 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 Issuer, for itself and all who may claim under it, waives, to the fullest extent permitted by
applicable law, all right to have the Spread Account Agreement Collateral marshaled upon any foreclosure or other disposition thereof. 
 Section 5.04. Noninterference, etc. The Issuer shall not (i) waive or alter any of its rights under the Spread Account Agreement Collateral (or any agreement or instrument relating thereto) without the prior written consent
of the Controlling Party, (ii) fail to pay any tax, assessment, charge or fee levied or assessed against the Spread Account Agreement Collateral, or to defend any action, if such failure to pay or defend may adversely affect the priority or
enforceability of the Issuer’s right, title or interest in and to the Spread Account Agreement Collateral or the Collateral Agent’s lien on, and security interest in, the Spread Account Agreement Collateral for the benefit of the Issuer
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 Basic Documents. 
 Section 5.05. Issuer Changes 
 (a) Change in Name, Structure, etc. The Issuer shall not change its name, identity or corporate structure unless it shall have given each Issuer Secured Party and the 

  

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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. 
 (b) Relocation of the Issuer. The Issuer shall not
change its principal executive office or jurisdiction of organization unless it gives each Issuer Secured Party and the Collateral Agent at least 30 days’ prior written notice of any relocation of its principal executive office. If the Issuer
relocates its principal executive office, jurisdiction of organization or principal place of business from Delaware, the Issuer 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 an Opinion of Counsel to the Controlling Party and the Collateral Agent, 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 Spread Account Agreement 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, the Insurer 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 until the Trustee Termination Date, the Trustee shall be the Controlling Party. Notwithstanding the foregoing, in the event that an Insurer 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 an
Insurer Default and either such Insurer 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, the Insurer
shall, upon notice thereof being duly given to the Collateral Agent, again be the Controlling Party. 
 Section 6.02. Controlling
Party’s Authority. 
 (a) The Issuer hereby irrevocably appoints the Collateral Agent, and any successor to the
Collateral Agent appointed pursuant to Section 4.05, its true and lawful attorney, with full power of substitution, in the name of the Issuer, the Issuer Secured Parties or otherwise, but (subject to Section 2.06) at the expense of the
Issuer, 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 but at all such times at the direction of the Controlling Party, any or all of the following powers
with respect to all or any of the Spread Account Agreement 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, 

  

 22 

 
(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) With respect to the Notes and the related Spread Account Agreement Collateral, each
Issuer Secured Party hereby irrevocably and unconditionally constitutes and appoints the Collateral Agent, and any successor to such Collateral Agent appointed pursuant to Section 4.05 from time to time, as the true and lawful attorney-in-fact
of the Issuer Secured Parties, 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 Collateral Agent as well as in the name, place and
stead of such Issuer Secured Party such acts, things and deeds for and on behalf of and in the name of the Issuer Secured Parties under this Agreement which the Issuer Secured Parties could or might do or which may be necessary, desirable or
convenient in the Collateral Agent’s sole discretion with the prior written consent of the Controlling Party or at the direction of the Controlling Party 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 Spread Account Agreement Collateral, and the enforcement of the rights of the Issuer Secured Parties hereunder, on behalf of and for
the benefit of the Issuer Secured Parties, as their interests may appear. 
 Section 6.03. Rights of Issuer Secured Parties. With
respect to the Notes and the related Spread Account Agreement Collateral, the Non-Controlling Party at any time expressly agrees that it shall not assert any rights that it may otherwise have, as an Issuer Secured Party with respect to the Spread
Account Agreement Collateral, to direct the maintenance, sale or other disposition of the Spread Account Agreement Collateral or any portion thereof, notwithstanding the occurrence and continuance of any Default or any non-performance by the Issuer
of any obligation owed to such Issuer Secured Party hereunder or under any other Basic Document, and each party hereto agrees that the Collateral Agent, at the direction of the Controlling Party shall be the only Person entitled to assert and
exercise such rights. 
 Section 6.04. Degree of Care. 
 (a) Collateral Agent. Notwithstanding any term or provision of this Agreement, the Collateral Agent shall incur no liability
to the Issuer for any action taken or omitted by the Collateral Agent in connection with the Spread Account Agreement Collateral, except for any negligence, bad faith or willful misconduct on the part of the Collateral Agent and, further, shall
incur no liability to the Non-Controlling Party except for the negligence, bad faith or willful misconduct of the Collateral Agent in carrying out its duties, if any, to the Non-Controlling Party. The Collateral Agent shall be completely 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 Collateral
Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent manifest error or actual knowledge to the contrary) the Collateral Agent shall not be 

  

 23 

 
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 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 Basic
Documents. 
 (b) Controlling Party. Notwithstanding any term or provision of this Agreement, the Controlling
Party shall incur no liability to the Issuer, Seller, Servicer or any secured party for any action taken or omitted by the Controlling Party in connection with the Spread Account Agreement Collateral, except for any 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 terms of this Agreement or for 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 Basic Documents. 
 (c) The Non-Controlling Party. The Non-Controlling Party shall not be liable to the Issuer 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, the Collateral Agent shall, at the written 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 Issuer Secured Obligations, including, but not limited to, foreclosure upon the Spread Account Agreement 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 Basic 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 Issuer 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. 
  

 24 

 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 Issuer, the Collateral
Agent and each of the Issuer 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 Issuer Secured Parties
shall continue as though no such proceeding had been instituted. 
 Section 7.04. No Remedy Exclusive. No right or remedy herein
conferred upon or reserved to the Collateral Agent, the Controlling Party or either of the Issuer 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 stop 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 

  

 25 

 
the Rating Agency Condition shall have been satisfied; provided, however, that, notwithstanding the foregoing, for so long as the Insurer shall be the
Controlling Party, any amendments, modifications, waivers or supplements hereto, or to the Spread Account Agreement Collateral or Spread Account or to 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 the Insurer, the Issuer 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. 
 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 Issuer Secured Parties, hereunder is unavailable or unenforceable
shall not affect in any way the ability of the Collateral Agent or any of the Issuer 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 Final Scheduled Distribution Date of the Class A-4-A Notes and the ClassA-4-B Notes and payment of all amounts due to the Insurer under the Insurance Agreement, acquiesce, petition or otherwise
invoke or cause the Issuer or the Seller 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 Issuer or the Seller 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 Issuer or the Seller or all or any part of its respective property or assets or ordering the winding up or liquidation of the affairs of the Issuer or the Seller. 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, (b) one Business Day after delivery to an overnight courier, (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: 
  

 26 

	 	(a)	If to the Issuer: 

 AmeriCredit Prime Automobile
Receivables Trust 2007-2-M 
 c/o Wilmington Trust Company 
 1100 North Market Street 
 Wilmington, DE 19890-0001 
 Attention: Corporate Trust Administration 
  

	 	(b)	If to the Insurer: 

 MBIA Insurance Corporation

 113 King Street 
 Armonk, New
York 10504 
 Attention: Insured Portfolio Management - Structured Finance 
 (AmeriCredit Prime Automobile Receivables Trust 2007-2-M) 
 (in each case in which notice or other communication to the Insurer refers to a Default or a claim on the Policy or in which failure on the part of the Insurer to respond shall be deemed to constitute consent or
acceptance, then with a copy to the attention of the General Counsel marked to reflect “Urgent Materials Enclosed”) 
  

	 	(c)	If to the Trustee and the Trust Collateral Agent: 

 The
Bank of New York 
 101 Barclay Street 
 New York, NY 10286 
 Facsimile number: (212) 815-2493 
 Attention: AmeriCredit Prime Automobile Receivables Trust 2007-2-M 
  

	 	(d)	If to the Collateral Agent: 

 The Bank of New York

 101 Barclay Street 
 New
York, NY 10286 
 Facsimile number: (212) 815-2493 
 Attention: AmeriCredit Prime Automobile Receivables Trust 2007-2-M 
  

	 	(e)	If to Moody’s: 

 Moody’s Investors Service, Inc.

 ABS Monitoring Department 
 7 World Trade Center, 25th Floor 
 250 Greenwich Street 
 New York, New York 10007 
  

 27 

	 	(f)	If to Standard & Poor’s: 

 Standard & Poor’s Ratings Services, a division of 
 The McGraw Hill Companies, Inc. 
 55 Water Street, 40th Floor 
 New York, New
York 10041 
 Attention: Asset-Backed Surveillance Department 
 A copy of each notice given hereunder to any party hereto shall also be given to (without duplication) the Insurer, the Issuer, the Trustee, the Trust Collateral Agent 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 take effect on the Closing Date and shall continue in effect until the Distribution Date occurring immediately following the Final Termination
Date. On the Distribution Date occurring immediately following the Final Termination Date and after giving effect to any withdrawals pursuant to Section 3.03, this Agreement shall terminate, all obligations of the parties hereunder shall cease
and terminate and the Spread Account Agreement Collateral, if any, held hereunder and not to be used or applied in discharge of any obligations of the Issuer in respect of the Issuer Secured Obligations or otherwise under this Agreement, shall be
released to and in favor of the Issuer; 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 Spread Account Agreement 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 Issuer Secured Party and the Collateral Agent, and by their respective successors, transferees and assigns. The Issuer may not assign this Agreement,
or delegate any of its duties hereunder, without the prior written consent of the Controlling Party. 
 (b) The Insurer shall
have the right to give participations in its rights under this Agreement and to enter into contracts of reinsurance with respect to the Note Policy issued in connection with the Notes, upon such terms and conditions as the Insurer in its discretion
determines, and each such participant or reinsurer shall be entitled to the benefit of any representation, warranty, covenant and obligation of each party (other than the Insurer) 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 the Insurer of its obligations hereunder, under the Basic Documents to which it is a party or under the Note Policy. In addition, nothing contained herein shall restrict the Insurer from assigning to any Person pursuant to
any liquidity facility or credit facility any rights of the Insurer under this Agreement or with respect to any real or personal property or other interests pledged to the Insurer, or in which the Insurer has a security interest, in connection with
the transactions contemplated hereby. 
  

 28 

 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 Basic 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. Consents to Jurisdiction. Each of the parties hereto irrevocably
submits to the non-exclusive 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 Basic 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 Basic Documents or the subject matter hereof or thereof may not be litigated in or by such
courts. The Issuer hereby irrevocably appoints and designates The Bank of New York, as its true and lawful attorney and duly authorized agent for acceptance of service of legal process relating hereto. The Issuer agrees that service of such process
upon such Person shall constitute personal service of such process upon it. Subject to Section 8.05, 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 Basic Documents against the Issuer or its property in the courts of any jurisdiction. 
 Section 8.11. Determination of Adverse Effect. Any determination of an adverse effect on the interest of the Issuer Secured Parties or the Noteholders shall be made without consideration of the availability of funds under the
Note Policy. 
 Section 8.12. Headings. The headings of articles, 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 8.13. 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 BASIC DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER OR THEREUNDER. EACH OF THE PARTIES HERETO 

  

 29 

 
(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 BASIC DOCUMENTS TO WHICH IT IS A PARTY, BY AMONG OTHER THINGS, THIS WAIVER. 
 Section 8.14. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 8.15. 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 8.16. Limitation of
Liability. 
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by
Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual capacity or, except as expressly provided in the Trust Agreement, as
Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
 (b)
Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by The Bank of New York, not in its individual capacity but solely in its capacities as Collateral Agent, Trustee and Trust Collateral Agent
and in no event shall The Bank of New York, have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the assets of the Issuer. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS]

  

 30 

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

			
	AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M, as Issuer
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	 /s/ James P. Lawler

	Title:	 	Vice President
	
	MBIA INSURANCE CORPORATION, as Insurer
		
	By:	 	 /s/ Stephanie Taylor Ciavarello

	Title:	 	Assistant Secretary
	
	THE BANK OF NEW YORK, as Trustee, as Trust Collateral Agent and as Collateral Agent
		
	By:	 	 /s/ Helen Lam

	Title:	 	Assistant Vice President

 Accepted and Agreed with respect to Sections 3.06, 4.06 and 4.07: 
  

			
	
	 AMERICREDIT FINANCIAL SERVICES, INC.

		
	By:	 	 /s/ Frank E. Brown, III

	Title:	 	Vice President, Associate Counsel and Assistant SecretaryNote Guaranty Insurance Policy, dated as of October 18, 2007

 Exhibit 10.6 
 [MBIA LOGO] 
 NOTE GUARANTY INSURANCE POLICY 
 POLICY NUMBER: 503681 
  

			
	OBLIGATIONS:	 	AmeriCredit Prime Automobile Receivables Trust 2007-2-M
		 	Automobile Receivables Backed Notes
		 	$183,000,000 Class A-1 Notes
		 	$85,000,000 Class A-2-A Notes
		 	$177,000,000 Class A-2-B Notes
		 	$270,000,000 Class A-3 Notes
		 	$139,000,000 Class A-4-A Notes
		 	$146,000,000 Class A-4-B Notes

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

 Notwithstanding the foregoing paragraph, this Policy does not cover any shortfalls, if any, attributable to the liability of the Issuer or
the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any
Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion
of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating
to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in
any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer, provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed
to be received on the following 

 
Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy named in the final order of the court exercising jurisdiction on
behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case such payment shall be disbursed to such Owner. 
 The Insurer will pay any other amount payable hereunder no later than 12:00 noon, New York time, on the later of the Distribution Date on which
the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal Agent for the Insurer, or any successor fiscal agent appointed by
the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such Business Day, it will be deemed to be received on the following Business Day.
If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim hereunder, it shall be deemed not to have been received by the Fiscal Agent for purposes of this paragraph, and the
Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due hereunder, unless otherwise stated herein, will be disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in
respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited,
sufficient funds to make payments due under this Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the
rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer hereunder. 
 As used herein, the
following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of October 11, 2007
between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of October 11, 2007 among AmeriCredit Prime Automobile
Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup Servicer, without regard to any amendment or supplement thereto,
unless such amendment or supplement has been approved in writing by the Insurer. 
  

 2 

 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day
on which the Insurer is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of (a) the sum, without duplication,
of (i) the Noteholders’ Interest Distributable Amount, (ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date for any
Class, the unpaid principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the related Distribution Date (excluding amounts to be drawn under the
Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means
(a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the
telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached hereto, the original of which is subsequently delivered by registered or certified mail, from the Trustee specifying
the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as
defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction. 
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Agreement as of the date of execution of this Policy, without giving effect to any subsequent
amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any
notice hereunder or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address as the Insurer shall specify in writing to the Trustee. 
 The notice address of the Fiscal Agent is 15th
 Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other address as the Fiscal Agent shall specify to the Trustee in writing.

  

 3 

 THIS POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance provided by 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
cancelable for any reason. The premium on this Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
  

 4 

 IN WITNESS WHEREOF, the Insurer has caused this
Policy to be executed and attested this 18th day of October 2007. 
  

			
	MBIA INSURANCE CORPORATION
		
	By	 	 /s/ Gary C. Dunton

		 	President
	
	Attest:
		
	By	 	 /s/ Stephanie Taylor Ciavarello

		 	Assistant Secretary

  

 5 

 EXHIBIT A 
 TO NOTE GUARANTY INSURANCE 
 POLICY NUMBER: 503681 
 NOTICE UNDER NOTE GUARANTY 
 INSURANCE POLICY NUMBER: 503681 
 U.S. Bank Trust National Association, as Fiscal Agent 
         for MBIA Insurance Corporation 
 15th Floor 
 61 Broadway 
 New York, NY 10006

 Attention: Municipal Registrar and 
         Paying Agency 
 MBIA Insurance Corporation 
 113 King Street 
 Armonk, NY 10504 
 The undersigned, a duly authorized officer of [NAME OF TRUSTEE] as Trustee (the “Trustee”), hereby certifies to U.S. Bank Trust, National Association,
(the “Fiscal Agent”) and MBIA Insurance Corporation (the “Insurer”), with reference to Note Guaranty Insurance Policy Number: 503681 (the “Policy”) issued by the Insurer in respect of the $1,000,000,000 AmeriCredit
Prime Automobile Receivables Trust 2007-2-M Automobile Receivables Backed Notes $183,000,000 Class A-1 Notes, $85,000,000 Class A-2-A Notes, $177,000,000 Class A-2-B Notes, $270,000,000 Class A-3 Notes, $139,000,000
Class A-4-A Notes, and $146,000,000 Class A-4-B Notes (the “Obligations”), that: 
 (a) the Trustee is the
Trustee under the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer and The Bank of New York, as Trustee and as Trust Collateral Agent; 
 (b) the amount under clause (a)(i) of the definition of Deficiency Amount for the Distribution Date occurring on
[                    ] (the “Applicable Distribution Date”) is
$[            ]; 
 (c) the amount under
clause (a)(ii) of the definition of Deficiency Amount for the Applicable Distribution Date is $[            ]; 
 (d) the amount under clause (a)(iii) of the definition of Deficiency Amount for the Applicable Distribution Date is
$[            ]; 

 (e) the amount under clause (b)(i) of the definition of Deficiency Amount for the
Applicable Distribution Date is $[            ]; 
 (f) the amount under clause (b)(ii) of the definition of Deficiency Amount for the Applicable Distribution Date is $[            ]; 
 (g) the excess of (1) the sum of the amounts listed in paragraphs (b), (c) and (d) above over (2) the sum of the
amounts listed in paragraphs (e) and (f) above, as of the date of this Notice, is $[            ] (the “Deficiency Amount”); 
 (h) the amount of previously distributed payments on the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction is
$[            ] (the “Preference Amount”); 
 (i) the total Insured Payment due is $[            ], which amount equals the sum of the Deficiency Amount and the Preference Amount; 
 (j) the Trustee is making a claim under and pursuant to the terms of the Policy for the dollar amount of the Insured Payment set forth in
(e) above to be applied to the payment of the Deficiency Amount for the Applicable Distribution Date in accordance with the Agreement and for the dollar amount of the Insured Payment set forth in (f) above to be applied to the payment of
any Preference Amount; and 
 (k) the Trustee directs that payment of the Insured Payment be made to the following account by
bank wire transfer of federal or other immediately available funds in accordance with the terms of the Policy: [TRUSTEE’S ACCOUNT NUMBER]. 
 Any capitalized term used in this Notice and not otherwise defined herein shall have the meaning assigned thereto in the Policy. 
 Any Person Who Knowingly And With Intent To Defraud Any Insurance Company Or Other Person Files An Application For Insurance Or Statement Of Claim Containing Any Materially False Information, Or Conceals For The Purpose Of Misleading,
Information Concerning Any Fact Material Thereto, Commits A Fraudulent Insurance Act, Which Is A Crime, And Shall Also Be Subject To A Civil Penalty Not To Exceed Five Thousand Dollars And The Stated Value Of The Claim For Each Such Violation. 

 IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice under the Policy as of the [    ]
day of [                    ], [    ]. 
  

			
	 [NAME OF TRUSTEE], as Trustee

		
	By	 	  

	Title	 	  

  

 2

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