Document:

exv4w3

 

Exhibit 4.3

EXECUTION COPY

SALE AND SERVICING

AGREEMENT

among

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-B-M,

Issuer,

AFS SENSUB CORP.,

Seller,

AMERICREDIT FINANCIAL SERVICES, INC.,

Servicer,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Backup Servicer and Trust Collateral Agent

Dated as of April 5, 2004

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page

	ARTICLE I Definitions
	 	 	1	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Other Definitional Provisions
	 	 	22	 
	ARTICLE II Conveyance of Receivables
	 	 	23	 
	SECTION 2.1. Conveyance of Initial Receivables
	 	 	23	 
	SECTION 2.2. Conveyance of Subsequent Receivables
	 	 	24	 
	SECTION 2.3. Further Encumbrance of Trust Property
	 	 	27	 
	ARTICLE III The Receivables
	 	 	28	 
	SECTION 3.1. Representations and Warranties of Seller
	 	 	28	 
	SECTION 3.2. Repurchase upon Breach
	 	 	28	 
	SECTION 3.3. Custody of Receivables Files
	 	 	29	 
	ARTICLE IV Administration and Servicing of Receivables
	 	 	30	 
	SECTION 4.1. Duties of the Servicer
	 	 	30	 
	SECTION 4.2. Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements
	 	 	31	 
	SECTION 4.3. Realization upon Receivables
	 	 	34	 
	SECTION 4.4. Insurance
	 	 	36	 
	SECTION 4.5. Maintenance of Security Interests in Vehicles
	 	 	37	 
	SECTION 4.6. Covenants, Representations, and Warranties of Servicer
	 	 	38	 
	SECTION 4.7. Purchase of Receivables Upon Breach of Covenant
	 	 	39	 
	SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer
	 	 	40	 
	SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s Certificate
	 	 	40	 
	SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event
	 	 	41	 
	SECTION 4.11. Annual Independent Accountants’ Report
	 	 	42	 
	SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables
	 	 	42	 
	SECTION 4.13. Monthly Tape
	 	 	42	 
	SECTION 4.14. [Reserved]
	 	 	43	 
	SECTION 4.15. Fidelity Bond and Errors and Omissions Policy
	 	 	43	 
	ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	 	 	44	 
	SECTION 5.1. Establishment of Trust Accounts
	 	 	44	 
	SECTION 5.2. Capitalized Interest Account
	 	 	46	 
	SECTION 5.3. Certain Reimbursements to the Servicer
	 	 	47	 
	SECTION 5.4. Application of Collections
	 	 	47	 
	SECTION 5.5. Withdrawals from Spread Account
	 	 	48	 
	SECTION 5.6. Additional Deposits
	 	 	48	 
	SECTION 5.7. Distributions
	 	 	48	 
	SECTION 5.8. Note Distribution Account
	 	 	50	 
	SECTION 5.9. Pre-Funding Account
	 	 	52	 

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	 	 	Page

	SECTION 5.10. Statements to Noteholders
	 	 	53	 
	SECTION 5.11. Optional Deposits by the Insurer
	 	 	54	 
	ARTICLE VI The Note Policy
	 	 	54	 
	SECTION 6.1. Claims Under Note Policy
	 	 	54	 
	SECTION 6.2. Preference Claims Under Note Policy
	 	 	55	 
	SECTION 6.3. Surrender of Note Policy
	 	 	56	 
	ARTICLE VII The Seller
	 	 	56	 
	SECTION 7.1. Representations of Seller
	 	 	56	 
	SECTION 7.2. Corporate Existence
	 	 	58	 
	SECTION 7.3. Liability of Seller; Indemnities
	 	 	58	 
	SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller
	 	 	59	 
	SECTION 7.5. Limitation on Liability of Seller and Others
	 	 	60	 
	SECTION 7.6. Ownership of the Certificates or Notes
	 	 	60	 
	ARTICLE VIII The Servicer
	 	 	60	 
	SECTION 8.1. Representations of Servicer
	 	 	60	 
	SECTION 8.2. Liability of Servicer and Backup Servicer; Indemnities
	 	 	62	 
	SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer
	 	 	64	 
	SECTION 8.4. Limitation on Liability of Servicer, Backup Servicer and Others
	 	 	65	 
	SECTION 8.5. Delegation of Duties
	 	 	66	 
	SECTION 8.6. Servicer and Backup Servicer Not to Resign
	 	 	66	 
	ARTICLE IX Default
	 	 	67	 
	SECTION 9.1. Servicer Termination Event
	 	 	67	 
	SECTION 9.2. Consequences of a Servicer Termination Event
	 	 	68	 
	SECTION 9.3. Appointment of Successor
	 	 	69	 
	SECTION 9.4. Notification to Noteholders
	 	 	70	 
	SECTION 9.5. Waiver of Past Defaults
	 	 	70	 
	ARTICLE X Termination
	 	 	71	 
	SECTION 10.1. Optional Purchase of All Receivables
	 	 	71	 
	ARTICLE XI Administrative Duties of the Servicer
	 	 	71	 
	SECTION 11.1. Administrative Duties
	 	 	71	 
	SECTION 11.2. Records
	 	 	74	 
	SECTION 11.3. Additional Information to be Furnished to the Issuer
	 	 	74	 
	ARTICLE XII Miscellaneous Provisions
	 	 	74	 
	SECTION 12.1. Amendment
	 	 	74	 
	SECTION 12.2. Protection of Title to Trust
	 	 	75	 
	SECTION 12.3. Notices
	 	 	77	 
	SECTION 12.4. Assignment
	 	 	77	 
	SECTION 12.5. Limitations on Rights of Others
	 	 	78	 

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	 	 	Page

	SECTION 12.6. Severability
	 	 	78	 
	SECTION 12.7. Separate Counterparts
	 	 	78	 
	SECTION 12.8. Headings
	 	 	78	 
	SECTION 12.9. Governing Law
	 	 	78	 
	SECTION 12.10. Assignment to Trustee
	 	 	78	 
	SECTION 12.11. Nonpetition Covenants
	 	 	79	 
	SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee
	 	 	79	 
	SECTION 12.13. Independence of the Servicer
	 	 	79	 
	SECTION 12.14. No Joint Venture
	 	 	80	 
	SECTION 12.15. Benefits of Sale and Servicing Agreement
	 	 	80	 
	SECTION 12.16. State Business Licenses
	 	 	80	 

	 	 	 
	SCHEDULES
	 	 
	Schedule A

	 	Schedule of Receivables
	Schedule B

	 	Representations and Warranties of the Seller and the Servicer
	Schedule C

	 	Servicing Policies and Procedures
	 
	 	 
	EXHIBITS
	 	 
	Exhibit A

	 	Form of Subsequent Transfer Agreement
	Exhibit B

	 	Form of Servicer’s Certificate
	Exhibit C

	 	Form of Preliminary Servicer’s Certificate

iii

 

          SALE AND SERVICING AGREEMENT dated as of April 5, 2004, among AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2004-B-M, a Delaware statutory trust (the
“Issuer”), AFS SENSUB CORP., a Nevada corporation (the “Seller”), AMERICREDIT
FINANCIAL SERVICES, INC., a Delaware corporation (the “Servicer”) and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, in its
capacity as Backup Servicer and Trust Collateral Agent.

          WHEREAS the Issuer desires to purchase a portfolio of receivables arising
in connection with motor vehicle retail installment sale contracts made by
AmeriCredit Financial Services, Inc. or acquired by AmeriCredit Financial
Services, Inc. through motor vehicle dealers and third party lenders;

          WHEREAS the Seller has purchased such receivables from AmeriCredit
Financial Services, Inc. and is willing to sell such receivables to the Issuer;

          WHEREAS the Issuer desires to purchase additional receivables arising in
connection with motor vehicle retail installment sale contracts to be acquired
by AmeriCredit Financial Services, Inc.;

          WHEREAS the Seller has an agreement to purchase such additional
receivables from AmeriCredit Financial Services, Inc. and is willing to sell
such receivables to the Issuer;

          WHEREAS the Servicer is willing to service all such receivables;

          WHEREAS the Backup Servicer is willing to provide backup servicing for all
such receivables;

          NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

ARTICLE I

Definitions

       SECTION 1.1. Definitions. Whenever used in this Agreement, the following words
and phrases shall have the following meanings:

          “Accelerated Payment Amount Shortfall” means, with respect to any
Distribution Date, the excess, if any, of (i) the excess, if any, on such
Distribution Date of the Pro Forma Note Balance for such Distribution Date over
the Required Pro Forma Note Balance for such Distribution Date over (ii) the
excess of the amount of Available Funds on such Distribution Date over the
amounts payable on such Distribution Date pursuant to Section 5.7(b)(i) through
(b)(vi).

          “Accelerated Payment Shortfall Notice” means, with respect to any
Distribution Date, a written notice specifying the Accelerated Payment Amount
Shortfall for such Distribution Date.

 

 

          “Accelerated Principal Amount” for a Distribution Date will equal the
lesser of

          (x) the sum of (i) the excess, if any, of the amount of the total
Available Funds on such Distribution Date over the amounts payable on
such Distribution Date pursuant to clauses (i) through (vi) of Section
5.7(b) hereof plus (ii) amounts, if any, available in accordance with the
terms of the Spread Account Agreement; and

          (y) the excess, if any, on such Distribution Date of (i) the Pro
Forma Note Balance for such Distribution Date over (ii) the Required Pro
Forma Note Balance for such Distribution Date.

          “Accountants’ Report” means the report of a firm of nationally recognized
independent accountants described in Section 4.11.

          “Accounting Date” means, with respect to any Collection Period the last
day of such Collection Period.

          “Addition Notice” means, with respect to any transfer of Subsequent
Receivables to the Trust pursuant to Section 2.2 of this Agreement, notice of
the Seller’s election to transfer Subsequent Receivables to the Trust, such
notice to designate the related Subsequent Cutoff Date and Subsequent Transfer
Date and the approximate principal amount of Subsequent Receivables to be
transferred on such Subsequent Transfer Date.

          “Additional Funds Available” means, with respect to any Distribution Date,
the sum of (i) the Spread Account Claim Amount, if any, received by the Trust
Collateral Agent with respect to such Distribution Date plus (ii) the Insurer
Optional Deposit, if any, received by the Trust Collateral Agent with respect
to such Distribution Date.

          “Affiliate” means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

          “Aggregate Principal Balance” means, with respect to any date of
determination, the sum of the Principal Balances for all Receivables (other
than (i) any Receivable that became a Liquidated Receivable prior to the end of
the related Collection Period and (ii) any Receivable that became a Purchased
Receivable prior to the end of the related Collection Period) as of the date of
determination.

          “Agreement” means this Sale and Servicing Agreement, as the same may be
amended and supplemented from time to time.

          “AmeriCredit” means AmeriCredit Financial Services, Inc.

          “Amount Financed” means, with respect to a Receivable, the aggregate
amount advanced under such Receivable toward the purchase price of the Financed
Vehicle and any related costs, including amounts advanced in respect of
accessories, insurance premiums, service

2

 

and warranty contracts, other items
customarily financed as part of retail automobile installment sale contracts or
promissory notes, and related costs.

          “Annual Percentage Rate” or “APR” of a Receivable means the annual
percentage rate of finance charges or service charges, as stated in the related
Contract.

          “Auto Loan Purchase and Sale Agreement” means any agreement between a
Third-Party Lender and AmeriCredit relating to the acquisition of Receivables
from a Third Party Lender by AmeriCredit.

          “Available Funds” means, with respect to any Distribution Date, the sum of
(i) the Collected Funds for the related Collection Period, (ii) all Purchase
Amounts deposited in the Collection Account during the related Collection
Period, plus Investment Earnings with respect to the Trust Accounts for the
related Collection Period, (iii) the Monthly Capitalized Interest Amount with
respect to such Distribution Date, (iv) following the acceleration of the Notes
pursuant to Section 5.2 of the Indenture, the amount of money or property
collected pursuant to Section 5.3 of the Indenture since the preceding
Distribution Date by the Trust Collateral Agent or Controlling Party for
distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (v) if
the Distribution Date which immediately follows such Collection Period is also
the Mandatory Redemption Date, any Pre-Funded Amount to be deposited into the
Collection Account on such Distribution Date pursuant to Section 5.7(b) hereof
and (vi) the proceeds of any purchase or sale of the assets of the Trust
described in Section 10.1 hereof.

          “Backup Servicer” means Wells Fargo Bank, National Association.

          “Base Servicing Fee” means, with respect to any Collection Period, the fee
payable to the Servicer for services rendered during such Collection Period,
which shall be equal to the product of the Servicing Fee Rate times the sum of
(A) the product of (i) the aggregate Principal Balance of the Receivables as of
the opening of business on the first day of such Collection Period multiplied
by (ii) one twelfth plus (B) the product of (i) the aggregate Principal Balance
of the Subsequent Receivables sold to the Issuer during such Collection Period
multiplied by (ii) the number of days during that Collection Period that the
Subsequent Receivables were owned by the Issuer divided by 360.

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

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

          “Capitalized Interest Account” means the account designated as such,
established and maintained pursuant to Section 5.2.

3

 

          “Capitalized Interest Account Initial Deposit” means $905,987.94 deposited
on the Closing Date.

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

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

          “Class” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, or the Class A-4 Notes, as the context requires.

          “Class A-1 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-2 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-3 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-4 Notes” has the meaning assigned to such term in the Indenture.

          “Closing Date” means April 14, 2004.

          “Collateral Agent” means Wells Fargo Bank, National Association, in its
capacity as Collateral Agent under the Spread Account Agreement.

          “Collateral Insurance” shall have the meaning set forth in Section 4.4(a).

          “Collected Funds” means, with respect to any Collection Period, the amount
of funds in the Collection Account representing collections on the Receivables
during such Collection Period, including all Net Liquidation Proceeds collected
during such Collection Period (but excluding any Purchase Amounts).

          “Collection Account” means the account designated as such, established and
maintained pursuant to Section 5.1.

          “Collection Period” means, with respect to the first Distribution Date,
the period beginning on the close of business on April 5, 2004 and ending on
the close of business on April 30, 2004. With respect to each subsequent
Distribution Date, “Collection Period” means the period beginning on the close
of business on the last day of the second preceding calendar month and ending
on the close of business on the last day of the immediately preceding calendar
month. Any amount stated “as of the close of business of the last day of a
Collection Period” shall give effect to the following calculations as
determined as of the end of the day on such last day: (i) all applications of
collections and (ii) all distributions.

          “Collection Records” means all manually prepared or computer generated
records relating to collection efforts or payment histories with respect to the
Receivables.

          “Computer Tape” means the computer tapes or other electronic media
furnished by the Servicer to the Issuer and the Insurer and its assigns
describing certain characteristics of

4

 

the Receivables as of the Initial Cutoff
Date or the related Subsequent Cutoff Date, as appropriate.

          “Contract” means a motor vehicle retail installment sale contract or
promissory note.

          “Controlling Party” means the Insurer, so long as no Insurer Default shall
have occurred and be continuing and the Trust Collateral Agent for the benefit
of the Noteholders, in the event an Insurer Default shall have occurred and be
continuing.

          “Corporate Trust Office” means (i) with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee, which at the time of
execution of this agreement is Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, and
(ii) with respect to the Trustee, the Trust Collateral Agent, the Backup
Servicer and the Collateral Agent, the principal office thereof at which at any
particular time its corporate trust business shall be administered, which at
the time of execution of this agreement is Sixth Street and Marquette Avenue,
MAC N9311-161, Minneapolis, Minnesota, Attention: Corporate Trust Office.

          “Cram Down Loss” means, with respect to a Receivable that has not become a
Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding
related to an Insolvency Event shall have issued an order reducing the amount
owed on a Receivable or otherwise modifying or restructuring the Scheduled
Receivables Payments to be made on a Receivable, an amount equal to (i) the
excess of the principal balance of such Receivable immediately prior to such
order over the principal balance of such Receivable as so reduced and/or (ii)
if such court shall have issued an order reducing the effective rate of
interest on such Receivable, the excess of the principal balance of such
Receivable immediately prior to such order over the net present value (using as
the discount rate the higher of the APR on such Receivable or the rate of
interest, if any, specified by the court in such order) of the Scheduled
Receivables Payments as so modified or restructured. A “Cram Down Loss” shall
be deemed to have occurred on the date of issuance of such order.

          “Custodian” means AmeriCredit and any other Person named from time to time
as custodian in any Custodian Agreement acting as agent for the Trust
Collateral Agent, which Person must be acceptable to the Controlling Party (the
Custodian as of the Closing Date is acceptable to the Insurer as of the Closing
Date).

          “Custodian Agreement” means any Custodian Agreement from time to time in
effect between the Custodian named therein and the Trust Collateral Agent, as
the same may be amended, supplemented or otherwise modified from time to time
in accordance with the terms thereof, which Custodian Agreement and any
amendments, supplements or modifications thereto shall be acceptable to the
Controlling Party (the Custodian Agreement which is effective on the Closing
Date is acceptable to the Controlling Party).

          “Dealer” means a dealer who sold a Financed Vehicle and who originated and
assigned the respective Receivable to AmeriCredit under a Dealer Agreement or
pursuant to a Dealer Assignment.

5

 

          “Dealer Agreement” means any agreement between a Dealer and AmeriCredit
relating to the acquisition of Receivables from a Dealer by AmeriCredit.

          “Dealer Assignment” means, with respect to a Receivable, the executed
assignment executed by a Dealer conveying such Receivable to AmeriCredit.

          “Deficiency Amount” means, for any Distribution Date, an amount equal to
the excess, if any of (a) the sum, without duplication, of (i) the Noteholders’
Interest Distributable Amount (net of any interest shortfall resulting from the
application of the Servicemembers Civil Relief Act, as amended or any similar
state regulation or legislation), (ii) the Noteholders’ Parity Deficit Amount
for the related Distribution Date and (iii), if such Distribution Date was the
Final Scheduled Distribution Date for any Class, the unpaid principal amount of
such Class over (b) the sum, without duplication, of (i) the amount actually
deposited into the Note Distribution Account on such related Distribution Date
(excluding amounts to be drawn under the Note Policy) and (ii) the Additional
Funds Available, if any, for such Distribution Date.

          “Deficiency Notice” shall have the meaning set forth in Section 5.5.

          “Delivery” when used with respect to Trust Account Property means:

          (a) with respect to bankers’ acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of Section 9-102(a)(47) of the UCC and
are susceptible of physical delivery, transfer thereof to the Trust
Collateral Agent or its nominee or custodian by physical delivery to the
Trust Collateral Agent or its nominee or custodian endorsed to, or
registered in the name of, the Trust Collateral Agent or its nominee or
custodian or endorsed in blank, and, with respect to a certificated
security (as defined in Section 8-102 of the UCC), transfer thereof (i)
by delivery of such certificated security endorsed to, or registered in
the name of, the Trust Collateral Agent or its nominee or custodian or
endorsed in blank to a financial intermediary (as defined in Section
8-313 of the UCC) and the making by such financial intermediary of
entries on its books and records identifying such certificated securities
as belonging to the Trust Collateral Agent or its nominee or custodian
and the sending by such financial intermediary of a confirmation of the
purchase of such certificated security by the Trust Collateral Agent or
its nominee or custodian, or (ii) by delivery thereof to a “clearing
corporation” (as defined in Section 8-102(3) of the UCC) and the making
by such clearing corporation of appropriate entries on its books reducing
the appropriate securities account of the transferor and increasing the
appropriate securities account of a financial intermediary by the amount
of such certificated security, the identification by the clearing
corporation of the certificated securities for the sole and exclusive
account of the financial intermediary, the maintenance of such
certificated securities by such clearing corporation or a “custodian
bank” (as defined in Section 8-102(4) of the UCC) or the nominee of
either subject to the clearing corporation’s exclusive control, the
sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its
nominee or custodian of such securities and the making by such financial
intermediary of entries on its books and records identifying such
certificated securities as belonging to the Trust Collateral Agent or its
nominee or custodian (all of the foregoing, “Physical Property”), and, in
any event,

6

 

any such Physical Property in registered form shall be in the
name of the Trust Collateral Agent or its nominee or custodian; and such
additional or alternative procedures as may hereafter become appropriate
to effect the complete transfer of ownership of any such Trust Account
Property to the Trust Collateral Agent or its nominee or custodian,
consistent with changes in applicable law or regulations or the
interpretation thereof;

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

          (c) with respect to any item of Trust Account Property that is an
uncertificated security under Article 8 of the UCC and that is not
governed by clause (b) above, registration on the books and records of
the issuer thereof in the name of the financial intermediary, the sending
of a confirmation by the financial intermediary of the purchase by the
Trust Collateral Agent or its nominee or custodian of such uncertificated
security, the making by such financial intermediary of entries on its
books and records identifying such uncertificated certificates as
belonging to the Trust Collateral Agent or its nominee or custodian.

          “Depositor” shall mean the Seller in its capacity as Depositor under the
Trust Agreement.

          “Determination Date” means, with respect to any Collection Period the
second Business Day preceding the Distribution Date in the next calendar month
and with respect to the first Distribution Date, May 4, 2004.

          “Distribution Date” means, with respect to each Collection Period, the
sixth (or if AmeriCredit is no longer acting as Servicer, the tenth) day of the
following calendar month, or, if such day is not a Business Day, the
immediately following Business Day, commencing May 6, 2004.

7

 

          “Draw Date” means, with respect to any Distribution Date, the second
Business Day immediately preceding such Distribution Date.

          “Electronic Ledger” means the electronic master record of the retail
installment sales contracts or installment loans of the Servicer.

          “Eligible Deposit Account” means a segregated trust account with the
corporate trust department of a depository institution acceptable to the
Insurer organized under the laws of the United States of America or any one of
the states thereof or the District of Columbia (or any domestic branch of a
foreign bank), having corporate trust powers and acting as trustee for funds
deposited in such account, so long as any of the securities of such depository
institution have a credit rating from each Rating Agency in one of its generic
rating categories which signifies investment grade.

          “Eligible Investments” mean book-entry securities, negotiable instruments
or securities represented by instruments in bearer or registered form which
evidence:

          (a) direct obligations of, and obligations fully guaranteed as to
timely payment by, the United States of America;

          (b) demand deposits, time deposits or certificates of deposit of any
depository institution or trust company incorporated under the laws of
the United States of America or any state thereof or the District of
Columbia (or any domestic branch of a foreign bank) and subject to
supervision and examination by federal or state banking or depository
institution authorities (including depository receipts issued by any such
institution or trust company as custodian with respect to any obligation
referred to in clause (a) above or portion of such obligation for the
benefit of the holders of such depository receipts); provided, however,
that at the time of the investment or contractual commitment to invest
therein (which shall be deemed to be made again each time funds are
reinvested following each Distribution Date), the commercial paper or
other short-term senior unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other
than such depository institution or trust company) of such depository
institution or trust company shall have a credit rating from Standard &
Poor’s of A-1+ and from Moody’s of Prime-1;

          (c) commercial paper and demand notes investing solely in commercial
paper having, at the time of the investment or contractual commitment to
invest therein, a rating from Standard & Poor’s of A-1+ and from Moody’s
of Prime-1;

          (d) investments in money market funds (including funds for which the
Trust Collateral Agent or the Owner Trustee in each of their individual
capacities or any of their respective Affiliates is investment manager,
controlling party or advisor) having a rating from Standard & Poor’s of
AAA-m or AAAm-G and from Moody’s of Aaa and having been approved by the
Insurer;

          (e) bankers’ acceptances issued by any depository institution or
trust company referred to in clause (b) above;

          (f) repurchase obligations with respect to any security that is a
direct obligation of, or fully guaranteed by, the United States of
America or any agency or

8

 

instrumentality thereof the obligations of which
are backed by the full faith and credit of the United States of America,
in either case entered into with a depository institution or trust
company (acting as principal) referred to in clause (b) above;

          (g) any other investment which would satisfy the Rating Agency
Condition and is consistent with the ratings of the Securities and which,
so long as no Insurer Default shall have occurred and be continuing, has
been approved by the Insurer, or any other investment that by its terms
converts to cash within a finite period, if the Rating Agency Condition
is satisfied with respect thereto; and

          (h) cash denominated in United States dollars.

          Any of the foregoing Eligible Investments may be purchased by or through
the Owner Trustee or the Trust Collateral Agent or any of their respective
Affiliates.

          “FDIC” means the Federal Deposit Insurance Corporation.

          “Final Scheduled Distribution Date” means with respect to (i) the Class
A-1 Notes, the April 6, 2005 Distribution Date, (ii) the Class A-2 Notes, the
September 6, 2007 Distribution Date, (iii) the Class A-3 Notes, the August 6,
2008 Distribution Date and (iv) the Class A-4 Notes, the March 7, 2011
Distribution Date.

          “Financed Vehicle” means an automobile or light-duty truck, van or
minivan, together with all accessions thereto, securing an Obligor’s
indebtedness under the respective Receivable.

          “Fitch” means Fitch Ratings, or its successor.

          “Force-Placed Insurance” has the meaning ascribed thereto in Section 4.4
hereof.

          “Funding Period” means the period beginning on and including the Closing
Date and ending on the first to occur of (a) the first date on which the amount
on deposit in the Pre-Funding Account (after giving effect to any transfers
therefrom in connection with the transfer of Subsequent Receivables to the
Issuer on such date) is less than $100,000, (b) the date on which an Event of
Default or a Servicer Termination Event occurs and (c) July 14, 2004.

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

          “Initial Cutoff Date” means April 5, 2004.

          “Initial Other Conveyed Property” means all property conveyed by the
Seller to the Trust pursuant to Section 2.1(b) through (j) of this Agreement.

          “Initial Receivables” means the Receivables conveyed to the Trust on the
Closing Date.

          “Insolvency Event” means, with respect to a specified Person, (a) the
filing of a petition against such Person or the entry of a decree or order for
relief by a court having

9

 

jurisdiction in the premises in respect of such Person
or any substantial part of its property in an involuntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation or
such Person’s affairs, and such petition, decree or order shall remain unstayed
and in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or
taking possession by, a receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official for such Person or for any substantial part
of its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts
as such debts become due, or the taking of action by such Person in furtherance
of any of the foregoing.

          “Insurance Add-On Amount” means the premium charged to the Obligor in the
event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

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

          “Insurance Agreement Event of Default” means an “Insurance Agreement Event
of Default” as defined in the Insurance Agreement.

          “Insurance Policy” means, with respect to a Receivable, any insurance
policy (including the insurance policies described in Section 4.4 hereof)
benefiting the holder of the Receivable providing loss or physical damage,
credit life, credit disability, theft, mechanical breakdown or similar coverage
with respect to the Financed Vehicle or the Obligor.

          “Insurer” means MBIA Insurance Corporation, a New York stock insurance
company, or any successor thereto, as issuer of the Note Policy.

          “Insurer Default” means the occurrence and continuance of any of the
following events:

          (a) the Insurer shall have failed to make a payment required under
the Note Policy in accordance with its terms;

          (b) the Insurer shall have (i) filed a petition or commenced any
case or proceeding under any provision or chapter of the United States
Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for
the benefit of its creditors, or (iii) had an order for relief entered
against it under the United States Bankruptcy Code or any other similar
federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization which is final and nonappealable; or

10

 

          (c) a court of competent jurisdiction, the New York Department of
Insurance or other competent regulatory authority shall have entered a
final and nonappealable order, judgment or decree (i) appointing a
custodian, trustee, agent or receiver for the Insurer or for all or any
material portion of its property or (ii) authorizing the taking of
possession by a custodian, trustee, agent or receiver of the Insurer (or
the taking of possession of all or any material portion of the property
of the Insurer).

          “Insurer Optional Deposit” means, with respect to any Distribution Date,
an amount delivered by the Insurer pursuant to Section 5.11, at its sole
option, other than amounts in respect of an Insured Payment (as defined in the
Note Policy), to the Trust Collateral Agent for deposit into the Collection
Account for any of the following purposes: (i) to provide funds in respect of
the payment of fees or expenses of any provider of services to the Trust with
respect to such Distribution Date; or (ii) to include such amount as part of
the Additional Funds Available for such Distribution Date to the extent that
without such amount a draw would be required to be made on the Note Policy.

          “Interest Period” means, with respect to any Distribution Date, the period
from and including the most recent Distribution Date on which interest has been
paid (or in the case of the first Distribution Date, from and including the
Closing Date) to, but excluding, the following Distribution Date. In the case
of the first Distribution Date, the Interest Period shall be 22 days for all
classes of Notes.

          “Interest Rate” means, with respect to (i) the Class A-1 Notes, 1.06% per
annum (computed on the basis of a 360-day year and the actual number of days
elapsed in the applicable Interest Period), (ii) the Class A-2 Notes, 1.45% per
annum (computed on the basis of a 360-day year consisting of twelve 30-day
months), (iii) the Class A-3 Notes, 2.07% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months) and (iv) the Class A-4 Notes,
2.67% per annum (computed on the basis of a 360-day year consisting of twelve
30-day months).

          “Investment Earnings” means, with respect to any date of determination and
Trust Account, the investment earnings on amounts on deposit in such Trust
Account on such date.

          “Issuer” means AmeriCredit Automobile Receivables Trust 2004-B-M.

          “Lien” means a security interest, lien, charge, pledge, equity, or
encumbrance of any kind, other than tax liens, mechanics’ liens and any liens
that attach to the respective Receivable by operation of law as a result of any
act or omission by the related Obligor.

          “Lien Certificate” means, with respect to a Financed Vehicle, an original
certificate of title, certificate of lien or other notification issued by the
Registrar of Titles of the applicable state to a secured party which indicates
that the lien of the secured party on the Financed Vehicle is recorded on the
original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the
term “Lien Certificate” shall mean only a certificate or notification issued to
a secured party.

          “Liquidated Receivable” means, with respect to any Collection Period, a
Receivable (i) as to which 90 days have elapsed since the Servicer repossessed
the Financed Vehicle provided, however, that in no case shall 10% or more of a
Scheduled Receivables

11

 

Payment have become 210 or more days delinquent in the
case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii)
as to which the Servicer has determined in good faith that all amounts it
expects to recover have been received and which is not a Sold Receivable, (iii)
as to which 10% or more of a Scheduled Receivables Payment shall have become
120 or more days delinquent, except in the case of a repossessed Financed
Vehicle, and which is not a Sold Receivable or (iv) that is a Sold Receivable.

          “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all
amounts realized with respect to such Receivable (other than amounts withdrawn
from the Spread Account and drawings under the Note Policy), and, with respect
to a Sold Receivable, the related Sale Amount.

          “Lockbox Account” means an account maintained on behalf of the Trust
Collateral Agent by the Lockbox Bank pursuant to Section 4.2(d).

          “Lockbox Agreement” means the Tri-Party Remittance Processing Agreement,
dated as of April 5, 2004, by and among AmeriCredit, Bank One, NA and the Trust
Collateral Agent, as such agreement may be amended or supplemented from time to
time, unless the Trust Collateral Agent shall cease to be a party thereunder,
or such agreement shall be terminated in accordance with its terms, in which
event “Lockbox Agreement” shall mean such other agreement, in form and
substance acceptable to the Controlling Party, among the Servicer, the Trust
Collateral Agent and the Lockbox Bank.

          “Lockbox Bank” means a depository institution named by the Servicer and
acceptable to the Controlling Party.

          “Mandatory Redemption Date” means the earlier of (i) the Distribution Date
in the month following the month in which the last day of the Funding Period
occurs or (ii) the Distribution Date in August 2004.

          “Minimum Sale Price” means (i) with respect to a Receivable (x) that has
become 60 to 210 days delinquent or (y) that has become greater than 210 days
delinquent and with respect to which the related Financed Vehicle has been
repossessed by the Servicer and has not yet been sold at auction, the greater
of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the
product of the three month rolling average recovery rate (expressed as a
percentage) for the Servicer in its liquidation of all receivables for which it
acts as servicer, either pursuant to this Agreement or otherwise, multiplied by
the Principal Balance of such Receivable or (ii) with respect to a Receivable
(x) with respect to which the related Financed Vehicle has been repossessed by
the Servicer and has been sold at auction and the net Liquidation Proceeds for
which have been deposited in the Collection Account, or (y) that has become
greater than 210 days delinquent and with respect to which the related Financed
Vehicle has not been repossessed by the Servicer despite the Servicer’s diligent
efforts, consistent with its servicing obligations, to repossess the Financed
Vehicle, $1.

          “Monthly Capitalized Interest Amount” means in the case of the
Distribution Dates occurring in May 2004, June 2004, July 2004 and August 2004,
an amount equal to (i) the product of (x) a fraction the numerator of which is
the actual number of days elapsed in the

12

 

related Interest Period or in the case
of the final Subsequent transfer date, the number of days from and including
the previous Distribution Date to, but excluding the final Subsequent Transfer
Date and the denominator of which is 360, (y) the weighted average of each
Interest Rate and (z) the excess of (A) the aggregate principal amount of the
Notes immediately prior to the related Distribution Date over (B) the Pool
Balance as of the last day of the second preceding Collection Period, or, in
the case of the May 2004 Distribution Date, as of the Closing Date, plus (ii)
the Premium (as defined in the Insurance Agreement) paid to the Insurer for
such Distribution Date allocable to the balance in the Pre-Funding Account at
the beginning of the related Collection Period, minus (iii) the sum of the
Pre-Funding Earnings and Investment Earnings on amounts on deposit in the
Capitalized Interest Account for such Distribution Date.

          “Monthly Extension Rate” means, with respect to any Accounting Date, the
fraction, expressed as a percentage, the numerator of which is the aggregate
Principal Balance of Receivables whose payments are extended during the related
Collection Period and the denominator of which is the aggregate Principal
Balance of Receivables as of the immediately preceding Accounting Date.

          “Monthly Records” means all records and data maintained by the Servicer
with respect to the Receivables, including the following with respect to each
Receivable: the account number; the originating Dealer; Obligor name; Obligor
address; Obligor home phone number; Obligor business phone number; original
Principal Balance; original term; Annual Percentage Rate; current Principal
Balance; current remaining term; origination date; first payment date; final
scheduled payment date; next payment due date; date of most recent payment;
new/used classification; collateral description; days currently delinquent;
number of contract extensions (months) to date; amount of Scheduled Receivables
Payment; current Insurance Policy expiration date; and past due late charges.

          “Moody’s” means Moody’s Investors Service, or its successor.

          “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable
Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in
connection with the collection of such Receivable and the repossession and
disposition of the Financed Vehicle and (ii) amounts that are required to be
refunded to the Obligor on such Receivable; provided, however, that the Net
Liquidation Proceeds with respect to any Receivable shall in no event be less
than zero.

          “Note Distribution Account” means the account designated as such,
established and maintained pursuant to Section 5.1.

          “Note Majority” means a majority by principal amount of the Noteholders.

          “Note Policy” means the financial guaranty insurance policy issued by the
Insurer to the Trustee, for the benefit of the Noteholders.

          “Note Pool Factor” for each Class of Notes as of the close of business on
any date of determination means a seven-digit decimal figure equal to the
outstanding principal amount of such Class of Notes divided by the original
outstanding principal amount of such Class of Notes.

13

 

          “Note Prepayment Amount” means, as of the Distribution Date on or
immediately following the last day of the Funding Period, after giving effect
to any transfer of Subsequent Receivables on such date, an amount equal to the
Noteholders’ pro rata share (based on the respective current outstanding
principal amount of each Class of Notes) of the Pre-Funded Amount as of such
Distribution Date; provided, that if the aggregate remaining amount in the
Pre-Funding Account is $100,000 or less, such amount will be applied
exclusively to reduce the outstanding principal amount of the Class of Notes
then entitled to receive distributions of principal.

          “Noteholders’ Accelerated Principal Amount” means, with respect to any
Distribution Date, the Noteholders’ Percentage of the Accelerated Principal
Amount on such Distribution Date, if any.

          “Noteholders’ Distributable Amount” means, with respect to any
Distribution Date, the sum of the Noteholders’ Principal Distributable Amount
and the Noteholders’ Interest Distributable Amount.

          “Noteholders’ Interest Carryover Amount” means, with respect to any Class
of Notes and any date of determination, all or any portion of the Noteholders’
Monthly Interest Distributable Amount for the immediately preceding
Distribution Date and any outstanding Noteholders’ Interest Carryover Amount on
such immediately preceding Distribution Date, which remains unpaid as of such
date of determination, plus interest on such unpaid amount, to the extent
permitted by law, at the respective Interest Rate borne by each Class of Notes
from such immediately preceding Distribution Date to but excluding such date of
determination.

          “Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly
Interest Distributable Amount for such Distribution Date and Class of Notes and
the Noteholders’ Interest Carryover Amount, if any for such Distribution Date
and such Class. Interest on the Class A-1 Notes shall be computed on the basis
of a 360-day year and the actual number of days elapsed in the applicable
Interest Period. Interest on the Class A-2 Notes, Class A-3 Notes and Class
A-4 Notes shall be computed on the basis of a 360-day year consisting of twelve
30-day months.

          “Noteholders’ Monthly Interest Distributable Amount” means, with respect
to any Distribution Date and any Class of Notes, interest accrued at the
related Interest Rate during the applicable Interest Period on the principal
amount of the Notes of such Class outstanding as of the end of the prior
Distribution Date (or, in the case of the first Distribution Date, as of the
Closing Date), calculated (x) for the Class A-1 Notes on the basis of a 360-day
year and the actual number of days elapsed in the applicable Interest Period
and (y) for the Class A-2, Class A-3 and Class A-4 Notes on the basis of a
360-day year consisting of twelve 30-day months.

          “Noteholders’ Monthly Principal Distributable Amount” means, with respect
to any Distribution Date, the Noteholders’ Percentage of the Principal
Distributable Amount.

          “Noteholders’ Parity Deficit Amount” means, with respect to any
Distribution Date, the excess, if any, of (x) the aggregate remaining principal
amount of the Notes outstanding on such Distribution Date, after giving effect
to all reductions in such aggregate

14

 

principal amount from sources other than
(i) the Additional Funds Available and (ii) the Note Policy over (y) the sum of
the Pool Balance and the Pre-Funded Amount at the end of the prior calendar
month.

          “Noteholders’ Percentage” means with respect to any Determination Date (i)
relating to a Distribution Date prior to the Distribution Date on which the
principal amount of the Notes is reduced to zero, 100%; (ii) relating to the
Distribution Date on which the principal amount of the Notes is reduced to
zero, the percentage equivalent of a fraction, the numerator of which is the
outstanding principal balance of the Notes that remain unpaid immediately prior
to such Distribution Date, and the denominator of which is the Principal
Distributable Amount; and (iii) relating to any other Distribution Date, 0%.

          “Noteholders’ Principal Carryover Amount” means, as of any date of
determination, all or any portion of the Noteholders’ Monthly Principal
Distributable Amount and any outstanding Noteholders’ Principal Carryover
Amount from the preceding Distribution Date which remains unpaid as of such
date of determination.

          “Noteholders’ Principal Distributable Amount” means, with respect to any
Distribution Date, (other than the Final Scheduled Distribution Date for any
Class of Notes), the sum of the Noteholders’ Monthly Principal Distributable
Amount for such Distribution Date and the Noteholders’ Principal Carryover
Amount, if any, as of the close of the preceding Distribution Date. The
Noteholders’ Principal Distributable Amount on the Final Scheduled Distribution
Date for any Class of Notes will equal the sum of (i) the Noteholders’ Monthly
Principal Distributable Amount for such Distribution Date, (ii) the
Noteholders’ Principal Carryover Amount as of such Distribution Date, and (iii)
the excess of the outstanding principal amount of such Class of Notes, if any,
over the amounts described in clauses (i) and (ii).

          “Obligor” on a Receivable means the purchaser or co-purchasers of the
Financed Vehicle and any other Person who owes payments under the Receivable.

          “Officers’ Certificate” means a certificate signed by the chairman of the
board, the president, any executive vice president, senior vice president or
any vice president, any treasurer, assistant treasurer, secretary or assistant
secretary of the Seller or the Servicer, as appropriate.

          “Opinion of Counsel” means a written opinion of counsel reasonably
acceptable to the Insurer, which opinion is satisfactory in form and substance
to the Trust Collateral Agent and, if such opinion or a copy thereof is
required by the provisions of this Agreement to be delivered to the Insurer, to
the Insurer.

          “Original Pool Balance” means the sum, as of any date, of the Pool Balance
as of the Initial Cutoff Date, plus the aggregate Principal Balance of the
Subsequent Receivables, if any, sold to the Trust, as of their respective
Subsequent Cutoff Dates.

          “Other Conveyed Property” means the Initial Other Conveyed Property and
the Subsequent Other Conveyed Property.

          “Overfunded Capitalized Interest Amount” means on the Distribution Date on
or following the end of the Funding Period, the amount on deposit in the
Capitalized Interest

15

 

Account on such Distribution Date (after giving effect to
the transfer of the Monthly Capitalized Interest Amount to the Collection
Account on such date).

          “Owner Trust Estate” has the meaning assigned to such term in the Trust
Agreement.

          “Owner Trustee” means Wilmington Trust Company, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement, its successors
in interest or any successor Owner Trustee under the Trust Agreement.

          “Person” means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

          “Physical Property” has the meaning assigned to such term in the
definition of “Delivery” above.

          “Pool Balance” means, as of any date of determination, the aggregate
Principal Balance of the Receivables (excluding Purchased Receivables and
Liquidated Receivables).

          “Pre-Funded Amount” means, with respect to any Distribution Date, the
amount on deposit in the Pre-Funding Account, (exclusive of Pre-Funding
Earnings) which initially shall be $167,990,929.70.

          “Pre-Funding Account” has the meaning specified in Section 5.1.

          “Pre-Funding Earnings” means any Investment Earnings on amounts on deposit
in the Pre-Funding Account.

          “Preliminary Determination Date” means, with respect to any Collection
Period, the second Business Day preceding the Distribution Date in the next
calendar month.

          “Preliminary Servicer’s Certificate” means an Officers’ Certificate of the
Servicer delivered pursuant to Section 4.9(a), substantially in the form of
Exhibit C.

          “Prepayment Amount” means the amount deposited in the Collection Account
from the Pre-Funding Account on the Mandatory Redemption Date pursuant to
Section 5.7(a)(ii) hereof.

          “Principal Balance” means, with respect to any Receivable, as of any date,
the sum of (x) the Amount Financed minus (i) that portion of all amounts
received on or prior to such date and allocable to principal in accordance with
the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable plus (y) the accrued and
unpaid interest on such Receivable.

          “Principal Distributable Amount” means, with respect to any Distribution
Date, the amount equal to the excess, if any, of (x) the sum of (i) the
principal portion of all Collected Funds received during the immediately
preceding Collection Period (other than Liquidated

16

 

Receivables and Purchased
Receivables), (ii) the Principal Balance of all Receivables that became
Liquidated Receivables during the related Collection Period (other than
Purchased Receivables), (iii) the principal portion of the Purchase Amounts
received with respect to all Receivables that became Purchased Receivables
during the related Collection Period, (iv) in the sole discretion of the
Insurer, the Principal Balance of all the Receivables that were required to be
purchased pursuant to Sections 3.2 and 4.7, during such Collection Period but
were not purchased, (v) the aggregate amount of Cram Down Losses that shall
have occurred during the related Collection Period; and (vi) following the
acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount
of money or property collected pursuant to Section 5.4 of the Indenture since
the preceding Determination Date by the Trust Collateral Agent or Controlling
Party for distribution pursuant to Section 5.7 hereof over (y) the Step-Down
Amount, if any, for such Distribution Date.

          “Pro Forma Note Balance” means, with respect to any Distribution Date, the
aggregate remaining principal amount of the Notes outstanding on such
Distribution Date, after giving effect to distributions pursuant to clauses (i)
through (v) of Section 5.7(b) hereof.

          “Purchase Agreement” means the Purchase Agreement between the Seller and
AmeriCredit, dated as of April 5, 2004, pursuant to which the Seller acquired
the Initial Receivables, as such Agreement may be amended from time to time.

          “Purchase Amount” means, with respect to a Purchased Receivable, the
Principal Balance and all accrued and unpaid interest on the Purchased
Receivable, after giving effect to the receipt of any moneys collected (from
whatever source) on such Purchased Receivable, if any.

          “Purchased Receivable” means a Receivable purchased as of the close of
business on the last day of a Collection Period by the Servicer pursuant to
Sections 4.2, 4.4, or 4.7 or repurchased by the Seller or the Servicer pursuant
to Section 3.2 or Section 10.1(a).

          “Rating Agency” means Moody’s, Standard & Poor’s and Fitch. If no such
organization or successor maintains a rating on the Securities, “Rating Agency”
shall be a nationally recognized statistical rating organization or other
comparable Person designated by the Seller and acceptable to the Insurer (so
long as an Insurer Default shall not have occurred and be continuing), notice
of which designation shall be given to the Trust Collateral Agent, the Owner
Trustee and the Servicer.

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

17

 

          “Realized Losses” means, with respect to any Receivable that becomes a
Liquidated Receivable, the excess of the Principal Balance of such Liquidated
Receivable over Net Liquidation Proceeds to the extent allocable to principal.

          “Receivables” means the Initial Receivables listed on Schedule A attached
hereto and the Subsequent Receivables listed on Schedule A to each Subsequent
Transfer Agreement (which Schedules may be in the form of microfiche or a
disk).

          “Receivable Files” means the documents specified in Section 3.3.

          “Record Date” means, with respect to each Distribution Date, the Business
Day immediately preceding such Distribution Date, unless otherwise specified in
the Agreement.

          “Registrar of Titles” means, with respect to any state, the governmental
agency or body responsible for the registration of, and the issuance of
certificates of title relating to, motor vehicles and liens thereon.

          “Required Pro Forma Note Balance” means, with respect to any Distribution
Date, a dollar amount equal to the product of (x) the difference between (i)
100% and (ii) the “Overcollateralization Amount” (as defined in the Spread Account
Agreement), as the same may step down over time in accordance with the terms of
the Spread Account Agreement (which difference will initially equal 83.5%) and
(y) the Pool Balance as of the end of the prior calendar month.

          “Requisite Amount” has the meaning specified in the Spread Account
Agreement.

          “Sale Amount” means, with respect to any Sold Receivable, the amount
received from the related third-party purchaser as payment for such Sold
Receivable.

          “Schedule of Receivables” means the schedule of all motor vehicle retail
installment sales contracts and promissory notes originally held as part of the
Trust which is attached as Schedule A, as shall be amended to reflect the
transfer of Subsequent Receivables to the Trust (which Schedule may be in the
form of microfiche or a disk).

          “Schedule of Representations” means the Schedule of Representations and
Warranties attached hereto as Schedule B.

          “Scheduled Receivables Payment” means, with respect to any Collection
Period for any Receivable, the amount set forth in such Receivable as required
to be paid by the Obligor in such Collection Period. If after the Closing
Date, the Obligor’s obligation under a Receivable with respect to a Collection
Period has been modified so as to differ from the amount specified in such
Receivable as a result of (i) the order of a court in an insolvency proceeding
involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or
(iii) modifications or extensions of the Receivable permitted by Section
4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation
with respect to such Collection Period as so modified.

18

 

          “Seller” means AFS SenSub Corp., a Nevada corporation, and its successors
in interest to the extent permitted hereunder.

          “Service Contract” means, with respect to a Financed Vehicle, the
agreement, if any, financed under the related Receivable that provides for the
repair of such Financed Vehicle.

          “Servicer” means AmeriCredit Financial Services, Inc., as the servicer of
the Receivables, and each replacement Servicer pursuant to Section 9.3.

          “Servicer Termination Event” means an event specified in Section 9.1.

          “Servicer’s Certificate” means an Officers’ Certificate of the Servicer
delivered pursuant to Section 4.9(b), substantially in the form of Exhibit B.

          “Servicing Fee” has the meaning specified in Section 4.8.

          “Servicing Fee Rate” means 2.25% per annum.

          “Simple Interest Method” means the method of allocating a fixed level
payment on an obligation between principal and interest, pursuant to which the
portion of such payment that is allocated to interest is equal to the product
of the fixed rate of interest on such obligation multiplied by the period of
time (expressed as a fraction of a year, based on the actual number of days in
the calendar month and 365 days in the calendar year) elapsed since the
preceding payment under the obligation was made.

          “Sold Receivable” means a Receivable that was more than 60 days delinquent
and was sold to an unaffiliated third party by the Issuer, at the Servicer’s
direction, as of the close of business on the last day of a collection period
and in accordance with the provisions of Section 4.3(c) hereof.

          “Spread Account” means the account designated as such, established and
maintained pursuant to the Spread Account Agreement.

          “Spread Account Agreement” means the Spread Account Agreement dated as of
April 5, 2004, among the Insurer, the Issuer, the Trustee, the Trust Collateral
Agent and the Collateral Agent, as the same may be modified, supplemented or
otherwise amended in accordance with the terms thereof.

          “Spread Account Claim Amount” means with respect to any Determination
Date, after taking into account the application on the related Distribution
Date of the Available Funds for the related Collection Period, an amount equal
to the sum of, without duplication, (i) any shortfall in the payment of the
full amounts described in clauses (i) through (iv) of Section 5.7(b) herein,
(ii) the Noteholders’ Parity Deficit Amount, if any, for such Distribution Date
and (iii) if the related Distribution Date is the Final Scheduled Distribution
Date of any Class, any remaining outstanding principal balance of such Class,
to the extent that such amount is available on the related Distribution Date in accordance with the terms of the
Spread Account Agreement; provided, however, that following an acceleration of
the Notes pursuant to Section 5.2 of the Indenture, the Spread Account Claim
Amount shall equal the excess, if any, of (i) the amounts

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payable pursuant to priorities First through Fourth of Section 5.6(a) of the Indenture on the
Distribution Date minus (ii) the Available Funds for such Distribution Date, to
the extent that such amounts are available on the related Distribution Date in
accordance with the terms of the Spread Account Agreement.

          “Spread Account Claim Date” means, with respect to any Distribution Date,
the second Business Day immediately preceding such Distribution Date.

          “Spread Account Initial Deposit” means an amount equal to 2.0% of the
aggregate principal balance of the Receivables on the Initial Cutoff Date
(which is equal to $16,000,198.26).

          “Standard & Poor’s” means Standard & Poor’s, a Division of The McGraw-Hill
Companies, Inc., or its successor.

          “Step-Down Amount” means, with respect to any Distribution Date, the
excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro
Forma Note Balance on such Distribution Date, calculated for this purpose only
without deduction for any Step-Down Amount (i.e., assuming that the entire
amount described in clause (x) of the definition of “Principal Distributable
Amount” is distributed as principal on the Notes).

          “Subsequent Cutoff Date” means the date specified in the related
Subsequent Transfer Agreement; provided, however, that such date shall be on or
before the related Subsequent Transfer Date.

          “Subsequent Other Conveyed Property” means all property conveyed by the
Seller to the Trust pursuant to Section 2.2(a)(ii) through (a)(x) of this
Agreement and the related Subsequent Transfer Agreement.

          “Subsequent Purchase Agreement” means an agreement by and between the
Seller and AmeriCredit pursuant to which the Seller will acquire Receivables to
be transferred by the Seller to the Issuer as Subsequent Receivables.

          “Subsequent Receivables” means the Receivables transferred to the Issuer
pursuant to Section 2.2, which shall be listed on Schedule A to the related
Subsequent Transfer Agreement.

          “Subsequent Spread Account Deposit” means, with respect to each Subsequent
Transfer Date, an amount equal to the lesser of (i) 2.0% of the aggregate
principal balance of Subsequent Receivables as of the related Subsequent Cutoff
Date and (ii) the amount necessary to cause the Requisite Amount to be on
deposit in the Spread Account, in each case transferred to the Trust on such
Subsequent Transfer Date from amounts released from the Pre-Funding Account.

          “Subsequent Transfer Agreement” means the agreement among the Issuer, the
Seller and the Servicer, substantially in the form of Exhibit A.

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          “Subsequent Transfer Date” means, with respect to Subsequent Receivables,
any date, occurring not more frequently than once a month, during the Funding
Period on which Subsequent Receivables are to be transferred to the Trust
pursuant to this Agreement, and a Subsequent Transfer Agreement is executed and
delivered to the Trust.

          “Supplemental Servicing Fee” means, with respect to any Collection Period,
all administrative fees, expenses and charges paid by or on behalf of Obligors,
including late fees, prepayment fees and liquidation fees collected on the
Receivables during such Collection Period but excluding any fees or expenses
related to extensions.

          “Third-Party Lender” means an entity that originated a loan to a consumer
for the purchase of a motor vehicle and sold the loan to AmeriCredit pursuant
to an Auto Loan Purchase and Sale Agreement.

          “Third-Party Lender Assignment” means, with respect to a Receivable, the
executed assignment executed by a Third-Party Lender conveying such Receivable
to AmeriCredit.

          “Trigger Event” has the meaning assigned thereto in the Spread Account
Agreement.

          “Trust” means the Issuer.

          “Trust Account Property” means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

          “Trust Accounts” has the meaning assigned thereto in Section 5.1.

          “Trust Agreement” means the Trust Agreement dated as of March 17, 2004,
between the Seller and the Owner Trustee, as amended and restated as of April
5, 2004, as the same may be amended and supplemented from time to time.

          “Trust Collateral Agent” means the Person acting as Trust Collateral Agent
hereunder, its successors in interest and any successor Trust Collateral Agent
hereunder.

          “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the
chairman or vice-chairman of the board of directors, any managing director, the
chairman or vice-chairman of the executive committee of the board of directors,
the president, any vice president, assistant vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the controller
and any assistant controller or any other officer of the Trust Collateral Agent
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject, and (ii) in the case of the Owner Trustee, any officer in
the corporate trust office of the Owner Trustee or any agent of the Owner
Trustee under a power of attorney with direct responsibility

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for the
administration of this Agreement or any of the Basic Documents on behalf of the
Owner Trustee.

          “Trust Property” means the property and proceeds conveyed pursuant to
Section 2.1, together with certain monies paid on or after the Initial Cutoff
Date, the Note Policy, the Collection Account (including all Eligible
Investments therein and all proceeds therefrom), the Lockbox Account, the Note
Distribution Account, the Spread Account and certain other rights under this
Agreement.

          “Trustee” means the Person acting as Trustee under the Indenture, its
successors in interest and any successor trustee under the Indenture.

          “UCC” means the Uniform Commercial Code as in effect in the relevant
jurisdiction on the date of the Agreement.

       SECTION 1.2. Other Definitional Provisions.

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

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

          (c) As used in this Agreement, in any instrument governed hereby and in
any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Agreement or in any such instrument,
certificate or other document, and accounting terms partly defined in this
Agreement or in any such instrument, certificate or other document to the
extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles as in effect on the date of this
Agreement or any such instrument, certificate or other document, as applicable.
To the extent that the definitions of accounting terms in this Agreement or in
any such instrument, certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles, the
definitions contained in this Agreement or in any such instrument, certificate
or other document shall control.

          (d) The words “hereof,” “herein,” “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement; Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules
and Exhibits in or to this Agreement unless otherwise specified; and the term
“including” shall mean “including without limitation.”

          (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

          (f) Any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument

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or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; references to
a Person are also to its permitted successors and assigns.

ARTICLE II

Conveyance of Receivables

       SECTION 2.1. Conveyance of Initial Receivables. In consideration of the
Issuer’s delivery to or upon the order of the Seller on the Closing Date of the
net proceeds from the sale of the Notes and the other amounts to be distributed
from time to time to the Seller in accordance with the terms of this Agreement,
the Seller does hereby sell, transfer, assign, set over and otherwise convey to
the Issuer, without recourse (subject to the obligations set forth herein), all
right, title and interest of the Seller in and to:

          (a) the Initial Receivables and all moneys received thereon after the
Initial Cutoff Date;

          (b) the security interests in the Financed Vehicles granted by Obligors
pursuant to the Initial Receivables and any other interest of the Seller in
such Financed Vehicles;

          (c) any proceeds and the right to receive proceeds with respect to the
Initial Receivables from claims on any physical damage, credit life or
disability insurance policies covering Financed Vehicles or Obligors and any
proceeds from the liquidation of the Initial Receivables, net of those
reimbursable liquidation expenses set forth in Article IV;

          (d) any proceeds from any Initial Receivable repurchased by a Dealer
pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan
Purchase and Sale Agreement as a result of a breach of representation or
warranty in the related Dealer Agreement or Auto Loan Purchase and Sale
Agreement;

          (e) all rights under any Service Contracts on the related Financed
Vehicles;

          (f) the related Receivable Files;

          (g) all of the Seller’s right, title and interest in its rights and
benefits, but none of its obligations or burdens, under the Purchase Agreement,
including the Seller’s rights under the Purchase Agreement, and the delivery
requirements, representations and warranties and the cure and repurchase
obligations of AmeriCredit under the Purchase Agreement;

          (h) the proceeds of any and all of the foregoing;

          (i) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents,
(d) Instruments and (e) General Intangibles (as such terms are defined in the
UCC) relating to the property described in (a) through (h); and

          (j) all proceeds and investments with respect to items (a) through (i).

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          It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables and
Other Conveyed Property from the Seller to the Issuer and the beneficial
interest in and title to the Receivables and the Other Conveyed Property shall
not be part of the Seller’s estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. In the event that,
notwithstanding the intent of the Seller, the transfer and assignment
contemplated hereby is held by a court of competent jurisdiction not to be a
sale, this Agreement shall constitute a grant of a security interest in the
property referred to in this Section for the benefit of the Noteholders and the
Insurer.

       SECTION 2.2. Conveyance of Subsequent Receivables.

          (a) Subject to the conditions set forth in paragraph (b) below, in
consideration of the Issuer’s delivery on each related Subsequent Transfer Date
to or upon the order of the Seller of the amount described in Section 5.9(a) to
be delivered to the Seller, the Seller does hereby sell, transfer, assign, set
over and otherwise convey to the Issuer without recourse (subject to the
obligations set forth herein), all right, title and interest of the Seller in
and to:

          (i) the Subsequent Receivables listed on Schedule A to the related
Subsequent Transfer Agreement and all moneys received thereon after the
Subsequent Cutoff Date;

          (ii) the security interests in the Financed Vehicles granted by
Obligors pursuant to such Subsequent Receivables and any other interest
of the Seller in such Financed Vehicles;

          (iii) any proceeds and the right to receive proceeds with respect to
such Subsequent Receivables from claims on any physical damage, credit
life or disability insurance policies covering the related Financed
Vehicles or Obligors and any proceeds from the liquidation of such
Subsequent Receivables, net of those reimbursable liquidation expenses
set forth in Article IV;

          (iv) any proceeds from any Subsequent Receivable repurchased by a
Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to
an Auto Loan Purchase and Sale Agreement as a result of a breach of
representation or warranty in the related Dealer Agreement or Auto Loan
Purchase and Sale Agreement;

          (v) all rights under any Service Contracts on the related Financed
Vehicles:

          (vi) the related Receivables Files;

          (vii) all of the Seller’s right, title and interest in its rights
and benefits, but none of its obligations or burdens, under each of the
Subsequent Purchase Agreements, including the Seller’s rights under each
of the Subsequent Purchase Agreements, and the delivery requirements,
representations and warranties and the cure and repurchase obligations of
AmeriCredit under each of the Subsequent Purchase Agreements, on or after
the related Subsequent Cutoff Date;

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          (viii) the proceeds of any and all of the foregoing;

          (ix) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c)
Documents, (d) Instruments and (e) General Intangibles (as such terms are
defined in the UCC) relating to the property described in (i) through
(viii); and

          (x) all proceeds and investments with respect to items (i) through
(ix).

          (b) The Seller shall transfer to the Issuer the Subsequent Receivables and
the Subsequent Other Conveyed Property only upon the satisfaction of each of
the following conditions on or prior to the related Subsequent Transfer Date:

          (i) the Seller shall have provided the Trust Collateral Agent, the
Owner Trustee, the Insurer and the Rating Agencies with an Addition
Notice not later than five days prior to such Subsequent Transfer Date
and shall have provided any information reasonably requested by any of
the foregoing with respect to the Subsequent Receivables;

          (ii) the Seller shall have delivered to the Owner Trustee and the
Trust Collateral Agent a duly executed Subsequent Transfer Agreement
which shall include supplements to Schedule A, listing the Subsequent
Receivables;

          (iii) the Seller shall, to the extent required by Section 4.2, have
deposited in the Collection Account all collections in respect of the
Subsequent Receivables;

          (iv) as of each Subsequent Transfer Date, (A) the Seller shall not
be insolvent and shall not become insolvent as a result of the transfer
of Subsequent Receivables on such Subsequent Transfer Date, (B) the
Seller shall not intend to incur or believe that it shall incur debts
that would be beyond its ability to pay as such debts mature, (C) such
transfer shall not have been made with actual intent to hinder, delay or
defraud any Person and (D) the assets of the Seller shall not constitute
unreasonably small capital to carry out its business as conducted;

          (v) the Funding Period shall not have terminated;

          (vi) after giving effect to any transfer of Subsequent Receivables
on a Subsequent Transfer Date, the Receivables transferred to the Trust
pursuant hereto shall meet the following criteria (based on the
characteristics of the Initial Receivables on the Initial Cutoff Date and
the Subsequent Receivables on the related Subsequent Cutoff Dates) as
such information is provided to the Trust Collateral Agent by the
Servicer: (A) the remaining term of each Receivable transferred to the Trust shall
not be greater than 72 months; (B) the original term of each Receivable
transferred to the Trust shall not be more than 72 months; (C) not more
than 40% of the Receivables transferred to the Trust (calculated by
Aggregate Principal Balance) has an original term to maturity of 72
months; (D) each Receivable had a remaining Principal Balance of at least
$250 and not more than $80,000; (E) each of the Receivables has an Annual
Percentage Rate of at least 1% and not more than 33%; (F) the weighted
average APR of the Receivables transferred to the Trust shall not be less
than 16.75%, unless, with the prior consent of the Rating Agencies and
the Insurer, the Seller increases the Spread Account Initial Deposit with

25

 

respect to the Subsequent Receivables by the amount required by the
Insurer; (G) none of the Receivables transferred to the Trust was more
than 30 days past due; (H) no funds have been advanced by AmeriCredit,
any Dealer, any Third-Party Lender, or anyone acting on behalf of any of
them in order to cause any Receivable transferred to the Trust to qualify
under clause (G) above; (I) not more than 35% of the Aggregate Principal
Balance shall have Obligors whose mailing addresses are in Texas and
California; (J) each Obligor had a billing address in the United States
as of the date of origination of the Receivables transferred to the
Trust, is a natural person and is not an Affiliate of any party to this
Agreement; (K) each Receivable transferred to the Trust is denominated
in, and each Contract provides for payment in, United States dollars; (L)
each Receivable transferred to the Trust is identified on the Servicer’s
master servicing records as an automobile installment sales contract or
installment note; (M) each Receivable transferred to the Trust arises
under a Contract which is assignable without the consent of, or notice
to, the Obligor thereunder, and does not contain a confidentiality
provision that purports to restrict the ability of the Servicer to
exercise its rights under this Agreement, including, without limitation,
its right to review the Contract; (N) each Receivable transferred to the
Trust arises under a Contract with respect to which AmeriCredit has
performed all obligations required to be performed by it thereunder, and,
in the event such Contract is an installment sales contract, delivery of
the Financed Vehicle to the related Obligor has occurred and (O) any
variation in the overall composition or characteristics of the Initial
Receivables and the pool of Receivables as a whole after giving effect to
the transfer of the Subsequent Receivables on such Subsequent Transfer
Date shall not be material;

          (vii) each of the representations and warranties made by the Seller
pursuant to Section 3.1 with respect to the Subsequent Receivables to be
transferred on such Subsequent Transfer Date shall be true and correct as
of the related Subsequent Transfer Date, and the Seller shall have
performed all obligations to be performed by it hereunder on or prior to
such Subsequent Transfer Date;

          (viii) the Seller shall, at its own expense, on or prior to the
Subsequent Transfer Date indicate in its computer files that the
Subsequent Receivables identified in the Subsequent Transfer Agreement
have been sold to the Trust pursuant to this Agreement;

          (ix) the Seller shall have taken any action required to maintain the
first priority perfected ownership interest of the Trust in the Owner
Trust Estate and the first priority perfected security interest of the
Trust Collateral Agent in the Collateral;

          (x) no selection procedures adverse to the interests of the
Noteholders or the Insurer shall have been utilized in selecting the
Subsequent Receivables;

          (xi) the addition of any such Subsequent Receivables shall not
result in a material adverse tax consequence to the Trust or the
Noteholders;

          (xii) the Seller shall have delivered (A) to the Rating Agencies and
the Insurer an Opinion of Counsel with respect to the transfer of such
Subsequent

26

 

Receivables substantially in the form of the Opinion of
Counsel delivered to the Rating Agencies and the Insurer on the Closing
Date and (B) to the Trust Collateral Agent the Opinion of Counsel
required by Section 12.2(h)(1);

          (xiii) Standard & Poor’s shall have confirmed in writing to the
Trust Collateral Agent that the rating on the Notes shall not be
withdrawn or reduced as a result of the transfer of such Subsequent
Receivables to the Trust;

          (xiv) the Insurer (so long as no Insurer Default shall have occurred
and be continuing), in its absolute and sole discretion, shall have
approved the transfer of such Subsequent Receivables to the Trust and the
Insurer shall have been reimbursed for any fees and expenses incurred by
the Insurer in connection with the granting of such approval;

          (xv) the Seller shall simultaneously transfer the Subsequent Spread
Account Deposit to the Trust Collateral Agent with respect to the
Subsequent Receivables transferred on such Subsequent Transfer Date; and

          (xvi) the Seller shall have delivered to the Insurer and the Trust
Collateral Agent an Officers’ Certificate confirming the satisfaction of
each condition precedent specified in this paragraph (b).

          The Seller covenants that in the event any of the foregoing conditions
precedent are not satisfied with respect to any Subsequent Receivable on the
date required as specified above, the Seller will immediately repurchase such
Subsequent Receivable from the Trust, at a price equal to the Purchase Amount
thereof, in the manner specified in Section 4.7.

       SECTION 2.3. Further Encumbrance of Trust Property.

          (a) Immediately upon the conveyance to the Trust by the Seller of any item
of the Trust Property pursuant to Section 2.1, all right, title and interest of
the Seller in and to such item of Trust Property shall terminate, and all such
right, title and interest shall vest in the Trust, in accordance with the Trust
Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined
in the Trust Agreement).

          (b) Immediately upon the vesting of the Trust Property in the Trust, the
Trust shall have the sole right to pledge or otherwise encumber, such Trust
Property. Pursuant to the Indenture, the Trust shall grant a security interest
in the Trust Property to the Trust Collateral Agent securing the repayment of the Notes. The Certificates shall
represent the beneficial ownership interest in the Trust Property, and the
Certificateholders shall be entitled to receive distributions with respect
thereto as set forth herein.

          (c) Following the payment in full of the Notes and the release and
discharge of the Indenture, all covenants of the Issuer under Article III of
the Indenture shall, until payment in full of the Certificates, remain as
covenants of the Issuer for the benefit of the Certificateholders, enforceable
by the Certificateholders to the same extent as such covenants were enforceable
by the Noteholders prior to the discharge of the Indenture. Any rights of the

27

 

Trustee under Article III of the Indenture, following the discharge of the
Indenture, shall vest in Certificateholders.

          (d) The Trust Collateral Agent shall, at such time as there are no Notes
or Certificates outstanding and all sums due to (i) the Trustee pursuant to the
Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the
Trust Collateral Agent pursuant to this Agreement, have been paid, release any
remaining portion of the Trust Property to the Seller.

ARTICLE III

The Receivables

       SECTION 3.1. Representations and Warranties of Seller. The Seller hereby
represents and warrants that each of the representations and warranties set
forth on the Schedule of Representations attached hereto as Schedule B is true
and correct on which the Issuer is deemed to have relied in acquiring the
Receivables and upon which the Insurer shall be deemed to rely in issuing the
Note Policy. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, in the case of the
Initial Receivables, and as of the related Subsequent Transfer Date, in case of
the Subsequent Receivables, but shall survive the sale, transfer and assignment
of the Receivables to the Issuer and the pledge thereof to the Trust Collateral
Agent pursuant to the Indenture and shall not be waived.

       SECTION 3.2. Repurchase upon Breach(a). (a) The Seller, the Servicer,
the Backup Servicer, the Insurer, the Trust Collateral Agent or the Owner
Trustee, as the case may be, shall inform the other parties to this Agreement
promptly, by notice in writing, upon the discovery of any breach of the
Seller’s representations and warranties made pursuant to Section 3.1. As of
the last day of the second (or, if the Seller so elects, the first) month
following the discovery by the Seller or receipt by the Seller of notice of
such breach, unless such breach is cured by such date, the Seller shall have an
obligation to repurchase any Receivable in which the interests of the
Noteholders or the Insurer are materially and adversely affected by any such
breach as of such date. The “second month” shall mean the month following the
month in which discovery occurs or notice is given, and the “first month” shall
mean the month in which discovery occurs or notice is given. In consideration
of and simultaneously with the repurchase of the Receivable, the Seller shall
remit, or cause AmeriCredit to remit, to the Collection Account the Purchase
Amount in the manner specified in Section 5.6 and the Issuer shall execute such assignments and
other documents reasonably requested by such person in order to effect such
repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust
Collateral Agent, the Trustee, the Backup Servicer or the Noteholders with
respect to a breach of representations and warranties pursuant to Section 3.1
and the agreement contained in this Section shall be the repurchase of
Receivables pursuant to this Section, subject to the conditions contained
herein or to enforce the obligation of AmeriCredit to the Seller to repurchase
such Receivables pursuant to the Purchase Agreement. Neither the Owner
Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to
conduct any affirmative investigation as to the occurrence of any conditions
requiring the repurchase of any Receivable pursuant to this Section.

          In addition to the foregoing and notwithstanding whether the related
Receivable shall have been purchased by the Seller, the Seller shall indemnify
the Trust, the Trustee, the

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Backup Servicer, the Trust Collateral Agent,
Collateral Agent and the officers, directors, agents and employees thereof, the
Insurer, and the Noteholders against all costs, expenses, losses, damages,
claims and liabilities, including reasonable fees and expenses of counsel,
which may be asserted against or incurred by any of them as a result of third
party claims arising out of the events or facts giving rise to such breach.

          (b) Pursuant to Section 2.1 of this Agreement, the Seller conveyed to the
Trust all of the Seller’s right, title and interest in its rights and benefits,
but none of its obligations or burdens, under the Purchase Agreement including
the Seller’s rights under the Purchase Agreement and the delivery requirements,
representations and warranties and the cure or repurchase obligations of
AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust
that such assignment is valid, enforceable and effective to permit the Trust to
enforce such obligations of AmeriCredit under the Purchase Agreement. Any
purchase by AmeriCredit pursuant to the Purchase Agreement shall be deemed a
purchase by the Seller pursuant to this Section 3.2 and the definition of
Purchased Receivable.

       SECTION 3.3. Custody of Receivables Files.

          (a) In connection with the sale, transfer and assignment of the
Receivables and the Other Conveyed Property to the Trust pursuant to this
Agreement and simultaneously with the execution and delivery of this Agreement,
the Trust Collateral Agent shall enter into the Custodian Agreement with the
Custodian, dated as of April 5, 2004, pursuant to which the Trust Collateral
Agent shall revocably appoint the Custodian, and the Custodian shall accept
such appointment, to act as the agent of the Trust Collateral Agent as
custodian of the following documents or instruments in its possession which
shall be delivered to the Custodian as agent of the Trust Collateral Agent on
or before the Closing Date in the case of the Initial Receivables and as of the
Subsequent Transfer Date in the case of the Subsequent Receivables:

          (i) The fully executed original of the Receivable (together with any
agreements modifying the Receivable);

          (ii) The original credit application, or a copy thereof, of each
Obligor, fully executed by each such Obligor on AmeriCredit’s customary
form, or on a form approved by AmeriCredit, for such application; and

          (iii) The original Lien Certificate (when received) and otherwise
such documents, if any, that AmeriCredit keeps on file in accordance with
its customary procedures indicating that the Financed Vehicle is owned by
the Obligor and subject to the interest of AmeriCredit as first
lienholder or secured party (including any Lien Certificate received by
AmeriCredit), or, if such Lien Certificate has not yet been received, a
copy of the application therefor, showing AmeriCredit as secured party.

          (b) The Trust Collateral Agent may act as the Custodian, in which case the
Trust Collateral Agent shall be deemed to have assumed the obligations of the
Custodian specified in the Custodian Agreement. Upon payment in full of any
Receivable, the Servicer will notify the Custodian pursuant to a certificate of
an officer of the Servicer (which certificate shall include a statement to the
effect that all amounts received in connection with such

29

 

payments which are
required to be deposited in the Collection Account pursuant to Section 4.1 have
been so deposited) and shall request delivery of the Receivable and Receivable
File to the Servicer. Upon the sale of any Receivable pursuant to Section
4.3(c) hereof, the Servicer will notify the Custodian pursuant to a certificate
of an officer of the Servicer (which certificate shall include a statement to
the effect that all amounts received in connection with such sale which are
required to be deposited in the Collection Account pursuant to Section 4.1 have
been so deposited) and shall request delivery of the Receivable and Receivable
File to the purchaser of such Receivable. From time to time as appropriate for
servicing and enforcing any Receivable, the Custodian shall, upon written
request of an officer of the Servicer and delivery to the Custodian of a
receipt signed by such officer, cause the original Receivable and the related
Receivable File to be released to the Servicer. The Servicer’s receipt of a
Receivable and/or Receivable File shall obligate the Servicer to return the
original Receivable and the related Receivable File to the Custodian when its
need by the Servicer has ceased unless the Receivable is repurchased as
described in Section 3.2 , 4.2 or 4.7.

ARTICLE IV

Administration and Servicing of Receivables

       SECTION 4.1. Duties of the Servicer.

     (a) The Servicer is hereby authorized to act as agent for the Trust and in
such capacity shall manage, service, administer and make collections on the
Receivables, and perform the other actions required by the Servicer under this
Agreement. The Servicer agrees that its servicing of the Receivables shall be
carried out in accordance with customary and usual procedures of institutions
which service motor vehicle retail installment sales contracts and, to the
extent more exacting, the degree of skill and attention that the Servicer
exercises from time to time with respect to all comparable motor vehicle
receivables that it services for itself or others. In performing such duties,
so long as AmeriCredit is the Servicer, it shall substantially comply with
the policies and procedures described on Schedule C, as such policies and
procedures may be updated from time to time. The Servicer’s duties shall
include, without limitation, collection and posting of all payments, responding
to inquiries of Obligors on the Receivables, investigating delinquencies,
sending payment coupons to Obligors, reporting any required tax information to
Obligors, monitoring the collateral, complying with the terms of the Lockbox
Agreement, accounting for collections and furnishing monthly and annual
statements to the Trust Collateral Agent, the Trustee and the Insurer with
respect to distributions, monitoring the status of Insurance Policies with
respect to the Financed Vehicles and performing the other duties specified
herein.

          The Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit at
the request of the Servicer, shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer
Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain
possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements,
to the extent it is necessary to do so), the Dealer Assignments, the
Third-Party Lender Assignments and the Insurance Policies, to the extent that
such Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer
Assignments, Third-Party Lender Assignments and Insurance Policies relate to
the Receivables, the Financed Vehicles or

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the Obligors. To the extent
consistent with the standards, policies and procedures otherwise required
hereby, the Servicer shall follow its customary standards, policies, and
procedures and shall have full power and authority, acting alone, to do any and
all things in connection with such managing, servicing, administration and
collection that it may deem necessary or desirable. Without limiting the
generality of the foregoing, the Servicer is hereby authorized and empowered by
the Trust to execute and deliver, on behalf of the Trust, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to the
Receivables and with respect to the Financed Vehicles; provided, however, that
notwithstanding the foregoing, the Servicer shall not, except pursuant to an
order from a court of competent jurisdiction, release an Obligor from payment
of any unpaid amount under any Receivable or waive the right to collect the
unpaid balance of any Receivable from the Obligor except in accordance with the
Servicer’s customary practices as reflected in the Servicing Policies and
Procedures attached hereto as Schedule C.

          The Servicer is hereby authorized to commence, in its own name or in the
name of the Trust, a legal proceeding to enforce a Receivable pursuant to
Section 4.3 or to commence or participate in any other legal proceeding
(including, without limitation, a bankruptcy proceeding) relating to or
involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer
commences or participates in such a legal proceeding in its own name, the Trust
shall thereupon be deemed to have automatically assigned such Receivable to the
Servicer solely for purposes of commencing or participating in any such
proceeding as a party or claimant, and the Servicer is authorized and empowered
by the Trust to execute and deliver in the Servicer’s name any notices,
demands, claims, complaints, responses, affidavits or other documents or
instruments in connection with any such proceeding. The Trust Collateral Agent
and the Owner Trustee shall furnish the Servicer with any limited powers of
attorney and other documents which the Servicer may reasonably request and
which the Servicer deems necessary or appropriate and take any other steps
which the Servicer may deem necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties under this Agreement.

     (b) The Backup Servicer shall have the following duties: (i) prior to the
Closing Date, the Backup Servicer shall have conducted an on-site visit of the
Servicer’s operations in connection with this or similar Agreements, (ii) shall
conduct additional on-site visits not less frequently than every 12 months
thereafter meeting with appropriate operations personnel to discuss any changes
in processes and procedures that have occurred since the last visit, (iii)
prior to the Closing Date, the Backup Servicer shall have completed all data
mapping, and (iv), annually beginning in December, 2004, the Backup Servicer
shall complete a data map refresh with an electronic file of no less than 100
loans provided by the Servicer.

       SECTION 4.2. Collection of Receivable Payments; Modifications of
Receivables; Lockbox Agreements.

          (a) Consistent with the standards, policies and procedures required by
this Agreement, the Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as and
when the same shall become due, and shall follow such collection procedures as
it follows with respect to all comparable automobile receivables that it
services for itself or others and otherwise act with respect to the
Receivables, the Dealer Agreements, the Dealer Assignments, the Auto Loan
Purchase and Sale Agreements,

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the Third-Party Lender Assignments, the Insurance
Policies and the Other Conveyed Property in such manner as will, in the
reasonable judgment of the Servicer, maximize the amount to be received by the
Trust with respect thereto, including directing the Issuer to sell the
Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in
its discretion to waive any prepayment charge, late payment charge or any other
similar fees that may be collected in the ordinary course of servicing any
Receivable.

          (b) The Servicer may (A) at any time agree to a modification or amendment
of a Receivable in order to (i) not more than once per year, change the
Obligor’s regular monthly due date to a date that shall in no event be later
than 30 days after the original monthly due date of that Receivable or (ii)
re-amortize the Scheduled Receivables Payments on the Receivable following a
partial prepayment of principal, in accordance with its customary procedures or
(B) may direct the Issuer to sell the Receivables pursuant to Section 4.3
hereof if the Servicer believes in good faith that such extension,
modification, amendment or sale is necessary to avoid a default on such
Receivable, will maximize the amount to be received by the Trust with respect
to such Receivable, and is otherwise in the best interests of the Trust.

          (c) The Servicer may grant payment extensions on, or other modifications
or amendments to, a receivable (in addition to those modifications permitted by
Section 4.2(b)) hereof, in accordance with its customary procedures if the
Servicer believes in good faith that such extension, modification, amendment or
sale is necessary to avoid a default on such Receivable, will maximize the
amount to be received by the Trust with respect to such Receivable, and is
otherwise in the best interests of the Trust; provided, however, that:

          (i) The aggregate period of all extensions on a Receivable shall not
exceed eight months;

          (ii) In no event may a Receivable be extended beyond the Collection
Period immediately preceding the latest Final Scheduled Distribution
Date;

          (iii) The average Monthly Extension Rate for any three consecutive
calendar months shall not exceed 4%; and

          (iv) So long as an Insurer Default shall not have occurred and be
continuing, the Servicer shall not amend or modify a Receivable (except
as provided in Section 4.2(b) and this Section 4.2(c)) without the
consent of the Insurer or a Note Majority (if an Insurer Default shall
have occurred and be continuing).

          With respect to clause (iii) of this Section 4.2(c), in the event the
average of the Monthly Extension Rates calculated with respect to three
consecutive calendar months exceeds 4% (which information shall be set forth in
the related Servicer’s Certificate), the Servicer shall, on the third such
Accounting Date, purchase from the Trust the Receivables with respect to which
payment had been extended (starting with the Receivables most recently so
extended) in an aggregate Principal Balance equal to the product of (i) the
difference between such average of Monthly Extension Rates and 4% and (ii) the
Aggregate Principal Balance, and pay the related Purchase Amount on the related
Preliminary Determination Date; provided, however, that in the event the Backup
Servicer shall be acting as Servicer hereunder, the foregoing sentence shall

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apply only in respect of Receivables as to which payments had been extended by
such Backup Servicer.

          (d) The Servicer shall use its best efforts to notify or direct Obligors
to make all payments on the Receivables, whether by check or by direct debit of
the Obligor’s bank account, to be made directly to one or more Lockbox Banks,
acting as agent for the Trust pursuant to a Lockbox Agreement. The Servicer
shall use its best efforts to notify or direct any Lockbox Bank to deposit all
payments on the Receivables in the Lockbox Account no later than the Business
Day after receipt, and to cause all amounts credited to the Lockbox Account on
account of such payments to be transferred to the Collection Account no later
than the second Business Day after receipt of such payments. The Lockbox
Account shall be a demand deposit account held by the Lockbox Bank, or at the
request of the Controlling Party, an Eligible Deposit Account.

          Prior to the Closing Date, the Servicer shall have notified each Obligor
that makes its payments on the Receivables by check to make such payments
thereafter directly to the Lockbox Bank (except in the case of Obligors that
have already been making such payments to the Lockbox Bank), and shall have
provided each such Obligor with remittance invoices in order to enable such
Obligors to make such payments directly to the Lockbox Bank for deposit into
the Lockbox Account, and the Servicer will continue, not less often than every
three months, to so notify those Obligors who have failed to make payments to
the Lockbox Bank. If and to the extent requested by the Controlling Party, the
Servicer shall request each Obligor that makes payment on the Receivables by
direct debit of such Obligor’s bank account, to execute a new authorization for
automatic payment which in the judgment of the Controlling Party is sufficient
to authorize direct debit by the Lockbox Bank on behalf of the Trust. If at
any time, the Lockbox Bank is unable to directly debit an Obligor’s bank
account that makes payment on the Receivables by direct debit and if such
inability is not cured within 15 days or cannot be cured by execution by the
Obligor of a new authorization for automatic payment, the Servicer shall notify
such Obligor that it cannot make payment by direct debit and must thereafter
make payment by check.

          Notwithstanding any Lockbox Agreement, or any of the provisions of this
Agreement relating to the Lockbox Agreement, the Servicer shall remain
obligated and liable to the Trust, the Trust Collateral Agent, the Insurer and
Noteholders for servicing and administering the Receivables and the Other
Conveyed Property in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue thereof; provided,
however, that the foregoing shall not apply to any Backup Servicer for so long
as a Lockbox Bank is performing its obligations pursuant to the terms of a
Lockbox Agreement.

          In the event of a termination of the Servicer, the replacement Servicer
shall assume all of the rights and obligations of the outgoing Servicer under
the Lockbox Agreement subject to the terms hereof. In such event, the
replacement Servicer shall be deemed to have assumed all of the outgoing
Servicer’s interest therein and to have replaced the outgoing Servicer as a
party to each such Lockbox Agreement to the same extent as if such Lockbox
Agreement had been assigned to the replacement Servicer, except that the
outgoing Servicer shall not thereby be relieved of any liability or obligations
on the part of the outgoing Servicer to the Lockbox Bank under such Lockbox
Agreement. The outgoing Servicer shall, upon request of

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the Trust Collateral
Agent, but at the expense of the outgoing Servicer, deliver to the replacement
Servicer all documents and records relating to each such Lockbox Agreement and
an accounting of amounts collected and held by the Lockbox Bank and otherwise
use its best efforts to effect the orderly and efficient transfer of any
Lockbox Agreement to the replacement Servicer. In the event that the Insurer
(so long as an Insurer Default shall not have occurred and be continuing) or a
Note Majority (if an Insurer Default shall have occurred and be continuing)
elects to change the identity of the Lockbox Bank, the outgoing Servicer, at
its expense, shall cause the Lockbox Bank to deliver, at the direction of the
Insurer (so long as an Insurer Default shall not have occurred and be
continuing) or a Note Majority (if an Insurer Default shall have occurred and
be continuing) to the Trust Collateral Agent or a successor Lockbox Bank, all
documents and records relating to the Receivables and all amounts held (or
thereafter received) by the Lockbox Bank (together with an accounting of such
amounts) and shall otherwise use its best efforts to effect the orderly and
efficient transfer of the lockbox arrangements and the Servicer shall notify
the Obligors to make payments to the Lockbox established by the successor.

          (e) The Servicer shall remit all payments by or on behalf of the Obligors
received directly by the Servicer to the Lockbox Bank as soon as practicable,
but in no event later than the second Business Day after receipt thereof, and
such amounts shall be deposited into the Lockbox Account and transferred from
the Lockbox Account to the Collection Account in accordance with Section 4.2(d)
hereof.

       SECTION 4.3. Realization upon Receivables.

          (a) In addition to the Servicer’s ability to direct the Issuer to sell
Receivables pursuant to Section 4.3(c) hereof, and consistent with the
standards, policies and procedures required by this Agreement, the Servicer
shall use its best efforts to repossess (or otherwise comparably convert the
ownership of) and liquidate any Financed Vehicle securing a Receivable with
respect to which the Servicer has determined that payments thereunder are not
likely to be resumed, as soon as is practicable after default on such
Receivable but in no event later than the date on which all or any portion of a Scheduled Receivables Payment has
become 91 days delinquent; provided, however, that the Servicer may elect not
to repossess a Financed Vehicle within such time period if in its good faith
judgment it determines that the proceeds ultimately recoverable with respect to
such Receivable would be increased by forbearance or if it instead elects to
direct the Issuer to sell the Receivables pursuant to Section 4.3(c). The
Servicer is authorized to follow such customary practices and procedures as it
shall deem necessary or advisable, consistent with the standard of care
required by Section 4.1, which practices and procedures may include reasonable
efforts to realize upon any recourse to Dealers and Third-Party Lenders, the
sale of the related Financed Vehicle at public or private sale, the submission
of claims under an Insurance Policy and other actions by the Servicer in order
to realize upon such a Receivable. The foregoing is subject to the provision
that, in any case in which the Financed Vehicle shall have suffered damage, the
Servicer shall not expend funds in connection with any repair or towards the
repossession of such Financed Vehicle unless it shall determine in its
discretion that such repair and/or repossession shall increase the proceeds of
liquidation of the related Receivable by an amount greater than the amount of
such expenses. All amounts received upon liquidation of a Financed Vehicle
shall be remitted directly by the Servicer to the Collection Account without
deposit into any intervening account as soon as practicable, but in no event
later than the Business Day after receipt thereof. The Servicer shall be
entitled to recover

34

 

all reasonable expenses incurred by it in the course of
repossessing and liquidating a Financed Vehicle into cash proceeds, but only
out of the cash proceeds of such Financed Vehicle, any deficiency obtained from
the Obligor or any amounts received from the related Dealer or Third-Party
Lender, which amounts in reimbursement may be retained by the Servicer (and
shall not be required to be deposited as provided in Section 4.2(e)) to the
extent of such expenses. The Servicer shall pay on behalf of the Trust any
personal property taxes assessed on repossessed Financed Vehicles. The
Servicer shall be entitled to reimbursement of any such tax from Net
Liquidation Proceeds with respect to such Receivable.

          (b) If the Servicer, or if AmeriCredit is no longer the Servicer,
AmeriCredit at the request of the Servicer, elects to commence a legal
proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale
Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of
commencement shall be deemed to be an automatic assignment from the Trust to
the Servicer, or to AmeriCredit at the request of the Servicer, of the rights
under such Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer
Assignment or Third-Party Lender Assignment for purposes of collection only.
If, however, in any enforcement suit or legal proceeding it is held that the
Servicer or AmeriCredit, as appropriate, may not enforce a Dealer Agreement,
Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment on the grounds that it is not a real party in interest or a Person
entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale
Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner
Trustee and/or the Trust Collateral Agent, at AmeriCredit’s expense, or the
Seller, at the Seller’s expense, shall take such steps as the Servicer deems
reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and
Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, including
bringing suit in its name or the name of the Seller or of the Trust and the
Owner Trustee and/or the Trust Collateral Agent for the benefit of the
Noteholders. All amounts recovered shall be remitted directly by the Servicer
as provided in Section 4.2(e).

          (c) Consistent with the standards, policies and procedures required by
this Agreement, the Servicer may use its best efforts to locate a third party
purchaser that is not affiliated with the Servicer, the Seller or the Issuer to
purchase from the Issuer any Receivable that has become more than 60 days
delinquent, and shall have the right to direct the Issuer to sell any such
Receivable to the third-party purchaser; provided, that no more than 20% of the
number of Receivables in the pool at the end of the Funding Period may be sold
by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided
further, that the Servicer may elect to not direct the Issuer to sell a
Receivable that has become more than 60 days delinquent if in its good faith
judgment the Servicer determines that the proceeds ultimately recoverable with
respect to such Receivable would be increased by forbearance. In selecting
Receivables to be sold to a third party purchaser pursuant to this Section
4.3(c), the Servicer shall use commercially reasonable efforts to locate
purchasers for the most delinquent Receivables first. In any event, the
Servicer shall not use any procedure in selecting Receivables to be sold to
third party purchasers which is materially adverse to the interest of the
Noteholders or the Insurer. The Issuer shall sell each Sold Receivable for the
greatest market price possible; provided, however, that aggregate Sale Amounts
received by the Issuer for all Receivables sold to a single third-party
purchaser on a single date must be at least equal to the sum of the Minimum
Sale Prices for all such Receivables. The Servicer shall remit or cause the
third-party purchaser to remit all sale proceeds from the sale of Receivables
directly to the Collection Account without deposit into any

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intervening account
as soon as practicable, but in no event later than the Business Day after
receipt thereof.

       SECTION 4.4. Insurance.

          (a) The Servicer shall require, in accordance with its customary servicing
policies and procedures, that each Financed Vehicle be insured by the related
Obligor under the Insurance Policies referred to in Paragraph 24 of the
Schedule of Representations and Warranties and shall monitor the status of such
physical loss and damage insurance coverage thereafter, in accordance with its
customary servicing procedures. Each Receivable requires the Obligor to
maintain such physical loss and damage insurance, naming AmeriCredit and its
successors and assigns as additional insureds, and permits the holder of such
Receivable to obtain physical loss and damage insurance at the expense of the
Obligor if the Obligor fails to maintain such insurance. If the Servicer shall
determine that an Obligor has failed to obtain or maintain a physical loss and
damage Insurance Policy covering the related Financed Vehicle which satisfies
the conditions set forth in clause (i)(a) of such Paragraph 24 (including,
without limitation, during the repossession of such Financed Vehicle) the
Servicer may enforce the rights of the holder of the Receivable under the
Receivable to require the Obligor to obtain such physical loss and damage
insurance in accordance with its customary servicing policies and procedures.
The Servicer may maintain a vendor’s single interest or other collateral
protection insurance policy with respect to all Financed Vehicles (“Collateral
Insurance”) which policy shall by its terms insure against physical loss and
damage in the event any Obligor fails to maintain physical loss and damage
insurance with respect to the related Financed Vehicle. All policies of
Collateral Insurance shall be endorsed with clauses providing for loss payable
to the Servicer. Costs incurred by the Servicer in maintaining such Collateral
Insurance shall be paid by the Servicer.

          (b) The Servicer may, if an Obligor fails to obtain or maintain a physical
loss and damage Insurance Policy, obtain insurance with respect to the related
Financed Vehicle and advance on behalf of such Obligor, as required under the
terms of the insurance policy, the premiums for such insurance (such insurance
being referred to herein as “Force-Placed Insurance”). All policies of
Force-Placed Insurance shall be endorsed with clauses providing for loss
payable to the Servicer. Any cost incurred by the Servicer in maintaining such
Force-Placed Insurance shall only be recoverable out of premiums paid by the
Obligors or Net Liquidation Proceeds with respect to the Receivable, as
provided in Section 4.4(c).

          (c) In connection with any Force-Placed Insurance obtained hereunder, the
Servicer may, in the manner and to the extent permitted by applicable law,
require the Obligors to repay the entire premium to the Servicer. In no event
shall the Servicer include the amount of the premium in the Amount Financed
under the Receivable. For all purposes of this Agreement, the Insurance Add-On
Amount with respect to any Receivable having Force-Placed Insurance will be
treated as a separate obligation of the Obligor and will not be added to the
Principal Balance of such Receivable, and amounts allocable thereto will not be
available for distribution on the Notes and the Certificates. The Servicer
shall retain and separately administer the right to receive payments from
Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed
Insurance premiums. If an Obligor makes a payment with respect to a Receivable
having Force-Placed Insurance, but the Servicer is unable to determine whether
the payment is allocable to the Receivable or to the Insurance Add-On Amount,
the payment shall be applied

36

 

first to any unpaid Scheduled Receivables Payments
and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the
Principal Balance and accrued interest on such Receivable and then to pay the
related Insurance Add-On Amount. If an Obligor under a Receivable with respect
to which the Servicer has placed Force-Placed Insurance fails to make scheduled
payments of such Insurance Add-On Amount as due, and the Servicer has
determined that eventual payment of the Insurance Add-On Amount is unlikely,
the Servicer may, but shall not be required to, purchase such Receivable from
the Trust for the Purchase Amount on any subsequent Determination Date. Any
such Receivable, and any Receivable with respect to which the Servicer has
placed Force-Placed Insurance which has been paid in full (excluding any
Insurance Add-On Amounts) will be assigned to the Servicer.

          (d) The Servicer may sue to enforce or collect upon the Insurance
Policies, in its own name, if possible, or as agent of the Trust. If the
Servicer elects to commence a legal proceeding to enforce an Insurance Policy,
the act of commencement shall be deemed to be an automatic assignment of the
rights of the Trust under such Insurance Policy to the Servicer for purposes of
collection only. If, however, in any enforcement suit or legal proceeding it
is held that the Servicer may not enforce an Insurance Policy on the grounds
that it is not a real party in interest or a holder entitled to enforce the
Insurance Policy, the Owner Trustee and/or the Trust Collateral Agent, at the
Servicer’s expense, or the Seller, at the Seller’s expense, shall take such
steps as the Servicer deems necessary to enforce such Insurance Policy,
including bringing suit in its name or the name of the Trust and the Owner
Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders.

          (e) The Servicer will cause itself and may cause the Trust Collateral
Agent to be named as named insured under all policies of Collateral Insurance.

       SECTION 4.5. Maintenance of Security Interests in Vehicles.

          (a) Consistent with the policies and procedures required by this
Agreement, the Servicer shall take such steps on behalf of the Trust as are
necessary to maintain perfection of the security interest created by each
Receivable in the related Financed Vehicle, including, but not limited to,
obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements,
financing statements and continuation statements as are necessary to maintain
the security interest granted by the Obligors under the respective Receivables.
The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer
agrees, to take any and all steps necessary to re-perfect such security
interest on behalf of the Trust as necessary because of the relocation of a
Financed Vehicle or for any other reason. In the event that the assignment of
a Receivable to the Trust is insufficient, without a notation on the related
Financed Vehicle’s certificate of title, or without fulfilling any additional
administrative requirements under the laws of the state in which the Financed
Vehicle is located, to perfect a security interest in the related Financed
Vehicle in favor of the Trust, the Servicer hereby agrees that AmeriCredit’s
designation as the secured party on the Lien Certificate is in its capacity as
Servicer as agent of the Trust.

          (b) Upon the occurrence of an Insurance Agreement Event of Default, the
Insurer may (so long as an Insurer Default shall not have occurred and be
continuing) instruct the Trust Collateral Agent and the Servicer to take or cause to be taken, or,
if an Insurer Default shall

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have occurred, upon the occurrence of a Servicer
Termination Event, the Trust Collateral Agent and the Servicer shall take or
cause to be taken such action as may, in the opinion of counsel to the
Controlling Party, be necessary to perfect or re-perfect the security interests
in the Financed Vehicles securing the Receivables in the name of the Trust by
amending the title documents of such Financed Vehicles or by such other
reasonable means as may, in the opinion of counsel to the Controlling Party, be
necessary or prudent.

          AmeriCredit hereby agrees to pay all expenses related to such perfection
or reperfection and to take all action necessary therefor. In addition, prior
to the occurrence of an Insurance Agreement Event of Default, the Controlling
Party may instruct the Trust Collateral Agent and the Servicer to take or cause
to be taken such action as may, in the opinion of counsel to the Controlling
Party, be necessary to perfect or re-perfect the security interest in the
Financed Vehicles underlying the Receivables in the name of the Trust,
including by amending the title documents of such Financed Vehicles or by such
other reasonable means as may, in the opinion of counsel to the Controlling
Party, be necessary or prudent; provided, however, that if the Controlling
Party requests that the title documents be amended prior to the occurrence of
an Insurance Agreement Event of Default, the out-of-pocket expenses of the
Servicer or the Trust Collateral Agent in connection with such action shall be
reimbursed to the Servicer or the Trust Collateral Agent, as applicable, by the
Controlling Party. AmeriCredit hereby appoints the Trust Collateral Agent as
its attorney-in-fact to take any and all steps required to be performed by
AmeriCredit pursuant to this Section 4.5(b) (it being understood that and
agreed that the Trust Collateral Agent shall have no obligation to take such
steps with respect to all perfection or reperfection, except as pursuant to the
Basic Documents to which it is a party and to which AmeriCredit has paid all
expenses), including execution of certificates of title or any other documents
in the name and stead of AmeriCredit and the Trust Collateral Agent hereby
accepts such appointment.

       SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its
execution and delivery of this Agreement, the Servicer makes the following
representations, warranties and covenants on which the Trust Collateral Agent
relies in accepting the Receivables, on which the Trustee relies in
authenticating the Notes and on which the Insurer relies in issuing the Note
Policy.

          (a) The Servicer covenants as follows:

          (i) Liens in Force. The Financed Vehicle securing each Receivable
shall not be released in whole or in part from the security interest
granted by the Receivable, except upon payment in full of the Receivable
or as otherwise contemplated herein;

          (ii) No Impairment. The Servicer shall do nothing to impair the
rights of the Trust or the Noteholders in the Receivables, the Dealer
Agreements, the Auto Loan Purchase and Sale Agreements, the Dealer
Assignments, the Third-Party Lender Assignments, the Insurance Policies
or the Other Conveyed Property except as otherwise expressly provided
herein;

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          (iii) No Amendments. The Servicer shall not extend or otherwise
amend the terms of any Receivable, except in accordance with Section 4.2;
and

          (iv) Restrictions on Liens. The Servicer shall not (i) create,
incur or suffer to exist, or agree to create, incur or suffer to exist,
or consent to cause or permit in the future (upon the happening of a
contingency or otherwise) the creation, incurrence or existence of any
Lien or restriction on transferability of the Receivables except for the
Lien in favor of the Trust Collateral Agent for the benefit of the
Noteholders and Insurer, the Lien imposed by the Spread Account Agreement
in favor of the Collateral Agent for the benefit of the Trust Collateral
Agent and Insurer, and the restrictions on transferability imposed by
this Agreement or (ii) sign or file under the Uniform Commercial Code of
any jurisdiction any financing statement which names AmeriCredit or the
Servicer as a debtor, or sign any security agreement authorizing any
secured party thereunder to file such financing statement, with respect
to the Receivables, except in each case any such instrument solely
securing the rights and preserving the Lien of the Trust Collateral
Agent, for the benefit of the Noteholders and the Insurer.

          (b) The Servicer represents, warrants and covenants as of the Closing Date
as to itself that the representations and warranties set forth on the Schedule
of Representations attached hereto as Schedule B are true and correct, provided
that such representations and warranties contained therein and herein shall not
apply to any entity other than AmeriCredit.

       SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon discovery
by any of the Servicer, the Insurer, a Responsible Officer of the Trust
Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup
Servicer or a Responsible Officer of the Trustee of a breach of any of the
covenants set forth in Sections 1, 2 or 3 of the Custodian Agreement or in
Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give
prompt written notice to the others; provided, however, that the failure to
give any such notice shall not affect any obligation of AmeriCredit as Servicer
under this Section. As of the second Accounting Date following its discovery
or receipt of notice of any breach of any covenant set forth in Sections 4.5(a)
or 4.6(a) which materially and adversely affects the interests of the
Noteholders or the Insurer in any Receivable (including any Liquidated
Receivable) (or, at AmeriCredit’s election, the first Accounting Date so
following) or the related Financed Vehicle, AmeriCredit shall, unless such
breach shall have been cured in all material respects, purchase from the Trust
the Receivable affected by such breach and, on the related Determination Date,
AmeriCredit shall pay the related Purchase Amount. It is understood and agreed
that the obligation of AmeriCredit to purchase any Receivable (including any
Liquidated Receivable) with respect to which such a breach has occurred and is
continuing shall, if such obligation is fulfilled, constitute the sole remedy
against AmeriCredit for such breach available to the Insurer, the Noteholders,
the Owner Trustee, the Backup Servicer or the Trust Collateral Agent; provided,
however, that AmeriCredit shall indemnify the Trust, the Backup Servicer, the
Collateral Agent, the Insurer, the Owner Trustee, the Trust Collateral Agent,
the Trustee and the Noteholders from and against all costs, expenses, losses,
damages, claims and liabilities, including reasonable fees and expenses of
counsel, which may be asserted against or incurred by any of them as a result
of third party claims arising out of the events or facts giving rise to such
breach. Notwithstanding anything to the contrary contained herein, AmeriCredit
will not be required to repurchase Receivables due solely to the Servicer’s not having
received Lien

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Certificates that have been properly applied for from the
Registrar of Titles in the applicable states for such Receivables unless (i)
such Lien Certificates shall not have been received with respect to Receivables
with Principal Balances which total more than 0.5% of the Aggregate Principal
Balance as of the 180th day after the Closing Date or the Subsequent Transfer
date as applicable, in which case AmeriCredit shall be required to repurchase a
sufficient number of such Receivables to cause the aggregate Principal Balances
of the remaining Receivables for which no such Lien Certificate shall have been
received to be no greater than 0.5% of the Aggregate Principal Balance as of
such date or (ii) such Lien Certificates shall not have been received as of the
240th day after the Closing Date or the Subsequent Transfer Date as applicable.
This section shall survive the termination of this Agreement and the earlier
removal or resignation of the Trustee and/or the Trust Collateral Agent and/or
the Backup Servicer.

       SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On
each Distribution Date, the Servicer shall be entitled to receive out of the
Collection Account the Base Servicing Fee and any Supplemental Servicing Fee
for the related Collection Period (together, the “Servicing Fee”) pursuant to
Section 5.7. The Servicer shall be required to pay all expenses incurred by it
in connection with its activities under this Agreement (including taxes imposed
on the Servicer, expenses incurred in connection with distributions and reports
made by the Servicer to Noteholders or the Insurer and all other fees and
expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the
Trust Collateral Agent or the Trustee, except taxes levied or assessed against
the Trust, and claims against the Trust in respect of indemnification, which
taxes and claims in respect of indemnification against the Trust are expressly
stated to be for the account of AmeriCredit). The Servicer shall be liable for
the fees and expenses of the Owner Trustee, the Backup Servicer, the Trust
Collateral Agent, the Trustee, the Custodian, the Collateral Agent, the Lockbox
Bank (and any fees under the Lockbox Agreement) and the Independent
Accountants. Notwithstanding the foregoing, if the Servicer shall not be
AmeriCredit, a successor to AmeriCredit as Servicer including the Backup
Servicer permitted by Section 9.3 shall not be liable for taxes levied or
assessed against the Trust or claims against the Trust in respect of
indemnification, or the fees and expenses referred to above.

       SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s Certificate.

          (a) No later than 10:00 a.m. Eastern time on each Preliminary
Determination Date, the Servicer shall deliver (facsimile delivery being
acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency a
Preliminary Servicer’s Certificate executed by a Responsible Officer of the
Servicer containing among other things, all information necessary to enable the
Trust Collateral Agent to give any notice required by Section 5.5(b) and to
make the distributions required by Sections 5.7(a) and 5.7(b).

          (b) No later than 10:00 a.m. Eastern time on each Determination Date, the
Servicer shall deliver (facsimile delivery being acceptable) to the Trustee,
the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup
Servicer, the Insurer and each Rating Agency a Servicer’s Certificate executed by a Responsible Officer of the
Servicer containing among other things, (i) all information necessary to enable
the Trust Collateral Agent to make any withdrawal and deposit required by
Section 5.5 and to make the distributions required by Sections 5.7(a) and
5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables

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purchased by the Servicer or sold by the Issuer as of the related Accounting
Date, identifying the Receivables so purchased by the Servicer or sold by the
Issuer, (iii) all information necessary to enable the Backup Servicer verify
the items specified in Section 4.13(iii), (iv) all information necessary to
enable the Trust Collateral Agent to send the statements to Noteholders and the
Insurer required by Section 5.10, and (v) all information necessary to enable
the Trust Collateral Agent to reconcile the aggregate cash flows, the
Collection Account for the related Collection Period and Distribution Date,
including the accounting required by Section 5.10. Receivables purchased by
the Servicer or by the Seller on the related Accounting Date and each
Receivable which became a Liquidated Receivable or which was paid in full
during the related Collection Period shall be identified by account number (as
set forth in the Schedule of Receivables). In addition to the information set
forth in the preceding sentence, the Servicer’s Certificate shall also contain
the following information: (a) the Delinquency Ratio, Monthly Extension Rate,
Gross Default Ratio and Cumulative Net Loss Ratio (as such terms are defined
herein or in the Spread Account Agreement) for the related Collection Period;
(b) whether any Trigger Event has occurred as of such Determination Date; (c)
whether any Trigger Event that may have occurred as of a prior Determination
Date is deemed cured as of such Determination Date; and (d) whether to the
knowledge of the Servicer an Insurance Agreement Event of Default has occurred.

       SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination
Event

          (a) The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer and the Rating
Agencies, on or before October 31 (or 120 days after the end of the Servicer’s
fiscal year, if other than June 30) of each year, beginning on October 31,
2004, an officer’s certificate signed by any Responsible Officer of the
Servicer, dated as of June 30 (or other applicable date) of such year, stating
that (i) a review of the activities of the Servicer during the preceding
12-month period (or such other period as shall have elapsed from the Closing
Date to the date of the first such certificate (which period shall not be less
than six months)) and of its performance under this Agreement has been made
under such officer’s supervision, and (ii) to such officer’s knowledge, based
on such review, the Servicer has fulfilled all its obligations under this
Agreement throughout such period, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof.

          (b) The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent
and each Rating Agency, promptly after having obtained knowledge thereof, but
in no event later than two (2) Business Days thereafter, written notice in an
officer’s certificate of any event which with the giving of notice or lapse of
time, or both, would become a Servicer Termination Event under Section 9.1(a).
The Seller or the Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent,
the Servicer or the Seller (as applicable) and each Rating Agency promptly after having
obtained knowledge thereof, but in no event later than two (2) Business Days
thereafter, written notice in an officer’s certificate of any event which with
the giving of notice or lapse of time, or both, would become a Servicer
Termination Event under any other clause of Section 9.1.

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       SECTION 4.11. Annual Independent Accountants’ Report. The Servicer shall cause
a firm of nationally recognized independent certified public accountants (the
“Independent Accountants”), who may also render other services to the Servicer
or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency, on
or before October 31 (or 120 days after the end of the Servicer’s fiscal year,
if other than June 30) of each year, beginning on October 31, 2004, with
respect to the twelve months ended the immediately preceding June 30 (or other
applicable date) (or such other period as shall have elapsed from the Closing
Date to the date of such certificate (which period shall not be less than six
months)), a statement (the “Accountants’ Report”) addressed to the Board of
Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer and to the Insurer, to the effect that
such firm has audited the books and records of AmeriCredit Corp., in which the
Servicer is included as a consolidated subsidiary, and issued its report
thereon in connection with the audit report on the consolidated financial
statements of AmeriCredit Corp. and that (1) such audit was made in accordance
with generally accepted auditing standards, and accordingly included such tests
of the accounting records and such other auditing procedures as such firm
considered necessary in the circumstances; (2) the firm is independent of the
Seller and the Servicer within the meaning of the Code of Professional Ethics
of the American Institute of Certified Public Accountants, and (3) includes a
report on the application of agreed upon procedures to three randomly selected
Servicer’s Certificates including the delinquency, default and loss statistics
required to be specified therein noting whether any exceptions or errors in the
Servicer’s Certificates were found.

          In the event such independent public accountants require the Trust
Collateral Agent, Trustee, or Back-up Servicer to agree to the procedures to be
performed by such firm in any of the reports required to be prepared pursuant
to this Section 4.11, the Servicer shall direct the Trust Collateral Agent,
Trustee and Back-up Servicer in writing to so agree; it being understood and
agreed that the Trust Collateral Agent, Trustee and Back-up Servicer will
deliver such letter of agreement in conclusive reliance upon the direction of
the Servicer, and the Trust Collateral Agent, Trustee and Back-up Servicer have
not made any independent inquiry or investigation as to, and shall have no
obligation or liability in respect of, the sufficiency, validity or correctness
of such procedures.

       SECTION 4.12. Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to representatives of the Trustee, the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer
reasonable access to the documentation regarding the Receivables. In each
case, such access shall be afforded without charge but only upon reasonable
request and during normal business hours. Nothing in this Section shall affect
the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as
provided in this Section as a result of such obligation shall not constitute a
breach of this Section.

       SECTION 4.13. Monthly Tape. On or before the Distribution Date, but in no
event later than the seventh calendar day, of each month, the Servicer will
deliver to the Trust Collateral Agent, the Insurer and the Backup Servicer a
computer tape and a diskette (or any other electronic transmission acceptable
to the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format
acceptable to the Trust Collateral Agent, the Insurer and the

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Backup Servicer
containing the information with respect to the Receivables as of the preceding
Accounting Date necessary for preparation of the Servicer’s Certificate
relating to the immediately preceding Determination Date and necessary to
review the application of collections as provided in Section 5.4 (the “Monthly
Tape”). The Backup Servicer shall use such tape or diskette (or other
electronic transmission acceptable to the Trust Collateral Agent and the Backup
Servicer) to (i) confirm that the Servicer’s Certificate is complete on its
face, (ii) confirm that such tape, diskette or other electronic transmission is
in readable form, (iii) calculate and confirm (A) the aggregate amount
distributable as principal on the related Distribution Date to each Class of
Notes; (B) the aggregate amount distributable as interest on the related
Distribution Date to each Class of Notes; (C) any amounts distributable on the
related Distribution Date which are to be paid with funds (y) withdrawn from
the Spread Account, or (z) drawn under the Note Policy; (D) the outstanding
principal amount of each Class of Notes after giving effect to all
distributions made pursuant to clause (A), above; (E) the Note Pool Factor for
each Class of Notes after giving effect to all distributions made pursuant to
clause (A), above; (F) the aggregate Noteholders’ Principal Carryover Amount
and the aggregate Noteholders’ Interest Carryover Amount on such Distribution
Date after giving effect to all distributions made pursuant to clauses (A) and
(B), above, respectively; (G) the Monthly Extension Rate; (H) the Delinquency
Ratio; (I) the Gross Default Ratio; and (J) the Cumulative Net Loss Ratio. The
Backup Servicer shall certify to the Controlling Party and to the Trustee that
it has verified the Servicer’s Certificate in accordance with this Section and
shall notify the Servicer and the Controlling Party of any discrepancies, in
each case, on or before the fifth Business Day following the Distribution Date.
In the event that the Backup Servicer reports any discrepancies, the Servicer
and the Backup Servicer shall attempt to reconcile such discrepancies prior to
the next succeeding Distribution Date, but in the absence of a reconciliation,
the Servicer’s Certificate shall control for the purpose of calculations and
distributions with respect to the next succeeding Distribution Date. In the
event that the Backup Servicer and the Servicer are unable to reconcile
discrepancies with respect to a Servicer’s Certificate by the next succeeding
Distribution Date, the Servicer shall cause the Independent Accountants, at the
Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last
day of the month after the month in which such Servicer’s Certificate was
delivered, reconcile the discrepancies. The effect, if any, of such
reconciliation shall be reflected in the Preliminary Servicer’s Certificate for
the next succeeding Distribution Date, and/or the Servicer’s Certificate for
such next succeeding Determination Date. In addition, upon the occurrence of a
Servicer Termination Event the Servicer shall, if so requested by the
Controlling Party, deliver to the Backup Servicer or any replacement Servicer
its Collection Records and its Monthly Records within 15 days after demand
therefor and a computer tape containing as of the close of business on the date
of demand all of the data maintained by the Servicer in computer format in
connection with servicing the Receivables. Other than the duties specifically
set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without
limitation, to supervise, verify, monitor or administer the performance of the
Servicer. The Backup Servicer shall have no liability for any actions taken or
omitted by the Servicer.

       SECTION 4.14. [Reserved].

       SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has
obtained, and shall continue to maintain in full force and effect, a Fidelity
Bond and Errors and

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Omissions Policy of a type and in such amount as is
customary for servicers engaged in the business of servicing automobile
receivables.

ARTICLE V

Trust Accounts; Distributions;

Statements to Noteholders

       SECTION 5.1. Establishment of Trust Accounts.

          (a) (i) The Trust Collateral Agent, on behalf of the Noteholders and the
Insurer, shall establish and maintain in its own name an Eligible Deposit
Account (the “Collection Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Trust
Collateral Agent on behalf of the Noteholders and the Insurer. The Collection
Account shall initially be established with the Trust Collateral Agent.

               (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall
establish and maintain in its own name an Eligible Deposit Account (the “Note
Distribution Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Trust Collateral Agent on
behalf of the Noteholders and the Insurer. The Note Distribution Account shall
initially be established with the Trust Collateral Agent.

               (iii) The Trust Collateral Agent, on behalf of the Noteholders and the
Insurer, shall establish and maintain in its own name an Eligible Deposit
Account (the “Pre-Funding Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Trust
Collateral Agent on behalf of the Noteholders and the Insurer. The Pre-Funding
Account shall initially be established with the Trust Collateral Agent.

          (b) Funds on deposit in the Collection Account, the Note Distribution
Account, the Pre-Funding Account and the Capitalized Interest Account
(collectively, the “Trust Accounts”) and the Lockbox Accounts shall be invested
by the Trust Collateral Agent (or any custodian with respect to funds on
deposit in any such account) in Eligible Investments selected in writing by the
Servicer (pursuant to standing instructions or otherwise). All such Eligible
Investments shall be held by or on behalf of the Trust Collateral Agent for the
benefit of the Noteholders and the Insurer, as applicable. Other than as
permitted by the Rating Agencies and the Insurer, funds on deposit in any Trust Account shall be invested in
Eligible Investments that will mature so that such funds will be available at
the close of business on the Business Day immediately preceding the following
Distribution Date. Funds deposited in a Trust Account on the day immediately
preceding a Distribution Date upon the maturity of any Eligible Investments are
required to be invested overnight. All Eligible Investments will be held to
maturity.

          (c) All investment earnings of moneys deposited in the Trust Accounts
shall be deposited (or caused to be deposited) on each Distribution Date by the
Trust Collateral Agent in the Collection Account, and any loss resulting from
such investments shall be charged to such account. The Servicer will not
direct the Trust Collateral Agent to make any investment of any funds held in
any of the Trust Accounts unless the security interest granted and perfected in
such account will continue to be perfected in such investment, in either case
without any further action

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by any Person, and, in connection with any direction
to the Trust Collateral Agent to make any such investment, if requested by the
Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral
Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such
effect.

          (d) The Trust Collateral Agent shall not in any way be held liable by
reason of any insufficiency in any of the Trust Accounts resulting from any
loss on any Eligible Investment included therein except for losses attributable
to the Trust Collateral Agent’s negligence or bad faith or its failure to make
payments on such Eligible Investments issued by the Trust Collateral Agent, in
its commercial capacity as principal obligor and not as trustee, in accordance
with their terms.

          (e) If (i) the Servicer shall have failed to give investment directions in
writing for any funds on deposit in the Trust Accounts to the Trust Collateral
Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the
Issuer and Trust Collateral Agent) on any Business Day; or (ii) a Default or
Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable, or, if such
Notes shall have been declared due and payable following an Event of Default,
amounts collected or receivable from the Trust Property are being applied as if
there had not been such a declaration; then the Trust Collateral Agent shall,
to the fullest extent practicable, invest and reinvest funds in the Trust
Accounts in the investment described in clause (d) of the definition of
Eligible Investments.

          (f) (i) The Trust Collateral Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof for the benefit of the Noteholders and the Insurer and all
such funds, investments, proceeds and income shall be part of the Owner Trust
Estate. Except as otherwise provided herein, the Trust Accounts shall be under
the sole dominion and control of the Trust Collateral Agent for the benefit of
the Noteholders, as the case may be, and the Insurer. If, at any time, any of
the Trust Accounts ceases to be an Eligible Deposit Account, the Trust
Collateral Agent (or the Servicer on its behalf) shall within five Business
Days (or such longer period as to which each Rating Agency and the Insurer may
consent) establish a new Trust Account as an Eligible Deposit Account and shall
transfer any cash and/or any investments to such new Trust Account. In
connection with the foregoing, the Servicer agrees that, in the event that any
of the Trust Accounts are not accounts with the Trust Collateral Agent, the
Servicer shall notify the Trust Collateral Agent in writing promptly upon any
of such Trust Accounts ceasing to be an Eligible Deposit Account.

               (ii) With respect to the Trust Account Property, the Trust Collateral
Agent agrees that:

          (A) any Trust Account Property that is held in deposit
accounts shall be held solely in the Eligible Deposit
Accounts; and, except as otherwise provided herein, each such
Eligible Deposit Account shall be subject to the exclusive
custody and control of the Trust Collateral Agent, and the
Trust Collateral Agent shall have sole signature authority
with respect thereto;

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          (B) any Trust Account Property that constitutes Physical
Property shall be delivered to the Trust Collateral Agent in
accordance with paragraph (a) of the definition of “Delivery”
and shall be held, pending maturity or disposition, solely by
the Trust Collateral Agent or a financial intermediary (as
such term is defined in Section 8-313(4) of the UCC) acting
solely for the Trust Collateral Agent;

          (C) any Trust Account Property that is a book-entry
security held through the Federal Reserve System pursuant to
Federal book-entry regulations shall be delivered in
accordance with paragraph (b) of the definition of “Delivery”
and shall be maintained by the Trust Collateral Agent,
pending maturity or disposition, through continued book-entry
registration of such Trust Account Property as described in
such paragraph; and

          (D) any Trust Account Property that is an
“uncertificated security” under Article 8 of the UCC and that
is not governed by clause (C) above shall be delivered to the
Trust Collateral Agent in accordance with paragraph (c) of
the definition of “Delivery” and shall be maintained by the
Trust Collateral Agent, pending maturity or disposition,
through continued registration of the Trust Collateral
Agent’s (or its nominee’s) ownership of such security.

          (g) The Servicer shall have the power, revocable by the Insurer or, with
the consent of the Insurer by the Trustee or by the Owner Trustee with the
consent of the Trustee, to instruct the Trust Collateral Agent to make
withdrawals and payments from the Trust Accounts for the purpose of permitting
the Servicer and the Trust Collateral Agent to carry out its respective duties
hereunder.

       SECTION 5.2. Capitalized Interest Account.

          (a) The Servicer shall cause the Trust Collateral Agent to establish and
maintain an Eligible Deposit Account (the “Capitalized Interest Account”) with
the Trust Collateral Agent, bearing a designation clearly indicating that the
funds deposited therein are held in trust for the benefit of the Noteholders
and the Insurer.

          On or prior to the Closing Date, the Seller shall deposit an amount equal
to the Capitalized Interest Account Initial Deposit into the Capitalized
Interest Account.

          (b) (i) On the Distribution Dates occurring in May 2004, June 2004, July
2004 and August 2004, the Trust Collateral Agent shall withdraw at the written
direction of the Servicer from the Capitalized Interest Account the Monthly
Capitalized Interest Amount for such Distribution Date and deposit such amount
in the Collection Account as further provided in Section 5.7.

               (ii) On the Distribution Date on or immediately following the end of the
Funding Period, the Overfunded Capitalized Interest Amount shall be remitted by
the Trust

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Collateral Agent to the Seller. Upon any such distribution to the
Seller, the Noteholders, the Certificateholders and the Insurer will have no
further rights in, or claims to, such amount.

       SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be
entitled to be reimbursed from amounts on deposit in the Collection Account
with respect to a Collection Period for amounts previously deposited in the
Collection Account but later determined by the Servicer to have resulted from
mistaken deposits or postings or checks returned for insufficient funds. The
amount to be reimbursed hereunder shall be paid to the Servicer on the related
Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the
Servicer of such amounts and the provision of such information to the Trust
Collateral Agent and the Insurer as may be necessary in the opinion of the
Insurer to verify the accuracy of such certification; provided, however, that
the Servicer must provide such clarification within 12 months of such mistaken
deposit, posting, or returned check. In the event that the Insurer has not
received evidence satisfactory to it of the Servicer’s entitlement to
reimbursement pursuant to this Section, the Insurer shall (unless an Insurer
Default shall have occurred and be continuing) give the Trust Collateral Agent
notice in writing to such effect, following receipt of which the Trust
Collateral Agent shall not make a distribution to the Servicer in respect of
such amount pursuant to Section 5.7, or if the Servicer prior thereto has been
reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold
such amounts from amounts otherwise distributable to the Servicer on the next
succeeding Distribution Date. The Servicer will additionally be entitled to
receive from amounts on deposit in the Collection Account with respect to a
Collection Period any amounts paid by Obligors that were collected in the
Lockbox Account but that do not relate to (i) principal and interest payments
due on the Receivables and (ii) any fees or expenses related to extensions due
on the Receivables.

       SECTION 5.4. Application of Collections. All collections for the Collection
Period shall be applied by the Servicer as follows:

          With respect to each Receivable (other than a Purchased Receivable or a
Sold Receivable), payments by or on behalf of the Obligor, (other than
Supplemental Servicing Fees with respect to such Receivable, to the extent
collected) shall be applied to interest and principal in accordance with the
Simple Interest Method.

          All amounts collected that are payable to the Servicer as Supplemental
Servicing Fees hereunder shall be deposited in the Collection Account and paid
to the Servicer in accordance with Section 5.7(b).

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       SECTION 5.5. Withdrawals from Spread Account.

          (a) In the event that the Servicer’s Certificate with respect to any
Determination Date shall state that there is a Spread Account Claim Amount then
on the Spread Account Claim Date immediately preceding the related Distribution
Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the
Owner Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or
facsimile transmission, a written notice (a “Deficiency Notice”) specifying the
Spread Account Claim Amount for such Distribution Date and the Deficiency
Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to
remit such Spread Account Claim Amount (to the extent of the funds available to
be distributed pursuant to the Spread Account Agreement) to the Trust
Collateral Agent for deposit in the Collection Account on the related
Distribution Date.

          Any Deficiency Notice shall be delivered by 12:00 noon, Eastern time, on
the second Business Day preceding such Distribution Date.

          (b) In the event that the Preliminary Servicer’s Certificate with respect
to any Preliminary Determination Date shall state that there shall be an
Accelerated Payment Amount Shortfall with respect to the related Distribution
Date, then on the Business Day preceding such Distribution Date, the Trust
Collateral Agent shall deliver to the Collateral Agent, the Insurer and the
Servicer, by hand delivery or facsimile transmission, an Accelerated Payment
Shortfall Notice. Such Accelerated Payment Shortfall Notice shall direct the
Collateral Agent to remit such Accelerated Payment Amount Shortfall to the
Trust Collateral Agent (to the extent of funds available to be distributed in
the Spread Account) for deposit in the Collection Account on the related
Distribution Date. Any Accelerated Payment Shortfall Notice shall be delivered
by 2:00 p.m. Eastern time, on the Business Day preceding such Distribution
Date.

          (c) The amounts distributed by the Collateral Agent to the Trust
Collateral Agent pursuant to a Deficiency Notice or Accelerated Payment
Shortfall Notice shall be deposited by the Trust Collateral Agent into the
Collection Account pursuant to Section 5.6.

       SECTION 5.6. Additional Deposits.

          (a) The Servicer and the Seller, as applicable, shall deposit or cause to
be deposited in the Collection Account on the Preliminary Determination Date on
which such obligations are due the aggregate Purchase Amount with respect to
Purchased Receivables and the aggregate Sale Amounts with respect to Sold
Receivables. On or before each Distribution Date, the Trust Collateral Agent
shall remit to the Collection Account any amounts delivered to the Trust
Collateral Agent by the Collateral Agent.

          (b) The proceeds of any purchase or sale of the assets of the Trust
described in Section 10.1 hereof shall be deposited in the Collection Account.

       SECTION 5.7. Distributions.

          (a) No later than 11:00 a.m. New York time on each Distribution Date, the
Trust Collateral Agent shall (based solely on the information contained in the
Preliminary Servicer’s Certificate delivered on the related Preliminary
Determination Date) cause to be made

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the following transfers and distributions
in the amounts set forth in the Preliminary Servicer’s Certificate for such
Distribution Date:

          (i) During the Funding Period, from the Capitalized Interest Account
to the Collection Account, in immediately available funds, the Monthly
Capitalized Interest Amount for such Distribution Date; and

          (ii) If such Distribution Date is the Mandatory Redemption Date,
from the Pre-Funding Account to the Collection Account, in immediately
available funds, the Pre-Funded Amount after giving effect to the
purchase of Subsequent Receivables, if any, on the Mandatory Redemption
Date

          (b) On each Distribution Date, the Trust Collateral Agent shall (based
solely on the information contained in the Preliminary Servicer’s Certificate
delivered with respect to the related Preliminary Determination Date)
distribute the following amounts from the Collection Account unless otherwise
specified, to the extent of the sources of funds stated to be available
therefor, and in the following order of priority:

          (i) from the Available Funds, to the Servicer, the Base Servicing
Fee for the related Collection Period, any Supplemental Servicing Fees
for the related Collection Period, any amounts specified in Section 5.3,
to the extent the Servicer has not reimbursed itself in respect of such
amounts pursuant to Section 5.3 and to the extent not retained by the
Servicer and to pay to AmeriCredit any amounts paid by Obligors during
the preceding calendar month that did not relate to (x) principal and
interest payments due on the Receivables and (y) any fees or expenses
related to extensions due on the Receivables and, to any successor
Servicer, transition fees not to exceed $200,000 (including boarding
fees) in the aggregate;

          (ii) from the Available Funds, to each of the Lockbox Banks, the
Trustee, the Backup Servicer and the Owner Trustee, their respective
accrued and unpaid fees and expenses and any accrued and unpaid fees and
expenses of the Trust Collateral Agent (in each case, to the extent such
fees or expenses have not been previously paid by the Servicer and
provided that such fees and expenses shall not exceed (w) $100,000 in the
aggregate in any calendar year to the Owner Trustee and (x) $200,000 in
the aggregate in any calendar year to the Lockbox Banks, the Trust
Collateral Agent, the Backup Servicer and the Trustee);

          (iii) from the Available Funds to the Note Distribution Account, the
Noteholders’ Interest Distributable Amount plus, on the Mandatory
Redemption Date, the Note Prepayment Amount;

          (iv) from the Available Funds, to the Insurer, the Premium (as
defined in the Insurance Agreement) and, so long as no Insurer Default
has occurred and is continuing, to the extent of any amounts owing to the
Insurer under the Insurance Agreement and not paid;

          (v) from the Available Funds to the Note Distribution Account, the
Noteholders’ Principal Distributable Amount;

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          (vi) from the Available Funds, to the Spread Account, an amount, if
necessary, required to increase the amount therein to its then required
level;

          (vii) from the Available Funds and other amounts, if any, received
by the Trust Collateral Agent in respect of the Accelerated Payment
Amount Shortfall, to the Note Distribution Account, the Noteholders’
Accelerated Principal Amount;

          (viii) from Available Funds, to the Insurer, so long as an Insurer
Default has occurred and is continuing, the amounts described in clause
(iv) above, excluding the Premium, as defined in the Insurance Agreement;
and

          (ix) from Available Funds, any remaining Available Funds to the
Collateral Agent for deposit in the Spread Account;

provided, however, that, (A) following an acceleration of the Notes pursuant to
the Indenture or, (B) if an Insurer Default shall have occurred and be
continuing and an Event of Default pursuant to Section 5.1(i), 5.1(ii),
5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be
continuing, or (C) the receipt of Insolvency Proceeds pursuant to Section
10.1(b), amounts deposited in the Note Distribution Account (including any such
Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6
of the Indenture.

          (c) On each Distribution Date, the Trust Collateral Agent shall (based
solely on the information contained in the Servicer’s Certificate delivered
with respect to the related Determination Date, unless the Insurer shall have
notified the Trust Collateral Agent in writing of any errors or deficiencies
with respect thereto) distribute from the Collection Account the Additional
Funds Available in accordance with the priorities set forth in Section 5.7(b)
or as may be directed by the Insurer in writing with respect to that portion of
the Additional Funds Available constituting Insurer Optional Deposits and the
Trustee shall deposit in the Note Distribution Account any Insured Payments (as
defined in the Note Policy) due on such Distribution Date, which amount shall
be applied solely to the payment of amounts then due and unpaid on the Notes in
accordance with the priorities set forth in Section 5.8(a) hereof or Section
5.6 of the Indenture, as applicable.

          (d) In the event that the Collection Account is maintained with an
institution other than the Trust Collateral Agent, the Servicer shall instruct
and cause such institution to make all deposits and distributions pursuant to Sections 5.7(b) and 5.7(c)
on the related Distribution Date.

       SECTION 5.8. Note Distribution Account.

          (a) On each Distribution Date (based solely on the information contained
in the Preliminary Servicer’s Certificate) the Trust Collateral Agent shall
distribute all amounts on deposit in the Note Distribution Account to
Noteholders in respect of the Notes to the extent of amounts due and unpaid on
the Notes for principal and interest in the following amounts and in the
following order of priority:

          (i) accrued and unpaid interest on the Notes; provided that if there
are not sufficient funds in the Note Distribution Account to pay the
entire amount of accrued

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and unpaid interest then due on each Class of
Notes, the amount in the Note Distribution Account shall be applied to
the payment of such interest on each Class of Notes pro rata on the basis
of the amount of accrued and unpaid interest due on each Class of Notes;

          (ii) any amounts deposited in the Note Distribution Account with
respect to the Note Prepayment Amount, shall be distributed to the
Holders of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes based upon the pro rata share as represented by
the relative outstanding principal amount of each Class of Notes;
provided, that if the aggregate remaining amount in the Pre-Funding
Account is $100,000 or less, such amount will be applied exclusively to
reduce the outstanding principal amount of the Class of Notes then
entitled to receive distributions of principal;

          (iii) The Principal Distributable Amount shall be distributed as
follows:

          (1) to the Holders of the Class A-1 Notes with the total
amount paid out on each Distribution Date until the outstanding
principal amount of the Class A-1 Notes has been reduced to zero;

          (2) to the Holders of the Class A-2 Notes with the total
amount paid out on each Distribution Date until the outstanding
principal amount of the Class A-2 Notes has been reduced to zero;

          (3) to the Holders of the Class A-3 Notes, with the total
amount paid out on each Distribution Date until the outstanding
principal amount of the Class A-3 Notes has been reduced to zero;
and

          (4) to the Holders of the Class A-4 Notes until the
outstanding principal amount of the Class A-4 Notes is reduced to
zero.

          (b) On each Distribution Date, the Trust Collateral Agent shall send to
each Noteholder the statement provided to the Trust Collateral Agent by the
Servicer pursuant to Section 5.10 hereof on such Distribution Date.

          (c) In the event that any withholding tax is imposed on the Trust’s
payment (or allocations of income) to a Noteholder, such tax shall reduce the
amount otherwise distributable to the Noteholder in accordance with this
Section. The Trust Collateral Agent is hereby authorized and directed to
retain from amounts otherwise distributable to the Noteholders sufficient funds
for the payment of any tax attributable to the Trust (but such authorization
shall not prevent the Trust Collateral Agent from contesting any such tax in
appropriate proceedings, and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding
tax imposed with respect to a Noteholder shall be treated as cash distributed
to such Noteholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax
is payable with respect to a distribution (such as a distribution to a non-US
Noteholder), the Trust Collateral Agent may in its sole discretion withhold
such amounts in accordance with this clause (c). In the event that a
Noteholder wishes to apply for a refund of any such withholding tax, the Trust
Collateral Agent shall reasonably cooperate with such Noteholder in making such
claim so long

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as such Noteholder agrees to reimburse the Trust Collateral Agent
for any out-of-pocket expenses (including legal fees and expenses) incurred.

          (d) Distributions required to be made to Noteholders on any Distribution
Date shall be made to each Noteholder of record on the preceding Record Date
either by (i) wire transfer, in immediately available funds, to the account of
such Holder at a bank or other entity having appropriate facilities therefore,
if such Noteholder shall have provided to the Note Registrar appropriate
written instructions at least five Business Days prior to such Distribution
Date and such Holder’s Notes in the aggregate evidence a denomination of not
less than $1,000,000 or (ii) by check mailed to such Noteholder at the address
of such holder appearing in the Note Register. Notwithstanding the foregoing,
the final distribution in respect of any Note (whether on the Final Scheduled
Distribution Date or otherwise) will be payable only upon presentation and
surrender of such Note at the office or agency maintained for that purpose by
the Note Registrar pursuant to Section 2.4 of the Indenture.

          (e) Subject to Section 5.1 and this section, monies received by the Trust
Collateral Agent hereunder need not be segregated in any manner except to the
extent required by law and may be deposited under such general conditions as
may be prescribed by law, and the Trust Collateral Agent shall not be liable
for any interest thereon.

       SECTION 5.9. Pre-Funding Account.

          (a) On the Closing Date, the Trust Collateral Agent will deposit, on
behalf of and at the written direction of the Seller, in the Pre-Funding
Account $167,990,929.70 from the proceeds of the sale of the Notes.

          (b) On each Subsequent Transfer Date, the Servicer shall instruct the
Trust Collateral Agent in writing to withdraw from the Pre-Funding Account an
amount equal to 91.5% of the Principal Balance of the Subsequent Receivables
transferred to the Issuer on such Subsequent Transfer Date and, upon satisfaction of the conditions set
forth in this Agreement with respect to such transfer, (i) to deposit in the
Spread Account an amount equal to the related Subsequent Spread Account Deposit
and (ii) to distribute the balance of the amount withdrawn from the Pre-Funding
Account to or upon the order of the Seller.

          (c) If the Pre-Funded Amount has not been reduced to zero on the date on
which the Funding Period ends after giving effect to any reductions in the
Pre-Funded Amount on such date, the Servicer shall instruct the Trust
Collateral Agent in writing to withdraw from the Pre-Funding Account on the
Mandatory Redemption Date the Pre-Funded Amount (exclusive of any Pre-Funding
Earnings) and deposit an amount equal to the Note Prepayment Amount in the Note
Distribution Account.

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       SECTION 5.10. Statements to Noteholders.

          (a) On or prior to each Distribution Date, the Trust Collateral Agent
shall provide each Noteholder of record (with a copy to the Insurer and the
Rating Agencies) a statement setting forth at least the following information
as to the Notes to the extent applicable:

          (i) the amount of such distribution allocable to principal of each
Class of Notes;

          (ii) the amount of such distribution allocable to interest on or
with respect to each Class of Notes;

          (iii) the amount of such distribution payable out of amounts
withdrawn from the Spread Account or pursuant to a claim on the Note
Policy;

          (iv) the Pool Balance as of the close of business on the last day of
the preceding Collection Period;

          (v) the aggregate outstanding principal amount of each Class of the
Notes and the Note Pool Factor for each such Class after giving effect to
payments allocated to principal reported under (i) above;

          (vi) the amount of the Servicing Fee paid to the Servicer with
respect to the related Collection Period and/or due but unpaid with
respect to such Collection Period or prior Collection Periods, as the
case may be;

          (vii) the Noteholders’ Interest Carryover Amount and the
Noteholders’ Principal Carryover Amount;

          (viii) the amount of the aggregate Realized Losses, if any, for the
second preceding Collection Period;

          (ix) the aggregate Purchase Amounts for Receivables, if any, that
were repurchased by the Servicer in such period;

          (x) for Distribution Dates during the Funding Period, the remaining
Pre-Funded Amount, if any;

          (xi) the aggregate Sale Amounts for Sold Receivables, if any, that
were sold by the Issuer in such period; and

          (xii) for the final Subsequent Transfer Date, the amount of any
remaining Pre-Funded Amount that has not been used to fund the purchase
of Subsequent Receivables and will be passed through as principal to
Noteholders.

Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii)
above shall be expressed as a dollar amount per $1,000 of the initial principal
balance of the Notes (or Class thereof).

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          (b) The Trust Collateral Agent will make available each month to each
Noteholder the statements referred to in Section 5.10(a) above (and certain
other documents, reports and information regarding the Receivables provided by
the Servicer from time to time) via the Trust Collateral Agent’s internet
website with the use of a password provided by the Trust Collateral Agent. The
Trust Collateral Agent’s internet website will be located at www.CTSLink.com or
at such other address as the Trust Collateral Agent shall notify the
Noteholders from time to time. For assistance with regard to this service,
Noteholders can call the Trust Collateral Agent’s Corporate Trust Office at
(301) 815-6600. The Trust Collateral Agent shall have the right to change the
way the statements referred to in Section 5.10(a) above are distributed in
order to make such distribution more convenient and/or more accessible to the
parties entitled to receive such statements. The Trust Collateral Agent shall
provide notification of any such change to all parties entitled to receive such
statements in the manner described in Section 12.3 hereof, Section 11.4 of the
Indenture or Section 11.5 of the Indenture, as appropriate.

       SECTION 5.11. Optional Deposits by the Insurer. The Insurer shall at any time,
and from time to time, with respect to a Distribution Date, have the option
(but shall not be required, except in accordance with the terms of the Note
Policy) to deliver amounts to the Trust Collateral Agent for deposit into the
Collection Account for any of the following purposes: (i) to provide funds in
respect of the payment of fees or expenses of any provider of services to the
Trust with respect to such Distribution Date, or (ii) to include such amount to
the extent that without such amount a draw would be required to be made on the
Note Policy.

ARTICLE VI

The Note Policy

       SECTION 6.1. Claims Under Note Policy.

          (a) In the event that the Trust Collateral Agent has delivered a
Deficiency Notice with respect to any Determination Date pursuant to Section
5.5 hereof, the Trust Collateral Agent shall on the related Draw Date determine
the Deficiency Amount for the related Distribution Date. If the Deficiency
Amount for such Distribution Date is greater than zero, the Trustee shall furnish to the Insurer no later than 12:00 noon Eastern time
on the related Draw Date a completed Notice of Claim (as defined in (b) below)
in the amount of the Deficiency Amount. Amounts paid by the Insurer pursuant
to a claim submitted under this Section shall be deposited by the Trustee into
the Note Distribution Account for payment to Noteholders on the related
Distribution Date.

          (b) Any notice delivered by the Trustee to the Insurer in the form
attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a) shall
specify the Deficiency Amount claimed under the Note Policy and shall
constitute a “Notice of Claim” under the Note Policy. In accordance with the
provisions of the Note Policy, the Insurer is required to pay to the Trustee
the Deficiency Amount properly claimed thereunder by 12:00 noon., New York
time, on the later of (i) the second Business Day following receipt on a
Business Day of the Notice of Claim, and (ii) the applicable Distribution Date.
Any payment made by the Insurer under the Note Policy shall be applied solely
to the payment of the Notes, and for no other purpose.

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          (c) The Trustee shall (i) receive as attorney-in-fact of each Noteholder
any Deficiency Amount from the Insurer and (ii) deposit the same in the Note
Distribution Account for distribution to Noteholders. Any and all Deficiency
Amounts disbursed by the Trustee or the Trust Collateral Agent from claims made
under the Note Policy shall not be considered payment by the Trust or from the
Spread Account with respect to such Notes, and shall not discharge the
obligations of the Trust with respect thereto. The Insurer shall, to the
extent it makes any payment with respect to the Notes, become subrogated to the
rights of the recipients of such payments to the extent of such payments.
Subject to and conditioned upon any payment with respect to the Notes by or on
behalf of the Insurer, the Trustee shall assign to the Insurer all rights to
the payment of interest or principal with respect to the Notes which are then
due for payment to the extent of all payments made by the Insurer, and the
Insurer may exercise any option, vote, right, power or the like with respect to
the Notes to the extent that it has made payment pursuant to the Note Policy.
To evidence such subrogation, the Note Registrar shall note the Insurer’s
rights as subrogee upon the register of Noteholders upon receipt from the
Insurer of proof of payment by the Insurer of any Deficiency Amount. The
foregoing subrogation shall in all cases be subject to the rights of the
Noteholders to receive all Insured Payments (as defined in the Note Policy) in
respect of the Notes.

          (d) The Trustee and the Trust Collateral Agent shall keep a complete and
accurate record of all funds deposited by the Trustee on behalf of the Insurer
into the Note Distribution Account with respect to the Note Policy and the
allocation of such funds to payment of interest on and principal paid in
respect of any Note. The Insurer shall have the right to inspect such records
at reasonable times upon one Business Day’s prior notice to the Trust
Collateral Agent or the Trustee.

          (e) The Trustee shall be entitled to enforce on behalf of the Noteholders
the obligations of the Insurer under the Note Policy. Notwithstanding any
other provision of this Agreement or any Basic Document, the Noteholders are
not entitled to institute proceedings directly against the Insurer.

       SECTION 6.2. Preference Claims Under Note Policy.

          (a) In the event that the Trustee has received a certified copy of an
order of the appropriate court that any payment paid on a Note has been avoided
in whole or in part as a preference payment under applicable bankruptcy law
pursuant to a final nonappealable order of a court having competent
jurisdiction, the Trustee shall so notify the Insurer, shall comply with the
provisions of the Note Policy to obtain payment by the Insurer of such avoided
payment, and shall, at the time it provides notice to the Insurer, notify
Holders of the Notes by mail that, in the event that any Noteholder’s payment
is so recoverable, such Noteholder will be entitled to payment pursuant to the
terms of the Note Policy. The Trust Collateral Agent and the Trustee shall
furnish to the Insurer its records evidencing the payments of principal of and
interest on Notes, if any, which have been made by the Trust Collateral Agent
or the Trustee and subsequently recovered from Noteholders, and the dates on
which such payments were made. Pursuant to the terms of the Note Policy, the
Insurer will make such payment on behalf of the Noteholder to the receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in the order
and not to the Trust Collateral Agent, the Trustee or any Noteholder directly
(unless a Noteholder has previously paid such payment to the receiver,
conservator, debtor-in-possession

55

 

or trustee in bankruptcy, in which case the
Insurer will make such payment to the Trustee for distribution to such
Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

          (b) The Trust Collateral Agent or the Trustee shall promptly notify the
Insurer of any proceeding or the institution of any action (of which a
Responsible Officer of the Trust Collateral Agent has actual knowledge) seeking
the avoidance as a preferential transfer under applicable bankruptcy,
insolvency, receivership, rehabilitation or similar law of any distribution
made with respect to the Notes (a “Note Preference Claim”). Each Noteholder,
by its purchase of Notes, the Trustee and the Trust Collateral Agent hereby
agree that so long as an Insurer Default shall not have occurred and be
continuing, the Insurer may at any time during the continuation of any
proceeding relating to a Note Preference Claim direct all matters relating to
such Note Preference Claim, including, without limitation, (i) the direction of
any appeal of any order relating to any Note Preference Claim and (ii) the
posting of any surety, supersedeas or performance bond pending any such appeal
at the expense of the Insurer, but subject to reimbursement as provided in the
Insurance Agreement. In addition, and without limitation of the foregoing, as
set forth in Section 6.1(c), the Insurer shall be subrogated to, and each
Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and
assign, to the fullest extent permitted by law, the rights of the Trustee and
each Noteholder in the conduct of any proceeding with respect to a Note
Preference Claim, including, without limitation, all rights of any party to an
adversary proceeding action with respect to any court order issued in
connection with any such Note Preference Claim.

       SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note
Policy to the Insurer for cancellation upon payment in full of the Notes.

ARTICLE VII

The Seller

       SECTION 7.1. Representations of Seller. The Seller makes the following
representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to
have relied in acquiring the Receivables and on which the Trustee, Collateral
Agent, Trust Collateral Agent and Backup Servicer may rely. The
representations speak as of the execution and delivery of this Agreement and as
of the Closing Date, in the case of Initial Receivables, and as of the
applicable Subsequent Transfer Date, in the case of Subsequent Receivables, and
shall survive the sale of the Receivables to the Issuer and the pledge thereof
to the Trust Collateral Agent pursuant to the Indenture.

          (a) Schedule of Representations. The representations and warranties set
forth on the Schedule of Representations attached hereto as Schedule B are true
and correct.

          (b) Organization and Good Standing. The Seller has been duly organized
and is validly existing as a corporation in good standing under the laws of the
State of Nevada, with power and authority to own its properties and to conduct
its business as such properties are currently owned and such business is
currently conducted, and had at all relevant times, and now

56

 

has, power,
authority and legal right to acquire, own and sell the Receivables and the
Other Conveyed Property transferred to the Trust.

          (c) Due Qualification. The Seller is duly qualified to do business as a
foreign corporation in good standing and has obtained all necessary licenses
and approvals in all jurisdictions where the failure to do so would materially
and adversely affect Seller’s ability to transfer the Receivables and the Other
Conveyed Property to the Trust pursuant to this Agreement, or the validity or
enforceability of the Receivables and the Other Conveyed Property or to perform
Seller’s obligations hereunder and under the Seller’s Basic Documents.

          (d) Power and Authority. The Seller has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms, respectively; the Seller has full power and authority to
sell and assign the Receivables and the Other Conveyed Property to be sold and
assigned to and deposited with the Trust by it and has duly authorized such
sale and assignment to the Trust by all necessary corporate action; and the
execution, delivery and performance of this Agreement and the Seller’s Basic
Documents have been duly authorized by the Seller by all necessary corporate
action.

          (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale,
transfer and assignment of the Receivables and the Other Conveyed Property,
enforceable against the Seller and creditors of and purchasers from the Seller;
and this Agreement and the Seller’s Basic Documents, when duly executed and
delivered, shall constitute legal, valid and binding obligations of the Seller
enforceable in accordance with their respective terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

          (f) No Violation. The consummation of the transactions contemplated by
this Agreement and the Basic Documents and the fulfillment of the terms of this
Agreement and the Basic Documents shall not conflict with, result in any breach
of any of the terms and provisions of or constitute (with or without notice,
lapse of time or both) a default under the certificate of incorporation or
by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or
other instrument to which the Seller is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust
or other instrument, other than this Agreement, or violate any law, order, rule
or regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or any of its properties.

          (g) No Proceedings. There are no proceedings or investigations pending
or, to the Seller’s knowledge, threatened against the Seller, before any court,
regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Seller or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents, (B)
seeking to prevent the issuance of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any of the Basic Documents, (C)
seeking any determination or ruling that might materially and adversely affect
the performance by the Seller

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of its obligations under, or the validity or
enforceability of, this Agreement or any of the Basic Documents, or (D) seeking
to adversely affect the federal income tax or other federal, state or local tax
attributes of the Notes.

          (h) True Sale. The Receivables are being transferred with the intention
of removing them from the Seller’s estate pursuant to Section 541 of the
Bankruptcy Code, as the same may be amended from time to time.

          (i) Chief Executive Office. The chief executive office of the Seller is
at 639 Isbell Rd., Suite 390 Reno, Nevada 89509.

       SECTION 7.2. Corporate Existence.

     (a) During the term of this Agreement, the Seller will keep in full force
and effect its existence, rights and franchises as a corporation under the laws
of the jurisdiction of its incorporation and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this
Agreement, any Subsequent Transfer Agreement, the Basic Documents and each
other instrument or agreement necessary or appropriate to the proper
administration of this Agreement and the transactions contemplated hereby.

     (b) During the term of this Agreement, the Seller shall observe the
applicable legal requirements for the recognition of the Seller as a legal
entity separate and apart from its Affiliates, including as follows:

          (i) the Seller shall maintain corporate records and books of account
separate from those of its Affiliates;

          (ii) except as otherwise provided in this Agreement, the Seller
shall not commingle its assets and funds with those of its Affiliates;

          (iii) the Seller shall hold such appropriate meetings of its Board
of Directors, or adopt resolutions pursuant to a unanimous written
consent of the Board of Directors, as are necessary to authorize all the
Seller’s corporate actions required by law to be authorized by the Board
of Directors, shall keep minutes of such meetings and of meetings of its
stockholder(s) and observe all other customary corporate formalities (and
any successor Seller not a corporation shall observe similar procedures
in accordance with its governing documents and applicable law);

          (iv) the Seller shall at all times hold itself out to the public
under the Seller’s own name as a legal entity separate and distinct from
its Affiliates; and

          (v) all transactions and dealings between the Seller and its
Affiliates will be conducted on an arm’s length basis.

       SECTION 7.3. Liability of Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement.

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          (a) The Seller shall indemnify, defend and hold harmless the Issuer, the
Owner Trustee, the Trust, the Insurer, the Trustee, Backup Servicer, the
Collateral Agent and the Trust Collateral Agent and its officers, directors,
employees and agents from and against any taxes that may at any time be
asserted against any such Person with respect to the transactions contemplated
in this Agreement and any of the Basic Documents (except any income taxes
arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the
Trustee and the Insurer and except any taxes to which the Owner Trustee, the
Trust Collateral Agent or the Trustee may otherwise be subject to, without
regard to the transactions contemplated hereby), including any sales, gross
receipts, general corporation, tangible personal property, privilege or license
taxes (but, in the case of the Issuer, not including any taxes asserted with
respect to, federal or other income taxes arising out of distributions on the
Notes) and costs and expenses in defending against the same.

          (b) The Seller shall indemnify, defend and hold harmless the Issuer, the
Owner Trustee, the Trustee, Backup Servicer, the Collateral Agent, the Insurer
and the Trust Collateral Agent and the officers, directors, employees and
agents thereof and the Noteholders from and against any loss, liability or
expense incurred by reason of (i) the Seller’s willful misfeasance, bad faith
or negligence in the performance of its duties under this Agreement, or by
reason of reckless disregard of its obligations and duties under this Agreement
and (ii) the Seller’s or the Issuer’s violation of federal or state securities
laws in connection with the offering and sale of the Notes.

          (c) The Seller shall indemnify, defend and hold harmless the Owner
Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer
and the officers, directors, employees and agents thereof from and against any
and all costs, expenses, losses, claims, damages and liabilities arising out
of, or incurred in connection with the acceptance or performance of the trusts
and duties set forth herein and in the Basic Documents except to the extent
that such cost, expense, loss, claim, damage or liability shall be due to the
willful misfeasance, bad faith or negligence (except for errors in judgment) of
the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup
Servicer respectively.

          Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee, the Trustee, the Backup Servicer, the Collateral
Agent or the Trust Collateral Agent and the termination of this Agreement or
the Indenture or the Trust Agreement, as applicable, and shall include
reasonable fees and expenses of counsel and other expenses of litigation. If
the Seller shall have made any indemnity payments pursuant to this Section and
the Person to or on behalf of whom such payments are made thereafter shall
collect any of such amounts from others, such Person shall promptly repay such
amounts to the Seller, without interest.

       SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of,
Seller. Any Person (a) into which the Seller may be merged or consolidated,
(b) which may result from any merger or consolidation to which the Seller shall
be a party or (c) which may succeed to the properties and assets of the Seller
substantially as a whole, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Seller under this
Agreement, shall be the successor to the Seller hereunder without the execution
or filing of any document or any further act by any of the parties to this
Agreement; provided,

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however, that (i) the Seller shall have received the
written consent of the Insurer prior to entering into any such transaction,
(ii) immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 3.1 shall have been breached and no Servicer
Termination Event, and no event which, after notice or lapse of time, or both,
would become a Servicer Termination Event shall have happened and be
continuing, (iii) the Seller shall have delivered to the Owner Trustee, the
Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an
Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, (iv) the
Rating Agency Condition shall have been satisfied with respect to such
transaction and (v) the Seller shall have delivered to the Owner Trustee, the
Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an
Opinion of Counsel stating that, in the opinion of such counsel, either (A) all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Trust Collateral Agent, the Owner Trustee and the Trustee,
respectively, in the Receivables and reciting the details of such filings or
(B) no such action shall be necessary to preserve and protect such interest.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and
(v) above shall be conditions to the consummation of the transactions referred
to in clauses (a), (b) or (c) above.

       SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any
director, officer or employee or agent of the Seller may rely in good faith on
the advice of counsel or on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising under any
Basic Document. The Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.

       SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates or Notes with the same rights as it would have if it
were not the Seller or an Affiliate thereof, except as expressly provided
herein or in any Basic Document. Notes or Certificates so owned by the Seller
or such Affiliate shall have an equal and proportionate benefit under the
provisions of the Basic Documents, without preference, priority, or distinction
as among all of the Notes or Certificates; provided, however, that any Notes or
Certificates owned by the Seller or any Affiliate thereof, during the time such
Notes or Certificates are owned by them, shall be without voting rights for any
purpose set forth in the Basic Documents and will not be entitled to the
benefits of the Note Policy. The Seller shall notify the Owner Trustee, the
Trustee, the Trust Collateral Agent and the Insurer with respect to any other
transfer of any Certificate.

ARTICLE VIII

The Servicer

       SECTION 8.1. Representations of Servicer. The Servicer makes the following
representations on which the Insurer shall be deemed to have relied in
executing and delivering

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the Note Policy and on which the Issuer is deemed to
have relied in acquiring the Receivables. The representations speak as of the
execution and delivery of this Agreement and as of the Closing Date, in the
case of the Initial Receivables, and as of the applicable Subsequent Transfer
Date, in the case of the Subsequent Receivables, and shall survive the sale of
the Receivables to the Issuer and the pledge thereof to the Trust Collateral
Agent pursuant to the Indenture.

          (a) Representations and Warranties. The representations and warranties
set forth on the Schedule of Representations attached hereto as Schedule B are
true and correct, provided that such representations and warranties contained
therein and herein shall not apply to any entity other than AmeriCredit;

          (b) Organization and Good Standing. The Servicer has been duly organized
and is validly existing and in good standing under the laws of its jurisdiction
of organization, with power, authority and legal right to own its properties
and to conduct its business as such properties are currently owned and such
business is currently conducted, and had at all relevant times, and now has,
power, authority and legal right to enter into and perform its obligations
under this Agreement;

          (c) Due Qualification. The Servicer is duly qualified to do business as a
foreign corporation in good standing and has obtained all necessary licenses
and approvals, in all jurisdictions in which the ownership or lease of property
or the conduct of its business (including the servicing of the Receivables as
required by this Agreement) requires or shall require such qualification;

          (d) Power and Authority. The Servicer has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms, respectively, and the execution, delivery and
performance of this Agreement and the Servicer’s Basic Documents have been duly
authorized by the Servicer by all necessary corporate action;

          (e) Binding Obligation. This Agreement and the Servicer’s Basic Documents
shall constitute legal, valid and binding obligations of the Servicer
enforceable in accordance with their respective terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether
such enforceability is considered in a proceeding in equity or at law;

          (f) No Violation. The consummation of the transactions contemplated by
this Agreement and the Servicer’s Basic Documents, and the fulfillment of the
terms of this Agreement and the Servicer’s Basic Documents, shall not conflict
with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the articles of
incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage,
deed of trust or other instrument to which the Servicer is a party or by which
it is bound, or result in the creation or imposition of any Lien upon any of
its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument, other than this Agreement, or
violate any law, order, rule or regulation applicable to the Servicer of any
court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Servicer or any
of its properties;

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

          (h) No Consents. The Servicer is not required to obtain the consent of
any other party or any consent, license, approval or authorization, or
registration or declaration with, any governmental authority, bureau or agency
in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained.

       SECTION 8.2. Liability of Servicer and Backup Servicer; Indemnities.

          (a) The Servicer (in its capacity as such) shall be liable hereunder only
to the extent of the obligations in this Agreement specifically undertaken by
the Servicer and the representations made by the Servicer.

          (b) The Servicer shall defend, indemnify and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral Agent, the Insurer, their respective officers, directors, agents
and employees, and the Noteholders from and against any and all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees
and expenses of counsel and expenses of litigation arising out of or resulting
from the use, ownership or operation by the Servicer or any Affiliate thereof
of any Financed Vehicle;

          (c) The Servicer (when the Servicer is AmeriCredit) shall indemnify,
defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent,
the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees and the Noteholders
from and against any taxes that may at any time be asserted against any of such
parties with respect to the transactions contemplated in this Agreement,
including, without limitation, any sales, gross receipts, tangible or
intangible personal property, privilege or license taxes (but not including any
federal or other income taxes, including franchise taxes asserted with respect
to, and as of the date of, the sale of the Receivables and the Other Conveyed
Property to the Trust or the issuance and original sale of the Notes) and costs
and expenses in defending against the same;

          The Servicer (when the Servicer is not AmeriCredit) shall indemnify,
defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent,
the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees and the Noteholders
from and against any taxes with respect to the sale of Receivables in
connection with servicing hereunder that may at any time be asserted against
any of such parties with respect to the transactions contemplated in this
Agreement, including,

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without limitation, any sales, gross receipts, tangible
or intangible personal property, privilege or license taxes (but not including
any federal or other income taxes, including franchise taxes asserted with
respect to, and as of the date of, the sale of the Receivables and the Other
Conveyed Property to the Trust or the issuance and original sale of the Notes)
and costs and expenses in defending against the same; and

          (d) The Servicer shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral Agent, the Insurer, their respective officers, directors, agents
and employees and the Noteholders from and against any and all costs, expenses,
losses, claims, damages, and liabilities to the extent that such cost, expense,
loss, claim, damage, or liability arose out of, or was imposed upon the Trust,
the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer, the Collateral Agent, the Insurer or the Noteholders by reason of the
breach of this Agreement by the Servicer, the negligence, misfeasance, or bad
faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations
and duties under this Agreement.

          (e) AmeriCredit shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral Agent, the Insurer, their respective officers, directors, agents
and employees and the Noteholders from and against any loss, liability or
expense incurred by reason of the violation by Servicer or Seller of federal or
state securities laws in connection with the registration or the sale of the
Notes. This section shall survive the termination of this Agreement, or the
earlier removal or resignation of the Trustee, Trust Collateral Agent, Backup
Servicer or the Collateral Agent.

          (f) AmeriCredit shall indemnify the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer and the Collateral Agent, and the
respective officers, directors, agents and employees thereof against any and
all loss, liability or expense, (other than overhead and expenses incurred in
the normal course of business) incurred by each of them in connection with the
acceptance or administration of the Trust and the performance of their duties
under the Basic Documents other than if such loss, liability or expense was
incurred by the Trustee, the Owner Trustee or the Trust Collateral Agent or the
Collateral Agent as a result of any such entity’s willful misconduct, bad faith
or negligence.

          (g) Indemnification under this Article shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer has made any indemnity payments pursuant to this Article and the
recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts collected to the Servicer, without interest.
Notwithstanding anything contained herein to the contrary, any indemnification
payable by the Servicer to the Backup Servicer, to the extent not paid by the
Servicer, shall be paid solely from the Spread Account in accordance with the
terms of the Spread Account Agreement.

          (h) When the Trustee, the Trust Collateral Agent, the Collateral Agent or
the Backup Servicer incurs expenses after the occurrence of a Servicer
Termination Event specified in Section 9.1(d) or (e) with respect to the
Servicer, the expenses are intended to constitute

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expenses of administration
under Title 11 of the United States Code or any other applicable federal or
state bankruptcy, insolvency or similar law.

       SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations
of the Servicer or Backup Servicer.

          (a) AmeriCredit shall not merge or consolidate with any other person,
convey, transfer or lease substantially all its assets as an entirety to
another Person, or permit any other Person to become the successor to
AmeriCredit’s business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be
capable of fulfilling the duties of AmeriCredit contained in this Agreement and
shall be acceptable to the Controlling Party, and, if an Insurer Default shall
have occurred and be continuing, shall be an Eligible Servicer. Any
corporation (i) into which AmeriCredit may be merged or consolidated,
(ii) resulting from any merger or consolidation to which AmeriCredit shall
be a party, (iii) which acquires by conveyance, transfer, or lease
substantially all of the assets of AmeriCredit, or (iv) succeeding to the
business of AmeriCredit, in any of the foregoing cases shall execute an
agreement of assumption to perform every obligation of AmeriCredit under this
Agreement and, whether or not such assumption agreement is executed, shall be
the successor to AmeriCredit under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties to
this Agreement, anything in this Agreement to the contrary notwithstanding;
provided, however, that nothing contained herein shall be deemed to release
AmeriCredit from any obligation. AmeriCredit shall provide notice of any
merger, consolidation or succession pursuant to this Section to the Owner
Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and each
Rating Agency. Notwithstanding the foregoing, AmeriCredit shall not merge or
consolidate with any other Person or permit any other Person to become a
successor to AmeriCredit’s business, unless (x) immediately after giving effect
to such transaction, no representation or warranty made pursuant to Section 4.6
shall have been breached (for purposes hereof, such representations and
warranties shall speak as of the date of the consummation of such transaction)
and no event that, after notice or lapse of time, or both, would become an
Insurance Agreement Event of Default shall have occurred and be continuing, (y)
AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral
Agent, Trustee, Backup Servicer and Collateral Agent, the Rating Agencies and
the Insurer an Officer’s Certificate and an Opinion of Counsel each stating
that such consolidation, merger or succession and such agreement of assumption
comply with this Section and that all conditions precedent, if any, provided
for in this Agreement relating to such transaction have been complied with, and
(z) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral
Agent, the Trustee, the Collateral Agent, the Rating Agencies and the Insurer
an Opinion of Counsel, stating in the opinion of such counsel, either (A) all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary to preserve and protect the interest
of the Trust in the Receivables and the Other Conveyed Property and reciting
the details of the filings or (B) no such action shall be necessary to preserve
and protect such interest.

          (b) Any corporation (i) into which the Backup Servicer may be merged or
consolidated, (ii) resulting from any merger or consolidation to which the
Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer
or lease substantially all of the assets of the Backup Servicer, or (iv)
succeeding to the business of the Backup Servicer, in any of the foregoing
cases shall execute an agreement of assumption to perform every obligation of
the

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Backup Servicer under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to the Backup Servicer under this
Agreement without the execution or filing of any paper or any further act on
the part of any of the parties to this Agreement, anything in this Agreement to
the contrary notwithstanding; provided, however, that nothing contained herein
shall be deemed to release the Backup Servicer from any obligation.

       SECTION 8.4. Limitation on Liability of Servicer, Backup Servicer and Others.

          (a) Neither AmeriCredit, the Backup Servicer nor any of the directors or
officers or employees or agents of AmeriCredit or Backup Servicer shall be
under any liability to the Trust or the Noteholders, except as provided in this
Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement;
provided, however, that this provision shall not protect AmeriCredit, the
Backup Servicer or any such person against any liability that would otherwise
be imposed by reason of a breach of this Agreement or willful misfeasance, bad
faith or negligence (excluding errors in judgment) in the performance of
duties; provided further that this provision shall not affect any liability to
indemnify the Trust Collateral Agent and the Owner Trustee for costs, taxes,
expenses, claims, liabilities, losses or damages paid by the Trust Collateral
Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the
Backup Servicer and any director, officer, employee or agent of AmeriCredit or
Backup Servicer may rely in good faith on the written advice of counsel or on
any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising under this Agreement.

          (b) The Backup Servicer shall not be liable for any obligation of the
Servicer contained in this Agreement or for any errors of the Servicer
contained in any computer tape, certificate or other data or document delivered
to the Backup Servicer hereunder or on which the Backup Servicer must rely in
order to perform its obligations hereunder, and the Owner Trustee, the Trustee,
the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the
Seller and the Insurer and the Noteholders shall look only to the Servicer to
perform such obligations. The Backup Servicer, Trust Collateral Agent, the
Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have
no responsibility and shall not be in default hereunder or incur any liability
for any failure, error, malfunction or any delay in carrying out any of their
respective duties under this Agreement if such failure or delay results from
the Backup Servicer acting in accordance with information prepared or supplied
by a Person other than the Backup Servicer (or contractual agents) or the
failure of any such other Person to prepare or provide such information. The
Backup Servicer shall have no responsibility, shall not be in default and shall
incur no liability for (i) any act or failure to act of any third party (other
than its contractual agents), including the Servicer or the Controlling Party,
(ii) any inaccuracy or omission in a notice or communication received by the
Backup Servicer from any third party (other than its contractual agents), (iii)
the invalidity or unenforceability of any Receivable under applicable law, (iv)
the breach or inaccuracy of any representation or warranty made with respect to
any Receivable, or (v) the acts or omissions of any successor Backup Servicer.

          (c) The parties expressly acknowledge and consent to Wells Fargo Bank,
National Association, acting in the possible dual capacity of Backup Servicer
or replacement Servicer and in the capacity as Trust Collateral Agent. Wells
Fargo Bank, National Association, may, in such dual or other capacity,
discharge its separate functions fully, without hindrance or

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regard to conflict
of interest principles, duty of loyalty principles or other breach of fiduciary
duties to the extent that any such conflict or breach arises from the
performance by Wells Fargo Bank, National Association, of express duties set
forth in this Agreement in any of such capacities, all of which defenses,
claims or assertions are hereby expressly waived by the other parties hereto
and the Noteholders except in the case of gross negligence and willful
misconduct by Wells Fargo Bank, National Association.

       SECTION 8.5. Delegation of Duties. The Servicer may delegate duties under this
Agreement to an Affiliate of AmeriCredit with the prior written consent of the
Insurer (unless an Insurer Default shall have occurred and be
continuing), the Trust Collateral Agent, the Owner Trustee and the Backup
Servicer. The Servicer also may at any time perform through sub-contractors
the specific duties of (i) repossession of Financed Vehicles, (ii) tracking
Financed Vehicles’ insurance and (iii) pursuing the collection of deficiency
balances on certain Liquidated Receivables, in each case, without the consent
of the Insurer and may perform other specific duties through such
sub-contractors in accordance with Servicer’s customary servicing policies and
procedures, with the prior consent of the Insurer; provided, however, that no
such delegation or sub-contracting duties by the Servicer shall relieve the
Servicer of its responsibility with respect to such duties. So long as no
Insurer Default shall have occurred and be continuing neither AmeriCredit or
any party acting as Servicer hereunder shall appoint any subservicer hereunder
without the prior written consent of the Insurer, the Trustee and the Backup
Servicer.

       SECTION 8.6. Servicer and Backup Servicer Not to Resign. Subject to the
provisions of Section 8.3, neither the Servicer nor the Backup Servicer shall
resign from the obligations and duties imposed on it by this Agreement as
Servicer or Backup Servicer except upon a determination that by reason of a
change in legal requirements the performance of its duties under this Agreement
would cause it to be in violation of such legal requirements in a manner which
would have a material adverse effect on the Servicer or the Backup Servicer, as
the case may be, and the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) or a Note Majority (if an Insurer Default shall
have occurred and be continuing) does not elect to waive the obligations of the
Servicer or the Backup Servicer, as the case may be, to perform the duties
which render it legally unable to act or to delegate those duties to another
Person. Any such determination permitting the resignation of the Servicer or
Backup Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered and acceptable to the Trust Collateral Agent, the Owner Trustee and
the Insurer (unless an Insurer Default shall have occurred and be continuing).
No resignation of the Servicer shall become effective until, so long as no
Insurer Default shall have occurred and be continuing the Backup Servicer or an
entity acceptable to the Insurer shall have assumed the responsibilities and
obligations of the Servicer or, if an Insurer Default shall have occurred and
be continuing, the Backup Servicer or a replacement Servicer that is an
Eligible Servicer shall have assumed the responsibilities and obligations of
the Servicer. No resignation of the Backup Servicer shall become effective
until, so long as no Insurer Default shall have occurred and be continuing, an
entity acceptable to the Insurer shall have assumed the responsibilities and
obligations of the Backup Servicer or, if an Insurer Default shall have
occurred and be continuing a Person that is an Eligible Servicer shall have
assumed the responsibilities and obligations of the Backup Servicer; provided,
however, that (i) in the event a successor Backup Servicer is not appointed
within 60 days after the Backup Servicer has given notice of its resignation
and has provided the Opinion of Counsel required by this Section, the Backup
Servicer may petition a court for its removal, (ii) the Backup Servicer

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may
resign with the written consent of the Insurer, and (iii) if Wells Fargo Bank,
National Association, resigns as Trustee under the Indenture it will no longer
be the Backup Servicer.

ARTICLE IX

Default

       SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each
of the following shall constitute a “Servicer Termination Event”:

          (a) Any failure by the Servicer to deliver to the Trust Collateral Agent
for distribution to Noteholders any proceeds or payment required to be so
delivered under the terms of this Agreement that continues unremedied for a
period of two Business Days (one Business Day with respect to payment of
Purchase Amounts) after written notice is received by the Servicer from the
Trust Collateral Agent or (unless an Insurer Default shall have occurred and be
continuing) the Insurer or after discovery of such failure by a Responsible
Officer of the Servicer;

          (b) Failure by the Servicer to deliver to the Trust Collateral Agent and
(so long as an Insurer Default shall not have occurred and be continuing) the
Insurer the Servicer’s Certificate by the first Business Day prior to the
Distribution Date, or failure on the part of the Servicer to observe its
covenants and agreements set forth in Section 8.3(a);

          (c) Failure on the part of the Servicer duly to observe or perform any
other covenants or agreements of the Servicer set forth in this Agreement,
which failure (i) materially and adversely affects the rights of Noteholders
(determined without regard to the availability of funds under the Note Policy),
or of the Insurer (unless an Insurer Default shall have occurred and be
continuing), and (ii) continues unremedied for a period of 30 days after
knowledge thereof by the Servicer or after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing by any Noteholder);

          (d) The entry of a decree or order for relief by a court or regulatory
authority having jurisdiction in respect of the Servicer in an involuntary case
under the federal bankruptcy laws, as now or hereafter in effect, or another
present or future, federal bankruptcy, insolvency or similar law, or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Servicer or of any substantial part of its property or
ordering the winding up or liquidation of the affairs of the Servicer and the
continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days or the commencement of an involuntary case under the
federal bankruptcy laws, as now or hereinafter in effect, or another present or
future federal or state bankruptcy, insolvency or similar law and such case is
not dismissed within 60 days; or

          (e) The commencement by the Servicer of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or any other present or future,
federal or state, bankruptcy, insolvency or similar law, or the consent by the
Servicer to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other

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similar official of the
Servicer or of any substantial part of its property or the making by the
Servicer of an assignment for the benefit of creditors or the failure by
the Servicer generally to pay its debts as such debts become due or the taking
of corporate action by the Servicer in furtherance of any of the foregoing; or

          (f) Any representation, warranty or statement of the Servicer made in this
Agreement or any certificate, report or other writing delivered pursuant hereto
shall prove to be incorrect in any material respect as of the time when the
same shall have been made, and the incorrectness of such representation,
warranty or statement has a material adverse effect on the Trust or the
Noteholders and, within 30 days after knowledge thereof by the Servicer or
after written notice thereof shall have been given to the Servicer by the Trust
Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred
and be continuing, a Noteholder), the circumstances or condition in respect of
which such representation, warranty or statement was incorrect shall not have
been eliminated or otherwise cured; or

          (g) So long as an Insurer Default shall not have occurred and be
continuing, an Insurance Agreement Event of Default occurs; or

          (h) A claim is made under the Note Policy.

       SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer
Termination Event shall occur and be continuing, the Insurer (or, if an Insurer
Default shall have occurred and be continuing either the Trust Collateral Agent
(to the extent it has knowledge thereof) or a Note Majority), by notice given
in writing to the Servicer (and to the Trust Collateral Agent if given by the
Insurer or the Noteholders) may terminate all of the rights and obligations of
the Servicer under this Agreement. On or after the receipt by the Servicer of
such written notice or upon termination of the term of the Servicer, all
authority, power, obligations and responsibilities of the Servicer under this
Agreement, whether with respect to the Notes, the Certificates or the Other
Conveyed Property or otherwise, automatically shall pass to, be vested in and
become obligations and responsibilities of the Backup Servicer (or such other
replacement Servicer appointed by the Controlling Party); provided, however,
that the replacement Servicer shall have no liability with respect to any
obligation which was required to be performed by the terminated Servicer prior
to the date that the replacement Servicer becomes the Servicer or any claim of
a third party based on any alleged action or inaction of the terminated
Servicer. The replacement Servicer is authorized and empowered by this
Agreement to execute and deliver, on behalf of the terminated Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer
and endorsement of the Receivables and the Other Conveyed Property and related
documents to show the Trust as lienholder or secured party on the related Lien
Certificates, or otherwise. The terminated Servicer agrees to cooperate with
the replacement Servicer in effecting the termination of the responsibilities
and rights of the terminated Servicer under this Agreement, including, without
limitation, the transfer to the replacement Servicer for administration by it
of all cash amounts that shall at the time be held by the terminated Servicer
for deposit, or have been deposited by the terminated Servicer, in the
Collection Account or thereafter received with respect to the Receivables and
the delivery to the replacement Servicer of all Receivable Files, Monthly
Records and Collection Records and a computer tape in readable form as of the most

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recent Business Day containing all information
necessary to enable the replacement Servicer or a replacement Servicer to
service the Receivables and the Other Conveyed Property. If requested by the
Controlling Party, the replacement Servicer shall terminate the Lockbox
Agreement and direct the Obligors to make all payments under the Receivables
directly to the replacement Servicer (in which event the replacement Servicer
shall process such payments in accordance with Section 4.2(e)), or to a lockbox
established by the replacement Servicer at the direction of the Controlling
Party, at the replacement Servicer’s expense. The terminated Servicer shall
grant the Trust Collateral Agent, the replacement Servicer and the Controlling
Party reasonable access to the terminated Servicer’s premises at the terminated
Servicer’s expense.

       SECTION 9.3. Appointment of Successor.

          (a) On and after the time the Servicer receives a notice of termination
pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to
Section 8.6; (i) the Backup Servicer (unless the Controlling Party shall have
exercised its option pursuant to Section 9.3(b) to appoint an alternate
replacement Servicer) shall be the successor in all respects to the Servicer,
in its capacity as servicer under this Agreement and the Insurance Agreement
and the transactions set forth or provided for in this Agreement, and shall be
subject to all the rights, responsibilities, restrictions, duties, liabilities
and termination provisions relating thereto placed on the Servicer by the terms
and provisions of this Agreement or the Insurance Agreement except as otherwise
stated herein. The Trust Collateral Agent and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. If a replacement Servicer is acting as Servicer hereunder, it
shall be subject to termination under Section 9.2 upon the occurrence of any
Servicer Termination Event applicable to it as Servicer.

          (b) The Controlling Party may exercise at any time its right to appoint as
Backup Servicer or as successor to the Servicer a Person other than the Person
serving as Backup Servicer at the time, and (without limiting its obligations
under the Note Policy) shall have no liability to the Trust Collateral Agent,
AmeriCredit, the Seller, the Person then serving as Backup Servicer, any
Noteholders or any other Person if it does so. Notwithstanding the above, if
the Backup Servicer shall be legally unable or unwilling to act as Servicer,
and an Insurer Default shall have occurred and be continuing, the Backup
Servicer, the Trust Collateral Agent or a Note Majority may petition a court of
competent jurisdiction to appoint any Eligible Servicer as the successor to the
Servicer. Pending appointment pursuant to the preceding sentence, the Backup
Servicer shall act as replacement Servicer unless it is legally unable to do
so, in which event the outgoing Servicer shall continue to act as Servicer
until a successor has been appointed and accepted such appointment. Subject to
Section 8.6, no provision of this Agreement shall be construed as relieving the
Backup Servicer of its obligation to succeed as replacement Servicer upon the
termination of the Servicer pursuant to Section 9.2 or the resignation of the
Servicer pursuant to Section 8.6. If upon the termination of the Servicer
pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section
8.6, the Controlling Party appoints a replacement Servicer other than the
Backup Servicer, the Backup Servicer shall not be relieved of its duties as
Backup Servicer hereunder.

          (c) Any replacement Servicer shall be entitled to such compensation
(whether payable out of the Collection Account or otherwise) as the Servicer
would have been entitled to under this Agreement if the Servicer had not
resigned or been terminated hereunder or such other

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compensation as agreed to
by the Insurer in writing. If any replacement Servicer is appointed as a
result of the Backup Servicer’s refusal (in breach of the terms of this
Agreement) to act as Servicer although it is legally able to do so, the Insurer
and such replacement Servicer may agree on reasonable additional compensation
to be paid to such replacement Servicer; provided, however, it being understood
and agreed that the Insurer shall give prior notice to the Backup Servicer with
respect to the appointment of such successor and the payment of additional
compensation, if any. If, any replacement Servicer is appointed for any reason
other than the Backup Servicer’s refusal to act as Servicer although legally
able to do so, the Backup Servicer shall not be liable for any Servicing Fee,
additional compensation or other amounts to be paid to such replacement
Servicer in connection with its assumption and performance of the servicing
duties described herein.

          (d) Notwithstanding anything contained in this Agreement to the contrary,
the Backup Servicer is authorized to accept and rely on all of the accounting
records (including computer records) and work of the prior Servicer relating to
the Receivables (collectively, the “Predecessor Servicer Work Product”) without
any audit or other examination thereof, and the Backup Servicer shall have no
duty, responsibility, obligation or liability for the acts and omissions of the
prior Servicer. If any error, inaccuracy, omission or incorrect or
non-standard practice or procedure (collectively, “Errors”) exist in any
Predecessor Servicer Work Product and such Errors make it materially more
difficult to service or should cause or materially contribute to the Backup
Servicer making or continuing any Errors (collectively, “Continuing Errors”),
the Backup Servicer shall have no duty, responsibility, obligation or liability
for such Continuing Errors; provided, however, that the Backup Servicer agrees
to use its best efforts to prevent further Continuing Errors. In the event
that the Backup Servicer becomes aware of Errors or Continuing Errors, it
shall, with the prior consent of the Controlling Party use its best efforts to
reconstruct and reconcile such data as is commercially reasonable to correct
such Errors and Continuing Errors and to prevent future Continuing Errors. The
Backup Servicer shall be entitled to recover its costs thereby expended in
accordance with Section 3.03 of the Spread Account Agreement.

       SECTION 9.4. Notification to Noteholders. Upon any termination of, or
appointment of a successor to, the Servicer or the Backup Servicer, the Trust
Collateral Agent shall give prompt written notice thereof to each Noteholder
and to the Rating Agencies.

       SECTION 9.5. Waiver of Past Defaults. So long as no Insurer Default shall have
occurred and be continuing, the Insurer (or, if an Insurer Default shall have
occurred and be continuing, the Note Majority) may, on behalf of all
Noteholders, waive any default by the Servicer or the Backup Servicer in the
performance of its obligations hereunder and its consequences. Upon any such
waiver of a past default, such default shall cease to exist, and any Servicer
Termination Event arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement and the Basic Documents.
No such waiver shall extend to any subsequent or other default or impair any
right consequent thereto.

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ARTICLE X

Termination

       SECTION 10.1. Optional Purchase of All Receivables.

          (a) On the last day of any Collection Period as of which the Pool Balance
shall be less than or equal to 10% of the Original Pool Balance, the Servicer
and the Seller each shall have the option to purchase the Owner Trust Estate,
other than the Trust Accounts (with the consent of the Insurer if such purchase
would result in a claim on the Note Policy or would result in any amount owing
to the Insurer under the Insurance Agreement remaining unpaid); provided,
however, that the amount to be paid for such purchase (as set forth in the
following sentence) shall be sufficient to pay the full amount of principal and
interest then due and payable on the Notes, and amounts due and unpaid to the
Insurer under the Insurance Agreement. To exercise such option, the Servicer
or the Seller, as the case may be, shall deposit pursuant to Section 5.6 in the
Collection Account an amount equal to the aggregate Purchase Amount for the
Receivables (including Liquidated Receivables), plus the appraised value of any
other property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by the Servicer, the Insurer and the Trust Collateral
Agent, and shall succeed to all interests in and to the Trust.

          (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of
the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to
deposit the proceeds from such sale after all payments and reserves therefrom
(including the expenses of such sale) have been made (the “Insolvency
Proceeds”) in the Collection Account.

          (c) Notice of any termination of the Trust shall be given by the Servicer
to the Owner Trustee, the Trustee, the Backup Servicer, the Trust Collateral
Agent, the Collateral Agent, the Insurer and the Rating Agencies as soon as
practicable after the Servicer has received notice thereof.

          (d) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder and
the Owner Trustee will succeed to the rights of, and assume the obligations of,
the Trust Collateral Agent pursuant to this Agreement.

ARTICLE XI

Administrative Duties of the Servicer

       SECTION 11.1. Administrative Duties.

          (a) Duties with Respect to the Indenture. The Servicer shall perform all
its duties and the duties of the Issuer under the Indenture. In addition, the
Servicer shall consult with the Owner Trustee as the Servicer deems appropriate
regarding the duties of the Issuer under the Indenture. The Servicer shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the Issuer’s duties under the Indenture.
The Servicer shall prepare for execution by the Issuer or shall cause the
preparation

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by other appropriate Persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance
of the foregoing, the Servicer shall take all necessary action that is the duty
of the Issuer to take pursuant to the Indenture, including, without limitation,
pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3,
9.2, 9.3, 11.1 and 11.15 of the Indenture.

          (b) Duties with Respect to the Issuer.

          (i) In addition to the duties of the Servicer set forth in this
Agreement or any of the Basic Documents, the Servicer shall perform such
calculations and shall prepare for execution by the Issuer or the Owner
Trustee or shall cause the preparation by other appropriate Persons of
all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee to
prepare, file or deliver pursuant to this Agreement or any of the Basic
Documents or under state and federal tax and securities laws (including
any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any
rule or regulation promulgated thereunder), and at the request of the
Owner Trustee shall take all appropriate action that it is the duty of
the Issuer to take pursuant to this Agreement or any of the Basic
Documents, including, without limitation, pursuant to Sections 2.6 and
2.11 of the Trust Agreement. In accordance with the directions of the
Issuer or the Owner Trustee, the Servicer shall administer, perform or
supervise the performance of such other activities in connection with the
Collateral (including the Basic Documents) as are not covered by any of
the foregoing provisions and as are expressly requested by the Issuer or
the Owner Trustee and are reasonably within the capability of the
Servicer.

          (ii) Notwithstanding anything in this Agreement or any of the Basic
Documents to the contrary, the Servicer shall be responsible for promptly
notifying the Owner Trustee and the Trust Collateral Agent in the event
that any withholding tax is imposed on the Issuer’s payments (or
allocations of income) to an Owner (as defined in the Trust Agreement) as
contemplated by this Agreement. Any such notice shall be in writing and
specify the amount of any withholding tax required to be withheld by the
Owner Trustee or the Trust Collateral Agent pursuant to such provision.

          (iii) Notwithstanding anything in this Agreement or the Basic
Documents to the contrary, the Servicer shall be responsible for
performance of the duties of the Issuer set forth in Section 5.1(a) and
(b) of the Trust Agreement with respect to, among other things,
accounting and reports to Owners (as defined in the Trust Agreement);
provided, however, that once prepared by the Servicer the Owner Trustee
shall retain responsibility for the distribution of the Schedule K-1s
necessary to enable the Certificateholder to prepare its federal and
state income tax returns.

          (iv) The Servicer shall perform the duties of the Servicer specified
in Section 9.2 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee, and any
other duties expressly required to be performed by the Servicer under
this Agreement or any of the Basic Documents.

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          (v) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Servicer may enter into
transactions with or otherwise deal with any of its Affiliates; provided,
however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in
the Servicer’s opinion, no less favorable to the Issuer in any material
respect.

          (c) Tax Matters. The Servicer shall prepare and file, on behalf of the
Seller, all tax returns, tax elections, financial statements and such annual or
other reports attributable to the activities engaged in by the Issuer as are
necessary for preparation of tax reports, including without limitation forms
1099. All tax returns will be signed by the Seller.

          (d) Non-Ministerial Matters. With respect to matters that in the
reasonable judgment of the Servicer are non-ministerial, the Servicer shall not
take any action pursuant to this Article unless within a reasonable time before
the taking of such action, the Servicer shall have notified the Owner Trustee
and the Trustee of the proposed action and the Owner Trustee and, with respect
to items (A), (B), (C) and (D) below, the Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding
sentence, “non-ministerial matters” shall include:

          (A) the amendment of or any supplement to the Indenture;

          (B) the initiation of any claim or lawsuit by the Issuer
and the compromise of any action, claim or lawsuit brought by
or against the Issuer (other than in connection with the
collection of the Receivables);

          (C) the amendment, change or modification of this
Agreement or any of the Basic Documents;

          (D) the appointment of successor Note Registrars,
successor Paying Agents and successor Trustees pursuant to
the Indenture or the appointment of replacement Servicers or
the consent to the assignment by the Note Registrar, Paying
Agent or Trustee of its obligations under the Indenture; and

          (E) the removal of the Trustee or the Trust Collateral
Agent.

          (e) Exceptions. Notwithstanding anything to the contrary in this
Agreement, except as expressly provided herein or in the other Basic Documents,
the Servicer, in its capacity hereunder, shall not be obligated to, and shall
not, (1) make any payments to the Noteholders or Certificateholders under the
Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5 of the
Indenture, (3) take any other action that the Issuer directs the Servicer not
to take on its behalf or (4) in connection with its duties hereunder assume any
indemnification obligation of any other Person.

          (f) The Backup Servicer or any replacement Servicer shall not be
responsible for any obligations or duties of the servicer under this Section
11.1.

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       SECTION 11.2. Records. The Servicer shall maintain appropriate books of
account and records relating to services performed under this Agreement, which
books of account and records shall be accessible for inspection by the Issuer
and the Insurer at any time during normal business hours.

       SECTION 11.3. Additional Information to be Furnished to the Issuer. The
Servicer shall furnish to the Issuer and the Insurer from time to time such
additional information regarding the Collateral as the Issuer and the Insurer
shall reasonably request.

ARTICLE XII

Miscellaneous Provisions

       SECTION 12.1. Amendment.

          (a) This Agreement may be amended from time to time by the parties hereto,
with the consent of the Trustee (which consent may not be unreasonably
withheld), with the prior written consent of the Insurer (so long as no Insurer
Default has occurred and is continuing) but without the consent of any of the
Noteholders, to cure any ambiguity, to correct or supplement any provisions in
this Agreement, to comply with any changes in the Code, or to make any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement or the
Insurance Agreement; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel delivered to Owner Trustee, the Insurer and
the Trustee, adversely affect in any material respect the interests of any
Noteholder; provided further that if an Insurer Default has occurred and is
continuing, such action shall not materially adversely affect the interests of
the Insurer.

          This Agreement may also be amended from time to time by the parties
hereto, with the consent of the Insurer, the consent of the Trustee, and with
the consent of the Holders of Notes evidencing not less than a majority of the
outstanding principal amount of the Notes for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders;
provided, however, that no such amendment shall (a) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made for
the benefit of the Noteholders or (b) reduce the aforesaid percentage of the
outstanding principal amount of the Notes, the Holders of which are required to
consent to any such amendment, without the consent of the Holders of all the
outstanding Notes of each class affected thereby; provided, further, that if an
Insurer Default has not occurred and is continuing, such action shall not
materially adversely affect the interest of the Insurer.

          Promptly after the execution of any such amendment or consent, the Trust
Collateral Agent shall furnish written notification of the substance of such
amendment or consent to each Noteholder and the Rating Agencies.

          It shall not be necessary for the consent of Noteholders pursuant to this
Section to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if

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such consent shall approve the substance thereof.
The manner of obtaining such consents (and any other consents of Noteholders
provided for in this Agreement) and of evidencing the authorization of any
action by Noteholders shall be subject to such reasonable requirements as the
Trustee or the Owner Trustee, as applicable, may prescribe.

          Prior to the execution of any amendment to this Agreement, the Owner
Trustee and the Trustee, Trust Collateral Agent, Collateral Agent and Backup
Servicer shall be entitled to receive and conclusively rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1)
has been delivered. The Owner Trustee, the Trust Collateral Agent, the Backup
Servicer and the Trustee may, but shall not be obligated to, enter into any
such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust
Collateral Agent’s, the Backup Servicer’s or the Trustee’s, as applicable, own
rights, duties or immunities under this Agreement or otherwise.

          (b) Notwithstanding anything to the contrary contained in Section 12.1(a)
above, the provisions of the Agreement relating to (i) the Spread Account
Agreement, the Spread Account, the Specified Spread Account Requirement, a
Trigger Event or any component definition of a Trigger Event and (ii) any
additional sources of funds which may be added to the Spread Account or uses of
funds on deposit in the Spread Account may be amended in any respect by the
Seller, the Servicer, the Insurer 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) without the consent of, or notice
to, the Noteholders.

       SECTION 12.2. Protection of Title to Trust.

          (a) The Seller shall execute and file such financing statements and cause
to be executed and filed such continuation statements, all in such manner and
in such places as may be required by law fully to preserve, maintain and
protect the interest of the Issuer and the interests of the Trust Collateral
Agent in the Receivables and in the proceeds thereof. The Seller shall deliver
(or cause to be delivered) to the Insurer, the Owner Trustee and the Trust
Collateral Agent file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing.

          (b) Neither the Seller nor the Servicer shall change its name, identity or
corporate structure in any manner that would, could or might make any financing
statement or continuation statement filed in accordance with paragraph (a)
above seriously misleading within the meaning of 9-506 of the UCC, unless it
shall have given the Insurer, the Owner Trustee, the Trust Collateral Agent,
the Backup Servicer and the Trustee at least five days’ prior written
notice thereof and shall have promptly filed appropriate amendments to all
previously filed financing statements or continuation statements. Promptly
upon such filing, the Seller or the Servicer, as the case may be, shall deliver
an Opinion of Counsel in form and substance reasonably satisfactory to the
Insurer, stating either (A) all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve
and protect the interest of the Trust and the Trust Collateral Agent in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) no such action
shall be necessary to preserve and protect such interest.

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          (c) Each of the Seller and the Servicer shall have an obligation to give
the Insurer, the Owner Trustee, the Trust Collateral Agent and the Trustee at
least 60 days’ prior written notice of any relocation of its principal
executive office or jurisdiction of organization if, as a result of such
relocation, the applicable provisions of the UCC would require the filing of
any amendment of any previously filed financing or continuation statement or of
any new financing statement and shall promptly file any such amendment or new
financing statement. The Servicer shall at all times maintain (i) each office
from which it shall service Receivables within the United States of America or
Canada, and (ii) its principal executive office within the United States of
America.

          (d) The Servicer shall maintain accounts and records as to each Receivable
accurately and in sufficient detail to permit (i) the reader thereof to know at
any time the status of such Receivable, including payments and recoveries made
and payments owing (and the nature of each) and (ii) reconciliation between
payments or recoveries on (or with respect to) each Receivable and the amounts
from time to time deposited in the Collection Account in respect of such
Receivable.

          (e) The Servicer shall maintain its computer systems so that, from and
after the time of sale under this Agreement of the Receivables to the Issuer,
the Servicer’s master computer records (including any backup archives) that
refer to a Receivable shall indicate clearly the interest of the Trust in such
Receivable and that such Receivable is owned by the Trust. Indication of the
Trust’s interest in a Receivable shall be deleted from or modified on the
Servicer’s computer systems when, and only when, the related Receivable shall
have been paid in full or repurchased.

          (f) If at any time the Seller or the Servicer shall propose to sell, grant
a security interest in or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable,
shall indicate clearly that such Receivable has been sold and is owned by the
Trust.

          (g) Upon request, the Servicer shall furnish to the Insurer, the Owner
Trustee or to the Trustee, within five Business Days, a list of all Receivables
(by contract number and name of Obligor) then held as part of the Trust,
together with a reconciliation of such list to the Schedule of Receivables and
to each of the Servicer’s Certificates furnished before such request indicating
removal of Receivables from the Trust.

          (h) The Servicer shall deliver to the Insurer, the Backup Servicer, the
Owner Trustee and the Trustee:

          (1) promptly after the execution and delivery of the Agreement and,
if required pursuant to Section 12.1, of each amendment, an Opinion of
Counsel stating that, in the opinion of such Counsel, in form and
substance reasonably satisfactory to the Insurer, either (A) all
financing statements and continuation statements have been executed and
filed that are necessary fully to preserve and protect the interest of
the Trust and the Trustee in the Receivables, and reciting the details of
such filings or referring to

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prior Opinions of Counsel in which such
details are given, or (B) no such action shall be necessary to preserve
and protect such interest; and

          (2) within 90 days after the beginning of each calendar year
beginning with the first calendar year beginning more than three months
after the Initial Cutoff Date, an Opinion of Counsel, dated as of a date
during such 90-day period, stating that, in the opinion of such counsel,
either (A) all financing statements and continuation statements have been
executed and filed that are necessary fully to preserve and protect the
interest of the Trust and the Trustee in the Receivables, and reciting
the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (B) no such action shall be necessary to
preserve and protect such interest.

          Each Opinion of Counsel referred to in clause (1) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in
the following year to preserve and protect such interest.

       SECTION 12.3. Notices. All demands, notices and communications upon or to the
Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies
under this Agreement shall be in writing, personally delivered, or mailed by
certified mail, return receipt requested, federal express or similar overnight
courier service, and shall be deemed to have been duly given upon receipt (a)
in the case of the Seller to AFS SenSub Corp., 639 Isbell Road, Suite 390 Reno,
Nevada 89509, Attention: Chief Financial Officer (b) in the case of the
Servicer to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite
3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (c) in the
case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the
Owner Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration (d) in the case of the Trustee, the Collateral Agent or the
Trust Collateral Agent, at the Corporate Trust Office, (e) in the case of the
Insurer, to MBIA Insurance Corporation., 113 King Street, Armonk, New York
10504; Attention: Insured Portfolio Management-Structured Finance (AmeriCredit
2004-B-M) (in each case in which notice or other communication to the Insurer
refers to a claim on the Note Policy, a Deficiency Notice pursuant to Section
5.5 of this Agreement or with respect to which failure on the part of the
Insurer to respond shall be deemed to constitute consent or acceptance, then a
copy of such notice or other communication should also be sent to the attention
of each of the General Counsel and shall be marked to indicate “URGENT MATERIAL
ENCLOSED”); (f) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS
Monitoring Department, 99 Church Street, New York, New York 10007; (g) in the
case of Standard & Poor’s, to Standard & Poor’s Ratings Group, 55 Water Street,
New York, New York 10041, Attention: Asset Backed Transaction Oversight Department
and (h) in the case of Fitch, to One State Street Plaza, New York, New York
10004. Any notice required or permitted to be mailed to a Noteholder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Note Register. Any notice so mailed within the time prescribed in
the Agreement shall be conclusively presumed to have been duly given, whether
or not the Noteholder shall receive such notice.

       SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted
assigns. Notwithstanding anything to the contrary contained herein, except as
provided in Sections 7.4 and 8.4 and as provided in the provisions of this
Agreement concerning the resignation of the

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Servicer, this Agreement may not be
assigned by the Seller or the Servicer without the prior written consent of the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Trustee and
the Insurer (or if an Insurer Default shall have occurred and be continuing the
Holders of Notes evidencing not less than 66-2/3% of the principal amount of
the outstanding Notes).

       SECTION 12.5. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the parties hereto, the Trustee, the
Insurer and the Noteholders, as third-party beneficiaries. The Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Agreement, and shall be entitled to rely upon and directly enforce such
provisions of this Agreement so long as no Insurer Default shall have occurred
and be continuing. Except as expressly stated otherwise herein, any right of
the Insurer to direct, appoint, consent to, approve of, or take any action
under this Agreement, shall be a right exercised by the Insurer in its sole and
absolute discretion. The Insurer may disclaim any of its rights and powers
under this Agreement (but not its duties and obligations under the Note Policy)
upon delivery of a written notice to the Owner Trustee. Nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

       SECTION 12.6. Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

       SECTION 12.7. Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

       SECTION 12.8. Headings. The headings of the various Articles and Sections herein are for convenience
of reference only and shall not define or limit any of the terms or provisions
hereof.

       SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY
TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

       SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest
by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the
benefit of the Noteholders of all right, title and interest of the Issuer in,
to and under the Receivables listed in Schedule A hereto and/or the assignment
of any or all of the Issuer’s rights and obligations hereunder to the Trust
Collateral Agent.

78

 

       SECTION 12.11. Nonpetition Covenants(a). (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior to
the date which is one year and one day after the termination of this Agreement
with respect to the Issuer, acquiesce, petition or otherwise invoke or cause
the Issuer to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Issuer or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Issuer.

          (b) Notwithstanding any prior termination of this Agreement, the Servicer
shall not, prior to the date that is one year and one day after the termination
of this Agreement with respect to the Seller, acquiesce to, petition or
otherwise invoke or cause the Seller to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against
the Seller under any federal or state bankruptcy, insolvency or similar law,
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the Seller or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the
Seller.

       SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee.

          (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 Wells Fargo Bank, National
Association, not in its individual capacity but solely as Trust Collateral
Agent and Backup Servicer and in no event shall Wells Fargo Bank, National
Association, 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.

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

       SECTION 12.13. Independence of the Servicer. For all purposes of this
Agreement, the Servicer shall be an independent contractor and shall not be
subject to the supervision of the Issuer, the Trust Collateral Agent and Backup
Servicer or the Owner Trustee

79

 

with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly
authorized by this Agreement, the Servicer shall have no authority to act for
or represent the Issuer or the Owner Trustee in any way and shall not otherwise
be deemed an agent of the Issuer or the Owner Trustee.

          SECTION 12.14. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Servicer and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

          SECTION 12.15. Benefits of Sale and Servicing Agreement. The Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Sale and Servicing Agreement, and shall be entitled to rely upon and
directly enforce such provisions of this Sale and Servicing Agreement so long
as no Insurer Default shall have occurred and be continuing.

          SECTION 12.16. State Business Licenses. The Servicer or the Certificateholder
shall prepare and instruct the Trust to file each state business license (and
any renewal thereof) required to be filed under applicable state law without
further consent or instruction from the Instructing Party (as defined in the
Trust Agreement), including a Sales Finance Company Application (and any
renewal thereof) with the Pennsylvania Department of Banking, Licensing
Division, and a Financial Regulation Application (and any renewal thereof) with
the Maryland Department of Labor, Licensing and Regulation.

[Remainder of page intentionally left blank.]

80

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their respective duly authorized officers as of
the day and the year first above written.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES

TRUST 2004-B-M
	 
	 	 	 	 
	

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

	 	By:	 	/s/ Kathleen A. Pedelini
	

	 	 	 	

	

	 	 	 	Name: Kathleen A. Pedelini
	

	 	 	 	Title: Financial Services Officer
	 
	 	 	 	 
	 	 	AFS SENSUB CORP., Seller,
	 
	 	 	 	 
	

	 	By:	 	/s/ Sheli Fitzgerald
	

	 	 	 	

	

	 	 	 	Name: Sheli Fitzgerald
	

	 	 	 	Title: Assistant Vice President, Structured

Finance
	 
	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC.,

Servicer,
	 
	 	 	 	 
	

	 	By:	 	/s/ Susan B. Sheffield
	

	 	 	 	

	

	 	 	 	Name: Susan B. Sheffield
	

	 	 	 	Title: Senior Vice President,
Structured Finance

 

 

	 	 	 	 	 
	 	 	WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely as Backup
Servicer
	 
	 	 	 	 
	

	 	By:
	 	/s/ Marianna C. Stershic
	

	 	 	 	

	

	 	 	 	Name: Marianna C. Stershic
	

	 	 	 	Title: Vice President

Acknowledged and accepted by

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Trust Collateral Agent and as Trustee

	 	 	 	 
	 	 
	By:  	/s/ Marianna C. Stershic
 	 
	 	Name:  	Marianna C. Stershic 	 
	 	Title:  	Vice President 	 
	 

[Sale and Servicing Agreement]

 

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

[On file with AmeriCredit, the Trustee and Dewey Ballantine LLP]

Sch-A-1

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER

          1. Characteristics of Receivables. Each Receivable (A) was originated (i)
by AmeriCredit, (ii) by a Dealer and purchased by AmeriCredit from such Dealer
under an existing Dealer Agreement or pursuant to a Dealer Assignment with
AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to
a Dealer Assignment or (iii) by a Third-Party Lender and purchased by
AmeriCredit from such Third-Party Lender under an existing Auto Loan Purchase
and Sale Agreement or pursuant to a Third-Party Lender Assignment with
AmeriCredit and was validly assigned by such Third-Party Lender to AmeriCredit
pursuant to a Third-Party Lender Assignment (B) was originated by AmeriCredit,
such Dealer or such Third-Party Lender for the retail sale of a Financed
Vehicle in the ordinary course of AmeriCredit’s, the Dealer’s or the
Third-Party Lender’s business, in each case was originated in accordance with
AmeriCredit’s credit policies and was fully and properly executed by the
parties thereto, and AmeriCredit, each Dealer and each Third-Party Lender had
all necessary licenses and permits to originate Receivables in the state where
AmeriCredit, each such Dealer or each such Third-Party Lender was located, (C)
contains customary and enforceable provisions such as to render the rights and
remedies of the holder thereof adequate for realization against the collateral
security, (D) is a Receivable which provides for level monthly payments
(provided that the period in the first Collection Period and the payment in the
final Collection Period of the Receivable may be minimally different from the
normal period and level payment) which, if made when due, shall fully amortize
the Amount Financed over the original term and (E) has not been amended or
collections with respect to which waived, other than as evidenced in the
Receivable File relating thereto.

          2. Fraud or Misrepresentation. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit to the Seller without any fraud or
misrepresentation on the part of such Dealer or Third-Party Lender or
AmeriCredit in any case.

          3. Compliance with Law. All requirements of applicable federal, state and
local laws, and regulations thereunder (including, without limitation, usury
laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt
Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson
Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including
amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z,
effective October 1, 1998, concerning negative equity loans), the
Servicemembers Civil Relief Act, each applicable state Motor Vehicle Retail
Installment Sales Act, and state adaptations of the National Consumer Act and
of the Uniform Consumer Credit Code and other consumer credit laws and equal
credit opportunity and disclosure laws) in respect of the Receivables and the
Financed Vehicles, have been complied with in all material respects, and each
Receivable and the sale of the Financed Vehicle evidenced by each Receivable
complied at the time it was originated or made and now complies in all material
respects with all applicable legal requirements.

Sch-B-1

 

          4. Origination. Each Receivable was originated in the United States.

          5. Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation of the Obligor thereon, enforceable by the
holder thereof in accordance with its terms, except (A) as enforceability may
be limited by bankruptcy, insolvency, reorganization or similar laws affecting
the enforcement of creditors’ rights generally and by equitable limitations on
the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law and (B) as
such Receivable may be modified by the application after the Initial Cutoff
Date or the Subsequent Cutoff Date, as applicable, of the Servicemembers Civil
Relief Act, as amended; and all parties to each Receivable had full legal
capacity to execute and deliver such Receivable and all other documents related
thereto and to grant the security interest purported to be granted thereby.

          6. No Government Obligor. No Obligor is the United States of America or
any State or any agency, department, subdivision or instrumentality thereof.

          7. Obligor Bankruptcy. At the Initial Cutoff Date or the Subsequent
Cutoff Date, as applicable, no Obligor had been identified on the records of
AmeriCredit as being the subject of a current bankruptcy proceeding.

          8. Schedules of Receivables. The information set forth in the Schedules
of Receivables has been produced from the Electronic Ledger and was true and
correct in all material respects as of the close of business on the Initial
Cutoff Date or the Subsequent Cutoff Date, as applicable.

          9. Marking Records. By the Closing Date or Subsequent Transfer Date, as
applicable, the Seller will have caused the portions of the Electronic Ledger
relating to the Receivables to be clearly and unambiguously marked to show that
the Receivables have been sold to the Seller by the Servicer and resold by the
Seller to the Trust in accordance with the terms of the Sale and Servicing
Agreement.

          10. Computer Tape. The Computer Tape made available by the Seller to the
Trust on the Closing Date was complete and accurate as of the Initial Cutoff
Date or the Subsequent Cutoff Date, as applicable, and includes a description
of the same Receivables that are described in the Schedule of Receivables.

          11. Adverse Selection. No selection procedures adverse to the Noteholders
or the Insurer were utilized in selecting the Receivables from those
receivables owned by the Seller which met the selection criteria contained in
the Sale and Servicing Agreement.

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

          13. One Original. There is only one original executed copy of each
Receivable.

          14. Receivable Files Complete. There exists a Receivable File pertaining
to each Receivable and such Receivable File contains (a) a fully executed
original of the

Sch-B-2

 

Receivable, (b) the original executed credit application, or a paper or
electronic copy thereof and (c) the original Lien Certificate or application
therefor. Each of such documents which is required to be signed by the Obligor
has been signed by the Obligor in the appropriate spaces. All blanks on any
form have been properly filled in and each form has otherwise been correctly
prepared. The complete Receivable File for each Receivable currently is in the
possession of the Custodian.

          15. Receivables in Force. No Receivable has been satisfied, subordinated
or rescinded, and the Financed Vehicle securing each such Receivable has not
been released from the lien of the related Receivable in whole or in part. No
terms of any Receivable have been waived, altered or modified in any respect
since its origination, except by instruments or documents identified in the
Receivable File.

          16. Lawful Assignment. No Receivable was originated in, or is subject to
the laws of, any jurisdiction the laws of which would make unlawful, void or
voidable the sale, transfer and assignment of such Receivable under this
Agreement or pursuant to transfers of the Securities.

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

          18. Security Interest in Financed Vehicle. Each Receivable created or
shall create a valid, binding and enforceable first priority security interest
in favor of AmeriCredit in the Financed Vehicle. The Lien Certificate for each
Financed Vehicle shows, or if a new or replacement Lien Certificate is being
applied for with respect to such Financed Vehicle the Lien Certificate will be
received within 180 days of the Closing Date or Subsequent Transfer Date, as
applicable, and will show AmeriCredit named as the original secured party under
each Receivable as the holder of a first priority security interest in such
Financed Vehicle. With respect to each Receivable for which the Lien
Certificate has not yet been returned from the Registrar of Titles, AmeriCredit
has applied for or received written evidence from the related Dealer or
Third-Party Lender that such Lien Certificate showing AmeriCredit as first
lienholder has been applied for and AmeriCredit’s security interest (assigned
by AmeriCredit to the Seller pursuant to the Purchase Agreement) has been
validly assigned by the Seller to the Trust pursuant to this Agreement. This
Agreement creates a valid and continuing security interest (as defined in the
UCC) in the Receivables in favor of the Trust, which security interest is prior
to all other Liens, and is enforceable as such as against creditors of and
purchasers from the Seller. Immediately after the sale, transfer and
assignment by the Seller to the Trust, each Receivable will be secured by an
enforceable and perfected first priority security interest in the Financed
Vehicle in favor of the Trust Collateral Agent as secured party, which security
interest is prior to

Sch-B-3

 

all other Liens upon and security interests in such Financed Vehicle which
now exist or may hereafter arise or be created (except, as to priority, for any
lien for taxes, labor or materials affecting a Financed Vehicle). As of the
Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, there were no
Liens or claims for taxes, work, labor or materials affecting a Financed
Vehicle which are or may be Liens prior or equal to the Liens of the related
Receivable.

          19. All Filings Made. All filings (including, without limitation, UCC
filings (including, without limitation, the filing by the Seller of all
appropriate financing statements in the proper filing office in the State of
Nevada under applicable law in order to perfect the security interest in the
Receivables granted to the Trust hereunder)) required to be made by any Person
and actions required to be taken or performed by any Person in any jurisdiction
to give the Trust and the Trust Collateral Agent a first priority perfected
lien on, or ownership interest in, the Receivables and the proceeds thereof and
the Other Conveyed Property have been made, taken or performed.

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

          21. Receivable Not Assumable. No Receivable is assumable by another
Person in a manner which would release the Obligor thereof from such Obligor’s
obligations to AmeriCredit with respect to such Receivable.

          22. No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense and no such right has been asserted or
threatened with respect to any Receivable.

          23. No Default. There has been no default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than payment
delinquencies of not more than 30 days), and no condition exists or event has
occurred and is continuing that with notice, the lapse of time or both would
constitute a default, breach, violation or event permitting acceleration under
the terms of any Receivable, and there has been no waiver of any of the
foregoing. As of the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, no Financed Vehicle had been repossessed.

          24. Insurance. At the time of an origination of a Receivable by
AmeriCredit or a purchase of a Receivable by AmeriCredit from a Dealer or
Third-Party Lender, each Financed Vehicle is required to be covered by a
comprehensive and collision insurance policy (i) in an amount at least equal to
the lesser of (a) its maximum insurable value or (b) the principal

Sch-B-4

 

amount due from the Obligor under the related Receivable, (ii) naming
AmeriCredit as loss payee and (iii) insuring against loss and damage due to
fire, theft, transportation, collision and other risks generally covered by
comprehensive and collision coverage. Each Receivable requires the Obligor to
maintain physical loss and damage insurance, naming AmeriCredit and its
successors and assigns as additional insured parties, and each Receivable
permits the holder thereof to obtain physical loss and damage insurance at the
expense of the Obligor if the Obligor fails to do so. No Financed Vehicle is
insured under a policy of Force-Placed Insurance on the Initial Cutoff Date or
the Subsequent Cutoff Date, as applicable.

          25. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff Date,
as applicable, no Receivable was more than 30 days past due.

          26. Remaining Principal Balance. At the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, the Principal Balance of each Receivable
set forth in the Schedules of Receivables is true and accurate in all material
respects.

          27. Certain Characteristics of Initial Receivables.

     (A) Each Initial Receivable had a remaining maturity, as of the
Initial Cutoff Date, of not more than 72 months.

     (B) Each Initial Receivable had an original maturity, as of the
Initial Cutoff Date, of not more than 72 months.

     (C) Not more than 40% of the Initial Receivables (calculated by
Aggregate Principal Balance) has an original term to maturity of 72
months. The original term to maturity of 72 month Receivables in the
Trust is 24% as of the Initial Cutoff Date.

     (D) Each Initial Receivable had a remaining Principal Balance as of
the Initial Cutoff Date of at least $250 and not more than $80,000.

     (E) Each Initial Receivable has an Annual Percentage Rate of at
least 1% and not more than 33%.

     (F) The Initial Receivables’ weighted average Annual Percentage Rate
is not less than 16.88%. The weighted average Annual Percentage Rate of
the Initial Receivables in the Trust is 16.97% as of the Initial Cutoff
Date.

     (G) No Initial Receivable was more than 30 days past due as of the
Initial Cutoff Date.

     (H) No funds have been advanced by AmeriCredit, any Dealer, any
Third-Party Lender, or anyone acting on behalf of any of them in order to
cause any Initial Receivable to qualify under clause (G) above.

     (I) Not more than 35% of the Obligors reside in Texas and California
(based on the Obligor’s mailing address). As of the Initial Cutoff Date,
23.53% of the Obligors (based in the Obligor’s mailing address) reside in
Texas and California.

Sch-B-5

 

     (J) Each Obligor had a billing address in the United States as of
the date of origination of the Initial Receivables, is a natural person
and is not an Affiliate of any party to this Agreement.

     (K) Each Initial Receivable is denominated in, and each Contract
provides for payment in, United States dollars.

     (L) Each Initial Receivable is identified on the Servicer’s master
servicing records as an automobile installment sales contract or
installment note.

     (M) Each Initial Receivable arises under a Contract which is
assignable without the consent of, or notice to, the Obligor thereunder,
and does not contain a confidentiality provision that purports to
restrict the ability of the Servicer to exercise its rights under the
Sale and Servicing Agreement, including, without limitation, its right to
review the Contract.

     (N) Each Initial Receivable arises under a Contract with respect to
which AmeriCredit has performed all obligations required to be performed
by it thereunder, and, in the event such Contract is an installment sales
contract, delivery of the Financed Vehicle to the related Obligor has
occurred.

          28. Interest Calculation. Each Contract provides for the calculation of
interest payable thereunder under either the “simple interest” method, the
“Rule of 78’s” method or the “precomputed interest” method.

          29. Lockbox Account. Each Obligor has been, or will be, directed to make
all payments on their related Receivable to the Lockbox Account.

          30. Lien Enforcement. Each Receivable provides for enforcement of the
lien or the clear legal right of repossession, as applicable, on the Financed
Vehicle securing such Receivable.

          31. Prospectus Supplement Description. Each Receivable conforms, and all
Receivables in the aggregate conform, in all material respects to the
description thereof set forth in the Prospectus Supplement.

          32. Risk of Loss. Each Contract contains provisions requiring the Obligor
to assume all risk of loss or malfunction on the related Financed Vehicle,
requiring the Obligor to pay all sales, use, property, excise and other similar
taxes imposed on or with respect to the Financed Vehicle and making the Obligor
liable for all payments required to be made thereunder, without any setoff,
counterclaim or defense for any reason whatsoever, subject only to the
Obligor’s right of quiet enjoyment.

          33. Vehicle Exchange. No Contract provides for the substitution, exchange
or addition of any Financed Vehicle subject to such Receivable.

Sch-B-6

 

          34. Leasing Business. To the best of the Seller’s and the Servicer’s
knowledge, as appropriate, no Obligor is a Person involved in the business of
leasing or selling equipment of a type similar to the Obligor’s related
Financed Vehicle.

          35. Consumer Leases. No Receivable constitutes a “consumer lease” under
either (a) the UCC as in effect in the jurisdiction the law of which governs
the Receivable or (b) the Consumer Leasing Act, 15 USC 1667.

          36. Perfection. The Seller has taken all steps necessary to perfect its
security interest against the related Obligors in the property securing the
Receivables and will take all necessary steps on behalf of the Trust to
maintain the Trust’s perfection of the security interest created by each
Receivable in the related Financed Vehicle.

Sch-B-7

 

SCHEDULE C

SERVICING POLICIES AND PROCEDURES

Note: Applicable Time Periods Will Vary by State

Compliance with state collection laws is required of all AmeriCredit Collection
Personnel. Additionally, AmeriCredit has chosen to follow the guidelines of
the Federal Fair Debt Collection Practices Act (FDCPA).

The Collection Process

AmeriCredit mails each customer a monthly billing statement 16 to 20 days
before payment is due.

	A.	 	All accounts are issued to the Computer Assisted Collection System (CACS)
at 5 days delinquent or at such other dates of delinquency as determined
by historical payment patterns of the account.
	 
	B.	 	The CACS segregates accounts into two major groups: loans 5-45 days
delinquent and those over 45 days delinquent.
	 
	C.	 	Loans delinquent up to 45 days are then further segregated into two
groups: accounts that have good phone numbers and those that do not.
	 
	D.	 	Loans up to 45 days delinquent are transferred to the Concerto system
(AmeriCredit’s predictive dialing system). The system automatically dials
the phone number related to a delinquent account for all accounts that
have good phone numbers. When a connection is made, the account is then
routed to the next available account representative.
	 
	E.	 	Loans without good phone numbers are called manually, through the CACS
system, or in a preview dialer campaign.
	 
	F.	 	All reasonable collection efforts are made in an attempt to prevent these
accounts from becoming 30+ days delinquent – this includes the use of
collection letters. Collection letters may be utilized between 15th and
25th days of delinquency.
	 
	G.	 	When an account reaches 31 days delinquent, a collector determines if any
default notification is required in the state where the debtor lives.
	 
	H.	 	When an account exceeds 45 days delinquent, the loan is assigned to a 46+
collection team which will continue the collection effort until
resolution. If the account cannot be resolved through normal collection
efforts (i.e., satisfactory payment arrangements) then the account may be
submitted for repossession approval. An officer must approve all
repossession requests.
	 
	I.	 	CACS allows each collector to accurately document and update each
customer file when contact (verbal or written) is made.

Sch-C-1

 

Repossessions

If repossession of the collateral occurs, the following steps are taken:

	A.	 	Proper authorities are notified (if applicable).
	 
	B.	 	An inventory of all personal property is taken and a condition report is
prepared on the vehicle.
	 
	C.	 	Written notification, as required by state law, is sent to the
customer(s) stating their rights of redemption or reinstatement along with
information on how to obtain any personal property that was in the vehicle
at the time of repossession.
	 
	D.	 	Written request to the originating dealer for all refunds due for dealer
adds is made.
	 
	E.	 	Collateral disposition through public or private sale, (dictated by state
law), in a commercially reasonable manner, through a third-party auto
auction.
	 
	F.	 	After the collateral is liquidated, the debtor(s) is notified in writing
of the deficiency balance owed, if any.

Use of Due Date Changes

Due dates may be changed subject to the following conditions:

	A.	 	The account is contractually current or will be brought current with the
due date change.
	 
	B.	 	Due date changes cannot exceed the total of 30 days over the life of the
contract.
	 
	C.	 	The first installment payment has been paid in full.
	 
	D.	 	Only one due date change in a twelve month period.

An Officer must approve any exceptions to the above stated policy.

Use of Payment Deferments

A payment deferral is offered to customers who have the desire and capacity to
make future payments but who have encountered temporary financial difficulties,
with management approval.

	A.	 	Without prior approval, minimum of six payments have been made on the
account and a minimum of six payments have been made since the most recent
deferment (if any).
	 
	B.	 	The account will be brought current with the deferment, but not paid
ahead, without management approval.
	 
	C.	 	A deferment fee is collected on all transactions.

Sch-C-2

 

	D.	 	No more than eight total payments may be deferred over the life of the
loan, without management approval.

An Officer must approve any exceptions to the above stated policy.

Charge-Offs

It is AmeriCredit’s policy that any account that is not successfully recovered
by 120 days delinquent is submitted to an Officer for approval and charge-off.

It is AmeriCredit’s policy to carry all Chapter 13 bankruptcy accounts until
120 days delinquent. A partial charge-off is taken for the unsecured portion
of the account. On fully reaffirmed Chapter 7 bankruptcy accounts, the
accounts can be deferred current at the time of discharge.

Deficiency Collections

Collections on charged-off accounts are continued internally and/or assigned to
third party collection agencies for deficiency balances.

Sch-C-3

 

EXHIBIT A

SUBSEQUENT TRANSFER AGREEMENT

          Transfer
No.       of Subsequent Receivables pursuant to a Sale
and Servicing Agreement dated as of April 5, 2004, among AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2004-B-M, a Delaware statutory trust (the “Issuer”), AFS
SENSUB CORP., a Nevada corporation (the “Seller”), AMERICREDIT FINANCIAL
SERVICES, INC. a Delaware corporation (the “Servicer”) and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association (the “Trust Collateral
Agent”), in its capacity as the backup servicer (the “Backup Servicer”).

W I T N E S S E T H:

          WHEREAS pursuant to the Sale and Servicing Agreement, the Seller wishes to
convey the Subsequent Receivables to the Issuer; and

          WHEREAS, the Issuer is willing to accept such conveyance subject to the
terms and conditions hereof.

          NOW, THEREFORE, the Issuer, the Seller and the Servicer hereby agree as
follows:

          1. Defined Terms. Capitalized terms used herein shall have the meanings
ascribed to them in the Sale and Servicing Agreement unless otherwise defined
herein.

          “Subsequent Cutoff Date” shall mean, with respect to the Subsequent
Receivables conveyed hereby,
      , 200_.

          “Subsequent Transfer Date” shall mean, with respect to the Subsequent
Receivables conveyed hereby,
      , 200_.

          2. Schedule of Receivables. Attached hereto as Schedule A is a supplement
to Schedule A to the Sale and Servicing Agreement listing the Receivables that
constitute the Subsequent Receivables to be conveyed pursuant to this Agreement
on the Subsequent Transfer Date.

          3. Conveyance of Subsequent Receivables. In consideration of the Issuer’s
delivery to or upon the order of the Seller of
$      the Seller does
hereby sell, transfer, assign, set over and otherwise convey to the Issuer,
without recourse (except as expressly provided in the Sale and Servicing
Agreement), all right, title and interest of the Seller in and to:

               (a) the Subsequent Receivables and all moneys received thereon, on and
after the Subsequent Cutoff Date;

Ex-A-1

 

               (b) the security interests in the Financed Vehicles granted by Obligors
pursuant to the Subsequent Receivables and any other interest of the Seller in
such Financed Vehicles;

               (c) any proceeds and the right to receive proceeds with respect to the
Subsequent Receivables from claim and the right to receive proceeds on any
physical damage, credit life or disability insurance policies covering Financed
Vehicles or Obligors and any proceeds from the liquidation of such Subsequent
Receivables, net of those reimbursable liquidation expenses set forth in
Article IV of the Sale and Servicing Agreement;

               (d) any proceeds with respect to the Subsequent Receivables repurchased by
a Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an
Auto Loan Purchase and Sale Agreement as a result of a breach of representation
or warranty in the related Dealer Agreement or Auto Loan Agreement and Sale
Agreement;

               (e) all rights under any Service Contracts on the related Finance
Vehicles;

               (f) the related Receivables Files;

               (g) all of the Seller’s rights, title and interests, but none of its
obligations or burdens, under the Subsequent Transfer Agreement, including the
delivery requirements, representations and warranties and the cure and
repurchase obligations of Seller under the Subsequent Purchase Agreement, on or
after the Subsequent Cutoff Date; and

               (h) the proceeds of any and all of the foregoing.

          4. Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Issuer as of the date of this Agreement and as
of the Subsequent Transfer Date that:

               (a) Schedule of Representations. The representations and warranties
relating to the Subsequent Receivables set forth on the Schedule of
Representations attached as Schedule B to the Sale and Servicing Agreement are
true and correct.

               (b) Organization and Good Standing. The Seller has been duly organized
and is validly existing as a corporation in good standing under the laws of the
State of Nevada, with power and authority to own its properties and to conduct
its business as such properties are currently owned and such business is
currently conducted, and had at all relevant times, and now has, power,
authority and legal right to acquire, own and sell the Receivables and the
Other Conveyed Property transferred to the Trust.

               (c) Due Qualification. The Seller is duly qualified to do business as a
foreign corporation in good standing and has obtained all necessary licenses
and approvals in all jurisdictions where the failure to do so would materially
and adversely affect Seller’s ability to transfer the Subsequent Receivables
and the Subsequent Other Conveyed Property to the Trust pursuant to this
Agreement, or the validity or enforceability of the Subsequent Receivables and

Ex-A-2

 

the Subsequent Other Conveyed Property or to perform Seller’s obligations
hereunder and under the Seller’s Basic Documents.

               (d) Power and Authority. The Seller has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms, respectively; the Seller has full power and authority to
sell and assign the Subsequent Receivables and the Subsequent Other Conveyed
Property to be sold and assigned to and deposited with the Trust by it and has
duly authorized such sale and assignment to the Trust by all necessary
corporate action; and the execution, delivery and performance of this Agreement
and the Seller’s Basic Documents have been duly authorized by the Seller by all
necessary corporate action.

               (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale,
transfer and assignment of the Subsequent Receivables and the Subsequent Other
Conveyed Property, enforceable against the Seller and creditors of and
purchasers from the Seller; and this Agreement and the Seller’s Basic
Documents, when duly executed and delivered, shall constitute legal, valid and
binding obligations of the Seller enforceable in accordance with their
respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally and by equitable limitations on the availability of
specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law.

               (f) No Violation. The consummation of the transactions contemplated by
this Agreement and the Basic Documents and the fulfillment of the terms of this
Agreement and the Basic Documents shall not conflict with, result in any breach
of any of the terms and provisions of or constitute (with or without notice,
lapse of time or both) a default under the certificate of incorporation or
by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or
other instrument to which the Seller is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust
or other instrument, other than this Agreement, or violate any law, order, rule
or regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or any of its properties.

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

               (h) Chief Executive Office. The chief executive office of the Seller is
at 639 Isbell Road, Suite 390, Reno, Nevada 89509.

Ex-A-3

 

               (i) Principal Balance. The aggregate Principal Balance of the Subsequent
Receivables listed on Schedule A annexed hereto and conveyed to the Issuer
pursuant to this Agreement as of the Subsequent Cutoff Date is
$      .

               (j) Seller’s Intention. The Subsequent Receivables are being transferred
with the intention of removing them from the Seller’s estate pursuant to
Section 541 of the United States Bankruptcy Code, as the same may be amended
from time to time.

          5. Conditions Precedent. The obligation of the Issuer to acquire the
Subsequent Receivables hereunder is subject to the satisfaction, on or prior to
the Subsequent Transfer Date, of the following conditions precedent:

               (a) Representations and Warranties. Each of the representations and
warranties made by the Seller in Section 4 of this Agreement and in Section 6.1
of the Sale and Servicing Agreement shall be true and correct as of the date of
this Agreement and as of the Subsequent Transfer Date.

               (b) Sale and Servicing Agreement Conditions. Each of the conditions set
forth in Section 2.2(b) to the Sale and Servicing Agreement shall have been
satisfied.

               (c) Additional Information. The Seller shall have delivered to the Issuer
such information as was reasonably requested by the Issuer to satisfy itself as
to (i) the accuracy of the representations and warranties set forth in Section
4 of this Agreement and in Section 6.1 of the Sale and Servicing Agreement and
(ii) the satisfaction of the conditions set forth in this Section 5.

          6. Ratification of Agreement. As supplemented by this Agreement, the Sale
and Servicing Agreement is in all respects ratified and confirmed and the Sale
and Servicing Agreement as so supplemented by this Agreement shall be read,
taken and construed as one and the same instrument.

          7. Counterparts. This Agreement may be executed in two or more
counterparts (and by different parties in separate counterparts), each of which
shall be an original but all of which together shall constitute one and the
same instrument.

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

Ex-A-4

 

          IN WITNESS WHEREOF, the Issuer, the Seller and the Servicer have caused
this Agreement to be duly executed and delivered by their respective duly
authorized officers as of day and the year first above written.

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
	 	 	TRUST 2004-B-M
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in
	

	 	 	 	its individual capacity but solely as Owner
	

	 	 	 	Trustee on behalf of the Trust.
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	AFS SENSUB CORP., Seller,
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC.,
	 	 	Servicer,
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 

	 	 	 
	Acknowledged and accepted by
	 
	 	 
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
	not in its individual capacity but solely
	as Trust Collateral Agent
	 
	 	 
	By:

	 	

	

	 	Name:
	

	 	Title:

 

 

	 	 	 
	Acknowledged and accepted by
	 
	 	 
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
	not in its individual capacity but solely
	as Backup Servicer
	 
	 	 
	By:

	 	

	

	 	Name:
	

	 	Title:

 

 

SCHEDULE A

SCHEDULE OF RECEIVABLE

 

 

EXHIBIT B

SERVICER’S CERTIFICATE

AmeriCredit Automobile Receivables Trust 2004-B-M

Class A-1 1.06% Asset Backed Notes

Class A-2 1.45% Asset Backed Notes

Class A-3 2.07% Asset Backed Notes

Class A-4 2.67% Asset Backed Notes

Servicer’s Certificate

This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SENSUB Corp., as Seller, and Wells Fargo Bank, N.A., as Trust Collateral Agent and Backup Servicer, dated as of April 5, 2004. Defined terms
have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

The undersigned hereby certifies that no Trigger Event has occurred on the related Determination Date and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred.

Monthly Period Beginning:

Monthly Period Ending:

Prev. Distribution/Close Date:

Distribution Date:

Days of Interest for Period:

Days in Collection Period:

Months Seasoned:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Class A-1
	 	Class A-2
	 	Class A-3
	 	Class A-4
	 	TOTAL

	I.

	 	 	 	MONTHLY PERIOD NOTE BALANCE CALCULATION:	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{1}	 	Original Note Balance	 	{1}	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{2}	 	Preliminary End of period Note Balance	 	{2}	 	 
	 
	 	 	 	 	 	 	 	 	 	

	 	 	{3}	 	Deficiency Claim Amount	 	{3}	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{4}	 	End of period Note Balance	 	{4}	 	 
	 
	 	 	 	 	 	 	 	 	 	

	 	 	{5}	 	Note Pool Factors {4} / {1}	 	{5}	 	 
	 
	 	 	 	 	 	 	 	 	 	

	II.	 	 	 	RECONCILIATION OF SPREAD ACCOUNT:	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{6}	 	Preliminary End of period Spread Account balance	 	 	 	 	 	 	 	 	 	{6}	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{7}	 	Priority First - Deficiency Claim Amount from preliminary certificate	 	 	 	 	 	 	 	 	 	{7}	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{8}	 	End of period Spread Account balance	 	 	 	 	 	 	 	 	 	{8}	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	III.	 	 	 	MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Cumulative
	 	Monthly
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
	 	
 
	 	 	{9}	 	Original Number of Receivables	 	 	 	 	 	 	 	{9}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	

	 	 	{10}	 	Beginning of period number of Receivables	 	 	 	 	 	 	 	{10}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{11}	 	Number of Subsequent Receivables Purchased	 	 	 	 	 	 	 	{11}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{12}	 	Number of Receivables becoming Liquidated Receivables during period	 	 	 	 	 	 	 	{12}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{13}	 	Number of Receivables becoming Purchased Receivables during period	 	 	 	 	 	 	 	{13}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{14}	 	Number of Receivables paid off during period	 	 	 	 	 	 	 	{14}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	

	 	 	{15}	 	End of period number of Receivables	 	 	 	 	 	 	 	{15}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IV.	 	 	 	STATISTICAL DATA: (CURRENT AND HISTORICAL)	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	Original
	 	Prev. Month
	 	Current
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
	 	
 
	 	
 
	 	 	{16}	 	Weighted Average APR of the Receivables	 	 	 	 	 	{16}	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{17}	 	Weighted Average Remaining Term of the Receivables	 	 	 	 	 	{17}	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{18}	 	Weighted Average Original Term of Receivables	 	 	 	 	 	{18}	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{19}	 	Average Receivable Balance	 	 	 	 	 	{19}	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{20}	 	Aggregate Realized Losses	 	 	 	 	 	{20}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	V.	 	 	DELINQUENCY:	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	Units

	 	Dollars

	 	Percentage

	 	 	 	Receivables with Scheduled Payment delinquent	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{21}
	 	31-60 days
	 	 	 	 	 	{21}	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{22}
	 	61-90 days
	 	 	 	 	 	{22}	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{23}
	 	over 90 days
	 	 	 	 	 	{23}	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{24}
	 	Receivables with Scheduled Payment delinquent more than 30 days at end of period
	 	 	 	 	 	{24}	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	

	VI.

	 	 	PERFORMANCE TESTS:	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	Delinquency Ratio	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{25}
	 	Receivables and Purchased
Receivables with Scheduled Payment delinquent more than 60 days ({22} + {23})
	 	 	 	 	 	 	 	{25}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{26}
	 	Beginning of period Principal Balance
	 	 	 	 	 	 	 	{26}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{27}
	 	Delinquency Ratio {25} divided by {26}
	 	 	 	 	 	 	 	{27}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{28}
	 	Previous Monthly Period Delinquency Ratio
	 	 	 	 	 	 	 	{28}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{29}
	 	Second previous Monthly Period Delinquency Ratio
	 	 	 	 	 	 	 	{29}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{30}
	 	Average Delinquency Ratio ({27} + {28} + {29}) / 3
	 	 	 	 	 	 	 	{30}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{31}
	 	Compliance (Delinquency Test
Failure is a Delinquency Ratio equal to or greater than 4.00%.)
	 	 	 	 	 	 	 	{31}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	Cumulative Default Rate	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{32}
	 	Defaulted Receivables in Current Period
	 	 	 	 	 	 	 	{32}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{33}
	 	Cumulative Defaulted Receivables from last month
	 	 	 	 	 	 	 	{33}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{34}
	 	Cumulative Defaulted Receivables {32} + {33}
	 	 	 	 	 	 	 	{34}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{35}
	 	Original Pool Balance
	 	 	 	 	 	 	 	{35}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{36}
	 	Cumulative Default Rate {34} divided by {35}
	 	 	 	 	 	 	 	{36}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{37}
	 	Compliance (Default Test Failure is a Cumulative Default Rate equal to or greater than 3.53%.)
	 	 	 	 	 	 	 	{37}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	Cumulative Net Loss Rate	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{38}
	 	Receivables becoming Liquidated Receivables during period
	 	 	 	 	 	 	 	{38}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{39}
	 	Purchased Receivables with Scheduled Payment delinquent more than 30 days at end of period
	 	 	 	 	 	 	 	{39}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{40}
	 	Liquidation Proceeds collected during period
	 	 	 	 	 	 	 	{40}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{41}
	 	Net Losses during period {38} + {39} + {40}
	 	 	 	 	 	 	 	{41}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{42}
	 	Net Losses since Initial Cut-off Date (Beginning of Period)
	 	 	 	 	 	 	 	{42}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{43}
	 	Cumulative Net Loss Rate before 50% of 90 Day Delinquencies ({41} + {42}) / {45}
	 	 	 	 	 	 	 	{43}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{44}
	 	50% of Receivables with Scheduled Payment delinquent more than 90 days at end of period
	 	 	 	 	 	 	 	{44}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{45}
	 	Original Aggregate Principal Balance plus Pre-Funded Amount as of the Closing Date
	 	 	 	 	 	 	 	{45}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{46}
	 	Cumulative Net Loss Rate ({41} + {42} + {44}) / {45}
	 	 	 	 	 	 	 	{46}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{47}
	 	Compliance (Net Loss Test Failure is a Net Loss Rate equal to or greater than 2.13%.)
	 	 	 	 	 	 	 	{47}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	Extension Rate	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	{48}
	 	Principal Balance of Receivables extended during current period
	 	 	 	 	 	 	 	{48}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{49}
	 	Beginning of Period Aggregate Principal Balance
	 	 	 	 	 	 	 	{49}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	

	 	 	 	{50}
	 	Extension Rate {48} divided by {49}
	 	 	 	 	 	 	 	{50}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{51}
	 	Previous Monthly Extension Rate
	 	 	 	 	 	 	 	{51}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{52}
	 	Second previous Monthly Extension Rate
	 	 	 	 	 	 	 	{52}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{53}
	 	Average Extension Rate ({50} +{51} +{52}) / 3
	 	 	 	 	 	 	 	{53}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	

	 	 	 	{54}
	 	Compliance (Extension Test Failure is an Extension Rate equal to or greater than 4%.)
	 	 	 	 	 	 	 	{54}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	By:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 
	Name:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 
	Title:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 
	Date:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

EXHIBIT C

PRELIMINARY SERVICER’S CERTIFICATE

AmeriCredit Automobile Receivables Trust 2004-B-M

Class A-1 1.06% Asset Backed Notes

Class A-2 1.45% Asset Backed Notes

Class A-3 2.07% Asset Backed Notes

Class A-4 2.67% Asset Backed Notes

Preliminary Servicer’s Certificate

This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SENSUB Corp., as Seller, and Wells Fargo Bank, N.A., as Trust Collateral Agent and Backup Servicer, dated as of April 5, 2004. Defined terms have the meanings assigned to them
in the Sale and Servicing Agreement or in other Transaction Documents.

The undersigned hereby certifies that no Trigger Event has occurred on the related Determination Date and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred.

	 	 	 	 	 	 	 	 	 	 	 
	Monthly Period Beginning:
Monthly Period Ending: 	 	Purchases
	 	Units
	 	Cut-off Date
	 	Closing Date
	 	Original
Pool Balance

	Prev. Distribution/Close Date: 

Distribution Date: 	 	Initial
Purchase
Sub. Purchase #1
	 	 	 	 	 	 	 	 
	Days of Interest for Period:

Days in Collection Period:

	 	Sub. Purchase #2

	 	 
	 	 
	 	 
	 	 
	Months Seasoned:	 	Total	 	
 
	 	
 
	 	
 
	 	
 

	 	 	

	 	
 
	 	
 
	 	
 
	 	
 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	I.	 	 	 	MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{1}	 	Beginning of period Aggregate Principal Balance	 	 	 	 	 	 	 	 	 	 	 	{1}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{2}	 	Purchase of Subsequent Receivables	 	 	 	 	 	 	 	 	 	 	 	{2}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	Monthly Principal Amounts	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{3}	 	Collections on Receivables outstanding at end of period	 	 	 	 	 	 	 	{3}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{4}	 	Collections on Receivables paid off during period	 	 	 	 	 	 	 	{4}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{5}	 	Receivables becoming Liquidated Receivables during period	 	 	 	 	 	 	 	{5}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{6}	 	Receivables becoming Purchased Receivables during period	 	 	 	 	 	 	 	{6}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{7}	 	Other Receivables adjustments	 	 	 	 	 	 	 	{7}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{8}	 	Less amounts allocable to Interest	 	 	 	 	 	 	 	{8}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{9}	 	Total Monthly Principal Amounts	 	 	 	 	 	 	 	 	 	{9}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{10}	 	End of period Aggregate Principal Balance	 	 	 	 	 	 	 	 	 	 	 	{10}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{11}	 	Pool Factor ( {10} / Original Pool Balance)	 	 	 	 	 	 	 	 	 	 	 	{11}	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 	 	Class A-1
	 	Class A-2
	 	Class A-3
	 	Class A-4
	 	TOTAL

	II.	 	 	 	MONTHLY PERIOD NOTE BALANCE CALCULATION:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{12}	 	Original Note Balance	 	 	 	{12}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{13}	 	Beginning of period Note Balance	 	 	 	{13}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{14}	 	Noteholders’ Principal Distributable Amount	 	 	 	{14}	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{15}	 	Noteholders’ Accelerated Principal Amount	 	 	 	{15}	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{16}	 	Accelerated Payment Amount Shortfall	 	 	 	{16}	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{17}	 	Deficiency Claim Amount	 	 	 	{17}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{18}	 	End of period Note Balance	 	 	 	{18}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{19}	 	Note Pool Factors ( {18} / {12} )	 	 	 	{19}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	III.	 	 	 	RECONCILIATION OF PRE-FUNDING ACCOUNT:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{20}	 	Beginning of period Pre-Funding Account balance	 	 	 	 	 	 	 	 	 	{20}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{21}	 	Purchase of Subsequent Receivables	 	 	 	 	 	 	 	 	 	{21}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{22}	 	Investment Earnings	 	 	 	 	 	 	 	 	 	{22}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{23}	 	Investment Earnings Transfer to Collections Account	 	 	 	 	 	 	 	 	 	{23}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{24}	 	Payment of Mandatory Prepayment Amount	 	 	 	 	 	 	 	 	 	{24}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{25}	 	Total Month Activity	 	 	 	 	 	 	 	 	 	{25}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{26}	 	End of period Pre-Funding Account balance	 	 	 	 	 	 	 	 	 	{26}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	IV.	 	 	 	OVERCOLLATERALIZATION AMOUNT CALCULATION	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{28}	 	Current Distribution Date Before April 2006?	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{29}	 	If {36} is Yes, then Overcollateralization Amount 16.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{30}	 	If {36} is No, then refer to the following table	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	OC Amount
	 	3mo Avg
Delinquency Ratio
	 	Cumulative
Net Loss Ratio
	 	Default Ratio
	 	3mo Avg
Extension Ratio	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	
 	 	
 
	 	
 
	 	
 
	 	
 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{31}	 	Overcollateralization Amount per Table if applicable	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{32}	 	Overcollateralization Amount	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	V.	 	 	 	CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{27}	 	Total Monthly Principal Amounts	 	 	 	 	 	 	 	 	 	{27}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{28}	 	Required Pro-forma Note Balance	 	 	 	 	 	 	 	 	 	{28}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{29}	 	Pro Forma Note Balance ({13} - {9})	 	 	 	 	 	 	 	 	 	{29}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{30}	 	Step-down Amount (Max of 0 or ({28} - {29}))	 	 	 	 	 	 	 	 	 	{30}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{31}	 	Principal Distributable Amount ({27} - {30})	 	 	 	 	 	 	 	 	 	{31}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	VI.	 	 	 	RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{32}	 	Beginning of period Capitalized Interest Account balance	 	 	 	 	 	 	 	 	 	{32}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{33}	 	Monthly Capitalized Interest Amount	 	 	 	 	 	 	 	 	 	{33}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{34}	 	Investment Earnings	 	 	 	 	 	 	 	 	 	{34}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{35}	 	Investment Earnings Transfer to Collections Account	 	 	 	 	 	 	 	 	 	{35}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{36}	 	Payment of Overfunded Capitalized Interest Amount	 	 	 	 	 	 	 	 	 	{36}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{37}	 	Payment of Remaining Capitalized Interest Account	 	 	 	 	 	 	 	 	 	{37}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{38}	 	Total Monthly Activity	 	 	 	 	 	 	 	 	 	{38}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{39}	 	End of period Capitalized Interest Account balance	 	 	 	 	 	 	 	 	 	{39}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	VII.	 	 	 	RECONCILIATION OF COLLECTION ACCOUNT:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Available Funds:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{40}	 	Collections on Receivables during period (net of Liquidation Proceeds and Fees)	 	 	 	{40}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{41}	 	Liquidation Proceeds collected during period	 	 	 	 	 	 	 	{41}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{42}	 	Purchase Amounts deposited in Collection	 	 	 	 	 	 	 	{42}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{43}	 	Investment Earnings - Collection Account	 	 	 	 	 	 	 	{43}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{44}	 	Investment Earnings - Transfer From Prefunding Account	 	 	 	 	 	 	 	{44}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{45}	 	Investment Earnings - Transfer From Capitalized Interest Account	 	 	 	{45}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{46}	 	Collection of Supplemental Servicing - Extension Fees	 	 	 	 	 	 	 	{46}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{47}	 	Collection of Supplemental Servicing - Repo and Recovery Fees Advanced	 	 	 	{47}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{48}	 	Collection of Supplemental Servicing - Late Fees	 	 	 	 	 	 	 	{48}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{49}	 	Monthly Capitalized Interest Amount	 	 	 	 	 	 	 	{49}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{50}	 	Mandatory Note Prepayment Amount	 	 	 	 	 	 	 	{50}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{51}	 	Proceeds from Swap Agreement	 	 	 	 	 	 	 	 	 	 	 	 	 	{51}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{52}	 	Total Available Funds	 	 	 	 	 	 	 	 	 	 	 	 	 	{52}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	Distributions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{53}	 	Base Servicing Fee -  to Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	{53}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{54}	 	Repo and Recovery Fees - reimbursed to Servicer	 	 	 	 	 	 	 	{54}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{55}	 	Bank Service Charges - reimbursed to Servicer	 	 	 	 	 	 	 	{55}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{56}	 	Late Fees - to Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	{56}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{57}	 	Agent fees - to Trustee	 	 	 	 	 	 	 	 	 	 	 	 	 	{57}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Noteholders’ Interest Distributable Amount	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Beginning
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Class
	 	Note Balance
	 	Interest
Carryover
	 	Interest
Rate
	 	Days
	 	Days Basis
	 	Calculated
Interest	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	
 
	 	
 
	 	
 
	 	 	
 	 	 	
 
	 	
 
	 	
 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{58}	 	Class A - 1	 	 	1.06000	%	 	 	 	Actual days/360	 	 	 	 	 	{58}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{59}	 	Class A - 2	 	 	1.45000	%	 	 	 	30/360	 	 	 	 	 	{59}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{60}	 	Class A - 3	 	 	2.07000	%	 	 	 	30/360	 	 	 	 	 	{60}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{61}	 	Class A - 4	 	 	2.67000	%	 	 	 	30/360	 	 	 	 	 	{61}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Noteholders’ Principal Distributable Amount	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	 	 
	 	Excess
	 	 	 	Mandatory
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Class
	 	Principal
Distributable
	 	Principal
Carryover
	 	Principal Due
	 	 	 	Note Prepayment
	 	Total
Principal	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	
 
	 	
 
	 	
 
	 	
 	 	 	 	
 
	 	
 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{62}	 	Class A - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	{62}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{63}	 	Class A - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	{63}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{64}	 	Class A - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	{64}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{65}	 	Class A - 4	 	 	 	 	 	 	 	 	 	 	 	 	 	{65}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{66}	 	Security Insurer Premiums - to MBIA	 	 	 	 	 	 	 	{66}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{67}	 	Total distributions	 	 	 	 	 	 	 	 	 	 	 	 	 	{67}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{68}	 	Excess Available Funds (or Deficiency Claim Amount )	 	 	 	 	 	 	 	 	 	{68}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{69}	 	Deposit to Spread Account to Increase to Required Level	 	 	 	 	 	 	 	 	 	{69}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{70}	 	Noteholders’ Accelerated Principal Amount	 	 	 	 	 	 	 	 	 	{70}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{71}	 	Deposit to Spread Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	{71}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	VIII.	 	 	 	CALCULATION OF ACCELERATED PRINCIPAL AMOUNT	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{72}	 	Excess Available Funds ({68})	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	{72}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{73}	 	Pro Forma Note Balance ({13} - {9})	 	 	 	 	 	 	 	 	 	 	 	 	 	{73}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{74}	 	Required Pro-forma Note Balance	 	 	 	 	 	 	 	{74}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{75}	 	Excess of Pro Forma Balance over Required Balance ({73} - {74})	 	 	 	 	 	 	 	{75}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{76}	 	End of Period Class A-1 Note Balance (before accel. payments)	 	 	 	 	 	 	 	{76}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{77}	 	Lesser of {75} or {76}	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	{77}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{78}	 	Accelerated Principal Amount (lesser of {72} or {77})	 	 	 	 	 	 	 	 	 	{78}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	IX.	 	 	 	CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{79}	 	Pro Forma Note Balance ({13} - {9})	 	 	 	 	 	 	 	 	 	 	 	 	 	{79}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{80}	 	Required Pro-forma Note Balance	 	 	 	 	 	{80}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{81}	 	Excess of Pro Forma Balance over Required Balance ({79} - {80})	 	 	 	 	 	{81}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{82}	 	End of Period Class A-1 Note Balance	 	 	 	 	 	 	 	 	 	{82}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{83}	 	Greater of {81} or {82}	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	{83}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{84}	 	Excess Available Funds ({68})	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	{84}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{85}	 	Investment Earnings on Collection Account ({43})	 	 	 	 	 	{85}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	{86}	 	Accelerated Payment Amount Shortfall ({83} - {84} + {85})	 	 	 	 	 	 	 	 	 	{86}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	X.	 	 	 	RECONCILIATION OF SPREAD ACCOUNT:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Initial
	 	Sub #1
	 	Sub# 2
	 	 	 	Total	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
	 	
 
	 	
 	 	 	 	
 	 	 
	 	 	{87}	 	Initial or Subsequent Spread Account Deposits	 	 	 	
	 	
	 	
	 	 	 	
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{88}	 	Beginning of period Spread Account balance	 	 	 	 	 	 	 	 	 	{88}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	Additions to Spread Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{89}	 	Deposits from Collections Account ({69})	 	 	 	 	 	 	 	{89}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{90}	 	Investment Earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	{90}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{91}	 	Deposits Related to Subsequent Receivables Purchases	 	 	 	 	 	 	 	{91}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{92}	 	Total Additions	 	 	 	 	 	 	 	 	 	 	 	 	 	{92}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{93}	 	Spread Account balance available for withdrawals	 	 	 	 	 	 	 	 	 	{93}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	Requisite Amount of Spread Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{94}	 	Outstanding Pool
Balance times 2.0%     [   ]	 	 	 	 	 	 	 	{94}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{95}	 	Initial Pool Balance times 2.0%     [   ]	 	 	 	 	 	 	 	{95}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{96}	 	If Level I Trigger exists then greater of 6.0% of Outstanding Pool Balance and 4.0% of
Original Pool Balance	 	 	 	{96}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{97}	 	If Level II Trigger exists then 100% of Aggregate Ending Balance (as specified by MBIA)	 	 	 	{97}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{98}	 	Requisite Amount of Spread Account (If no Level I nor Level II trigger exist, greater of {96} and {97} )	 	{98}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	Withdrawals from Spread Account	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{99}	 	Deficiency Claim Amount	 	 	 	 	 	 	 	 	 	 	 	 	 	{99}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Any Amounts owed to the Trust Collateral Agent not paid from Collection Account	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{100}	 	Accelerated Payment Amount Shortfall =     [   ]	 	 	 	{100}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{101}	 	Accelerated Payment Amount Shortfall in Excess of Requisite Amount	 	 	 	{101}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{102}	 	Costs of Security Interest Perfections in the event of an Insurance Agreement Default	 	 	 	{102}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{103}	 	Release to Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	{103}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{104}	 	Total withdrawals	 	 	 	 	 	 	 	 	 	 	 	 	 	{104}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 	{105}	 	End of period Spread Account balance	 	 	 	 	 	 	 	 	 	{105}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	XI.	 	 	 	CALCULATION OF OC LEVEL AND OC PERCENTAGE	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	{106}	 	Aggregate Principal Balance	 	 	 	 	 	 	 	 	 	 	 	 	 	{106}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{107}	 	End of period Note Balance	 	 	 	 	 	 	 	 	 	 	 	 	 	{107}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{108}	 	Line {106} less line {107} (During Funding Period amount equal to zero)	 	 	 	{108}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{109}	 	OC level {108} / {107}	 	 	 	 	 	 	 	 	 	 	 	 	 	{109}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{110}	 	Ending Spread Balance as a percentage of Aggregate Principal Balance ({105}/{106})	 	 	 	{110}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	{111}	 	OC Percentage ({109} + {110})	 	 	 	 	 	 	 	 	 	 	 	 	 	{111}	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	By:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Title:
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date:exv4w4

 

Exhibit 4.4

NOTE GUARANTY INSURANCE POLICY

POLICY NUMBER: 43723

	 	 	 
	OBLIGATIONS:

	 	AmeriCredit Automobile Receivables Trust 2004-B-M

Automobile Receivables Backed Notes

$224,000,000 Class A-1 Notes

$308,000,000 Class A-2 Notes

$147,000,000 Class A-3 Notes

$221,000,000 Class A-4 Notes

     MBIA Insurance Corporation (the “Insurer”), 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 Wells Fargo Bank, National Association, 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 City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to
the receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

     The Insurer will pay any other amount payable hereunder no later than
12:00 noon, New York City time, on the later of the Distribution Date on which
the related Deficiency

 

 

Amount is due or the second Business Day following receipt in New York,
New York on a Business Day by U.S. Bank Trust National Association, as Fiscal
Agent for the Insurer, or any successor fiscal agent appointed by the Insurer
(the “Fiscal Agent”), of a Notice (as described below), provided that if such
Notice is received after 12:00 noon, New York City time, on such Business Day,
it will be deemed to be received on the following Business Day. If any such
Notice received by the Fiscal Agent is not in proper form or is otherwise
insufficient for the purpose of making claim 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 April 5, 2004 among
AmeriCredit Automobile Receivables Trust 2004-B-M, as Issuer and Wells Fargo
Bank, National Association, as Trustee and Trust Collateral Agent, and the Sale
and Servicing Agreement dated as of April 5, 2004 among AmeriCredit Automobile
Receivables Trust 2004-B-M, as Issuer, AFS Sensub Corp., as Seller, AmeriCredit
Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association,
as Trust Collateral Agent and as Backup Servicer, without regard to any
amendment or supplement thereto, unless such amendment or supplement has been
approved in writing by the Insurer.

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

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

2

 

(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.

     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.

3

 

     IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed and
attested this 14th day of April, 2004.

	 	 	 
	

	 	MBIA INSURANCE CORPORATION

	 
	 	 
	

	 	By /s/ Gary C.
Dunton

      President
	 
	 	 
	

	 	Attest:
	 
	 	 
	

	 	By /s/ Adam M. Carta

     Assistant
Secretary

4

 

EXHIBIT A

TO NOTE GUARANTY INSURANCE

POLICY NUMBER: 43723

NOTICE UNDER NOTE GUARANTY

INSURANCE POLICY NUMBER: 43723

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: 43723 (the “Policy”) issued by the
Insurer in respect of the AmeriCredit Automobile Receivables Trust 2004-B-M
Automobile Receivables Backed Notes $224,000,000 Class A-1 Notes, $308,000,000
Class A-2 Notes, $147,000,000 Class A-3 Notes, $221,000,000 Class A-4 Notes
(the “Obligations”), that:

     (a) the Trustee is the Trustee under the Indenture dated as of April
5, 2004 among AmeriCredit Automobile Receivables Trust 2004-B-M, as
Issuer and Wells Fargo Bank, N.A. 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 $[         ];

5

 

     (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

6

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