Document:

Amended and Restated Trust Agreement

 EXHIBIT 4.2 

 
  

 
 AMENDED AND RESTATED 

TRUST AGREEMENT 

between 
 AFS
SENSUB CORP. 
 Seller 
 and 
 WILMINGTON TRUST COMPANY 

Owner Trustee 

Dated as of October 26, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. Definitions
	  	 	1	  
			
	 SECTION 1.1.
	 	 Capitalized Terms
	  	 	1	  
	 SECTION 1.2.
	 	 Other Definitional Provisions
	  	 	3	  
		
	 ARTICLE II. Organization
	  	 	4	  
			
	 SECTION 2.1.
	 	 Name
	  	 	4	  
	 SECTION 2.2.
	 	 Office
	  	 	4	  
	 SECTION 2.3.
	 	 Purposes and Powers
	  	 	4	  
	 SECTION 2.4.
	 	 Appointment of Owner Trustee
	  	 	5	  
	 SECTION 2.5.
	 	 Initial Capital Contribution of Trust Estate
	  	 	5	  
	 SECTION 2.6.
	 	 Declaration of Trust
	  	 	5	  
	 SECTION 2.7.
	 	 Title to Trust Property
	  	 	5	  
	 SECTION 2.8.
	 	 Situs of Trust
	  	 	6	  
	 SECTION 2.9.
	 	 Representations and Warranties of the Depositor
	  	 	6	  
	 SECTION 2.10.
	 	 Covenants of the Certificateholder
	  	 	7	  
	 SECTION 2.11.
	 	 Federal Income Tax Treatment of the Trust
	  	 	8	  
		
	 ARTICLE III. Certificate and Transfer of Interest
	  	 	8	  
			
	 SECTION 3.1.
	 	 Initial Ownership
	  	 	8	  
	 SECTION 3.2.
	 	 The Certificate
	  	 	8	  
	 SECTION 3.3.
	 	 Authentication of Certificate
	  	 	8	  
	 SECTION 3.4.
	 	 Registration of Transfer and Exchange of Certificate
	  	 	9	  
	 SECTION 3.5.
	 	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	10	  
	 SECTION 3.6.
	 	 Persons Deemed Certificateholders
	  	 	10	  
	 SECTION 3.7.
	 	 Maintenance of Office or Agency
	  	 	10	  
	 SECTION 3.8.
	 	 Disposition in Whole But Not in Part
	  	 	11	  
	 SECTION 3.9.
	 	 ERISA Restrictions
	  	 	11	  
	 SECTION 3.10.
	 	 Appointment of Certificate Paying Agent
	  	 	11	  
		
	 ARTICLE IV. Voting Rights and Other Actions
	  	 	12	  
			
	 SECTION 4.1.
	 	 Prior Notice to Holder with Respect to Certain Matters
	  	 	12	  
	 SECTION 4.2.
	 	 Action by Certificateholder with Respect to Certain Matters
	  	 	12	  
	 SECTION 4.3.
	 	 Restrictions on Certificateholder’s Power
	  	 	13	  
	 SECTION 4.4.
	 	 [Reserved]
	  	 	13	  
	 SECTION 4.5.
	 	 Action with Respect to Bankruptcy Action
	  	 	13	  
	 SECTION 4.6.
	 	 Covenants and Restrictions on Conduct of Business
	  	 	14	  
		
	 ARTICLE V. Authority And Duties of Owner Trustee
	  	 	15	  
			
	 SECTION 5.1.
	 	 General Authority
	  	 	15	  
	 SECTION 5.2.
	 	 General Duties
	  	 	16	  
	 SECTION 5.3.
	 	 Action upon Instruction
	  	 	16	  
	 SECTION 5.4.
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	17	  

							
	 SECTION 5.5.
	 	 No Action Except under Specified Documents or Instructions
	  	 	18	  
	 SECTION 5.6.
	 	 Restrictions
	  	 	18	  
	 SECTION 5.7.
	 	 Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties
	  	 	18	  
		
	 ARTICLE VI. Concerning the Owner Trustee
	  	 	19	  
			
	 SECTION 6.1.
	 	 Acceptance of Trusts and Duties
	  	 	19	  
	 SECTION 6.2.
	 	 Furnishing of Documents
	  	 	20	  
	 SECTION 6.3.
	 	 Representations and Warranties
	  	 	20	  
	 SECTION 6.4.
	 	 Reliance; Advice of Counsel
	  	 	21	  
	 SECTION 6.5.
	 	 Not Acting in Individual Capacity
	  	 	21	  
	 SECTION 6.6.
	 	 Owner Trustee Not Liable for Certificate or Receivables
	  	 	22	  
	 SECTION 6.7.
	 	 Owner Trustee May Own Notes
	  	 	22	  
	 SECTION 6.8.
	 	 Payments from Owner Trust Estate
	  	 	22	  
	 SECTION 6.9.
	 	 Doing Business in Other Jurisdictions
	  	 	22	  
		
	 ARTICLE VII. Compensation of Owner Trustee
	  	 	23	  
			
	 SECTION 7.1.
	 	 Owner Trustee’s Fees and Expenses
	  	 	23	  
	 SECTION 7.2.
	 	 Indemnification
	  	 	23	  
	 SECTION 7.3.
	 	 Payments to the Owner Trustee
	  	 	23	  
	 SECTION 7.4.
	 	 Non-recourse Obligations
	  	 	24	  
		
	 ARTICLE VIII. Termination of Trust Agreement
	  	 	24	  
			
	 SECTION 8.1.
	 	 Termination of Trust Agreement
	  	 	24	  
		
	 ARTICLE IX. Successor Owner Trustees and Additional Owner Trustees
	  	 	25	  
			
	 SECTION 9.1.
	 	 Eligibility Requirements for Owner Trustee
	  	 	25	  
	 SECTION 9.2.
	 	 Resignation or Removal of Owner Trustee
	  	 	25	  
	 SECTION 9.3.
	 	 Successor Owner Trustee
	  	 	26	  
	 SECTION 9.4.
	 	 Merger or Consolidation of Owner Trustee
	  	 	27	  
	 SECTION 9.5.
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	27	  
		
	 ARTICLE X. Miscellaneous
	  	 	28	  
			
	 SECTION 10.1.
	 	 Supplements and Amendments
	  	 	28	  
	 SECTION 10.2.
	 	 No Legal Title to Owner Trust Estate in Certificateholder
	  	 	29	  
	 SECTION 10.3.
	 	 Limitations on Rights of Others
	  	 	29	  
	 SECTION 10.4.
	 	 Notices
	  	 	29	  
	 SECTION 10.5.
	 	 Severability
	  	 	30	  
	 SECTION 10.6.
	 	 Separate Counterparts
	  	 	30	  
	 SECTION 10.7.
	 	 Assignments
	  	 	30	  
	 SECTION 10.8.
	 	 No Recourse
	  	 	30	  
	 SECTION 10.9.
	 	 Headings
	  	 	30	  
	 SECTION 10.10.
	 	 GOVERNING LAW
	  	 	31	  
	 SECTION 10.11.
	 	 Servicer
	  	 	31	  

  
 ii 

							
	 SECTION 10.12.
	 	 Nonpetition Covenants
	  	 	31	  
	 SECTION 10.13.
	 	 Regulation AB
	  	 	31	  
		
	 ARTICLE XI.
	  	 	32	  
		
	 Application of Trust Funds; Certain Duties
	  	 	32	  
			
	 SECTION 11.1.
	 	 Establishment of Trust Accounts
	  	 	32	  
	 SECTION 11.2.
	 	 Application of Trust Funds
	  	 	32	  
	 SECTION 11.3.
	 	 Method of Payment
	  	 	33	  

  

			
	
	EXHIBITS
		
	EXHIBIT A	  	FORM OF CERTIFICATE
	EXHIBIT B	  	FORM OF CERTIFICATE OF TRUST
	EXHIBIT C	  	FORM OF NOTICE OF REPURCHASE REQUEST

  
 iii

 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 26, 2011, between AFS
SENSUB CORP., a Nevada corporation, as depositor (the “Seller”), and WILMINGTON TRUST COMPANY, a Delaware trust company, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement dated as of October 4,
2011 between the Seller and the Owner Trustee. 
 ARTICLE I.  

Definitions 
 SECTION 1.1. Capitalized Terms. For all purposes of this Agreement, the following terms shall have the meanings set forth below: 

“AmeriCredit” shall mean AmeriCredit Financial Services, Inc. 

“Agreement” shall mean this Trust Agreement, as the same may be amended and supplemented from time to time. 

“Bankruptcy Action” shall have the meaning assigned to such term in Section 4.5(a). 

“Basic Documents” shall mean this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture,
the Underwriting Agreement, the Note Purchase Agreement, the Lockbox Account Agreement, the Lockbox Processing Agreement, the Custodian Agreement and the other documents and certificates delivered in connection therewith, as the same may be amended,
restated or supplemented from time to time. 
 “Benefit Plan” shall have the meaning assigned to such term in
Section 3.9. 
 “Certificate” means a trust certificate evidencing the beneficial interest of a
Certificateholder in the Trust, substantially in the form of Exhibit A attached hereto. 
 “Certificateholder”
or “Holder” shall mean the person in whose name a Certificate is registered on the Certificate Register. 

“Certificate Distribution Account” shall have the meaning assigned to such term in Section 11.1. 

“Certificate Paying Agent” shall mean any paying agent or co-paying agent appointed pursuant to Section 3.10 and
shall initially be Wilmington Trust Company. 
 “Certificate of Trust” shall mean the Certificate of Trust in
the form of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 

“Certificate Register” and “Certificate Registrar” shall mean the register mentioned and the registrar
appointed pursuant to Section 3.4. 

 “Code” shall mean the Internal Revenue Code of 1986, as amended from time
to time, and Treasury Regulations promulgated thereunder. 
 “Corporate Trust Office” shall mean, with respect
to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at such other address as the
Owner Trustee may designate by notice to the Depositor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor owner trustee will notify the Depositor). 

“Depositor” shall mean the Seller in its capacity as Depositor hereunder. 

“Distribution Date” shall have the meaning set forth in the Sale and Servicing Agreement. 

“ERISA” shall have the meaning assigned to such term in Section 3.9. 

“Expenses” shall have the meaning assigned to such term in Section 7.2. 

“Indemnified Parties” shall have the meaning assigned to such term in Section 7.2. 

“Indenture” shall mean the Indenture dated as of October 26, 2011, between the Trust and Wells Fargo Bank, National
Association, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 

“Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to
the Trust pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Trust pursuant to the Sale and
Servicing Agreement. 
 “Owner Trustee” shall mean Wilmington Trust Company, a Delaware trust company, not in
its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 

“Record Date” shall mean with respect to any Distribution Date, the close of business on the last Business Day
immediately preceding such Distribution Date. 
 “Responsible Officer” shall mean, with respect to the Owner
Trustee, any officer within the Corporate Trust Administration office of the Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale and Servicing
Agreement” shall mean the Sale and Servicing Agreement dated as of October 26, 2011, among the Trust, the Seller, AmeriCredit Financial Services, Inc., and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral
Agent, as the same may be amended and supplemented from time to time. 

  
 2 

 “Secretary of State” shall mean the Secretary of State of the State of
Delaware. 
 “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del.
Code § 3801 et seq. as the same may be amended from time to time. 
 “Treasury
Regulations” shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury
Regulations or other successor Treasury Regulations. 
 “Trust” shall mean the trust established by this
Agreement. 
 “Trust Collateral Agent” shall mean, initially, Wells Fargo Bank, National Association, in its
capacity as collateral agent, including its successors in interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to the Sale and Servicing Agreement, and thereafter “Trust Collateral Agent”
shall mean such successor Person. 
 SECTION 1.2. Other Definitional Provisions. 

(a) Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Sale and Servicing Agreement or, if
not defined therein, in the Indenture. 
 (b) All terms defined in this Agreement shall have the defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this
Agreement 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 certificate or other document, and accounting terms partly defined in this Agreement or in
any such 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 certificate or other document,
as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such 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 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 and Exhibit references contained in this
Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

  
 3 

 (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. 
 ARTICLE
II.  
 Organization 
 SECTION 2.1. Name 
 There is hereby continued a Delaware statutory trust to
be known as “AmeriCredit Automobile Receivables Trust 2011-5,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 

SECTION 2.2. Office 
 The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholder.

 SECTION 2.3. Purposes and Powers. 
 The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities: 

(i) to issue the Notes pursuant to the Indenture and the Certificate pursuant to this Agreement, and to sell the Notes;

 (ii) with the proceeds of the sale of the Notes, to fund the Reserve Account and to pay the organizational,
start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing Agreement; 
 (iii) to acquire from time to time the Owner Trust Estate, to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate to the Trust Collateral Agent pursuant to the Indenture for the
benefit of the Indenture Trustee on behalf of the Noteholders and to hold, manage and distribute to the Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and
remitted to the Trust pursuant to, the Indenture; 
 (iv) to enter into and perform its obligations under the
Basic Documents to which it is a party; 
 (v) to engage in those activities, including entering into agreements,
that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith (including the sale, from time to time, of Receivables at the direction 

  
 4 

 
of the Servicer pursuant to Section 4.3(c) of the Sale and Servicing Agreement), and the filing of state business licenses (and any renewal thereof) as prepared and instructed by the
Certificateholder or Servicer, 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; and 
 (vi) subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 

The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
 SECTION 2.4.
Appointment of Owner Trustee 
 The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of
the date hereof, to have all the rights, powers and duties set forth herein. The Owner Trustee hereby accepts such appointment. 

SECTION 2.5. Initial Capital Contribution of Trust Estate 

The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the sum of $1,000 which contribution shall constitute the
initial Owner Trust Estate. The Depositor acknowledges that such contribution has been transferred to, and is being held by, Wells Fargo Bank, National Association, as agent for the Trust in an account established by Wells Fargo Bank, National
Association, on behalf of the Trust, which contribution shall constitute the initial Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise. 

SECTION 2.6. Declaration of Trust 
 The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Holder, subject to the obligations of
the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust.
Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The
Owner Trustee has filed the Certificate of Trust with the Secretary of State and such filing is hereby ratified in all respects. 
 The Holder shall not have any personal liability for any liability or obligation of the Trust. 

  
 5 

 SECTION 2.7. Title to Trust Property. 

(a) Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where
applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case
may be. 
 (b) The Holder shall not have legal title to any part of the Trust Property. The Holder shall be entitled to receive
distributions with respect to its undivided ownership interest therein only in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest by the Certificateholder of its ownership interest in the
Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Property. 

SECTION 2.8. Situs of Trust 
 The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New
York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office of the Trust will be at the Corporate Trust
Office located in Delaware. 
 SECTION 2.9. Representations and Warranties of the Depositor 

The Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner Trust Estate in
trust and issuing the Certificate. 
 (a) Organization and Good Standing. The Depositor is duly organized and validly
existing as a Nevada corporation with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and is proposed to be conducted pursuant to this Agreement
and the Basic Documents. 
 (b) Due Qualification. The Depositor is duly qualified to do business as a foreign
corporation, is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of its property, the conduct of its business and the performance of its obligations under this Agreement
and the Basic Documents requires such qualification. 
 (c) Power and Authority. The Depositor has the corporate power
and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized
such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

  
 6 

 (d) No Consent Required. No consent, license, approval or authorization or
registration or declaration with, any Person or with any governmental authority, bureau or agency is required in connection with the execution, delivery or performance of this Agreement and the Basic Documents, except for such as have been obtained,
effected or made. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do 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 certificate of incorporation or by-laws of the Depositor,
or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
 (f) No Proceedings. There are no proceedings or investigations pending or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Certificate or 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 its performance 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 Certificate. 

SECTION 2.10. Covenants of the Certificateholder 
 The Certificateholder agrees: 
 (a) to be bound by the terms and conditions of the
Certificate of which the Holder is the beneficial owner and of this Agreement, including any supplements or amendments hereto and to perform the obligations of a Holder as set forth therein or herein, in all respects as if it were a signatory
hereto. This undertaking is made for the benefit of the Trust and the Owner Trustee; and 
 (b) except as expressly provided in
Sections 4.5 and 10.12, not to, for any reason, institute proceedings for the Trust to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Trust, or file a petition seeking or
consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a
substantial part of its property, or cause or permit the Trust to make any assignment for the benefit of its creditors, or admit in writing its inability to pay its debts generally as they become due, or declare or effect a moratorium on its debt or
take any action in furtherance of any such action. 

  
 7 

 SECTION 2.11. Federal Income Tax Treatment of the Trust. 

(a) For so long as the Trust has a single owner for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated
under section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets
owned by the Trust and (ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the Certificateholder will be disregarded. 
 (b) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise, to classify the Trust as an association taxable as a
corporation for federal, state or any other applicable tax purpose. 
 (c) In the event that the Trust has two or more equity
owners for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two or more equity owners, this Agreement will be amended, in accordance with Section 10.1 herein, and appropriate
provisions will be added so as to provide for treatment of the Trust as a partnership. 
 ARTICLE III.  

Certificate and Transfer of Interest 
 SECTION 3.1. Initial Ownership 
 Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust. 

SECTION 3.2. The Certificate 
 The Certificate shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. A Certificate bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery of such Certificate or did not hold such offices at the date of authentication and delivery of such Certificate. A transferee of a Certificate shall become a
Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon due registration of such Certificate in such transferee’s name pursuant to Section 3.4. 

SECTION 3.3. Authentication of Certificate 
 Concurrently with the sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of the Depositor, signed by its 

  
 8 

 
chairman of the board, its president or any vice president, its treasurer or any assistant treasurer without further corporate action by the Depositor, in authorized denominations. No Certificate
shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner
Trustee or the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated
the date of its authentication. 
 SECTION 3.4. Registration of Transfer and Exchange of Certificate 

The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.7, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of the Certificate and of transfers and exchanges of the Certificate as herein provided. Wilmington Trust Company
shall be the initial Certificate Registrar. 
 The Certificate Registrar shall provide the Trust Collateral Agent with the name
and address of the Certificateholder on the Closing Date. Upon any transfers of the Certificate, the Certificate Registrar shall notify the Trust Collateral Agent of the name and address of the transferee in writing, by facsimile, on the day of such
transfer. 
 Upon surrender for registration of transfer of the Certificate at the office or agency maintained pursuant to
Section 3.7, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, a new Certificate dated the date of authentication by the
Owner Trustee or any authenticating agent. 
 A Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney duly authorized in writing, with such signature guaranteed by an
“eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Owner Trustee in accordance with its customary practice. 
 No
service charge shall be made for any registration of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate. 
 Notwithstanding the foregoing, no sale or transfer of a
Certificate shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar to be effective hereunder, if the sale or

  
 9 

 
transfer thereof increases the number of Certificateholders to more than ninety-nine (99). For purposes of determining the total number of Certificateholders, a beneficial owner of an interest in
a partnership, grantor trust, S corporation or other flow-through entity that owns, directly or through other flow-through entities, a Certificate is treated as a holder of a Certificate if (i) substantially all of the value of the beneficial
owner’s interest (directly or indirectly) in the flow-through entity is attributed to the flow-through entity’s interest in the Certificate and (ii) a principal purpose of the use of the flow-through entity to hold the Certificate is
to satisfy the 99 holder limitation set out above. 
 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates

 If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee, such security or indemnity as may be required by them to save
each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or Wilmington Trust Company, as the Owner
Trustee’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and denomination. In connection with the issuance of
any new Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate
issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

SECTION 3.6. Persons Deemed Certificateholders 
 Every Person by virtue of becoming a Certificateholder in accordance with this Agreement shall be deemed to be bound by the terms of this Agreement. Prior to due presentation of the Certificate for
registration of transfer, the Owner Trustee and the Certificate Registrar and any agent of the Owner Trustee and the Certificate Registrar, may treat the person in whose name any Certificate shall be registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to the Sale and Servicing Agreement and for all other purposes whatsoever, and none of the Owner Trustee or the Certificate Registrar nor any agent of the Owner Trustee or
the Certificate Registrar shall be bound by any notice to the contrary. 
 SECTION 3.7. Maintenance of Office or Agency

 The Owner Trustee shall maintain an office or offices or agency or agencies where the Certificate may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served. The Owner Trustee initially designates the Corporate Trust Office for such purposes.
The Owner Trustee shall give prompt written notice to the Depositor and the Certificateholder of any change in the location of the Certificate Register or any such office or agency. 

  
 10 

 SECTION 3.8. Disposition in Whole But Not in Part 

The Certificate may be transferred in whole but not in part. Any attempted transfer of the Certificate that would divide the ownership of
the Owner Trust Estate shall be void. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST AGREEMENT.”

 SECTION 3.9. ERISA Restrictions 
 The Certificate may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (iii) any entity whose underlying assets
include assets of a plan described in (i) or (ii) above by reason of such plan’s investment in the entity, or (iv) an employee benefit plan subject to any federal, state, local or non-U.S. laws or regulations substantially
similar to Title I of ERISA or Section 4975 of the Code (each, a “Benefit Plan”). By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan. 
 SECTION 3.10. Appointment of Certificate Paying Agent 

The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Article
XI hereof and shall report the amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions
referred to above. The Owner Trustee shall revoke such power and remove the Certificate Paying Agent if the Owner Trustee or the Depositor by written direction to the Owner Trustee determines, each in its sole discretion that the Certificate Paying
Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent initially shall be Wilmington Trust Company, and any co-paying agent chosen by Wilmington Trust Company and the Depositor.
Wilmington Trust Company shall be permitted to resign as Certificate Paying Agent upon 30 days’ written notice to the Owner Trustee and the Depositor. In the event that Wilmington Trust Company shall no longer be the Certificate Paying Agent,
the Depositor, with the consent of the Owner Trustee, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Certificate Paying Agent or any additional
Certificate Paying Agent appointed hereunder to execute and deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that, as Certificate
Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such
sums shall be paid to such Certificateholders. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its
possession to the Owner Trustee. The provisions of Articles VI and VII shall apply to the Owner Trustee also in its role as Certificate Paying 

  
 11 

 
Agent, for so long as the Owner Trustee shall act as Certificate Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the
Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 ARTICLE IV. 

 Voting Rights and Other Actions 
 SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters 
 With
respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the
Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Certificateholder has withheld consent or provided alternative direction: 

(a) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Statute or unless such amendment would not materially and adversely affect the interests of the Holder); 
 (b)
the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 

(c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment materially adversely affects the interest of the Certificateholder; or 
 (d) except pursuant to
Section 12.1(b) of the Sale and Servicing Agreement, the amendment, change or modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially
adversely affect the interests of the Certificateholder. 
 The Owner Trustee shall notify the Certificateholder in writing of any appointment
of a successor Note Registrar or Trust Collateral Agent within five Business Days after receipt of notice thereof. 
 SECTION
4.2. Action by Certificateholder with Respect to Certain Matters 
 The Owner Trustee shall not have the power, except
upon the direction of the Certificateholder in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic
Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder and the furnishing of
indemnification satisfactory to the Owner Trustee by the Certificateholder. 

  
 12 

 SECTION 4.3. Restrictions on Certificateholder’s Power. 

(a) The Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would
be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if given. 

(b) The Certificateholder shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any
suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document, unless the Certificateholder previously shall have given to the Owner Trustee a written notice of default and of the continuance
thereof, as provided in this Agreement, and also unless the Certificateholder shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have
offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of
indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance
with this Section or Section 5.3. For the protection and enforcement of the provisions of this Section, the Certificateholder and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity. 

SECTION 4.4. [Reserved] 
 SECTION 4.5. Action with Respect to Bankruptcy Action 
 (a) The Trust shall
not, without the prior written consent of the Owner Trustee, (a) institute any proceedings to adjudicate the Trust a bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against the Trust,
(c) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to the Trust, (d) consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Trust or a substantial part of its property, (e) make any assignment for the benefit of the Trust’s creditors; (f) cause the Trust to admit in writing its inability to pay its debts
generally as they become due; or (g) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”). In considering whether to give or withhold written consent to a Bankruptcy
Action by the Trust, the Owner Trustee, with the consent of the Certificateholders (hereby given, which consent the Certificateholders believe to be in the best interests of the Certificateholders and the Trust), shall consider the interest of the
Noteholders in addition to the interests of the Trust and whether the Trust is insolvent; provided, however, that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders. The Owner Trustee shall have no duty
to give such written consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have been furnished (at the expense of the Trust or the Person that requested that such letter be furnished to the Owner Trustee) with a letter from an
independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and in its individual capacity) shall not be personally liable to any Person on account of the Owner
Trustee’s good faith reliance on the provisions of this Section or in connection with the Owner Trustee’s giving prior written consent to a Bankruptcy Action by the Trust in accordance

  
 13 

 
herewith, or withholding such consent, in good faith, and neither the Trust nor any Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee (as
such and in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action. 
 (b) The parties
hereto stipulate and agree that no Certificateholder has power to commence any Bankruptcy Action on the part of the Trust or to direct the Owner Trustee to take any Bankruptcy Action on the part of the Trust except as provided in Sections 4.5(a) and
10.12. To the extent permitted by applicable law, the consent of the Trust Collateral Agent shall be obtained prior to taking any Bankruptcy Action by the Trust. 
 (c) The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Certificateholder or any creditor of the Trust that the Trust is eligible to be a
debtor, under the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended. 
 SECTION 4.6.
Covenants and Restrictions on Conduct of Business. 
 (a) The Trust agrees to abide by the following restrictions:

 (i) other than as contemplated by the Basic Documents and related documentation, the Trust shall not incur any
indebtedness; 
 (ii) other than as contemplated by the Basic Documents and related documentation, the Trust
shall not engage in any dissolution, liquidation, consolidation, merger or sale of assets; 
 (iii) the Trust
shall not engage in any business activity in which it is not currently engaged other than as contemplated by the Basic Documents and related documentation; and 
 (iv) the Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset other than as contemplated by the Basic Documents and related documentation. 

(b) The Trust shall: 
 (i) maintain books and records separate from any other person or entity; 
 (ii) maintain its office and bank accounts separate from any other person or entity; 
 (iii) not commingle its assets with those of any other person or entity; 
 (iv) conduct its own business in its own name and use stationery or other business forms under its own name and not that of any Certificateholder or any Affiliate; 

  
 14 

 (v) other than as contemplated by the Basic Documents and related
documentation, pay its own liabilities and expenses only out of its own funds; 
 (vi) observe all formalities
required under the Statutory Trust Statute; 
 (vii) not guarantee or become obligated for the debts of any other
person or entity; 
 (viii) not hold out its credit as being available to satisfy the obligation of any other
person or entity; 
 (ix) not acquire the obligations or securities of its Certificateholders or its Affiliates;

 (x) other than as contemplated by the Basic Documents and related documentation, not make loans to any other
person or entity or buy or hold evidence of indebtedness issued by any other person or entity; 
 (xi) other than
as contemplated by the Basic Documents and related documentation, not pledge its assets for the benefit of any other person or entity; 
 (xii) hold itself out as a separate entity from each Certificateholder and not conduct any business in the name of any Certificateholder; 

(xiii) correct any known misunderstanding regarding its separate identity; 

(xiv) not identify itself as a division (other than for tax reporting purposes) of any other person or entity; and

 (xv) except as required or specifically provided in the Trust Agreement, the Trust will conduct business with
the Certificateholders or any Affiliate thereof on an arm’s length basis. 
 (c) So long as the Notes or any other amounts
owed under the Indenture remain outstanding, the Trust shall not amend this Section 4.6 unless the Rating Agency Condition has been satisfied. 
 ARTICLE V.  
 Authority And Duties of Owner Trustee

 SECTION 5.1. General Authority. 
 (a) The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is named as a party, each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is named as a party and any amendment thereto and on behalf of the Trust, each state business license (and any renewal thereof) prepared by the Certificateholder or Servicer, including a Sales
Finance 

  
 15 

 
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, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf of the Trust, to direct the Indenture Trustee to
authenticate and deliver Class A-1 Notes in the aggregate principal amount of $147,300,000, Class A-2 Notes in the aggregate principal amount of $344,600,000, Class A-3 Notes in the aggregate principal amount of $145,983,000, the
Class B Notes in the aggregate principal amount of $69,231,000, the Class C Notes in the aggregate principal amount of $85,943,000, the Class D Notes in the aggregate principal amount of $84,510,000 and the Class E Notes in the aggregate principal
amount of $22,433,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to
take such action as the Certificateholder recommends with respect to the Basic Documents so long as such activities are consistent with the terms of the Basic Documents. 
 (b) The Owner Trustee shall sign on behalf of the Trust any applicable tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents. 

SECTION 5.2. General Duties 
 It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the Sale and Servicing Agreement and to
administer the Trust in the interest of the Holder, subject to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and Servicing Agreement to perform any act or to discharge any duty of the Trust or the Owner Trustee hereunder or under any Basic Document,
and the Owner Trustee shall not be liable for the default or failure of the Servicer to carry out its obligations under the Sale and Servicing Agreement. 
 SECTION 5.3. Action upon Instruction. 
 (a) Subject to Article IV, the
Certificateholder shall have the exclusive right to direct the actions of the Owner Trustee in the management of the Trust, so long as such instructions are not inconsistent with the express terms set forth herein or in any Basic Document. The
Certificateholder shall not instruct the Owner Trustee in a manner inconsistent with this Agreement or the Basic Documents. 

(b) The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law. 

  
 16 

 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction as to the course
of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner
Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no
duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or
inaction. 
 (d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any
Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder
requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any
Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but
shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for
such action or inaction. 
 SECTION 5.4. No Duties Except as Specified in this Agreement or in Instructions 

The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of
this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 5.3; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner
Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or
file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder) for the Trust or to record this Agreement or any Basic Document. The Owner Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee (solely in its individual
capacity) and that are not related to the ownership or the administration of the Owner Trust Estate. 

  
 17 

 SECTION 5.5. No Action Except under Specified Documents or Instructions 

The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except
(i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to Section 5.3. 
 SECTION 5.6. Restrictions 

The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The Certificateholder shall not direct the Owner Trustee to take action that would
violate the provisions of this Section. 
 SECTION 5.7. Covenants for Reporting of Repurchase Demands due to Breaches of
Representations and Warranties 
 (a) The Owner Trustee will (i) in accordance with its obligations pursuant to
Section 3.2 of the Sale and Servicing Agreement, provide prompt written notice upon the discovery of any breach of the Seller’s representations and warranties, (ii) not later than the fifth (5th) Business Day of each calendar
quarter, beginning December 5, 2011, provide to the Servicer, AmeriCredit and the Seller, a notice in substantially the form of Exhibit C with respect to any requests (in writing or orally) for the repurchase of any Receivable pursuant to
Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement received by a Responsible Officer of the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since
the Closing Date) and (iii) promptly upon reasonable written request by the Servicer, AmeriCredit or the Seller, provide to them any other information reasonably requested in good faith that is in actual possession of the Owner Trustee and
necessary to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. 
 (b) In no event will the Owner Trustee or the Issuer have any responsibility or liability in connection with (i) the compliance by the Servicer, AmeriCredit, the Seller or any other Person with the
Exchange Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB. The Owner Trustee will not have a duty to conduct any affirmative investigation as to the occurrence of any
conditions requiring the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement. 

  
 18 

 ARTICLE VI.  

Concerning the Owner Trustee 
 SECTION 6.1. Acceptance of Trusts and Duties 
 The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner
Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith
or negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of the Owner Trustee to perform
obligations expressly undertaken by it in the last sentence of Section 5.4 hereof, (iv) for any investments issued by the Owner Trustee or any branch or affiliate thereof in its commercial capacity or (v) for taxes, fees or other
charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee (except in the
case of willful misconduct, bad faith or negligence); 
 (b) the Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the Servicer or the Certificateholder; 
 (c) no
provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner
Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes; 
 (e) the Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency
of the Basic Documents, other than the certificate of authentication on the Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to the Trustee, the Trust Collateral Agent, any Noteholder or to any
Certificateholder, other than as expressly provided for herein and in the Basic Documents; 
 (f) the Owner Trustee shall not be
liable for the default or misconduct of the Trustee, the Trust Collateral Agent or the Servicer under any of the Basic Documents or 

  
 19 

 
otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations under this Agreement or the Basic Documents that are required to be performed by the Trustee under
the Indenture or the Trust Collateral Agent or the Servicer under the Sale and Servicing Agreement; and 
 (g) the Owner Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the
request, order or direction of the Certificateholder, unless the Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee
therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence,
bad faith or willful misconduct in the performance of any such act. 
 SECTION 6.2. Furnishing of Documents 

The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 
 SECTION 6.3. Representations and Warranties 
 Wilmington Trust Company
hereby represents and warrants to the Depositor and the Holder, that: 
 (a) It is a Delaware corporation with trust powers,
duly organized and validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of Wilmington Trust Company or any judgment or order binding on
it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 

(d) The Agreement has been, or, when executed and delivered will have been, duly authorized, validly executed and delivered by Wilmington
Trust Company and constitutes, a valid and binding agreement of Wilmington Trust Company, enforceable against Wilmington Trust Company in accordance with its terms, except to the extent that enforceability may (A) be subject to insolvency,
reorganization, moratorium, or other similar laws, regulations or 

  
 20 

 
procedures of general applicability now or hereinafter in effect relating to or affecting creditor’s rights generally and (B) be limited by general principles of equity (whether
considered in a proceeding at law or in equity). 
 (e) There are no proceedings or investigations pending or, to the actual
knowledge of a Responsible Officer of Wilmington Trust Company, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Wilmington Trust Company or its properties
(a) asserting the invalidity of this Agreement or (b) seeking any determination or ruling that might materially and adversely affect the performance by Wilmington Trust Company of its obligations under, or the validity or enforceability
of, this Agreement or any other Basic Document. 
 SECTION 6.4. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors
or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other authorized officers of the relevant party, as to such fact or
matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly
or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the
Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons and according to such opinion not contrary to this Agreement or any Basic Document. 

SECTION 6.5. Not Acting in Individual Capacity 
 Except as provided in this Article VI, in accepting the trust hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any
claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

  
 21 

 SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables 

The recitals contained herein and in the Certificate (other than the signature and countersignature of the Owner Trustee on the
Certificate) shall be taken as the statements of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic
Document or of the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability
for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or
for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholder under this Agreement or the Noteholders under the Indenture, including, without limitation: the
existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any
Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other Person with any warranty or representation
made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 

SECTION 6.7. Owner Trustee May Own Notes 
 The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may deal with the Depositor, the Trustee and the Servicer in banking transactions with the same
rights as it would have if it were not Owner Trustee. 
 SECTION 6.8. Payments from Owner Trust Estate 

All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee
is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms
hereof. Wilmington Trust Company or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party. 

SECTION 6.9. Doing Business in Other Jurisdictions 
 Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance with Section 9.5 hereof, (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other
governmental charge under the laws of the State of Delaware becoming 

  
 22 

 
payable by Wilmington Trust Company (or any successor thereto); or (iii) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than
the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated hereby. 

ARTICLE VII.  
 Compensation of Owner Trustee 
 SECTION 7.1. Owner Trustee’s Fees
and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between AmeriCredit and the Owner Trustee, and the Owner Trustee shall be entitled to
be reimbursed by the Depositor for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder and under the Basic Documents. General Motors Financial Company, Inc. shall be jointly and severally liable for the fees and expenses owing to the Owner Trustee under this
Section 7.1. 
 SECTION 7.2. Indemnification 

The Depositor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, successors,
assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified
Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Depositor shall
not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 6.1. The indemnities contained in this Section and the rights under
Section 7.1 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner
Trustee’s choice of legal counsel shall be subject to the approval of the Depositor which approval shall not be unreasonably withheld. General Motors Financial Company, Inc. shall be jointly and severally liable for the indemnification duties
and obligations of the Depositor which are described in this Section 7.2. 
 SECTION 7.3. Payments to the Owner
Trustee 
 Any amounts paid to the Owner Trustee pursuant to this Article VII shall be deemed not to be a part of the Owner
Trust Estate immediately after such payment. 

  
 23 

 SECTION 7.4. Non-recourse Obligations 

Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity
as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of
the Holder. 
 ARTICLE VIII.  
 Termination of Trust Agreement 
 SECTION 8.1. Termination of Trust
Agreement. 
 (a) The Trust shall dissolve in accordance with Section 3808 of the Statutory Trust Statute upon the
maturity or other liquidation of the last Receivable (including the purchase by the Servicer at its option or by the Seller at its option of the corpus of the Trust as described in Section 10.1 of the Sale and Servicing Agreement) and the
subsequent distribution of amounts in respect of such Receivables as provided in the Basic Documents; provided, however, that the rights to indemnification under Section 7.2 and the rights under Section 7.1 shall survive the
dissolution of the Trust. The Seller or the Servicer shall promptly notify the Owner Trustee of any prospective dissolution pursuant to this Section. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder, shall not
(x) operate to terminate this Agreement or the Trust, nor (y) entitle the Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust. 
 (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholder shall surrender the Certificate to the Owner Trustee for payment of the final distribution by
the Certificate Paying Agent and cancellation, shall be given by the Servicer on behalf of the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of such termination from the Servicer given
pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the
office of the Owner Trustee therein designated, (ii) the amount of any such final payment, (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and
surrender of the Certificate at the office of the Owner Trustee therein specified and (iv) interest will cease to accrue on the Certificate. The Servicer on behalf of the Owner Trustee shall give such notice to the Trust Collateral Agent at the
time such notice is given to the Certificateholder. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Distribution Date pursuant to
Section 5.7 of the Sale and Servicing Agreement. 

  
 24 

 In the event that the Certificateholder shall not surrender the Certificate for cancellation
within six months after the date specified in the above mentioned written notice, the Servicer on behalf of the Owner Trustee shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the
final distribution with respect thereto. If within one year after the second notice the Certificate shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the Certificateholder concerning surrender of its Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such
remedies shall be distributed, subject to applicable escheat laws, by the Owner Trustee to the Holder. 
 (d) Upon the
completion of the winding up of the Trust in accordance with Section 3808 of the Statutory Trust Statute, this Agreement shall terminate and be of no further force or effect except as expressly set forth herein and the Owner Trustee shall cause
the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 

ARTICLE IX.  
 Successor Owner Trustees and Additional Owner Trustees 
 SECTION 9.1.
Eligibility Requirements for Owner Trustee 
 The Owner Trustee shall at all times be a Person (i) satisfying the
provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; and (iii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authorities. If such Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital
and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of
this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.2. 

SECTION 9.2. Resignation or Removal of Owner Trustee 
 The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor and the Servicer. Upon receiving such notice of resignation, the
Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee
shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee or the Certificateholder may petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee. 

  
 25 

 If at any time the Owner Trustee shall (i) cease to be eligible in accordance with the
provisions of Section 9.1 and shall fail to resign after written request therefor by the Depositor, (ii) be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) be removed as Certificate Paying Agent pursuant to
Section 3.10 hereof, then the Depositor may remove the Owner Trustee by sending written notice of such removal to the Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the
Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed one copy to the successor Owner Trustee and payment of all fees
owed to the outgoing Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to the outgoing Owner Trustee.
The Depositor shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

SECTION 9.3. Successor Owner Trustee 
 Any successor Owner Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Depositor, the Servicer and to its predecessor Owner Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner
Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor
Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.1. 

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Servicer shall mail notice of the successor of
such Owner Trustee to the Certificateholder, the Trustee, the Noteholders and the Rating Agencies. If the Servicer shall fail to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner
Trustee shall cause such notice to be mailed at the expense of the Servicer. 

  
 26 

 SECTION 9.4. Merger or Consolidation of Owner Trustee 

Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder,
provided such Person shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
further, that the Owner Trustee shall mail notice of such merger or consolidation or succession to the Depositor (who shall notify the Rating Agencies). 
 SECTION 9.5. Appointment of Co-Trustee or Separate Trustee 

Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the
Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have joined in
such appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility
as a successor trustee pursuant to Section 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and
exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to
the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Agreement; and 
 (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 

  
 27 

 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to
all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner
Trustee and a copy thereof given to the Servicer. 
 Any separate trustee or co-trustee may at any time appoint the Owner
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

 ARTICLE X.  
 Miscellaneous 
 SECTION 10.1. Supplements and Amendments.

 (a) This Agreement may be amended by the Depositor and the Owner Trustee, and with prior written notice by the Depositor to
the Rating Agencies, without the consent of any of the Noteholders or the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct, supplement or modify any provisions in this Agreement; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee which may be based upon a certificate of the Servicer, adversely affect in any material respect the interests of any Noteholder or Certificateholder.

 (b) This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice by
the Depositor to the Rating Agencies, to the extent such amendment materially and adversely affects the interests of the Noteholders, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and
the consent of the Certificateholder (which consent of any Holder of a Certificate or Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder) 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 or the Certificateholder; 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 the Certificateholder or
(b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Balance required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes and the Certificateholder.

  
 28 

 Promptly after the execution of any such amendment or consent, the Owner Trustee shall
furnish written notification of the substance of such amendment or consent to the Certificateholder, the Trustee and the Depositor (who shall send such notification to each of the Rating Agencies). 

It shall not be necessary for the consent of Certificateholder, the Noteholders or the Trustee pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholder provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholder shall be subject to such reasonable requirements as the Owner Trustee may prescribe. Promptly after the execution of any
amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 

Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and
rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder 

The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to
receive distributions in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
 SECTION 10.3. Limitations on Rights of Others 
 The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer and, to the extent expressly provided herein, the Trustee and the Noteholders, and 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 10.4. Notices. 
 (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or
mailed first class mail or certified mail, in each case return receipt requested, and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to AFS
SenSub Corp., 2265 B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119, Attention: Chief Financial Officer, with a copy to AFS SenSub Corp., c/o AmeriCredit Financial Services, Inc., 

  
 29 

 
801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer; or, as to each party, at such other address as shall be designated by such party in a written notice to
each other party. 
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail,
postage prepaid, at the address of the Holder. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 

(c) Where this Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such
documents shall not affect any other rights or obligations created hereunder. 
 SECTION 10.5. 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 10.6. 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 10.7.
Assignments 
 This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective
successors and permitted assigns. 
 SECTION 10.8. No Recourse 

The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and
does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Certificate or the Basic Documents. 
 SECTION 10.9. 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. 

  
 30 

 SECTION 10.10. GOVERNING LAW 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 10.11. Servicer 
 The Servicer is authorized to prepare, or cause
to be prepared, execute and deliver on behalf of the Trust, all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic
Documents. Upon written request, the Owner Trustee shall execute and deliver to the Servicer a limited power of attorney appointing the Servicer the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute and deliver all
such documents, reports, filings, instruments, certificates and opinions. 
 SECTION 10.12. Nonpetition Covenants

 (a) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, but subject
to the provisions of Section 4.5, the Certificateholder shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to
invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 
 (b) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, but subject to the provisions of Section 4.5, the Owner Trustee shall not, prior to the
date which is one year and one day after the termination of this Agreement, with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of
commencing or sustaining an involuntary case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust
or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 
 SECTION
10.13. Regulation AB 
 The Owner Trustee acknowledges and agrees that the purpose of this Section 10.13 is to
facilitate compliance by the Trust with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees hereby to comply with reasonable requests made by the Servicer in good
faith for delivery of information under these 

  
 31 

 
provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate fully with the Servicer and the Trust to deliver to the Servicer and the Trust any and all
statements, reports, certifications, records and any other information necessary in the good faith determination of the Servicer to permit the Servicer and the Trust to comply with the provisions of Regulation AB, together with such disclosures
relating to the Owner Trustee reasonably believed by the Servicer to be necessary in order to effect such compliance. 

ARTICLE XI. 
 Application of Trust Funds; Certain Duties 
 SECTION 11.1. Establishment
of Trust Accounts 
 (a) The Owner Trustee, for the benefit of the Certificateholders, shall cause the Certificate Paying
Agent to establish and maintain in the name of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for
the benefit of the Certificateholders. The Certificate Distribution Account shall be maintained as an Eligible Deposit Account. 

(b) The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution
Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time,
the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Certificate Paying Agent shall within 10 Business Days establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash or
any investments to such new Certificate Distribution Account. 
 SECTION 11.2. Application of Trust Funds 

(a) On each Distribution Date, the Owner Trustee shall cause the Certificate Paying Agent to distribute amounts deposited in the
Certificate Distribution Account pursuant to the Sale and Servicing Agreement with respect to such Distribution Date in the following order of priority: 
 (i) to make payments to the Certificateholders any remaining amount deposited therein; and 
 (ii) to clear and terminate the Certificate Distribution Account upon the termination of this Agreement. 
 (b) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to such
Certificateholder in accordance with this Section. The Owner Trustee or Certificate Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax
that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee or the Certificate 

  
 32 

 
Paying 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 Certificateholder shall be treated as cash distributed to such Certificateholder 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-U.S. Certificateholder), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph.

 (c) Any Holder of a Certificate that is organized under the laws of a jurisdiction outside the United States shall, on or
prior to the date such Holder becomes a Holder, (i) shall notify the Owner Trustee and the Certificate Paying Agent and (ii)(A) provide the Owner Trustee and the Certificate Paying Agent with Internal Revenue Service form W-8BEN, W-8ECI or
W-8EXP (or successor forms), as appropriate, or (B) notify the Owner Trustee and the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest.
Any such Holder agrees by its acceptance of a Certificate, on an ongoing basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the
information provided the Owner Trustee or the Certificate Paying Agent in clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Holder by its acceptance of a
Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying
Agent’s reliance upon any documents, forms or information provided by any Holder to the Owner Trustee and the Certificate Paying Agent. 
 SECTION 11.3. Method of Payment 
 Distributions required to be made to
Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Certificate Paying Agent appropriate written instructions at least five Business Days prior to such Distribution Date, or, if
not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. 

[Remainder of page intentionally left blank.] 

  
 33 

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

			
	WILMINGTON TRUST COMPANY, 
		 	as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	AFS SENSUB CORP., 
		 	as Seller
		
	By:	 	  

		 	Name:
		 	Title:

 ACKNOWLEDGED AND AGREED TO: 
  

			
	 GENERAL MOTORS FINANCIAL COMPANY, INC.,
 Solely with respect to Sections 7.1 and 7.2

		
	By:	 	  

		 	Name:
		 	Title:

 [Amended and Restated Trust Agreement] 

 EXHIBIT A 
 NUMBER R-1 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE IS NOT TRANSFERABLE, 
 EXCEPT UNDER THE LIMITED CONDITIONS 
 SPECIFIED IN THE TRUST AGREEMENT 

 
  

ASSET BACKED CERTIFICATE 

evidencing a beneficial ownership interest in certain distributions of the Trust, as defined below, the property of which includes a pool of retail
installment sale contracts secured by new or used automobiles, vans or light duty trucks and sold to the Trust by AFS SenSub Corp. 
 (This
Certificate does not represent an interest in or obligation of AFS SenSub Corp. or any of its Affiliates, except to the extent described below.) 
 THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a nonassessable, fully-paid, beneficial ownership interest in certain distributions of AmeriCredit Automobile Receivables Trust 2011-5 (the
“Trust”) formed by AFS SenSub Corp., a Nevada corporation (the “Seller”). 
 The Trust was
created pursuant to a Trust Agreement dated as of October 4, 2011, as amended and restated as of October 26, 2011 (the “Trust Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the
“Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement.

 This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the
“Certificate”). Also issued under the Indenture, dated as of October 26, 2011, among the Trust, Wells Fargo Bank, National Association, as trustee and indenture collateral agent, are seven classes of Notes designated as
“Class A-1 0.43326% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2 1.19% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3 1.55% Asset Backed Notes”
(the “Class A-3 Notes”), “Class B 2.45% Asset Backed Notes” (the “Class B Notes”), “Class C 3.44% Asset Backed Notes” (the “Class C Notes”), “Class D 5.05%
Asset Backed Notes” (the “Class D Notes”) and “Class E 6.76% Asset Backed Notes” (the “Class E Notes”) (the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment sale contracts secured by new and used automobiles, vans or light duty trucks
(the “Receivables”), all monies due thereunder on or after the Cutoff Date, security interests in the vehicles financed 

 
thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing
Agreement, all right, title and interest of the Seller in and to the Purchase Agreement dated as of October 26, 2011 between AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the foregoing. 

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. 
 Distributions on this Certificate will be made as provided in the Trust Agreement or any other Basic Document by wire transfer or check mailed to the Certificateholder without the presentation or
surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Servicer on behalf
of the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in the Corporate Trust Office. 

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall
have been executed by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

 THIS CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-2

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed. 
  

							
		 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-5
			
		 	By:	 	WILMINGTON TRUST COMPANY
		 		 	not in its individual capacity but solely as Owner Trustee
				
	Dated: November 2, 2011	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

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

		 	Name:
		 	Title:

  
 A-3

 (Reverse of Certificate) 

The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any Affiliates of
any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is not guaranteed
by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale
and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written request.

 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the
rights and obligations of the Seller under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Note Majority and the Certificateholder. Any such consent by the Holder of this Certificate shall be conclusive
and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust
Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholder. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the Corporate Trust Office, accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon a new Certificate evidencing the same aggregate interest in
the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust Company. No service charge will be made for any such registration of transfer or exchange, but the Owner
Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 No sale or transfer of a Certificate shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar or be
effective hereunder, if the sale or transfer thereof increases to more than 99 the sum of the number of Certificateholders. 

The Owner Trustee and any agent of the Owner Trustee may treat the person in whose name this Certificate is registered as the owner
hereof for all purposes, and none of the Owner Trustee nor any such agent shall be affected by any notice to the contrary. 

The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the 

  
 A-4

 
disposition of all property held as part of the Trust. The Seller or the Servicer of the Receivables may at its option purchase the corpus of the Trust at a price specified in the Sale and
Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Certificate; however, such right of purchase is exercisable, subject to certain restrictions, only as of the last day of
any Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance. 
 The Certificate may not be
acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code) that is
subject to Section 4975 of the Code, (iii) any entity whose underlying assets include assets of a plan described in (i) or (ii) above by reason of such plan’s investment in the entity, or (iv) an employee benefit plan
subject to any federal, state, local or non-U.S. laws or regulations substantially similar to Title I of ERISA or Section 4975 of the Code (each, a “Benefit Plan”). By accepting and holding this Certificate, the Holder hereof
shall be deemed to have represented and warranted that it is not a Benefit Plan. 
 The recitals contained herein shall be taken
as the statements of the Depositor or the Servicer, as the case may be, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Certificate or
of any Receivable or related document. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of
the Owner Trustee, by manual or facsimile signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

  
 A-5

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL
SECURITY 
 OR OTHER IDENTIFYING NUMBER 

OF ASSIGNEE 
  

 
 (Please print or type name and address, including
postal zip code, of assignee) 
  
  

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 

 

			
	  
	 	Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of 

 substitution in the premises. 
  

					
	Dated:	 	  
	 	*
		 	Signature	 	
			
	Guaranteed:	 	  
	 	*

  

	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation
in STAMP or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  
 A-6

 EXHIBIT B 
 FORM OF 
 CERTIFICATE OF TRUST 

OF 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-5 
 THIS Certificate of Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-5 (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form
a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed by this Certificate of Trust is “AmeriCredit Automobile Receivables Trust 2011-5.” 

2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. 
 3. Effective Date. This
Certificate of Trust shall be effective upon filing. 
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as trustee of the Trust
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT C 
 Form of 
 Notice of Repurchase Request 

[            ], 20[    ] 

AmeriCredit Financial Services, Inc. 
 as Servicer 
 801 Cherry Street, Suite 3500 

Fort Worth, Texas 76102, 
 Attention: Chief
Financial Officer 
 AFS SenSub Corp., 
 as Seller 
 2265 B Renaissance Drive, Suite 17 

Las Vegas, Nevada 89119 
 Attention: Chief
Financial Officer 
  

	 	Re:	AmeriCredit Automobile Receivables Trust 2011-5 (the “Issuer”)  

Notice of Requests to Repurchase Receivables 
 Reference is hereby made to the Amended and Restated Trust Agreement of the Issuer, dated as of October 26, 2011 (the “Trust Agreement”), between AFS Sensub Corp., a Nevada
corporation, as depositor (the “Seller”), and Wilmington Trust Company, a Delaware trust company, as owner trustee (in such capacity, the “Owner Trustee”). Capitalized terms used but not defined herein shall have
the meanings given to them in the Trust Agreement. This Notice is being delivered pursuant to Section 5.7 of the Trust Agreement. 
 [During the period from and including [            ], 20[    ] to but excluding
[            ], 20[    ], the Owner Trustee received no requests requesting that Receivables be repurchased.] 

[During the period from and including [            ],
20[    ] to but excluding [            ], 20[    ], the Owner Trustee received one or more requests requesting that Receivables be repurchased.
Copies of such requests received in writing are attached, and details of any such requests received orally are set forth below: 
  

					
	 Date of Request
	  	 Number of Receivables

Subject to Request
	  	 Aggregate Principal Balance of

Receivables Subject to Request

		  		  	
		  		  	
		  		  	

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

		 	Name:
		 	Title:Sale and Servicing Agreement

 EXHIBIT 4.3 
 SALE AND SERVICING 
 AGREEMENT 

among 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-5, 
 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 October 26, 2011

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
			
	 SECTION 1.1.
	 	 Definitions
	  	 	1	  
	 SECTION 1.2.
	 	 Other Definitional Provisions
	  	 	19	  
		
	 ARTICLE II Conveyance of Receivables
	  	 	20	  
			
	 SECTION 2.1.
	 	 Conveyance of Receivables
	  	 	20	  
	 SECTION 2.2.
	 	 [Reserved]
	  	 	21	  
	 SECTION 2.3.
	 	 Further Encumbrance of Trust Property
	  	 	21	  
	 SECTION 2.4.
	 	 Intention of the Parties
	  	 	22	  
		
	 ARTICLE III The Receivables
	  	 	23	  
			
	 SECTION 3.1.
	 	 Representations and Warranties of Seller
	  	 	23	  
	 SECTION 3.2.
	 	 Repurchase upon Breach
	  	 	23	  
	 SECTION 3.3.
	 	 Custody of Receivable Files
	  	 	24	  
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	 	25	  
			
	 SECTION 4.1.
	 	 Duties of the Servicer and the Backup Servicer
	  	 	25	  
	 SECTION 4.2.
	 	 Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements
	  	 	26	  
	 SECTION 4.3.
	 	 Realization upon Receivables
	  	 	29	  
	 SECTION 4.4.
	 	 Insurance
	  	 	31	  
	 SECTION 4.5.
	 	 Maintenance of Security Interests in Vehicles.
	  	 	32	  
	 SECTION 4.6.
	 	 Covenants, Representations, and Warranties of Servicer
	  	 	33	  
	 SECTION 4.7.
	 	 Purchase of Receivables Upon Breach of Covenant
	  	 	33	  
	 SECTION 4.8.
	 	 Total Servicing Fee; Payment of Certain Expenses by Servicer
	  	 	34	  
	 SECTION 4.9.
	 	 Servicer’s Certificate.
	  	 	35	  
	 SECTION 4.10.
	 	 Annual Statement as to Compliance, Notice of Servicer Termination Event
	  	 	35	  
	 SECTION 4.11.
	 	 Annual Independent Public Accountants’ Reports
	  	 	36	  
	 SECTION 4.12.
	 	 Access to Certain Documentation and Information Regarding Receivables
	  	 	37	  
	 SECTION 4.13.
	 	 Monthly Tape
	  	 	37	  
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	 	38	  
			
	 SECTION 5.1.
	 	 Establishment of Trust Accounts
	  	 	38	  
	 SECTION 5.2.
	 	 [Reserved]
	  	 	41	  
	 SECTION 5.3.
	 	 Certain Reimbursements to the Servicer
	  	 	41	  
	 SECTION 5.4.
	 	 Application of Collections
	  	 	41	  
	 SECTION 5.5.
	 	 [Reserved]
	  	 	41	  
	 SECTION 5.6.
	 	 Additional Deposits
	  	 	41	  
	 SECTION 5.7.
	 	 Distributions
	  	 	42	  

  
 i 

							
	 SECTION 5.8.
	 	 Reserve Account.
	  	 	45	  
	 SECTION 5.9.
	 	 Statements to Noteholders
	  	 	46	  
		
	 ARTICLE VI [Reserved]
	  	 	47	  
		
	 ARTICLE VII The Seller
	  	 	48	  
			
	 SECTION 7.1.
	 	 Representations of Seller
	  	 	48	  
	 SECTION 7.2.
	 	 Corporate Existence
	  	 	50	  
	 SECTION 7.3.
	 	 Liability of Seller; Indemnities
	  	 	50	  
	 SECTION 7.4.
	 	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	 	51	  
	 SECTION 7.5.
	 	 Limitation on Liability of Seller and Others
	  	 	52	  
	 SECTION 7.6.
	 	 Ownership of the Certificates or Notes
	  	 	52	  
		
	 ARTICLE VIII The Servicer and the Backup Servicer
	  	 	52	  
			
	 SECTION 8.1.
	 	 Representations of Servicer
	  	 	52	  
	 SECTION 8.2.
	 	 Representations of Backup Servicer
	  	 	54	  
	 SECTION 8.3.
	 	 Liability of Servicer and Backup Servicer; Indemnities
	  	 	55	  
	 SECTION 8.4.
	 	 Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer
	  	 	57	  
	 SECTION 8.5.
	 	 Limitation on Liability of Servicer, Backup Servicer and Others
	  	 	58	  
	 SECTION 8.6.
	 	 Delegation of Duties
	  	 	59	  
	 SECTION 8.7.
	 	 Servicer and Backup Servicer Not to Resign
	  	 	59	  
		
	 ARTICLE IX Default
	  	 	60	  
			
	 SECTION 9.1.
	 	 Servicer Termination Event
	  	 	60	  
	 SECTION 9.2.
	 	 Consequences of a Servicer Termination Event
	  	 	61	  
	 SECTION 9.3.
	 	 Appointment of Successor
	  	 	62	  
	 SECTION 9.4.
	 	 Notification to Noteholders
	  	 	63	  
	 SECTION 9.5.
	 	 Waiver of Past Defaults
	  	 	63	  
	 SECTION 9.6.
	 	 Backup Servicer Termination
	  	 	64	  
		
	 ARTICLE X Termination
	  	 	64	  
			
	 SECTION 10.1.
	 	 Optional Purchase of All Receivables
	  	 	64	  
		
	 ARTICLE XI Administrative Duties of the Servicer
	  	 	65	  
			
	 SECTION 11.1.
	 	 Administrative Duties
	  	 	65	  
	 SECTION 11.2.
	 	 Records
	  	 	67	  
	 SECTION 11.3.
	 	 Additional Information to be Furnished to the Issuer
	  	 	67	  
		
	 ARTICLE XII Miscellaneous Provisions
	  	 	67	  
			
	 SECTION 12.1.
	 	 Amendment
	  	 	67	  
	 SECTION 12.2.
	 	 Protection of Title to Trust
	  	 	68	  
	 SECTION 12.3.
	 	 Notices
	  	 	70	  

  
 ii 

							
	 SECTION 12.4.
	 	 Assignment
	  	 	71	  
	 SECTION 12.5.
	 	 Limitations on Rights of Others
	  	 	71	  
	 SECTION 12.6.
	 	 Severability
	  	 	71	  
	 SECTION 12.7.
	 	 Separate Counterparts
	  	 	71	  
	 SECTION 12.8.
	 	 Headings
	  	 	71	  
	 SECTION 12.9.
	 	 Governing Law
	  	 	71	  
	 SECTION 12.10.
	 	 Assignment to Trust Collateral Agent
	  	 	72	  
	 SECTION 12.11.
	 	 Nonpetition Covenants.
	  	 	72	  
	 SECTION 12.12.
	 	 Limitation of Liability of Owner Trustee and Trust Collateral Agent
	  	 	72	  
	 SECTION 12.13.
	 	 Trust Collateral Agent to Report Repurchase Demands due to Breaches of Representations and Warranties
	  	 	73	  
	 SECTION 12.14.
	 	 Independence of the Servicer
	  	 	73	  
	 SECTION 12.15.
	 	 No Joint Venture
	  	 	73	  
	 SECTION 12.16.
	 	 State Business Licenses
	  	 	73	  

 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 Servicer’s Certificate

  
 iii

 SALE AND SERVICING AGREEMENT dated as of October 26, 2011, among AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2011-5, 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 an Originating
Affiliate or acquired by AmeriCredit Financial Services, Inc. or an Originating Affiliate 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 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 Principal Amount”
for a Distribution Date will equal the lesser of 
 (x) the excess, if any, of the amount of Available Funds on
such Distribution Date over the amounts payable on such Distribution Date pursuant to clauses (i) through (xix) of Section 5.7(a); 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. 
 “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 contracts, car club and warranty contracts, other items customarily financed as part of motor vehicle
retail 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 or an Originating Affiliate relating to the acquisition of Receivables from a
Third-Party Lender by AmeriCredit or an Originating Affiliate. 
 “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 Trust Accounts during the related Collection Period, plus Investment Earnings with respect to the Trust
Accounts for the related Collection Period, (iii) 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 for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (iv) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 and
(v) amounts, if any, released from the Reserve Account pursuant to Section 5.8(a)(iii)(B) hereof on such Distribution Date. 
 “Backup Servicer” means Wells Fargo Bank, National Association so long as it is the Trustee under the Indenture, or any successor backup servicer appointed in accordance with
Section 8.7. 
 “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 (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of
such Collection Period (or, in the case of the first 

  
 2 

 
Distribution Date, October 27, 2011) times (iii) one-twelfth (a fraction equal to the number of days from and including October 27, 2011 through and including November 30,
2011, assuming October as a 30 day month, over 360). 
 “Basic Documents” means this Agreement, the Certificate
of Trust, the Trust Agreement, the Indenture, the Custodian Agreement, the Lockbox Account Agreement, the Lockbox Processing Agreement, the Underwriting Agreement, the Purchase Agreement, the Note Purchase Agreement and other documents and
certificates delivered in connection therewith. 
 “Business Day” means any day other than a Saturday, a
Sunday, a legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, Minneapolis, Minnesota or New York, New York or any other location of any successor Servicer, successor Owner Trustee
or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 

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

 “Certificate Distribution Account” has the meaning assigned to such term in the Trust Agreement. 

“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, the Class B Notes, the Class
C Notes, the Class D Notes and/or the Class E Notes, as the context requires. 
 “Class A Notes” means the
Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes. 
 “Class A Principal Parity
Amount” means, with respect to any Distribution Date, the lesser of (I) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes immediately prior to such Distribution Date over (y) the
Pool Balance as of the end of the immediately preceding Collection Period and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (iii) of
Section 5.7(a) on such Distribution Date. 
 “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 B Notes” has the meaning assigned to such term in the Indenture. 

“Class B Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of
(A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes and of the Class B Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the
immediately preceding 

  
 3 

 
Collection Period over (B) the sum of the Class A Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes as a Matured Principal Shortfall on
such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (vi) of Section 5.7(a) on such Distribution Date.

 “Class C Notes” has the meaning assigned to such term in the Indenture. 

“Class C Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of
(A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes and of the Class C Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as
of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount and the Class B Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes or the
Class B Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (ix) of
Section 5.7(a) on such Distribution Date. 
 “Class D Notes” has the meaning assigned to such term in the
Indenture. 
 “Class D Principal Parity Amount” means, with respect to any Distribution Date, the lesser of
(I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes and of the Class D Notes, in each case immediately prior to such
Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount and the Class C Principal Parity
Amount for such Distribution Date plus any payments made on the Class A Notes, the Class B Notes or the Class C Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit
in the Collection Account after the funding of the items described in clauses (i) through (xii) of Section 5.7(a) on such Distribution Date. 
 “Class E Notes” has the meaning assigned to such term in the Indenture. 
 “Class E Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining
principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes, of the Class D Notes and of the Class E Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the
immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount, the Class C Principal Parity Amount and the Class D Principal Parity Amount for such Distribution Date
plus any payments made on the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the
Collection Account after the funding of the items described in clauses (i) through (xv) of Section 5.7(a) on such Distribution Date. 
 “Closing Date” means November 2, 2011. 

  
 4 

 “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 as of the close
of business on October 26, 2011 and ending as of the close of business on November 30, 2011. With respect to each subsequent Distribution Date, “Collection Period” means the period beginning as of the close of business on the
last day of the second preceding calendar month and ending as of the close of business on the last day of the immediately preceding calendar month. Any amount stated “as of the close of business” shall give effect to the following
calculations as determined as of the end of the day on such 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. 

“Commission” means the United States Securities and Exchange Commission. 

“Computer Tape” means the computer tapes or other electronic media furnished by the Servicer to the Issuer and its
assigns describing certain characteristics of the Receivables as of the Cutoff Date. 
 “Contract” means a
motor vehicle retail installment sale contract or promissory note. 
 “Controlling Party” means the Trust
Collateral Agent, for the benefit of the Noteholders. 
 “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 and the Backup Servicer, 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 55479, 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

  
 5 

 
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 Controlling Party). 

“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. 
 “Cutoff Date” means October 26, 2011. 

“DBRS” means DBRS, Inc. or its successor. 
 “Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to AmeriCredit or an Originating Affiliate under a Dealer Agreement or
pursuant to a Dealer Assignment. 
 “Dealer Agreement” means any agreement between a Dealer and AmeriCredit or
an Originating Affiliate relating to the acquisition of Receivables from a Dealer by AmeriCredit or an Originating Affiliate. 

“Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such
Receivable to AmeriCredit or an Originating Affiliate. 
 “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 by physical delivery to the Trust Collateral
Agent endorsed to, or registered in the name of, the Trust Collateral Agent or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery thereof to the
Trust Collateral Agent of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and
the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Trust Collateral Agent by the amount of such
certificated security and the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the Trust Collateral Agent (all of the foregoing, “Physical Property”), and, in any event,
any such Physical Property in registered form shall be in 

  
 6 

 
the name of the Trust Collateral Agent or its nominee; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such
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 securities intermediary that is also a “depository” pursuant to applicable federal regulations; the making by such securities intermediary of
entries in its books and records crediting such Trust Account Property to the Trust Collateral Agent’s securities account at the securities intermediary and identifying such book-entry security held through the Federal Reserve System pursuant
to federal book-entry regulations as belonging to the Trust Collateral Agent; 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, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (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 Trust Collateral Agent
or its nominee or custodian who either (i) becomes the registered owner on behalf of the Trust Collateral Agent or (ii) having previously become the registered owner, acknowledges that it holds for the Trust Collateral Agent; and

 (d) with respect to any item of Trust Account Property that is a financial asset under Article 8 of the UCC and that is not
governed by clause (b) above, causing the securities intermediary to indicate on its books and records that such financial asset has been credited to a securities account of the Trust Collateral Agent. 

“Determination Date” means, with respect to any Collection Period, the second Business Day prior to the related
Distribution Date. 
 “Distribution Date” means, with respect to each Collection Period, the eighth day of the
following calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing December 8, 2011. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month.

 “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 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 

  
 7 

 
long as (i) 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 and
(ii) such depository institutions’ deposits are insured by the FDIC. 
 “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+, from
Moody’s of Prime-1 and, to the extent rated by DBRS, from DBRS of R-1 (middle); 
 (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+, from Moody’s of Prime-1 and, to the extent rated by DBRS, from DBRS
of R-1 (middle); 
 (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;

 (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 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 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. 

  
 8 

 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. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “FDIC” means the Federal Deposit Insurance Corporation. 

“Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the November 8, 2012
Distribution Date, (ii) the Class A-2 Notes, the August 10, 2015 Distribution Date, (iii) the Class A-3 Notes, the July 8, 2016 Distribution Date, (iv) the Class B Notes, the December 8, 2016 Distribution
Date, (v) the Class C Notes, the October 10, 2017 Distribution Date, (vi) the Class D Notes, the December 8, 2017 Distribution Date and (vii) the Class E Notes, the March 8, 2019 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. 
 “Force-Placed Insurance” has the
meaning ascribed thereto in Section 4.4 hereof. 
 “Indenture” means the Indenture dated as of
October 26, 2011, 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. 

“General Motors Financial Company, Inc.” means General Motors Financial Company, Inc. (f/k/a AmeriCredit Corp.).

 “Independent Accountants” shall have the meaning set forth in Section 4.11(a). 

“Initial Purchasers” means Deutsche Bank Securities, Inc., Morgan Stanley & Co. Incorporated, RBS Securities
Inc. and UBS Securities LLC, as initial purchasers of the Class E Notes pursuant to the Note Purchase Agreement. 

“Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such Person or
the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation 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. 

  
 9 

 “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 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. 
 “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. 
 “Interest Rate” means, with respect to (i) the
Class A-1 Notes, 0.43326% 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, 1.19% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months), (iii) the Class A-3 Notes, 1.55% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (iv) the Class B Notes, 2.45% per annum (computed on
the basis of a 360-day year consisting of twelve 30-day months), (v) the Class C Notes, 3.44% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (vi) the Class D Notes, 5.05% per annum
(computed on the basis of a 360-day year consisting of twelve 30-day months) and (vii) the Class E Notes, 6.76% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Investment Earnings” means, with respect to any date of determination and Trust Accounts, the investment earnings on
amounts on deposit in such Trust Accounts on such date. 
 “Issuer” means AmeriCredit Automobile Receivables
Trust 2011-5. 
 “Issuer Secured Parties” means the Trustee in respect of the Trustee Issuer Secured
Obligations. 
 “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. For Financed Vehicles registered in states which issue
confirmation of the lienholder’s interest electronically, the “Lien Certificate” may consist of notification of an electronic recordation, by either a third party service provider or the relevant Registrar of Titles of the applicable
state, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable state. 

  
 10 

 “Liquidated Receivable” means, with respect to any Collection Period, a
Receivable for which, as of the last day of the Collection Period (i) 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 Payment have
become 210 or more days delinquent in the case of a repossessed Financed Vehicle, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received, (iii) 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, or (iv) that is, without duplication, a Sold Receivable. 
 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable 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 Account Agreement” means the Lockbox Account Agreement, dated
as of October 26, 2011, by and among AmeriCredit, JPMorgan Chase Bank, N.A. 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 Account Agreement” shall mean any replacement agreement therefor among the Servicer, the Trust Collateral Agent and the Lockbox Bank.

 “Lockbox Agreements” means collectively, the Lockbox Account Agreement and the Lockbox Processing Agreement.

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

 “Lockbox Processing Agreement” means the Lockbox Processing Agreement, dated as of October 26, 2011, by
and among the Lockbox Processor, the Servicer and the Trust Collateral Agent, as such agreement may be amended or supplemented from time to time. 
 “Lockbox Processor” means Regulus Group II LLC, or its successors or assigns. 
 “Majority Noteholders” means the Holders of Notes representing a majority of the principal balance of the most senior Class of Notes then outstanding. 

“Matured Principal Shortfall” means, with respect to any Distribution Date and for any Class of Notes which would have a
remaining principal balance greater than zero on such Distribution Date, after taking into account the payment of all other principal amounts to such Class on such Distribution Date, and as to which such Distribution Date is either the Final
Scheduled Distribution Date for such Class, or a Distribution Date subsequent to such Final Scheduled Distribution Date, the remaining principal balance of such Class on such Distribution Date, after taking into account the payment of all other
principal amounts to such Class on such Distribution Date. 

  
 11 

 “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 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; and past due late charges. 
 “Monthly Tape” has the meaning set forth in
Section 4.13 hereof. 
 “Moody’s” means Moody’s Investors Service, Inc. 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 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. 
 “Note Purchase Agreement” means the Note Purchase Agreement dated as of October 26, 2011, among the Initial Purchasers, the Seller and the Servicer. 

  
 12 

 “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’ Interest Distributable
Amount for the Class of Notes for the 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 the
applicable 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 each Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date and each 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 all other Classes of Notes shall be computed on the basis of a 360-day year consisting of
twelve 30-day months, except with respect to the first Interest Period when the Interest Period with respect to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and
the Class E Notes will be 36 days. 
 “Noteholders’ Monthly Interest Distributable Amount” means, with
respect to any Distribution Date and any Class of Notes, interest accrued at the respective 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
all other Classes of Notes on the basis of a 360-day year consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period), except with respect to the first Interest Period.

 “Noteholders’ Principal Carryover Amount” means, as of any date of determination, all or any portion of
the Noteholders’ Principal Distributable 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
Principal Distributable Amount for such Distribution Date and the Noteholders’ Principal Carryover Amount, if any, as of the close of business on 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 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. 

  
 13 

 “Officers’ Certificate” means a certificate signed by the chief
executive officer, the president, any executive vice president, any senior vice president, any vice president, any assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or the
Servicer, as appropriate. 
 “Opinion of Counsel” means a written opinion of counsel satisfactory in form and
substance to the Trust Collateral Agent. 
 “Original Pool Balance” means the Pool Balance as of the Cutoff
Date. 
 “Originating Affiliate” means an Affiliate of AmeriCredit that has originated Receivables and assigned
its full interest therein to AmeriCredit. 
 “Other Conveyed Property” means all property conveyed by the
Seller to the Trust pursuant to Section 2.1(b) through (i) of this Agreement. 
 “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) at the end of the preceding calendar month. 
 “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 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) the aggregate
amount of Cram Down Losses that shall have occurred during the related Collection Period; and (v) 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 for distribution pursuant to Section 5.7 hereof over (y) the Step-Down Amount, if any, for such Distribution Date. 

  
 14 

 “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 (xviii) of Section 5.7(a) hereof. 

“Prospectus Supplement” means the prospectus supplement, dated as of October 26, 2011, relating to the offering of
the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, as filed with the Commission. 

“Purchase Agreement” means the Purchase Agreement between the Seller and AmeriCredit, dated as of October 26, 2011,
pursuant to which the Seller acquires the 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 Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Receivable, if
any. 
 “Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a
Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) 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 and Standard & Poor’s. 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 engaged by the Seller, notice of which engagement shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 

“Rating Agency Condition” means, with respect to any action, that Moody’s and Standard & Poor’s shall
have been given 10 days’ (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof by AmeriCredit and that (a) with respect to Standard & Poor’s, such Rating Agency has notified the Seller,
the Servicer, 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, and (b) with respect Moody’s, such Rating Agency has
not notified the Seller, the Servicer, the Owner Trustee or the Trust Collateral Agent in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes. 

“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 Contracts listed on Schedule A attached hereto (which Schedule may be in the form of microfiche
or a disk). 
 “Receivable Files” means the documents specified in Section 3.3. 

  
 15 

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

“Regulation AB” means Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Required Pro Forma Note Balance” means, with respect to any Distribution Date, a dollar amount equal to (x) the Pool Balance as of the end of the prior calendar month minus
(y) the excess of (i) 14.75% of the Pool Balance as of the end of the prior calendar month over (ii) the Specified Reserve Balance. 
 “Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(iii) hereof. 

“Reserve Account Deposit Amount” means, with respect to any Distribution Date, the lesser of (x) the excess of
(i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the
amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a). 
 “Reserve Account Withdrawal Amount” means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts
specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the
amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8. 

“Responsible Officer” means, with respect to any Person, any Executive Vice President, Senior Vice President, Vice
President, Assistant Vice President, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary, or any other officer of such Person customarily performing functions similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such Sold Receivable. 

  
 16 

 “Sale and Servicing Agreement Collateral” has the meaning specified in
Section 2.4 hereof. 
 “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 (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. 

“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 successor 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, substantially in the form of Exhibit A. 
 “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. 

  
 17 

 “Specified Reserve Balance” means, with respect to any Distribution Date,
$19,098,336.90; provided, that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date after giving effect to distributions pursuant to clauses (i) through
(xviii) of Section 5.7(a) hereof. 
 “Standard & Poor’s” means Standard &
Poor’s Ratings Services, Inc., a Standard & Poor’s Financial Services, LLC business, 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); provided, however, that the Step-Down Amount in no event may exceed the amount that would reduce the positive difference, if any, of the Pool
Balance minus the Pro Forma Note Balance, to an amount less than $4,774,584.22, which is 0.50% of the initial Pool Balance. 

“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 or an Originating Affiliate 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 or an Originating Affiliate. 
 “Titled Third-Party Lender”
means a Third-Party Lender that has agreed to assist AmeriCredit or any successor servicer, to the extent necessary, with any repossession or legal action in respect of Financed Vehicles with respect to which such Third-Party Lender has assigned its
full interest therein to AmeriCredit or an Originating Affiliate and is listed as first lienholder or secured party on the Lien Certificate relating to such Financed Vehicle. 
 “Total Available Funds” has the meaning assigned thereto in Section 5.7(a). 
 “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. 

  
 18 

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

 “Trust Agreement” means the Trust Agreement dated as of October 24, 2011, between the Seller and the
Owner Trustee, as amended and restated as of October 26, 2011 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 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 after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Lockbox Account, the Reserve Account (including all
Eligible Investments therein and all proceeds therefrom), the Note Distribution Account (including all Eligible Investments therein and all proceeds therefrom) 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. 
 “Underwriting Agreement” means the Underwriting Agreement, dated as of
October 26, 2011, among the Seller, the Servicer, Deutsche Bank Securities, Inc., Morgan Stanley & Co. Incorporated, RBS Securities Inc. and UBS Securities LLC, as representatives of the underwriters named therein. 

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. 

  
 19 

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

(d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless
otherwise specified; and the term “including” shall mean “including without limitation.” 
 (e) The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

(f) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns. 
 ARTICLE II 

Conveyance of Receivables 
 SECTION 2.1. Conveyance of 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
Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the following property, whether now owned or existing or hereafter acquired or arising: 

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

(b) the security interests in the Financed Vehicles granted by Obligors pursuant to the 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 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 Receivables; 

  
 20 

 (d) any proceeds from any 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, and the delivery requirements, representations and
warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; 
 (h) all of the Seller’s
(i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and 

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

SECTION 2.2. [Reserved] 
 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 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 and (ii) the Trust Collateral Agent pursuant to this Agreement and (iii) the Backup Servicer pursuant to this Agreement, have been paid, release any remaining portion of
the Trust Property to the Seller. 

  
 21 

 SECTION 2.4. Intention of the Parties. 

The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller and the Issuer that they intend that the
assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and Other Conveyed Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the
Seller to the Issuer, and that the Receivables and the Other Conveyed Property shall not be a part of the Seller’s estate in the event of a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under
any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the Seller. In the event that such conveyance is determined to be made as security for a loan made by the Issuer, the Noteholders or
the Certificateholder to the Seller, the Seller hereby grants to the Issuer a security interest in all of the Seller’s right, title and interest in and to the following property for the benefit of the Issuer Secured Parties, whether now owned
or existing or hereafter acquired or arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Sale and Servicing Agreement Collateral”): 

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

(ii) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other
interest of the Seller in such Financed Vehicles; 
 (iii) any proceeds and the right to receive proceeds with
respect to the 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 Receivables; 

(iv) any proceeds from any 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 Receivable Files; 

(vii) 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, and the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; 

(viii) 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 (vii); and 
 (ix) all proceeds and investments with respect to items (i) through (viii). 

  
 22 

 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. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, 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) The Seller, the Servicer, the Backup Servicer, 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 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 Backup Servicer, the Trust Collateral Agent and the officers, directors, agents and employees thereof, 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 

  
 23 

 
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 Receivable 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 October 26, 2011, 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 or control (the “Receivable Files”) which shall be delivered to the Custodian as
agent of the Trust Collateral Agent on or before the Closing Date (with respect to each Receivable): 
 (i) The
fully executed original (or with respect to “electronic chattel paper”, the authoritative copy) of the Contract; and 
 (ii) The 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 (or an Originating Affiliate or a Titled Third-Party Lender) 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 (or an Originating Affiliate or a Titled Third-Party Lender) as secured party. 
 (b) If the Trust Collateral Agent is acting as the Custodian pursuant to Section 8 of the Custodian Agreement, the Trust Collateral Agent shall be deemed to have assumed the obligations of the
Custodian (except for any liabilities incurred by the predecessor Custodian) specified in the Custodian Agreement until such time as a successor Custodian has been appointed. 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 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 4.3(c) 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

  
 24 

 
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 and the Backup 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 Agreements, accounting
for collections and furnishing monthly and annual statements to the Trust Collateral Agent and the Trustee 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 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. 

  
 25 

 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. 

As set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the Backup Servicer shall be
responsible for the Servicer’s duties in this Agreement as if it were the Servicer, provided that the Backup Servicer shall not be liable for the Servicer’s breach of its obligations. 

(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) the Backup Servicer shall conduct periodic on-site visits not more than once every 12 months to meet 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) not more than once per year, the Backup Servicer
shall update or amend the data-mapping by effecting a data-map refresh upon receipt of written notice from the Servicer specifying updated or amended fields, if any, in (a) fields in the Monthly Tape or (b) fields confirmed in the original
data-mapping referred to in clause (iii) above. Each on-site visit shall be at the cost of AmeriCredit. 
 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, 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 

  
 26 

 
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 (x) following a partial prepayment of principal, in accordance with its customary procedures or (y) following the Obligor’s reinstatement based on local laws 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 or amendment is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided,
however, that: 
 (i) The aggregate period of all extensions on a Receivable shall not exceed eight months;
and 
 (ii) In no event may a Receivable be extended beyond the Collection Period immediately preceding the
latest Final Scheduled Distribution Date. 
 (d) The Servicer, acting as agent for the Trust pursuant to the Lockbox Account
Agreement, 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 or Lockbox
Processors pursuant to the Lockbox Agreements. The Servicer shall use its best efforts to notify or direct any Lockbox Bank or Lockbox Processor 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. 
 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 Processor (except in the case of Obligors that have already been making such payments to the Lockbox Processor), and shall have provided each such
Obligor with remittance invoices in order to enable such Obligors to make such payments directly to the Lockbox Processor 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 Processor. If at any time, an Obligor’s bank account cannot be accessed by direct debit and if such inability 

  
 27 

 
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 Agreements, the Servicer shall remain obligated and liable to the Trust, the Trust Collateral Agent 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 and the Lockbox Processor
are performing their respective obligations pursuant to the terms of the Lockbox Agreements. 
 In the event of a termination of
the Servicer, the successor Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lockbox Agreements subject to the terms hereof. In such event, the successor Servicer shall be deemed to have assumed all of the
outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Lockbox Agreement to the same extent as if such Lockbox Agreements had been assigned to the successor Servicer, except that the outgoing
Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank or the Lockbox Processor under such Lockbox Agreements. The outgoing Servicer shall, upon request of the Trust Collateral
Agent, but at the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to each such Lockbox Agreement and an accounting of amounts collected and held by the Lockbox Processor and the Lockbox Bank and
otherwise use its best efforts to effect the orderly and efficient transfer of the Lockbox Agreements to the successor Servicer. In the event that the Majority Noteholders elect to change the identity of the Lockbox Bank or Lockbox Processor, the
outgoing Servicer, at its expense, shall cause the Lockbox Bank or Lockbox Processor to deliver, at the direction of the Majority Noteholders to the Trust Collateral Agent or a successor Lockbox Bank or Lockbox Processor, all documents and records
relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank or the Lockbox Processor (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 arrangements 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. 

(f) AmeriCredit shall not cause or permit the substitution of the Financed Vehicle relating to a Receivable unless: (i) the
substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the Financed Vehicle originally financed under the related Receivable was either (x) insured under an Insurance Policy as required
under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) deemed to be a “lemon” pursuant to applicable state law and repurchased by the

  
 28 

 
related Dealer or (z) the subject of an order by a court of competent jurisdiction directing AmeriCredit to substitute another vehicle under the related Receivable; (iii) the related
Receivable is not more than 30 days delinquent; (iv) the Obligor is deemed to be in “good standing” by the Servicer and is not in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle has a
book value (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the Financed Vehicle that is being replaced, measured immediately before the casualty loss or replacement by the Dealer and (vi) as of the date of such substitution, the
replacement Financed Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that is being replaced; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through
(vi) inclusive, shall not be applicable. AmeriCredit shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an original aggregate Principal Balance greater than two percent (2%) of the Original Pool
Balance, (the “Substitution Limit”). In the event that the Substitution Limit is exceeded for any reason, (i) AmeriCredit shall, on or before the next following Accounting Date, repurchase a sufficient number of such
Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit or (ii) if AmeriCredit is not the Servicer and the Servicer has caused substitutions to be made hereunder pursuant to the
circumstances described in clause (ii)(x), above, the Servicer shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables to be
less than the Substitution Limit. 
 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; provided, however, that the Servicer may elect not to repossess a Financed Vehicle 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 expects in its sole
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 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

  
 29 

 
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 as of the Cutoff Date 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. 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 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. 

  
 30 

 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 27 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 (or an Originating Affiliate or a Titled Third-Party Lender) 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 27 (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. The Servicer shall cause itself, an Originating Affiliate or a Titled Third-Party Lender, and may cause the Trust
Collateral Agent, to be named as named insured under all policies of Collateral Insurance. 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 first to any
unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation 

  
 31 

 
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. 

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 the designation of AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender) as the
secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 
 (b) 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 Majority Noteholders, 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 Majority Noteholders, be necessary or prudent.

  
 32 

 AmeriCredit hereby agrees to pay all expenses related to such perfection or reperfection and
to take all action necessary therefor. 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 Lien Certificates 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 and on which the Trustee relies in authenticating the Notes. 
 (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;

 (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 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. 
 (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, a Responsible Officer of the Trust Collateral Agent, the

  
 33 

 
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 Section 3(b) of the Custodian Agreement or Sections 4.5(a) or 4.6 hereof which materially and adversely
affects the interests of the Noteholders 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 Noteholders, the Owner Trustee, the Backup Servicer or the Trust Collateral Agent; provided, however, that AmeriCredit shall indemnify the Trust, the Backup Servicer, 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 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
1.0% of the Aggregate Principal Balance as of the 180th
day after the Closing Date, 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 1.0% 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. 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 the Noteholders and all other fees and expenses of the Owner Trustee, 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 Lockbox Bank (and any fees under the Lockbox Account Agreement), the

  
 34 

 
Lockbox Processor (and any fees under the Lockbox Processing 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. Servicer’s Certificate. 

No later than noon Eastern time on each Determination Date, the Servicer shall deliver (facsimile delivery being
acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent and the Backup Servicer the monthly Servicer’s Certificate. The Servicer will also deliver the Servicer’s Certificate to each Rating Agency on the same date the
Servicer’s Certificate is publicly available (provided that if the Servicer’s Certificate is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than the 15th of each month (or if not a Business
Day, the next succeeding Business Day)). The Servicer’s Certificate will be executed by a Responsible Officer of the Servicer and contain among other things: (i) all information necessary to enable the Trust Collateral Agent to make the
distributions required by Sections 5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables 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 to verify the items specified in Section 4.13(ii) (as set forth in the Monthly Tape delivered pursuant to Section 4.13) and
(iv) all information necessary to enable the Trust Collateral Agent to send the statements to Noteholders required by Section 5.9. 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). 

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

(a) To the extent required by Section 1123 of Regulation AB, the Servicer, shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer and each Rating Agency, on or before March 31 of each year (regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March 31, 2012, an officer’s
certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as
shall have elapsed from the Closing Date to the date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such
review, the Servicer has fulfilled in all material respects all its obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known
to such officer and the nature and status of such failure. 
 (b) The Servicer shall deliver to the Trustee, the Owner Trustee,
the Trust Collateral Agent, the Backup Servicer 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 

  
 35 

 
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 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. 

(c) The Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March 31, 2012, a report
regarding the Servicer’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

 (d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to be
participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March 31, 2012, a report regarding such party’s assessment of compliance
with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

(e) Wells Fargo Bank, National Association acknowledges, in its capacity as Backup Servicer and Trust Collateral Agent under this
Agreement and in its capacity as Indenture Trustee under the Basic Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by
the Servicer to ensure compliance with the requirements of Section 4.10(d) and Section 4.11(b) hereof and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by March 15 of each calendar
year. 
 SECTION 4.11. Annual Independent Public Accountants’ Reports. 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 its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2012, a report, dated as of December 31 of the
preceding calendar year, addressed to the board of directors of the Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(c), including disclosure of any material instance of non-compliance,
as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

(b) Each party required to deliver an assessment of compliance described in Section 4.10(d) shall cause Independent Accountants, who
may also render other services to such party or its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s
fiscal year, if other than December 31) of each year, beginning in March 31, 2012, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of such party, providing its attestation report
on the servicing assessment delivered pursuant to Section 4.10(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 

  
 36 

 
15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act. 
 (c) The Servicer shall cause a firm of Independent Accountants, who may also render other services to the
Servicer or to the Seller, (1) to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent and the Backup Servicer, 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, 2011, 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 copy of the Form 10-K filed with the United States Securities and Exchange Commission for General Motors Financial Company, Inc., which filing includes a statement that 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; and (2) upon
request of the Trustee, the Owner Trustee, the Trust Collateral Agent or the Backup Servicer, to issue an acknowledgement to the effect that such firm has audited the books and records of General Motors Financial Company, Inc., in which the Servicer
is included as a consolidated subsidiary, and issued its report pursuant to item (1) of this section and that the accounting 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. 
 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 and the Backup Servicer 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. No later than the second Business Day after each Distribution Date, the Servicer will deliver to the
Trust Collateral Agent and the Backup Servicer a computer tape and a diskette (or any other electronic transmission acceptable to the Trust Collateral Agent and the Backup Servicer) in a format acceptable to the Trust Collateral Agent and the 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 such tape, diskette or other electronic transmission is in readable form, and (ii) 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 withdrawn from the Reserve Account,
(D) the outstanding principal amount of each Class 

  
 37 

 
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, and (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. The Backup Servicer shall certify to the Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Trustee 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
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 (acting at the written direction of the Majority
Noteholders), deliver to the Backup Servicer or any successor 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. 
 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, 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. 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. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 

  
 38 

 (iii) The Trust Collateral Agent, on behalf of the Noteholders, shall
establish and maintain in its own name an Eligible Deposit Account (the “Reserve 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. The Reserve Account shall initially be established with the Trust Collateral Agent. 
 (b) Funds on deposit
in the Collection Account, the Reserve Account and the Note Distribution Account (collectively, the “Trust 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.
Other than as permitted by the Rating Agencies, 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. All Eligible Investments will be held to maturity. Each institution at which the relevant Trust Account is maintained shall invest the funds therein as directed in writing by the Servicer in Eligible Investments.

 (c) All Investment Earnings of moneys deposited in each Trust Account shall be deposited (or caused to be deposited) in the
Collection Account on each Distribution Date by the Trust Collateral Agent and applied as Available Funds on such Distribution Date, and any loss resulting from such investments shall be charged to such Trust 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 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 is 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 received 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. 

  
 39 

 (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 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. 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 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; 
 (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 securities
intermediary (as such term is defined in Section 8-102(14) of the UCC) acting solely for the Trust Collateral Agent; 
 (C) the “securities intermediary’s jurisdiction” for purposes of Section 8-110 of the UCC shall be the State of New York; 

(D) 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; 
 (E) any Trust Account Property
that is an “uncertificated security” or a “security entitlement” under Article 8 of the UCC and that is not governed by clause (D) above shall be delivered to the Trust Collateral Agent in accordance with
paragraph (c) or (d), if applicable, 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; and 

  
 40 

 (F) any cash that is Trust Account Property shall be considered a
“financial asset” under Article 8 of the UCC. 
 (g) The Servicer shall have the power 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. [Reserved] 
 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(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent. 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 deposited 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: 
 (a) 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. 
 (b) 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(a). 
 SECTION 5.5. [Reserved]. 
 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
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. 

(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. 

  
 41 

 SECTION 5.7. Distributions. 

(a) 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) apply or cause to be applied the sum of (x) the Available Funds (after withdrawing amounts deposited in error and Liquidation Proceeds relating to Purchased Receivables) for
the related Collection Period and (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum, the “Total Available Funds”) to distribute the following amounts from the Collection Account unless otherwise
specified, to the extent of the sources of funds stated to be available therefore, and in the following order of priority: 
 (i) from the Total Available Funds, to the Servicer, (1) the Base Servicing Fee for the related Collection Period, (2) any Supplemental Servicing Fees for the related Collection Period,
(3) any amounts specified in Section 5.3, (4) 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 (5) to any
successor Servicer, transition fees not to exceed $200,000 (including boarding fees) in the aggregate; 
 (ii)
from the Total Available Funds, to each of the Lockbox Bank, the Lockbox Processor, the Trustee, the Trust Collateral Agent, the Backup Servicer and the Owner Trustee, their respective accrued and unpaid fees, expenses and indemnities (in each case,
to the extent such fees, expenses or indemnities have not been previously paid by the Servicer, and provided that such fees, expenses and indemnities shall not exceed (x) $100,000 in the aggregate in any calendar year to the Owner
Trustee and (y) $200,000 in the aggregate in any calendar year to the Lockbox Bank, the Lockbox Processor, the Trust Collateral Agent, the Backup Servicer and the Trustee); 

(iii) from the Total Available Funds, to the Class A Noteholders, pari passu, the Noteholders’ Interest
Distributable Amount for the Class A Notes for such Distribution Date; 
 (iv) from the Total Available
Funds, for distribution as provided in paragraph (b) below, the Class A Principal Parity Amount; 
 (v)
from the Total Available Funds, for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class A Notes; 
 (vi) from the Total Available Funds, to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date; 

(vii) from the Total Available Funds, for distribution as provided in paragraph (b) below, the Class B Principal
Parity Amount; 

  
 42 

 (viii) from the Total Available Funds, for distribution as provided in
paragraph (b) below, any Matured Principal Shortfall on account of the Class B Notes; 
 (ix) from the Total
Available Funds, to the Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Distribution Date; 
 (x) from the Total Available Funds, for distribution as provided in paragraph (b) below, the Class C Principal Parity Amount; 

(xi) from the Total Available Funds, for distribution as provided in paragraph (b) below, any Matured Principal
Shortfall on account of the Class C Notes; 
 (xii) from the Total Available Funds, to the Class D Noteholders,
the Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date; 
 (xiii)
from the Total Available Funds, for distribution as provided in paragraph (b) below, the Class D Principal Parity Amount; 
 (xiv) from the Total Available Funds, for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class D Notes; 

(xv) from the Total Available Funds, to the Class E Noteholders, the Noteholders’ Interest Distributable Amount for
the Class E Notes for such Distribution Date; 
 (xvi) from the Total Available Funds, for distribution as
provided in paragraph (b) below, the Class E Principal Parity Amount; 
 (xvii) from the Total Available
Funds, for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class E Notes; 
 (xviii) from the Total Available Funds, for distribution as provided in paragraph (b) below, the Noteholders’ Principal Distributable Amount; 

(xix) from the Total Available Funds, to the Reserve Account, the Reserve Account Deposit Amount for such Distribution
Date; 
 (xx) from the Total Available Funds, for distribution as provided in paragraph (b) below, the
Accelerated Principal Amount; 
 (xxi) from the Total Available Funds, to pay each of the Indenture Trustee, the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Lockbox Bank, the Lockbox Processor and the successor servicer any fees, expenses and indemnities then due to such party that are in excess of the related cap or annual limitation
specified in clauses (i) and (ii) above; and 

  
 43 

 (xxii) from the Total Available Funds, to the Certificate Distribution
Account for distribution to the Certificateholders in accordance with the Trust Agreement, the aggregate amount remaining in the Collection Account. 
 On any Distribution Date with respect to which no Servicer’s Certificate was delivered, to the extent there are Available Funds in the Collection Account, the Trust Collateral Agent will make
payments of the Noteholders’ Interest Distributable Amounts described in (iii), (vi), (ix), (xii) and (xv) above as well as any Matured Principal Shortfalls described in (v), (viii), (xi), (xiv) and (xvii) above. 

(b) On each Distribution Date, the Trust Collateral Agent shall apply or cause to be applied the aggregate of the amounts described in
clause (iv), (v), (vii), (viii), (x), (xi), (xiii), (xiv), (xvi), (xvii) and (xviii) of paragraph (a) above on that Distribution Date in the listed order of priority: 

(i) to the Class A-1 Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until
the outstanding principal balance thereof has been reduced to zero; 
 (ii) to the Class A-2 Noteholders in
reduction of the remaining principal balance of the Class A-2 Notes, until the outstanding principal balance thereof has been reduced to zero; 
 (iii) to the Class A-3 Noteholders in reduction of the remaining principal balance of the Class A-3 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(iv) to the Class B Noteholders in reduction of the remaining principal balance of the Class B Notes, until the
outstanding principal balance thereof has been reduced to zero; 
 (v) to the Class C Noteholders in reduction of
the remaining principal balance of the Class C Notes, until the outstanding principal balance thereof has been reduced to zero; 
 (vi) to the Class D Noteholders in reduction of the remaining principal balance of the Class D Notes, until the outstanding principal balance thereof has been reduced to zero; 

(vii) to the Class E Noteholders in reduction of the remaining principal balance of the Class E Notes, until the
outstanding principal balance thereof has been reduced to zero; 
 provided, however, that, (A) following an acceleration of the
Notes pursuant to the Indenture, (B) the occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv) or 5.1(v) of the Indenture 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. 

  
 44 

 (c) 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(a) and 5.7(b) on the related Distribution Date. 

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

(f) 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 5.8. Reserve Account. 
 (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent
for the benefit of the Noteholders. 
 (ii) The Seller may, from time to time after the date hereof, request each
Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the 

  
 45 

 
amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the
Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve
Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to
reflect such new formula without the consent of any Noteholder. 
 (iii) On each Distribution Date, the Servicer
shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any
amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses
(i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all
other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount such excess as part of Available Funds on such
Distribution Date. 
 (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the
information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as
Total Available Funds for that Distribution Date. 
 (c) Amounts properly transferred to the Certificate Distribution Account
for payment to the Certificateholders pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the
Certificateholders be required to refund any amount properly received by them. 
 SECTION 5.9. Statements to
Noteholders. 
 (a) On or prior to each Distribution Date, the Trust Collateral Agent shall provide each Noteholder of
record a statement setting forth at least the following information as to the Notes to the extent such information has been received from the Servicer pursuant to Section 4.9 hereof: 

(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; 

  
 46 

 (iii) the required Reserve Account Withdrawal Amount or any excess released
from the Reserve Account and included in Available Funds; 
 (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, if any, and the change in that amount from the preceding statement; 
 (viii) the amount of the
aggregate Realized Losses, if any, for the second preceding Collection Period; and 
 (ix) the aggregate Purchase
Amounts for Receivables, if any, that were repurchased by the Servicer or the Seller in such period. 
 (b) The Trust Collateral
Agent will make available each month to each Noteholder the statements referred to in Section 5.9(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 (866) 846-4526. The Trust Collateral Agent shall have the right to
change the way the statements referred to in Section 5.9(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only
provided to the then current Noteholders. 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. 
 ARTICLE VI 

[Reserved] 

  
 47 

 ARTICLE VII 
 The Seller 
 SECTION 7.1. Representations of Seller. The Seller
makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee, 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, 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 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, is 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. 

  
 48 

 (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 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) Solvency. The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the
Seller anticipate any pending insolvency. 
 (i) No Consents. The Seller 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. 
 (j) 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. 
 (k) Ordinary Course of Business. The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s
business. 
 (l) Chief Executive Office and Principal Place of Business. The chief executive office and principal place
of business of the Seller is at 2265 B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119. 
 (m) Investment Company
Act. Neither the Seller nor the Issuer is an “investment company” or a company “controlled by an investment company” within the meaning of the Investment Company Act. 

  
 49 

 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, 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; 
 (v) all transactions and dealings between the Seller and its
Affiliates will be conducted on an arm’s-length basis; and 
 (vi) the Seller shall pay from its assets all
obligations and indebtedness of any kind incurred by the Seller. 
 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. 
 (a) The Seller shall indemnify, defend and hold harmless the Owner Trustee, the Issuer, the Trustee, the Backup Servicer 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 or activities 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 and the Trustee 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

  
 50 

 
transactions contemplated hereby), including any sales, gross receipts, general corporation, tangible or intangible 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, the Backup Servicer 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 Issuer, the Owner
Trustee, Trustee, Trust 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 and Backup Servicer, respectively. 

Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the Trustee, the Backup Servicer 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, however, that (i) 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, (ii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the
Backup Servicer and the Trustee an Officers’ 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, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have delivered to the Owner
Trustee, the Trust 

  
 51 

 
Collateral Agent, the Backup Servicer and the Trustee 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) and
(iv) 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 or 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. The Seller shall notify the Owner Trustee,
the Trustee and the Trust Collateral Agent with respect to any other transfer of any Certificate. 
 ARTICLE VIII 

The Servicer and the Backup Servicer 
 SECTION 8.1. Representations of Servicer. The Servicer makes the following representations 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, 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 

  
 52 

 
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, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of
its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 
 (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; 
 (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, (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; 

  
 53 

 (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. 
 (i) Chief Executive Office and Principal Place of Business. The chief executive office
and principal place of business of the Servicer is located at 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102. 

SECTION 8.2. Representations of Backup Servicer. The Backup Servicer makes the following representations 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, 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) Organization and Good Standing. The Backup 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; 
 (b) Due Qualification. The Backup Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions
in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 

(c) Power and Authority. The Backup Servicer has the power and authority to execute and deliver this Agreement and the other Basic
Documents to which the Backup Servicer is a party and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the other Basic Documents to which the Backup Servicer is a party have been
duly authorized by the Backup Servicer by all necessary corporate action; 
 (d) Binding Obligation. This Agreement and
the other Basic Documents to which the Backup Servicer is a party shall constitute the legal, valid and binding obligations of the Backup 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; 
 (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the other Basic Documents to which the Backup Servicer is a party, and the fulfillment of the terms of this Agreement and the other Basic Documents to which the Backup Servicer is a party, shall not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of

  
 54 

 
trust or other instrument to which the Backup 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 Backup Servicer of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Backup Servicer or any of its properties; 
 (f) No Proceedings. There are no proceedings or investigations pending or, to the Backup Servicer’s knowledge, threatened against the Backup Servicer, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents to which the Backup Servicer is
a party, (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 to which the Backup Servicer is a party, (C) seeking any determination or
ruling that might materially and adversely affect the performance by the Backup Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents to which the Backup Servicer is a party or
(D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 
 (g)
No Consents. The Backup 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 8.3. 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, 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, 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 or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, 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. 

  
 55 

 (d) 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, 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 or activities contemplated in this Agreement, including, without limitation, any sales, gross
receipts, general corporation, 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. 
 (e) The Servicer shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, their respective officers, directors, agents and
employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities, including reasonable fees and expenses of counsel and expenses of litigation, 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 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. 

(f) AmeriCredit shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the
Backup Servicer, 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, the Trust Collateral Agent or the Backup Servicer. 

(g) The Backup Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee,
the Servicer, their respective officers, directors, agents and employees and the Noteholders from and against: (i) 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 Backup Servicer or any Affiliate thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses, claims, damages, and liabilities to the extent
that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Owner Trustee, the Trustee, the Servicer or the Noteholders by reason of, the breach of this Agreement by the Backup Servicer, the violation
of federal or state securities laws by the Backup Servicer, the negligence, misfeasance, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under
this Agreement. 
 (h) AmeriCredit shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer, 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 

  
 56 

 
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 as a result of any such entity’s willful misconduct, bad faith or negligence. 

(i) 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 Section 5.7(a) of this Agreement. 

(j) When the Trustee, the Trust 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 expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law. 
 SECTION 8.4. 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 Majority Noteholders, and 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 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), (y) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer and the Rating Agencies 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 

  
 57 

 
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 Backup Servicer and the Rating Agencies 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 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 8.5. 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 Backup Servicer, the Seller and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, the Trust 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 

  
 58 

 
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 Majority Noteholders, (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 successor 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 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 8.6. Delegation of Duties. The Servicer may delegate duties under this Agreement to an Affiliate of AmeriCredit without first obtaining the consent of any Person. 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 Trust Collateral Agent, the Owner Trustee or the Backup Servicer 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 Trust Collateral Agent. No delegation or sub-contracting by the Servicer of its duties herein in the manner described in this Section 8.6 shall relieve the Servicer of its responsibility with
respect to such duties. 
 SECTION 8.7. Servicer and Backup Servicer Not to Resign. Subject to the provisions of
Section 8.4, 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, if the Majority
Noteholders do 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 and the Owner Trustee. No resignation of the Servicer shall become
effective until the Backup Servicer or an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Servicer. No resignation of the Backup Servicer shall become effective until an entity

  
 59 

 
acceptable to the Majority Noteholders 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 may resign with the written consent of the Majority Noteholders 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 after discovery of such failure by a Responsible Officer of the Servicer; or 
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent 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 8.4(a); or 
 (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, 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 

(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 

  
 60 

 
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other 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, the circumstances or condition in respect of which such representation,
warranty or statement was incorrect shall not have been eliminated or otherwise cured. 
 SECTION 9.2. Consequences of a
Servicer Termination Event. If a Servicer Termination Event shall occur and be continuing, the Trust Collateral Agent or the Majority Noteholders, by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by 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 successor Servicer appointed by the Majority Noteholders); provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the
terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this
Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of
such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise.
The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor
Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the
Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the
successor Servicer to service the Receivables and the Other Conveyed Property. If requested by the Controlling Party (acting at the written direction of the Majority Noteholders), the successor Servicer shall terminate the Lockbox Agreements and
direct the Obligors to make all payments under the Receivables directly to the successor Servicer (in which event the successor Servicer shall process such payments in accordance with Section 4.2(e)), or to a lockbox established by the

  
 61 

 
successor Servicer at the direction of the Majority Noteholders, at the successor Servicer’s expense. The terminated Servicer shall grant the Trust Collateral Agent, the successor Servicer
and the Majority Noteholders 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 8.7, (i) the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to
Section 9.3(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this 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 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 successor 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 (acting at the written direction of the Majority Noteholders) 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 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, the Backup Servicer, the Trust Collateral Agent or the Majority Noteholders 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 successor 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 8.7, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as successor Servicer upon the termination of the Servicer pursuant to Section 9.2 or the
resignation of the Servicer pursuant to Section 8.7. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7, the Majority Noteholders appoint a successor Servicer
other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. In the event any successor Servicer is terminated pursuant to Section 9.2 hereof, the Controlling Party (acting at the written
direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person that it determines is competent to perform the duties of the Servicer hereunder as
successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. 

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

  
 62 

 
compensation as set forth herein. If any successor 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 Seller and such successor Servicer may agree on reasonable additional compensation to be paid to such successor Servicer, provided, however, it being understood and agreed that the Seller 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 successor Servicer is appointed for any reason other than the Backup Servicer’s refusal to act as
Servicer although legally able to do so, the Majority Noteholders and such successor Servicer may agree on additional compensation to be paid to such successor Servicer, which additional compensation shall in no event exceed $150,000 in the
aggregate. The Backup Servicer shall be liable for any Servicing Fee, additional compensation or other amounts to be paid to such successor Servicer in connection with its assumption and performance of the servicing duties described herein if, and
only if, such successor Servicer is appointed due to the Backup Servicer’s refusal to act as Servicer although legally able to do so, which additional compensation and other amounts shall in no event exceed $150,000 in the aggregate.

 (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 5.7(a) of this 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 Seller (who shall promptly deliver such notice to the Rating Agencies). 

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

  
 63 

 SECTION 9.6. Backup Servicer Termination. Prior to an appointment as successor
Servicer, the Controlling Party may, in its discretion, or shall, at the direction of the Majority Noteholders, (a) immediately terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of
any of the representations or warranties, covenants or obligations of the Backup Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days’ notice, terminate the rights and obligations of
the Backup Servicer. The terminated Backup Servicer agrees to cooperate with any successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under
this Agreement, including, without limitation, the delivery to the successor Backup Servicer of all documents, records and electronic information related to the Receivables in the possession of the Backup Servicer. Expenses incurred by the Backup
Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 5.7(a). 
 ARTICLE X

 Termination 
 SECTION 10.1. Optional Purchase of All Receivables. 
 (a) Subject to
Section 10.1(a) of the Indenture, 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; 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. 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 greater of (i) the amount necessary to pay the full
amount of principal and interest then due and payable on the Notes and (ii) 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 the Servicer, or if the Trust Collateral Agent has received written notice that there is a material error in the Servicer’s calculation, by an appraiser mutually agreed upon by the Servicer 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 and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 

  
 64 

 (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 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, 6.9, 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. The Servicer shall monitor the activities of the Issuer to ensure the Issuer’s
compliance with Section 4.6 of the Trust Agreement and shall take all action necessary to ensure that the Issuer is operated in accordance with the provisions of such section. 

(ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be
responsible for promptly notifying the 

  
 65 

 
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 Sections 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 any necessary Schedule K-1s, as applicable, 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, the duties of the Servicer specified in Section 10.11 of the Trust Agreement, and any other duties expressly required to be performed by the Servicer under this
Agreement or any of the Basic Documents. 
 (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 or the
Servicer. 
 (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. 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; 

  
 66 

 (D) the appointment of successor Note Registrars, successor Paying Agents
and successor Trustees pursuant to the Indenture or the appointment of successor 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 Property 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 successor Servicer shall not be responsible for any obligations or duties of the Servicer
under this Section 11.1. Notwithstanding the foregoing or any other provision of this Agreement, AmeriCredit shall continue to perform the obligations of the Servicer under this Section 11.1. 

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 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 from time to time such additional information regarding the Collateral as the Issuer
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) 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; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to Owner Trustee and the
Trustee, adversely affect in any material respect the interests of any Noteholder. 
 (b) This Agreement may also be amended
from time to time by the parties hereto, with 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 

  
 67 

 
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. 
 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 Seller
(who shall deliver such notification to the Rating Agencies). 
 It shall not be necessary for the consent of the Noteholders
pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if 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. 

(c) Prior to the execution of any amendment to this Agreement, the Owner Trustee, the Trustee, the Trust Collateral Agent and the 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, with respect to any amendment to this Agreement pursuant to
Section 12.1(b) hereof, 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. 

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 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 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 Trust 

  
 68 

 
Collateral Agent, 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. 
 (c) Each of the Seller and the Servicer shall have an obligation to give the Owner Trustee, the Backup Servicer,
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 or sold pursuant to this Agreement. 
 (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 Owner Trustee, the Backup Servicer 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 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, 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; and 

  
 69 

 (2) within 90 days after the beginning of each calendar year beginning with
the first calendar year beginning more than three months after the 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 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. 
 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. 
 (a) All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee, the Backup Servicer or the Rating Agencies (upon whom any demands, notices or
communications shall be provided only by the Seller or the Servicer) under this Agreement shall be in writing, personally delivered, electronically delivered, 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 (i) in the case of the Seller, to AFS SenSub Corp., 2265 B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119, Attention: Chief Financial Officer, with a copy to AFS
SenSub Corp., c/o AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (ii) in the case of the Servicer, to AmeriCredit Financial Services, Inc., 801 Cherry Street,
Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (iii) 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, (iv) in the case of the Trustee, the Trust Collateral Agent or the Backup Servicer, to Wells Fargo Bank, National Association Sixth Street and Marquette Avenue,
MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust Office, (v) in the case of Moody’s, to Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th floor, New York,
New York 10007; and (vi) in the case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, hard copies should be sent to Standard &
Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group. Any notice required or

  
 70 

 
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. Where this Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give
such notice or deliver such documents shall not affect any other rights or obligations created hereunder. 
 (b) If AmeriCredit
is no longer the Custodian or the Servicer, any successor Custodian or Servicer, as applicable, shall provide any required Rating Agency notices to the Seller, who shall promptly provide such notice to the Rating Agencies. 

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 8.5 and as provided in the provisions of this Agreement concerning the resignation of the 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 Majority Noteholders. 

SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the parties hereto,
the Trustee and the Noteholders, as third-party beneficiaries. 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). 

  
 71 

 SECTION 12.10. Assignment to Trust Collateral Agent. 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. 
 SECTION 12.11. Nonpetition Covenants. 
 (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 Trust
Collateral Agent 
 (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. 

  
 72 

 (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. Trust Collateral Agent to Report Repurchase Demands due to Breaches of Representations and Warranties. 
 (a) The Trust Collateral Agent will (i) notify the Servicer, AmeriCredit and the Seller, as soon as practicable and in any event within five Business Days and in the manner set forth for providing
notices hereunder, of all demands or requests communicated (in writing or orally) to Wells Fargo Bank, National Association (in any capacity) for the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or
Section 3.2 hereof, (ii) promptly upon request by the Servicer, AmeriCredit or the Seller, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and Items
1104(e) and 1121(c) of Regulation AB, and (iii) if requested by the Servicer, AmeriCredit and the Seller, provide a written certification no later than fifteen days following any calendar quarter or calendar year that Wells Fargo Bank, National
Association has not received any repurchase demands for such period, or if repurchase demands have been received during such period, that the Trust Collateral Agent has provided all the information reasonably requested under clause (ii) above
with respect to such demands. In no event will the Trust Collateral Agent or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

SECTION 12.14. 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 the Backup Servicer or the Owner Trustee 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 12.15. 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 12.16. 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] 

  
 73 

 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 2011-5
	
	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:

 [Sale and Servicing Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Backup 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:

  
 [Sale and
Servicing Agreement] 

 SCHEDULE A 
 SCHEDULE OF RECEIVABLES 
 [To be filed on a Form 8-K following the final
pool cut on October 26, 2011] 

  
 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 an Originating Affiliate and was validly assigned by such Originating Affiliate to AmeriCredit (iii) 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 (iv) 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 Originating Affiliate, such Dealer or such Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s, such Originating
Affiliate’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
Originating Affiliate, each Dealer and each Third-Party Lender had all necessary licenses and permits to originate Receivables in the state where AmeriCredit, each such Originating Affiliate, 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 or the Servicer’s electronic records relating thereto. 

2. No Fraud or Misrepresentation. Each Receivable was originated (i) by AmeriCredit, (ii) by an Originating Affiliate
and was assigned by the Originating Affiliate to AmeriCredit, (iii) by a Dealer and was sold by the Dealer to AmeriCredit, or (iv) 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 Originating Affiliate, 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, the Gramm-Leach-Bliley 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 

  
 SCH-B-1

 
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. 
 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 Cutoff Date 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 Cutoff Date no Obligor had been identified on
the records of AmeriCredit as being the subject of a current bankruptcy proceeding. 
 8. Schedule of Receivables. The
information set forth in the Schedule 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 Cutoff Date. 

9. Marking Records. Each of AmeriCredit and the Seller has indicated in its files that the Receivables have been sold to the Trust
pursuant to the Sale and Servicing Agreement and Granted to the Trust Collateral Agent pursuant to the Indenture. Further, AmeriCredit has indicated in its computer files that the Receivables are owned by the Trust. 

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 Cutoff Date 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 were utilized in selecting the Receivables from those receivables owned by the Seller which met the selection criteria set forth in clauses (A) through (M) of
number 29 of this Schedule B. 
 12. Chattel Paper. The Receivables constitute “tangible chattel paper” or
“electronic chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware. 
 13. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts that are
“electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Trust Collateral Agent in the case of an

  
 SCH-B-2

 
addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the
following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian. 
 14. Not an Authoritative Copy. With respect to Contracts that are “electronic chattel paper”, the Seller has marked all copies of each such Contract other than an authoritative copy with
a legend to the following effect: “This is not an authoritative copy.” 
 15. Revisions. With respect to
Contracts that are “electronic chattel paper”, the related Receivables have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract
must be made with the participation of the Trust Collateral Agent and (b) all revisions of the authoritative copy of each such Contract are readily identifiable as an authorized or unauthorized revision. 

16. Pledge or Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each
Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. 

17. Receivable Files Complete. There exists a Receivable File pertaining to each Receivable and such Receivable File contains the
original Lien Certificate or a copy of the application therefor. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance
with customary policies and procedures. 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. With respect to any Receivables that are tangible chattel paper, the complete Receivable File, including a fully executed original of the Contract, for each Receivable currently is in the possession of the Custodian.

 18. 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 or the Servicer’s electronic records. 
 19. 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 Notes. The
Seller has not entered into any agreement with any Person that prohibits, restricts or conditions the sale of any Receivable by the Seller. 
 20. Good Title. Immediately prior to the conveyance of the Receivables to the Trust pursuant to this Agreement, 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, 

  
 SCH-B-3

 
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. 
 21. Security Interest in Financed Vehicle. Each Receivable created or shall
create a valid, binding and enforceable first priority security interest in favor of AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender which first priority security interest has been assigned to 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 and will
show, AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender) 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 or the related Originating Affiliate has applied for or received written evidence from the related Dealer or Third-Party Lender that such Lien
Certificate showing AmeriCredit, an Originating Affiliate, the Issuer or a Titled Third-Party Lender, as applicable, as first lienholder has been applied for and the Originating Affiliate’s or Titled Third-Party Lender’s security interest
has been validly assigned by the Originating Affiliate or Titled Third-Party Lender, as applicable, to AmeriCredit 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 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 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 Cutoff Date, 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. 
 22. 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. 
 23. 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 Receivables or 

  
 SCH-B-4

 
otherwise to impair the rights of the Trust, 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, ERISA or tax lien filings against it. 
 24. 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 the owner thereof with respect
to such Receivable. 
 25. No Defenses. No Receivable is subject to any right of rescission, setoff, counterclaim or
defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part and no such right has been asserted or
threatened with respect to any Receivable. 
 26. 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 Cutoff Date no Financed Vehicle had been repossessed. 

27. Insurance. At the time of an origination of a Receivable by AmeriCredit, an Originating Affiliate, 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 amount due from the
Obligor under the related Receivable, (ii) naming AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender) 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, an Originating Affiliate or a Titled Third-Party Lender 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 related Cutoff Date. 
 28. Remaining Principal Balance. At the Cutoff Date the Principal
Balance of each Receivable set forth in the Schedule of Receivables is true and accurate in all material respects. 
 29.
Certain Characteristics of the Receivables. 
 (A) Each Receivable had a remaining maturity, as of the
Cutoff Date, of not less than 3 months and not more than 72 months. 

  
 SCH-B-5

 (B) Each Receivable had an original maturity, as of the Cutoff Date, of not
less than 3 months and not more than 72 months. 
 (C) Each Receivable had a remaining Principal Balance, as of
the Cutoff Date, of at least $250 and not more than $85,000. 
 (D) Each Receivable had an Annual Percentage
Rate, as of the Cutoff Date, of at least 1% and not more than 33%. 
 (E) No Receivable was more than 30 days
past due as of the Cutoff Date. 
 (F) No funds had been advanced by AmeriCredit, any Originating Affiliate, any
Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Receivable to qualify under clause (E) above. 
 (G) Each Obligor had a billing address in the United States as of the date of origination of the related Receivable, is a natural person and is not an Affiliate of any party to the Basic Documents.

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

 (I) Each Receivable is identified on the Servicer’s master servicing records as a retail automobile
installment sales contract. 
 (J) Each Receivable arose under a Contract that 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. 
 (K) Each Receivable arose 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. 

(L) No automobile related to a Receivable was held in repossession inventory as of the Cutoff Date. 

(M) No Obligor was in bankruptcy as of the Cutoff Date. 

30. No Further Amounts Owed on the Receivables. At the time each Receivable was acquired from an Originating Affiliate, a Dealer
or a Third-Party Lender, no further amounts were owed by Seller to the Obligor under the Receivable. 
 31. 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. 

  
 SCH-B-6

 32. Lockbox Account. Each Obligor has been, or will be, directed to make all payments
on their related Receivable to the Lockbox Processor for deposit into the Lockbox Account. 
 33. Transfer. Each
Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Seller. 
 34. Prepayment.
Each Receivable allows for prepayment and partial prepayments without penalty and requires that a prepayment by the related Obligor will fully pay the principal balance and accrued interest through the date of prepayment based on the
Receivable’s Annual Percentage Rate. 
 35. 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. 
 36. 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. 

37. 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. 
 38.
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. 
 39. 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. 
 40.
Perfection. The Seller has taken all steps necessary to perfect AmeriCredit’s 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 (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 5th 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. 

 Any exceptions to the above stated policy must be approved by the appropriate level of authority. 

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. 
  

	A.	A 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. 

  

	C.	A deferment fee is collected on all transactions. 

  

	D.	No more than eight total payments may be deferred over the life of the loan. 

  
 SCH-C-2

 Any exceptions to the above stated policy must be approved by the appropriate level of authority.

 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 
 AmeriCredit Automobile Receivables Trust 2011-5 
 Class A-1 0.43326 %
Asset Backed Notes 
 Class A-2 1.19 % Asset Backed Notes 

Class A-3 1.55% Asset Backed Notes 
 Class B 2.45 % Asset Backed Notes 
 Class C 3.44 % Asset Backed Notes

 Class D 5.05 % Asset Backed Notes 
 Class E 6.76 % 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 2011-5, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller, and Wells Fargo Bank, N.A., as the Backup Servicer and Trust Collateral Agent, dated as of
                    . Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

	
	Monthly Period Beginning:
	Monthly Period Ending:
	Prev. Distribution/Close Date:
	Distribution Date:
	Days of Interest for Period:
	Days in Collection Period:
	Months Seasoned:

									
	 	  	 	  	 	  	 	  	Original
	 Purchases
	  	Units	  	Cut-off Date	  	Closing Date	  	Pool Balance
	 Initial Purchase
	  		  		  		  	
		  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

		  		  		  		  	
		  		  		  		  	

 

  

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

							
		 		  	Monthly Principal Amounts	 		 		 		 	
									
		 		  	{2}	  	 Collections on Receivables outstanding at end of period
	 		 	{2}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 		 	
		 		  	{3}	  	 Collections on Receivables paid off during period
	 		 	{3}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 		 	
		 		  	{4}	  	 Receivables becoming Liquidated Receivables during period
	 		 	{4}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 		 	
		 		  	{5}	  	 Receivables becoming Purchased Receivables during period
	 		 	{5}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 		 	
		 		  	{6}	  	 Other Receivables adjustments
	 		 	{6}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 		 	
		 		  	{7}	  	 Less amounts allocable to Interest
	 		 	{7}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 		 	
									
		 		  	{8}	  	 Total Monthly Principal Amounts
	 		 		 		 	{8}	 	
		 		  		  		  		  		  		 		 		 		 		 	  

								
	        {9}	 		  	End of period Aggregate Principal Balance	 		 		 		 	{9}	 	
		 		  		  		  		  		  		 		 		 		 		 	  

								
	      {10}	 		  	Pool Factor	 		 		 		 	{10}	 	
		 		  		  		  		  		  		 		 		 		 		 	  

							
	II.	 	 	  	MONTHLY PERIOD NOTE BALANCE CALCULATION:	 	 Class A-1
	 	 Class A-2
	 	 Class A-3
	 	 Class B

	      {11}	 		  	Original Note Balance	 	{11}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

	      {12}	 		  	Beginning of period Note Balance	 	{12}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	      {13}	 		  	Noteholders’ Principal Distributable Amount	 	{13}	 		 		 		 	
	      {14}	 		  	Noteholders’ Accelerated Principal Amount	 	{14}	 		 		 		 	
	      {15}	 		  	Aggregate Principal Parity Amount	 	{15}	 		 		 		 	
	      {16}	 		  	Matured Principal Shortfall	 	{16}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	      {17}	 		  	End of period Note Balance	 	{17}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	      {18}	 		  	Note Pool Factors	 	{18}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	 	 	 	  	 	 	 	 	 Class C
	 	 Class D
	 	 Class E
	 	 TOTAL

	      {19}	 		  	Beginning of period Note Balance	 	{19}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	      {20}	 		  	Noteholders’ Principal Distributable Amount	 	{20}	 		 		 		 	
	      {21}	 		  	Noteholders’ Accelerated Principal Amount	 	{21}	 		 		 		 	
	      {22}	 		  	Aggregate Principal Parity Amount	 	{22}	 		 		 		 	
	      {23}	 		  	Matured Principal Shortfall	 	{23}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	      {24}	 		  	End of period Note Balance	 	{24}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

								
	      {25}	 		  	Note Pool Factors	 	{25}	 		 		 		 	
		 		  		  		  		  		  		 		 	  
	 	  
	 	  
	 	  

																									
			
	 III.
	 		  	CALCULATION OF STEP-DOWN AMOUNT:
	      {26}	 		  	 Ending Pool Balance
	 	{26}	 		 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
	      {27}	 		  	     % of Ending Aggregate Principal Balance
	 	{27}	 		 		 	
		 		  		  		  		  				 		 		 		 	  
	 		 	
	      {28}	 		  	 Less Specified Reserve Balance
	 	{28}	 		 		 	
		 		  		  		  		  				 		 		 		 	  
	 		 	
	      {29}	 		  	 Sum of {27} and {28}
	 	{29}	 		 		 	
		 		  		  		  		  				 		 		 		 	  
	 		 	
	      {30}	 		  	 Required Pro Forma Note Balance {26} - {29}
	 	{30}	 		 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
							
	      {31}	 		  	 Beginning Note Balance
	 	{31}	 		 		 	
		 		  		  		  		  				 		 		 		 	  
	 		 	
	      {32}	 		  	 Total Monthly Principal Amount
	 	{32}	 		 		 	
		 		  		  		  		  				 		 		 		 	  
	 		 	
	      {33}	 		  	 Pro-Forma Note Balance (Assuming 100% Pay-down)
	 	{33}	 		 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
							
	      {34}	 		  	 Excess of Required Pro-forma over Pro-forma Balance
	 	{34}	 		 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
	      {35}	 		  	 Pool Balance minus Pro-forma Note Balance not less than .50% Original Pool Balance
($            )
	 	{35}	 		 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
	      {36}	 		  	 Step-Down Amount Lesser of {34} or {35}
	 	{36}	 		 		 	
		 		  		  		  		  				 		 		 		 		 		 	  

			
	IV.	 		  	CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT:
	       {37}
	 		  	 Total Monthly Principal Amounts
	 		 	{37}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
	       {38}
	 		  	 Step-down Amount
	 		 	{38}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
	       {39}
	 		  	 Principal Distributable Amount
	 		 	{39}	 		 	
		 		  		  		  		  				 		 		 		 		 		 	  

			
	V.	 		  	CALCULATION OF INTEREST DISTRIBUTABLE AMOUNT:
												
	 	 	 	  	 	  	Beginning	  	Interest	  	Interest	 	 	 	 	 	 	Calculated	 	 	 	 	 	 
	 	 	 	  	 Class
	  	 Note Balance
	  	 Carryover
	  	Rate	 	 	 Days
	 	 Days Basis
	 	 Interest
	 	 	 	 	 	 
	       {40}
	 		  	Class A - 1	  		  		  	 	0.43326	% 	 		 		 		 		 		 	
	       {41}
	 		  	Class A - 2	  		  		  	 	1.19000	% 	 		 		 		 		 		 	
	       {42}
	 		  	Class A - 3	  		  		  	 	1.55000	% 	 		 		 		 		 		 	
	       {43}
	 		  	Class B	  		  		  	 	2.4500	% 	 		 		 		 		 		 	
	       {44}
	 		  	Class C	  		  		  	 	3.4400	% 	 		 		 		 		 		 	
	       {45}
	 		  	Class D	  		  		  	 	5.0500	% 	 		 		 		 		 		 	
	       {46}
	 		  	Class E	  		  		  	 	6.7600	% 	 		 		 		 		 		 	
			
	VI.	 		  	RECONCILIATION OF COLLECTION ACCOUNT:
		 		  	Available Funds:	 		 		 	
		 		  	{47}	  	 Collections on Receivables during period (net of Liquidation Proceeds and Fees)
	 	{47}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{48}	  	 Liquidation Proceeds collected during period
	 	{48}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{49}	  	 Purchase Amounts or amounts from Servicer deposited in Collection Account
	 	{49}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{50}	  	 Investment Earnings - Collection Account
	 	{50}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{51}	  	 Investment Earnings - Transfer From Reserve Account
	 	{51}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{52}	  	 Collection of Supplemental Servicing - Extension Fees
	 	{52}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{53}	  	 Collection of Supplemental Servicing - Repo and Recovery Fees Advanced
	 	{53}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{54}	  	 Collection of Supplemental Servicing - Late Fees, Prepayment Penalty Fees & Force Placed
Insurance
	 	{54}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{55}	  	 Total Available Funds
	 	{55}	 		 	
		 		  		  		  		  				 		 		 		 		 		 	  

						
		 		  	Distributions:	 		 		 	
		 		  	{56}	  	 Base Servicing Fee
	 	{56}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{57}	  	 Repo and Recovery Fees - reimbursed to Servicer
	 	{57}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{58}	  	 Bank Service Charges - reimbursed to Servicer
	 	{58}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{59}	  	 Late Fees, Prepayment Penalty Fees & Force Placed Insurance - to Servicer
	 	{59}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{60}	  	 Agent fees
	 	{60}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{61}	  	 Backup Servicing Fees
	 	{61}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{62}	  	 Owner Trustee Fee
	 	{62}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{63}	  	 Class A-1 Noteholders’ Interest Distributable Amount pari passu
	 	{63}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{64}	  	 Class A-2 Noteholders’ Interest Distributable Amount pari passu
	 	{64}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{65}	  	 Class A-3 Noteholders’ Interest Distributable Amount pari passu
	 	{65}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{66}	  	 Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	 	{66}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{67}	  	 Class B Noteholders’ Interest Distributable Amount
	 	{67}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{68}	  	 Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	 	{68}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{69}	  	 Class C Noteholders’ Interest Distributable Amount
	 	{69}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{70}	  	 Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	 	{70}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{71}	  	 Class D Noteholders’ Interest Distributable Amount
	 	{71}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{72}	  	 Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	 	{72}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{73}	  	 Class E Noteholders’ Interest Distributable Amount
	 	{73}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{74}	  	 Class E Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	 	{74}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{75}	  	 Noteholders’ Principal Distributable Amount
	 	{75}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{76}	  	 To the Reserve Account, the Reserve Account Deposit
	 	{76}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{77}	  	 To the Noteholders, the Accelerated Principal Amount (as calculated below)
	 	{77}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{78}	  	 Additional fees (Indenture Trustee, Owner Trustee, Trust Collateral Agent, Backup Servicer, Lockbox Bank, Lockbox
Processor)
	 	{78}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{79}	  	 To the Certificateholders, the aggregate amount remaining
	 	{79}	 		 	
		 		  		  		  		  				 		 		 		 		 	  
	 	
		 		  	{80}	  	 Total Distributions
	 	{80}	 		 	
		 		  		  		  		  				 		 		 		 		 		 	  

																							
			
	VlI.	 		  	CALCULATION OF PRINCIPAL PARITY AMOUNT:
												
	 	 	 	  	 	  	(X)	  	(Y)	  	 	  	(I)	 	(II)	 	 	 	 	 	 	 	 
	 	 	 	  	 	  	Cumulative	  	Pool	  	 	  	Excess of	 	Available Funds	 	Lesser of	 	 	 	 	 	 
	 	 	 	  	 Class
	  	 Note Balance
	  	 Balance
	  	 	  	 (X) - (Y)
	 	 in Waterfall
	 	 (I) or (II)
	 	 	 	 	 	 
	      {81}	 		  	Class A	  		  		  		  		 		 		 		 		 	
	      {82}	 		  	Class B	  		  		  		  		 		 		 		 		 	
	      {83}	 		  	Class C	  		  		  		  		 		 		 		 		 	
	      {84}	 		  	Class D	  		  		  		  		 		 		 		 		 	
	      {85}	 		  	Class E	  		  		  		  		 		 		 		 		 	
		 		  		  	  
	  	  
	  		  	  
	 	  
	 	  
	 		 		 	
	      {86}	 		  	Total	  		  		  		  		 		 		 		 		 	
		 		  		  	  
	  	  
	  		  	  
	 	  
	 	  
	 		 		 	
			
	VlII.	 		  	CALCULATION OF ACCELERATED PRINCIPAL AMOUNT:
	      {87}	 		  	 Excess Available Funds
	 	{87}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {88}	 		  	 Pro-Forma Note Balance (Calculated after Step-Down)
	 	{88}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {89}	 		  	 Required Pro Forma Note Balance
	 	{89}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {90}	 		  	 Excess of Pro-Forma Balance over Required Pro-Forma Balance
	 	{90}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {91}	 		  	 Lesser of Excess Available Funds or Excess of Pro-Forma Note Balance
	 	{91}	 		 	
		 		  		  		  		  		  		 		 		 		 		 	  

						
	IX.	 	 	  	RECONCILIATION OF RESERVE ACCOUNT:	 	 	 	 	 	 Initial

	      {92}	 		  	 Specified Reserve Balance
	 		 		 	
						
	      {93}	 		  	 Beginning of period Reserve Account balance
	 	{93}	 		 	
		 		  		  		  		  		  		 		 		 		 		 	  

						
	      {94}	 		  	 The Reserve Account Deposit, from Collection Account
	 	{94}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {95}	 		  	 Investment Earnings
	 	{95}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {96}	 		  	 Investment Earnings - transferred to Collection Account Available Funds
	 	{96}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	      {97}	 		  	 Reserve Account Withdrawal Amount
	 	{97}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
						
	      {98}	 		  	 End of period Reserve Account balance
	 	{98}	 		 	
		 		  		  		  		  		  		 		 		 		 		 	  

			
	X.	 		  	CALCULATION OF TOTAL OVERCOLLATERALIZATION:
						
	      {99}	 		  	 Aggregate Principal Balance
	 	{99}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	    {100}	 		  	 End of Period Note Balance
	 	{100}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	    {101}	 		  	 Overcollateralization
	 	{101}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
	    {102}	 		  	 Overcollateralization %
	 	{102}	 		 	
		 		  		  		  		  		  		 		 		 		 		 	  

			
	XI.	 		  	MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
												
	 	 	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 Cumulative
	 	 Monthly

	    {103}	 		  	 Original Number of Receivables
	 	{103}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	  

	    {104}	 		  	 Beginning of period number of Receivables
	 	{104}	 		 	
	    {105}	 		  	 Number of Receivables becoming Liquidated Receivables during period
	 	{105}	 		 	
	    {106}	 		  	 Number of Receivables becoming Purchased Receivables during period
	 	{106}	 		 	
	    {107}	 		  	 Number of Receivables paid off during period
	 	{107}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	  

	    {108}	 		  	 End of period number of Receivables
	 	{108}	 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	  

			
	XII.	 		  	STATISTICAL DATA: (CURRENT AND HISTORICAL):
												
	 	 	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 Original
	 	 Prev. Month
	 	 Current

	    {109}	 		  	 Weighted Average APR of the Receivables
	 	{109}	 		 		 	
	    {110}	 		  	 Weighted Average Remaining Term of the Receivables
	 	{110}	 		 		 	
	    {111}	 		  	 Weighted Average Original Term of Receivables
	 	{111}	 		 		 	
	    {112}	 		  	 Average Receivable Balance
	 	{112}	 		 		 	
	    {113}	 		  	 Net Losses in Period
	 	{113}	 		 		 	
	    {114}	 		  	 Aggregate Realized Losses
	 	{114}	 		 		 	
	    {115}	 		  	 Aggregate Realized Loss Percentage
	 	{115}	 		 		 	
	    {116}	 		  	 ABS Prepay Speed
	 	{116}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 	  
	 	  

			
	XIII.	 		  	DELINQUENCY:
								
	 	 	 	  	Receivables with Scheduled Payment delinquent	 	 	 	 	 	 Units
	 	 Dollars
	 	 Percentage

		 		  	{117}	  	31-60 days	  		  		  		 		 	{117}	 		 		 	
		 		  	{118}	  	61-90 days	  		  		  		 		 	{118}	 		 		 	
		 		  	{119}	  	over 90 days	  		  		  		 		 	{119}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 	  
	 	  

		 		  	{120}	  	Total	  		  		  		 		 	{120}	 		 		 	
		 		  		  		  		  		  		 		 		 	  
	 	  
	 	  

			
	XIV.	 		  	EXTENSIONS
								
		 		  	{121}	  	 Principal Balance of Receivables extended during current period
	 	{121}	 		 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
		 		  	{122}	  	 Beginning of Period Aggregate Principal Balance
	 	{122}	 		 		 	
		 		  		  		  		  		  		 		 		 		 	  
	 	
		 		  	{123}	  	 Extension Rate {121} divided by {122}
	 	{123}	 		 		 	
		 		  		  		  		  		  		 		 		 		 		 	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]