Document:

2007 Stock Option and Restricted Stock Plan

 Exhibit 10.3 
 DIGITAL ALLY, INC. 
 2007 STOCK
OPTION AND RESTRICTED STOCK PLAN 
 (1) PURPOSES. 
 (a) Background. This 2007 Stock Option and Restricted Stock Plan was adopted on January 24, 2007 by the Board of Directors, subject to the
approval of the Company’s stockholders. Options granted under the Plan prior to the stockholders’ approval will be effective upon approval of the stockholders as of their respective dates of grant. 
 (b) Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Officers, Consultants and Directors of the Company and
its Affiliates. 
 (c) Available Awards. The purpose of the Plan is to provide a means by which eligible recipients may be given an
opportunity to benefit from increases in value of the Common Stock through the granting of the following: (i) Incentive Stock Options, (ii) Nonqualified Stock Options, (iii) rights to acquire restricted stock, and (iv) stock
appreciation rights. 
 (d) General Purpose. The Company, by means of the Plan, seeks to retain the services of the group of persons
eligible to receive Awards, to secure and retain the services of new members of this group and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Affiliates. 
 (2) DEFINITIONS. 
 (a)
“Affiliate” means any entity that controls, is controlled by, or is under common control with the Company. 
 (b) “Award” means any right granted under the Plan, including an Option, a right to acquire restricted Common Stock, and a stock appreciation right. 
 (c) “Award Agreement” means a written agreement between the Company and a holder of an Award (other than an Option)
evidencing the terms and conditions of an individual Award grant. 
 (d) “Board” means the board of
directors of the Company. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended, and the
rules and regulations promulgated thereunder. 
 (f) “Committee” means a pre-existing or newly formed
committee of members of the Board appointed by the Board in accordance with subsection 3(c). 
 (g) “Common
Stock” means the shares of the Company’s common stock par value $0.001 and other rights with respect to such shares. 
 (h) “Company” means Digital Ally, Inc., a Nevada corporation. 

 (i) “Consultant” means any person who is not an Employee, Officer or
Director and who is retained by the Company or an Affiliate pursuant to a consulting agreement. 
 (j) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Officer, Consultant or Director is not interrupted or terminated. Unless otherwise provided in an Award Agreement or
Option Agreement, as applicable, the Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee,
Officer, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service to the Company or an Affiliate as an Employee, Officer,
Consultant or Director. The Board, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence, including sick leave, military leave or any other personal leave. 
 (k) “Covered Employee” means the Company’s chief executive officer and the four (4) other highest
compensated officers of the Company for whom total compensation is required to be reported to stockholders under the Exchange Act, as determined for purposes of Section 162(m) of the Code. 
 (l) “Director” means a member of the Board of the Company. 
 (m) “Disability” means the Participant’s inability, due to illness, accident, injury, physical or mental
incapacity or other disability, to carry out effectively the duties and obligations to the Company and its Affiliates performed by such person immediately prior to such disability for a period of at least six (6) months, as determined in the
good faith judgment of the Board. 
 (n) “Dollars” or “$” means
United States dollars. 
 (o) “Employee” means any person employed by the Company or an Affiliate.
Service as a Director or payment of a director’s fee by the Company or an Affiliate alone shall not be sufficient to constitute “employment” by the Company or an Affiliate. 
 (p) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (q) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows: 
 (1) If the Common Stock is listed on any established stock exchange, or traded on the Nasdaq National Market, the Nasdaq SmallCap Market
or the Nasdaq OTC Bulletin Board, the Fair Market Value of the Common Stock shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or market (or the exchange or market with the
greatest volume of trading in Common Stock if such stock is traded on more than one such exchange or market) on the last market trading day prior to the day of determination, as reported by such exchange or market or such other source as the Board
reasonably deems reliable. 
 (2) In the absence of such markets for the Common Stock, the Fair Market Value shall be
determined in good faith by the Board. 
 (r) “Incentive Stock Option” means an option designated as an
incentive stock option in an Option Agreement and that is granted in accordance with the requirements of, and that conforms to the applicable provisions of, Section 422 of the Code. 

 (s) “Independent Director” means (i) a Director who satisfies
the definition of Independent Director or similar definition under the applicable stock exchange or Nasdaq rules and regulations upon which the Common Stock is traded from time to time and (ii) a Director who either (A) is not a current
employee of the Company or an “affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation”
receiving compensation for prior services (other than benefits under a tax qualified pension plan), was not an officer of the Company or an “affiliated corporation” at any time and is not currently receiving direct or indirect remuneration
from the Company or an “affiliated corporation” for services in any capacity other than as a Director or (B) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code. 
 (t) “Nonqualified Stock Option” means an option that is not designated in an Option Agreement as an Incentive Stock
Option or was not granted in accordance with the requirements of, and does not conform to the applicable provisions of, Section 422 of the Code. 
 (u) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 (v) “Option” means an Incentive Stock Option or a Nonqualified Stock Option granted pursuant to the
Plan. 
 (w) “Option Agreement” means a written agreement between the Company and an Optionholder
evidencing the terms and conditions of an individual Option grant. 
 (x) “Optionholder” means a person
to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 
 (y)
“Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award. 
 (z) “Plan” means this Digital Ally, Inc. 2007 Stock Option and Restricted Stock Plan. 
 (aa) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect
from time to time. 
 (bb) “Securities Act” means the Securities Act of 1933, as amended. 

(cc) “Ten Percent Stockholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of
the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any parent corporation or any subsidiary corporation, both as defined in Section 424 of the Code.

 (3) ADMINISTRATION. 
 (a)
Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as provided in subsection 3(c). The Board may, at any time and for any reason in its sole discretion, rescind
some or all of such delegation. 

 (b) Powers of Board. The Board shall have the power, subject to, and within the limitations of,
the express provisions of the Plan: 
 (1) To determine from time to time which of the persons eligible under the Plan shall
be granted Awards; when and how each Award shall be granted; what type or combination of types of Award shall be granted; the provisions of each Award granted (which need not be identical), including the time or times when a person shall be
permitted to receive Common Stock pursuant to an Award; and the number of shares of Common Stock with respect to which an Award shall be granted to each such person. 
 (2) To construe and interpret the Plan, Awards granted under it, Option Agreements and Award Agreements, and to establish, amend and
revoke rules and regulations for their administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Option Agreement or Award Agreement, in a manner and to the extent it shall deem
necessary or expedient to make the Plan fully effective. 
 (3) To amend the Plan, an Award, an Award Agreement or an Option
Agreement as provided in Section 12, provided that the Board shall not amend the exercise price of an option, the Fair Market Value of an Award or extend the term of an Option or Award without obtaining the approval of the stockholders
if required by the rules of any stock exchange upon which the Common Stock is listed. 
 (4) Generally, to exercise such
powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company which are not in conflict with the provisions of the Plan. 
 (c) Delegation to Committee. 
 (1) General. The Board may delegate administration of the Plan and its powers and duties thereunder to a Committee or Committees, and the term “Committee” shall apply to any person or persons to whom such authority has been
delegated. Upon such delegation, the Committee shall have the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in
this Plan to the Board shall thereafter be deemed to include the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. In its absolute
discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under this Plan, except respecting matters under Rule 16b-3 of the Exchange Act or Section 162(m) of the Code, or any rules or
regulations issued thereunder, which are required to be determined in the sole discretion of the Committee. 
 (2)
Committee Composition. A Committee shall consist solely of two or more Independent Directors. Within the scope of its authority, the Board or the Committee may (1) delegate to a committee of one or more members of the Board who are not
Independent Directors the authority to grant Awards to eligible persons who are either (a) not then Covered Employees and are not expected to be Covered Employees at the time of recognition of income resulting from such Award or (b) not
persons with respect to whom the Company wishes to comply with Section 162(m) of the Code, and/or (2) delegate to a committee of one or more members of the Board who are not Independent Directors or to the Company’s Chief Executive
Officer the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. 
 (d) Effect
of Board’s Decision; No Liability. All determinations, interpretations and constructions made by the Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. No member of
the Board or the Committee or any person to whom duties hereunder have been delegated shall be liable for any action, interpretation or determination made in good faith, and such persons shall be entitled to full indemnification and reimbursement
consistent with applicable law and in the manner provided in the Company’s Articles of Incorporation and Bylaws, as the same may be amended from time to time, or as otherwise provided in any agreement between any such member and the Company.

 (4) STOCK SUBJECT TO THE PLAN. 
 (a) Stock Reserve. Subject to the provisions of Section 11 relating to adjustments upon changes in Common Stock, the shares of Common Stock that may be issued pursuant to Awards shall not exceed in the
aggregate one million five hundred thousand (1,500,000) shares of Common Stock. 
 (b) Reversion of Stock to the Stock Reserve.
If any Award shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, the shares of Common Stock not acquired under such Award shall revert to and again become available for issuance under the
Plan. 
 (c) Source of Stock. The Common Stock subject to the Plan may be unissued stock or reacquired stock, bought on the market or
otherwise. 
 (5) ELIGIBILITY. 
 (a)
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted to Employees, Officers, Consultants and Directors. 
 (b) Ten Percent Stockholders. A Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such Option is
at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant. 
 (6) OPTION PROVISIONS. 
 Each Option Agreement shall
be subject to the terms and conditions of this Plan. Each Option and Option Agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated Incentive Stock
Options or Nonqualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for the shares of Common Stock purchased on exercise of each type of Option. The provisions of
separate Options need not be identical. 
 (a) Provisions Applicable to All Options. 
 (1) Consideration. The purchase price of the shares of Common Stock acquired pursuant to an Option shall be paid in cash in Dollars
at the time the Option is exercised. 
 (2) Vesting Generally. An Option may (A) vest, and therefore become
exercisable, in periodic installments that may, but need not, be equal, or (B) be fully vested at the time of grant. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based
on performance or other criteria) as the Board may deem appropriate. The vesting provisions, if any, of individual Options may vary. The provisions of this subsection 6(a)(ii) are subject to any Option Agreement provisions governing the minimum
number of Common Stock as to which an Option may be exercised. 

 (3) Termination of Continuous Service. Unless otherwise provided in the Option
Agreement, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s death, Disability, retirement or as a result of a Change of Control), all Options held by the Optionholder shall immediately
terminate; provided, however, that an Option Agreement may provide that if an Optionholder’s Continuous Service is terminated for reasons other than for cause, all vested Options held by such person shall continue to be
exercisable until the earlier of the expiration date of such Option or ninety (90) days after the date of such termination. All such vested Options not exercised within the period described in the preceding sentence shall terminate. 

(4) Disability or Death of Optionholder. Unless otherwise provided in the Option Agreement, in the event of an
Optionholder’s Disability or death, all unvested Options shall immediately terminate, and all vested Options held by such person shall continue to be exercisable for twelve months after the date of such Disability or death. All such vested
Options not exercised within such twelve-month period shall terminate. 
 (5) Retirement. Unless otherwise provided in
the Option Agreement, in the event of the Optionholder’s retirement, all unvested Options shall automatically vest on the date of such retirement and all Options shall be exercisable for the earlier of twelve (12) months after such
retirement date or the expiration date of such Options. All such Options not exercised within the period described in the preceding sentence shall terminate. 
 (b) Provisions Applicable to Incentive Stock Options. 
 (1) Term. Subject to
the provisions of subsection 5(b) regarding Ten Percent Stockholders, no Incentive Stock Option shall be exercisable after the expiration of ten (10) years from the date it was granted. Further, no grant of an Incentive Stock Option shall be
made under this Plan more than ten (10) years after the date the Plan is approved by the stockholders of the Company. 
 (2) Exercise Price of an Incentive Stock Option. Subject to the provisions of subsection 5(b) regarding Ten Percent Stockholders, the exercise price of each Incentive Stock Option shall be not less than one hundred percent
(100%) of the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted. 
 (3)
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the
Optionholder. 
 (4) Incentive Stock Option $100,000 Limitation. Notwithstanding any other provision of the Plan or an
Option Agreement, the aggregate Fair Market Value of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Optionholder in any calendar year, under the Plan or any other option plan of the Company or
its Affiliates, shall not exceed One Hundred Thousand Dollars ($100,000). For this purpose, the Fair Market Value of the Common Stock shall be determined as of the time an Option is granted. The Options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as Nonqualified Stock Options. 
 (c) Provisions Applicable to
Nonqualified Stock Options. 
 (1) Exercise Price of a Nonqualified Stock Option. The exercise price of each
Nonqualified Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted. 

 (2) Transferability of a Nonqualified Stock Option. A Nonqualified Stock Option
shall be transferable, if at all, to the extent provided in the Option Agreement. If the Option Agreement does not provide for transferability, then the Nonqualified Stock Option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. 
 (7) PROVISIONS OF AWARDS OTHER THAN
OPTIONS. 
 (a) Restricted Stock Awards. Each restricted stock Award agreement shall be in such form and shall contain such
restrictions, terms and conditions, if any, as the Board shall deem appropriate and shall be subject to the terms and conditions of this Plan. The terms and conditions of restricted stock Award Agreements may change from time to time, and the terms
and conditions of separate restricted stock Award Agreements need not be identical, but each restricted stock Award Agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise) the substance of each
of the following provisions: 
 (1) Consideration. A restricted stock Award may be awarded in consideration for past
services actually rendered, or for future services to be rendered, to the Company or an Affiliate for its benefit. 
 (2)
Vesting. Common Stock awarded under the restricted stock Award Agreement may (A) be subject to a vesting schedule to be determined by the Board or (B) be fully vested at the time of grant. 
 (3) Termination of Participant’s Continuous Service. Unless otherwise provided in the restricted stock Award Agreement, in the
event a Participant’s Continuous Service terminates prior to a vesting date set forth in the restricted stock Award Agreement, any unvested restricted stock Award shall be forfeited and automatically transferred to and reacquired by the Company
at no cost to the Company, and neither the Participant nor his or her heirs, executors, administrators or successors shall have any right or interest in the restricted stock Award. Notwithstanding the foregoing, unless otherwise provided in the
restricted stock Award agreement, in the event a Participant’s Continuous Service terminates as a result of (A) being terminated by the Company for reasons other than for cause, (B) death, (C) Disability, (D) retirement, or
(E) a Change of Control (subject to the provisions of Section 11(c) hereof), then any unvested restricted stock Award shall vest immediately upon such date. 
 (4) Transferability. Rights to acquire Common Stock under the restricted stock Award Agreement shall be transferable by the
Participant only upon such terms and conditions as are set forth in the restricted stock Award Agreement, as the Board shall determine in its discretion, so long as Common Stock awarded under the restricted stock Award Agreement remain subject to
the terms of the restricted stock Award Agreement. 
 (b) Grant of Stock Appreciation Rights. Stock appreciation rights to receive in
shares of Common Stock the excess of the Fair Market Value of Common Stock on the date the rights are surrendered over the Fair Market Value of Common Stock on the date of grant may be granted to any Employee or Director selected by the Board. A
stock appreciation right may be granted (i) in connection and simultaneously with the grant of another Award, (ii) with respect to a previously granted Award, or (iii) independent of another Award. A stock appreciation right shall be
subject to such terms and conditions not inconsistent with this Plan as the Board shall impose and shall be evidenced by a written stock appreciation right agreement, which shall be executed by the Participant and an authorized officer of the
Company. The Board, in its discretion, may determine whether a stock appreciation right is to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code and stock 

 
appreciation right agreements evidencing stock appreciation rights intended to so qualify shall contain such terms and conditions as may be necessary to meet
the applicable provisions of Section 162(m) of the Code. The Board may, in its discretion and on such terms as it deems appropriate, require as a condition of the grant of a stock appreciation right that the Participant surrender for
cancellation some or all of the Awards previously granted to such person under this Plan or otherwise. A stock appreciation right, the grant of which is conditioned upon such surrender, may have an exercise price lower (or higher) than the exercise
price of the surrendered Award, may contain such other terms as the Board deems appropriate, and shall be exercisable in accordance with its terms, without regard to the number of shares, price, exercise period or any other term or condition of such
surrendered Award. 
 (8) AVAILABILITY OF STOCK. Subject to the restrictions set forth in Section 4(a), during the terms of the Awards, the
Company shall keep available at all times the number of shares of Common Stock required to satisfy such Awards. 
 (9) USE OF PROCEEDS FROM STOCK.

 Proceeds from the sale of Common Stock pursuant to Awards shall constitute general funds of the Company. 
 (10) MISCELLANEOUS. 
 (a) Exercise of Awards.
Awards shall be exercisable at such times, or upon the occurrence of such event or events as the Board shall determine at or subsequent to grant. Awards may be exercised in whole or in part. Common Stock purchased upon the exercise of an Award shall
be paid for in full at the time of such purchase. 
 (b) Acceleration of Exercisability and Vesting. The Board shall have the power to
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised
or the time during which it will vest. 
 (c) Stockholder Rights. 
 (1) Options. Unless otherwise provided in and upon the terms and conditions in the Option Agreement, no Participant shall be deemed
to be the holder of, or to have any of the rights of a holder with respect to, any Common Stock subject to an Option unless and until such Participant has satisfied all requirements for exercise of, and has exercised, the Option pursuant to its
terms. 
 (2) Restricted Stock. Unless otherwise provided in and upon the terms and conditions in the restricted stock
Award Agreement, a Participant shall have the right to receive all dividends and other distributions paid or made respecting such restricted stock, provided, however, no unvested restricted stock shall have any voting rights of a stockholder
respecting such unvested restricted stock unless and until such unvested restricted stock become vested. 
 (d) No Employment or other
Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was
granted, or any other capacity, or shall affect the right of the Company or an Affiliate to terminate with or without notice and with or without cause (i) the employment of an Employee or an Affiliate or (ii) the service of a Director of
the Company or an Affiliate. 

 (e) Withholding Obligations. If the Company has or will have a legal obligation to withhold the
taxes related to the grant, vesting or exercise of the Award, such Award may not be granted, vested or exercised in whole or in part, unless such tax obligation is first satisfied in a manner satisfactory to the Company. To the extent provided by
the terms of an Award Agreement or Option Agreement, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition
to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment in Dollars; (ii) authorizing the Company to withhold Common Stock from
the Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax
required to be withheld by law; or (iii) delivering to the Company owned and unencumbered Common Stock. 
 (f) Listing and
Qualification of Stock. This Plan and the grant and exercise of Awards hereunder, and the obligation of the Company to sell and deliver Common Stock under such Awards, shall be subject to all applicable United States federal and state laws,
rules and regulations, and any other laws applicable to the Company, and to such approvals by any government or regulatory agency as may be required. The Company, in its discretion, may postpone the issuance or delivery of Common Stock upon any
exercise of an Award until completion of any stock exchange listing, or the receipt of any required approval from any stock exchange or other qualification of such Common Stock under any United States federal or state law rule or regulation as the
Company may consider appropriate, and may require any individual to whom an Award is granted, such individual’s beneficiary or legal representative, as applicable, to make such representations and furnish such information as the Board may
consider necessary, desirable or advisable in connection with the issuance or delivery of the Common Stock in compliance with applicable laws, rules and regulations. 
 (g) Non-Uniform Determinations. The Board’s determinations under this Plan (including, without limitation, determinations of the persons to receive Awards, the form, term, provisions, amount and timing of
the grant of such Awards and of the agreements evidencing the same) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under this Plan, whether or not such persons are similarly
situated. 
 (11) ADJUSTMENTS UPON CHANGES IN STOCK. 
 (a) Capitalization Adjustments. If any change is made in the Common Stock subject to the Plan, or subject to any Award, without the receipt of consideration by the Company (through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of stock, exchange of stock, change in corporate structure or other transaction), the Plan will
be appropriately adjusted in the class(es) and maximum number of securities subject to the Plan pursuant to subsection 4(a) and the maximum number of securities subject to award to any person pursuant to subsection 5(c), and the outstanding Awards
will be appropriately adjusted in the class(es) and number of securities and price per stock of Common Stock subject to such outstanding Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive.
(The conversion of any convertible securities of the Company shall not be treated as a transaction “without receipt of consideration” by the Company.) 
 (b) Dissolution or Liquidation. In the event of a dissolution or liquidation of the Company, then all outstanding Awards shall terminate immediately prior to such event. 
 (c) Asset Sale, Merger, Consolidation or Reverse Merger. In the event of a Change of Control (as defined below), any unvested Awards shall vest
immediately prior to the closing of the 

 
Change of Control, and the Board shall have the power and discretion to provide for the Participant’s election alternatives regarding the terms and
conditions for the exercise of, or modification of, any outstanding Awards granted hereunder, provided, however, such alternatives shall not affect the then current exercise provisions without such Participant’s consent. The Board may provide
that Awards granted hereunder must be exercised in connection with the closing of such transaction, and that if not so exercised such Awards will expire. Any such determinations by the Board may be made generally with respect to all Participants, or
may be made on a case-by-case basis with respect to particular Participants. For the purpose of this Plan, a “Change of Control” shall have occurred in the event one or more persons acting individually or as a group (i) acquires
sufficient additional stock to constitute more than fifty percent (50%) of (A) the total Fair Market Value of all Common Stock issued and outstanding or (B) the total voting power of all shares of capital stock authorized to vote for
the election of directors; (ii) acquires, in a twelve (12) month period, thirty-five percent (35%) or more of the voting power of all shares of capital stock authorized to vote for the election of directors, or alternatively a
majority of the members of the board is replaced during any twelve (12) month period by directors whose appointment was not endorsed by a majority of the members of the board; or (iii) acquires, during a twelve (12) month period, more
than forty percent (40%) of the total gross fair market value of all of the Company’s assets. Notwithstanding the foregoing, the provisions of this Section 11(c) shall not apply to (i) any transaction involving any stockholder
that individually or as a group owns more than fifty percent (50%) of the outstanding Common Stock on the date this Plan is approved by the Company’s stockholders, until such time as such stockholder first owns less than forty percent
(40%) of the total outstanding Common Stock, or (ii) any transaction undertaken for the purpose of reincorporating the Company under the laws of another jurisdiction, if such transaction does not materially affect the beneficial ownership
of the Company’s capital stock. 
 (12) AMENDMENT OF THE PLAN AND AWARDS. 
 (a) Amendment of Plan. The Board at any time, and from time to time, may amend the Plan. However, except as provided in Section 11 relating to
adjustments upon changes in Common Stock, no amendment shall be effective unless approved by the stockholders of the Company to the extent stockholder approval is necessary to satisfy the requirements of Section 422 of the Code, Rule 16b-3 or
any applicable Nasdaq or securities exchange listing requirements. 
 (b) Stockholder Approval. The Board may, in its sole discretion,
submit any other amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of Section 162(m) of the Code and the regulations thereunder regarding the exclusion of
performance-based compensation from the limit on corporate deductibility of compensation paid to certain executive officers. 
 (c)
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible Employees with the maximum benefits provided or to be provided under the
provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock Options granted under it into compliance therewith. 
 (d) No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless
the Participant consents in writing. 
 (e) Amendment of Awards. Subject to Section 3(b)(iii), the Board at any time, and from
time to time, may amend the terms of any one or more Awards; provided, however, that the rights under any Award shall not be impaired by any such amendment unless the applicable Participant consents in writing. 

 (13) TERMINATION OR SUSPENSION OF THE PLAN. 
 (a) Plan Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before the
tenth (10th) anniversary of the date the Plan is adopted by the stockholders of the Company. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 
 (b) No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Award granted while the Plan
is in effect except with the written consent of the Participant. 
 (c) Savings Clause. This Plan is intended to comply in all aspects
with applicable laws and regulations. In case any one or more of the provisions of this Plan shall be held invalid, illegal or unenforceable in any respect under applicable law or regulation, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provision shall be deemed null and void; however, to the extent permissible by law, any provision which could be deemed null and void
shall first be construed, interpreted or revised retroactively to permit this Plan to be construed in compliance with all applicable laws so as to foster the intent of this Plan. 
 (14) EFFECTIVE DATE OF PLAN. 
 The Plan shall become effective as determined by the Board, but no
Award shall be exercised (or, in the case of a restricted stock Award, shall be granted) unless and until the Plan has been approved by the stockholders of the Company, which approval shall be within twelve (12) months before or after the date
the Plan is adopted by the Board. 
 (15) CHOICE OF LAW. 
 The law of the state of Nevada shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such state’s conflict of laws rules.Indenture, dated as of October 11, 2007

 Exhibit 4.1 
 EXECUTION COPY 
  

 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 Class A-1 5.2715% Asset Backed
Notes 
 Class A-2-A 5.34% Asset Backed Notes 
 Class A-2-B Floating Rate Asset Backed Notes 
 Class A-3 5.22% Asset Backed Notes 
 Class A-4-A 5.35% Asset Backed Notes 
 Class
A-4-B Floating Rate Asset Backed Notes 
  

 INDENTURE 
 Dated as of October 11, 2007 
  

 THE BANK OF NEW YORK 
 Trustee and Trust Collateral Agent 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	3
			
	 SECTION 1.1
	 	Definitions	  	3
	 SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	11
	 SECTION 1.3
	 	Rules of Construction	  	11
		
	ARTICLE II THE NOTES	  	12
			
	 SECTION 2.1
	 	Form	  	12
	 SECTION 2.2
	 	Execution, Authentication and Delivery	  	12
	 SECTION 2.3
	 	Temporary Notes	  	13
	 SECTION 2.4
	 	Registration; Registration of Transfer and Exchange	  	13
	 SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	14
	 SECTION 2.6
	 	Persons Deemed Owner	  	15
	 SECTION 2.7
	 	Payment of Principal and Interest; Defaulted Interest.	  	16
	 SECTION 2.8
	 	Cancellation	  	17
	 SECTION 2.9
	 	Release of Collateral	  	17
	 SECTION 2.10
	 	Book-Entry Notes	  	17
	 SECTION 2.11
	 	Notices to Clearing Agency	  	18
	 SECTION 2.12
	 	Definitive Notes	  	18
		
	ARTICLE III COVENANTS	  	18
			
	 SECTION 3.1
	 	Payment of Principal and Interest	  	18
	 SECTION 3.2
	 	Maintenance of Office or Agency	  	19
	 SECTION 3.3
	 	Money for Payments to be Held in Trust	  	19
	 SECTION 3.4
	 	Existence	  	20
	 SECTION 3.5
	 	Protection of Trust Estate	  	21
	 SECTION 3.6
	 	Opinions as to Trust Estate.	  	21
	 SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables.	  	22
	 SECTION 3.8
	 	Negative Covenants	  	23
	 SECTION 3.9
	 	Annual Statement as to Compliance	  	23
	 SECTION 3.10
	 	Issuer May Consolidate, Etc. Only on Certain Terms.	  	24
	 SECTION 3.11
	 	Successor or Transferee.	  	26
	 SECTION 3.12
	 	No Other Business	  	26
	 SECTION 3.13
	 	No Borrowing	  	26
	 SECTION 3.14
	 	Servicer's Obligations	  	26
	 SECTION 3.15
	 	Guarantees, Loans, Advances and Other Liabilities	  	26
	 SECTION 3.16
	 	Capital Expenditures	  	27
	 SECTION 3.17
	 	Compliance with Laws	  	27
	 SECTION 3.18
	 	Restricted Payments	  	27
	 SECTION 3.19
	 	Notice of Events of Default	  	27
	 SECTION 3.20
	 	Further Instruments and Acts	  	27
	 SECTION 3.21
	 	Amendments of Sale and Servicing Agreement and Trust Agreement	  	27
	 SECTION 3.22
	 	Income Tax Characterization	  	27
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	28
			
	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	28
	 SECTION 4.2
	 	Application of Trust Money	  	29
	 SECTION 4.3
	 	Repayment of Moneys Held by Note Paying Agent	  	29
		
	ARTICLE V REMEDIES	  	29
			
	 SECTION 5.1
	 	Events of Default	  	29
	 SECTION 5.2
	 	Rights Upon Event of Default.	  	31

  

 i 

					
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	32
	 SECTION 5.4
	 	Remedies.	  	34
	 SECTION 5.5
	 	Optional Preservation of the Receivables	  	35
	 SECTION 5.6
	 	Priorities.	  	36
	 SECTION 5.7
	 	Limitation of Suits	  	37
	 SECTION 5.8
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	37
	 SECTION 5.9
	 	Restoration of Rights and Remedies	  	37
	 SECTION 5.10
	 	Rights and Remedies Cumulative	  	38
	 SECTION 5.11
	 	Delay or Omission Not a Waiver	  	38
	 SECTION 5.12
	 	Control by Noteholders	  	38
	 SECTION 5.13
	 	Waiver of Past Defaults	  	38
	 SECTION 5.14
	 	Undertaking for Costs	  	39
	 SECTION 5.15
	 	Waiver of Stay or Extension Laws	  	39
	 SECTION 5.16
	 	Action on Notes	  	39
	 SECTION 5.17
	 	Performance and Enforcement of Certain Obligations.	  	39
		
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT	  	40
			
	 SECTION 6.1
	 	Duties of Trustee.	  	40
	 SECTION 6.2
	 	Rights of Trustee.	  	42
	 SECTION 6.3
	 	Individual Rights of Trustee	  	43
	 SECTION 6.4
	 	Trustee's Disclaimer	  	43
	 SECTION 6.5
	 	Notice of Defaults	  	43
	 SECTION 6.6
	 	Reports by Trustee to Holders	  	43
	 SECTION 6.7
	 	Compensation and Indemnity.	  	44
	 SECTION 6.8
	 	Replacement of Trustee	  	44
	 SECTION 6.9
	 	Successor Trustee by Merger	  	46
	 SECTION 6.10
	 	Appointment of Co-Trustee or Separate Trustee.	  	46
	 SECTION 6.11
	 	Eligibility: Disqualification.	  	47
	 SECTION 6.12
	 	Preferential Collection of Claims Against Issuer	  	48
	 SECTION 6.13
	 	Appointment and Powers	  	48
	 SECTION 6.14
	 	Performance of Duties	  	48
	 SECTION 6.15
	 	Limitation on Liability	  	48
	 SECTION 6.16
	 	Reliance Upon Documents	  	49
	 SECTION 6.17
	 	Successor Trust Collateral Agent.	  	49
	 SECTION 6.18
	 	Compensation	  	50
	 SECTION 6.19
	 	Representations and Warranties of the Trust Collateral Agent and the Issuer	  	50
	 SECTION 6.20
	 	Waiver of Setoffs	  	51
	 SECTION 6.21
	 	Control by the Controlling Party	  	52
		
	ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS	  	52
			
	 SECTION 7.1
	 	Issuer to Furnish to Trustee Names and Addresses of Noteholders	  	52
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders.	  	52
	 SECTION 7.3
	 	Reports by Issuer.	  	52
	 SECTION 7.4
	 	Reports by Trustee	  	53
		
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  	53
			
	 SECTION 8.1
	 	Collection of Money	  	53
	 SECTION 8.2
	 	Release of Trust Estate.	  	54
	 SECTION 8.3
	 	Opinion of Counsel	  	54
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	54
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders.	  	54
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	56
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	57
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	57
	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	58

  

 ii 

					
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	58
		
	ARTICLE X REDEMPTION OF NOTES	  	58
			
	 SECTION 10.1
	 	Redemption.	  	58
	 SECTION 10.2
	 	Form of Redemption.	  	59
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	59
		
	ARTICLE XI MISCELLANEOUS	  	59
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc	  	59
	 SECTION 11.2
	 	Form of Documents Delivered to Trustee	  	61
	 SECTION 11.3
	 	Acts of Noteholders.	  	62
	 SECTION 11.4
	 	Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies	  	62
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	63
	 SECTION 11.6
	 	[Reserved].	  	64
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	64
	 SECTION 11.8
	 	Effect of Headings and Table of Contents	  	64
	 SECTION 11.9
	 	Successors and Assigns	  	64
	 SECTION 11.10
	 	Separability	  	64
	 SECTION 11.11
	 	Benefits of Indenture	  	65
	 SECTION 11.12
	 	Legal Holidays	  	65
	 SECTION 11.13
	 	GOVERNING LAW	  	65
	 SECTION 11.14
	 	Counterparts	  	65
	 SECTION 11.15
	 	Recording of Indenture	  	65
	 SECTION 11.16
	 	Trust Obligation	  	66
	 SECTION 11.17
	 	No Petition	  	66
	 SECTION 11.18
	 	Inspection	  	66
			
	EXHIBITS	 		  	
			
	 EXHIBIT A-1
	 	Form of Class A-1 Note	  	
	 EXHIBIT A-2-A
	 	Form of Class A-2-A Note	  	
	 EXHIBIT A-2-B
	 	Form of Class A-2-B Note	  	
	 EXHIBIT A-3
	 	Form of Class A-3 Note	  	
	 EXHIBIT A-4-A
	 	Form of Class A-4-A Note	  	
	 EXHIBIT A-4-B
	 	Form of Class A-4-B Note	  	
			
	SCHEDULES	 		  	
			
	 SCHEDULE A
	 	Representations and Warranties of the Issuer	  	

  

 iii 

 INDENTURE dated as of October 11, 2007, between AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST
2007-2-M, a Delaware statutory trust (the “Issuer”), and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the “Trustee”) and Trust Collateral Agent (as defined below). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s Class A-1
5.2715% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2-A 5.34% Asset Backed Notes (the “Class A-2-A Notes”), the Class A-2-B LIBOR plus 0.38% Asset Backed Notes (the “Class A-2-B
Notes”), the Class A-3 5.22% Asset Backed Notes (the “Class A-3 Notes”), the Class A-4-A 5.35% Asset Backed Notes (the “Class A-4-A Notes”), and the Class A-4-B LIBOR plus 0.50% Asset Backed
Notes (the “Class A-4-B Notes” and together with the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes and the Class A-4-A Notes, the “Notes”). 

As security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer has agreed to assign the
Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the Noteholders. 
 MBIA Insurance Corporation (the “Insurer”) has issued and delivered a note guaranty insurance policy, dated the Closing Date (with endorsements, the “Note Policy”), pursuant to which the Insurer guarantees
Insured Payments, as defined in the Note Policy. 
 As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the
Insurer have executed and delivered the Insurance Agreement, dated as of October 11, 2007 (as amended from time to time, the “Insurance Agreement”), among the Insurer, the Issuer, the Trustee, the Trust Collateral Agent, the
Backup Servicer, AmeriCredit Financial Services, Inc. and AFS SenSub Corp. 
 As an additional inducement to the Insurer to issue the Note
Policy, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Trustee Issuer Secured Obligations, the Issuer has agreed to assign the Collateral (as
defined below) as collateral to the Trust Collateral Agent for the benefit of the Issuer Secured Parties, as their respective interests may appear. 
  

 1 

 GRANTING CLAUSE 
 The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer Secured Parties, all of the Issuer’s right, title and interest in and to the following property, whether
now 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 Issuer in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement or
repurchased by 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 Auto Loan Purchase and Sale Agreement; (d) all rights under any Service Contracts on
the related Financed Vehicles; (e) any 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; (f) the Trust Accounts and all funds on deposit from time to time in the Trust Accounts, and in all investments and proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the Issuer’s
rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement;
(h) all items contained in the Receivable Files and any and all other documents that AmeriCredit keeps on file in accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles, (i) the
Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement (including all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement);
(j) the Issuer’s rights and benefits, but none of its obligations or burdens under the Hedge Agreement (the “Hedge Collateral”); (k) all of the Issuer’s (i) Accounts, (ii) Chattel Paper,
(iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (j); and (l) all present and future claims, demands, causes and choses of
action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into
cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). The Spread Account, amounts on deposit
therein and the proceeds thereof do not constitute Collateral and are not subject to this Grant. 
 The foregoing Grant is made in trust to
the Trust Collateral Agent, for the benefit of the Trustee on behalf of the Noteholders and for the benefit of the Insurer and the Hedge Provider. The Trust Collateral Agent hereby acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the priorities of their respective interests may be adequately and effectively
protected. 
  

 2 

 ARTICLE I 
 Definitions and Incorporation by Reference 
 SECTION 1.1 Definitions. Except as otherwise
specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture. 
 “Act” has the meaning specified in Section 11.3(a). 
 “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 specified 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. A Person shall not be deemed to be an Affiliate of any person solely because such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or
otherwise. 
 “Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant
to a power of attorney of the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers
delivered by each of the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 “Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, as amended, the Sale and Servicing Agreement, the Spread Account Agreement, the Underwriting Agreement, the
Insurance Agreement, the Hedge Agreement, the Indemnification Agreement, the Custodian Agreement and other documents and certificates delivered in connection therewith. 
 “Benefit Plan Entity” has the meaning specified in Section 2.4. 
 “Book Entry
Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10. 
 “Business Day” means any day other than a Saturday, a Sunday, legal holiday or other day on which commercial banking institutions
located in Wilmington, Delaware, Fort Worth, Texas, 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 a trust certificate evidencing the beneficial interest of a Certificateholder in
the Trust. 
  

 3 

 “Certificateholder” means the Person in whose name a Certificate is registered on the
Certificate Register. 
 “Certificate of Trust” means the certificate of trust of the Issuer substantially in the form of
Exhibit B to the Trust Agreement. 
 “Class A-1 Interest Rate” means 5.2715% per annum (computed on the basis of a
360-day year and the actual number of days in the related Interest Period). 
 “Class A-1 Notes” means the Class A-1
5.2715% Asset Backed Notes, substantially in the form of Exhibit A-1. 
 “Class A-2-A Interest Rate” means 5.34% per
annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class A-2-A Notes” means the
Class A-2-A 5.34% Asset Backed Notes, substantially in the form of Exhibit A-2-A. 
 “Class A-2-B Interest Rate” means
LIBOR plus 0.38% per annum (computed on the basis of a 360-day year and the actual number of days in the related Interest Period). 
 “Class A-2-B Notes” means the Class A-2-B Floating Rate Asset Backed Notes, substantially in the form of Exhibit A-2-B. 
 “Class A-3 Interest Rate” means 5.22% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class A-3 Notes” means the Class A-3 5.22% Asset Backed Notes, substantially in the form of Exhibit A-3. 
 “Class A-4-A Interest Rate” means 5.35% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 “Class A-4-A Notes” means the Class A-4-A 5.35% Asset Backed Notes, substantially in the form of Exhibit A-4-A.

 “Class A-4-B Interest Rate” means LIBOR plus 0.50% per annum (computed on the basis of a 360-day year and the actual
number of days in the related Interest Period). 
 “Class A-4-B Notes” means the Class A-4-B Floating Rate Asset Backed
Notes, substantially in the form of Exhibit A-4-B. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer,
bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
  

 4 

 “Closing Date” means October 18, 2007. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 “Collateral” has the meaning specified in the Granting Clause of this Indenture. 
 “Controlling Party” means the Insurer, so long as no Insurer Default shall have occurred and be continuing, and the Trust Collateral
Agent, for the benefit of the Noteholders, for so long as an Insurer Default shall have occurred and be continuing. 
 “Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this Indenture is located at 101 Barclay Street, New York,
New York 10286 (facsimile number (212) 815-2493), Attention: Asset Backed Securities Unit, or at such other address as the Trustee may designate from time to time by notice to the Noteholders, the Insurer, the Servicer, the Hedge Provider and
the Issuer, or the principal corporate trust office of any successor Trustee (the address of which the successor Trustee will notify the Noteholders and the Issuer). 
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Definitive Notes” has the meaning specified in Section 2.10. 
 “Distribution
Date” has the meaning specified in the Sale and Servicing Agreement. 
 “ERISA” has the meaning specified in
Section 2.4. 
 “Event of Default” has the meaning specified in Section 5.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof. 
 “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the October 8, 2008 Distribution Date,
(ii) the Class A-2-A Notes, the November 8, 2010 Distribution Date, (iii) the Class A-2-B Notes, the November 8, 2010 Distribution Date, (iv) the Class A-3 Notes, the June 8, 2012 Distribution Date,
(v) the Class A-4-A Notes, the March 8, 2016 Distribution Date and (vi) the Class A-4-B Notes, the March 8, 2016 Distribution Date. 
 “Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set
over and confirm pursuant to this Indenture. A Grant of the Collateral or of 

  

 5 

 
any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the
immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder
or with respect thereto. 
 “Hedge Agreement” means the ISDA Master Agreement, dated October 18, 2007, between the
Issuer and the Hedge Provider, including the Schedule thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-2-B Notes and the Confirmation relating to the Class A-4-B Notes, together with any replacement hedge
agreement (which replacement hedge agreement has been approved by the Insurer, so long as no Insurer Default has occurred and is continuing); provided, that no additional hedge agreement shall be a “Hedge Agreement” under the Basic
Documents for so long as the Hedge Agreement is outstanding without the prior, written consent of the Hedge Provider unless the Hedge Agreement has terminated. 
 “Hedge Provider” means Wachovia Bank, National Association, with respect to the Class A-2-B Notes and the Class A-4-B Notes, together with any replacement Hedge Provider (which must be
approved by the Insurer so long as no Insurer Default has occurred and is continuing). 
 “Hedge Provider Issuer Secured
Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Hedge Provider under this Indenture, the Sale and Servicing Agreement, the Hedge Agreement or any other Basic Document. 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register. 
 “Indebtedness” means, with respect to any Person at any time, (a) indebtedness or liability of such Person for borrowed money
whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations); (b) obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations
issued for or liabilities incurred on the account of such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any guarantees, endorsements (other than for
collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of
such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement. 
 “Indenture” means this Indenture as amended and supplemented from time to time. 
  

 6 

 “Independent” means, when used with respect to any specified Person, that the Person
(a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing persons, (b) does not have any direct financial interest or any material indirect financial interest in the
Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions. 
 “Independent Certificate” means
a certificate or opinion to be delivered to the Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert
appointed by an Issuer Order and approved by the Trust Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the
signer is Independent within the meaning thereof. 
 “Insured Payments” has the meaning specified in the Note Policy.

 “Insurer Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on
behalf of the Insurer under this Indenture, the Insurance Agreement or any other Basic Document. 
 “Interest Rate” means,
with respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2-A Notes, the Class A-2-A Interest Rate, (iii) Class A-2-B Notes, the Class A-2-B Interest Rate,
(iv) Class A-3 Notes, the Class A-3 Interest Rate, (v) the Class A-4-A Notes, the Class A-4-A Interest Rate, and (vi) Class A-4-B Notes, the Class A-4-B Interest Rate. 
 “Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for
purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 
 “Issuer Order” and
“Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Trustee. 
 “Issuer Secured Obligations” means the Insurer Issuer Secured Obligations, the Trustee Issuer Secured Obligations and the Hedge Provider Issuer Secured Obligations. 
 “Issuer Secured Parties” means each of the Trustee in respect of the Trustee Issuer Secured Obligations, the Insurer in respect of the
Insurer Issuer Secured Obligations and the Hedge Provider in respect of the Hedge Provider Issuer Secured Obligations. 
 “Note” means a Class A-1 Note, a Class A-2-A Note, a Class A-2-B Note, a Class A-3 Note, a Class A-4-A Note or a Class A-4-B Note. 
 “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

  

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 “Note Paying Agent” means the Trustee or any other Person that meets the eligibility
standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the
Notes on behalf of the Issuer. 
 “Note Policy” means the insurance policy issued by the Insurer with respect to the Notes,
including any endorsements thereto. 
 “Note Register” and “Note Registrar” have the respective meanings
specified in Section 2.4. 
 “Notice of Default” has the meaning set forth in Section 5.1 hereof. 
 “Officer’s Certificate” means a certificate signed by any Authorized Officer of the Owner Trustee, under the circumstances
described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be
to an Officer’s Certificate of any Authorized Officer of the Issuer. 
 “Opinion of Counsel” means one or more written
opinions of counsel who may, except as otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Trustee and, if addressed to the Insurer, satisfactory to the Insurer, and which
shall comply with any applicable requirements of Section 11.1, and shall be in form and substance satisfactory to the Trustee, and if addressed to the Insurer, satisfactory to the Insurer. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

 (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Trustee or any
Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Trustee); and

 (iii) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this
Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided, however,
that Notes which have been paid with proceeds of the Note Policy shall continue to remain Outstanding for purposes of this Indenture until the Insurer has been paid as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as evidenced
by a written notice from the Insurer delivered to the Trustee, and the Insurer shall be deemed to be the Holder thereof to the extent of any payments thereon made by the Insurer; provided, further, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given 

  

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any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor
upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee either actually knows to be so owned or has received written notice thereof shall be so disregarded. Notes so owned that have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the
Seller or any Affiliate of any of the foregoing Persons. 
 “Outstanding Amount” means the aggregate principal amount of all
Notes, or class of Notes, as applicable, Outstanding at the date of determination. 
 “Predecessor Note” means, with respect
to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 
 “Prohibited Transaction Class Exemption” means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S.
Department of Labor. 
 “Rating Agency” means each of Moody’s and Standard & Poor’s, so long as such
Persons maintain a rating on the Notes; and if any of Moody’s or Standard & Poor’s no longer maintains a rating on the Notes, such other nationally recognized statistical rating organization selected by the Seller and (so long as
an Insurer Default shall not have occurred and be continuing) acceptable to the Insurer. 
 “Rating Agency Condition” means,
with respect to any action, that each of Moody’s and Standard & Poor’s shall have been given 10 days (or such shorter period as shall be acceptable to each of Moody’s and Standard & Poor’s) prior notice thereof
and that each of Moody’s and Standard & Poor’s shall have notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee and the Issuer in writing that such action will not result in a reduction or withdrawal of
the then current rating of the Notes without regard to the Note Policy. 
 “Record Date” means, with respect to a
Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or Redemption Date. 
 “Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section 10.1(b), the Distribution Date specified by the Servicer or the Issuer
pursuant to Section 10.1(a) or 10.1(b) as applicable. 
  

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 “Redemption Price” means (a) in the case of a redemption of the Notes pursuant to
Section 10.1(a), an amount equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date, or (b) in the
case of a payment made to Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in excess of the amount specified in clause (a) above. 
 “Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any officer within the Corporate Trust Office of
the Trustee, including any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Trustee or the Trust Collateral Agent 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 and Servicing Agreement” means the Sale and Servicing Agreement dated as of October 11,
2007, among the Issuer, the Seller, the Servicer and the Trustee as Backup Servicer and Trust Collateral Agent, as the same may be amended or supplemented from time to time. 
 “State” means any one of the 50 states of the United States of America or the District of Columbia. 
 “Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code.

 “Swap Policy” means the interest swap insurance policy issued by the Insurer to the Hedge Provider with respect to the
Hedge Agreement, including any endorsements thereto. 
 “Termination Date” means the latest of (i) the expiration of
the Note Policy and the return of the Note Policy to the Insurer for cancellation, (ii) the expiration of the Swap Policy and the return of the Swap Policy to the Insurer for cancellation, (iii) the date on which the Insurer shall have
received payment and performance of all Insurer Issuer Secured Obligations and (iv) the date on which the Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations. 
 “Trust Collateral Agent” means, initially, The Bank of New York, in its capacity as collateral agent on behalf of the Issuer Secured
Parties, including its successors-in-interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such successor Person.

 “Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the
lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the date hereof,
unless otherwise specifically provided. 
  

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 “Trustee” means The Bank of New York, a New York banking corporation, not in its
individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture. 
 “Trustee Issuer Secured
Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document. 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended
from time to time. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and
Servicing Agreement or the Trust Agreement. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the Notes. 
 “indenture security holder” means a
Noteholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Issuer. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Rules of Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time; 
 (iii) “or” is not exclusive; 
 (iv) “including” means including without limitation; and 
 (v) words in the
singular include the plural and words in the plural include the singular. 
  

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 ARTICLE II 
 The Notes 
 SECTION 2.1 Form. The Class A-1 Notes, the Class A-2-A Notes, the
Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes, in each case together with the Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibits A-1,
A-2-A, A-2-B, A-3, A-4-A and A-4-B, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of the Note. 
 The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2-A, A-2-B, A-3, A-4-A and A-4-B are part of
the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the
Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes
bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Trustee shall, upon receipt of the Note Policy and
Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $183,000,000, Class A-2-A Notes for original issue in the aggregate principal amount of $85,000,000, Class A-2-B Notes for
original issue in an aggregate principal amount of $177,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $270,000,000, Class A-4-A Notes for original issue in an aggregate principal amount of $139,000,000,
and Class A-4-B Notes for original issue in an aggregate principal amount of $146,000,000. The Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, Class A-4-A Notes and Class A-4-B Notes
outstanding at any time may not exceed such amounts except as provided in Section 2.5. 
 The Notes shall be issuable as registered
Notes in the minimum denomination of $1,000 and in integral multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000). 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate
of authentication 

  

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substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized signatories, and such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION
2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten,
mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes. 
 If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable
delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without
charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.4 Registration; Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may
prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon
any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 
 If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Trustee
shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of the Notes and the principal amounts and number of such Notes.

 Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any Note at the office or agency of the Issuer to
be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, in the name
of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 
 At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal amount, upon 

  

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surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to Sections 2.10 and 2.12
hereof, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, the Notes which the Noteholder making the exchange
is entitled to receive. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the
Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in the form attached to Exhibits A-1, A-2-A,
A-2-B, A-3, A-4-A and A-4-B duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require. 
 Notwithstanding the foregoing, in the case of any sale or other transfer of a Definitive Note, the transferor of such Definitive Note shall be required to represent and warrant in writing that the prospective
transferee either (a) is not (i) an employee benefit plan (as defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), which is subject to the provisions of Title I of ERISA,
(ii) a plan (as defined in section 4975(e)(1) of the Code), which is subject to Section 4975 of the Code, or (iii) an entity whose underlying assets are deemed to be assets of a plan described in (i) or (ii) above by reason
of such plan’s investment in the entity (any such entity described in clauses (i) through (iii), a “Benefit Plan Entity”) or (b) is a Benefit Plan Entity and the acquisition and holding of the Definitive Note by such
prospective transferee is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. Each transferee of a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of the Book
Entry Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 No service charge shall be made to a
Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer. 
 The preceding provisions of this
section notwithstanding, the Issuer shall not be required to make and the Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with
respect to the Note. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the
Trustee, or the Trustee receives evidence to its satisfaction 

  

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of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee and the Insurer (unless an Insurer Default shall have occurred
and be continuing) such security or indemnity as may be required by it to hold the Issuer, the Trustee and the Insurer harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been acquired by a
bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may direct the Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuer, the Trustee and the Insurer shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in
connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of
such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons
Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee, or the Insurer may treat the Person in whose name any Note is registered (as of the Record Date)
as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Insurer, the Trustee nor any
agent of the Issuer or the Trustee shall be affected by notice to the contrary. 
  

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 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 
 (a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2-A Note, the Class A-2-B Note, the
Class A-3 Note, the Class A-4-A Note and the Class A-4-B Note set forth in Exhibits A-1, A-2-A, A-2-B, A-3, A-4-A and A-4-B, respectively, and such interest shall be due and payable on each Distribution Date, as specified therein. Any
installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes)
is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to
Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1(a)) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 
 (b) The principal of each Note shall be payable in installments on each Distribution Date, as applicable, as provided in the forms of the Class A-1
Note, the Class A-2-A Note, the Class A-2-B Note, the Class A-3 Note, the Class A-4-A Note and the Class A-4-B Note set forth in Exhibits A-1, A-2-A, A-2-B, A-3, A-4-A and A-4-B, respectively. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Trustee or the Noteholders representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class
entitled thereto. Upon written notice from the Issuer, the Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final
installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation
and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

 (c) If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party, the Issuer shall
pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest to the Persons who are Noteholders on the immediately following
Distribution Date, and, if such amount is not paid on such following Distribution Date, then on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Issuer shall fix or cause to be fixed
any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder and the Trustee a notice that states the special record date, the payment date and the amount of
defaulted interest to be paid. 
  

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 (d) Promptly following the date on which all principal of and interest on the Notes has been paid in full
and the Notes have been surrendered to the Trustee, the Trustee shall, if the Insurer has paid any amount in respect of the Notes under the Note Policy or otherwise which has not been reimbursed to it, deliver such surrendered Notes to the Insurer.

 SECTION 2.8 Cancellation. Subject to Section 2.7(d), all Notes surrendered for payment, registration of transfer, exchange or
redemption shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by the Trustee. Subject to Section 2.7(d), the Issuer may at any time deliver to the Trustee for cancellation of
any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange
for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. Subject to Section 2.7(d), all canceled Notes may be held or disposed of by the Trustee in accordance with its standard retention or disposal
policy as in effect at the time unless the Issuer shall timely direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Trustee.

 SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on the earlier of (i) the Termination Date and
(ii) the Redemption Date (if the Notes are redeemed in full on such date and all amounts payable to the Insurer have been fully paid on such date), release any remaining portion of the Trust Estate from the lien created by this Indenture and
deposit in the Collection Account any funds then on deposit in any other Trust Account. 
 SECTION 2.10 Book-Entry Notes. The Notes,
upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall initially be
registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12: 
 (i) the provisions of this Section shall be in full force and effect; 
 (ii) the Note Registrar and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 
 (iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this
Section shall control; 
 (iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency

  

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will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such
Clearing Agency Participants; 
 (v) whenever this Indenture requires or permits actions to be taken based upon instructions
or directions of Noteholders evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Trustee; and 
 (vi) Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request, together with a
certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Trustee at the Corporate Trust Office. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no
obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (i) the Servicer advises the Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Servicer is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Notes advise the Trustee through the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer
in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the
Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 ARTICLE III

 Covenants 
 SECTION 3.
Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be
distributed 

  

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all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for
the benefit of the Class A-1 Notes, to Class A-1 Noteholders, (ii) for the benefit of the Class A-2-A Notes, to Class A-2-A Noteholders, (iii) for the benefit of the Class A-2-B Notes, to Class A-2-B
Noteholders (iv) for the benefit of the Class A-3 Notes, to Class A-3 Noteholders, (v) for the benefit of the Class A-4-A Notes, to the Class A-4-A Noteholders and (vi) for the benefit of the Class A-4-B
Notes, to Class A-4-B Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of
this Indenture. 
 SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in New York, New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Trustee to serve as its
agent for the foregoing purposes. The Issuer will give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency
or shall fail to furnish the Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such surrenders, notices
and demands. 
 SECTION 3.3 Money for Payments to be Held in Trust. On or before each Distribution Date and Redemption Date, the
Issuer shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons
entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act. 
 The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver to the Trustee and the Insurer an instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee acts as Note Paying
Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will: 
 (i) hold all sums
held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons
as herein provided; 
 (ii) give the Trustee and the Hedge Provider notice of any default by the Issuer (or any other obligor
upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying Agent; 
  

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 (iv) immediately resign as a Note Paying Agent and forthwith pay to the Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and 
 (v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuer may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent to pay to the Trustee all sums held in trust by such Note Paying Agent, such sums to be held
by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such a payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all further liability with respect
to such money. 
 Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in
trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request with the consent of
the Insurer (unless an Insurer Default shall have occurred and be continuing) and shall be deposited by the Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer
for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money
or any portion thereof had been previously deposited by the Insurer or the Trust Collateral Agent with the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are owing to the Insurer, such amounts shall be paid
promptly to the Insurer upon the Trustee’s receipt of a written request by the Insurer to such effect; and provided, further, that the Trustee or such Note Paying Agent, before being required to make any such repayment, shall at
the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of the
Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest
in moneys due and payable but not claimed is determinable from the records of the Trustee or of any Note Paying Agent, at the last address of record for each such Holder). 
 SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the
Issuer will keep in full effect its existence, rights and franchises 

  

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under the laws of such other jurisdiction) 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 Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 
 SECTION 3.5 Protection of Trust Estate. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Issuer Secured
Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a first lien on and
a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
 (i) Grant more effectively all or any portion of the Trust Estate; 
 (ii) maintain or
preserve the lien and security interest (and the priority thereof) in favor of the Trust Collateral Agent for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
 (iv) enforce any of the Collateral; 
 (v) preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such Trust Estate against the claims of all persons and parties; and 
 (vi) pay all taxes or assessments levied or assessed upon the Trust Estate when due. 
 The Issuer hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument
required by the Trust Collateral Agent pursuant to this Section. 
 SECTION 3.6 Opinions as to Trust Estate. 
 (a) On the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent, the Hedge Provider and the Insurer an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and
filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties,
created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
  

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 (b) Within 120 days after the beginning of each calendar year, beginning with the first calendar year
beginning more than six months after the Closing Date, the Issuer shall furnish to the Trustee, Trust Collateral Agent, the Hedge Provider and the Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and
continuation statements as are necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien
and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
 (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under
any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by
a Person identified to the Trustee and the Insurer in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to assist the Issuer in performing its duties
under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this
Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not
waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee, the Insurer and the Holders of at least a majority of the Outstanding Amount of the Notes. 
 (d) If a responsible officer of the Owner Trustee shall have actual knowledge of the occurrence of a Servicer Termination Event under the Sale and
Servicing Agreement, the Issuer shall promptly notify the Trustee, the Insurer, the Hedge Provider and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any, the 

  

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Issuer is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or
obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 
 (e) The Issuer agrees that it will not waive timely performance or observance by the Servicer or the Seller of their respective duties under the Basic Documents (x) without the prior consent of the Insurer
(unless an Insurer Default shall have occurred and be continuing) or (y) if the effect thereof would adversely affect the Holders of the Notes. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
 (i) except as expressly permitted by this Indenture or the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do
so by the Controlling Party; 
 (ii) claim any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;
or 
 (iii)(A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Trust
Collateral Agent created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or
any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission
of the related Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) amend, modify or
fail to comply with the provisions of the Basic Documents without the prior written consent of the Controlling Party. 
 SECTION 3.9
Annual Statement as to Compliance. The Issuer will deliver to the Trustee, the Hedge Provider and the Insurer, within 120 days after the end of each fiscal year of the Issuer (commencing with the fiscal year ended December 31, 2007), and
otherwise in compliance with the requirements of TIA Section 314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that 
  

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 (i) a review of the activities of the Issuer during such year and of performance under
this Indenture has been made under such Authorized Officer’s supervision; and 
 (ii) to the best of such Authorized
Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture and the other Basic Documents throughout such year, or, if there has been a default in the compliance of any such
condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 
 SECTION 3.10
Issuer May Consolidate, Etc. Only on Certain Terms. 
 (a) The Issuer shall not consolidate or merge with or into any other Person,
unless 
 (i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the Hedge Provider and
the Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the
part of the Issuer to be performed or observed, all as provided herein; 
 (ii) immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall
have been satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Trustee, the Hedge Provider and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to
be treated as an association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 
 (vi) the Issuer shall have delivered to the Trustee, the Hedge Provider and the Insurer an Officers’ Certificate and an Opinion of
Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing
required by the Exchange Act); and 
  

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 (vii) so long as no Insurer Default shall have occurred and be continuing, the Issuer
shall have given the Insurer written notice of such consolidation or merger at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer of such consolidation or merger and the
Issuer or the Person (if other than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a) greater than zero and (b) not less than the net worth of the
Issuer immediately prior to giving effect to such consolidation or merger. 
 (b) The Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless 
 (i) the
Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United
States of America or any state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the Hedge Provider and the Insurer (so long as no Insurer Default shall have
occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to
be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Issuer Secured
Parties, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes
and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate
Person) required by the Exchange Act in connection with the Notes; 
 (ii) immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall
have been satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Trustee, the Hedge Provider and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to
be treated as an association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 
  

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 (vi) the Issuer shall have delivered to the Trustee, the Hedge Provider and the Insurer
an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction
have been complied with (including any filing required by the Exchange Act); and 
 (vii) so long as no Insurer Default shall
have occurred and be continuing, the Issuer shall have given the Insurer written notice of such conveyance or transfer at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the
Insurer of such conveyance or transfer and the Issuer or the Person (if other than the Issuer) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (a) greater than zero and
(b) not less than the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer. 
 SECTION 3.11
Successor or Transferee. 
 (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person
formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named
as the Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10 (b),
AmeriCredit Prime Automobile Receivables Trust 2007-2-M will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written
notice to the Trustee stating that AmeriCredit Prime Automobile Receivables Trust 2007-2-M is to be so released. 
 SECTION 3.12 No Other
Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto.

 SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly,
for any Indebtedness except for (i) the Notes, (ii) obligations owing from time to time to the Insurer under the Insurance Agreement and (iii) any other Indebtedness permitted by or arising under the Basic Documents. The proceeds of
the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Spread Account and to pay the Issuer’s organizational, transactional and
start-up expenses. 
 SECTION 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10
and 4.11 of the Sale and Servicing Agreement. 
 SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having 

  

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the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest
in, or make any capital contribution to, any other Person. 
 SECTION 3.16 Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 SECTION 3.17 Compliance
with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under
the Notes, this Indenture or any Basic Document. 
 SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly,
(i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise
segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent
funds are available for such purpose under, the Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and
the Basic Documents. 
 SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner Trustee having actual
knowledge thereof, the Issuer agrees to give the Trustee, the Insurer and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and
Servicing Agreement. 
 SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or the Insurer, the Issuer will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or Section 10.1 of the
Trust Agreement to eliminate the requirements thereunder that the Trustee or the Holders of the Notes consent to amendments thereto as provided therein. 
 SECTION 3.22 Income Tax Characterization. For purposes of federal income, state and local income and franchise and any other income taxes, the Issuer will treat the Notes 

  

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as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed, by virtue of acquisition of an interest in
such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 
 ARTICLE IV 
 Satisfaction and Discharge 
 SECTION
4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed,
lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of
the Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when 

(A) either 
 (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Trustee for cancellation and the Note
Policy has expired and been returned to the Insurer for cancellation; or 
 (2) all Notes not theretofore delivered to the
Trustee for cancellation 
 (i) have become due and payable, 
 (ii) will become due and payable at their respective Final Scheduled Distribution Dates within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuer, 
 and the Issuer, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trust Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such
amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or
Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1(a)) as the case may be; and 
  

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 (B) the Issuer has paid or caused to be paid all Insurer Issuer Secured Obligations, all
Trustee Issuer Secured Obligations and all Hedge Provider Issuer Secured Obligations. 
 SECTION 4.2 Application of Trust Money. All
moneys deposited with the Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either directly or through
any Note Paying Agent, as the Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
 SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Note Paying Agent other than
the Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from
all further liability with respect to such moneys. 
 ARTICLE V 
 Remedies 
 SECTION 5.1 Events of Default. “Event of Default,” wherever used
herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body): 
 (i) default in the payment of any interest on any Note when
the same becomes due and payable, and such default shall continue for a period of five days (solely for purposes of this clause, a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the Spread Account Agreement shall
be deemed to be a payment made by the Issuer); or 
 (ii) default in the payment of the principal on its Final Scheduled
Distribution Date of or any installment of the principal of any Note when the same becomes due and payable (solely for purposes of this clause, a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the Spread Account
Agreement, shall be deemed to be a payment made by the Issuer); or 
 (iii) so long as an Insurer Default shall not have
occurred and be continuing, an Insurance Agreement Event of Default shall have occurred; provided, however, that the occurrence of an Insurance Agreement Event of Default may not form the basis of an Event of Default unless the Insurer
shall, upon prior written notice to the Rating Agencies, have delivered to the Issuer and the Trustee and not rescinded a written notice specifying that such Insurance Agreement Event of Default constitutes an Event of Default under the Indenture;
or 
  

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 (iv) default in the observance or performance of any covenant or agreement of the Issuer
made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuer made in this Indenture, in any
Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue
or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days (or for such longer period, not in excess of 90 days,
as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate to the Trustee to the effect that
the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the
Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (v) the filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuer or any substantial part of the Trust Estate 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 of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and
in effect for a period of 60 consecutive days; or 
 (vi) the commencement by the Issuer 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 the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the
appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the
benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing; or 
 (vii) the Issuer becoming taxable as an association or a publicly traded partnership taxable as a corporation for federal or state income
tax purposes. 
 The Issuer shall deliver to the Trustee and the Insurer, within five days after the occurrence thereof, written notice in
the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action the Issuer is taking or proposes to take with respect
thereto. 
  

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 SECTION 5.2 Rights Upon Event of Default. 
 (a) If an Insurer Default shall not have occurred and be continuing and an Event of Default shall have occurred and be continuing, the Trustee shall, at
the written direction of the Insurer declare that the Notes shall become immediately due and payable at par, together with accrued interest thereon. If an Event of Default shall have occurred and be continuing, the Controlling Party may exercise any
of the remedies specified in Section 5.4(a). In the event of any acceleration of any Notes by operation of this Section 5.2, the Trustee shall continue to be entitled to make claims under the Note Policy pursuant to the Sale and Servicing
Agreement for Insured Payments on the Notes and the Hedge Provider shall continue to be entitled to make claims under the Swap Policy pursuant to the terms of the Swap Policy. Payments under the Note Policy following acceleration of any Notes shall
be applied by the Trustee: 
 FIRST: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for interest; and 
 SECOND: first,
to the Noteholders of the Class A-1 Notes for principal until paid off and, second, ratably and without preference or priority, to the Noteholders of the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the
Class A-4-A Notes and the Class A-4-B Notes for principal. 
 Payments under the Swap Policy following acceleration of the Notes
shall be applied to pay the Hedge Provider amounts due and unpaid pursuant to the Hedge Agreement and the Sale and Servicing Agreement. 
 (b) In the event any Notes are accelerated due to an Event of Default, the Insurer shall have the right (in addition to its obligation to pay Insured Payments on the Notes in accordance with the Note Policy and to pay amounts due under the
Swap Policy), but not the obligation, to make payments under the Note Policy or otherwise of interest and principal due on such Notes, in whole or in part, on any date or dates following such acceleration as the Insurer, in its sole discretion,
shall elect. 
 (c) If an Insurer Default shall have occurred and be continuing and an Event of Default shall have occurred and be
continuing, the Trustee in its discretion may, or, if so requested in writing by Holders holding Notes representing not less than a majority of the Outstanding Amount of the Notes, shall declare by written notice to the Issuer that the Notes become,
whereupon they shall become, immediately due and payable at par, together with accrued interest thereon. 
 (d) At any time after such
declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article V provided, then the Insurer in its sole discretion, or if an Insurer
Default has occurred and is continuing, the Noteholders representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes and
under the Hedge Agreement if the Event of Default giving rise to such acceleration had not occurred; and 
  

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 (B) all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee and its agents and counsel; and 
 (ii) all Events of Default, other than
the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any right consequent thereto. 
 SECTION 5.3
Collection of Indebtedness and Suits for Enforcement by Trustee. 
 (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the
same becomes due and payable, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the
extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
 (b)
Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured Party is not the Controlling Party, with full
power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such
acts, things and deeds for or on behalf of and in the name of such Issuer Secured Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may
be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise
full right, power and authority to take, or defer from taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate. 
  

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 (c) If an Event of Default occurs and is continuing, the Trustee may in its discretion but with the
consent of the Controlling Party and shall, at the direction of the Controlling Party, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Trustee or the Controlling Party shall deem
most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Trustee by this Indenture or by law. 
 (d) Notwithstanding anything to the contrary contained in this
Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Trustee shall, at the written direction of the Controlling Party,
or if an Insurer Default shall have occurred and be continuing, at the written direction of a majority of the Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Controlling
Party or the Noteholders shall deem most effective to protect and enforce any such rights, whether for specific performance of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 
 (e) In case there shall be pending, relative
to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or
Person, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Notes shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such
proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and
their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence, bad faith or willful misconduct)
and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on
behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such Proceedings; 
  

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 (iii) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; and 
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its
creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each
of such Noteholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad
faith. 
 (f) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 (g) All rights of action and of asserting
claims under this Indenture, the Spread Account Agreement or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such
action or Proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor
Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 
 (h) In any Proceedings
brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or the Spread Account Agreement), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to
make any Noteholder a party to any such proceedings. 
 SECTION 5.4 Remedies. 
 (a) If an Event of Default shall have occurred and be continuing, the Controlling Party may do one or more of the following (subject to
Section 5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all
amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such moneys adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

  

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 (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and 
 (iv)
direct the Trust Collateral Agent to sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that if the
Trust Collateral Agent is the Controlling Party, the Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default unless: 
 (A) such Event of Default is of the type described in Section 5.1(i) or (ii); or 
 (B) either

 (x) the Holders of 100% of the Outstanding Amount of the Notes consent thereto and sufficient funds exist to discharge
amounts due to the Hedge Provider, or 
 (y) the proceeds of such sale or liquidation distributable to the Noteholders are
sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest and amounts due to the Insurer and amounts due to the Hedge Provider, or 
 (z) the Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee provides prior written notice to the Rating Agencies and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of
the Notes and sufficient funds exist to discharge amounts due to the Hedge Provider. 
 In determining such sufficiency or insufficiency with
respect to clauses (x), (y) and (z), the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as
to the sufficiency of the Trust Estate for such purpose. 
 SECTION 5.5 Optional Preservation of the Receivables. If the Trustee is
the Controlling Party and if the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may, but need not, elect
to direct the Trust Collateral Agent to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and
amounts due to the Insurer, and the Trustee shall take such desire into account when determining whether or not to direct the Trust Collateral Agent to maintain possession of the Trust Estate. In determining whether to direct the Trust Collateral
Agent to maintain possession of the Trust 

  

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Estate, the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 SECTION 5.6
Priorities. 
 (a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) if an Insurer Default
shall have occurred and be continuing, the occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(v), 5.1(vi) or 5.1(vii) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of
the Sale and Servicing Agreement, the amounts on deposit in the Collection Account, and with respect to clauses SECOND and THIRD hereof, the Available Funds and Additional Funds Available, including any money or property collected pursuant to
Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the related Distribution Date in the following order of priority: 
 FIRST: amounts due and owing and required to be distributed to the Servicer (provided there is no Servicer Termination Event), the Hedge
Provider (other than any Swap Termination Payments due under the Hedge Agreement), the Owner Trustee, the Trustee, Backup Servicer and the Trust Collateral Agent, respectively, pursuant to priorities (i), (ii) and (iii) of
Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed, in the order of such priorities as set forth therein and without preference or priority of any kind and without regard to any caps set forth in clauses
(ii) and (iii) of Section 5.7(a) of the Sale and Servicing Agreement; 
 SECOND: to Noteholders for amounts due
and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; 
 THIRD: to Noteholders for amounts due and unpaid on the Notes for principal, first, to the Noteholders of the Class A-1 Notes until
paid off and, second, ratably, without preference or priority of any kind to the Noteholders of the Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, the Class A-4-A Notes and Class A-4-B Notes, according to the amounts
due and payable on the Notes for principal; 
 FOURTH: amounts due and owing and required to be distributed to the Insurer
pursuant to priorities (v) and (x) of Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed; 
 FIFTH: to the Hedge Provider, Swap Termination Payments; and 
 SIXTH: to the Collateral Agent
to be applied as provided in the Spread Account Agreement. 
 (b) The Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section 5.6. At least 15 days before such record date the Issuer shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the amount to be paid. 
  

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 SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 
 (ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Trustee to institute such
Proceeding in respect of such Event of Default in its own name as Trustee hereunder; 
 (iii) such Holder or Holders have
offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
 (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; 
 (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Notes; and 
 (vi) an Insurer Default shall have occurred and be continuing;

 it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided. 
 SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions
in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in
this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
 SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall,
subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted. 
  

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 SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved
to the Controlling Party or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the Trustee, the Controlling Party, the Insurer or any Holder of any Note
to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this
Article V or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case may be. 
 SECTION 5.12 Control by Noteholders. If the Trustee is the Controlling Party, the Holders of a majority of the Outstanding Amount of the Notes
shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee with respect to the Notes or exercising any trust or power conferred on the Trustee; provided that 
 (i) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (ii) subject to the express terms of Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate shall be by the
Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 
 (iii) if the conditions set forth in
Section 5.5 have been satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the
Trust Estate shall be of no force and effect; and 
 (iv) the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction; 
 provided, however, that, subject to Article VI, the Trustee need not take any action that it
determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such action. 
 SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.4, the
Insurer or, if an Insurer Default shall have occurred and be continuing, the Noteholders of not less than a majority of the Outstanding Amount of the Notes may waive any past Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Trustee

  

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and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto. 
 Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.14 Undertaking for Costs. All parties to this
Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs
and expenses, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 
 SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.16 Action on Notes.
The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture
nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of
the assets of the Issuer. 
 SECTION 5.17 Performance and Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the Issuer agrees to take all such lawful action as the
Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing 

  

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Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or
in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or
administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement. 
 (b) If the Trustee is the Controlling Party and if an Event of Default has occurred and is continuing, the Trustee may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes
shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action
to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended. 
 ARTICLE VI 
 The Trustee and the Trust Collateral Agent 
 SECTION 6.1 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and the Basic Documents to which it is a Party and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; however,
the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
  

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 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12. 
 (d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 
 (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the
Sale and Servicing Agreement. 
 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it
against such risk or liability is not assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 
 (h) The Trustee shall, upon two Business Days’ prior notice to the Trustee, permit any representative of the Insurer at the expense of the Trust, during the Trustee’s normal business hours, to examine all books of account,
records, reports and other papers of the Trustee relating to the Notes, to make copies and extracts therefrom and to discuss the Trustee’s affairs and actions, as such affairs and actions relate to the Trustee’s duties with respect to the
Notes, with the Trustee’s officers and employees responsible for carrying out the Trustee’s duties with respect to the Notes. 
 (i) The Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and Servicing Agreement. 
 (j) The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will hold any proceeds of any claim on the Note Policy in trust solely for the use and benefit of the Noteholders. 

(k) Without limiting the generality of this Section 6.1, the Trustee shall have no duty (i) to see to any recording, filing or depositing of
this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or
redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any tax, assessment or other governmental charge or any
Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust, (iv) to confirm or 

  

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verify the contents of any reports or certificates delivered to the Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by the
Trustee to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance of observance of any of the Issuer’s, the
Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the Sale and Servicing Agreement. 
 (l) In no event shall The Bank of New York, 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 6.2 Rights of Trustee. 
 (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or
a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, AmeriCredit Financial Services, Inc., or any other such agent, attorney, custodian or nominee appointed with
due care by it hereunder. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to
be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the
request, order or direction of any of the Noteholders or the Controlling Party, pursuant to the provisions of this Indenture, unless such Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or indemnity against
the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it
by this Indenture with reasonable care and skill. 
  

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 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Insurer (so long as no Insurer Default shall have occurred and
be continuing) or (if an Insurer Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture or
the Sale and Servicing Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request,
or, if paid by the Trustee, shall be reimbursed by the Person making such request upon demand. 
 (h) The Trustee shall not be liable for any
losses on investments except for losses resulting from the failure of the Trustee to make an investment in accordance with instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the rights and
protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note Registrar. 
 SECTION 6.3 Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent, Note
Registrar, co-registrar or co-Note Paying Agent may do the same with like rights. However, the Trustee must comply with Sections 6.11 and 6.12. 
 SECTION 6.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication. 
 SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and if it is either
known by, or written notice of the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder and the Hedge Provider notice of the Default within 90 days after such knowledge or notice
occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice to the Noteholder or the Hedge Provider
if and so long as it in good faith determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.6 Reports by
Trustee to Holders. At the end of each calendar year, the Trustee shall deliver to each person who at any time during the calendar year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder, to
the extent required by the Code, and any other information as may be reasonably required to enable such Holder to prepare its federal and state income tax returns. 
  

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 SECTION 6.7 Compensation and Indemnity. 
 (a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall, or shall cause the Servicer to, pay to the Trustee, the Trust
Collateral Agent and the Backup Servicer (subject to any applicable caps) from time to time compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer
shall cause the Servicer to reimburse the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to
the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s, the Trust Collateral Agent’s and the Backup Servicer’s agents, counsel, accountants
and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent, the Backup Servicer and their respective officers, directors, employees and agents against any and all loss, liability or expense (including
attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the administration of this Trust and the performance of its duties hereunder. The Trustee, the Trust Collateral Agent or the Backup Servicer shall
notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer to so notify the Issuer and the Servicer shall not relieve the
Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement. The Issuer shall cause the Servicer to defend the claim, and the Trustee, the Trust Collateral Agent or the Backup Servicer
may have separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need to reimburse any expense or indemnify against any loss, liability or expense incurred by the
Trustee, the Trust Collateral Agent or the Backup Servicer through the Trustee’s, the Trust Collateral Agent’s or the Backup Servicer’s own willful misconduct, negligence or bad faith. 
 (b) The Issuer’s payment obligations to the Trustee, the Trust Collateral Agent or the Backup Servicer pursuant to this Section shall survive the
discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the Backup Servicer. When the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer incurs expenses after
the occurrence of a Default specified in Section 5.1(v) or (vi) with respect to the Issuer, 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. Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under the Basic
Documents shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of the Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the Trust Estate, the Seller and
amounts held pursuant to the Spread Account Agreement shall be limited to the right to receive the distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement. 
 SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuer and the Insurer. The Issuer may and, at the
request of the Insurer (unless an Insurer Default shall have occurred and be continuing) shall, remove the Trustee, if: 
 (i)
the Trustee fails to comply with Section 6.11; 
  

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 (ii) a court having jurisdiction in the premises in respect of the Trustee in an
involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or order granting
relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the
Trustee’s affairs; 
 (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or
another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; 
 (iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for
the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any action in furtherance of any of the foregoing; or

 (v) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein
as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee acceptable to the Insurer (so long as an Insurer Default shall not have occurred and be continuing). If the Issuer fails to appoint such a successor Trustee, the Insurer
may appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, the
Hedge Provider, the Insurer and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture
subject to satisfaction of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, the
Insurer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 6.11, any Noteholder (with the prior written consent of the Insurer, so long as an Insurer Default shall not have occurred and be continuing) may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  

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 Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7
shall continue for the benefit of the retiring Trustee. 
 SECTION 6.9 Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act
shall be the successor Trustee. The Trustee shall provide the Rating Agencies and the Insurer prior written notice of any such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided
that the certificate of the Trustee shall have. 
 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Trustee with the consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such
title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof. 
 (b) Every 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 Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee 

  

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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
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 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 Estate 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 Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee
hereunder, including acts or omissions of predecessor or successor trustees; and 
 (iii) the Trustee may at any time accept
the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the 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 Indenture and the conditions of this
Article VI. 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 Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed
with the Trustee. 
 (d) Any separate trustee or co-trustee may at any time constitute the 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 Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, dissolve, become insolvent, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 (e) Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be borne by the Trust Estate. 
 SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long term debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The
Trustee shall provide copies of such reports to the Insurer upon request. The Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA
§ 310(b)(1) are met. 
  

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 SECTION 6.12 Preferential Collection of Claims Against Issuer. The Trustee shall comply with TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured Parties hereby appoints The Bank of
New York as the Trust Collateral Agent with respect to the Collateral, and The Bank of New York hereby accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral for the Issuer Secured Parties, to maintain
custody and possession of such Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the provisions of this Indenture and the other Basic Documents. Each Issuer Secured
Party hereby authorizes the Trust Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by
the Trust Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any powers of attorney. The Trust Collateral
Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions; provided that neither the Trustee nor the Trust Collateral
Agent shall act upon its own accord or in accordance with any instructions (i) if such actions are not authorized by, or in violation of the provisions of, this Indenture, (ii) if such actions are in violation of any applicable law, rule or
regulation or (iii) with respect to actions for which the Trustee has been directed to act but for which the Trustee has not received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Trust Collateral
Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to act only following and in accordance with such instructions. 
 SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have no duties or responsibilities except those expressly set forth in this
Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in accordance with this Indenture. The Trust Collateral Agent shall not be required to take any discretionary actions
hereunder except at the written direction and with reasonable security and indemnity satisfactory to the Trust Collateral Agent. The Trust Collateral Agent shall, and hereby agrees that it will, subject to this Article, perform all of the duties and
obligations required of it under the Sale and Servicing Agreement. 
 SECTION 6.15 Limitation on Liability. Neither the Trust
Collateral Agent nor any of its directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be liable for its
negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this Indenture or any of the Collateral (or any part
thereof). Notwithstanding any term or provision of this Indenture, the Trust Collateral Agent shall incur no liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the
Collateral, except for the negligence, bad faith or willful misconduct on the part of the Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured 

  

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Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Trust Collateral Agent shall be
protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed
by the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Trust Collateral Agent) the Trust Collateral Agent shall not be
required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or
nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust Collateral Agent may consult with counsel, and shall not be liable for any action taken or
omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust Collateral Agent shall not be under any obligation to exercise any of the remedial rights or powers vested in it by this Indenture or to
follow any direction from the Controlling Party or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder unless it shall have received reasonable security or indemnity satisfactory to the Trust
Collateral Agent against the costs, expenses and liabilities which might be incurred by it. 
 SECTION 6.16 Reliance Upon Documents.
In the absence of negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and
correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such
document or instrument. 
 SECTION 6.17 Successor Trust Collateral Agent. 
 (a) Merger. Any Person into which the Trust Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may
sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Trust Collateral Agent is a party, shall (provided it is
otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with all of the title to and interest in the Collateral and all of the trusts, powers, discretions,
immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding,
except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Issuer Secured Parties in the Collateral; provided that any such successor shall also be the successor
Trustee under Section 6.9. 
 (b) Resignation. The Trust Collateral Agent and any successor Trust Collateral Agent may resign at
any time by so notifying the Issuer and the Insurer; provided that the Trust Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder. 
  

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 (c) Removal. The Trust Collateral Agent may be removed by the Controlling Party at any time (and
should be removed at any time that the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer. A temporary
successor may be removed at any time to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is
the latest of (i) the effective date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment and of its obligation to perform its duties hereunder in
accordance with the provisions hereof, and (ii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 3.6. 
 (d) Acceptance by Successor. The Controlling Party shall have the sole right to appoint each successor Trust Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed hereunder
shall execute, acknowledge and deliver to its predecessor and to the Trustee, each Issuer Secured Party and the Issuer an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver
such other documents and instruments as will effectuate the delivery of all Collateral to the successor Trust Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates,
properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of either Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such successor all
the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Issuer or an Issuer Secured Party is reasonably required by a successor Trust Collateral Agent to more fully and certainly
vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent
successor Trust Collateral Agent, be forthwith executed, acknowledged and delivered by the Trustee or the Issuer, as the case may be. The designation of any successor Trust Collateral Agent and the instrument or instruments removing any Trust
Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the
successor Trust Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Trust Collateral Agent or to protect or continue the perfection of the security interests granted
hereunder. 
 SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any compensation for the performance of
its duties hereunder other than the compensation it is entitled to receive in its capacity as Trustee. 
  

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 SECTION 6.19 Representations and Warranties of the Trust Collateral Agent and the Issuer.
(A) The Trust Collateral Agent represents and warrants to the Issuer and to each Issuer Secured Party as follows: 
 (a) Due
Organization. The Trust Collateral Agent is a New York banking corporation and is duly authorized and licensed under applicable law to conduct its business as presently conducted. 
 (b) Corporate Power. The Trust Collateral Agent has all requisite right, power and authority to execute and deliver this Indenture and to perform
all of its duties as Trust Collateral Agent hereunder. 
 (c) Due Authorization. The execution and delivery by the Trust Collateral
Agent of this Indenture and the other Transaction Documents to which it is a party, and the performance by the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no
further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such other Basic Documents.

 (d) Valid and Binding Indenture. The Trust Collateral Agent has duly executed and delivered this Indenture and each other Basic
Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral Agent, enforceable against the Trust Collateral Agent in accordance with its
terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies
may be limited by equitable principles of general applicability. 
 (e) No Conflicts. The execution and delivery of each Basic
Document to which it is a party by the Trust Collateral Agent and the performance by the Trust Collateral Agent of its obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict with or result in any violation of
(i) any law or regulation of the United States of America governing the banking or trust powers of the Trust Collateral Agent or (ii) the articles of incorporation and by-laws of the Trust Collateral Agent. 
 (f) No Actions. To the best of the Trust Collateral Agent’s knowledge, there are no actions, proceedings or investigations known to the Trust
Collateral Agent, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which would, if adversely determined, affect in any material respect the
consummation, validity or enforceability against the Trust Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of any Basic Document. 
 (B) The Issuer hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule A is true and correct. Such representations and
warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent and shall not be waived. 
 SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby expressly waives any and all rights of setoff that the Trust Collateral Agent
may otherwise at any 

  

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time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely
in accordance with the provisions hereof and the Sale and Servicing Agreement. 
 SECTION 6.21 Control by the Controlling Party. The
Trust Collateral Agent shall comply with notices and instructions given by the Issuer only if accompanied by the written consent of the Controlling Party, except that if any Event of Default shall have occurred and be continuing, the Trust
Collateral Agent shall act upon and comply with notices and instructions given by the Controlling Party alone in the place and stead of the Issuer. 
 ARTICLE VII 
 Noteholders’ Lists and Reports 
 SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause to be furnished to the Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such
Record Date, (b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the Note Registrar, no such list shall be required to be furnished. If Definitive Notes have been issued pursuant to Section 2.12, the Trustee or, if the Trustee is not
the Note Registrar, the Issuer shall furnish to the Insurer in writing on an annual basis on each June 30 and at such other times as the Insurer may request a copy of the list. 
 SECTION 7.2 Preservation of Information; Communications to Noteholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such Section 7.1
upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes. 
 (c) The Issuer, the Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 
 SECTION 7.3 Reports by Issuer. 
 (a) The Issuer shall: 
 (i)
file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  

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 (ii) file with the Trustee and the Commission in accordance with rules and regulations
prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and
regulations; and 
 (iii) supply to the Trustee (and the Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time
to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each
year. 
 SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60 days after each May 31, beginning with
May 31, 2008, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b). 

A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the Commission and each stock exchange, if any, on
which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange. 
 ARTICLE VIII

 Accounts, Disbursements and Releases 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to or receivable by the Trust Collateral Agent pursuant to this Indenture and the Sale and Servicing Agreement. The Trustee shall apply all such money received by it, or
cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default
occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and
prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
  

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 SECTION 8.2 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7 and all amounts due to the Insurer under the Basic
Documents and the payment to the Hedge Provider of all amounts payable to it pursuant to the Hedge Agreement, the Trust Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments to release property from
the lien of this Indenture, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trust Collateral Agent as provided in this Article VIII shall be
bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 
 (b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all sums due the Trustee pursuant to Section 6.7 and all amounts due to the Insurer under the Basic Documents have been
paid and the payment to the Hedge Provider of all amounts payable to it pursuant to the Hedge Agreement, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. 
 SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent
shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a condition to such action, an
Opinion of Counsel in form and substance satisfactory to the Trustee and the Insurer and addressed to the Trustee and the Insurer, stating that all conditions precedent to the taking of such action have been complied with. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action. 
 ARTICLE IX 
 Supplemental Indentures 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 
 (a) Without the consent of the Holders of any Notes but with the consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) and the written consent of the Hedge Provider (unless such
indenture supplemental hereto could not reasonably be expected to have a material adverse effect on the Hedge Provider) and with prior notice to the Rating Agencies and the Hedge Provider by the Issuer, as evidenced to the Trustee, the Issuer and
the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Trustee and provided that regardless of whether the consent of the Hedge Provider is required with respect to such indenture supplement, a copy of such indenture supplement will be provided to the Hedge
Provider at least five (5) Business Days before such indenture supplement is executed (or such lesser period as the Hedge Provider may agree), for any of the following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  

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 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
 (iii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with
any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that such action shall not adversely
affect the interests of the Holders of the Notes; 
 (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Article VI; or 
 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 
 The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained. 
 (b) The Issuer and the Trustee, when authorized by an Issuer Order, may, also without the
consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer and with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) and the written consent of the
Hedge Provider (unless such indenture supplemental hereto could not reasonably be expected to have a material adverse effect on the Hedge Provider), as evidenced to the Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that
(i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and the Insurer, adversely affect in any material respect the interests of any Noteholder, and (ii) regardless of whether the consent of the Hedge
Provider is required with respect to such indenture supplement, a copy of such indenture supplement will be provided to the Hedge Provider at least five (5) Business Days before such indenture supplement is executed (or such lesser period as
the Hedge Provider may agree). 
  

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 (c) Notwithstanding the foregoing, if an Insurer Default has occurred and is continuing, no amendment
under Section 9.1 or 9.2 shall materially adversely affect the Insurer without the Insurer’s prior written consent. 
 SECTION 9.2
Supplemental Indentures with Consent of Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and the Hedge Provider, with the written consent of the Insurer (unless an
Insurer Default shall have occurred and be continuing), with the written consent of the Hedge Provider (unless such indenture supplemental hereto could not reasonably be expected to have a material adverse effect on the Hedge Provider), and with the
consent of the Holders of not less than a majority of the Outstanding Amount of the Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided however, that (i) regardless of whether
the consent of the Hedge Provider is required with respect to such indenture supplement, a copy of such indenture supplement will be provided to the Hedge Provider at least five (5) Business Days before such indenture supplement is executed (or
such lesser period as the Hedge Provider may agree), and (ii) if an Insurer Default has occurred and is continuing, such supplemental indenture will not materially and adversely affect the interest of the Insurer; provided further, that,
subject to the express rights of the Insurer under the Basic Documents, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the
interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the
Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 
 (ii) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after
the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (iii) reduce the
percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
 (iv) modify or alter the
provisions of the proviso to the definition of the term “Outstanding”; 
  

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 (v) reduce the percentage of the Outstanding Amount of the Notes required to direct the
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4; 
 (vi) modify any provision
of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note
affected thereby; 
 (vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions
for the mandatory redemption of the Notes contained herein; or 
 (viii) permit the creation of any lien ranking prior to or
on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on any property at any time
subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
 The Trustee may determine whether
or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be liable
for any such determination made in good faith. 
 It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting
forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel (a copy of which shall be
delivered to the Insurer) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 SECTION 9.4 Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed 

  

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to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations,
duties, liabilities and immunities under this Indenture of the Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture
Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes
to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed
by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 
 ARTICLE X 
 Redemption of Notes 
 SECTION 10.1
Redemption. 
 (a) The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which the Servicer or Seller
exercises its option to purchase the Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however, that no such redemption may be effected
unless the Issuer has available funds sufficient to pay the Redemption Price plus all amounts due and payable to the Insurer under the Insurance Agreement on such Distribution Date plus all amounts due and payable to the Hedge Provider under the
Hedge Agreement on such Distribution Date. The Servicer or the Issuer shall furnish the Insurer, the Hedge Provider and the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1(a), the
Servicer or the Issuer shall furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date and the Issuer shall deposit with the Trustee in the Collection Account the amount required to be so deposited pursuant
to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing of a notice complying with Section 10.2 to each Holder of Notes. 

(b) In the event that the assets of the Trust are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon. If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer
shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 
  

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 SECTION 10.2 Form of Redemption. 
 (a) Notice of redemption under Section 10.1(a) shall be given by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted or
mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon
presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); and 

(iv) that interest on the Notes shall cease to accrue on the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or
any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 
 (b) Prior
notice of redemption under Section 10.1(b) is not required to be given to Noteholders. 
 SECTION 10.3 Notes Payable on Redemption
Date. The Notes to be redeemed shall, following notice of redemption, as required by Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date, become due and payable at the Redemption Price, and
(unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 ARTICLE XI 
 Miscellaneous

 SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by the Issuer to the Trustee or the
Trust Collateral Agent to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, and to the Insurer (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have 

  

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been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied
with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 
 (a) Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such signatory, such signatory has
made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 
 (b) (i) Prior to the deposit of any Collateral or other property or securities with the Trust Collateral Agent that is to be made the
basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Trust Collateral Agent and the
Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

 (ii) Whenever the Issuer is required to furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Trust Collateral Agent and the Insurer an Independent Certificate as to the same matters, if the fair
value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates
delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the
Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes. 
  

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 (iii) Other than with respect to the release of any Purchased Receivables, Sold
Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or
stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not
impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to
furnish to the Trustee and the Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trust Collateral Agent and the
Insurer an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, or securities released from the lien of
this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need
not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes.

 (v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate,
sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents. 
 SECTION 11.2 Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller or the
Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous. 
  

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 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the
Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s
right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION
11.3 Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any
customary manner of the Trustee. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note
issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such
Note. 
  

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 SECTION 11.4 Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with: 
 (a) The Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight
courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt to the Trustee at its Corporate Trust Office, or 
 (b) The Issuer by the Trustee or by any Noteholder shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall
deemed to have been duly given upon receipt to the Issuer addressed to: AmeriCredit Prime Automobile Receivables Trust 2007-2-M, in care of Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate
Trust Administration, or at any other address previously furnished in writing to the Trustee by Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Trustee. 
 (c) The Insurer by the Issuer or the Trustee shall be sufficient for any purpose hereunder if in writing and mailed by registered mail or personally
delivered or telexed or telecopied to the recipient as follows: 
  

			
	To the Insurer:	  	MBIA Insurance Corporation
		  	113 King Street
		  	Armonk, New York 10504
		  	Attention: Insured Portfolio Management–
		  	Structured Finance (AmeriCredit 2007-2-M)
		  	
		  	Facsimile No.: (914) 765-3810
		  	Confirmation: (914) 765-3781

 (In each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on the
Note Policy or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of the General Counsel
“URGENT MATERIAL ENCLOSED.”) 
 Notices required to be given to the Rating Agencies by the Issuer, the Trustee or the Owner
Trustee shall be in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of Moody’s, at the following address: Moody’s Investors
Service, Inc., 99 Church Street, New York, New York 10007, and (ii) in the case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, send hard copies
to: Standard & Poor’s Ratings Services, 55 Water Street, 42nd floor, New York, New York 10041, Attention: ABS Surveillance Group; or as to each of the foregoing, at such other address as shall be designated by written notice to the
other parties. 
 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later

  

 63 

 
than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by
mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner here in
provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of
regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner
of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this
Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
 SECTION 11.6 [Reserved]. 
 SECTION 11.7
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required
provision shall control. 
 The provisions of TIA §§ 310 through 317 that impose duties on any person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Trust Collateral Agent in this Indenture shall bind its
successors. 
 SECTION 11.10 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 64 

 SECTION 11.11 Benefits of Indenture. The Insurer and its successors and assigns shall be a
third-party beneficiary to the provisions of this Indenture, and shall be entitled to rely upon and directly to enforce such provisions of this Indenture so long as no Insurer Default shall have occurred and be continuing. The Hedge Provider shall
be a third-party beneficiary to the provisions of this Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Hedge Provider and the
Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. The Insurer may disclaim any of
its rights and powers under this Indenture (in which case the Trustee may exercise such right or power hereunder), but not its duties and obligations under the Note Policy, upon delivery of a written notice to the Trustee. 
 In exercising any of its voting rights, rights to direct or consent or any other rights as the Insurer under this Indenture or any other Basic Document,
subject to the terms and conditions of this Indenture, the Insurer shall not have any obligation or duty to any Person to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or
at its discretion or any failure by it to act or to direct that any action be taken, without regard to whether such inaction or action benefits or adversely affects any Noteholder, the Issuer or any other Person. 
 SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date. 
 SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND
THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Trustee or any other counsel reasonably acceptable to the Trustee and the Insurer) to the effect that such recording is necessary either for the protection of the Noteholders or any other person secured hereunder or for
the enforcement of any right or remedy granted to the Trustee or the Trust Collateral Agent under this Indenture or the Collateral Agent under the Spread Account Agreement. 
  

 65 

 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii)
any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial
interest in the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral
Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent, the Backup Servicer and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. For all purposes of this Indenture, 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 Article VI,
VII and VIII of the Trust Agreement. 
 SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic
Documents. 
 SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the
Trustee or of the Insurer, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent
certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably
requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information (A) if required to
do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its affiliates, (C) pursuant to any
subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any
preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved in advance by the Servicer or the Issuer or (E) to any independent or internal
auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the
Servicer or the Issuer. 
  

 66 

 [Remainder of Page Intentionally Left Blank] 
  

 67 

 IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Indenture to be duly executed by their
respective officers, hereunto duly authorized, all as of the day and year first above written. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES
TRUST 2007-2-M,

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

		
	By:	 	 /s/ James P. Lawler

		 	Name: James P. Lawler
		 	Title: Vice President
	
	 THE BANK OF NEW YORK,
 not in its individual
capacity but solely as
 Trustee and Trust Collateral Agent

		
	By:	 	 /s/ Helen Lam

		 	Name: Helen Lam
		 	Title: Assistant Vice President

 [Indenture] 
  

 68 

 EXHIBIT A-1 
  

													
	REGISTERED	 		 		 		 		  		  	$183,000,000
							
	No. RB-A-1	 		 		 		 		  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 030616 AA 4 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 CLASS A-1 5.2715% ASSET BACKED
NOTE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M, a statutory trust organized and existing under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED EIGHTY-THREE MILLION DOLLARS payable on each Distribution Date
in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $183,000,000 and the denominator of which is $183,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the October 8, 2008 Distribution Date (the
“Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this
Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from October 18, 2007. Interest will be computed on
the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  

 A-1-1 

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note. 
 The Notes are entitled to the benefits of a note guaranty insurance policy (the “Note
Policy”) issued by MBIA Insurance Corporation (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the Noteholders’ Parity
Deficit Amount with respect to each Distribution Date and the unpaid principal balance of the Notes on the Final Scheduled Distribution Date, all as more fully set forth in the Note Policy. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES TRUST 2007-2-M

		
	By:	 	 WILMINGTON TRUST COMPANY, not in its
 individual capacity but solely as Owner Trustee
 under the Trust Agreement

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

									
	Date: October 18, 2007	 	 	 	 	 	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-1-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 5.2715% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture
dated as of October 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York, as trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-1 Notes will be
payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
November 8, 2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner
provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto. 
 Payments of interest on this Note
due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-1-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note
has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a
Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a
Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-1-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-1-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-1-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
             

					
		 		    	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                                        
1	 		 	  

		 		 	Signature Guaranteed:
			
	  
	 		 	  

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-1-8 

 STATEMENT OF INSURANCE 
  

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

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance
Policy (the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of The Bank of New York (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such
form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to
such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer,
provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy
named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner. 
  

 A-1-9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon,
New York time, on the later of the Distribution Date on which the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal
Agent for the Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such
Business Day, it will be deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not
to have been received by the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as
Issuer, and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of October 11, 2007 among AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup Servicer, without regard to any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by
the Insurer. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer
is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount,
(ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid 

  

 A-1-10 

 
principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached to the Policy, the original of which is subsequently
delivered by registered or certified mail, from the Trustee specifying the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be
recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction.

 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of
the date of execution of the Policy, without giving effect to any subsequent amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee. 
 The notice address of the
Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance
provided by the Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 A-1-11 

 EXHIBIT A-2-A 
  

													
	REGISTERED	 		 		 		 		  		  	$85,000,000
							
	No. RB-A-2-A	 		 		 		 		  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 030616 AB 2 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 CLASS A-2-A 5.34% ASSET BACKED
NOTE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M, a statutory trust organized and existing under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of EIGHTY-FIVE MILLION DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of which is $85,000,000 and the denominator of which is $85,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-2-A Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the November 8, 2010 Distribution Date (the “Final
Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue
for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from October 18, 2007. Interest will be computed on the basis of a
360 day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and 

  

 A-2-A-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a note guaranty insurance policy (the
“Note Policy”) issued by MBIA Insurance Corporation (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Parity Deficit Amount with respect to each Distribution Date and the unpaid principal balance of the Notes on the Final Scheduled Distribution Date, all as more fully set forth in the Note Policy. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-2-A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES TRUST 2007-2-M

		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its
individual capacity but solely as Owner
 Trustee under the Trust Agreement

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

									
	Date: October 18, 2007	 	 	 	 	 	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-2-A-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2-A 5.34% Asset Backed Notes (herein called the “Class A-2-A Notes”), all issued under an Indenture
dated as of October 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York, as trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-2-A Notes will
be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
November 8, 2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner
provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-2-A Notes shall be made pro rata to the Class A-2-A Noteholders entitled thereto. 
 Payments of interest
on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-2-A-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-2-A Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and
in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan
Entity or (b) it is a Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-2-A-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-2-A-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-2-A-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
             

					
		 		    	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                                        
1	 		 	  

		 		 	Signature Guaranteed:
			
	  
	 		 	  

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-2-A-8 

 STATEMENT OF INSURANCE 
  

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

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance
Policy (the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of The Bank of New York (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such
form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to
such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer,
provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy
named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner. 
  

 A-2-A-9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon,
New York time, on the later of the Distribution Date on which the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal
Agent for the Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such
Business Day, it will be deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not
to have been received by the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as
Issuer, and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of October 11, 2007 among AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup Servicer, without regard to any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by
the Insurer. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer
is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount,
(ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid 

  

 A-2-A-10 

 
principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached to the Policy, the original of which is subsequently
delivered by registered or certified mail, from the Trustee specifying the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be
recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction.

 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of
the date of execution of the Policy, without giving effect to any subsequent amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee. 
 The notice address of the
Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance
provided by the Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 A-2-A-11 

 EXHIBIT A-2-B 
  

													
	REGISTERED	 		 		 		 		  		  	$177,000,000
							
	 No. RB-A-2-B
	 		 		 		 		  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 030616 AC 0 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 CLASS A-2-B FLOATING RATE
ASSET BACKED NOTE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M, a statutory trust organized and existing under the laws of the
State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED SEVENTY-SEVEN MILLION DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $177,000,000 and the denominator of which is $177,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-2-B Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the November 8, 2010
Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum equal to LIBOR plus 0.38% on each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from
October 18, 2007. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

  

 A-2-B-1 

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note. 
 The Notes are entitled to the benefits of a note guaranty insurance policy (the “Note
Policy”) issued by MBIA Insurance Corporation (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the Noteholders’ Parity
Deficit Amount with respect to each Distribution Date and the unpaid principal balance of the Notes on the Final Scheduled Distribution Date, all as more fully set forth in the Note Policy. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-2-B-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES TRUST 2007-2-M

		
	By:	 	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity but solely as Owner
 Trustee under the Trust Agreement

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

									
	Date: October 18, 2007	 	 	 	 	 	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-2-B-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2-B LIBOR plus 0.38% Asset Backed Notes (herein called the “Class A-2-B Notes”), all issued under an
Indenture dated as of October 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York, as trustee (the “Trustee,” which term includes
any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-2-B Notes will
be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
November 8, 2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner
provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-2-B Notes shall be made pro rata to the Class A-2-B Noteholders entitled thereto. 
 Payments of interest
on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-2-B-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class
A-2-B Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer
of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note
has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a
Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a
Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-2-B-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-2-B-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-2-B-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
             

					
		 		    	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                                        
1	 		 	  

		 		 	Signature Guaranteed:
			
	  
	 		 	  

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-2-B-8 

 STATEMENT OF INSURANCE 
  

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

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance
Policy (the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of The Bank of New York (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such
form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to
such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer,
provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy
named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner. 
  

 A-2-B-9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon,
New York time, on the later of the Distribution Date on which the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal
Agent for the Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such
Business Day, it will be deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not
to have been received by the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as
Issuer, and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of October 11, 2007 among AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup Servicer, without regard to any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by
the Insurer. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer
is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount,
(ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid 

  

 100 

 
principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached to the Policy, the original of which is subsequently
delivered by registered or certified mail, from the Trustee specifying the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be
recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction.

 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of
the date of execution of the Policy, without giving effect to any subsequent amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee. 
 The notice address of the
Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance
provided by the Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 A-2-B-11 

 EXHIBIT A-3 
  

													
	REGISTERED	 		 		 		 		  		  	$270,000,000
							
	No. RB-A-3	 		 		 		 		  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 030616 AD 8 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 CLASS A-3 5.22% ASSET BACKED
NOTE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M, a statutory trust organized and existing under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED SEVENTY MILLION DOLLARS payable on each Distribution Date in
an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $270,000,000 and the denominator of which is $270,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-3 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 8, 2012 Distribution Date (the “Final
Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue
for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from October 18, 2007. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and 

  

 A-3-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a note guaranty insurance policy (the
“Note Policy”) issued by MBIA Insurance Corporation (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Parity Deficit Amount with respect to each Distribution Date and the unpaid principal balance of the Notes on the Final Scheduled Distribution Date, all as more fully set forth in the Note Policy. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES TRUST 2007-2-M

		
	By:	 	 WILMINGTON TRUST COMPANY, not in its individual
 capacity but solely as Owner Trustee
 under the Trust Agreement

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

									
	Date: October 18, 2007	 	 	 	 	 	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-3-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 5.22% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated
as of October 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York, as trustee (the “Trustee,” which term includes any successor
Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The
Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes (together, the “Notes”) are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-3 Notes will be payable on each
Distribution Date in an amount described on the face hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 8, 2007. If
AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so
long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-3 Notes
shall be made pro rata to the Class A-3 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-3-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note
has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a
Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a
Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-3-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-3-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-3-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
             

					
		 		    	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                                        
1	 		 	  

		 		 	Signature Guaranteed:
			
	  
	 		 	  

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-3-8 

 STATEMENT OF INSURANCE 
  

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

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance
Policy (the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of The Bank of New York (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such
form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to
such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer,
provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy
named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner. 
  

 A-3-9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon,
New York time, on the later of the Distribution Date on which the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal
Agent for the Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such
Business Day, it will be deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not
to have been received by the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as
Issuer, and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of October 11, 2007 among AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup Servicer, without regard to any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by
the Insurer. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer
is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount,
(ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid 

  

 A-3-10 

 
principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached to the Policy, the original of which is subsequently
delivered by registered or certified mail, from the Trustee specifying the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be
recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction.

 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of
the date of execution of the Policy, without giving effect to any subsequent amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee. 
 The notice address of the
Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance
provided by the Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 A-3-11 

 EXHIBIT A-4-A 
  

													
	REGISTERED	 		 		 		 		  		  	$139,000,000
							
	 No. RB-A-4-A
	 		 		 		 		  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 030616 AF 3 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 CLASS A-4-A 5.35% ASSET BACKED
NOTE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M, a statutory trust organized and existing under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED THIRTY-NINE MILLION DOLLARS payable on each Distribution Date
in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $139,000,000 and the denominator of which is $139,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-4-A Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the March 8, 2016 Distribution Date (the
“Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this
Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from October 18, 2007. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and 

  

 A-4-A-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a note guaranty insurance policy (the
“Note Policy”) issued by MBIA Insurance Corporation (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Parity Deficit Amount with respect to each Distribution Date and the unpaid principal balance of the Notes on the Final Scheduled Distribution Date, all as more fully set forth in the Note Policy. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-4-A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES TRUST 2007-2-M

		
	By:	 	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity but solely as Owner
 Trustee under the Trust Agreement

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

									
	Date: October 18, 2007	 	 	 	 	 	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-4-A-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4-A 5.35% Asset Backed Notes (herein called the “Class A-4-A Notes”), all issued under an Indenture
dated as of October 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York, as trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-4-A Notes will
be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
November 8, 2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner
provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-4-A Notes shall be made pro rata to the Class A-4-A Noteholders entitled thereto. 
 Payments of interest
on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-4-A-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-4-A Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and
in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan
Entity or (b) it is a Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-4-A-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-4-A-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-4-A-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
             

					
		 		    	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                                        
1	 		 	  

		 		 	Signature Guaranteed:
			
	  
	 		 	  

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-4-A-8 

 STATEMENT OF INSURANCE 
  

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

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance
Policy (the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of The Bank of New York (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such
form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to
such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer,
provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy
named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner. 
  

 A-4-A-9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon,
New York time, on the later of the Distribution Date on which the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal
Agent for the Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such
Business Day, it will be deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not
to have been received by the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as
Issuer, and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of October 11, 2007 among AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup Servicer, without regard to any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by
the Insurer. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer
is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount,
(ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid 

  

 A-4-A-10 

 
principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached to the Policy, the original of which is subsequently
delivered by registered or certified mail, from the Trustee specifying the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be
recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction.

 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of
the date of execution of the Policy, without giving effect to any subsequent amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee. 
 The notice address of the
Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance
provided by the Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 A-4-A-11 

 EXHIBIT A-4-B 
  

													
	REGISTERED	 		 		 		 		  		  	$146,000,000
							
	No. RB-A-4-B	 		 		 		 		  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 030616 AG 1 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 
 CLASS A-4-B FLOATING RATE
ASSET BACKED NOTE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M, a statutory trust organized and existing under the laws of the
State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED FORTY-SIX MILLION DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $146,000,000 and the denominator of which is $146,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-4-B Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the March 8, 2016
Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum equal to LIBOR plus 0.50% on each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from
October 18, 2007. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

  

 A-4-B-1 

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note. 
 The Notes are entitled to the benefits of a note guaranty insurance policy (the “Note
Policy”) issued by MBIA Insurance Corporation (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the Noteholders’ Parity
Deficit Amount with respect to each Distribution Date and the unpaid principal balance of the Notes on the Final Scheduled Distribution Date, all as more fully set forth in the Note Policy. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-4-B-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

			
	 AMERICREDIT PRIME AUTOMOBILE
 RECEIVABLES TRUST 2007-2-M

		
	By:	 	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity but solely as Owner
 Trustee under the Trust Agreement

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

									
	Date: October 18, 2007	 	 	 	 	 	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-4-B-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4-B LIBOR plus 0.50% Asset Backed Notes (herein called the “Class A-4-B Notes”), all issued under an
Indenture dated as of October 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York, as trustee (the “Trustee,” which term includes
any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes and the Class A-4-B Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-4-B Notes will
be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
November 8, 2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner
provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-4-B Notes shall be made pro rata to the Class A-4-B Noteholders entitled thereto. 
 Payments of interest
on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-4-B-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in New York, New York. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-4-B Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein,
the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and
in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan
Entity or (b) it is a Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial
interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-4-B-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-4-B-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-4-B-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
             

					
		 		    	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                                        
1	 		 	  

		 		 	Signature Guaranteed:
			
	  
	 		 	  

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-4-B-8 

 STATEMENT OF INSURANCE 
  

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

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance
Policy (the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of The Bank of New York (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, this Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). 
 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment in such
form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with respect to
such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the Insurer,
provided that if such documents are received after 12:00 noon, New York time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in bankruptcy
named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner. 
  

 A-4-B-9 

 
The Insurer will pay any other amount payable under the Policy no later than 12:00 noon, New York time, on the later of the Distribution Date on
which the related Deficiency Amount is due or the second Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal Agent for the Insurer, or any successor fiscal agent
appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York time, on such Business Day, it will be deemed to be received on the
following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not to have been received by the Fiscal Agent for
purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire transfer of immediately available funds in the amount
of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms
of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement”
means the Indenture dated as of October 11, 2007 between AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, and The Bank of New York, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement dated as of
October 11, 2007 among AmeriCredit Prime Automobile Receivables Trust 2007-2-M, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc., as Servicer, and The Bank of New York, as Trust Collateral Agent and as Backup
Servicer, without regard to any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by the Insurer. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer is closed or (c) a day on which banking institutions in the states of Texas, Delaware or New York are
authorized or obligated by law or executive order to be closed. 
 “Deficiency Amount” means, for any Distribution Date, an
amount equal to the excess, if any, of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount, (ii) the Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii) if
the related Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid 

  

 A-4-B-10 

 
principal amount of the Class over (b) the sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account on the
related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached to the Policy, the original of which is subsequently
delivered by registered or certified mail, from the Trustee specifying the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be
recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction.

 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of
the date of execution of the Policy, without giving effect to any subsequent amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address
as the Insurer shall specify in writing to the Trustee. 
 The notice address of the
Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance
provided by the Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 A-4-B-11 

 SCHEDULE A 
 REPRESENTATIONS AND WARRANTIES OF THE ISSUER 
 Representations and Warranties Regarding the Receivables:

 1. Security Interest in Financed Vehicle. This Indenture creates a valid and continuing Security Interest (as defined in the
applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Issuer owns and has good and
marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 
 2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the
Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the
Receivables granted to the Trust Collateral Agent hereunder. 
 3. No Impairment. The Issuer has not done anything to convey any right
to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds
thereof. Other than the security interest granted to the Trust Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not
authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust
Collateral Agent hereunder or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against it. 
 4.
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. 
 5. Good Title. Immediately prior to the pledge of the Receivables to the Trust Collateral Agent pursuant to this Indenture, the Issuer was the sole
owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No
Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Issuer 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. 
  

 Sch-A-1 

 6. Possession of Original Copy. The Servicer, as Custodian on behalf of the Issuer, has in its
possession or control the original contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable. 
 7. 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 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. 
 8. 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.” 
 9. 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 must be readily identifiable as an
authorized or unauthorized revision. 
 10. 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. 
 Representations and Warranties Regarding the Hedge Collateral: 
 1. This Agreement creates a valid and continuing Security Interest (as defined in the applicable UCC) in the Hedge Collateral in favor of the Trust Collateral Agent, which Security Interest is prior to all other
Liens, and is enforceable as such as against creditors of and purchasers from the Issuer. 
 2. The Hedge Collateral constitutes “general
intangibles” within the meaning of the applicable UCC. 
 3. The Issuer owns and has good and marketable title to the Hedge Collateral
free and clear of any Lien, claim or encumbrance of any Person. 
 4. The Issuer has received all consents and approvals required by the terms
of the Hedge Agreement to pledge the Hedge Collateral hereunder to the Trust Collateral Agent. 
 5. The Issuer has caused or will have
caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Hedge Collateral granted to the Trust
Collateral Agent hereunder. 
  

 Sch-A-2 

 6. Other than the security interest granted to the Trust Collateral Agent pursuant to this Agreement, the
Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Hedge Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a
description of collateral covering the Hedge Collateral other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. 
  

 Sch-A-3

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