Document:

exv10w1

 

Exhibit 10.1

EXECUTION COPY

PURCHASE AGREEMENT

between

AFS SENSUB CORP.

Purchaser

and

AMERICREDIT FINANCIAL SERVICES, INC.

Seller

Dated as of April 5, 2004

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page

	ARTICLE I. DEFINITIONS	 	 	1	 
	 
	 	SECTION 1.1	 	General	 	 	1	 
	 
	 	SECTION 1.2	 	Specific Terms	 	 	1	 
	 
	 	SECTION 1.3	 	Usage of Terms	 	 	3	 
	 
	 	SECTION 1.4	 	[Reserved]	 	 	3	 
	 
	 	SECTION 1.5	 	No Recourse	 	 	3	 
	 
	 	SECTION 1.6	 	Action by or Consent of Noteholders and Certificateholder	 	 	3	 
	 
	 	SECTION 1.7	 	Material Adverse Effect	 	 	3	 
	ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY	 	 	4	 
	 
	 	SECTION 2.1	 	Conveyance of the Receivables and the Other Conveyed Property	 	 	4	 
	 
	 	SECTION 2.2	 	Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed Property	 	 	4	 
	ARTICLE III. REPRESENTATIONS AND WARRANTIES	 	 	5	 
	 
	 	SECTION 3.1	 	Representations and Warranties of Seller	 	 	5	 
	 
	 	SECTION 3.2	 	Representations and Warranties of Purchaser	 	 	6	 
	ARTICLE IV. COVENANTS OF SELLER	 	 	8	 
	 
	 	SECTION 4.1	 	Protection of Title of Purchaser	 	 	8	 
	 
	 	SECTION 4.2	 	Other Liens or Interests	 	 	10	 
	 
	 	SECTION 4.3	 	Costs and Expenses	 	 	10	 
	 
	 	SECTION 4.4	 	Indemnification	 	 	10	 
	ARTICLE V. REPURCHASES	 	 	12	 
	 
	 	SECTION 5.1	 	Repurchase of Receivables Upon Breach of Warranty	 	 	12	 
	 
	 	SECTION 5.2	 	Reassignment of Purchased Receivables	 	 	13	 
	 
	 	SECTION 5.3	 	Waivers	 	 	13	 
	ARTICLE VI. MISCELLANEOUS	 	 	13	 
	 
	 	SECTION 6.1	 	Liability of Seller	 	 	13	 
	 
	 	SECTION 6.2	 	Merger or Consolidation of Seller or Purchaser	 	 	13	 
	 
	 	SECTION 6.3	 	Limitation on Liability of Seller and Others	 	 	14	 
	 
	 	SECTION 6.4	 	Seller May Own Notes or the Certificate	 	 	14	 
	 
	 	SECTION 6.5	 	Amendment	 	 	15	 
	 
	 	SECTION 6.6	 	Notices	 	 	15	 
	 
	 	SECTION 6.7	 	Merger and Integration	 	 	16	 
	 
	 	SECTION 6.8	 	Severability of Provisions	 	 	16	 
	 
	 	SECTION 6.9	 	Intention of the Parties	 	 	16	 
	 
	 	SECTION 6.10	 	Governing Law	 	 	17	 
	 
	 	SECTION 6.11	 	Counterparts	 	 	17	 
	 
	 	SECTION 6.12	 	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	 	 	17	 

i

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page

	 
	 	SECTION 6.13	 	Nonpetition Covenant	 	 	18	 
	 
	 	SECTION 6.14	 	Benefits of Purchase Agreement	 	 	18	 

SCHEDULES

Schedule A — Schedule of Initial Receivables

Schedule B — Representations and Warranties from AFS as to the Receivables

EXHIBITS

Exhibit A — Form of Subsequent Purchase Agreement

ii

 

PURCHASE AGREEMENT

              THIS PURCHASE AGREEMENT, dated as of April 5, 2004, executed among AFS
SenSub Corp., a Nevada corporation, as purchaser (“Purchaser”) and AmeriCredit
Financial Services, Inc., a Delaware corporation, as Seller (“Seller”).

W I T N E S S E T H :

              WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller,
pursuant to this Agreement, is transferring to Purchaser the Initial
Receivables and Initial Other Conveyed Property and with respect to the
Subsequent Receivables will transfer on the related Subsequent Transfer Date
the Subsequent Receivables and Subsequent Other Conveyed Property.

              NOW, THEREFORE, in consideration of the premises and the mutual agreements
hereinafter contained, and for other good and valuable consideration, the
receipt of which is acknowledged, Purchaser and the Seller, intending to be
legally bound, hereby agree as follows:

ARTICLE I.

DEFINITIONS

              SECTION 1.1 General. The specific terms defined in this Article include the
plural as well as the singular. The words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to
any particular Article, Section or other subdivision, and Article, Section,
Schedule and Exhibit references, unless otherwise specified, refer to Articles
and Sections of and Schedules and Exhibits to this Agreement. Capitalized
terms used herein without definition shall have the respective meanings
assigned to such terms in the Sale and Servicing Agreement dated as of April 5,
2004, by and among AFS SenSub Corp. (as Seller), AmeriCredit Financial
Services, Inc. (in its individual capacity and as Servicer), AmeriCredit
Automobile Receivables Trust 2004-B-M (as Issuer), Wells Fargo Bank, National
Association, as Backup Servicer and Trust Collateral Agent.

              SECTION 1.2 Specific Terms. Whenever used in this Agreement, the following
words and phrases, unless the context otherwise requires, shall have the
following meanings:

              “Agreement” shall mean this Purchase Agreement and all amendments hereof
and supplements hereto.

              “Closing Date” means April 14, 2004.

              “Initial Other Conveyed Property” means all property conveyed by the
Seller to the Purchaser pursuant to this Agreement other than the Initial
Receivables.

              “Initial Receivables” means the Receivables listed on the Schedule of
Initial Receivables attached hereto.

 

 

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

              “Owner Trustee” means Wilmington Trust Company, as Owner Trustee appointed
and acting pursuant to the Trust Agreement.

              “Receivables” means the Initial Receivables and the Subsequent
Receivables.

              “Related Documents” means the Notes, the Certificate, the Custodian
Agreement, the Sale and Servicing Agreement, the Indenture, the Trust
Agreement, the Note Policy, the Spread Account Agreement, the Insurance
Agreement, the Lockbox Agreement, the Underwriting Agreement and, with respect
to the Subsequent Receivables, each Subsequent Purchase Agreement and each
Subsequent Transfer Agreement. The Related Documents to be executed by any
party are referred to herein as “such party’s Related Documents,” “its Related
Documents” or by a similar expression.

              “Repurchase Event” means the occurrence of a breach of any of the Seller’s
representations and warranties hereunder or any other event which requires the
repurchase of a Receivable by the Seller under the Sale and Servicing
Agreement.

              “Sale and Servicing Agreement” means the Sale and Servicing Agreement
referred to in Section 1.1 hereof.

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

              “Schedule of Initial Receivables” means the schedule of Initial
Receivables sold and transferred pursuant to this Agreement which is attached
hereto as Schedule A.

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

              “Subsequent Other Conveyed Property” means all property conveyed by the
Seller to the Purchaser pursuant to the related Subsequent Purchase Agreement
other than the Subsequent Receivables.

              “Subsequent Purchase Agreement” means an agreement by and between the
Seller and the Purchaser pursuant to which the Purchaser will acquire
Subsequent Receivables.

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

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

              “Subsequent Transfer Date” means, with respect to Subsequent Receivables,
any

2

 

date, occurring not more frequently than once a month, during the Funding
Period on which Subsequent Receivables are to be transferred to the Purchaser
pursuant to this Agreement, and a Subsequent Purchase Agreement is executed and
delivered.

              “Trust Collateral Agent” means Wells Fargo Bank, National Association, as
trust collateral agent and any successor trust collateral agent appointed and
acting pursuant to the Sale and Servicing Agreement.

              “Trustee” means Wells Fargo Bank, National Association, as trustee and any
successor Trustee appointed and acting pursuant to the Indenture.

              SECTION 1.3 Usage of Terms. With respect to all terms used in this Agreement,
the singular includes the plural and the plural the singular; words importing
any gender include the other gender; references to “writing” include printing,
typing, lithography, and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance
with their respective terms and not prohibited by this Agreement or the Sale
and Servicing Agreement; references to Persons include their permitted
successors and assigns; and the terms “include” or “including” mean “include
without limitation” or “including without limitation.”

              SECTION 1.4 [Reserved].

              SECTION 1.5 No Recourse. Without limiting the obligations of Seller hereunder,
no recourse may be taken, directly or indirectly, under this Agreement or any
certificate or other writing delivered in connection herewith or therewith,
against any stockholder, officer or director, as such, of Seller, or of any
predecessor or successor of Seller.

              SECTION 1.6 Action by or Consent of Noteholders and Certificateholder.
Whenever any provision of this Agreement refers to action to be taken, or
consented to, by Noteholders or the Certificateholder, such provision shall be
deemed to refer to the Certificateholder or Noteholder, as the case may be, of
record as of the Record Date immediately preceding the date on which such
action is to be taken, or consent given, by Noteholders or the
Certificateholder. Solely for the purposes of any action to be taken, or
consented to, by Noteholders or the Certificateholder, any Note or Certificate
registered in the name of the Seller or any Affiliate thereof shall be deemed
not to be outstanding; provided, however, that, solely for the purpose of
determining whether the Trustee or the Trust Collateral Agent is entitled to
rely upon any such action or consent, only Notes or Certificates which the
Owner Trustee, the Trustee or the Trust Collateral Agent, respectively, knows
to be so owned shall be so disregarded.

              SECTION 1.7 Material Adverse Effect. Whenever a determination is to be made
under this Agreement as to whether a given event, action, course of conduct or
set of facts or circumstances could or would have a material adverse effect on
the Noteholders (or any similar or analogous determination), such determination
shall be made without taking into account the funds available from claims under
the Note Policy.

3

 

ARTICLE II.

CONVEYANCE OF THE RECEIVABLES

AND THE OTHER CONVEYED PROPERTY

              SECTION 2.1 Conveyance of the Initial Receivables and the Initial Other
Conveyed Property.

       (a) Subject to the terms and conditions of this Agreement, Seller
hereby sells, transfers, assigns, and otherwise conveys to Purchaser
without recourse (but without limitation of its obligations in this
Agreement), and Purchaser hereby purchases, all right, title and interest
of Seller in and to the Initial Receivables and the Initial Other
Conveyed Property. It is the intention of Seller and Purchaser that the
transfer and assignment contemplated by this Agreement shall constitute a
sale of the Initial Receivables and the Initial Other Conveyed Property
from Seller to Purchaser, conveying good title thereto free and clear of
any liens, and the beneficial interest in and title to the Initial
Receivables and the Initial Other Conveyed Property shall not be part of
Seller’s estate in the event of the filing of a bankruptcy petition by or
against Seller under any bankruptcy or similar law.

       (b) Simultaneously with the conveyance of the Initial Receivables
and the Initial Other Conveyed Property to Purchaser, Purchaser has paid
or caused to be paid to or upon the order of Seller $732,009,070.30 for
an amount equal to the book value of the Initial Receivables sold by
Seller, as set forth on the books and records of Seller, by wire transfer
of immediately available funds and the remainder as a contribution to the
capital of the Purchaser (a wholly-owned subsidiary of Seller).

              SECTION 2.2 Conveyance of the Subsequent Receivables and the Subsequent
Other Conveyed Property.

       (a) On each Subsequent Transfer Date and simultaneously with the
execution and delivery of the related Subsequent Purchase Agreement, the
Seller shall sell, transfer, assign, and otherwise convey to Purchaser
without recourse (but without limitation of its obligations in this
Agreement), and Purchaser shall purchase, all right, title and interest
of Seller in and to the Subsequent Receivables and the Subsequent Other
Conveyed Property. It is the intention of Seller and Purchaser that the
transfer and assignment contemplated by such Subsequent Purchase
Agreement shall constitute a sale of the
Subsequent Receivables and the Subsequent Other Conveyed Property
from Seller to Purchaser, conveying good title thereto free and clear of
any liens, and the beneficial interest in and title to the Subsequent
Receivables and the Subsequent Other Conveyed Property shall not be part
of Seller’s estate in the event of the filing of a bankruptcy petition by
or against Seller under any bankruptcy or similar law.

       (b) Simultaneously with the conveyance of the Subsequent Receivables
and the Subsequent Other Conveyed Property to Purchaser, Purchaser shall
pay or cause to be paid to or upon the order of Seller the amount set
forth in the related Subsequent Purchase Agreement.

4

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

              SECTION 3.1 Representations and Warranties of Seller. Seller makes the
following representations and warranties as of the date hereof and as of the
Subsequent Transfer Date, as the case may be, on which Purchaser relies in
purchasing the Receivables and the Other Conveyed Property and in transferring
the Receivables and the Other Conveyed Property to the Issuer under the Sale
and Servicing Agreement and on which the Insurer will rely in issuing the Note
Policy. Such representations are made as of the execution and delivery of this
Agreement and as of the execution and delivery of any Subsequent Purchase
Agreement, but shall survive the sale, transfer and assignment of the
Receivables and the Other Conveyed Property hereunder and under any Subsequent
Purchase Agreement, and the sale, transfer and assignment thereof by Purchaser
to the Issuer under the Sale and Servicing Agreement. Seller and Purchaser
agree that Purchaser will assign to Issuer all Purchaser’s rights under this
Agreement and that the Trustee will thereafter be entitled to enforce this
Agreement against Seller in the Trustee’s own name on behalf of the
Noteholders.

       (a) Schedule of Representations. The representations and warranties
set forth on the Schedule of Representations with respect to the Initial
Receivables as of the date hereof, and with respect to the Subsequent
Receivables as of the related Subsequent Transfer Date, are true and
correct.

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

       (c) Due Qualification. Seller is duly qualified to do business as a
foreign corporation in good standing, and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or
lease of its property or the conduct of its business requires such
qualification.

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

       (e) Valid Sale; Binding Obligations. This Agreement and Seller’s
Related Documents have been duly executed and delivered, shall effect a
valid sale, transfer and assignment of the Receivables and the Other
Conveyed Property to the Purchaser,

5

 

enforceable against Seller and
creditors of and purchasers from Seller; and this Agreement and Seller’s
Related Documents constitute legal, valid and binding obligations of
Seller enforceable in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights
generally and by equitable limitations on the availability of specific
remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law.

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

       (g) No Proceedings. There are no proceedings or investigations
pending or, to Seller’s knowledge, threatened against Seller, before any
court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over Seller or its
properties (i) asserting the invalidity of this Agreement or any of the
Related Documents, (ii) seeking to prevent the issuance of the Notes or
the consummation of any of the transactions contemplated by this
Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by Seller of its obligations under, or the validity or
enforceability of, this Agreement or any of the Related Documents or (iv)
seeking to affect adversely the federal income tax or other federal,
state or local tax attributes of, or seeking to impose any excise,
franchise, transfer or similar tax upon, the transfer and acquisition of
the Receivables and the Other Conveyed Property hereunder or under the
Sale and Servicing Agreement.

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

       (i) Chief Executive Office. The chief executive office of Seller is
located at 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102.

              SECTION 3.2 Representations and Warranties of Purchaser. Purchaser makes the
following representations and warranties, on which Seller relies in selling,
assigning, transferring and conveying the Receivables and the Other Conveyed
Property to Purchaser hereunder. Such representations are made as of the
execution and delivery of this Agreement, but shall survive the

6

 

sale, transfer
and assignment of the Receivables and the Other Conveyed Property hereunder and
the sale, transfer and assignment thereof by Purchaser to the Issuer under the
Sale and Servicing Agreement.

       (a) Organization and Good Standing. Purchaser has been duly
organized and is validly existing and in good standing as a corporation
under the laws of the State of Nevada, with the power and authority to
own its properties and to conduct its business as such properties are
currently owned and such business is currently conducted, and had at all
relevant times, and has, full power, authority and legal right to acquire
and own the Receivables and the Other Conveyed Property, and to transfer
the Receivables and the Other Conveyed Property to the Issuer pursuant to
the Sale and Servicing Agreement.

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

       (c) Power and Authority. Purchaser has the power, authority and
legal right to execute and deliver this Agreement and to carry out the
terms hereof and to acquire the Receivables and the Other Conveyed
Property hereunder; and the execution, delivery and performance of this
Agreement and all of the documents required pursuant hereto have been
duly authorized by Purchaser by all necessary corporate action.

       (d) No Consent Required. Purchaser is not required to obtain the
consent of any other Person, or any consent, license, approval or
authorization or registration or declaration with, any governmental
authority, bureau or agency in connection with the execution, delivery or
performance of this Agreement and the Related Documents, except for such
as have been obtained, effected or made.

       (e) Binding Obligation. This Agreement constitutes a legal, valid
and binding obligation of Purchaser, enforceable against Purchaser in
accordance with its terms, subject, as to enforceability, to applicable
bankruptcy, insolvency, reorganization,conservatorship, receivership, liquidation and other similar laws
and to general equitable principles.

       (f) No Violation. The execution, delivery and performance by
Purchaser of this Agreement, the consummation of the transactions
contemplated by this Agreement and the Related Documents and the
fulfillment of the terms of this Agreement and the Related Documents do
not and will not conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice or lapse of
time) a default under, the certificate of incorporation or by-laws of
Purchaser, or conflict with or breach any of the terms or provisions of,
or constitute (with or without notice or lapse of time) a default under,
any indenture, agreement, mortgage, deed of trust or other instrument to
which

7

 

Purchaser is a party or by which Purchaser is bound or to which any
of its properties are subject, or result in the creation or imposition of
any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument (other
than the Sale and Servicing Agreement and the Spread Account Agreement),
or violate any law, order, rule or regulation, applicable to Purchaser or
its properties, of any federal or state regulatory body, any court,
administrative agency, or other governmental instrumentality having
jurisdiction over Purchaser or any of its properties.

       (g) No Proceedings. There are no proceedings or investigations
pending, or, to the knowledge of Purchaser, threatened against Purchaser,
before any court, regulatory body, administrative agency, or other
tribunal or governmental instrumentality having jurisdiction over
Purchaser or its properties: (i) asserting the invalidity of this
Agreement or any of the Related Documents, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or
any of the Related Documents, (iii) seeking any determination or ruling
that might materially and adversely affect the performance by Purchaser
of its obligations under, or the validity or enforceability of, this
Agreement or any of the Related Documents or (iv) that may adversely
affect the federal or state income tax attributes of, or seeking to
impose any excise, franchise, transfer or similar tax upon, the transfer
and acquisition of the Receivables and the Other Conveyed Property
hereunder or the transfer of the Receivables and the Other Conveyed
Property to the Issuer pursuant to the Sale and Servicing Agreement.

              In the event of any breach of a representation and warranty made by
Purchaser hereunder, Seller covenants and agrees that it will not take any
action to pursue any remedy that it may have hereunder, in law, in equity or
otherwise, until a year and a day have passed since the date on which all
Notes, Certificates, pass-through certificates or other similar securities
issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have
been paid in full. Seller and Purchaser agree that damages will not be an
adequate remedy for such breach and that this covenant may be specifically
enforced by Purchaser, Issuer or by the Trustee on behalf of the Noteholders
and Owner Trustee on behalf of the Certificateholder.

ARTICLE IV.

COVENANTS OF SELLER

              SECTION 4.1 Protection of Title of Purchaser.

       (a) At or prior to the Closing Date, Seller shall have filed or
caused to be filed a UCC-1 financing statement, naming Seller as seller
or debtor, naming Purchaser as purchaser or secured party and describing
the Initial Receivables and the Initial Other Conveyed Property being
sold by it to Purchaser as collateral, with the office of the Secretary
of State of the State of Delaware and in such other locations as
Purchaser shall have required. At or prior to any Subsequent Transfer
Date, Seller shall file or cause to be filed a UCC-1 financing statement
naming Seller as seller or debtor, naming the Purchaser as purchaser or
secured party and describing the Subsequent Receivables and the
Subsequent Other Conveyed Property being sold by it to the Purchaser as
collateral,

8

 

with the office of the Secretary of State of the State of
Delaware and in such other locations as Purchaser shall require. From
time to time thereafter, Seller shall execute and file such financing
statements and cause to be executed and filed such continuation
statements, all in such manner and in such places as may be required by
law fully to preserve, maintain and protect the interest of Purchaser
under this Agreement, of the Issuer under the Sale and Servicing
Agreement and of the Trust Collateral Agent under the Indenture in the
Receivables and the Other Conveyed Property and in the proceeds thereof.
Seller shall deliver (or cause to be delivered) to Purchaser, the Trust
Collateral Agent and the Insurer file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing. In the event that Seller fails to perform its
obligations under this subsection, Purchaser, Issuer or the Trust
Collateral Agent may do so, at the expense of such Seller. In
furtherance of the foregoing, the Seller hereby authorizes the Purchaser,
the Issuer or the Trust Collateral Agent to file a record or records (as
defined in the applicable UCC), including, without limitation, financing
statements, in all jurisdictions and with all filing offices as each may
determine, in its sole discretion, are necessary or advisable to perfect
the security interest granted to the Purchaser pursuant to Section 6.9 of
this Agreement. Such financing statements may describe the collateral in
the same manner as described herein or may contain an indication or
description of collateral that describes such property in any other
manner as such party may determine, in its sole discretion, is necessary,
advisable or prudent to ensure the perfection of the security interest in
the collateral granted to the Purchaser herein.

       (b) Seller shall not change its name, identity, state of
incorporation or corporate structure in any manner that would, could or
might make any financing statement or continuation statement filed by
Seller (or by Purchaser, Issuer or the Trust Collateral Agent on behalf
of Seller) in accordance with paragraph (a) above seriously misleading
within the meaning of §9-506 of the applicable UCC, unless they shall
have given Purchaser, Issuer, the Insurer and the Trust Collateral Agent
at least 60 days’ prior written notice thereof, and shall promptly file
appropriate amendments to all previously filed financing statements and
continuation statements.

       (c) Seller shall give Purchaser, the Issuer, the Insurer (so long as
an Insurer Default shall not have occurred and be continuing) and the
Trust Collateral Agent at least 60 days’ prior written notice of any
relocation that would result in a change of location of the debtor within
the meaning of Section 9-307 of the applicable UCC. Seller shall at all
times maintain (i) each office from which it services Receivables within
the United States of America or Canada and (ii) its principal executive
office within the United States of America.

       (d) Prior to the Closing Date and with respect to Subsequent
Receivables, the Subsequent Transfer Date, Seller has maintained accounts
and records as to each Receivable accurately and in sufficient detail to
permit (i) the reader thereof to know at any time as of or prior to the
Closing Date and with respect to Subsequent Receivables, the Subsequent
Transfer Date, the status of such Receivable, including payments and
recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to)
each Receivable and the Principal

9

 

Balance as of the Closing Date and with
respect to Subsequent Receivables, the Subsequent Transfer Date. Seller
shall maintain its computer systems so that, from and after the time of
sale under this Agreement of the Receivables to Purchaser, and the
conveyance of the Receivables by Purchaser to the Issuer, Seller’s master
computer records (including archives) that shall refer to a Receivable
indicate clearly that such Receivable has been sold to Purchaser and has
been conveyed by Purchaser to the Issuer. Indication of the Issuer’s
ownership of a Receivable shall be deleted from or modified on Seller’s
computer systems when, and only when, the Receivable shall become a
Purchased Receivable or shall have been paid in full.

       (e) If at any time Seller shall propose to sell, grant a security
interest in, or otherwise transfer any interest in any motor vehicle
receivables to any prospective purchaser, lender or other transferee,
Seller shall give to such prospective purchaser, lender, or other
transferee computer tapes, records, or print-outs (including any restored
from archives) that, if they shall refer in any manner whatsoever to any
Receivable (other than a Purchased Receivable), shall indicate clearly
that such Receivable has been sold to Purchaser, sold by Purchaser to
Issuer, and is owned by the Issuer.

              SECTION 4.2 Other Liens or Interests. Except for the conveyances hereunder,
Seller will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on the Receivables or the
Other Conveyed Property or any interest therein, and Seller shall defend the
right, title, and interest of Purchaser and the Issuer in and to the
Receivables and the Other Conveyed Property against all claims of third parties
claiming through or under Seller.

              SECTION 4.3 Costs and Expenses. Seller shall pay all reasonable costs and
disbursements in connection with the performance of its obligations hereunder
and under its Related Documents.

              SECTION 4.4 Indemnification.

       (a) Seller shall defend, indemnify and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders and the Certificateholder
from and against any and all costs, expenses, losses, damages, claims,
and liabilities, arising out of or resulting from any breach of any of
Seller’s representations and warranties contained herein.

       (b) Seller shall defend, indemnify and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders and the Certificateholder
from and against any and all costs, expenses, losses, damages, claims,
and liabilities, arising out of or resulting from the use, ownership or
operation by Seller or any affiliate thereof of a Financed Vehicle.

       (c) Seller shall defend, indemnify and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders and the Certificateholder
from and against any and all costs, expenses, losses, damages, claims and
liabilities arising out of or resulting from any action taken, or

10

 

failed
to be taken, by it in respect of any portion of the Receivables other
than in accordance with this Agreement or the Sale and Servicing
Agreement.

       (d) Seller agrees to pay, and shall defend, indemnify and hold
harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee,
the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and
the Certificateholder from and against any taxes that may at any time be
asserted against Purchaser, the Issuer, the Trust Collateral Agent, the
Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder with respect to the transactions
contemplated in this Agreement, including, without limitation, any sales,
gross receipts, general corporation, tangible or intangible personal
property, privilege, or license taxes (but not including any taxes
asserted with respect to, and as of the date of, the sale, transfer and
assignment of the Receivables and the Other Conveyed Property to
Purchaser and by Purchaser to the Issuer or the issuance and original
sale of the Notes or issuance of the Certificate, or asserted with
respect to ownership of the Receivables and Other Conveyed Property which
shall be indemnified by Seller pursuant to clause (e) below, or federal,
state or other income taxes, arising out of distributions on the Notes or
the Certificate or transfer taxes arising in connection with the transfer
of the Notes or the Certificate) and costs and expenses in defending
against the same, arising by reason of the acts to be performed by Seller
under this Agreement or imposed against such Persons.

       (e) Seller agrees to pay, and to indemnify, defend and hold harmless
Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the
Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the
Certificateholder from, any taxes which may at any time be asserted
against such Persons with respect to, and as of the date of, the
conveyance or ownership of the Receivables or the Other Conveyed Property
hereunder and under any Subsequent Purchase Agreement and the conveyance
or ownership of the Receivables under the Sale and Servicing Agreement or
the issuance and original sale of the Notes or the issuance of the
Certificate, including, without limitation, any sales, gross receipts,
personal property, tangible or intangible personal property, privilege or
license taxes (but not including any federal or other income taxes,
including franchise taxes,
arising out of the transactions contemplated hereby or transfer
taxes arising in connection with the transfer of the Notes or the
Certificate) and costs and expenses in defending against the same,
arising by reason of the acts to be performed by Seller under this
Agreement or imposed against such Persons.

       (f) Seller shall defend, indemnify, and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders and the Certificateholder
from and against any and all costs, expenses, losses, claims, damages,
and liabilities to the extent that such cost, expense, loss, claim,
damage, or liability arose out of, or was imposed upon Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders or the Certificateholder
through the negligence, willful misfeasance, or bad faith of Seller in
the performance of its duties under this Agreement or by reason of
reckless disregard of Seller’s obligations and duties under this
Agreement.

11

 

       (g) Seller shall indemnify, defend and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders and the Certificateholder
from and against any loss, liability or expense incurred by reason of the
violation by Seller of federal or state securities laws in connection
with the registration or the sale of the Notes.

       (h) Seller shall indemnify, defend and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Insurer, the Noteholders and the Certificateholder
from and against any loss, liability or expense imposed upon, or incurred
by, Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the
Backup Servicer, the Owner Trustee, the Noteholders or the
Certificateholder as result of the failure of any Receivable, or the sale
of the related Financed Vehicle, to comply with all requirements of
applicable law.

       (i) Seller shall defend, indemnify, and hold harmless Purchaser from
and against all costs, expenses, losses, claims, damages, and liabilities
arising out of or incurred in connection with the acceptance or
performance of Seller’s trusts and duties as Servicer under the Sale and
Servicing Agreement, except to the extent that such cost, expense, loss,
claim, damage, or liability shall be due to the willful misfeasance, bad
faith, or negligence (except for errors in judgment) of Purchaser.

       (j) Seller shall indemnify the Owner Trustee and its officers,
directors, successors, assigns, agents and servants jointly and severally
with the Purchaser pursuant to Section 7.2 of the Trust Agreement.

              Indemnification under this Section 4.4 shall include reasonable fees and
expenses of counsel and expenses of litigation and shall survive payment of the
Notes and the Certificate. The indemnity obligations hereunder shall be in
addition to any obligation that Seller may otherwise have.

ARTICLE V.

REPURCHASES

              SECTION 5.1 Repurchase of Receivables Upon Breach of Warranty. Upon the
occurrence of a Repurchase Event, Seller shall, unless the breach which is the
subject of such Repurchase Event shall have been cured in all material
respects, repurchase the Receivable relating thereto from the Issuer and,
simultaneously with the repurchase of the Receivable, Seller shall deposit the
Purchase Amount in full, without deduction or offset, to the Collection
Account, pursuant to Section 3.2 of the Sale and Servicing Agreement. It is
understood and agreed that, except as set forth in Section 6.1 hereof, the
obligation of Seller to repurchase any Receivable, as to which a breach
occurred and is continuing, shall, if such obligation is fulfilled, constitute
the sole remedy against Seller for such breach available to Purchaser, the
Issuer, the Insurer, the Backup Servicer, the Noteholders, the
Certificateholder, the Trust Collateral Agent on behalf of the Noteholders or
the Owner Trustee on behalf of the Certificateholder. The provisions of this
Section 5.1 are intended to grant the Issuer, the Insurer and the Trust
Collateral Agent a direct right against Seller to demand performance hereunder,
and in connection therewith, Seller

12

 

waives any requirement of prior demand
against Purchaser with respect to such repurchase obligation. Any such
repurchase shall take place in the manner specified in Section 3.2 of the Sale
and Servicing Agreement. Notwithstanding any other provision of this Agreement
or the Sale and Servicing Agreement to the contrary, the obligation of Seller
under this Section shall not terminate upon a termination of Seller as Servicer
under the Sale and Servicing Agreement and shall be performed in accordance
with the terms hereof notwithstanding the failure of the Servicer or Purchaser
to perform any of their respective obligations with respect to such Receivable
under the Sale and Servicing Agreement.

              In addition to the foregoing and notwithstanding whether the related
Receivable shall have been purchased by Seller, Seller shall indemnify the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
Trustee, the Insurer, the Noteholders and the Certificateholder from and
against all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel, which may be asserted against or
incurred by any of them as a result of third party claims arising out of the
events or facts giving rise to such Repurchase Events.

              SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the
Collection Account of the Purchase Amount of any Receivable repurchased by
Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps
as may be reasonably requested by Seller in order to assign to Seller all of
Purchaser’s and the Issuer’s right, title and interest in and to such
Receivable and all security and documents and all Other Conveyed Property
conveyed to Purchaser and the Issuer directly relating thereto, without
recourse, representation or warranty, except as to the absence of Liens created
by or arising as a result of actions of Purchaser or the Issuer. Such
assignment shall be a sale and assignment outright, and not for security. If,
following the reassignment of a Purchased Receivable, in any enforcement suit
or legal proceeding, it is held that Seller may not enforce any such Receivable
on the ground that it shall not be a real party in interest or a holder
entitled to enforce the
Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such
steps as Seller deems reasonably necessary to enforce the Receivable, including
bringing suit in Purchaser’s or in the Issuer’s name.

              SECTION 5.3 Waivers. No failure or delay on the part of Purchaser, or the
Issuer as assignee of Purchaser, or the Trust Collateral Agent as assignee of
the Issuer, in exercising any power, right or remedy under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or remedy preclude any other or future exercise thereof or
the exercise of any other power, right or remedy.

ARTICLE VI.

MISCELLANEOUS

              SECTION 6.1 Liability of Seller. Seller shall be liable in accordance herewith
only to the extent of the obligations in this Agreement specifically undertaken
by Seller and the representations and warranties of Seller.

              SECTION 6.2 Merger or Consolidation of Seller or Purchaser. Any corporation or
other entity (i) into which Seller or Purchaser may be merged or consolidated,
(ii) resulting from any merger or consolidation to which Seller or Purchaser is
a party or (iii) succeeding to the

13

 

business of Seller or Purchaser, in the case
of Purchaser, which corporation has a certificate of incorporation containing
provisions relating to limitations on business and other matters substantively
identical to those contained in Purchaser’s certificate of incorporation,
provided that in any of the foregoing cases such corporation shall execute an
agreement of assumption to perform every obligation of Seller or Purchaser, as
the case may be, under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to Seller or Purchaser, as the
case may be, hereunder (without relieving Seller or Purchaser of their
responsibilities hereunder, if it survives such merger or consolidation)
without the execution or filing of any document or any further action by any of
the parties to this Agreement. Notwithstanding the foregoing, so long as an
Insurer Default shall not have occurred and be continuing, Purchaser shall not
merge or consolidate with any other Person or permit any other Person to become
the successor to Purchaser’s business without the prior written consent of the
Insurer. Seller or Purchaser shall promptly inform the other party, the
Issuer, the Trust Collateral Agent, the Owner Trustee and, so long as an
Insurer Default shall not have occurred and be continuing, the Insurer of such
merger, consolidation or purchase and assumption. Notwithstanding the
foregoing, as a condition to the consummation of the transactions referred to
in clauses (i), (ii) and (iii) above, (x) immediately after giving effect to
such transaction, no representation or warranty made pursuant to Sections 3.1
and 3.2 of this Agreement shall have been breached (for purposes hereof, such
representations and warranties shall speak as of the date of the consummation
of such transaction) and no event that, after notice or lapse of time, or both,
would become an event of default under the Insurance Agreement, shall have
occurred and be continuing, (y) Seller or Purchaser, as applicable, shall have
delivered written notice of such consolidation, merger or purchase and
assumption to the Rating Agencies
prior to the consummation of such transaction and shall have delivered to the
Issuer, the Insurer and the Trust Collateral Agent an Officer’s Certificate of
the Seller or a certificate signed by or on behalf of the Purchaser, as
applicable, and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
6.2 and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, and (z) Seller or
Purchaser, as applicable, shall have delivered to the Issuer, the Insurer and
the Trust Collateral Agent an Opinion of Counsel, stating, in the opinion of
such counsel, either (A) all financing statements and continuation statements
and amendments thereto have been executed and filed that are necessary to
preserve and protect the interest of the Issuer and the Trust Collateral Agent
in the Receivables and reciting the details of the filings or (B) no such
action shall be necessary to preserve and protect such interest.

              SECTION 6.3 Limitation on Liability of Seller and Others. Seller and any
director, officer, employee or agent thereof may rely in good faith on the
advice of counsel or on any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising under this
Agreement. Seller shall not be under any obligation to appear in, prosecute or
defend any legal action that is not incidental to its obligations under this
Agreement or its Related Documents and that in its opinion may involve it in
any expense or liability.

              SECTION 6.4 Seller May Own Notes or the Certificate. Subject to the provisions
of the Sale and Servicing Agreement, Seller and any Affiliate of Seller may in
their individual or any other capacity become the owner or pledgee of Notes or
the Certificate with the same rights as they would have if they were not Seller
or an Affiliate thereof.

14

 

              SECTION 6.5 Amendment.

       (a) This Agreement may be amended by Seller and Purchaser with the
prior written consent of the Insurer (so long as an Insurer Default shall
not have occurred and be continuing) but without the consent of the Trust
Collateral Agent, the Owner Trustee, the Certificateholder or any of the
Noteholders (i) to cure any ambiguity or (ii) to correct any provisions
in this Agreement; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel delivered to the Issuer, the Owner
Trustee, the Insurer and the Trust Collateral Agent, adversely affect in
any material respect the interests of any Certificateholder or Noteholder
or, if an Insurer Default shall have occurred and be continuing, the
Insurer.

       (b) This Agreement may also be amended from time to time by Seller
and Purchaser, with the prior written consent of the Insurer (so long as
an Insurer Default shall not have occurred and be continuing) and with
the consent of the Trust Collateral Agent and, if required, the
Certificateholder and the Noteholders, in accordance with the Sale and
Servicing Agreement, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this
Agreement, or of modifying in any manner the rights of the
Certificateholder or Noteholders; provided, however, the Seller provides
the Trust Collateral Agent with an Opinion of Counsel, (which may be
provided by the Seller’s internal counsel) that no such amendment
shall increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made on any Note or
Certificate; provided further that if an Insurer Default has occurred and
is continuing, such amendment shall not materially adversely affect the
interests of the Insurer.

       (c) Prior to the execution of any such amendment or consent, Seller
shall have furnished written notification of the substance of such
amendment or consent to each Rating Agency.

       (d) It shall not be necessary for the consent of Certificateholder
or Noteholders pursuant to this Section to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution
thereof by Certificateholder or Noteholders shall be subject to such
reasonable requirements as the Trust Collateral Agent may prescribe,
including the establishment of record dates. The consent of a Holder of
a Certificate or a Note given pursuant to this Section or pursuant to any
other provision of this Agreement shall be conclusive and binding on such
Holder and on all future Holders of such Certificate or Note and of any
Certificate or Note issued upon the transfer thereof or in exchange
thereof or in lieu thereof whether or not notation of such consent is
made upon the Certificate or Note.

              SECTION 6.6 Notices. All demands, notices and communications to Seller or
Purchaser hereunder shall be in writing, personally delivered, or sent by
telecopier (subsequently confirmed in writing), reputable overnight courier or
mailed by certified mail, return receipt requested, and shall be deemed to have
been given upon receipt (a) in the case of Seller, to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102,

15

 

Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS
SenSub Corp., 639 Isbell Rd., Suite 390, Reno, Nevada 85909, Attention: Chief
Financial Officer, or such other address as shall be designated by a party in a
written notice delivered to the other party or to the Issuer, Owner Trustee,
the Insurer or the Trust Collateral Agent, as applicable.

              SECTION 6.7 Merger and Integration. Except as specifically stated otherwise
herein, this Agreement and Related Documents set forth the entire understanding
of the parties relating to the subject matter hereof, and all prior
understandings, written or oral, are superseded by this Agreement and the
Related Documents. This Agreement may not be modified, amended, waived or
supplemented except as provided herein.

              SECTION 6.8 Severability of Provisions. If any one or more of the covenants,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid, then such covenants, provisions or terms shall be deemed severable
from the remaining covenants, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement.

              SECTION 6.9 Intention of the Parties.

       (a) The execution and delivery of this Agreement shall constitute an
acknowledgment by Seller and Purchaser that they intend that the
assignment and transfer herein contemplated constitute a sale and
assignment outright, and not for security, of the Receivables and the
Other Conveyed Property, conveying good title thereto free and clear of
any Liens, from Seller to Purchaser, and that the Receivables and the
Other Conveyed Property shall not be a part of Seller’s estates in the
event of the bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding, or other proceeding under any federal or state
bankruptcy or similar law, or the occurrence of another similar event,
of, or with respect to Seller. In the event that such conveyance is
determined to be made as security for a loan made by Purchaser, the
Issuer, the Noteholders or the Certificateholder to Seller, the parties
intend that Seller shall have granted to Purchaser a security interest in
all of Seller’s right, title and interest in and to (collectively, the
“Collateral”):

              (1) the Initial Receivables and the Subsequent Receivables and all
moneys received thereon after the Initial Cutoff Date or the related
Subsequent Cutoff Date, as applicable,

              (2) the Initial Other Conveyed Property and the Subsequent Other
Conveyed Property conveyed to Purchaser by Seller pursuant to this
Agreement including (a) an assignment of the security interests in the
Financed Vehicles granted by Obligors pursuant to the Initial Receivables
and the Subsequent Receivables and any other interest of the Seller in
such Financed Vehicles, (b) any proceeds and the right to receive any
proceeds with respect to the Initial Receivables and the Subsequent
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors and any
proceeds from the liquidation of the Initial Receivables and the
Subsequent Receivables, net of those reimbursable liquidation expenses
set forth in Article IV of the Sale and Servicing Agreement, (c) any

16

 

proceeds from any Receivable repurchased by a Dealer, pursuant to a
Dealer Agreement, as a result of a breach of representation or warranty
in the related Dealer Agreement, (d) any proceeds from any Receivable
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, (e) all rights
under any Service Contracts on the related Financed Vehicles, (f) the
related Receivables Files and (g) the proceeds of any and all of the
foregoing,

              (3) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c)
Documents, (d) Instruments, and (e) General Intangibles (as such terms
are defined in the applicable UCC) relating to the property described in
items (1) and (2), and

              (4) all proceeds and investments with respect to items (1), (2), and
(3) above.

       (b) This Agreement shall constitute a security agreement under
applicable law.

              SECTION 6.10 Governing Law. This Agreement shall be construed in
accordance with, and this Agreement and all matters arising out of or relating
in any way to the Agreement shall be governed by, the law of the State of New
York, without giving effect to its conflict of law provisions (other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law).

              SECTION 6.11 Counterparts. For the purpose of facilitating the execution of
this Agreement and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and all of which counterparts shall constitute but
one and the same instrument.

              SECTION 6.12 Conveyance of the Receivables and the Other Conveyed Property to
the Issuer. Seller acknowledge that Purchaser intends, pursuant to the Sale
and Servicing Agreement, to convey the Receivables and the Other Conveyed
Property, together with its rights under this Agreement, to the Issuer on the
date hereof and on the Subsequent Transfer Date in the case of Subsequent
Receivables. Seller acknowledges and consents to such conveyance and pledge
and waives any further notice thereof and covenants and agrees that the
representations and warranties of Seller contained in this Agreement and the
rights of Purchaser hereunder are intended to benefit the Insurer, the Issuer,
the Owner Trustee, the Trust Collateral Agent, the Noteholders and the
Certificateholder. In furtherance of the foregoing, Seller covenants and
agrees to perform its duties and obligations hereunder, in accordance with the
terms hereof for the benefit of the Insurer, the Issuer, the Owner Trustee, the
Trust Collateral Agent, the Noteholders and the Certificateholder and that,
notwithstanding anything to the contrary in this Agreement, Seller shall be
directly liable to the Issuer, the Owner Trustee, the Trust Collateral Agent,
the Noteholders and the Certificateholder (notwithstanding any failure by the
Servicer, the Backup Servicer or the Purchaser to perform its respective duties
and obligations hereunder or under Related Documents) and that the Trust
Collateral Agent may enforce the duties and obligations of Seller under this
Agreement against Seller for the benefit of the Insurer, the Owner Trustee, the
Trust Collateral Agent, the Noteholders and the Certificateholder.

17

 

              SECTION 6.13 Nonpetition Covenant. Neither Purchaser nor Seller shall petition
or otherwise invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Purchaser or the Issuer
under any federal or state bankruptcy, insolvency or similar law or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Purchaser or the Issuer or any substantial part of
their respective property, or ordering the winding up or liquidation of the
affairs of the Purchaser or the Issuer.

              SECTION 6.14 Benefits of Purchase Agreement. The Insurer and its successors
and assigns shall be a third-party beneficiary to the provisions of this
Purchase Agreement and shall be entitled to rely upon and directly enforce the
provisions of
this Purchase Agreement so long as no Insurer Default shall have occurred and
be continuing.

[Remainder of page intentionally left blank]

18

 

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

	 	 	 
	

	 	AFS SENSUB CORP., as Purchaser
	 
	 	 
	

	 	By /s/ Sheli Fitzgerald

	

	 	      Name: Sheli Fitzgerald
	

	 	      Title: Assistant Vice President,
	

	 	      Structured Finance
	 
	 	 
	

	 	AMERICREDIT FINANCIAL SERVICES,
      INC.,
as Seller
	 
	 	 
	

	 	By /s/ Susan B. Sheffield

	

	 	      Name:Susan B. Sheffield
	

	 	      Title: Senior Vice President, Structured Finance

	 
	Accepted:

	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	as Trustee and Trust Collateral Agent

	 

	By
/s/ Marianna C. Stershic

	        Name: Marianna C. Stershic

	        Title: Vice President

[Purchase Agreement]

 

 

SCHEDULE A

SCHEDULE OF INITIAL RECEIVABLES

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

 

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF

AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”)

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

              2. No Fraud or Misrepresentation. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit to AFS SenSub Corp. without any fraud
or misrepresentation on the part of such Dealer or Third-Party Lender in any
case.

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

B-1

 

Vehicle evidenced by each Receivable complied at the time it was
originated or made and now complies in all material respects with all
applicable legal requirements.

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

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

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

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

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

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

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

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

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

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

B-2

 

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

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

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

              17. Good Title. Immediately prior to the conveyance of the Receivables to
AFS SenSub Corp. pursuant to this Agreement or Subsequent Transfer Agreement,
as applicable, AmeriCredit was the sole owner thereof and had good and
indefeasible title thereto, free of any Lien and, upon execution and delivery
of this Agreement by AmeriCredit, AFS SenSub Corp. 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. AmeriCredit has not taken any
action to convey any right to any Person that would result in such Person
having a right to payments received under the related Insurance Policies or the
related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer
Assignments or Third-Party Lender Assignments or to payments due under such
Receivables.

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

B-3

 

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

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

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

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

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

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

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

B-4

 

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

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

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

              27. Certain Characteristics of Receivables.

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

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

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

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

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

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

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

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

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

B-5

 

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

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

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

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

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

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

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

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

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

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

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

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

B-6

 

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

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

B-7

 

EXHIBIT A

SUBSEQUENT PURCHASE AGREEMENT

              Transfer
No.           of Subsequent Receivables, dated as of
         ,
200  , pursuant to a Purchase Agreement (the “Purchase
Agreement”) dated as of April 5, 2004, between AMERICREDIT FINANCIAL SERVICES,
INC. a Delaware corporation (the “Seller”) and AFS SENSUB CORP., a Nevada
corporation (the “Purchaser”).

W I T N E S S E T H:

              WHEREAS pursuant to the Purchase Agreement, the Seller wishes to convey
the Subsequent Receivables to the Purchaser; and

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

              NOW, THEREFORE, the Seller and the Purchaser hereby agree as follows:

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

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

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

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

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

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

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

       (c) any proceeds and the right to receive proceeds with respect to
the respective Subsequent Receivables from claims and on any physical
damage, credit life or disability insurance policies covering the related
Financed Vehicles or Obligors and any proceed from

Ex-A-1

 

the liquidation of such Subsequent Receivables, net of those
reimbursable liquidation expenses set forth in Article IV of the Sale and
Servicing Agreement;

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

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

       (f) the related Receivables Files;

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

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

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

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

              The execution and delivery of this Agreement shall constitute an
acknowledgment by the Seller and the Purchaser that they intend that the
assignment and transfer herein contemplated constitute a sale and assignment
outright, and not for security, of the Subsequent Receivables and the
Subsequent Other Conveyed Property, conveying good title thereto free and clear
of any Liens, from the Seller to the Purchaser, and that the Subsequent
Receivables and the Subsequent Other Conveyed Property shall not be a part of
the Seller’s estate in the event of the bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other proceeding under
any federal or state bankruptcy or similar law, or the occurrence of another
similar event, of, or with respect to the Seller. In the event that such
conveyance is determined to be made as security for a loan made by the
Purchaser, the Issuer, the Noteholders or the Certificateholder to the Seller,
the parties hereto intend that the Seller shall have granted to the Purchaser a
security interest in all of the Seller’s right, title and interest in and to
the Subsequent Receivables and the Subsequent Other Conveyed Property conveyed
pursuant to this Section 3, and that this Agreement shall constitute a security
agreement under applicable law.

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

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

Ex-A-2

 

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

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

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

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

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

Ex-A-3

 

governmental instrumentality having jurisdiction over the Seller or
any of their respective properties.

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

       (h) Chief Executive Office. The chief executive office of the Seller
is at 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102.

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

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

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

       (a) Organization and Good Standing. Purchaser has been duly
organized and is validly existing and in good standing as a corporation
under the laws of the State of Nevada, with the power and authority to own
its properties and to conduct its business as such properties are
currently owned and such business is currently conducted, and had at all
relevant times, and has, full power, authority and legal right to acquire
and own the Subsequent Receivables and the Subsequent Other Conveyed
Property, and to transfer the Subsequent Receivables and the Subsequent
Other Conveyed Property to the Issuer pursuant to the Sale and Servicing
Agreement.

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

Ex-A-4

 

the Subsequent Receivables and the Subsequent Other Conveyed Property
or to perform Purchaser’s obligations hereunder and under the Purchaser’s
Related Documents.

       (c) Power and Authority. Purchaser has the power, authority and
legal right to execute and deliver this Agreement and to carry out the
terms hereof and to acquire the Subsequent Receivables and the Subsequent
Other Conveyed Property hereunder; and the execution, delivery and
performance of this Agreement and all of the documents required pursuant
hereto have been duly authorized by Purchaser by all necessary corporate
action.

       (d) No Consent Required. Purchaser is not required to obtain the
consent of any other Person, or any consent, license, approval or
authorization or registration or declaration with, any governmental
authority, bureau or agency in connection with the execution, delivery or
performance of this Agreement and the Related Documents, except for such
as have been obtained, effected or made.

       (e) Binding Obligation. This Agreement constitutes a legal, valid
and binding obligation of Purchaser, enforceable against Purchaser in
accordance with its terms, subject, as to enforceability, to applicable
bankruptcy, insolvency, reorganization, conservatorship, receivership,
liquidation and other similar laws and to general equitable principles.

       (f) No Violation. The execution, delivery and performance by
Purchaser of this Agreement, the consummation of the transactions
contemplated by this Agreement and the Related Documents and the
fulfillment of the terms of this Agreement and the Related Documents do
not and will not conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice, lapse of time or
both) a default under, the certificate of incorporation or bylaws of
Purchaser, or conflict with or breach any of the terms or provisions of,
or constitute (with or without notice or lapse of time) a default under,
any indenture, agreement, mortgage, deed of trust or other instrument to
which Purchaser is a party or by which Purchaser is bound or to which any
of its properties are subject, or result in the creation or imposition of
any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument (other
than the Sale and Servicing Agreement and the Spread Account Agreement),
or violate any law, order, rule or regulation, applicable to Purchaser or
its properties, of any federal or state regulatory body, any court,
administrative agency, or other governmental instrumentality having
jurisdiction over Purchaser or any of its properties.

       (g) No Proceedings. There are no proceedings or investigations
pending, or, to the knowledge of Purchaser, threatened against Purchaser,
before any court, regulatory body, administrative agency, or other
tribunal or governmental instrumentality having jurisdiction over
Purchaser or its properties: (i) asserting the invalidity of this
Agreement or any of the Related Documents, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or
any of the Related Documents, (iii) seeking any determination or ruling
that might materially and adversely affect the performance by Purchaser of
its obligations under, or the validity or enforceability of, this
Agreement or any of the Related Documents or (iv) that may adversely
affect the federal or state income tax attributes of, or seeking to impose
any excise, franchise, transfer or similar tax upon, the

Ex-A-5

 

transfer and acquisition of the Subsequent Receivables and the
Subsequent Other Conveyed Property hereunder or the transfer of the
Subsequent Receivables and the Subsequent Other Conveyed Property to the
Issuer pursuant to the Sale and Servicing Agreement.

              In the event of any breach of a representation and warranty made by
Purchaser hereunder, Seller covenants and agrees that it will not take any
action to pursue any remedy that it may have hereunder, in law, in equity or
otherwise, until a year and a day have passed since the date on which all
Notes, Certificates, pass-through certificates or other similar securities
issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have
been paid in full. Seller and Purchaser agree that damages will not be an
adequate remedy for such breach and that this covenant may be specifically
enforced by Purchaser, Issuer or by the Trustee on behalf of the Noteholders
and Owner Trustee on behalf of the Certificateholder.

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

       (a) Representations and Warranties. Each of the representations and
warranties made by the Seller in Sections 4 and 5 of this Agreement and in
Sections 3.1 and 3.2 of the Purchase Agreement shall be true and correct
as of the date of this Agreement and as of the Subsequent Transfer Date.

       (b) Additional Information. The Seller shall have delivered to the
Purchaser such information as was reasonably requested by the Purchaser to
satisfy itself as to (i) the accuracy of the representations and
warranties set forth in Section 4 of this Agreement and in Sections 3.1
and 3.2 of the Purchase Agreement and (ii) the satisfaction of the
conditions set forth in this Section.

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

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

              9. Conveyance of the Subsequent Receivables and the Subsequent Other
Conveyed Property to the Issuer. The Seller acknowledges that Purchaser
intends, pursuant to the Sale and Servicing Agreement, to convey the Subsequent
Receivables and the Subsequent Other Conveyed Property, together with its
rights under this Agreement, to the Issuer on the Subsequent Transfer Date.
The Seller acknowledges and consents to such conveyance and pledges and waives
any further notice thereof and covenants and agrees that the representations
and warranties of the Seller contained in this Agreement and the rights of
Purchaser hereunder are intended to benefit the Insurer, the Issuer, the Owner
Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder.
In furtherance of the foregoing, the Seller covenants and agrees to perform
its duties and obligations hereunder, in accordance with the terms hereof for
the benefit of the Insurer,

Ex-A-6

 

the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders
and the Certificateholder and that, notwithstanding anything to the contrary in
this Agreement, the Seller shall be directly liable to the Issuer, the Owner
Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder
(notwithstanding any failure by the Servicer, the Backup Servicer or the
Purchaser to perform its duties and obligations hereunder or under Related
Documents) and that the Trust Collateral Agent may enforce the duties and
obligations of the Seller under this Agreement against the Seller for the
benefit of the Insurer, the Owner Trustee, the Trust Collateral Agent, the
Noteholders and the Certificateholder.

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

Ex-A-7

 

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

	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	AFS SENSUB CORP.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	 	 	Name:
	

	 	 	 	Title:

Acknowledged and Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Trust Collateral Agent

	 
	By:

	        Name:
	        Title:

Ex-A-8exv10w2

 

Exhibit 10.2

EXECUTION COPY

MBIA INSURANCE CORPORATION,

as Insurer

AMERICREDIT FINANCIAL SERVICES, INC.

and

DEUTSCHE BANK SECURITIES INC.

as the Representative of the Underwriters

INDEMNIFICATION AGREEMENT

$900,000,000

AmeriCredit Automobile Receivables Trust 2004-B-M

Automobile Receivables Backed Notes

$224,000,000 Class A-1 Notes

$308,000,000 Class A-2 Notes

$147,000,000 Class A-3 Notes

$221,000,000 Class A-4 Notes

Dated as of March 30, 2004

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 1.

	 	Definitions
	 	 	1	 
	Section 2.

	 	Representations and Warranties of the Insurer
	 	 	2	 
	Section 3.

	 	Agreements, Representations and Warranties of the Underwriters
	 	 	4	 
	Section 4.

	 	Agreements, Representations and Warranties of AmeriCredit
	 	 	4	 
	Section 5.

	 	Indemnification
	 	 	4	 
	Section 6.

	 	Notice To Be Given
	 	 	5	 
	Section 7.

	 	Contribution
	 	 	7	 
	Section 8.

	 	Notices
	 	 	8	 
	Section 9.

	 	Governing Law, Etc
	 	 	8	 
	Section 10.

	 	Insurance Agreement; Underwriting Agreement; Sale and
Servicing Agreement
	 	 	9	 
	Section 11.

	 	Limitations
	 	 	9	 
	Section 12.

	 	Counterparts
	 	 	9	 
	Section 13.

	 	Nonpetition
	 	 	9	 

TESTIMONIUM

SIGNATURES AND SEALS

 

 

INDEMNIFICATION AGREEMENT

     This Agreement, dated as of March 30, 2004, is by and among MBIA INSURANCE
CORPORATION (the “Insurer”), as the Insurer under the Note Guaranty Insurance
Policy (the “Policy”) issued in connection with the Offered Notes described
below, AMERICREDIT FINANCIAL SERVICES, INC. (“AmeriCredit”) and DEUTSCHE BANK
SECURITIES INC., as Representative of the Underwriters (the “Representative”).

     Section 1. Definitions. As used in this Agreement, the following terms
shall have the respective meanings stated herein, unless the context clearly
requires otherwise, in both singular and plural form, as appropriate.
Capitalized terms used in this Agreement but not otherwise defined herein will
have the meanings ascribed to such terms in the Sale and Servicing Agreement
(as described below).

     “Act” means the Securities Act of 1933, as amended, together with all
related rules and regulations.

     “Agreement” means this Indemnification Agreement by and among the Insurer,
AmeriCredit and the Representative of the Underwriters.

     “AmeriCredit Party” means AmeriCredit, each of its parents, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or any
“controlling person” (as such term is used in the Act) of any of the foregoing.

     “Indemnified Party” means any party entitled to any indemnification
pursuant to Section 5 below, as the context requires.

     “Indemnifying Party” means any party required to provide indemnification
pursuant to Section 5 below, as the context requires.

     “Indenture” means the Indenture dated as of April 5, 2004 between the
Issuer and the Trustee and Trust Collateral Agent as the same may be amended or
supplemented from time to time in accordance with the terms thereof.

     “Insurance Agreement” means the Insurance Agreement, dated as of April 5,
2004, by and among the Insurer, the Issuer, AmeriCredit, the Seller, the Backup
Servicer, the Trustee, the Trust Collateral Agent and the Collateral Agent.

     “Insurer Party” means the Insurer and its respective parents, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or any
“controlling person” (as such term is used in the Act) of any of the foregoing.

 

 

     “Losses” means (i) any actual out-of-pocket loss paid by the party
entitled to indemnification or contribution hereunder and (ii) any actual
out-of-pocket costs and expenses paid by such party, including reasonable fees
and expenses of its counsel, to the extent not paid, satisfied or reimbursed
from funds provided by any other Person (provided that the foregoing shall not
create or imply any obligation to pursue recourse against any such other
Person).

     “Offered Notes” means the $900,000,000 AmeriCredit Automobile Receivables
Trust 2004-B-M Automobile Receivables Backed Notes $224,000,000 Class A-1
Notes, $308,000,000 Class A-2 Notes, $147,000,000 Class A-3 Notes, $221,000,000
Class A-4 Notes, issued pursuant to the Indenture.

     “Person” means any individual, partnership, joint venture, corporation,
trust or unincorporated organization or any government or agency or political
subdivision thereof.

     “Prospectus” means the form of final Prospectus included in the
Registration Statement on each date that the Registration Statement and any
post effective amendment or amendments thereto became effective.

     “Prospectus Supplement” means the form of final Prospectus Supplement,
dated March 30, 2004, and filed with the Securities and Exchange Commission on
April 12, 2004.

     “Registration Statement” means the registration statement on Form S-3 of
AmeriCredit relating to the Offered Notes.

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement,
dated as of April 5, 2004, by and among the Issuer, the Seller, the Servicer,
the Back-up Servicer and the Trust Collateral Agent.

     “Servicer” means AmeriCredit Financial Services, Inc., as Servicer.

     “Underwriter Party” means each Underwriter and its parent, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or
“controlling person” (as such term is used in the Act) of any of the foregoing.

     “Underwriters” means Deutsche Bank Securities Inc., Lehman Brothers, Inc.,
Barclays Capital Inc., Credit Suisse First Boston LLC, J.P. Morgan Securities
Inc., and Wachovia Capital Markets, LLC.

     “Underwriting Agreement” means the Underwriting Agreement by and between
AmeriCredit, the Seller and the Underwriters, dated March 30, 2004.

     Section 2. Representations and Warranties of the Insurer. The Insurer
represents and warrants to the Underwriters and AmeriCredit as follows:

2

 

  (a) Organization and Licensing. The Insurer is a duly incorporated
and existing New York stock insurance company licensed to do business in
the State of New York and is in good standing under the laws of such
state.

  (b) Corporate Power. The Insurer has the corporate power and
authority to issue the Policy and execute and deliver this Agreement and
the Insurance Agreement and to perform all of its obligations hereunder
and thereunder.

  (c) Authorization; Approvals. The issuance of the Policy and the
execution, delivery and performance of this Agreement and the Insurance
Agreement have been duly authorized by all necessary corporate
proceedings. No further approvals or filings of any kind, including,
without limitation, any further approvals of or further filings with any
governmental agency or other governmental authority, or any approval of
the Insurer’s board of directors or stockholders, are necessary for the
Policy, this Agreement and the Insurance Agreement to constitute the
legal, valid and binding obligations of the Insurer.

  (d) Enforceability. The Policy, when issued, and this Agreement and
the Insurance Agreement will each constitute legal, valid and binding
obligations of the Insurer, enforceable in accordance with their terms,
subject to applicable laws affecting the enforceability of creditors’
rights generally and general equitable principles and public policy
considerations as to rights of indemnification for violations of federal
securities laws.

  (e) Financial Information. The consolidated financial statements of
the Insurer as of December 31, 2003 and December 31, 2002 and for the
three years ended December 31, 2003 incorporated by reference in the
Prospectus Supplement (the “Insurer Audited Financial Statements”) fairly
present in all material respects the financial condition of the Insurer
as of such date and for the period covered by such statements in
accordance with generally accepted accounting principles consistently
applied. Since December 31, 2003 there has been no material change in
such financial condition of the Insurer which would materially and
adversely affect its ability to perform its obligations under the Policy.

  (f) Insurer Information. The information in the Prospectus
Supplement as of the date hereof under the captions “THE POLICY” and “THE
INSURER” (the “Insurer Information”) is limited and does not purport to
provide the scope of disclosure required to be included in a prospectus
for a registrant under the Securities Act of 1933, in connection with the
public offer and sale of securities of such registrant. Within such
limited scope of disclosure, the Insurer Information does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.

  (g) No Litigation. There are no actions, suits, proceedings or
investigations pending or, to the best of the Insurer’s knowledge,
threatened against it at law or in equity

3

 

or before or by any court, governmental agency, board or commission
or any arbitrator which, if decided adversely, would materially and
adversely affect its condition (financial or otherwise) or its operations
or would materially and adversely affect its ability to perform its
obligations under this Agreement, the Policy or the Insurance Agreement.

     Section 3. Agreements, Representations and Warranties of the Underwriters.
The Underwriters represent and warrant to and agree with AmeriCredit and the
Insurer that the statements in the Prospectus Supplement made in reliance upon
and in conformity with written information relating to the Underwriters
furnished to AmeriCredit specifically for use in the preparation of the
Prospectus Supplement, and acknowledged in writing (referred to herein as the
“Underwriter Information”) does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

     Section 4. Agreements, Representations and Warranties of AmeriCredit.
AmeriCredit represents, warrants to and agrees with the Insurer and the
Underwriters that:

  (a) Registration Statement. The information in the Registration
Statement, the Prospectus and the Prospectus Supplement, other than the
Insurer Information and the Underwriter Information, does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.

  (b) Representations and Warranties. Each of the representations and
warranties of AmeriCredit contained in the Insurance Agreement is true
and correct in all material respects, and AmeriCredit hereby makes each
such representation and warranty to, and for the benefit of, the Insurer
as if the same were set forth in full herein.

     Section 5. Indemnification.

  (a) The Insurer hereby agrees, upon the terms and subject to the
conditions of this Agreement, to indemnify, defend and hold harmless each
AmeriCredit Party and each Underwriter Party against any and all Losses
incurred by them with respect to the offer and sale of any of the Offered
Notes and resulting from the Insurer’s breach of any of its
representations and warranties set forth in Section 2 of this Agreement.

  (b) The Representative, on behalf of the Underwriters, hereby
agrees, upon the terms and subject to the conditions of this Agreement,
to indemnify, defend and hold harmless each Insurer Party and each
AmeriCredit Party against any and all Losses incurred by it with respect
to the offer and sale of any of the Offered Notes and resulting from the
Representative’s breach of any of its representations and warranties set
forth in Section 3 of this Agreement.

4

 

  (c) AmeriCredit hereby agrees, upon the terms and subject to the
conditions of this Agreement, to indemnify, defend and hold harmless each
Insurer Party against any and all Losses incurred by it with respect to
the offer and sale of any of the Offered Notes and resulting from
AmeriCredit’s breach of any of its representations and warranties set
forth in Section 4 of this Agreement.

  (d) Upon the incurrence of any Losses entitled to indemnification
hereunder, the Indemnifying Party shall reimburse the Indemnified Party
promptly upon establishment by the Indemnified Party to the Indemnifying
Party of the Losses incurred.

     Section 6. Notice To Be Given.

  (a) Except as provided in Section 7 below with respect to
contribution, the indemnification provided herein by the Indemnifying
Party shall be the exclusive remedy of each Indemnified Party for the
Losses resulting from the Indemnifying Party’s breach of a
representation, warranty or agreement hereunder; provided, however, that
each Indemnified Party shall be entitled to pursue any other remedy at
law or in equity for any such breach so long as the damages sought to be
recovered shall not exceed the Losses incurred thereby resulting from
such breach.

  (b) In the event that any action or regulatory proceeding shall be
commenced or claim asserted which may entitle an Indemnified Party to be
indemnified under this Agreement, such party shall give the Indemnifying
Party written or facsimile notice of such action or claim reasonably
promptly after receipt of written notice thereof.

  (c) Upon request of the Indemnified Party, the Indemnifying Party
shall retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party and any others the Indemnifying Party may
designate in such proceeding and shall pay the fees and disbursements of
such counsel related to such proceeding. The Indemnifying Party may, at
its option, at any time upon written notice to the Indemnified Party,
assume the defense of any proceeding and may designate counsel reasonably
satisfactory to the Indemnified Party in connection therewith, provided
that the counsel so designated would have no actual or potential conflict
of interest in connection with such representation. Unless it shall
assume the defense of any proceeding the Indemnifying Party shall not be
liable for any settlement of any proceeding, effected without its written
consent, but if settled with such consent or if there be a final judgment
for the plaintiff, the Indemnifying Party agrees to indemnify the
Indemnified Party from and against any loss or liability by reason of
such settlement or judgment. The Indemnifying Party shall be entitled to
participate in the defense of any such action or claim in reasonable
cooperation with, and with the reasonable cooperation of, each
Indemnified Party.

  (d) The Indemnified Party will have the right to employ its own
counsel in any such action, but the fees and expenses of such counsel
will be at the expense of such Indemnified Party unless (i) the
employment of counsel by the Indemnified Party at the

5

 

Indemnifying Party’s expense has been authorized in writing by the
Indemnifying Party, (ii) the Indemnifying Party has not in fact employed
counsel to assume the defense of such action within a reasonable time
after receiving notice of the commencement of the action or (iii) the
named parties to any such action include the Indemnifying Party on the
one hand and, on the other hand, the Indemnified Party, and
representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them (in which
case if such Indemnified Party notifies the Indemnifying Party in writing
that it elects to employ separate counsel at the expense of the
Indemnifying Party, the Indemnifying Party shall not have the right to
assume the defense of such action or proceeding on such Indemnified
Party’s behalf), in each of which cases the reasonable fees and expenses
of counsel (including local counsel) will be at the expense of the
Indemnifying Party, and all such fees and expenses will be reimbursed
promptly as they are incurred. In the event that any expenses so paid by
the Indemnifying Party are subsequently determined not to be required to
be borne by the Indemnifying Party hereunder, the party which received
such payment shall promptly refund to the Indemnifying Party the amount
so paid by such Indemnifying Party. Notwithstanding the foregoing, in
connection with any one action or separate but substantially similar or
related actions in the same jurisdiction arising out of the same general
allegations or circumstances, the Indemnifying Party shall not be liable
for the fees and expenses of more than one counsel for all AmeriCredit
Parties, more than one counsel for all Underwriter Parties and more than
one counsel for all Insurer Parties, as applicable.

  (e) The Indemnified Parties shall cooperate with the Indemnifying
Parties in resolving any event which would give rise to an indemnity
obligation pursuant to Section 5 hereof in the most efficient manner.

  (f) No settlement of any such claim or action shall be entered into
without the consent of each Indemnified Party who is subject to such
claim or action, on the one hand, and each Indemnifying Party who is
subject to such claim or action, on the other hand; provided, however,
that the consent of such Indemnified Party shall not be required if such
settlement fully discharges, with prejudice against the plaintiff, the
claim or action against such Indemnified Party.

  (g) Any failure by an Indemnified Party to comply with the
provisions of this Section shall relieve the Indemnifying Party of
liability only if such failure is materially prejudicial to any legal
pleadings, grounds, defenses or remedies in respect thereof or the
Indemnifying Party’s financial liability hereunder, and then only to the
extent of such prejudice.

6

 

     Section 7. Contribution.

  (a) To provide for just and equitable contribution if the
indemnification provided by the Insurer is determined to be unavailable
for an Underwriter Party (other than pursuant to Section 5 or 6 of this
Agreement), or if the indemnification provided by any Underwriter is
determined to be unavailable for any Insurer Party (other than pursuant
to Section 5 or 6 of this Agreement), the Insurer and the Underwriters
shall contribute to the aggregate costs of liabilities arising from any
breach of their respective representations and warranties set forth in
this Agreement on the basis of the relative fault of all Insurer Parties
and all Underwriter Parties.

  (b) To provide for just and equitable contribution if the
indemnification provided by the Insurer is determined to be unavailable
for any AmeriCredit Party (other than pursuant to Section 5 or 6 of this
Agreement), or if the indemnification provided by AmeriCredit is
determined to be unavailable for any Insurer Party (other than pursuant
to Section 5 or 6 of this Agreement), the Insurer and AmeriCredit shall
contribute to the aggregate cost of liabilities arising from any breach
of their respective representations and warranties set forth in this
Agreement on the basis of the relative fault of all Insurer Parties and
all AmeriCredit Parties.

  (c) To provide for just and equitable contribution if the
indemnification provided by the Underwriter is determined to be
unavailable for any AmeriCredit Party (other than pursuant to Section 5
or 6 of this Agreement), the Underwriter and AmeriCredit shall contribute
to the aggregate costs of liabilities arising from any breach of their
respective representations and warranties set forth in this Agreement on
the basis of the relative fault of all Underwriter Parties and all
AmeriCredit Parties.

  (d) The relative fault of each Indemnifying Party, on the one hand,
and of each Indemnified Party, on the other hand, shall be determined by
reference to, among other things, whether the breach of, or alleged
breach of, any of its representations and warranties set forth in Section
2, 3 or 4 of this Agreement relates to information supplied by, or action
within the control of, the Indemnifying Party or the Indemnified Party
and the Parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such breach.

  (e) The parties agree that the Insurer shall be solely responsible
for the Insurer Information and for the Insurer Financial Statements,
that the Underwriters shall be solely responsible for the Underwriter
Information provided by the Underwriters in writing for use in the
Prospectus Supplement and that AmeriCredit shall be responsible for all
other information in the Registration Statement and in the Prospectus
Supplement.

7

 

  (f) No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.

  (g) The indemnity and contribution agreements contained in this
Agreement shall remain operative and in full force and effect, regardless
of (i) any investigation made by or on behalf of any Underwriter Party,
any AmeriCredit Party or any Insurer Party, (ii) the issuance of any
Offered Notes or the Policy or (iii) any termination of this Agreement.

  (h) Upon the incurrence of any Losses entitled to contribution
hereunder, the contributor shall reimburse the party entitled to
contribution promptly upon establishment by the party entitled to
contribution to the contributor of the Losses incurred.

     Section 8. Notices. All notices and other communications provided for
under this Agreement shall be addressed to the address set forth below as to
each party or at such other address as shall be designated by a party in a
written notice to the other party.

	 	 	 
	If to the Insurer:

	 	MBIA Insurance Corporation
	

	 	113 King Street
	

	 	Armonk, NY 10504
	

	 	Attention: Insured Portfolio Management—Structured
	

	 	Finance
(IPM-SF)

	 
	If to AmeriCredit:

	 	AmeriCredit Financial Services, Inc.
	

	 	801 Cherry Street, Suite 3900
	

	 	Fort Worth, TX 76102
	

	 	Attention: Chief Financial Officer

	 
	If to the Representative:

	 	Deutsche Bank Securities Inc.
	

	 	60 Wall Street, 19th Floor
	

	 	New York, NY 10005

     Section 9. Governing Law, Etc. This Agreement shall be deemed to be a
contract under the laws of the State of New York and shall be governed by and
construed in accordance with the laws of the State of New York without regard
to its conflicts of laws provisions. This Agreement may not be assigned by any
party without the express written consent of each other party. Amendments of
this Agreement shall be in writing signed by each party. This Agreement shall
not be effective until executed by each of the Insurer, AmeriCredit and the
Underwriters.

     Section 10. Insurance Agreement; Underwriting Agreement; Sale and
Servicing Agreement. This Agreement in no way limits or otherwise affects the
indemnification

8

 

obligations of AmeriCredit under (a) the Insurance Agreement, (b) the
Underwriting Agreement or (c) the Sale and Servicing Agreement. To the extent
that this Agreement conflicts with or does not address the relative rights of
the Underwriters and AmeriCredit as between themselves as set forth in the
Underwriting Agreement, the Underwriting Agreement shall govern.

     Section 11. Limitations. Nothing in this Agreement shall be construed as
a representation or undertaking by the Insurer concerning maintenance of the
rating currently assigned to its claims-paying ability by Moody’s Investors
Service, Inc. (“Moody’s”) and/or Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. (“S&P”) or any other rating agency
(collectively, the “Rating Agencies”).

     Section 12. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall together constitute but one and the same
instrument.

     Section 13. Nonpetition. So long as the Insurance Agreement is in effect,
and for one year following its termination, none of the parties hereto will
file any involuntary petition or otherwise institute any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other
proceeding under any federal or state bankruptcy or similar law against the
Issuer.

[Remainder of this page intentionally left blank.]

9

 

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

	 	 	 
	

	 	MBIA INSURANCE CORPORATION
	 
	 	 
	

	 	By /s/ Adam M. Carta
	 

	 	

	

	 	
Assistant Secretary

	 
	 

	 	AMERICREDIT FINANCIAL SERVICES, INC.
	 
	 

	 	By /s/ J. Michael May

	

	 	Title: Senior Vice President, General Counsel
	 
	 

	 	DEUTSCHE BANK SECURITIES INC., for
itself and as representative of the
Underwriters
	 
	 

	 	By /s/ Jay E. Steiner

	

	 	Title: Director
	 
	

	 	By /s/ Rick Koppenhaver

	

	 	Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]