Document:

<PAGE>

                                                                   EXHIBIT 10.31

                          [6 MONTHS ENDING 12/31/2004]
          FORM OF EXECUTIVE COMPENSATION PLAN INCLUDING QUARTERLY BONUS
                             CALLIDUS SOFTWARE INC.

I. POSITION AND GENERAL TERMS:

          PLAN PARTICIPANT:

          TITLE:

          EFFECTIVE DATES: [July 1, 2004 - December 31, 2004]

II. BASE COMPENSATION AND TARGET INCENTIVES:

          BASE SALARY:

          SEMI-ANNUAL/ANNUAL TARGET BONUS:  [Target bonus is based on a
                                            percentage of base salary; actual
                                            bonuses may range between zero and
                                            100% of base salary.]

          TARGET COMPENSATION:

III. TERMS OF PAYMENT:

          The participant's base salary is paid semi-monthly per the terms and
          conditions of Callidus Software's normal payroll period.

          Earned bonuses will be reviewed and approved by the Callidus Software
          Board of Directors Compensation Committee ("Compensation Committee")
          and will be paid immediately upon written authorization and approval
          of that committee.

IV. ADVANCES AGAINST ANNUAL BONUSES:

          No draws or advances against annual bonuses are anticipated under this
          plan.

V. BONUS FOR ACHIEVING APPROVED GOALS.

          All persons on the Callidus Executive Staff will be eligible to
          receive a bonus based on quantitative corporate goals. For [the
          semi-annual or annual period], the target bonus for you is set forth
          above and will be split between a quarterly bonus identified below in
          VI and a bonus based on revenue or bookings, as determined by the
          Compensation Committee as identified in VII below. All bonuses will be
          reviewed and approved by the Compensation Committee and will be paid
          immediately upon written authorization and approval by that committee.

                                   Page 1 of 3
<PAGE>

VI. QUARTERLY BONUS & TARGET TABLE:

<TABLE>
<CAPTION>
CATEGORY                                QIII    QIV    TOTAL
<S>                                     <C>     <C>    <C>
Target

Total Target

Target Quarterly Bonus
Target [Semi-annual or Annual] Bonus
</TABLE>

          ["Target" will be based on revenue or bookings for a specified area of
          responsibility of the executive, as determined by the Compensation
          Committee.]

          Incentive payments will be calculated using the percentage of
          attainment model. The bonus shall be calculated by determining the
          percent of contribution goal obtained and multiplying it by the Target
          bonus. Generally, no bonuses shall be paid unless at least 90% of the
          Target is achieved.

          All quarterly performance bonuses shall be capped at 150% of the
          Target bonus.

          EXAMPLE: (ACTUAL/TARGET) * ($ ) = QUARTERLY BONUS

          The Target will be the amount reported on a GAAP basis unless adjusted
          in our Quarterly press release to show a "non-GAAP" number which
          differs from GAAP in which case the Non-GAAP number will be used.

VII. BONUS FOR ACHIEVING APPROVED CORPORATE GOALS.

          All persons on the Callidus Executive Staff will be eligible to
          receive a [semi-annual or annual] bonus based on quantitative
          corporate goals. For the [relevant bonus period], the target bonus is
          set forth above. All bonuses will be reviewed and approved by the
          Compensation Committee and will be paid immediately upon written
          authorization and approval by that committee.

          In order to be eligible for the executive bonus the company must
          achieve 100% of the board-approved revenue or bookings targets, as
          determined by the Compensation Committee during the bonus period
          ("Plan"). The bonus calculation shall be a pro-rata calculation using
          the percentage of achievement of the Plan. The Plan will be determined
          by the Compensation Committee.

          The bonus will be capped at 200% of the target bonus.

                                   Page 2 of 3
<PAGE>

VIII. GENERAL TERMS AND CONDITIONS:

          A. MODIFICATION AND INTERPRETATION:

          This plan may only be modified by the President of Callidus Software
          in conjunction with the Compensation Committee. Callidus Software
          reserves the right to modify this plan at will with or without notice.
          In the event of conflict of interpretation the judgment by the
          president of Callidus Software shall be final and binding.

          B. NO EMPLOYMENT AGREEMENT:

          This Plan is not to be construed in any way to be any form of
          employment agreement and in no way limits the right of Callidus to
          terminate the employment of a participant in the Plan at any time,
          with or without cause. Your employment with the Company is and
          continues to be employment "at-will" with either party having the
          right to terminate this relationship and Plan at any time. The laws of
          the State of California, excluding choice of law principles, govern
          this Plan.

          C. MANDATORY ARBITRATION:

          The parties agree that any controversy or claim arising out of or
          relating to this Plan shall be finally determined by mandatory
          arbitration. The arbitration shall be conducted in accordance with the
          American Arbitration Association ("AAA"). The proceeding will take
          place in San Jose, California. The fees of the arbitrator and the
          expenses incident to the arbitration proceedings shall be borne
          equally by the Parties. The prevailing party shall be entitled to
          reasonable attorneys' fees and costs. All other expenses shall be
          borne by the party incurring such expenses. If the Parties cannot
          agree on a single arbitrator to hear the dispute, the AAA shall name
          the arbitrator.

Approved:   ________________________________
            [Name, Title]

Date:       ________________________________

Approved:   ________________________________
            David Pratt, President and CEO

Date:       ________________________________

                                   Page 3 of 3exv4w1

 

Exhibit 4.1

EXECUTION COPY

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F

Class A-1
2.08% Asset Backed Notes

Class A-2 2.53% Asset Backed Notes

Class A-3 2.98% Asset Backed Notes

Class A-4 3.43% Asset Backed Notes

INDENTURE

Dated as of October 26, 2004

JPMORGAN CHASE BANK

Trustee and Trust Collateral Agent

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	3	 
	 
	 	SECTION 1.1	 	Definitions	 	 	3	 
	 
	 	SECTION 1.2	 	Incorporation by Reference of Trust Indenture Act	 	 	10	 
	 
	 	SECTION 1.3	 	Rules of Construction	 	 	11	 
	ARTICLE II THE NOTES	 	 	11	 
	 
	 	SECTION 2.1	 	Form	 	 	11	 
	 
	 	SECTION 2.2	 	Execution, Authentication and Delivery	 	 	12	 
	 
	 	SECTION 2.3	 	Temporary Notes	 	 	12	 
	 
	 	SECTION 2.4	 	Registration; Registration of Transfer and Exchange	 	 	13	 
	 
	 	SECTION 2.5	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	14	 
	 
	 	SECTION 2.6	 	Persons Deemed Owner	 	 	15	 
	 
	 	SECTION 2.7	 	Payment of Principal and Interest; Defaulted Interest	 	 	15	 
	 
	 	SECTION 2.8	 	Cancellation	 	 	16	 
	 
	 	SECTION 2.9	 	Release of Collateral	 	 	16	 
	 
	 	SECTION 2.10	 	Book-Entry Notes	 	 	17	 
	 
	 	SECTION 2.11	 	Notices to Clearing Agency	 	 	18	 
	 
	 	SECTION 2.12	 	Definitive Notes	 	 	18	 
	ARTICLE III COVENANTS	 	 	18	 
	 
	 	SECTION 3.1	 	Payment of Principal and Interest	 	 	18	 
	 
	 	SECTION 3.2	 	Maintenance of Office or Agency	 	 	18	 
	 
	 	SECTION 3.3	 	Money for Payments to be Held in Trust	 	 	19	 
	 
	 	SECTION 3.4	 	Existence	 	 	20	 
	 
	 	SECTION 3.5	 	Protection of Trust Estate	 	 	20	 
	 
	 	SECTION 3.6	 	Opinions as to Trust Estate	 	 	21	 
	 
	 	SECTION 3.7	 	Performance of Obligations; Servicing of Receivables	 	 	22	 
	 
	 	SECTION 3.8	 	Negative Covenants	 	 	22	 
	 
	 	SECTION 3.9	 	Annual Statement as to Compliance	 	 	23	 
	 
	 	SECTION 3.10	 	Issuer May Consolidate, Etc. Only on Certain Terms	 	 	23	 
	 
	 	SECTION 3.11	 	Successor or Transferee	 	 	25	 
	 
	 	SECTION 3.12	 	No Other Business	 	 	26	 
	 
	 	SECTION 3.13	 	No Borrowing	 	 	26	 
	 
	 	SECTION 3.14	 	Servicer's Obligations	 	 	26	 
	 
	 	SECTION 3.15	 	Guarantees, Loans, Advances and Other Liabilities	 	 	26	 
	 
	 	SECTION 3.16	 	Capital Expenditures	 	 	26	 
	 
	 	SECTION 3.17	 	Compliance with Laws	 	 	26	 
	 
	 	SECTION 3.18	 	Restricted Payments	 	 	26	 
	 
	 	SECTION 3.19	 	Notice of Events of Default	 	 	27	 
	 
	 	SECTION 3.20	 	Further Instruments and Acts	 	 	27	 
	 
	 	SECTION 3.21	 	Amendments of Sale and Servicing Agreement and Trust Agreement	 	 	27	 
	 
	 	SECTION 3.22	 	Income Tax Characterization	 	 	27	 
	ARTICLE IV SATISFACTION AND DISCHARGE	 	 	27	 
	 
	 	SECTION 4.1	 	Satisfaction and Discharge of Indenture	 	 	27	 
	 
	 	SECTION 4.2	 	Application of Trust Money	 	 	28	 
	 
	 	SECTION 4.3	 	Repayment of Moneys Held by Note Paying Agent	 	 	29	 
	ARTICLE V REMEDIES	 	 	29	 
	 
	 	SECTION 5.1	 	Events of Default	 	 	29	 
	 
	 	SECTION 5.2	 	Rights Upon Event of Default	 	 	30	 

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	 	SECTION 5.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	 	32	 
	 
	 	SECTION 5.4	 	Remedies	 	 	34	 
	 
	 	SECTION 5.5	 	Optional Preservation of the Receivables	 	 	35	 
	 
	 	SECTION 5.6	 	Priorities	 	 	35	 
	 
	 	SECTION 5.7	 	Limitation of Suits	 	 	36	 
	 
	 	SECTION 5.8	 	Unconditional Rights of Noteholders To Receive Principal and Interest	 	 	37	 
	 
	 	SECTION 5.9	 	Restoration of Rights and Remedies	 	 	37	 
	 
	 	SECTION 5.10	 	Rights and Remedies Cumulative	 	 	37	 
	 
	 	SECTION 5.11	 	Delay or Omission Not a Waiver	 	 	37	 
	 
	 	SECTION 5.12	 	Control by Noteholders	 	 	37	 
	 
	 	SECTION 5.13	 	Waiver of Past Defaults	 	 	38	 
	 
	 	SECTION 5.14	 	Undertaking for Costs	 	 	38	 
	 
	 	SECTION 5.15	 	Waiver of Stay or Extension Laws	 	 	39	 
	 
	 	SECTION 5.16	 	Action on Notes	 	 	39	 
	 
	 	SECTION 5.17	 	Performance and Enforcement of Certain Obligations	 	 	39	 
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT	 	 	40	 
	 
	 	SECTION 6.1	 	Duties of Trustee	 	 	40	 
	 
	 	SECTION 6.2	 	Rights of Trustee	 	 	41	 
	 
	 	SECTION 6.3	 	Individual Rights of Trustee	 	 	43	 
	 
	 	SECTION 6.4	 	Trustee's Disclaimer	 	 	43	 
	 
	 	SECTION 6.5	 	Notice of Defaults	 	 	43	 
	 
	 	SECTION 6.6	 	Reports by Trustee to Holders	 	 	43	 
	 
	 	SECTION 6.7	 	Compensation and Indemnity	 	 	43	 
	 
	 	SECTION 6.8	 	Replacement of Trustee	 	 	44	 
	 
	 	SECTION 6.9	 	Successor Trustee by Merger	 	 	45	 
	 
	 	SECTION 6.10	 	Appointment of Co-Trustee or Separate Trustee	 	 	46	 
	 
	 	SECTION 6.11	 	Eligibility: Disqualification	 	 	47	 
	 
	 	SECTION 6.12	 	Preferential Collection of Claims Against Issuer	 	 	47	 
	 
	 	SECTION 6.13	 	Appointment and Powers	 	 	47	 
	 
	 	SECTION 6.14	 	Performance of Duties	 	 	48	 
	 
	 	SECTION 6.15	 	Limitation on Liability	 	 	48	 
	 
	 	SECTION 6.16	 	Reliance Upon Documents	 	 	48	 
	 
	 	SECTION 6.17	 	Successor Trust Collateral Agent	 	 	49	 
	 
	 	SECTION 6.18	 	Compensation	 	 	50	 
	 
	 	SECTION 6.19	 	Representations and Warranties of the Trust Collateral Agent and the Issuer	 	 	50	 
	 
	 	SECTION 6.20	 	Waiver of Setoffs	 	 	51	 
	 
	 	SECTION 6.21	 	Control by the Controlling Party	 	 	51	 
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	 	 	51	 
	 
	 	SECTION 7.1	 	Issuer To Furnish To Trustee Names and Addresses of Noteholders	 	 	51	 
	 
	 	SECTION 7.2	 	Preservation of Information; Communications to Noteholders	 	 	52	 
	 
	 	SECTION 7.3	 	Reports by Issuer	 	 	52	 
	 
	 	SECTION 7.4	 	Reports by Trustee	 	 	52	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	 	 	53	 
	 
	 	SECTION 8.1	 	Collection of Money	 	 	53	 
	 
	 	SECTION 8.2	 	Release of Trust Estate	 	 	53	 
	 
	 	SECTION 8.3	 	Opinion of Counsel	 	 	53	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	 	 	54	 
	 
	 	SECTION 9.1	 	Supplemental Indentures Without Consent of Noteholders	 	 	54	 
	 
	 	SECTION 9.2	 	Supplemental Indentures with Consent of Noteholders	 	 	55	 
	 
	 	SECTION 9.3	 	Execution of Supplemental Indentures	 	 	56	 
	 
	 	SECTION 9.4	 	Effect of Supplemental Indenture	 	 	57	 
	 
	 	SECTION 9.5	 	Conformity With Trust Indenture Act	 	 	57	 

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	 	SECTION 9.6	 	Reference in Notes to Supplemental Indentures	 	 	57	 
	ARTICLE X REDEMPTION OF NOTES	 	 	57	 
	 
	 	SECTION 10.1	 	Redemption	 	 	57	 
	 
	 	SECTION 10.2	 	Form of Redemption	 	 	58	 
	 
	 	SECTION 10.3	 	Notes Payable on Redemption Date	 	 	58	 
	ARTICLE XI MISCELLANEOUS	 	 	58	 
	 
	 	SECTION 11.1	 	Compliance Certificates and Opinions, etc	 	 	58	 
	 
	 	SECTION 11.2	 	Form of Documents Delivered to Trustee	 	 	60	 
	 
	 	SECTION 11.3	 	Acts of Noteholders	 	 	61	 
	 
	 	SECTION 11.4	 	Notices, etc., to Trustee, Issuer and Rating Agencies	 	 	61	 
	 
	 	SECTION 11.5	 	Notices to Noteholders; Waiver	 	 	63	 
	 
	 	SECTION 11.6	 	[Reserved]	 	 	63	 
	 
	 	SECTION 11.7	 	Conflict with Trust Indenture Act	 	 	63	 
	 
	 	SECTION 11.8	 	Effect of Headings and Table of Contents	 	 	63	 
	 
	 	SECTION 11.9	 	Successors and Assigns	 	 	63	 
	 
	 	SECTION 11.10	 	Separability	 	 	64	 
	 
	 	SECTION 11.11	 	Benefits of Indenture	 	 	64	 
	 
	 	SECTION 11.12	 	Legal Holidays	 	 	64	 
	 
	 	SECTION 11.13	 	GOVERNING LAW	 	 	64	 
	 
	 	SECTION 11.14	 	Counterparts	 	 	64	 
	 
	 	SECTION 11.15	 	Recording of Indenture	 	 	64	 
	 
	 	SECTION 11.16	 	Trust Obligation	 	 	65	 
	 
	 	SECTION 11.17	 	No Petition	 	 	65	 
	 
	 	SECTION 11.18	 	Inspection	 	 	65	 
	EXHIBITS	 	 	 	 
	 
	 	EXHIBIT A-1	 	Form of Class A-1 Note	 	 	 	 
	 
	 	EXHIBIT A-2	 	Form of Class A-2 Note	 	 	 	 
	 
	 	EXHIBIT A-3	 	Form of Class A-3 Note	 	 	 	 
	 
	 	EXHIBIT A-4	 	Form of Class A-4 Note	 	 	 	 
	SCHEDULES	 	 	 	 
	 
	 	SCHEDULE A	 	Representations and Warranties of the Issuer	 	 	 	 

iii

 

          INDENTURE dated as of October 26, 2004, between AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2004-D-F, a Delaware statutory trust (the “Issuer”), and
JPMORGAN CHASE BANK, a New York banking corporation, as trustee (the “Trustee”)
and Trust Collateral Agent (as defined below).

          Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuer’s Class A-1 2.08%
Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 2.53% Asset Backed
Notes (the “Class A-2 Notes”), the Class A-3 2.98% Asset Backed Notes (the
“Class A-3 Notes”) and the Class A-4 3.43% Asset Backed Notes (the “Class A-4
Notes” and together with the Class A-1 Notes, the Class A-2 Notes, and the
Class A-3 Notes, the “Notes”).

          As security for the payment and performance by the Issuer of its
obligations under this Indenture and the Notes, the Issuer has agreed to assign
the Collateral (as defined below) as collateral to the Trust Collateral Agent
for the benefit of the Trustee on behalf of the Noteholders.

          Financial Security Assurance Inc. (the “Security Insurer”) has issued and
delivered a financial guaranty insurance policy, dated the Closing Date (with
endorsements, the “Note Policy”), pursuant to which the Security Insurer
guarantees Scheduled Payments, as defined in the Insurance Agreement.

          As an inducement to the Security Insurer to issue and deliver the Note
Policy, the Issuer and the Security Insurer have executed and delivered the
Insurance and Indemnity Agreement, dated as of October 26, 2004 (as amended
from time to time, the “Insurance Agreement”), among the Security Insurer, the
Issuer, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS Funding
Trust.

          As an additional inducement to the Security Insurer to issue the Note
Policy, and as security for the performance by the Issuer of the Insurer Issuer
Secured Obligations and as security for the performance by the Issuer of the
Trustee Issuer Secured Obligations, the Issuer has agreed to assign the
Collateral (as defined below) as collateral to the Trust Collateral Agent for
the benefit of the Issuer Secured Parties, as their respective interests may
appear.

1

 

GRANTING CLAUSE

          The Issuer hereby Grants to the Trust Collateral Agent at the Closing
Date, for the benefit of the Issuer Secured Parties, all of the Issuer’s right,
title and interest in and to the following property, whether now existing or
hereafter acquired or arising (a) the Receivables and all moneys received
thereon after the Cutoff Date; (b) the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and any other interest
of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the
Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a
result of a breach of representation or warranty in the related Dealer
Agreement or repurchased by a Third-Party Lender, pursuant to an Auto Loan
Purchase and Sale Agreement, as a result of a breach of representation or
warranty in the related Auto Loan Purchase and Sale Agreement; (d) all rights
under any Service Contracts on the related Financed Vehicles; (e) any proceeds
with respect to the Receivables from claims on any physical damage, credit life
or disability insurance policies covering Financed Vehicles or Obligors and any
proceeds from the liquidation of the Receivables; (f) the Trust Accounts and
all funds on deposit from time to time in the Trust Accounts, and in all
investments and proceeds thereof and all rights of the Issuer therein
(including all income thereon); (g) the Issuer’s rights and benefits, but none
of its obligations or burdens, under the Purchase Agreement, including the
delivery requirements, representations and warranties and the cure and
repurchase obligations of AmeriCredit under the Purchase Agreement; (h) all
items contained in the Receivable Files and any and all other documents that
AmeriCredit keeps on file in accordance with its customary procedures relating
to the Receivables, the Obligors or the Financed Vehicles, (i) the Issuer’s
rights and benefits, but none of its obligations or burdens, under the Sale and
Servicing Agreement (including all rights of the Seller under the Purchase
Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement),
(j) all of the Issuer’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv)
Instruments and (v) General Intangibles (as such terms are defined in the UCC)
relative to the property described in (a) through (i) and (k) all present and
future claims, demands, causes and choses of action in respect of any or all of
the foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the “Collateral”).

          The foregoing Grant is made in trust to the Trust Collateral Agent, for
the benefit of the Trustee on behalf of the Noteholders and for the benefit of
the Security Insurer. The Trust Collateral Agent hereby acknowledges such
Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this
Indenture to the end that the interests of such parties, recognizing the
priorities of their respective interests may be adequately and effectively
protected.

2

 

ARTICLE I

Definitions and Incorporation by Reference

          SECTION 1.1 Definitions. Except as otherwise specified herein, the following
terms have the respective meanings set forth below for all purposes of this
Indenture.

          “Act” has the meaning specified in Section 11.3(a).

          “Affiliate” means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any specified Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any person solely because such other Person has
the contractual right or obligation to manage such Person unless such other
Person controls such Person through equity ownership or otherwise.

          “Authorized Officer” means, with respect to the Issuer and the Servicer,
any officer or agent acting pursuant to a power of attorney of the Owner
Trustee or the Servicer, as applicable, who is authorized to act for the Owner
Trustee or the Servicer, as applicable, in matters relating to the Issuer and
who is identified on the list of Authorized Officers delivered by each of the
Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter).

          “Basic Documents” means this Indenture, the Certificate of Trust, the
Trust Agreement, as amended, the Sale and Servicing Agreement, the Spread
Account Agreement, the Underwriting Agreement, the Lockbox Agreement, the
Spread Account Agreement Supplement, the Insurance Agreement, the Assignment,
the Custodian Agreement and other documents and certificates delivered in
connection therewith.

          “Benefit Plan Entity” has the meaning specified in Section 2.4.

          “Book Entry Notes” means a beneficial interest in the Notes, ownership and
transfers of which shall be made through book entries by a Clearing Agency as
described in Section 2.10.

          “Business Day” means any day other than a Saturday, a Sunday, legal
holiday or other day on which commercial banking institutions located in
Wilmington, Delaware, Fort Worth, Texas or New York City, New York or any other
location of any successor Servicer, successor Owner Trustee or successor Trust
Collateral Agent are authorized or obligated by law, executive order or
governmental decree to be closed.

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

3

 

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

          “Certificate of Trust” means the certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

          “Class A-1 Interest Rate” means 2.08% per annum (computed on the basis of
a 360-day year and the actual number of days in the related Interest Period).

          “Class A-1 Notes” means the Class A-1 2.08% Asset Backed Notes,
substantially in the form of Exhibit A-1.

          “Class A-2 Interest Rate” means 2.53% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

          “Class A-2 Notes” means the Class A-2 2.53% Asset Backed Notes,
substantially in the form of Exhibit A-2.

          “Class A-3 Interest Rate” means 2.98% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

          “Class A-3 Notes” means the Class A-3 2.98% Asset Backed Notes,
substantially in the form of Exhibit A-3.

          “Class A-4 Interest Rate” means 3.43% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

          “Class A-4 Notes” means the Class A-4 3.43% Asset Backed Notes,
substantially in the form of Exhibit A-4.

          “Clearing Agency” means an organization registered as a “clearing agency”
pursuant to Section 17A of the Exchange Act.

          “Clearing Agency Participant” means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with
the Clearing Agency.

          “Closing Date” means November 9, 2004.

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

          “Collateral” has the meaning specified in the Granting Clause of this
Indenture.

          “Controlling Party” means the Security Insurer, so long as no Insurer
Default shall have occurred and be continuing, and the Trustee for the benefit
of the Noteholders, for so long as an Insurer Default shall have occurred and
be continuing.

4

 

          “Corporate Trust Office” means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered
which office at date of the execution of this Indenture is located at 4 New
York Plaza, 6th Floor, New York, New York 10004 (facsimile number (212)
623-5932), Attention: Institutional Trust Services AmeriCredit 2004-D-F, or at
such other address as the Trustee may designate from time to time by notice to
the Noteholders, the Security Insurer, the Servicer and the Issuer, or the
principal corporate trust office of any successor Trustee (the address of which
the successor Trustee will notify the Noteholders and the Issuer).

          “Default” means any occurrence that is, or with notice or the lapse of
time or both would become, an Event of Default.

          “Definitive Notes” has the meaning specified in Section 2.10.

          “Distribution Amount” means the sum of (a) Available Funds and (b)
Additional Funds Available.

          “Distribution Date” has the meaning specified in the Sale and Servicing
Agreement.

          “ERISA” has the meaning specified in Section 2.4.

          “Event of Default” has the meaning specified in Section 5.1.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Executive Officer” means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
any Executive Vice President, any Senior Vice President, any Vice President,
the Secretary or the Treasurer of such corporation; and with respect to any
partnership, any general partner thereof.

          “Final Scheduled Distribution Date” means with respect to (i) the Class
A-1 Notes, the November 7, 2005 Distribution Date, (ii) the Class A-2 Notes,
the March 6, 2008 Distribution Date, (iii) the Class A-3 Notes, the July 6,
2009 Distribution Date and (iv) the Class A-4 Notes, the July 6, 2011
Distribution Date.

          “Grant” means mortgage, pledge, bargain, warrant, alienate, remise,
release, convey, assign, transfer, create, grant a lien upon and a security
interest in and right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the Granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options, to bring proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be
entitled to do or receive thereunder or with respect thereto.

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          “Holder” or “Noteholder” means the Person in whose name a Note is
registered on the Note Register.

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

          “Indenture” means this Indenture as amended and supplemented from time to
time.

          “Independent” means, when used with respect to any specified Person, that
the person (a) is in fact independent of the Issuer, any other obligor upon the
Notes, the Seller and any Affiliate of any of the foregoing persons, (b) does
not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Seller or any Affiliate of any of the foregoing Persons as
an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions.

          “Independent Certificate” means a certificate or opinion to be delivered
to the Trust Collateral Agent under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1, prepared
by an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Trust Collateral Agent in the exercise of reasonable care, and
such opinion or certificate shall state that the signer has read the definition
of “Independent” in this Indenture and that the signer is Independent within
the meaning thereof.

          “Insurance Agreement Indenture Cross Default” has the meaning specified
therefor in the Insurance Agreement.

          “Insured Distribution Date” has the meaning specified in the Sale and
Servicing Agreement.

          “Insurer Issuer Secured Obligations” means all amounts and obligations
which the Issuer may at any time owe to or on behalf of the Security Insurer
under this Indenture, the Insurance Agreement or any other Basic Document.

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          “Interest Rate” means, with respect to the (i) Class A-1 Notes, the Class
A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii)
Class A-3 Notes, the Class A-3 Interest Rate and (iv) Class A-4 Notes, the
Class A-4 Interest Rate.

          “Issuer” means the party named as such in this Indenture until a successor
replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

          “Issuer Order” and “Issuer Request” means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Trustee.

          “Issuer Secured Obligations” means the Insurer Issuer Secured Obligations
and the Trustee Issuer Secured Obligations.

          “Issuer Secured Parties” means each of the Trustee in respect of the
Trustee Issuer Secured Obligations and the Security Insurer in respect of the
Insurer Issuer Secured Obligations.

          “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a
Class A-4 Note.

          “Note Owner” means, with respect to a Book-Entry Note, the person who is
the owner of such Book-Entry Note, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing
Agency (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing
Agency).

          “Note Paying Agent” means the Trustee or any other Person that meets the
eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the payments to and distributions from the
Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

          “Note Policy” means the insurance policy issued by the Security Insurer
with respect to the Notes, including any endorsements thereto.

          “Note Policy Claim Amount” has the meaning specified in the Sale and
Servicing Agreement.

          “Note Register” and “Note Registrar” have the respective meanings
specified in Section 2.4.

          “Notice of Claim” has the meaning specified in the Sale and Servicing
Agreement.

          “Notice of Default” has the meaning set forth in Section 5.1 hereof.

          “Officer’s Certificate” means a certificate signed by any Authorized
Officer of the Owner Trustee, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1 and TIA §
314, and delivered to the Trustee. Unless

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otherwise specified, any reference in this Indenture to an Officer’s
Certificate shall be to an Officer’s Certificate of any Authorized Officer of
the Issuer.

          “Opinion of Counsel” means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be employees of
or counsel to the Issuer and who shall be satisfactory to the Trustee and, if
addressed to the Security Insurer, satisfactory to the Security Insurer, and
which shall comply with any applicable requirements of Section 11.1, and shall
be in form and substance satisfactory to the Trustee, and if addressed to the
Security Insurer, satisfactory to the Security Insurer.

          “Outstanding” means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

     (i) Notes theretofore canceled by the Note Registrar or delivered to
the Note Registrar for cancellation;

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

     (iii) Notes in exchange for or in lieu of other Notes which have
been authenticated and delivered pursuant to this Indenture unless proof
satisfactory to the Trustee is presented that any such Notes are held by
a bona fide purchaser;

provided, however, that Notes which have been paid with proceeds of the Note
Policy shall continue to remain Outstanding for purposes of this Indenture
until the Security Insurer has been paid as subrogee hereunder or reimbursed
pursuant to the Insurance Agreement as evidenced by a written notice from the
Security Insurer delivered to the Trustee, and the Security Insurer shall be
deemed to be the Holder thereof to the extent of any payments thereon made by
the Security Insurer; provided, further, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder
or under any Basic Document, Notes owned by the Issuer, any other obligor upon
the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Trustee either actually knows to be so owned or has
received written notice thereof shall be so disregarded. Notes so owned that
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Notes and that the pledgee is not the Issuer, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons.

          “Outstanding Amount” means the aggregate principal amount of all Notes, or
class of Notes, as applicable, Outstanding at the date of determination.

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          “Predecessor Note” means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.5 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

          “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

          “Rating Agency” means each of Moody’s, Standard & Poor’s and Fitch, so
long as such Persons maintain a rating on the Notes; and if any of Moody’s,
Standard & Poor’s or Fitch no longer maintains a rating on the Notes, such
other nationally recognized statistical rating organization selected by the
Seller and (so long as an Insurer Default shall not have occurred and be
continuing) acceptable to the Security Insurer.

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

          “Record Date” means, with respect to a Distribution Date or Redemption
Date, the close of business on the Business Day immediately preceding such
Distribution Date or Redemption Date.

          “Redemption Date” means in the case of a redemption of the Notes pursuant
to Section 10.1(a) or the payment to Noteholders pursuant to Section 10.1(b),
the Distribution Date specified by the Servicer or the Issuer pursuant to
Section 10.1(a) or 10.1(b) as applicable.

          “Redemption Price” means (a) in the case of a redemption of the Notes
pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of
the then outstanding principal amount of each class of Notes being redeemed
plus accrued and unpaid interest thereon to but excluding the Redemption Date,
or (b) in the case of a payment made to Noteholders pursuant to Section
10.1(b), the amount on deposit in the Note Distribution Account, but not in
excess of the amount specified in clause (a) above.

          “Responsible Officer” means, with respect to the Trustee or the Trust
Collateral Agent, any officer within the Corporate Trust Office of the Trustee,
including any Executive Vice President, Senior Vice President, Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any
other officer of the Trustee or the Trust Collateral Agent customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.

          “Sale and Servicing Agreement” means the Sale and Servicing Agreement
dated as of October 26, 2004, among the Issuer, the Seller, the Servicer, the
Trustee, as Trust Collateral

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Agent, and Systems & Services Technologies, Inc., as Backup Servicer, as
the same may be amended or supplemented from time to time.

          “Scheduled Payments” has the meaning specified in the Note Policy.

          “State” means any one of the 50 states of the United States of America or
the District of Columbia.

          “Termination Date” means the latest of (i) the expiration of the Note
Policy and the return of the Note Policy to the Security Insurer for
cancellation, (ii) the date on which the Security Insurer shall have received
payment and performance of all Insurer Issuer Secured Obligations and (iii) the
date on which the Trustee shall have received payment and performance of all
Trustee Issuer Secured Obligations.

          “Trust Collateral Agent” means, initially, JPMorgan Chase Bank, in its
capacity as collateral agent on behalf of the Issuer Secured Parties, including
its successors-in-interest, until and unless a successor Person shall have
become the Trust Collateral Agent pursuant to Section 6.17 hereof, and
thereafter “Trust Collateral Agent” shall mean such successor Person.

          “Trust Estate” means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
this Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Trust Collateral Agent), including all proceeds
thereof.

          “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended and as in force on the date hereof, unless otherwise specifically
provided.

          “Trustee” means JPMorgan Chase Bank, a New York banking corporation, not
in its individual capacity but as trustee under this Indenture, or any
successor trustee under this Indenture.

          “Trustee Issuer Secured Obligations” means all amounts and obligations
which the Issuer may at any time owe to or on behalf of the Trustee for the
benefit of the Noteholders under this Indenture, the Notes or any Basic
Document.

          “UCC” means, unless the context otherwise requires, the Uniform Commercial
Code, as in effect in the relevant jurisdiction, as amended from time to time.

          Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to them in the Sale and Servicing Agreement or the Trust
Agreement.

          SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

          “Commission” means the Securities and Exchange Commission.

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          “indenture securities” means the Notes.

          “indenture security holder” means a Noteholder.

          “indenture to be qualified” means this Indenture.

          “indenture trustee” or “institutional trustee” means the Trustee.

          “obligor” on the indenture securities means the Issuer.

          All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

          SECTION 1.3 Rules of Construction. Unless the context otherwise requires:

     (i) a term has the meaning assigned to it;

     (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting
principles as in effect from time to time;

     (iii) “or” is not exclusive;

     (iv) “including” means including without limitation; and

     (v) words in the singular include the plural and words in the
plural include the singular.

ARTICLE II

The Notes

          SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes, in each case together with the Trustee’s
certificate of authentication, shall be in substantially the form set forth in
Exhibits A-1, A-2, A-3 and A-4, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

          The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

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          Each Note shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibits A-1, A-2, A-3 and A-4 are part of the terms of this
Indenture.

          SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

          Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

          The Trustee shall, upon receipt of the Note Policy and Issuer Order,
authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $145,000,000, Class A-2 Notes for original issue in the
aggregate principal amount of $236,000,000, Class A-3 Notes for original issue
in an aggregate principal amount of $197,000,000 and Class A-4 Notes for
original issue in an aggregate principal amount of $172,000,000. The Class A-1
Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any
time may not exceed such amounts except as provided in Section 2.5.

          The Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in integral multiples thereof (except for one Note
of each class which may be issued in a denomination other than an integral
multiple of $1,000).

          No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by the manual signature of one of its authorized signatories, and such
certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.

          SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the
Issuer may execute, and upon receipt of an Issuer Order the Trustee shall
authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, of the tenor of the Definitive
Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

          If temporary Notes are issued, the Issuer will cause Definitive Notes to
be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the
office or agency of the Issuer to be maintained as provided in Section
3.2, without charge to the Noteholder. Upon surrender for cancellation of any
one or more temporary Notes, the Issuer shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Definitive Notes.

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          SECTION 2.4 Registration; Registration of Transfer and Exchange. The Issuer
shall cause to be kept a register (the “Note Register”) in which, subject to
such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Trustee shall be “Note Registrar” for the purpose of registering Notes and
transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not
to make such an appointment, assume the duties of Note Registrar.

          If a Person other than the Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the
Trustee shall have the right to conclusively rely upon a certificate executed
on behalf of the Note Registrar by an Executive Officer thereof as to the names
and addresses of the Noteholders of the Notes and the principal amounts and
number of such Notes.

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

          At the option of the Noteholder, Notes may be exchanged for other Notes in
any authorized denominations, of the same class and a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, subject to Sections 2.10
and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are met the
Issuer shall execute and upon its request the Trustee shall authenticate and
the Noteholder shall obtain from the Trustee, the Notes which the Noteholder
making the exchange is entitled to receive.

          All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

          Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in the form attached to Exhibits A-1, A-2, A-3 and A-4
duly executed by, the Holder thereof or such Holder’s attorney duly authorized
in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer
Agents Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by
such other documents as the Trustee may require.

          Notwithstanding the foregoing, in the case of any sale or other transfer
of a Definitive Note, the transferor of such Definitive Note shall be required
to represent and warrant

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in writing that the prospective transferee either (a)
is not (i) an employee benefit plan (as defined in section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)), which is subject
to the provisions of Title I of ERISA, (ii) a plan (as defined in section
4975(e)(1) of the Code), which is subject to Section 4975 of the Code, or (iii)
an entity whose underlying assets are deemed to be assets of a plan described
in (i) or (ii) above by reason of such plan’s investment in the entity (any
such entity described in clauses (i) through (iii), a “Benefit Plan Entity”) or
(b) is a Benefit Plan Entity and the acquisition and holding of the Definitive
Note by such prospective transferee is covered by a Department of Labor
Prohibited Transaction Class Exemption. Each transferee of a Book Entry Note
that is a Benefit Plan Entity shall be deemed to represent that its acquisition
and holding of the Book Entry Note is covered by a Department of Labor
Prohibited Transaction Class Exemption.

          No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Note Registrar may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes,
other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

          The preceding provisions of this section notwithstanding, the Issuer shall
not be required to make and the Note Registrar shall not register transfers or
exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to the Note.

          SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated
Note is surrendered to the Trustee, or the Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is
delivered to the Trustee and the Security Insurer (unless an Insurer Default
shall have occurred and be continuing) such security or indemnity as may be
required by it to hold the Issuer, the Trustee and the Security Insurer
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Trustee that such Note has been acquired by a bona fide purchaser, and
provided that the requirements of Section 8-405 of the UCC are met, the Issuer
shall execute and upon its request the Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note; provided, however, that if any such destroyed, lost
or stolen Note, but not a mutilated Note, shall have become or within seven
days shall be due and payable, or shall have been called for redemption,
instead of issuing a replacement Note, the Issuer may direct the Trustee, in
writing, to pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date, without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant
to the proviso to the
preceding sentence, a bona fide purchaser of the original Note in lieu of which
such replacement Note was issued presents for payment such original Note, the
Issuer, the Trustee and the Security Insurer shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or
any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred
by the Issuer or the Trustee in connection therewith.

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          Upon the issuance of any replacement Note under this Section, the Issuer
may require the payment by the Holder of such Note of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto
and any other reasonable expenses (including the fees and expenses of the
Trustee) connected therewith.

          Every replacement Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

          SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Trustee and any agent of the Issuer or
the Trustee, or the Security Insurer may treat the Person in whose name any
Note is registered (as of the Record Date) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Security Insurer, the Trustee nor any agent of the
Issuer or the Trustee shall be affected by notice to the contrary.

          SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.

          (a) The Notes shall accrue interest as provided in the forms of the Class
A-1 Note, the Class A-2 Note, the Class A-3 Note and the Class A-4 Note set
forth in Exhibits A-1, A-2, A-3 and A-4, respectively, and such interest shall
be due and payable on each Distribution Date and each Insured Distribution
Date, as specified therein. Any installment of interest or principal, if any,
payable on any Note which is punctually paid or duly provided for by the Issuer
on the applicable Distribution Date or Insured Distribution Date shall be paid
to the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date, by check mailed first-class, postage prepaid, to
such Person’s address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except
for the final installment of principal payable with respect to such Note
on a Distribution Date or Insured Distribution Date or on the Final Scheduled
Distribution Date (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1(a)) which shall be payable as provided
below. The funds represented by any such checks returned undelivered shall be
held in accordance with Section 3.3.

          (b) The principal of each Note shall be payable in installments on each
Distribution Date or Insured Distribution Date, as applicable, as provided in
the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the
Class A-4 Note set forth in Exhibits A-1, A-2, A-3 and A-4, respectively.
Notwithstanding the foregoing, the entire unpaid

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principal amount of the Notes
shall be due and payable, if not previously paid, (i) on the date on which an
Event of Default shall have occurred and be continuing if no Insurer Default
has occurred or (ii) if an Insurer Default has occurred and is continuing, if
the Trustee or the Noteholders representing not less than a majority of the
Outstanding Amount of the Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.2. All principal payments on
each class of Notes shall be made pro rata to the Noteholders of such class
entitled thereto. Upon written notice from the Issuer, the Trustee shall
notify the Person in whose name a Note is registered at the close of business
on the Record Date preceding the Distribution Date on which the Issuer expects
that the final installment of principal of and interest on such Note will be
paid. Such notice shall be mailed or transmitted by facsimile prior to such
final Distribution Date and shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed
to Noteholders as provided in Section 10.2.

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

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

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

     SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on or
after the Termination Date, release any remaining portion of the Trust Estate
from the lien

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created by this Indenture and deposit in the Collection Account
any funds then on deposit in any other Trust Account. The Trust Collateral
Agent shall release property from the lien created by this Indenture pursuant
to this Section 2.9 only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting
the applicable requirements of Section 11.1.

          SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to The Depository Trust Company, the initial Clearing Agency, by,
or on behalf of, the Issuer. Such Notes shall initially be registered on the
Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner will receive a Definitive Note representing such Note
Owner’s interest in such Note, except as provided in Section 2.12. Unless and
until definitive, fully registered Notes (the “Definitive Notes”) have been
issued to Note Owners pursuant to Section 2.12:

     (i) the provisions of this Section shall be in full force and
effect;

     (ii) the Note Registrar and the Trustee shall be entitled to deal
with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Notes and the giving of
instructions or directions hereunder) as the sole Holder of the Notes,
and shall have no obligation to the Note Owners;

     (iii) to the extent that the provisions of this Section conflict
with any other provisions of this Indenture, the provisions of this
Section shall control;

     (iv) the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and
agreements between such Note Owners and the Clearing Agency and/or the
Clearing Agency Participants. Unless and until Definitive Notes are
issued pursuant to Section 2.12, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive
and transmit payments of principal of and interest on the Notes to such
Clearing Agency Participants;

     (v) whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Noteholders evidencing a
specified percentage of the Outstanding Amount of the Notes, the Clearing
Agency shall be deemed to represent such percentage only to the extent
that it has received instructions to such effect from Note Owners and/or
Clearing Agency Participants owning or representing, respectively, such
required percentage of the beneficial interest in the Notes and has
delivered such instructions to the Trustee; and

     (vi) Note Owners may receive copies of any reports sent to
Noteholders pursuant to this Indenture, upon written request, together
with a certification that they are Note Owners and payment of
reproduction and postage expenses associated with the distribution of
such reports, from the Trustee at the Corporate Trust Office.

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          SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to
Section 2.12, the Trustee shall give all such notices and communications
specified herein to be given to the Noteholders to the Clearing Agency, and
shall have no obligation to the Note Owners.

          SECTION 2.12 Definitive Notes. If (i) the Servicer advises the Trustee in
writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Notes, and the Servicer is
unable to locate a qualified successor or (ii) after the occurrence of an Event
of Default, Note Owners representing beneficial interests aggregating at least
a majority of the Outstanding Amount of the Notes advise the Trustee through
the Clearing Agency in writing that the continuation of a book entry system
through the Clearing Agency is no longer in the best interests of the Note
Owners, then the Clearing Agency shall notify all Note Owners and the Trustee
of the occurrence of any such event and of the availability of Definitive Notes
to Note Owners requesting the same. Upon surrender to the Trustee of the
typewritten Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuer shall execute and
the Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be fully protected in relying on, such
instructions. Upon the issuance of Definitive Notes, the Trustee shall
recognize the Holders of the Definitive Notes as Noteholders.

ARTICLE III

Covenants

          SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with
the terms of the Notes and this Indenture. Without limiting the foregoing, the
Issuer will cause to be distributed all amounts on deposit in the Note
Distribution Account on a Distribution Date deposited therein pursuant to the
Sale and Servicing Agreement
(i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (ii)
for the benefit of the Class A-2 Notes, to Class A-2 Noteholders, (iii) for the
benefit of the Class A-3 Notes, to Class A-3 Noteholders and (iv) for the
benefit of the Class A-4 Notes, to the Class A-4 Noteholders. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the Issuer
to such Noteholder for all purposes of this Indenture.

          SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in
New York, New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The
Issuer hereby initially appoints the Trustee to serve as its agent for the
foregoing purposes. The Issuer will give prompt written notice to the Trustee
of the location, and of any change in the location, of any such office or
agency. If at any time the Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate

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Trust
Office, and the Issuer hereby appoints the Trustee as its agent to receive all
such surrenders, notices and demands.

          SECTION 3.3 Money for Payments to be Held in Trust. On or before each
Distribution Date, Insured Distribution Date and Redemption Date, the Issuer
shall deposit or cause to be deposited in the Note Distribution Account from
the Collection Account an aggregate sum sufficient to pay the amounts then
becoming due under the Notes, such sum to be held in trust for the benefit of
the Persons entitled thereto and (unless the Note Paying Agent is the Trustee)
shall promptly notify the Trustee of its action or failure so to act.

          The Issuer will cause each Note Paying Agent other than the Trustee to
execute and deliver to the Trustee and the Security Insurer an instrument in
which such Note Paying Agent shall agree with the Trustee (and if the Trustee
acts as Note Paying Agent, it hereby so agrees), subject to the provisions of
this Section, that such Note Paying Agent will:

     (i) hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and pay such sums to such Persons as
herein provided;

     (ii) give the Trustee notice of any default by the Issuer (or any
other obligor upon the Notes) of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes;

     (iii) at any time during the continuance of any such default, upon
the written request of the Trustee, forthwith pay to the Trustee all sums
so held in trust by such Note Paying Agent;

     (iv) immediately resign as a Note Paying Agent and forthwith pay to
the Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to
meet the standards required to be met by a Note Paying Agent at the
time of its appointment; and

     (v) comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable
reporting requirements in connection therewith.

          The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Order
direct any Note Paying Agent to pay to the Trustee all sums held in trust by
such Note Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which the sums were held by such Note Paying Agent; and
upon such a payment by any Note Paying Agent to the Trustee, such Note Paying
Agent shall be released from all further liability with respect to such money.

          Subject to applicable laws with respect to the escheat of funds, any money
held by the Trustee or any Note Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable

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shall be discharged from such trust and
be paid to the Issuer on Issuer Request with the consent of the Security
Insurer (unless an Insurer Default shall have occurred and be continuing) and
shall be deposited by the Trustee in the Collection Account; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to
the Issuer), and all liability of the Trustee or such Note Paying Agent with
respect to such trust money shall thereupon cease; provided, however, that if
such money or any portion thereof had been previously deposited by the Security
Insurer or the Trust Collateral Agent with the Trustee for the payment of
principal or interest on the Notes, to the extent any amounts are owing to the
Security Insurer, such amounts shall be paid promptly to the Security Insurer
upon the Trustee’s receipt of a written request by the Security Insurer to such
effect; and provided, further, that the Trustee or such Note Paying Agent,
before being required to make any such repayment, shall at the expense of the
Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in New York, New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer. The Trustee shall also adopt and employ, at the expense
of the Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to Holders
whose Notes have been called but have not been surrendered for redemption or
whose right to or interest in moneys due and payable but not claimed is
determinable from the records of the Trustee or of any Note Paying Agent, at
the last address of record for each such Holder).

          SECTION 3.4 Existence. Except as otherwise permitted by the provisions of
Section 3.10, the Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless
it becomes, or any successor Issuer hereunder is or becomes, organized under
the laws of any other state or of the United States of America, in which case
the Issuer will
keep in full effect its existence, rights and franchises under the laws of
such other jurisdiction) and will obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

          SECTION 3.5 Protection of Trust Estate. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Issuer Secured
Parties to be prior to all other liens in respect of the Trust Estate, and the
Issuer shall take all actions necessary to obtain and maintain, in favor of the
Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a first
lien on and a first priority, perfected security interest in the Trust Estate.
The Issuer will from time to time prepare (or shall cause to be prepared),
execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

     (i) Grant more effectively all or any portion of the Trust Estate;

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     (ii) maintain or preserve the lien and security interest (and the
priority thereof) in favor of the Trust Collateral Agent for the benefit
of the Issuer Secured Parties created by this Indenture or carry out more
effectively the purposes hereof;

     (iii) perfect, publish notice of or protect the validity of any
Grant made or to be made by this Indenture;

     (iv) enforce any of the Collateral;

     (v) preserve and defend title to the Trust Estate and the rights of
the Trust Collateral Agent in such Trust Estate against the claims of all
persons and parties; and

     (vi) pay all taxes or assessments levied or assessed upon the Trust
Estate when due.

The Issuer hereby designates the Trust Collateral Agent its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required by the Trust Collateral Agent pursuant to this
Section.

          SECTION 3.6 Opinions as to Trust Estate.

          (a) On the Closing Date, the Issuer shall furnish to the Trustee, the
Trust Collateral Agent and the Security Insurer an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording and filing of this Indenture, any indentures
supplemental hereto, and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements,
as are necessary to perfect and make effective the first priority lien and
security interest in favor of the Trust Collateral Agent, for the benefit of
the Issuer Secured Parties, created by this Indenture and reciting the details
of such action, or stating that, in the opinion of such counsel, no such action
is necessary to make such lien and security interest effective.

          (b) Within 120 days after the beginning of each calendar year, beginning
with the first calendar year beginning more than six months after the Closing
Date, the Issuer shall furnish to the Trustee, Trust Collateral Agent, the
Backup Servicer and the Security Insurer an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect
to the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and
continuation statements as are necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to
maintain such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and the
execution and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain the lien and
security interest of this Indenture until January 31 in the following calendar
year.

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          SECTION 3.7 Performance of Obligations; Servicing of Receivables.

          (a) The Issuer will not take any action and will use its best efforts not
to permit any action to be taken by others that would release any Person from
any of such Person’s material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Basic Documents or such other instrument or agreement.

          (b) The Issuer may contract with other Persons acceptable to the Security
Insurer (so long as no Insurer Default shall have occurred and be continuing)
to assist it in performing its duties under this Indenture, and any performance
of such duties by a Person identified to the Trustee and the Security Insurer
in an Officer’s Certificate of the Issuer shall be deemed to be action taken by
the Issuer. Initially, the Issuer has contracted with the Servicer to assist
the Issuer in performing its duties under this Indenture.

          (c) The Issuer will punctually perform and observe all of its obligations
and agreements contained in this Indenture, the Basic Documents and in the
instruments and agreements included in the Trust Estate, including, but not
limited to, preparing (or causing to prepared) and filing (or causing to be
filed) all UCC financing statements and continuation statements required to be
filed by the terms of this Indenture and the Sale and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive,
amend, modify, supplement or terminate any Basic Document or any provision
thereof without the consent of the Trustee, the Security Insurer and the
Holders of at least a majority of the Outstanding Amount of the Notes.

          (d) If a responsible officer of the Owner Trustee shall have actual
knowledge of the occurrence of a Servicer Termination Event under the Sale and
Servicing Agreement, the Issuer shall promptly notify the Trustee, the Security
Insurer and the Rating Agencies thereof in accordance with Section 11.4, and
shall specify in such notice the action, if any, the Issuer is
taking in respect of such default. If a Servicer Termination Event shall
arise from the failure of the Servicer to perform any of its duties or
obligations under the Sale and Servicing Agreement with respect to the
Receivables, the Issuer shall take all reasonable steps available to it to
remedy such failure.

          (e) The Issuer agrees that it will not waive timely performance or
observance by the Servicer or the Seller of their respective duties under the
Basic Documents (x) without the prior consent of the Security Insurer (unless
an Insurer Default shall have occurred and be controlling) or (y) if the effect
thereof would adversely affect the Holders of the Notes.

          SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the
Issuer shall not:

     (i) except as expressly permitted by this Indenture or the Basic
Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the

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Issuer, including those included in the Trust
Estate, unless directed to do so by the Controlling Party;

     (ii) claim any credit on, or make any deduction from the principal
or interest payable in respect of, the Notes (other than amounts properly
withheld from such payments under the Code) or assert any claim against
any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Trust Estate; or

     (iii) (A) permit the validity or effectiveness of this Indenture to
be impaired, or permit the lien in favor of the Trust Collateral Agent
created by this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any
covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (B) permit any lien, charge,
excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or
otherwise arise upon or burden the Trust Estate or any part thereof or
any interest therein or the proceeds thereof (other than tax liens,
mechanics’ liens and other liens that arise by operation of law, in each
case on a Financed Vehicle and arising solely as a result of an action or
omission of the related Obligor), (C) permit the lien of this Indenture
not to constitute a valid first priority (other than with respect to any
such tax, mechanics’ or other lien) security interest in the Trust
Estate, or (D) amend, modify or fail to comply with the provisions of the
Basic Documents without the prior written consent of the Controlling
Party.

          SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to
the Trustee and the Security Insurer, within 120 days after the end of each
fiscal year of the Issuer (commencing with the fiscal year ended December, 31,
2004), and otherwise in compliance with the requirements of TIA Section
314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer
signing such Officer’s Certificate, that

     (i) a review of the activities of the Issuer during such year and of
performance under this Indenture has been made under such Authorized
Officer’s supervision; and

     (ii) to the best of such Authorized Officer’s knowledge, based on
such review, the Issuer has complied with all conditions and covenants
under this Indenture and the other Basic Documents throughout such year,
or, if there has been a default in the compliance of any such condition
or covenant, specifying each such default known to such Authorized
Officer and the nature and status thereof.

          SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other
Person, unless

     (i) the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any state and shall
expressly assume, by an indenture

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supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee and the
Security Insurer (so long as no Insurer Default shall have occurred and
be continuing), the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be
performed or observed, all as provided herein;

     (ii) immediately after giving effect to such transaction, no Default
or Event of Default shall have occurred and be continuing;

     (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Trustee and the Security Insurer (so
long as no Insurer Default shall have occurred and be continuing)) to the
effect that such transaction will not have any material adverse tax
consequence to the Trust, the Security Insurer, any Noteholder or the
Certificateholder;

     (v) any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken;

     (vi) the Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that such
consolidation or merger and such supplemental indenture comply with this
Article III and that all conditions precedent herein provided for
relating to such transaction have been complied with (including any
filing required by the Exchange Act); and

     (vii) so long as no Insurer Default shall have occurred and be
continuing, the Issuer shall have given the Security Insurer written
notice of such consolidation or merger at least 20 Business Days prior to
the consummation of such action and shall have
received the prior written approval of the Security Insurer of such
consolidation or merger and the Issuer or the Person (if other than the
Issuer) formed by or surviving such consolidation or merger has a net
worth, immediately after such consolidation or merger, that is (a)
greater than zero and (b) not less than the net worth of the Issuer
immediately prior to giving effect to such consolidation or merger.

          (b) The Issuer shall not convey or transfer all or substantially all of
its properties or assets, including those included in the Trust Estate, to any
Person, unless

     (i) the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which
is hereby restricted shall (A) be a United States citizen or a Person
organized and existing under the laws of the United States of America or
any state, (B) expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the
Trustee, and the Security Insurer (so long as no Insurer Default shall
have occurred and be continuing), the due and punctual payment of the
principal of and interest on all Notes and the performance or observance
of every agreement and covenant of this Indenture and each of the Basic
Documents on the part of the Issuer to be performed or observed, all as

24

 

provided herein, (C) expressly agree by means of such supplemental
indenture that all right, title and interest so conveyed or transferred
shall be subject and subordinate to the rights of Holders of the Notes,
(D) unless otherwise provided in such supplemental indenture, expressly
agree to indemnify, defend and hold harmless the Issuer against and from
any loss, liability or expense arising under or related to this Indenture
and the Notes and (E) expressly agree by means of such supplemental
indenture that such Person (or if a group of persons, then one specified
Person) shall prepare (or cause to be prepared) and make all filings with
the Commission (and any other appropriate Person) required by the
Exchange Act in connection with the Notes;

     (ii) immediately after giving effect to such transaction, no Default
or Event of Default shall have occurred and be continuing;

     (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Trustee and the Security Insurer (so
long as no Insurer Default shall have occurred and be continuing)) to the
effect that such transaction will not have any material adverse tax
consequence to the Trust, the Security Insurer, any Noteholder or the
Certificateholder;

     (v) any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken;

     (vi) the Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that such conveyance
or transfer and such supplemental indenture comply with this Article III
and that all conditions precedent
herein provided for relating to such transaction have been complied
with (including any filing required by the Exchange Act); and

     (vii) so long as no Insurer Default shall have occurred and be
continuing, the Issuer shall have given the Security Insurer written
notice of such conveyance or transfer at least 20 Business Days prior to
the consummation of such action and shall have received the prior written
approval of the Security Insurer of such conveyance or transfer and the
Issuer or the Person (if other than the Issuer) formed by or surviving
such conveyance has a net worth, immediately after such conveyance or
transfer, that is (a) greater than zero and (b) not less than the net
worth of the Issuer immediately prior to giving effect to such conveyance
or transfer.

          SECTION 3.11 Successor or Transferee.

          (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the
same effect as if such Person had been named as the Issuer herein.

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          (b) Upon a conveyance or transfer of all the assets and properties of the
Issuer pursuant to Section 3.10 (b), AmeriCredit Automobile Receivables Trust
2004-D-F will be released from every covenant and agreement of this Indenture
to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Trustee stating that
AmeriCredit Automobile Receivables Trust 2004-D-F is to be so released.

          SECTION 3.12 No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic
Documents and activities incidental thereto.

          SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes, (ii) obligations owing from time to time
to the Security Insurer under the Insurance Agreement and (iii) any other
Indebtedness permitted by or arising under the Basic Documents. The proceeds
of the Notes shall be used exclusively to fund the Issuer’s purchase of the
Receivables and the other assets specified in the Sale and Servicing Agreement,
to fund the Spread Account and to pay the Issuer’s organizational,
transactional and start-up expenses.

          SECTION 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer
to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement.

          SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by the Sale and Servicing Agreement or this
Indenture, the Issuer shall not make any loan or advance or credit to, or
guarantee (directly or indirectly or by an instrument having the effect of
assuring another’s payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly
or indirectly, in connection with the obligations, stocks or dividends of, or
own, purchase, repurchase or acquire (or agree contingently to do so) any
stock, obligations, assets or securities of, or any other interest in, or make
any capital contribution to, any other Person.

          SECTION 3.16 Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

          SECTION 3.17 Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability
of the Issuer to perform its obligations under the Notes, this Indenture or any
Basic Document.

          SECTION 3.18 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire
or otherwise acquire for value any such ownership or equity interest or
security or (iii) set aside or otherwise

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segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made,
distributions to the Servicer, the Owner Trustee, the Trustee and the
Certificateholders as permitted by, and to the extent funds are available for
such purpose under, the Sale and Servicing Agreement or Trust Agreement. The
Issuer will not, directly or indirectly, make payments to or distributions from
the Collection Account except in accordance with this Indenture and the Basic
Documents.

          SECTION 3.19 Notice of Events of Default. Upon a responsible officer of
the Owner Trustee having actual knowledge thereof, the Issuer agrees to give
the Trustee, the Security Insurer and the Rating Agencies prompt written notice
of each Event of Default hereunder and each default on the part of the Servicer
or the Seller of its obligations under the Sale and Servicing Agreement.

          SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or
the Security Insurer, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

          SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust
Agreement. The Issuer shall not agree to any amendment to Section 12.1 of the
Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to
eliminate the requirements thereunder that the Trustee or the Holders of the
Notes consent to amendments thereto as provided therein.

          SECTION 3.22 Income Tax Characterization. For purposes of federal income,
state and local income and franchise and any other income taxes, the Issuer
will treat the Notes as indebtedness and hereby instructs the Trustee, and each
Noteholder (or beneficial Note Owner) shall be deemed, by virtue of its
acquisition of an interest in such Note, to have agreed, to treat the Notes as
indebtedness for all applicable tax reporting purposes.

ARTICLE IV

Satisfaction and Discharge

          SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive
payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4,
3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations
and immunities of the Trustee hereunder (including the rights of the Trustee
under Section 6.7 and the obligations of the Trustee under Section 4.2) and
(vi) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Trustee payable to all or any of them, and the
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when

     (A) either

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     (1) all Notes theretofore authenticated and delivered (other
than (i) Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 2.5 and (ii)
Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust, as provided in
Section 3.3) have been delivered to the Trustee for cancellation
and the Note Policy has expired and been returned to the Security
Insurer for cancellation; or

     (2) all Notes not theretofore delivered to the Trustee for
cancellation

     (i) have become due and payable,

     (ii) will become due and payable at their respective Final
Scheduled Distribution Dates within one year, or

     (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of
the Issuer,

and the Issuer, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be irrevocably deposited with
the Trust Collateral Agent cash or direct obligations of or
obligations guaranteed by the United States of America (which will
mature prior to the date such amounts are payable), in trust for
such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the
Trustee for cancellation when due to the Final Scheduled
Distribution Date or Redemption Date (if Notes shall have been
called for redemption pursuant to Section 10.1(a));

     (B) the Issuer has paid or caused to be paid all Insurer
Issuer Secured Obligations and all Trustee Issuer Secured
Obligations; and

     (C) the Issuer has delivered to the Trustee, the Trust
Collateral Agent and the Security Insurer an Officer’s Certificate,
an Opinion of Counsel and if required by the TIA, the Trustee, the
Trust Collateral Agent or the Security Insurer (so long as an
Insurer Default shall not have occurred and be continuing) an
Independent Certificate from a firm of certified public
accountants, each meeting the applicable requirements of Section
11.1(a) and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this
Indenture have been complied with. If the Indenture has been
satisfied and discharged in accordance with the provisions of
Section 4.1(A)(2) then such Opinion of Counsel shall also include
an opinion that amounts deposited by the Issuer in accordance with
Section 4.1(A)(2) would not be characterized as a voidable
preference.

          SECTION 4.2 Application of Trust Money. All moneys deposited with the
Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by
it, in accordance with the provisions of the Notes, this Indenture and the
other Basic Documents, to the payment, either directly or through any Note
Paying Agent, as the Trustee may determine, to the Holders of the

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particular
Notes for the payment or redemption of which such moneys have been deposited
with the Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

          SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all moneys then held by any Note Paying Agent other than the Trustee
under the provisions of this Indenture with respect to such Notes shall, upon
demand of the Issuer, be paid
to the Trustee to be held and applied according to Section 3.3 and
thereupon such Note Paying Agent shall be released from all further liability
with respect to such moneys.

ARTICLE V

Remedies

          SECTION 5.1 Events of Default. “Event of Default,” wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

     (i) default in the payment of any interest on any Note when the same
becomes due and payable, and such default shall continue for a period of
five days (solely for purposes of this clause, (x) a payment due on a
Distribution Date shall not be considered “due” until the immediately
following Insured Distribution Date and (y) a payment on the Notes funded
by the Security Insurer or the Collateral Agent pursuant to the Spread
Account Agreement shall be deemed to be a payment made by the Issuer); or

     (ii) default in the payment of the principal of or any installment
of the principal of any Note when the same becomes due and payable
(solely for purposes of this clause, (x) a payment due on a Distribution
Date shall not be considered “due” until the immediately following
Insured Distribution Date and (y) a payment on the Notes funded by the
Security Insurer or the Collateral Agent pursuant to the Spread Account
Agreement, shall be deemed to be a payment made by the Issuer); or

     (iii) so long as an Insurer Default shall not have occurred and be
continuing, an Insurance Agreement Indenture Cross Default shall have
occurred; provided, however, that the occurrence of an Insurance
Agreement Indenture Cross Default may not form the basis of an Event of
Default unless the Security Insurer shall, upon prior written notice to
the Rating Agencies, have delivered to the Issuer and the Trustee and not
rescinded a written notice specifying that such Insurance Agreement
Indenture Cross Default constitutes an Event of Default under the
Indenture; or

     (iv) so long as an Insurer Default shall have occurred and be
continuing, default in the observance or performance of any covenant or
agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or

29

 

performance of which is
elsewhere in this Section specifically dealt with), or any representation
or warranty of the Issuer made in this Indenture, in any Basic Document
or in any certificate or any other writing delivered pursuant hereto or
in connection herewith proving to have been incorrect in any material
respect as of the time when the same shall have been made, and such
default shall continue or not be cured, or the circumstance or condition
in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 30
days (or for such longer period, not in excess of 90 days, as may be
reasonably necessary to remedy such default;
provided that such default is capable of remedy within 90 days or
less and the Servicer on behalf of the Owner Trustee delivers an
Officer’s Certificate to the Trustee to the effect that the Issuer has
commenced, or will promptly commence and diligently pursue, all
reasonable efforts to remedy such default) after there shall have been
given, by registered or certified mail, to the Issuer by the Trustee or
to the Issuer and the Trustee by the Holders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default
or incorrect representation or warranty and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

     (v) so long as an Insurer Default shall have occurred and be
continuing, the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial
part of the Trust Estate in an involuntary case under any applicable
federal or State bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for
any substantial part of the Trust Estate, or ordering the winding-up or
liquidation of the Issuer’s affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days;

     (vi) so long as an Insurer Default shall have occurred and be
continuing, the commencement by the Issuer of a voluntary case under any
applicable federal or State bankruptcy, insolvency or other similar law
now or hereafter in effect, or the consent by the Issuer to the entry of
an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuer or for any substantial part of the Trust
Estate, or the making by the Issuer of any general assignment for the
benefit of creditors, or the failure by the Issuer generally to pay its
debts as such debts become due, or the taking of action by the Issuer in
furtherance of any of the foregoing; or

     (vii) the Issuer becoming taxable as an association or a publicly
traded partnership taxable as a corporation for federal or state income
tax purposes.

          The Issuer shall deliver to the Trustee and the Security Insurer, within
five days after the occurrence thereof, written notice in the form of an
Officer’s Certificate of any event which with the giving of notice and the
lapse of time would become an Event of Default under clause (iii), its status
and what action the Issuer is taking or proposes to take with respect thereto.

          SECTION 5.2 Rights Upon Event of Default.

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          (a) If an Insurer Default shall not have occurred and be continuing and an
Event of Default shall have occurred and be continuing, the Notes shall become
immediately due and payable at par, together with accrued interest thereon. If
an Event of Default shall have occurred and be continuing, the Controlling
Party may exercise any of the remedies specified in Section 5.4(a). In the
event of any acceleration of any Notes by operation of this Section 5.2, the
Trustee shall continue to be entitled to make claims under the Note Policy
pursuant to the Sale and Servicing Agreement for Scheduled Payments on the
Notes. Payments under the Note Policy following acceleration of any Notes
shall be applied by the Trustee:

     FIRST: to Noteholders for amounts due and unpaid on the Notes for
interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for interest; and

     SECOND: to Noteholders for amounts due and unpaid on the Notes for
principal, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for principal.

          (b) In the event any Notes are accelerated due to an Event of Default, the
Security Insurer shall have the right (in addition to its obligation to pay
Scheduled Payments on the Notes in accordance with the Note Policy), but not
the obligation, to make payments under the Note Policy or otherwise of interest
and principal due on such Notes, in whole or in part, on any date or dates
following such acceleration as the Security Insurer, in its sole discretion,
shall elect.

          (c) If an Insurer Default shall have occurred and be continuing and an
Event of Default shall have occurred and be continuing, the Trustee in its
discretion may, or, if so requested in writing by Holders holding Notes
representing not less than a majority of the Outstanding Amount of the Notes,
shall declare by written notice to the Issuer that the Notes become, whereupon
they shall become, immediately due and payable at par, together with accrued
interest thereon.

          (d) If an Insurer Default shall have occurred and be continuing, then at
any time after such declaration of acceleration of maturity has been made and
before a judgment or decree for payment of the money due has been obtained by
the Trustee as hereinafter in this Article V provided, the Noteholders
representing a majority of the Outstanding Amount of the Notes, by written
notice to the Issuer and the Trustee, may rescind and annul such declaration
and its consequences if:

     (i) the Issuer has paid or deposited with the Trustee a sum
sufficient to pay:

     (A) all payments of principal of and interest on all
Notes and all other amounts that would then be due hereunder
or upon such Notes if the Event of Default giving rise to
such acceleration had not occurred; and

     (B) all sums paid or advanced by the Trustee hereunder
and the reasonable compensation, expenses, disbursements and
advances of the Trustee and its agents and counsel; and

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     (ii) all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration,
have been cured or waived as provided in Section 5.13.

          No such rescission shall affect any subsequent default or impair any right
consequent thereto.

          SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
Trustee.

          (a) The Issuer covenants that if (i) default is made in the payment of any
interest on any Note when the same becomes due and payable, and such default
continues for a period of five days, or (ii) default is made in the payment of
the principal of or any installment of the principal of any Note when the same
becomes due and payable, the Issuer will pay to the Trustee, for the benefit of
the Holders of the Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal, and, to
the extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest, at the applicable Interest Rate and in
addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and counsel.

          (b) Each Issuer Secured Party hereby irrevocably and unconditionally
appoints the Controlling Party as the true and lawful attorney-in-fact of such
Issuer Secured Party for so long as such Issuer Secured Party is not the
Controlling Party, with full power of substitution, to execute, acknowledge and
deliver any notice, document, certificate, paper, pleading or instrument and to
do in the name of the Controlling Party as well as in the name, place and stead
of such Issuer Secured Party such acts, things and deeds for or on behalf of
and in the name of such Issuer Secured Party under this Indenture (including
specifically under Section 5.4) and under the Basic Documents which such Issuer
Secured Party could or might do or which may be necessary, desirable or
convenient in such Controlling Party’s sole discretion to effect the purposes
contemplated hereunder and under the Basic Documents and, without limitation,
following the occurrence of an Event of Default, exercise full right, power and
authority to take, or defer from taking, any and all acts with respect to the
administration, maintenance or disposition of the Trust Estate.

          (c) If an Event of Default occurs and is continuing, the Trustee may in
its discretion but with the consent of the Controlling Party and shall, at the
direction of the Controlling Party, proceed to protect and enforce its rights
and the rights of the Noteholders by such appropriate Proceedings as the
Trustee or the Controlling Party shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right
vested in the Trustee by this Indenture or by law.

          (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest
in the Trust Estate, proceedings under Title 11 of the United States Code or
any other applicable federal or State

32

 

bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable Proceedings relative to
the Issuer or other obligor upon the Notes, or to the creditors or property of
the Issuer or such other obligor, the Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section, shall be entitled
and empowered, by intervention in such proceedings or otherwise:

     (i) to file and prove a claim or claims for the whole amount of
principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for
reasonable compensation to the Trustee and each predecessor Trustee, and
their respective agents, attorneys and counsel, and for reimbursement of
all expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee, except as a result of negligence,
bad faith or willful misconduct) and of the Noteholders allowed in such
Proceedings;

     (ii) unless prohibited by applicable law and regulations, to vote on
behalf of the Noteholders in any election of a trustee, a standby trustee
or person performing similar functions in any such Proceedings;

     (iii) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute all amounts received
with respect to the claims of the Noteholders and of the Trustee on their
behalf; and

     (iv) to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee
or the Noteholders allowed in any Proceedings relative to the Issuer, its
creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Trustee, and, in the event that the Trustee shall consent to
the making of payments directly to such Noteholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel,
and all other expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of negligence or bad
faith.

          (e) Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Noteholder in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar person.

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          (f) All rights of action and of asserting claims under this Indenture, the
Spread Account Agreement or under any of the Notes, may be enforced by the
Trustee without the possession of any of the Notes or the production thereof in
any trial or other proceedings relative thereto, and any such action or
Proceedings instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the
payment of the expenses, disbursements and compensation of the Trustee, each
predecessor Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes.

          (g) In any Proceedings brought by the Trustee (and also any Proceedings
involving the interpretation of any provision of this Indenture or the Spread
Account
Agreement), the Trustee shall be held to represent all the Holders of the
Notes, and it shall not be necessary to make any Noteholder a party to any such
proceedings.

          SECTION 5.4 Remedies.

          (a) If an Event of Default shall have occurred and be continuing, the
Controlling Party may do one or more of the following (subject to Section 5.5):

     (i) institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes
or under this Indenture with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Issuer and
any other obligor upon such moneys adjudged due;

     (ii) institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Trust Estate;

     (iii) exercise any remedies of a secured party under the UCC and
take any other appropriate action to protect and enforce the rights and
remedies of the Trustee and the Holders of the Notes; and

     (iv) direct the Trust Collateral Agent to sell the Trust Estate or
any portion thereof or rights or interest therein, at one or more public
or private sales called and conducted in any manner permitted by law;
provided, however, that

     (A) if the Security Insurer is the Controlling Party, the
Security Insurer may not sell or otherwise liquidate the Trust
Estate following an Insurance Agreement Indenture Cross Default
unless

     (I) such Insurance Agreement Indenture Cross Default
arises from a claim being made on the Note Policy or from the
bankruptcy, insolvency, receivership or liquidation of the
Trust or the Seller, or

     (II) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to discharge
in full all amounts then due and unpaid upon such Notes for
principal and interest; or

     (B) if the Trustee is the Controlling Party, the Trustee may
not sell or otherwise liquidate the Trust Estate following an Event
of Default unless

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     (I) such Event of Default is of the type described in
Section 5.1(i) or (ii), or

     (II) either

     (x) the Holders of 100% of the Outstanding Amount
of the Notes consent thereto, or

     (y) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to
discharge in full all amounts then due and unpaid upon
such Notes for principal and interest, or

     (z) the Trustee determines that the Trust Estate
will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as
they would have become due if the Notes had not been
declared due and payable, and the Trustee provides
prior written notice to the Rating Agencies and obtains
the consent of Holders of 66 2/3% of the Outstanding
Amount of the Notes.

          In determining such sufficiency or insufficiency with respect to clause
(y) and (z), the Trustee may, but need not, obtain and conclusively rely upon
an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

          SECTION 5.5 Optional Preservation of the Receivables. If the Trustee is
the Controlling Party and if the Notes have been declared to be due and payable
under Section 5.2 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Trustee may, but need
not, elect to direct the Trust Collateral Agent to maintain possession of the
Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Trustee shall take such desire into account when
determining whether or not to direct the Trust Collateral Agent to maintain
possession of the Trust Estate. In determining whether to direct the Trust
Collateral Agent to maintain possession of the Trust Estate, the Trustee may,
but need not, obtain and conclusively rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

          SECTION 5.6 Priorities.

          (a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or
(2) if an Insurer Default shall have occurred and be continuing, the occurrence
of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or
5.1(vi) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to
Section 10.1(b) of the Sale and Servicing Agreement, the amounts on deposit in
the Collection Account, and with respect to clauses SECOND and THIRD hereof,
the Note Distribution Amount, including any money or property collected
pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds,
shall be applied by the Trust Collateral Agent on the related Distribution Date
in the following order of priority:

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     FIRST: amounts due and owing and required to be distributed to the
Servicer (provided there is no Servicer Termination Event), the Lockbox
Bank, the Owner Trustee, the Trustee, Back Up Servicer and the Trust
Collateral Agent, respectively, pursuant to priorities (i) and (ii) of
Section 5.7(a) of the Sale and Servicing Agreement and not
previously distributed, in the order of such priorities as set forth
therein and without limitation, preference or priority of any kind within
such priorities;

     SECOND: to Noteholders for amounts due and unpaid on the Notes for
interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for interest;

     THIRD: to Noteholders for amounts due and unpaid on the Notes for
principal, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for principal;

     FOURTH: amounts due and owing and required to be distributed to the
Security Insurer pursuant to priority (v) of Section 5.7(a) of the Sale
and Servicing Agreement and not previously distributed); and

     FIFTH: to the Collateral Agent to be applied as provided in the
Spread Account Agreement;

          (b) The Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section 5.6. At least 15 days before such record
date the Issuer shall mail to each Noteholder and the Trustee a notice that
states the record date, the payment date and the amount to be paid.

          SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

     (i) such Holder has previously given written notice to the Trustee
of a continuing Event of Default;

     (ii) the Holders of not less than 25% of the Outstanding Amount of
the Notes have made written request to the Trustee to institute such
Proceeding in respect of such Event of Default in its own name as Trustee
hereunder;

     (iii) such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in complying with such request;

     (iv) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings;

     (v) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Notes; and

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     (vi) an Insurer Default shall have occurred and be continuing;

it being understood and intended that no one or more Noteholders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other
Noteholders or to obtain or to seek to obtain priority or preference over any
other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

          SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

          SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party
or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Trustee or to such
Noteholder, then and in every such case the Issuer, the Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted.

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

          SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the
Trustee, the Controlling Party or any Holder of any Note to exercise any right
or remedy accruing upon any Default or Event of Default shall impair any such
right or remedy or constitute a waiver of any such Default or Event of Default
or an acquiescence therein. Every right and remedy given by this Article V or
by law to the Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Noteholders,
as the case may be.

          SECTION 5.12 Control by Noteholders. If the Trustee is the Controlling
Party, the Holders of a majority of the Outstanding Amount of the Notes shall
have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Trustee with
respect to the Notes or exercising any trust or power conferred on the Trustee;
provided that

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     (i) such direction shall not be in conflict with any rule of law or
with this Indenture;

     (ii) subject to the express terms of Section 5.4, any direction to
the Trustee to sell or liquidate the Trust Estate shall be by the
Noteholders representing not less than 100% of the Outstanding Amount of
the Notes;

     (iii) if the conditions set forth in Section 5.5 have been satisfied
and the Trustee elects to retain the Trust Estate pursuant to such
Section, then any direction to the Trustee by Noteholders representing
less than 100% of the Outstanding Amount of the Notes to sell or
liquidate the Trust Estate shall be of no force and effect; and

     (iv) the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with such direction;

provided, however, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or
otherwise, without receiving indemnity satisfactory to it, or might materially
adversely affect the rights of any Noteholders not consenting to such action.

          SECTION 5.13 Waiver of Past Defaults. If an Insurer Default shall have
occurred and be continuing, prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.4, the Noteholders of not less
than a majority of the Outstanding Amount of the Notes may waive any past
Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes or (b) in respect of a
covenant or provision hereof which cannot be modified or amended without the
consent of the Holder of each Note. In the case of any such waiver, the
Issuer, the Trustee and the Holders of the Notes shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereto.

          Upon any such waiver, such Default shall cease to exist and be deemed to
have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for
every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

          SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Note by such Holder’s acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may
in its discretion assess reasonable costs and expenses, including
reasonable attorneys’ fees and expenses, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section shall not apply
to (a) any suit instituted by the Trustee, (b) any suit instituted by any
Noteholder, or group of Noteholders, in each case holding in the aggregate

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more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by
any Noteholder for the enforcement of the payment of principal of or interest
on any Note on or after the respective due dates expressed in such Note and in
this Indenture (or, in the case of redemption, on or after the Redemption
Date).

          SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

          SECTION 5.16 Action on Notes. The Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to
this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Trustee or the Noteholders shall be impaired by the recovery of any
judgment by the Trustee against the Issuer or by the levy of any execution
under such judgment upon any portion of the Trust Estate or upon any of the
assets of the Issuer.

          SECTION 5.17 Performance and Enforcement of Certain Obligations.

          (a) Promptly following a request from the Trustee to do so and at the
Servicer’s expense, the Issuer agrees to take all such lawful action as the
Trustee may request to compel or secure the performance and observance by the
Seller and the Servicer, as applicable, of each of their obligations to the
Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuer under or in
connection with the Sale and Servicing Agreement to the extent and in the
manner directed by the Trustee, including the transmission of notices of
default on the part of the Seller or the Servicer thereunder and the
institution of legal or administrative actions or Proceedings to compel or
secure performance by the Seller or the Servicer of each of their obligations
under the Sale and Servicing Agreement.

          (b) If the Trustee is a Controlling Party and if an Event of Default has
occurred and is continuing, the Trustee may, and, at the written direction of
the Holders of 66 2/3% of the Outstanding Amount of the Notes shall, subject to
Article VI, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller or the Servicer under or in connection with the Sale
and Servicing Agreement, including the right or power to take any
action to compel or secure performance or observance by the Seller or the
Servicer of each of their obligations to the Issuer thereunder and to give any
consent, request, notice, direction, approval, extension or waiver under the
Sale and Servicing Agreement, and any right of the Issuer to take such action
shall be suspended.

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ARTICLE VI

The Trustee and the Trust Collateral Agent

          SECTION 6.1 Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise the rights and powers vested in it by this Indenture and the
Basic Documents to which it is a Party and use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

          (b) Except during the continuance of an Event of Default:

     (i) the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the
Trustee; and

     (ii) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture; however, the Trustee shall examine the certificates and
opinions to determine whether or not they conform on their face to the
requirements of this Indenture.

          (c) The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except
that:

     (i) this paragraph does not limit the effect of paragraph (b) of
this Section;

     (ii) the Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and

     (iii) the Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.12.

          (d) The Trustee shall not be liable for interest on any money received by
it except as the Trustee may agree in writing with the Issuer.

          (e) Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law or the terms of this Indenture or
the Sale and Servicing Agreement.

          (f) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of
any of its duties hereunder or in the exercise of any of its rights or powers,
if it shall have reasonable grounds to

40

 

believe that repayment of such funds or
indemnity reasonably satisfactory to it against such risk or liability is not
assured to it.

          (g) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 6.1 and to the provisions of the TIA.

          (h) The Trustee shall, upon two Business Days’ prior notice to the
Trustee, permit any representative of the Security Insurer at the expense of
the Trust, during the Trustee’s normal business hours, to examine all books of
account, records, reports and other papers of the Trustee relating to the
Notes, to make copies and extracts therefrom and to discuss the Trustee’s
affairs and actions, as such affairs and actions relate to the Trustee’s duties
with respect to the Notes, with the Trustee’s officers and employees
responsible for carrying out the Trustee’s duties with respect to the Notes.

          (i) The Trustee shall, and hereby agrees that it will, perform all of the
obligations and duties required of it under the Sale and Servicing Agreement.

          (j) The Trustee shall, and hereby agrees that it will, hold the Note
Policy in trust, and will hold any proceeds of any claim on the Note Policy in
trust solely for the use and benefit of the Noteholders.

          (k) Without limiting the generality of this Section 6.1, the Trustee shall
have no duty (i) to see to any recording, filing or depositing of this
Indenture or any agreement referred to herein or any financing statement
evidencing a security interest in the Financed Vehicles, or to see to the
maintenance of any such recording or filing or depositing or to any recording,
refiling or redepositing of any thereof, (ii) to see to any insurance of the
Financed Vehicles or Obligors or to effect or maintain any such insurance,
(iii) to see to the payment or discharge of any tax, assessment or other
governmental charge or any Lien or encumbrance of any kind owing with respect
to, assessed or levied against any part of the Trust, (iv) to confirm or verify
the contents of any reports or certificates delivered to the Trustee pursuant
to this Indenture or the Sale and Servicing Agreement believed by the Trustee
to be genuine and to have been signed or presented by the proper party or
parties, or (v) to inspect the Financed Vehicles at any time or ascertain or
inquire as to the performance of observance of any of the Issuer’s, the
Seller’s or the Servicer’s representations, warranties or covenants or the
Servicer’s duties and obligations as Servicer and as custodian of the
Receivable Files under the Sale and Servicing Agreement.

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

          SECTION 6.2 Rights of Trustee.

          (a) The Trustee may conclusively rely on any document believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document.

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          (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on
the Officer’s Certificate or Opinion of Counsel.

          (c) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Trustee shall not be responsible
for any misconduct or negligence on the part of, or for the supervision of,
AmeriCredit Financial Services, Inc., or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder.

          (d) The Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or
powers; provided, however, that the Trustee’s conduct does not constitute
willful misconduct, negligence or bad faith.

          (e) The Trustee may consult with counsel, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel.

          (f) The Trustee shall be under no obligation to institute, conduct or
defend any litigation under this Indenture or in relation to this Indenture, at
the request, order or direction of any of the Noteholders or the Controlling
Party, pursuant to the provisions of this Indenture, unless such Noteholders or
the Controlling Party shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby; provided, however, that the Trustee shall, upon the
occurrence of an Event of Default (that has not been cured), exercise the
rights and powers vested in it by this Indenture with reasonable care and
skill.

          (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by the Security Insurer (so
long as no Insurer Default shall have occurred and be continuing) or (if an
Insurer Default shall have occurred and be continuing) by the Noteholders
evidencing not less than 25% of the Outstanding Amount thereof; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of
such investigation is, in the opinion of the Trustee, not reasonably assured to
the Trustee by the security afforded to it by the terms of this Indenture or
the Sale and Servicing Agreement, the Trustee may require reasonable indemnity
against such cost, expense or liability as a condition to so proceeding; the
reasonable expense of every such examination shall be paid by the Person making
such request, or, if paid by the Trustee, shall be reimbursed by the Person
making such request upon demand.

          (h) The Trustee shall not be liable for any losses on investments except
for losses resulting from the failure of the Trustee to make an investment in
accordance with instructions given in accordance hereunder. If the Trustee
acts as the Note Paying Agent or Note

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Registrar, the rights and protections
afforded to the Trustee shall be afforded to the Note Paying Agent and Note
Registrar.

          SECTION 6.3 Individual Rights of Trustee. The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Issuer or its Affiliates with the same rights it would
have if it were not Trustee. Any Note Paying Agent, Note Registrar,
co-registrar or co-Note Paying Agent may do the same with like rights.
However, the Trustee must comply with Sections 6.11 and 6.12.

          SECTION 6.4 Trustee’s Disclaimer. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this
Indenture, the Trust Estate or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication.

          SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is
continuing and if it is either known by, or written notice of the existence
thereof has been delivered to, a Responsible Officer of the Trustee, the
Trustee shall mail to each Noteholder notice of the Default within 90 days
after such knowledge or notice occurs. Except in the case of a Default in
payment of principal of or interest on any Note (including payments pursuant to
the mandatory redemption provisions of such Note), the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the
notice is in the interests of Noteholders.

          SECTION 6.6 Reports by Trustee to Holders. The Trustee shall deliver to
each Noteholder such information as may be reasonably required to enable such
Holder to prepare its federal and state income tax returns.

          SECTION 6.7 Compensation and Indemnity.

          (a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the
Issuer shall, or shall cause the Servicer to, pay to the Trustee from time to
time compensation for its services. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The
Issuer shall cause the Servicer to reimburse the Trustee and the Trust
Collateral Agent for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee’s, the Backup Servicer’s,
the Collateral Agent’s and the Trust Collateral Agent’s agents, counsel,
accountants and experts. The Issuer shall cause the Servicer to indemnify the
Trustee,
the Trust Collateral Agent and their respective officers, directors,
employees and agents against any and all loss, liability or expense (including
attorneys’ fees and expenses) incurred by each of them in connection with the
acceptance or the administration of this Trust and the performance of its
duties hereunder. The Trustee, Trust Collateral Agent, the Collateral Agent or
the Backup Servicer shall notify the Issuer and the Servicer promptly of any
claim for which it may seek indemnity. Failure by the Trustee, Trust
Collateral Agent or the Backup Servicer to so notify the Issuer and the
Servicer shall not relieve the Issuer of its obligations hereunder or the
Servicer of its obligations under Article XI of the Sale and Servicing
Agreement. The Issuer shall cause the

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Servicer to defend the claim, and the
Trustee, Trust Collateral Agent, the Collateral Agent or the Backup Servicer
may have separate counsel and the Issuer shall cause the Servicer to pay the
fees and expenses of such counsel. Neither the Issuer nor the Servicer need to
reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee, Trust Collateral Agent or Backup Servicer through the
Trustee’s, Trust Collateral Agent’s or Backup Servicer’s own willful
misconduct, negligence or bad faith.

          (b) The Issuer’s payment obligations to the Trustee pursuant to this
Section shall survive the discharge of this Indenture or the earlier
resignation or removal of the Trustee or the Trust Collateral Agent or the
Collateral Agent or the Backup Servicer. When the Trustee, the Trust
Collateral Agent, the Collateral Agent or the Backup Servicer incurs expenses
after the occurrence of a Default specified in Section 5.1(v) or (vi) with
respect to the Issuer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or State bankruptcy, insolvency or similar law. Notwithstanding
anything else set forth in this Indenture or the Basic Documents, the Trustee
agrees that the obligations of the Issuer (but not the Servicer) to the Trustee
hereunder and under the Basic Documents shall be recourse to the Trust Estate
only and specifically shall not be recourse to the assets of the
Certificateholder or any Noteholder. In addition, the Trustee agrees that its
recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant
to the Spread Account Agreement shall be limited to the right to receive the
distributions referred to in Section 5.7(a) of the Sale and Servicing
Agreement.

          SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by
so notifying the Issuer and the Security Insurer. The Issuer may and, at the
request of the Security Insurer (unless an Insurer Default shall have occurred
and be continuing) shall, remove the Trustee, if:

     (i) the Trustee fails to comply with Section 6.11;

     (ii) a court having jurisdiction in the premises in respect of the
Trustee in an involuntary case or proceeding under federal or State
banking or bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or State bankruptcy, insolvency or other similar law,
shall have entered a decree or order granting relief or appointing a
receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator (or similar official) for the Trustee or for any substantial
part of the Trustee’s property, or ordering the winding-up or liquidation
of the Trustee’s affairs;

     (iii) an involuntary case under the federal bankruptcy laws, as now
or hereafter in effect, or another present or future federal or State
bankruptcy, insolvency or similar law is commenced with respect to the
Trustee and such case is not dismissed within 60 days;

     (iv) the Trustee commences a voluntary case under any federal or
state banking or bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or State bankruptcy, insolvency or other similar
law, or consents to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator (or other similar official) for the Trustee or for any
substantial

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part of the Trustee’s property, or makes any assignment for
the benefit of creditors or fails generally to pay its debts as such
debts become due or takes any action in furtherance of any of the
foregoing; or

     (v) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason (the Trustee in such event being referred to herein
as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee
acceptable to the Security Insurer (so long as an Insurer Default shall not
have occurred and be continuing). If the Issuer fails to appoint such a
successor Trustee, the Security Insurer may appoint a successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee, the Security Insurer (provided that no Insurer Default
shall have occurred and be continuing) and to the Issuer. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture subject to satisfaction of the Rating Agency
Condition. The successor Trustee shall mail a notice of its succession to
Noteholders. The retiring Trustee shall promptly transfer all property held by
it as Trustee to the successor Trustee.

          If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the
Holders of a majority in Outstanding Amount of the Notes may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

          If the Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

          Any resignation or removal of the Trustee and appointment of a successor
Trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor Trustee pursuant to
Section 6.8 and payment of all fees and expenses owed to the outgoing Trustee.

          Notwithstanding the replacement of the Trustee pursuant to this Section,
the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue
for the benefit of the retiring Trustee.

          SECTION 6.9 Successor Trustee by Merger. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee. The Trustee shall provide the
Rating Agencies prior written notice of any such transaction.

          In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any
such successor to the Trustee may adopt the certificate of authentication of
any predecessor trustee, and deliver such Notes so authenticated;

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and in case
at that time any of the Notes shall not have been authenticated, any successor
to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in
all such cases such certificates shall have the full force which it is anywhere
in the Notes or in this Indenture provided that the certificate of the Trustee
shall have.

          SECTION 6.10 Appointment of Co-Trustee or Separate Trustee.

          (a) Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Trustee with the
consent of the Security Insurer (so long as an Insurer Default shall not have
occurred and be continuing) shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust Estate, and to vest in such Person or Persons, in such capacity and
for the benefit of the Noteholders, such title to the Trust Estate, or any part
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.8 hereof.

          (b) Every separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and
conditions:

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

     (ii) no trustee hereunder shall be personally liable by reason of
any act or omission of any other trustee hereunder, including acts or
omissions of predecessor or successor trustees; and

     (iii) the Trustee may at any time accept the resignation of or
remove any separate trustee or co-trustee.

          (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its

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instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Every such instrument shall be filed with the
Trustee.

          (d) Any separate trustee or co-trustee may at any time constitute the
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, dissolve, become insolvent, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall
invest in and be exercised by the Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee.

          (e) Any and all amounts relating to the fees and expenses of the
co-trustee or separate trustee will be borne by the Trust Estate.

          SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all
times satisfy the requirements of TIA § 310(a). The Trustee shall have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition and it shall have a long term debt
rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The
Trustee shall provide copies of such reports to the Security Insurer upon
request. The Trustee shall comply with TIA § 310(b), including the optional
provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1)
are met.

          SECTION 6.12 Preferential Collection of Claims Against Issuer. The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship
listed in TIA § 311(b). A Trustee who has resigned or been removed shall be
subject to TIA § 311(a) to the extent indicated.

          SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured
Parties hereby appoints JPMorgan Chase Bank, as the Trust Collateral Agent with
respect to the Collateral, and JPMorgan Chase Bank, hereby accepts such
appointment and agrees to act as Trust Collateral Agent with respect to the
Collateral for the Issuer Secured Parties, to maintain custody and possession
of such Collateral (except as otherwise provided hereunder) and to perform the
other duties of the Trust Collateral Agent in accordance with the provisions of
this Indenture and the other Basic Documents. Each Issuer Secured Party hereby
authorizes the Trust Collateral Agent to take such action on its behalf, and to
exercise such rights, remedies, powers and privileges hereunder, as the
Controlling Party may direct and as are specifically authorized to be exercised
by the Trust Collateral Agent by the terms hereof, together with such actions,
rights, remedies, powers and privileges as are reasonably incidental thereto,
including, but not limited to, the execution of any powers of attorney. The
Trust Collateral Agent shall act upon and in compliance with the written
instructions of the Controlling Party delivered pursuant to this Indenture
promptly following receipt of such written instructions; provided that the
Trust Collateral Agent shall not act in accordance with any instructions (i)
which are not authorized by, or in violation of the provisions

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of, this
Indenture, (ii) which are in violation of any applicable law, rule or
regulation or (iii) for which the Trust Collateral Agent has not received
reasonable indemnity. Receipt of such instructions shall not be a condition to
the exercise by the Trust Collateral Agent of its express duties hereunder,
except where this Indenture provides that the Trust Collateral Agent is
permitted to act only following and in accordance with such instructions.

          SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have
no duties or responsibilities except those expressly set forth in this
Indenture and the other Basic Documents to which the Trust Collateral Agent is
a party or as directed by the Controlling Party in accordance with this
Indenture. The Trust Collateral Agent shall not be required to take any
discretionary actions hereunder except at the written direction and with the
indemnification of the Controlling Party. The Trust Collateral Agent shall,
and hereby agrees that it will, subject to this Article, perform all of the
duties and obligations required of it under the Sale and Servicing Agreement.

          SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent
nor any of its directors, officers or employees shall be liable for any action
taken or omitted to be taken by it or them hereunder, or in connection
herewith, except that the Trust Collateral Agent shall be liable for its
negligence, bad faith or willful misconduct; nor shall the Trust Collateral
Agent be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Issuer of this Indenture or any of the Collateral
(or any part thereof). Notwithstanding any term or provision of this
Indenture, the Trust Collateral Agent shall incur no liability to the Issuer or
the Issuer Secured Parties for any action taken or omitted by the Trust
Collateral Agent in connection with the Collateral, except for the negligence,
bad faith or willful misconduct on the part of the Trust Collateral Agent, and,
further, shall incur no liability to the Issuer Secured Parties except for
negligence, bad faith or willful misconduct in carrying out its duties to the
Issuer Secured Parties. The Trust Collateral Agent shall be protected and
shall incur no liability to any such party in relying upon the accuracy, acting
in reliance upon the contents, and assuming the genuineness of any notice,
demand, certificate, signature, instrument or other document reasonably
believed by the Trust Collateral Agent to be genuine and to have been duly
executed by the appropriate signatory, and (absent actual knowledge to the
contrary by a Responsible Officer of the Trust Collateral Agent) the Trust
Collateral Agent shall not be required to make any independent investigation
with respect thereto. The Trust Collateral Agent shall at all times be free
independently to establish to its reasonable satisfaction, but shall have no
duty to independently verify, the existence or nonexistence of facts that are a
condition to the exercise or enforcement of any right or remedy hereunder or
under any of the Basic Documents. The Trust Collateral Agent may consult with
counsel, and shall not be liable for any action taken or omitted to be taken by
it hereunder in good faith and in accordance with the advice of such counsel.
The Trust Collateral Agent shall not be under any obligation to exercise any of
the remedial rights or powers vested in it by this Indenture or to follow any
direction from the Controlling Party or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder unless it
shall have received reasonable security or indemnity satisfactory to the Trust
Collateral Agent against the costs, expenses and liabilities which might be
incurred by it.

          SECTION 6.16 Reliance Upon Documents. In the absence of negligence, bad
faith or willful misconduct on its part, the Trust Collateral Agent shall be
entitled to conclusively

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rely on any communication, instrument, paper or other
document reasonably believed by it to be genuine and correct and to have been
signed or sent by the proper Person or Persons and shall have no liability in
acting, or omitting to act, where such action or omission to act is in
reasonable reliance upon any statement or opinion contained in any such
document or instrument.

          SECTION 6.17 Successor Trust Collateral Agent.

          (a) Merger. Any Person into which the Trust Collateral Agent may be
converted or merged, or with which it may be consolidated, or to which it may
sell or transfer its trust business and assets as a whole or substantially as a
whole, or any Person resulting from any such conversion, merger, consolidation,
sale or transfer to which the Trust Collateral Agent is a party, shall
(provided it is otherwise qualified to serve as the Trust Collateral Agent
hereunder) be and become a successor Trust Collateral Agent hereunder and be
vested with all of the title to and interest in the Collateral and all of the
trusts, powers, discretions, immunities, privileges and other matters as was
its predecessor without the execution or filing of any instrument or any
further act, deed or conveyance on the part of any of the parties hereto,
anything herein to the contrary notwithstanding, except to the extent, if any,
that any such action is necessary to perfect, or continue the perfection of,
the security interest of the Issuer Secured Parties in the Collateral; provided
that any such successor shall also be the successor Trustee under Section 6.9.

          (b) Resignation. The Trust Collateral Agent and any successor Trust
Collateral Agent may resign at any time by so notifying the Issuer and the
Security Insurer; provided that the Trust Collateral Agent shall not so resign
unless it shall also resign as Trustee hereunder.

          (c) Removal. The Trust Collateral Agent may be removed by the Controlling
Party at any time (and should be removed at any time that the Trustee has been
removed), with
or without cause, by an instrument or concurrent instruments in writing
delivered to the Trust Collateral Agent, the other Issuer Secured Party and the
Issuer. A temporary successor may be removed at any time to allow a successor
Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any
removal pursuant to the provisions of this subsection (c) shall take effect
only upon the date which is the latest of (i) the effective date of the
appointment of a successor Trust Collateral Agent and the acceptance in writing
by such successor Trust Collateral Agent of such appointment and of its
obligation to perform its duties hereunder in accordance with the provisions
hereof, and (ii) receipt by the Controlling Party of an Opinion of Counsel to
the effect described in Section 3.6.

          (d) Acceptance by Successor. The Controlling Party shall have the sole
right to appoint each successor Trust Collateral Agent. Every temporary or
permanent successor Trust Collateral Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Trustee, each Issuer
Secured Party and the Issuer an instrument in writing accepting such
appointment hereunder and the relevant predecessor shall execute, acknowledge
and deliver such other documents and instruments as will effectuate the
delivery of all Collateral to the successor Trust Collateral Agent, whereupon
such successor, without any further act, deed or conveyance, shall become fully
vested with all the estates, properties, rights, powers, duties and obligations
of its predecessor. Such predecessor shall, nevertheless, on the written
request of

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either Issuer Secured Party or the Issuer, execute and deliver an
instrument transferring to such successor all the estates, properties, rights
and powers of such predecessor hereunder. In the event that any instrument in
writing from the Issuer or an Issuer Secured Party is reasonably required by a
successor Trust Collateral Agent to more fully and certainly vest in such
successor the estates, properties, rights, powers, duties and obligations
vested or intended to be vested hereunder in the Trust Collateral Agent, any
and all such written instruments shall, at the request of the temporary or
permanent successor Trust Collateral Agent, be forthwith executed, acknowledged
and delivered by the Trustee or the Issuer, as the case may be. The
designation of any successor Trust Collateral Agent and the instrument or
instruments removing any Trust Collateral Agent and appointing a successor
hereunder, together with all other instruments provided for herein, shall be
maintained with the records relating to the Collateral and, to the extent
required by applicable law, filed or recorded by the successor Trust Collateral
Agent in each place where such filing or recording is necessary to effect the
transfer of the Collateral to the successor Trust Collateral Agent or to
protect or continue the perfection of the security interests granted hereunder.

          SECTION 6.18 Compensation. The Trust Collateral Agent shall not be
entitled to any compensation for the performance of its duties hereunder other
than the compensation it is entitled to receive in its capacity as Trustee.

          SECTION 6.19 Representations and Warranties of the Trust Collateral Agent
and the Issuer. (A) The Trust Collateral Agent represents and warrants to the
Issuer and to each Issuer Secured Party as follows:

          (a) Due Organization. The Trust Collateral Agent is a New York banking
corporation and is duly authorized and licensed under applicable law to conduct
its business as presently conducted.

          (b) Corporate Power. The Trust Collateral Agent has all requisite right,
power and authority to execute and deliver this Indenture and to perform all of
its duties as Trust Collateral Agent hereunder.

          (c) Due Authorization. The execution and delivery by the Trust Collateral
Agent of this Indenture and the other Transaction Documents to which it is a
party, and the performance by the Trust Collateral Agent of its duties
hereunder and thereunder, have been duly authorized by all necessary corporate
proceedings and no further approvals or filings, including any governmental
approvals, are required for the valid execution and delivery by the Trust
Collateral Agent, or the performance by the Trust Collateral Agent, of this
Indenture and such other Basic Documents.

          (d) Valid and Binding Indenture. The Trust Collateral Agent has duly
executed and delivered this Indenture and each other Basic Document to which it
is a party, and each of this Indenture and each such other Basic Document
constitutes the legal, valid and binding obligation of the Trust Collateral
Agent, enforceable against the Trust Collateral Agent in accordance with its
terms, except as (i) such enforceability may be limited by bankruptcy,
insolvency, reorganization and similar laws relating to or affecting the
enforcement of creditors’

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rights generally and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

          (e) No Conflicts. The execution and delivery of each Basic Document to
which it is a party by the Trust Collateral Agent and the performance by the
Trust Collateral Agent of its obligations thereunder, in its capacity as Trust
Collateral Agent or otherwise, do not conflict with or result in any violation
of (i) any law or regulation of the United States of America governing the
banking or trust powers of the Trust Collateral Agent or (ii) the articles of
incorporation and by-laws of the Trust Collateral Agent.

          (f) No Actions. To the best of the Trust Collateral Agent’s knowledge,
there are no actions, proceedings or investigations known to the Trust
Collateral Agent, either pending or threatened in writing, before any court,
regulatory body, administrative agency or other tribunal or governmental
instrumentality which would, if adversely determined, affect in any material
respect the consummation, validity or enforceability against the Trust
Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of
any Basic Document.

     (B) The Issuer hereby represents and warrants that each of the
representations and warranties set forth on the Schedule of Representations
attached hereto as Schedule A is true and correct. Such representations and
warranties speak as of the execution and delivery of this Indenture and as of
the Closing Date, but shall survive the pledge of the Receivables to the Trust
Collateral Agent and shall not be waived.

          SECTION 6.20 Waiver of Setoffs.
The Trust Collateral Agent hereby expressly waives any and all rights
of setoff that the Trust Collateral Agent may otherwise at any time have under
applicable law with respect to any Trust Account and agrees that amounts in the
Trust Accounts shall at all times be held and applied solely in accordance with
the provisions hereof and the Sale and Servicing Agreement.

          SECTION 6.21 Control by the Controlling Party. The Trust Collateral Agent
shall comply with notices and instructions given by the Issuer only if
accompanied by the written consent of the Controlling Party, except that if any
Event of Default shall have occurred and be continuing, the Trust Collateral
Agent shall act upon and comply with notices and instructions given by the
Controlling Party alone in the place and stead of the Issuer.

ARTICLE VII

Noteholders’ Lists and Reports

          SECTION 7.1 Issuer To Furnish To Trustee Names and Addresses of
Noteholders. The Issuer will furnish or cause to be furnished to the Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii)
three months after the last Record Date, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders as of such
Record Date, (b) at such other times as the Trustee may request in writing,
within 30 days after receipt by the Issuer of any such request, a list of
similar form and content as of a date not more than 10 days prior to the time
such list is furnished; provided, however, that so long as the Trustee is the
Note Registrar, no such list shall be required to be furnished. If

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Definitive
Notes have been issued pursuant to Section 2.12, the Trustee or, if the Trustee
is not the Note Registrar, the Issuer shall furnish to the Security Insurer in
writing on an annual basis on each June 30 and at such other times as the
Security Insurer may request a copy of the list.

          SECTION 7.2 Preservation of Information; Communications to Noteholders.

          (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders contained in the most
recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as Note
Registrar. The Trustee may destroy any list furnished to it as provided in
such Section 7.1 upon receipt of a new list so furnished.

          (b) Noteholders may communicate pursuant to TIA § 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

          (c) The Issuer, the Trustee and the Note Registrar shall have the
protection of TIA § 312(c).

          SECTION 7.3 Reports by Issuer.

          (a) The Issuer shall:

     (i) file with the Trustee, within 15 days after the Issuer is
required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Issuer may be required
to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act;

     (ii) file with the Trustee and the Commission in accordance with
rules and regulations prescribed from time to time by the Commission such
additional information, documents and reports with respect to compliance
by the Issuer with the conditions and covenants of this Indenture as may
be required from time to time by such rules and regulations; and

     (iii) supply to the Trustee (and the Trustee shall transmit by mail
to all Noteholders described in TIA § 313(c)) such summaries of any
information, documents and reports required to be filed by the Issuer
pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the
Commission.

          (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall end on December 31 of each year.

          SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60
days after each May 31, beginning with May 31, 2005, the Trustee shall mail to
each Noteholder as required by TIA § 313(c) a brief report dated as of such
date that complies with TIA § 313(a). The Trustee also shall comply with TIA §
313(b).

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

ARTICLE VIII

Accounts, Disbursements and Releases

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

          SECTION 8.2 Release of Trust Estate.

          (a) Subject to the payment of its fees and expenses and other amounts
pursuant to Section 6.7, the Trust Collateral Agent may, and when required by
the provisions of this Indenture shall, execute instruments to release property
from the lien of this Indenture, in a manner and under circumstances that are
not inconsistent with the provisions of this Indenture. No party relying upon
an instrument executed by the Trust Collateral Agent as provided in this
Article VIII shall be bound to ascertain the Trust Collateral Agent’s
authority, inquire into the satisfaction of any conditions precedent or see to
the application of any moneys.

          (b) The Trust Collateral Agent shall, at such time as there are no Notes
outstanding and all sums due the Trustee pursuant to Section 6.7 have been
paid, release any remaining portion of the Trust Estate that secured the Notes
from the lien of this Indenture and release to the Issuer or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. The Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.2(b) only upon receipt of an Issuer Request accompanied by an Officer’s
Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.1.

          SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive
at least seven days’ notice when requested by the Issuer to take any action
pursuant to Section 8.2(a), accompanied by copies of any instruments involved,
and the Trustee shall also require as a condition to such action, an Opinion of
Counsel in form and substance satisfactory to the Trustee, stating the legal
effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have
been

53

 

complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the
provisions of this Indenture; provided, however, that such Opinion of Counsel
shall not be required to express an opinion as to the fair value of the Trust
Estate. Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

          SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

          (a) Without the consent of the Holders of any Notes but with the consent
of the Security Insurer (unless an Insurer Default shall have occurred and be
continuing) and with prior notice to the Rating Agencies by the Issuer, as
evidenced to the Trustee, the Issuer and the Trustee, when authorized by an
Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Trustee, for any of the following purposes:

     (i) to correct or amplify the description of any property at any
time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Trust Collateral Agent any property subject or
required to be subjected to the lien of this Indenture, or to subject to
the lien of this Indenture additional property;

     (ii) to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by
any such successor of the covenants of the Issuer herein and in the Notes
contained;

     (iii) to add to the covenants of the Issuer, for the benefit of the
Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuer;

     (iv) to convey, transfer, assign, mortgage or pledge any property to
or with the Trust Collateral Agent;

     (v) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture which may be inconsistent with
any other provision herein or in any supplemental indenture or to make
any other provisions with respect to matters or questions arising under
this Indenture or in any supplemental indenture; provided that such
action shall not adversely affect the interests of the Holders of the
Notes;

     (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to
or change any of the provisions of this Indenture as shall be necessary
to facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or

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     (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar
federal statute hereafter enacted and to add to this Indenture such other
provisions as may be expressly required by the TIA.

          The Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

          (b) The Issuer and the Trustee, when authorized by an Issuer Order, may,
also without the consent of any of the Holders of the Notes but with prior
notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Noteholder.

          SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The
Issuer and the Trustee, when authorized by an Issuer Order, also may, with
prior notice to the Rating Agencies, with the consent of the Security Insurer
(unless an Insurer Default shall have occurred and be continuing) and with the
consent of the Holders of not less than a majority of the outstanding Amount of
the Notes, by Act of such Holders delivered to the Issuer and the Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided however, that, subject to
the express rights of the Security Insurer under the Basic Documents, no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

     (i) change the date of payment of any installment of principal of or
interest on any Note, or reduce the principal amount thereof, the
interest rate thereon or the Redemption Price with respect thereto,
change the provision of this Indenture relating to the application of
collections on, or the proceeds of the sale of, the Trust Estate to
payment of principal of or interest on the Notes, or change any place of
payment where, or the coin or currency in which, any Note or the interest
thereon is payable;

     (ii) impair the right to institute suit for the enforcement of the
provisions of this Indenture requiring the application of funds available
therefor, as provided in Article V, to the payment of any such amount due
on the Notes on or after the respective due dates thereof (or, in the
case of redemption, on or after the Redemption Date);

     (iii) reduce the percentage of the Outstanding Amount of the Notes,
the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any
waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture;

55

 

     (iv) modify or alter the provisions of the proviso to the definition
of the term “Outstanding”;

     (v) reduce the percentage of the Outstanding Amount of the Notes
required to direct the Trustee to direct the Issuer to sell or liquidate
the Trust Estate pursuant to Section 5.4;

     (vi) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional
provisions of this Indenture or the Basic Documents cannot be modified or
waived without the consent of the Holder of each Outstanding Note
affected thereby;

     (vii) modify any of the provisions of this Indenture in such manner
as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Distribution Date or any Insured
Distribution Date (including the calculation of any of the individual
components of such calculation) or to affect the rights of the
Noteholders to the benefit of any provisions for the mandatory redemption
of the Notes contained herein; or

     (viii) permit the creation of any lien ranking prior to or on a
parity with the lien of this Indenture with respect to any part of the
Trust Estate or, except as otherwise permitted or contemplated herein or
in any of the Basic Documents, terminate the lien of this Indenture on
any property at any time subject hereto or deprive the Holder of any Note
of the security provided by the lien of this Indenture.

          The Trustee may determine whether or not any Notes would be affected by
any supplemental indenture and any such determination shall be conclusive upon
the Holders of all Notes, whether theretofore or thereafter authenticated and
delivered hereunder. The Trustee shall not be liable for any such
determination made in good faith.

          It shall not be necessary for any Act of Noteholders under this Section to
approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

          Promptly after the execution by the Issuer and the Trustee of any
supplemental indenture pursuant to this Section, the Trustee shall mail to the
Holders of the Notes to which such amendment or supplemental indenture relates
a notice setting forth in general terms the substance of such supplemental
indenture. Any failure of the Trustee to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

          SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive and
shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental
indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental

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indenture that affects the Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise.

          SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Trustee, the Issuer and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

          SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture
Act.

          SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Trustee shall, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Trustee shall so determine, new
Notes so modified as to conform, in the opinion of the Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer
and authenticated and delivered by the Trustee in exchange for Outstanding
Notes.

ARTICLE X

Redemption of Notes

          SECTION 10.1 Redemption.

          (a) The Notes are subject to redemption in whole, but not in part, at the
direction of the Servicer or the Seller pursuant to Section 10.1(a) of the Sale
and Servicing Agreement, on any Distribution Date on which the Servicer or
Seller exercises its option to purchase the Trust Estate pursuant to said
Section 10.1(a), for a purchase price equal to the Redemption Price; provided,
however, that the Issuer has available funds sufficient to pay the Redemption
Price. The Servicer or the Issuer shall furnish the Security Insurer and the
Rating Agencies notice of such redemption. If the Notes are to be redeemed
pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish
notice of such election to the Trustee not later than 25 days prior to the
Redemption Date and the Issuer shall deposit with the Trustee in the Collection
Account the Redemption Price of the Notes to be redeemed whereupon all such
Notes shall be due and payable on the Redemption Date upon the furnishing of a
notice complying with Section 10.2 to each Holder of Notes.

          (b) In the event that the assets of the Trust are distributed pursuant to
Section 8.1 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding
Amount of the Notes and all accrued and unpaid

57

 

interest thereon. If amounts
are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or
the Issuer shall, to the extent practicable, furnish notice of such event to
the Trustee not later than 45 days prior to the Redemption Date whereupon all
such amounts shall be payable on the Redemption Date.

          SECTION 10.2 Form of Redemption.

          (a) Notice of redemption under Section 10.1(a) shall be given by the
Trustee by facsimile or by first-class mail, postage prepaid, transmitted or
mailed prior to the applicable Redemption Date to each Holder of Notes, as of
the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder’s address appearing in the Note Register.

          All notices of redemption shall state:

     (i) the Redemption Date;

     (ii) the Redemption Price;

     (iii) that the Record Date otherwise applicable to such Redemption
Date is not applicable and that payments shall be made only upon
presentation and surrender of such Notes and the place where such Notes
are to be surrendered for payment of the Redemption Price (which shall be
the office or agency of the Issuer to be maintained as provided in
Section 3.2); and

     (iv) that interest on the Notes shall cease to accrue on the
Redemption Date.

          Notice of redemption of the Notes shall be given by the Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note shall not impair or affect the
validity of the redemption of any other Note.

          SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1(a)), on the Redemption Date become due
and payable at the Redemption Price and (unless the Issuer shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption
Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price.

ARTICLE XI

Miscellaneous

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

58

 

complied with, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with and
(iii) (if required by the TIA) an
Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

          (a) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

     (i) a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the
definitions herein relating thereto;

     (ii) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

     (iii) a statement that, in the opinion of each such signatory, such
signatory has made such examination or investigation as is necessary to
enable such signatory to express an informed opinion as to whether or not
such covenant or condition has been complied with; and

     (iv) a statement as to whether, in the opinion of each such
signatory such condition or covenant has been complied with.

          (b) (i)(i) Prior to the deposit of any Collateral or other property or
securities with the Trust Collateral Agent that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture,
the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Trust Collateral Agent and the
Security Insurer an Officer’s Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days of
such deposit) to the Issuer of the Collateral or other property or securities
to be so deposited.

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

     (iii) Other than with respect to the release of any Purchased
Receivables, Sold Receivables or Liquidated Receivables, whenever any
property or securities are to be

59

 

released from the lien of this Indenture, the Issuer shall also
furnish to the Trust Collateral Agent and the Security Insurer an
Officer’s Certificate certifying or stating the opinion of each person
signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and
stating that in the opinion of such person the proposed release will not
impair the security under this Indenture in contravention of the
provisions hereof.

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

     (v) Notwithstanding Section 2.9 or any other provision of this
Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose
of Receivables as and to the extent permitted or required by the Basic
Documents and (B) make cash payments out of the Trust Accounts as and to
the extent permitted or required by the Basic Documents.

          SECTION 11.2 Form of Documents Delivered to Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

          Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate
or opinion is based are erroneous. Any such certificate of an Authorized
Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller or the Issuer, stating that the
information with respect to such factual matters is in the possession of the
Servicer, the Seller or the Issuer, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

60

 

          Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

          Whenever in this Indenture, in connection with any application or
certificate or report to the Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of the Issuer’s compliance with any term hereof, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however,
be construed to affect the Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in
Article VI.

          SECTION 11.3 Acts of Noteholders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Noteholders in person or by agents duly appointed
in writing; and except as herein otherwise expressly provided such action shall
become effective when such instrument or instruments are delivered to the
Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Noteholders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Section.
In the event the Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a
majority of the Outstanding Amount of the Notes, the Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

          (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any customary manner of the Trustee.

          (c) The ownership of Notes shall be proved by the Note Register.

          (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Notes shall bind the Holder of every Note
issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

          SECTION 11.4 Notices, etc., to Trustee, Issuer and Rating Agencies. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture to be
made upon, given or furnished to or filed with:

61

 

          (a) The Trustee by any Noteholder or by the Issuer shall be sufficient for
every purpose hereunder if personally delivered, delivered by overnight courier
or mailed certified mail, return receipt requested and shall be deemed to have
been duly given upon receipt to the Trustee at its Corporate Trust Office, or

          (b) The Issuer by the Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if personally delivered, delivered by overnight courier
or mailed certified mail, return receipt requested and shall deemed to have
been duly given upon receipt to the Issuer addressed to: AmeriCredit Automobile
Receivables Trust 2004-D-F, in care of Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, or at any other address previously furnished in
writing to the Trustee by Issuer. The Issuer shall promptly transmit any
notice received by it from the Noteholders to the Trustee.

          (c) The Security Insurer by the Issuer or the Trustee shall be sufficient
for any purpose hereunder if in writing and mailed by registered mail or
personally delivered or telexed or telecopied to the recipient as follows:

	 	 	 	 	 	 	 
	 	 	To the Security Insurer:	 	Financial Security Assurance Inc.
	 	 	 	 	350 Park Avenue
	 	 	 	 	New York, NY 10022
	 	 	 	 	Attention: Transaction Oversight Department
	 	 	 	 	Re: AmeriCredit Receivables-Backed Notes
	 	 	 	 	Series 2004-D-F, Policy No. [        ]
	 
	 	 	 	 	 	 
	

	 	 	 	Telex No.:
	 	  (212) 688-3101
	

	 	 	 	Confirmation:
	 	  (212) 826-0100
	

	 	 	 	Telecopy Nos.:
	 	  (212) 339-3518 or
	

	 	 	 	 	 	  (212) 339-3529

(In each case in which notice or other communication to the Security Insurer
refers to an Event of Default, a claim on the Note Policy or with respect to
which failure on the part of the Security Insurer to respond shall be deemed to
constitute consent or acceptance, then a copy of such notice or other
communication should also be sent to the attention of the General Counsel and
the Head—Financial Guaranty Group “URGENT MATERIAL ENCLOSED.”)

          Notices required to be given to the Rating Agencies by the Issuer, the
Trustee or the Owner Trustee shall be in writing, personally delivered,
electronically delivered, delivered by overnight courier or mailed certified
mail, return receipt requested to (i) in the case of Moody’s, at the following
address: Moody’s Investors Service, 99 Church Street, New York, New York 10007,
(ii) in the case of Standard & Poor’s, via electronic delivery to
Servicer_reports@sandp.com; for any information not available in electronic
format, send hard copies to: Standard & Poor’s Ratings Services, 55 Water
Street, 41st floor, New York, New York 10041, Attention: ABS Surveillance Group
and (iii) in the case of Fitch, at the following address: Fitch Inc., One
State Street Plaza, New York, New York 10004; or as to each of the foregoing,
at such other address as shall be designated by written notice to the other
parties.

62

 

          SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner here
in provided shall conclusively be presumed to have been duly given.

          Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Trustee but such
filing shall not be a condition precedent to the validity of any action taken
in reliance upon such a waiver.

          In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

          Where this Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event
of Default.

          SECTION 11.6 [Reserved]

          SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

          The provisions of TIA §§ 310 through 317 that impose duties on any person
(including the provisions automatically deemed included herein unless expressly
excluded by this Indenture) are a part of and govern this Indenture, whether or
not physically contained herein.

          SECTION 11.8 Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

          SECTION 11.9 Successors and Assigns.
All covenants and agreements in this Indenture and the Notes by the
Issuer shall bind its successors and assigns, whether so expressed or not. All
agreements of the Trustee in this Indenture shall bind its successors. All
agreements of the Trust Collateral Agent in this Indenture shall bind its
successors.

63

 

          SECTION 11.10 Separability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

          SECTION 11.11 Benefits of Indenture. The Security Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Indenture, and shall be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default shall have occurred
and be continuing. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Noteholders, and any other party secured
hereunder, and any other person with an Ownership interest in any part of the
Trust Estate, any benefit or any legal or equitable right, remedy or claim
under this Indenture. The Security Insurer may disclaim any of its rights and
powers under this Indenture (in which case the Trustee may exercise such right
or power hereunder), but not its duties and obligations under the Note Policy,
upon delivery of a written notice to the Trustee.

          In exercising any of its voting rights, rights to direct or consent or any
other rights as the Security Insurer under this Indenture or any other Basic
Document, subject to the terms and conditions of this Indenture, the Security
Insurer shall not have any obligation or duty to any Person to consider or take
into account the interests of any Person and shall not be liable to any Person
for any action taken by it or at its discretion or any failure by it to act or
to direct that any action be taken, without regard to whether such inaction or
action benefits or adversely affects any Noteholder, the Issuer or any other
Person.

          SECTION 11.12 Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date an which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

          SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING
IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          SECTION 11.14 Counterparts. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

          SECTION 11.15 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Trustee or any other counsel reasonably acceptable
to the Trustee and the Security Insurer) to the effect that such recording is
necessary either for the protection of the Noteholders or any other person
secured hereunder or for the enforcement of any right or remedy granted to the
Trustee or

64

 

the Trust Collateral Agent under this Indenture or the Collateral
Agent under the Spread Account Agreement.

          SECTION 11.16 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Seller, the
Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or
the Trustee on the Notes or under this Indenture, any other Basic Document or
any certificate or other writing delivered in connection herewith or therewith,
against (i) the Seller, the Servicer, the Backup Servicer, the Trustee, the
Trust Collateral Agent or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Seller, the
Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the
Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner
Trustee, the Trust Collateral Agent or the Trustee or of any successor or
assign of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust
Collateral Agent or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Trustee,
the Trust Collateral Agent, the Backup Servicer and the Owner Trustee have no
such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
For all purposes of this Indenture, in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Article VI, VII and
VIII of the Trust Agreement.

          SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by
entering into this Indenture, and each Noteholder, by accepting a Note, hereby
covenant and agree that they will not at any time institute against the Seller,
or the Issuer, or join in any institution against the Seller, or the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the Basic Documents.

          SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Trustee or of the Security
Insurer, during the Issuer’s normal business hours, to examine all the books of
account, records, reports, and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer’s affairs, finances and accounts
with the Issuer’s officers, employees, and independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. Notwithstanding anything herein to the contrary, the foregoing
shall not be construed to prohibit (i) disclosure of any and all information
that is or becomes publicly known, (ii) disclosure of any and all information
(A) if required to do so by any applicable statute, law, rule or regulation,
(B) to any government agency or regulatory body having or claiming authority to
regulate or oversee any respects of the Trustee’s business or that of its
affiliates, (C) pursuant to any subpoena, civil investigative demand or similar
demand or request of any court, regulatory authority, arbitrator or arbitration
to which the Trustee or an affiliate or an officer, director, employer or
shareholder thereof is a party, (D) in any preliminary or final offering
circular, registration statement or contract or other

65

 

document pertaining to
the transactions contemplated by the Indenture approved in advance by the
Servicer or the Issuer or (E) to any independent or internal auditor, agent,
employee or attorney of the Trustee having a need to know the same, provided
that the Trustee advises such recipient of the confidential nature of the
information being disclosed, or (iii) any other disclosure authorized by the
Servicer or the Issuer.

[SIGNATURE PAGE FOLLOWS]

66

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2004-D-F,
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as

Owner Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Heather L. Williamson
	

	 	 	 	

	

	 	 	 	Name: Heather L. Williamson

Title: Financial Services Officer
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK,
not in its individual capacity but solely as
Trustee and Trust Collateral Agent
	 
	 	 	 	 
	

	 	By:
	 	/s/ Melissa Wilman
	

	 	 	 	

	

	 	 	 	Name: Melissa Wilman
	

	 	 	 	Title: Vice President

[Indenture]

 

 

EXHIBIT A-1

	 	 	 	 	 
	REGISTERED
	 	$	145,000,000	 

No. RB-A-1

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N [      ]

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F

CLASS A-1 2.08% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-D-F, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED FORTY-FIVE MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $145,000,000
and the denominator of which is $145,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-1 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the November
7, 2005 Distribution Date (the “Final Scheduled Distribution Date”). The
Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
November 9, 2004. Interest will be computed on the basis of a 360-day year and
the actual number of days in the related Interest Period. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse
hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-1-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance
policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the
“Security Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution
Date will be paid on or prior to the related Insured Distribution Date, all as
more fully set forth in the Indenture and the related Sale and Servicing
Agreement. The Record Date applicable to any Insured Distribution Date is the
Record Date applicable to the related Distribution Date.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-1-2

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2004-D-F
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: November 9, 2004	 	JPMORGAN CHASE BANK, not in its individual
capacity but solely as Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Authorized Signer

A-1-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 2.08% Asset Backed Notes (herein called the “Class
A-1 Notes”), all issued under an Indenture dated as of October 26, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and JPMorgan Chase Bank, as trustee (the “Trustee,” which
term includes any successor Trustee under the Indenture) and as trust
collateral agent (the “Trust Collateral Agent”), which term includes any
successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-1 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 6, 2004. The term “Distribution
Date,” shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable (i) on the date on which
an Event of Default shall have occurred and be continuing so long as an Insurer
Default shall not have occurred and be continuing or (ii) if an Insurer Default
shall have occurred and be continuing, on the date on which an Event of Default
shall have occurred and be continuing and the Trustee or the Holders of the
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-1 Notes shall
be made pro rata to the Class A-1 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any

A-1-4

 

one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Distribution Date, then the
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Trustee’s principal Corporate Trust Office or at the office of the
Trustee’s agent appointed for such purposes located in New York, New York.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-1-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

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

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-1-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-1-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
                                                                    

(name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated

	 	 	 	1	 	 
	

	 	

	 	 	 	

	

	 	 	 	 	 	Signature Guaranteed:
	 
	 	 	 	 	 	 
	
	 	 	 	

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

A-1-8

 

EXHIBIT A-2

	 	 	 	 	 
	REGISTERED
	 	$	236,000,000	 

No. RB-A-2

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N [      ]

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F

CLASS A-2 2.53% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-D-F, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED THIRTY-SIX MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $236,000,000
and the denominator of which is $236,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-2 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the March 6,
2008 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer
will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
November 9, 2004. Interest will be computed on the basis of a 360 day year
consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-2-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance
policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the
“Security Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution
Date will be paid on or prior to the related Insured Distribution Date, all as
more fully set forth in the Indenture and the related Sale and Servicing
Agreement. The Record Date applicable to any Insured Distribution Date is the
Record Date applicable to the related Distribution Date.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-2-2

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2004-D-F
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: November 9, 2004	 	JPMORGAN CHASE BANK, not in its individual
capacity but solely as Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Authorized Signer

A-2-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 2.53% Asset Backed Notes (herein called the “Class
A-2 Notes”), all issued under an Indenture dated as of October 26, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and JPMorgan Chase Bank, as trustee (the “Trustee,” which
term includes any successor Trustee under the Indenture) and as trust
collateral agent (the “Trust Collateral Agent”), which term includes any
successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-2 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 6, 2004. The term “Distribution
Date,” shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable (i) on the date on which
an Event of Default shall have occurred and be continuing so long as an Insurer
Default shall not have occurred and be continuing or (ii) if an Insurer Default
shall have occurred and be continuing, on the date on which an Event of Default
shall have occurred and be continuing and the Trustee or the Holders of the
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-2 Notes shall
be made pro rata to the Class A-2 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any

A-2-4

 

one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Distribution Date, then the
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Trustee’s principal Corporate Trust Office or at the office of the
Trustee’s agent appointed for such purposes located in New York, New York.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-2 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-2-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

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

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-2-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-2-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                                                     

(name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated

	 	 	 	1	 	 
	

	 	

	 	 	 	

	

	 	 	 	 	 	Signature Guaranteed:
	 
	 	 	 	 	 	 
	
	 	 	 	

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

A-2-8

 

EXHIBIT A-3

	 	 	 	 	 
	REGISTERED
	 	$	197,000,000	 

No. RB-A-3

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N [     ]

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F

CLASS A-3 2.98% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-D-F, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED NINETY-SEVEN MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $197,000,000
and the denominator of which is $197,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-3 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the July 6,
2009 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer
will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
November 9, 2004. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-3-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance
policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the
“Security Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution
Date will be paid on or prior to the related Insured Distribution Date, all as
more fully set forth in the Indenture and the related Sale and Servicing
Agreement. The Record Date applicable to any Insured Distribution Date is the
Record Date applicable to the related Distribution Date.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-3-2

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2004-D-F
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: November 9, 2004	 	JPMORGAN CHASE BANK, not in its individual
capacity but solely as Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Authorized Signer

A-3-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 2.98% Asset Backed Notes (herein called the “Class
A-3 Notes”), all issued under an Indenture dated as of October 26, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and JPMorgan Chase Bank, as trustee (the “Trustee,” which
term includes any successor Trustee under the Indenture) and as trust
collateral agent (the “Trust Collateral Agent”), which term includes any
successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-3 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 6, 2004. The term “Distribution
Date,” shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable (i) on the date on which
an Event of Default shall have occurred and be continuing so long as an Insurer
Default shall not have occurred and be continuing or (ii) if an Insurer Default
shall have occurred and be continuing, on the date on which an Event of Default
shall have occurred and be continuing and the Trustee or the Holders of the
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-3 Notes shall
be made pro rata to the Class A-3 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any

A-3-4

 

one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Distribution Date, then the
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Trustee’s principal Corporate Trust Office or at the office of the
Trustee’s agent appointed for such purposes located in New York, New York.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-3-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

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

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-3-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-3-7

 

ASSIGNMENT

     Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                                                     

(name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated

	 	 	 	1	 	 
	

	 	

	 	 	 	

	

	 	 	 	 	 	Signature Guaranteed:
	 
	 	 	 	 	 	 
	
	 	 	 	

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

A-3-8

 

EXHIBIT A-4

	 	 	 	 	 
	REGISTERED
	 	$	172,000,000	 

No. RB-A-4

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N [     ]

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F

CLASS A-4 3.43% ASSET BACKED NOTE

          AmeriCredit Automobile Receivables Trust 2004-D-F, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED SEVENTY-TWO MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $172,000,000
and the denominator of which is $172,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-4 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the July 6,
2011 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer
will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available
for payment. Interest on this Note will accrue for each Distribution Date from
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from
November 9, 2004. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and

A-4-1

 

private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

          The Notes are entitled to the benefits of a financial guaranty insurance
policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the
“Security Insurer”), pursuant to which the Security Insurer has unconditionally
guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution
Date will be paid on or prior to the related Insured Distribution Date, all as
more fully set forth in the Indenture and the related Sale and Servicing
Agreement. The Record Date applicable to any Insured Distribution Date is the
Record Date applicable to the related Distribution Date.

          Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

          Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

A-4-2

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2004-D-F
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its
	

	 	 	 	individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust
	

	 	 	 	Agreement
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	Date: November 9, 2004	 	JPMORGAN CHASE BANK, not in its individual
capacity but solely as Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Authorized Signer

A-4-3

 

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 3.43% Asset Backed Notes (herein called the “Class
A-4 Notes”), all issued under an Indenture dated as of October 26, 2004 (such
indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and JPMorgan Chase Bank, as trustee (the “Trustee,” which
term includes any successor Trustee under the Indenture) and as trust
collateral agent (the “Trust Collateral Agent”), which term includes any
successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

          The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the “Notes”) are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

          Principal of the Class A-4 Notes will be payable on each Distribution Date
in an amount described on the face hereof. “Distribution Date” means the sixth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing December 6, 2004. The term “Distribution
Date,” shall be deemed to include the Final Scheduled Distribution Date.

          As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a
portion of the unpaid principal balance of this Note shall be due and payable
on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable (i) on the date on which
an Event of Default shall have occurred and be continuing so long as an Insurer
Default shall not have occurred and be continuing or (ii) if an Insurer Default
shall have occurred and be continuing, on the date on which an Event of Default
shall have occurred and be continuing and the Trustee or the Holders of the
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-4 Notes shall
be made pro rata to the Class A-4 Noteholders entitled thereto.

          Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payments
will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any

A-4-4

 

one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Distribution Date, then the
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Trustee’s principal Corporate Trust Office or at the office of the
Trustee’s agent appointed for such purposes located in New York, New York.

          The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Interest Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such registration of transfer
or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes as indebtedness for purposes of federal income,
state and local income and franchise and any other income taxes.

A-4-5

 

          Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Security Insurer and any agent of the Issuer,
the Trustee or the Security Insurer may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Trustee nor
any such agent shall be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Security Insurer and of the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time Outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

          The term “Issuer” as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Trustee and the Noteholders
under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

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

          No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place, and rate, and in the coin or currency herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust
Company in its individual capacity, any owner of a beneficial interest in the
Issuer, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications

A-4-6

 

contained in this Note or the Indenture, it being expressly understood
that said covenants, obligations and indemnifications have been made by the
Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.

A-4-7

 

ASSIGNMENT

     Social Security or taxpayer I.D. or other identifying number of assignee

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                                                     

(name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated

	 	 	 	1	 	 
	

	 	

	 	 	 	

	

	 	 	 	 	 	Signature Guaranteed:
	 
	 	 	 	 	 	 
	
	 	 	 	

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

A-4-8

 

SCHEDULE A

REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

1. Security Interest in Financed Vehicle. This Indenture creates a valid
and continuing security interest (as defined in the applicable UCC) in
the Receivables in favor of the Trust Collateral Agent, which security
interest is prior to all other Liens, and is enforceable as such as
against creditors of and purchasers from the Seller. The Issuer owns and
has good and marketable title to the Receivables free and clear of any
Lien (other than the Lien in favor of the Trust Collateral Agent), claim
or encumbrance of any Person.

2. All Filings Made. The Issuer has taken all steps necessary to perfect
the Trust Collateral Agent’s security interest in the property securing
the Receivables, provided that, if not done as of the Closing Date, the
Issuer will cause, within ten days of the Closing Date, the filing of
all appropriate financing statements in the proper filing office in the
State of Delaware under applicable law in order to perfect the security
interest in the Receivables granted to the Trust Collateral Agent
hereunder.

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

4. Chattel Paper. The Receivables constitute “tangible chattel paper”
within the meaning of the UCC as in effect in the States of Texas, New
York and Delaware.

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

Sched. A-1

 

6. Possession of Original Copies. The Servicer, as Custodian on behalf
of the Issuer, has in its possession all original copies of the contracts
that constitute or evidence the Receivable.

Sched. A-2

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