Document:

exv10w8

Exhibit 10.8

Execution Version

CUSTODIAN AGREEMENT

among

AMERICREDIT FINANCIAL SERVICES, INC.,

as Custodian,

FINANCIAL SECURITY ASSURANCE INC.,

as Insurer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

Dated as of May 21, 2008

 

 

          THIS CUSTODIAN AGREEMENT, dated as of May 21, 2008, is made with respect to the
issuance of Notes and a Certificate by AmeriCredit Automobile Receivables Trust
2008-A-F (the “Issuer”), and is between AMERICREDIT FINANCIAL SERVICES,
INC., as custodian (in such capacity, the “Custodian”), FINANCIAL SECURITY
ASSURANCE INC. (the “Insurer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association, as trust collateral agent (the “Trust Collateral
Agent”). Capitalized terms used herein which are not defined herein shall have
the meanings set forth in the Sale and Servicing Agreement as hereinafter defined.

WITNESSETH:

          WHEREAS, AmeriCredit Financial Services, Inc. (“AFS”) and AFS SenSub
Corp. (“AFS SenSub”) have entered into a Purchase Agreement dated as of May
21, 2008 (the “Purchase Agreement”), pursuant to which AFS has sold,
transferred and assigned to AFS SenSub all of its right, title and interest in and
to the Receivables;

          WHEREAS, the Issuer, AFS, as Servicer (the “Servicer”), AFS SenSub and
Wells Fargo Bank, National Association, as Trust Collateral Agent and as Backup
Servicer, have entered into a Sale and Servicing Agreement, dated as of May 21, 2008
(the “Sale and Servicing Agreement”), pursuant to which AFS SenSub has sold,
transferred and assigned to the Issuer all of AFS SenSub’s right, title and interest
in and to the Receivables;

          WHEREAS, in connection with such sales, transfers and assignments, AFS and AFS
SenSub have made certain representations and warranties regarding the Receivable
Files, upon which the Insurer has relied in issuing the Note Policy; and

          WHEREAS, the Trust Collateral Agent wishes to appoint the Custodian to hold the
Receivable Files as the custodian on behalf of the Issuer and the Trust Collateral
Agent;

          NOW, THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

          1. Appointment of Custodian; Acknowledgement of Receipt. Subject to the terms and
conditions hereof, the Trust Collateral Agent hereby revocably appoints the Custodian, but shall
not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts
such appointment, as custodian and bailee on behalf of the Issuer and the Trust Collateral Agent,
to maintain exclusive custody of the Receivable Files relating to the Receivables from time to time
pledged to the Trust Collateral Agent as part of the Other Conveyed Property. In performing its
duties hereunder, the
Custodian agrees to act with reasonable care, using that degree of skill and attention that a
commercial bank acting in the capacity of a custodian would exercise with respect to files relating
to comparable automotive or other receivables that it services or holds for itself or others. The
Custodian hereby, as of the Closing Date acknowledges receipt of the Receivable File for each
Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing
Agreement subject to any exceptions noted on the Custodian’s Acknowledgement (as defined below).
As evidence of its acknowledgement of such receipt of such Receivables, the Custodian shall execute
and deliver

 

 

on the Closing Date, the Custodian’s Acknowledgement attached hereto as Exhibit A (the
“Custodian’s Acknowledgement”).

          2. Maintenance of Receivables Files at Office. The Custodian agrees to maintain the
Receivable Files at its office located at 4001 Embarcadero, Suite 200, Arlington, Texas 76014 or,
subject to the prior written consent of the Insurer (so long as no Insurer Default shall have
occurred and be continuing), at such other office as shall from time to time be identified to the
Trust Collateral Agent and the Insurer, and the Custodian will hold the Receivable Files in such
office on behalf of the Issuer and the Trust Collateral Agent, clearly identified as being separate
from any other instruments and files on its records, including other instruments and files held by
the Custodian and in compliance with Section 3(b) hereof.

          3. Duties of Custodian.

          (a) Safekeeping. The Custodian shall hold the Receivable Files on behalf of the Trust
Collateral Agent clearly identified as being separate from all other files or records maintained by
the Custodian at the same location and shall maintain such accurate and complete accounts, records
and computer systems pertaining to each Receivable File as will enable the Trust Collateral Agent
to comply with the terms and conditions of the Sale and Servicing Agreement. Each Receivable
representing tangible chattel paper (as such term is defined in the Uniform Commercial Code) shall
be stamped on both of the first page and the signature page (if different) in accordance with the
instructions from time to time provided by the Insurer, and the form and content of the stamp shall
be acceptable to the Insurer. Each Receivable shall be identified on the books and records of the
Custodian in a manner that (i) is consistent with the practices of a commercial bank acting in the
capacity of custodian with respect to similar receivables, (ii) indicates that the Receivables are
held by the Custodian on behalf of the Trust Collateral Agent and (iii) is otherwise necessary, as
reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement. The
Custodian shall conduct, or cause to be conducted, periodic physical inspections of the Receivable
Files held by it under this Custodian Agreement, and of the related accounts, records and computer
systems, in such a manner as shall enable the Trust Collateral Agent, the Insurer and the Custodian
to verify the accuracy of the Custodian’s inventory and recordkeeping. Such
inspections shall be conducted at such times, in such manner and by such persons including,
without limitation, independent accountants, as the Insurer or the Trust Collateral Agent may
request and the cost of such inspections shall be borne directly by the Custodian and not by the
Trust Collateral Agent. The Custodian shall promptly report to the Insurer and the Trust
Collateral Agent any failure on its part to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and promptly take appropriate action to remedy any
such failure. Upon request, the Custodian shall make copies or other electronic file records
(e.g., diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall
deliver such Copies to the Trust Collateral Agent and the Trust Collateral Agent shall hold such
Copies on behalf of the Noteholders and the Insurer. Subject to Section 3(c) hereof, the Custodian
shall at all times (i) maintain the original or with respect to “electronic chattel paper” as such
term is defined in the UCC, an authoritative copy of the fully executed original retail installment
sales contract or promissory note and (ii) maintain the original of the Lien Certificate or
application therefore (if no such Lien Certificate has yet been issued), in each case relating to
each Receivable in a fireproof vault; provided, however, the Lien Certificate may
be maintained electronically by the Registrar of Titles of the applicable state pursuant to

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applicable state laws, with confirmation thereof maintained by the Custodian or a third-party
service provider.

          (b) Access to Records. The Custodian shall, subject only to the Custodian’s security
requirements applicable to its own employees having access to similar records held by the
Custodian, which requirements shall be consistent with the practices of a commercial bank acting in
the capacity of custodian with respect to similar files or records, and at such times as may be
reasonably imposed by the Custodian, permit only the Noteholders, the Insurer and the Trust
Collateral Agent or their duly authorized representatives, attorneys or auditors to inspect, at the
Servicer’s expense, the Receivable Files and the related accounts, records, and computer systems
maintained by the Custodian pursuant hereto at such times as the Noteholders, the Insurer or the
Trust Collateral Agent may reasonably request.

          (c) Release of Documents. Consistent with the practices of a commercial bank acting in
the capacity of custodian with respect to similar files or records, the Custodian may release any
Receivable in the Receivable Files to the Servicer, if appropriate, under the circumstances
provided in Section 3.3(b) of the Sale and Servicing Agreement.

          (d) Administration; Reports. The Custodian shall, in general, attend to all
non-discretionary details in connection with maintaining custody of the Receivable Files on behalf
of the Trust Collateral Agent. In addition, the Custodian shall assist the Trust Collateral Agent
generally in the preparation of any routine reports to Noteholders or to regulatory bodies, to the
extent necessitated by the Custodian’s custody of the Receivable Files.

          (e) Review of Lien Certificates. On or before the Closing Date, the Custodian shall
deliver to the Trust Collateral Agent a listing in the form attached hereto as Schedule II of
Exhibit A, of all Receivables with respect to which a Lien Certificate, showing AFS (or an
Originating Affiliate or a Titled Third-Party Lender) as secured party, was not included in the
related Receivable File as of such date. In addition, the Custodian shall deliver to the Trust
Collateral Agent and the Insurer an exception report in the form attached hereto as Schedule II of
Exhibit A (i) no later than the last Business Day of the calendar month during which the
90th day after the Closing Date occurred, (ii) no later than the last Business Day
of the calendar month during which the 180th day after the Closing Date occurred and
(iii) no later than the last Business Day of the calendar month during which the 240th
day after the Closing Date occurred.

          4. Instructions; Authority to Act. The Custodian shall be deemed to have received proper
instructions with respect to the Receivable Files upon its receipt of written instructions signed
by a Responsible Officer of the Trust Collateral Agent. Such instructions may be general or
specific in terms. A copy of any such instructions shall be furnished by the Trust Collateral
Agent to the Trustee, the Issuer and the Insurer.

          5. Custodian Fee. For its services under this Agreement, the Custodian shall be entitled
to reasonable compensation to be paid by the Servicer.

          6. Indemnification by the Custodian. The Custodian agrees to indemnify the Issuer, the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and the Trustee for any
and all liabilities, obligations, losses, damage, payments, costs or expenses of

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any kind
whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or
asserted against the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and
the Insurer and the Trustee and their respective officers, directors, employees, agents, attorneys
and successors and assigns as the result of any act or omission in any way relating to the
maintenance and custody by the Custodian of the Receivable Files; provided,
however, that the Custodian shall not be liable for any portion of any such liabilities,
obligations, losses, damages, payments or costs or expenses due to the willful misfeasance, bad
faith or gross negligence of the Issuer, the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, the Insurer or the Trustee or the officers, directors,
employees and agents thereof. In no event shall the Custodian be liable to any third party for
acts or omissions of the Custodian.

          7. Advice of Counsel. The Custodian and the Trust Collateral Agent further agree that
the Custodian shall be entitled to rely and act upon advice of counsel with respect to its
performance hereunder as custodian and shall be without liability for any action reasonably taken
pursuant to such advice, provided that such action is not in violation of applicable Federal or
state law.

          8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions.
This Custodian Agreement shall become effective as of
the date hereof and shall continue in full force and effect until terminated as hereinafter
provided. Prior to an Insurer Default, this Custodian Agreement may be amended at any time by
mutual agreement of the Insurer, the Trust Collateral Agent and the Custodian and may be terminated
by either the Insurer or the Custodian by giving written notice to the other parties, such
termination to take effect no sooner than thirty (30) days after the date of such notice;
provided, however, that the Insurer may terminate this Custodian Agreement at any
time in its sole discretion and any termination by the Insurer shall take effect immediately. So
long as AFS is serving as Custodian, any termination of AFS as Servicer under the Sale and
Servicing Agreement shall terminate AFS as Custodian under this Agreement. If an Insurer Default
shall have occurred and be continuing, with the prior written consent of the Note Majority, this
Custodian Agreement may be amended at any time by mutual agreement of the parties hereto and may be
terminated by any party by giving written notice to the other parties, such termination to take
effect no sooner than thirty (30) days after the date of such notice. Upon any termination or
amendment of this Custodian Agreement, the Trust Collateral Agent, in the case of amendments, and
the party seeking termination, in the case of terminations, shall give written notice to Standard &
Poor’s, a division of the McGraw-Hill Companies, Inc. (“Standard & Poor’s”), Moody’s
Investors Service (“Moody’s”) and Fitch, Inc. (“Fitch”) (collectively, the
“Rating Agencies”). Immediately after receipt of notice of termination of this Custodian
Agreement, the Custodian shall deliver the Receivable Files to the Trust Collateral Agent on behalf
of the Noteholders, and at the Custodian’s expense, at such place or places as the Trust Collateral
Agent, or the Insurer in the case of a termination by the Insurer, may designate, and the Trust
Collateral Agent, or its agent, as the case may be, shall act as custodian for such Receivables
Files on behalf of the Noteholders until such time as a successor custodian, approved by the
Insurer, has been appointed. If, within seventy-two (72) hours after the termination of this
Custodian Agreement, the Custodian has not delivered the Receivable Files in accordance with the
preceding sentence, the Insurer or, if an Insurer Default shall have occurred and be continuing,
the Trust Collateral Agent, may enter the premises of the Custodian and remove the Receivable Files
from such premises. In connection

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with the administration of this Agreement, the parties may agree
from time to time upon the interpretation of the provisions of this Agreement as may in their joint
opinion be consistent with the general tenor and purposes of this Agreement, any such
interpretation to be signed by all parties and annexed hereto.

          9. Governing Law. This Custodian Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to the conflict of law provisions
thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

          10. Notices. All demands, notices and communications hereunder shall be in writing,
electronically delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in
the case of the Custodian, at the following address: AmeriCredit Financial Services, Inc., 801
Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (b) in the
case of the Trust Collateral Agent, at the following address: Wells Fargo Bank, National
Association, Sixth and Marquette Avenue, MAC N9311—161, Minneapolis, Minnesota 55479 (facsimile
number (612) 667-3464), Attention: Corporate Trust Services/Asset Backed Administration, (c) in the
case of the Insurer, at the following address: Financial Security Assurance Inc., 31 West 52nd
Street, New York, New York 10019, Attention: Transaction Oversight Department, (d) in the case of
Moody’s, at the following address: 7 World Trade Center at 250 Greenwich Street, Asset Finance
Group — 24th Floor, New York, New York 10007, (e) in the case of Fitch, at the
following address: One State Street Plaza, New York, New York 10004 and (f) in the case of Standard
and Poor’s via electronic delivery to Servicer_reports@sandp.com; for any information not available
in electronic format, hard copies should be sent to the following address: 55 Water Street, 41st
floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, or at such other address
as shall be designated by such party in a written notice to the other parties.

          11. Binding Effect. This Custodian Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. Concurrently with the
appointment of a successor trustee under the Sale and Servicing Agreement, the parties hereto shall
amend this Custodian Agreement to make said successor trustee, the successor to the Trust
Collateral Agent hereunder.

[Remainder of page intentionally left blank]

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          IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian
Agreement to be executed in its name and on its behalf by a duly authorized officer
on the day and year first above written.

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

 	 
	 	By:  	/s/  Marianna C. Stershic
 	 
	 	 	Name:  	Marianna C. Stershic 	 
	 	 	Title:  	Vice President 	 
	 
	 	AMERICREDIT FINANCIAL SERVICES, INC.,

as Custodian

 	 
	 	By:  	/s/  Meredith Slack
 	 
	 	 	Name:  	Meredith Slack 	 
	 	 	Title:  	Assistant Vice President, Structured Finance 	 
	 
	 	FINANCIAL SECURITY ASSURANCE INC.

 	 
	 	By:  	/s/  Ravi Gandhi
 	 
	 	 	Name:  	Ravi Gandhi 	 
	 	 	Title:  	Managing Director 	 
	 

The foregoing Custodian Agreement

is hereby confirmed and accepted

as of the date first above written.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2008-A-F,

as Issuer

By: WILMINGTON TRUST COMPANY,

   not in its individual capacity but solely

   as Owner Trustee on behalf of the Trust

	 	 	 	 	 
	By:

	 	/s/ J. Christopher Murphy	 	 
	 

	 	 

Name: J. Christopher Murphy
	 	 
	 

	 	Title: Financial Services Officer	 	 

[Custodian Agreement]

 

 

EXHIBIT A

CUSTODIAN’S ACKNOWLEDGEMENT

          AmeriCredit Financial Services, Inc. (the “Custodian”), acting as
Custodian under a Custodian Agreement, dated as of May 21, 2008, among the
Custodian, Wells Fargo Bank, National Association, as Trust Collateral Agent and
Financial Security Assurance Inc., pursuant to which the Custodian holds on behalf
of the Trust Collateral Agent for the benefit of the Noteholders certain
“Receivable Files,” as defined in the Sale and Servicing Agreement, dated
as of May 21, 2008 (the “Sale and Servicing Agreement”), among AmeriCredit
Automobile Receivables Trust 2008-A-F, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National
Association, as Trust Collateral Agent and as Backup Servicer, hereby acknowledges
receipt of the Receivable File for each Receivable listed in the Schedule of
Receivables attached as Schedule A to said Sale and Servicing Agreement except as
noted in the Custodian Exception List attached as Schedule I and the Lien
Perfection Exception List attached as Schedule II hereto.

          IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc. has caused this
acknowledgement to be executed by its duly authorized officer as of this 29th day
of May, 2008.

	 	 	 	 	 
	 	AMERICREDIT FINANCIAL SERVICES, INC.,

 as
Custodian

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

SCHEDULE I

Custodian Exception List

1

 

SCHEDULE II

Lien Perfection Exception List

2exv10w9

Exhibit 10.9

Execution Version

SERIES 2008-A-F TRI-PARTY REMITTANCE

PROCESSING AGREEMENT

May 21, 2008

          JPMorgan Chase Bank, N.A. (“Processor”), AmeriCredit Financial Services, Inc.
(“AmeriCredit”) and Wells Fargo Bank, National Association, as Trustee (the
“Trustee”), agree as follows:

          1. Servicing Arrangements. AmeriCredit, as Servicer (the “Servicer”), AFS
SenSub Corp., as Seller (“Seller”), AmeriCredit Automobile Receivables Trust 2008-A-F (the
“Trust”) and the Trustee entered into a Sale and Servicing Agreement dated as of May 21,
2008 (as amended, supplemented and otherwise modified from time to time, the “Sale and
Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and
Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or
otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a
processor and includes terms for the opening of the Lockbox Account (as defined herein), and the
Indenture contemplates that the Lockbox Account will be assigned and pledged to the Trust
Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the
provision of data processing services and deposit of remittance items. Such terms are set forth in
this Tri-Party Remittance Processing Agreement (the “Agreement”). All capitalized terms
used herein and not otherwise defined herein shall have the meanings specified in the Sale and
Servicing Agreement.

          2. Remittance Processing Services. In order to provide a means of collection of the
Receivables which will allow the Trustee to receive the proceeds of the Receivables and related
security without AmeriCredit or its Affiliates having access to the funds, the parties hereto agree
for the benefit of the Trustee that the processing services (the “Service(s)”) of Processor
will be used for the collection and the deposit of remittances related to the Receivables and
related security.

          3. Customer Remittances.

     (a) Obligors of the Receivables will be directed by AmeriCredit to forward their remittances
to Processor at a post office address (the “Lockbox”) assigned by Processor. Processor,
acting for the exclusive benefit of the Trustee, shall have unrestricted and exclusive access to
the mail directed to this address. AmeriCredit agrees to notify Processor thirty (30) days in
advance of any change in Obligor remittance statements and/or mailing schedule.

     (b) Third party money wire transfer providers, which shall include Western Union Financial
Services, Inc. (other such providers may perform the services herein with the prior written consent
of the Insurer) (“ACH Service”) may from time to time electronically deposit funds in the
Lockbox Account (as defined herein) on behalf of Obligors and such ACH Service shall be authorized
by Processor to electronically debit the Lockbox Account for the amounts of any return items from
Obligors; provided, however, the electronic debit of the Lockbox Account for any return items by
all ACH Services may not exceed $100,000 in the aggregate per day. Processor is authorized to
establish such arrangements, on such terms deemed prudent by Processor, with such ACH Service
concerning the electronic access to the Lockbox Account.

 

 

          4. Collection of Mail. Processor will collect mail from the post office at regular
intervals each business day, but not less than two times daily.

          5. Endorsement of Items. Processor will endorse, on behalf of AmeriCredit, checks and
other deposited items that appear to be for deposit to the credit of AmeriCredit or its Affiliates
in accordance with Processor’s National Retail Lockbox Processing Agreements and Instructions,
Treasury Management Services Agreement, Commercial Account Agreement or other applicable agreement
and related service terms (individually and collectively, the “Bank Agreements”), as
appropriate.

          6. Credit of Funds to Account.

     (a) Processor will process the checks and other deposited items and credit the total amount to
the account described below (the “Lockbox Account”). The Lockbox Account will be
established at Processor (ABA No.: 122100024) as account number 662633098. Pursuant to the terms
of the Indenture and during the term of this Agreement, and except as otherwise required by law
(e.g., for purposes of attachment, execution and other forms of legal process), all collected funds
held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have
exclusive right to control such funds and to make demand upon or otherwise require Processor to
make payment of any such funds to any person. In the event a successor Processor has become
Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 19 shall
amend and replace the Lockbox Account above without the execution or filing of any document or any
further act by any of the parties to this Agreement.

     (b) Unless otherwise directed by the Trustee (with the written consent of the Insurer),
AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred
from the Lockbox Account within two Business Days by wire transfer in immediately available funds
to the following account: Wells Fargo Bank, National Association, Account No. 0001038377 f/b/o
22712101; ABA No. 121000248 (the “Collection Account”).

     (c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be
subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person,
except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any
check or other item deposited in and credited to such Lockbox Account which is subsequently
returned for any reason or is otherwise not collected, necessary account adjustments as a result of
errors and overdrafts related to return items. If there are insufficient funds in the Lockbox
Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment
within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence
satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the
Collection Account but, only to the extent that such amount was actually received by the Trustee.
If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox
Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.

          7. Applicable Documentation. This Agreement supplements, rather than replaces,
Processor’s deposit account agreement, terms and conditions, and lockbox agreement and other
standard documentation in effect from time to time with respect to the Lockbox, the Lockbox Account
or the services provided in connection therewith (the “Applicable Documentation”), which
Applicable Documentation will continue to apply to the Lockbox, the

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Lockbox Account and such services, and the respective rights, powers, duties, obligations,
liabilities and responsibilities of the parties thereto and hereto, to the extent not expressly
conflicting with the provisions of this Agreement (however, in the event of any such conflict, the
provisions of this Agreement shall control). Prior to issuing any instructions, the Trustee shall
provide Processor with such documentation as Processor may reasonably request to establish the
identity and authority of the individuals issuing instructions on behalf of the Trustee. The
Trustee may request the Processor to provide other services with respect to the Lockbox and the
Lockbox Account; however, if such services are not authorized or otherwise covered under the
Applicable Documentation, Processor’s decision to provide any such services shall be made in its
sole discretion (including without limitation being subject to AmeriCredit and/or the Trustee
executing such Applicable Documentation or other documentation as Processor may require in
connection therewith).

          8. Processor’s General Duties. Notwithstanding anything to the contrary in this
Agreement: (i) Processor shall have only the duties and responsibilities with respect to the
matters set forth herein as is expressly set forth in writing herein and shall not be deemed to be
an agent, bailee or fiduciary for any party hereto; (ii) Processor shall be fully protected in
acting or refraining from acting in good faith without investigation on any notice, instruction or
request purportedly furnished to it by AmeriCredit or the Trustee in accordance with the terms
hereof, in which case the parties hereto agree that Processor has no duty to make any further
inquiry whatsoever; (iii) it is hereby acknowledged and agreed that Processor has no knowledge of
(and is not required to know) the terms and provisions of the Sale and Servicing Agreement referred
to in Section 1 above or any other related documentation or whether any actions by the Trustee,
AmeriCredit or any other person or entity are permitted or a breach thereunder or consistent or
inconsistent therewith; and (iv) Processor shall not be liable to any party hereto or any other
person for any action or failure to act under or in connection with this Agreement except to the
extent such conduct constitutes its own willful misconduct or negligence.

          9. Processing of Items. The provision of services shall be governed by the Bank
Agreements, as may be amended from time to time, subject to the prior written consent to any such
amendments of a material nature by the Trustee, the Insurer and AmeriCredit, which consents shall
not be unreasonably withheld, conditioned or delayed.

          10. Trust Correspondence. Any envelopes collected from the Lockbox which contain
correspondence and other documents (including, but not limited to, certificates of title, tax
receipts, insurance policy endorsements and any other documents or communications of or relating to
the Receivables) will be sent to the Servicer at its current address. Any enclosed payment(s),
coupon(s) or check(s) will be processed and deposited by Processor in accordance with the
provisions of the Agreement.

          11. Confidentiality. Processor agrees that all information concerning the Obligors of
the Receivables which comes into Processor’s possession pursuant to this Agreement, other than that
which is already known by Processor or to the general public, will be treated in a confidential
manner.

          12. Fees. Unless otherwise agreed by Processor, AmeriCredit shall pay Processor the
fees set forth for this Service in Processor’s most current Price List as in effect from time to
time, plus additional fees for the performance of services beyond the terms of this

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Agreement, or resulting from increased expenses incurred by the failure of AmeriCredit to
furnish within a reasonable period of time following a request by Processor, data in a form
acceptable to Processor. Processor shall look first to AmeriCredit for payment of such fees. If
AmeriCredit fails to pay Processor within thirty (30) days of receipt of invoice but in any event
no later than forty-five (45) days from the date of the invoice, Processor will notify the Trustee
in writing as soon as practicable and provide to the Trustee a copy of such unpaid invoice.
Subject to rights to terminate this Agreement pursuant to Section 17, Processor will continue to
perform its services under this Agreement and the amount reflected in such invoice will be paid to
Processor by the Trustee out of funds in the Collection Account on the next Distribution Date (as
defined below), which follows by at least three Business Days the date of giving such notice to the
Trustee. Any fees unpaid after such date will be considered unpaid fees. “Distribution Date”
means the sixth day of the following calendar month, or, if such day is not a Business Day, the
immediately following Business Day.

          13. Processor’s Liability for Nonperformance. In performing the Services, Processor
will exercise ordinary care and act in good faith. Processor shall be deemed to have exercised
ordinary care if its action or failure to act is in conformity with general banking usages or is
otherwise a commercially reasonable practice of the banking industry. Processor’s liability
relating to its or its employees’, officers’ or agents’ performance or failure to perform
hereunder, or for any other action or inaction of Processor, or its employees, officers or agents,
shall be limited exclusively to the lesser of (i) any direct losses which are caused by the failure
of Processor, its employees, officers or agents to exercise reasonable care and/or act in good
faith, and (ii) the face amount of any item, check, payment or other funds lost or mishandled by
the action or inaction of Processor. Under no circumstances will Processor be liable for any
general, indirect, special, incidental, punitive or consequential damages or for damages caused, in
whole or in part, by the action or inaction of AmeriCredit or the Trustee, whether or not such
action or inaction constitutes negligence. Processor will not be liable for any damage, loss,
liability or delay caused by accidents, strikes, fire, flood, war, riot, equipment breakdown,
electrical or mechanical failure, acts of God or any cause which is reasonably unavoidable or
beyond its reasonable control. AmeriCredit agrees that the fees charged by Processor for the
performance of this Service shall be deemed to have been established in contemplation of these
limitations on Processor’s liability. In addition, AmeriCredit agrees to indemnify and hold
Processor harmless from all liability on the part of Processor under this Section 13 except such
liability as is attributable to the gross negligence of Processor.

          14. Indemnification by AmeriCredit. AmeriCredit agrees to indemnify, defend and hold
Processor harmless from and against any and all damage, loss, cost, expense or liability of any
kind, including, without limitation, reasonable attorneys’ fees and court costs, which results,
directly or indirectly, in whole or in part, from any negligence and willful misconduct or
infidelity of AmeriCredit or any agent or employee of AmeriCredit, incurred in connection with this
Agreement, Lockbox or the Lockbox Account or any interpleader proceeding relating thereto or from
Processor acting upon information furnished by AmeriCredit under this Agreement. AmeriCredit will
remain liable for all indemnification under this Section 14 after its removal and/or resignation as
Servicer.

          15. Other Agreements. Processor shall not be bound by any agreement between any of
the other parties hereto irrespective of whether Processor has knowledge of the existence of any
such agreement or the terms and provisions thereof.

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          16. Records. This Agreement and the performance by Processor of the Services
hereunder shall not relieve Processor of any obligation imposed by law or contract regarding the
maintenance of records.

          17. Amendment and Termination. This Agreement may only be amended in writing signed
by all parties to this Agreement and the Insurer. AmeriCredit or Trustee may immediately terminate
this Agreement for cause, provided, however, that a similar agreement has been executed with a
successor processor reasonably acceptable to the Trustee and the Insurer or the Trustee and the
Insurer have consented to such termination. The Trustee may immediately terminate this Agreement,
at any time with the consent of the Insurer, and shall do so, at the direction of the Insurer, upon
written notice to the other parties hereto. Otherwise, any party may terminate this Agreement on
sixty (60) days’ prior written notice to the others; provided, however, that AmeriCredit shall
promptly notify the Insurer of receipt of any such notice and shall arrange for alternative lockbox
processing services satisfactory to the Insurer prior to the termination of the Services.

          18. Successor Servicer. Each of Processor and the Trustee agrees that if the Servicer
has been terminated or resigns as Servicer, this Agreement shall not thereupon terminate and the
successor servicer appointed pursuant to the Sale and Servicing Agreement shall succeed, except as
otherwise provided herein, to all rights, benefits, duties and obligations of the Servicer
hereunder. Prior to the termination or resignation of the Trustee or the Servicer, the Trustee or
the Servicer, respectively, shall provide notice to Processor in accordance with the terms and
conditions to which each of the Trustee or the Servicer, respectively, is itself entitled upon
termination or resignation.

          19. Successor Processor. Any company or national banking association into which
Processor may be merged or converted or with which it may be consolidated, or any company or
national banking association resulting from any merger, conversion or consolidation to which it
shall be a party or any company or national association to which Processor may sell or transfer all
or substantially all of its business (provided any such company or national banking association
shall be a company organized under the laws of any state of the United States or a national banking
association and shall be eligible to perform all of the duties imposed upon it by this Agreement)
shall be the successor to Processor hereunder without the execution or filing of any document or
any further act by any of the parties to this Agreement; provided, however, that Processor notify
the Trustee, the Insurer and AmeriCredit of any such merger, conversion or consolidation within 30
days of its occurrence. If such successor requires the establishment of a new account, then the
successor Processor shall as soon as practicable after the occurrence of any such merger,
conversion or consolidation (i) establish the new Lockbox Account and (ii) send written notice to
the Trustee, the Insurer and AmeriCredit with respect to the new Lockbox Account number.

          20. Third Party Beneficiary. This Agreement shall inure to the benefit of the
Insurer, and all covenants and agreements in this Agreement shall be for the benefit of and run
directly to the Insurer, and the Insurer shall be entitled to rely on and, subject to the
limitations on liability set forth herein, enforce such covenants to the same extent as if it were
a party to this Agreement; provided, however, that, notwithstanding this provision,
the liability of Processor under this Agreement shall not under any circumstances exceed the
liability of Processor in the absence of any such third-party beneficiary.

5

 

          21. Governing Law. This Agreement shall be governed by the laws of the State of
Texas. All parties hereby waive all rights to a trial by jury in any action or proceeding relating
to the Lockbox, Lockbox Account or this Agreement.

          22. Notices. All written notices required by this Agreement shall be delivered or
mailed to the other parties at the addresses set forth below or to such other address as a party
may specify in writing.

	 	 	 
	Processor:

	 	JPMorgan Chase Bank, N.A.
	 

	 	2200 Ross Avenue, Floor 10
	 

	 	Mail code TX1-2946,
	 

	 	Dallas, TX 75201-2787
	 

	 	Attention: Belinda Crow
	 
	 	 
	 

	 	With a copy to:
	 
	 	 
	 

	 	JPMorgan Chase Bank, N.A.
	 

	 	2200 Ross Avenue, Floor 3
	 

	 	Mail code TX1-2903,
	 

	 	Dallas, TX 75201-2787
	 

	 	Attention: Michael Lister
	 
	 	 
	AmeriCredit:

	 	AmeriCredit Financial Services, Inc.
	 

	 	801 Cherry Street, Suite 3900
	 

	 	Fort Worth, Texas 76102
	 

	 	Attention: Chief Financial Officer
	 
	 	 
	Trustee:

	 	Wells Fargo Bank, National Association
	 

	 	Sixth Street and Marquette Avenue
	 

	 	MAC N9311-161
	 

	 	Minneapolis, Minnesota 55479
	 

	 	Attention: AmeriCredit Automobile Receivables Trust 2008-A-F
	 
	 	 
	Insurer:

	 	Financial Security Assurance Inc.
	 

	 	31 West 52nd Street
	 

	 	New York, New York 10019

	 

	 	Attention: Senior Vice President, Transaction Oversight

          23. Bankruptcy. Processor hereby covenants and agrees that, prior to the date which
is one year and one day after the payment in full of the Notes and all amounts owed under the
Indenture and the Sale and Servicing Agreement, any loan facility or any other securities issued by
a special purpose, “bankruptcy remote” vehicle or trust (an “AmeriCredit Issuer SPE”),
directly or indirectly formed by AmeriCredit or any affiliate thereof, Processor will not institute
against or join with any other person in instituting against any AmeriCredit Issuer SPE or any
non-issuer special purpose, “bankruptcy remote,” vehicle or trust (each an “AmeriCredit
SPE”), any proceeding or file any petition against any such AmeriCredit SPE, under any
bankruptcy, insolvency or similar law for the relief or aid of debtors (including, without
limitation, Title 11 of

6

 

the United States Code or any amendment thereto), seeking the dissolution, liquidation,
arrangement, reorganization or similar relief of any such AmeriCredit SPE or the appointment of a
receiver, trustee, custodian or liquidator of any such AmeriCredit SPE, or issue any writ, order,
judgment warrant of attachment, execution or similar process against a substantial part of the
property, assets or business of any such AmeriCredit SPE. This covenant shall survive the
termination of this Agreement.

[Remainder of Page Intentionally Left Blank]

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	PROCESSOR:	 	AMERICREDIT:
	 
	 	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A.	 	AMERICREDIT FINANCIAL
SERVICES, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Terri Brown
	 	By:
	 	 /s/ Susan B. Sheffield
	 

	 	 
	 	 	 	 
	 

	 	Name: Terri Brown
	 	 	 	Name: Susan B. Sheffield
	 

	 	Title: GTS/Officer
	 	 	 	Title: Senior Vice President,
	 

	 	 	 	 	 	          Structured Finance
	 
	 	 	 	 	 	 
	TRUSTEE:	 	 	 	 
	 
	 	 	 	 	 	 
	WELLS FARGO BANK,	 	 	 	 
	NATIONAL ASSOCIATION,	 	 	 	 
	as Trustee
	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Marianna C. Stershic	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name: Marianna C. Stershic	 	 	 	 
	 

	 	Title: Vice President	 	 	 	 

[Series 2008-A-F Tri-Party Remittance Processing Agreement]

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