Document:

exv4w2

 

Exhibit 4.2

Execution Version

AMENDED AND RESTATED

TRUST AGREEMENT

between

AFS FUNDING TRUST

Seller

and

WILMINGTON TRUST COMPANY

Owner Trustee

Dated as of October 26, 2004

 

TABLE OF CONTENTS

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

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	SECTION 5.5. No Action Except under Specified Documents or Instructions
	 	 	17	 
	SECTION 5.6. Restrictions
	 	 	17	 
	ARTICLE VI. CONCERNING THE OWNER TRUSTEE
	 	 	17	 
	SECTION 6.1. Acceptance of Trusts and Duties
	 	 	17	 
	SECTION 6.2. Furnishing of Documents
	 	 	18	 
	SECTION 6.3. Representations and Warranties
	 	 	18	 
	SECTION 6.4. Reliance; Advice of Counsel
	 	 	19	 
	SECTION 6.5. Not Acting in Individual Capacity
	 	 	20	 
	SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables
	 	 	20	 
	SECTION 6.7. Owner Trustee May Own Notes
	 	 	20	 
	SECTION 6.8. Payments from Owner Trust Estate
	 	 	20	 
	SECTION 6.9. Doing Business in Other Jurisdictions
	 	 	20	 
	ARTICLE VII. COMPENSATION OF OWNER TRUSTEE
	 	 	21	 
	SECTION 7.1. Owner Trustee’s Fees and Expenses
	 	 	21	 
	SECTION 7.2. Indemnification
	 	 	21	 
	SECTION 7.3. Payments to the Owner Trustee
	 	 	21	 
	SECTION 7.4. Non-recourse Obligations
	 	 	22	 
	ARTICLE VIII. TERMINATION OF TRUST AGREEMENT
	 	 	22	 
	SECTION 8.1. Termination of Trust Agreement
	 	 	22	 
	ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	23	 
	SECTION 9.1. Eligibility Requirements for Owner Trustee
	 	 	23	 
	SECTION 9.2. Resignation or Removal of Owner Trustee
	 	 	23	 
	SECTION 9.3. Successor Owner Trustee
	 	 	24	 
	SECTION 9.4. Merger or Consolidation of Owner Trustee
	 	 	25	 
	SECTION 9.5. Appointment of Co-Trustee or Separate Trustee
	 	 	25	 
	ARTICLE X. MISCELLANEOUS
	 	 	26	 
	SECTION 10.1. Supplements and Amendments
	 	 	26	 
	SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder
	 	 	27	 
	SECTION 10.3. Limitations on Rights of Others
	 	 	27	 
	SECTION 10.4. Notices
	 	 	27	 
	SECTION 10.5. Severability
	 	 	28	 
	SECTION 10.6. Separate Counterparts
	 	 	28	 
	SECTION 10.7. Assignments; Security Insurer
	 	 	28	 
	SECTION 10.8. No Recourse
	 	 	28	 
	SECTION 10.9. Headings
	 	 	28	 
	SECTION 10.10. GOVERNING LAW
	 	 	29	 
	SECTION 10.11. Servicer
	 	 	29	 
	SECTION 10.12. Nonpetition Covenants
	 	 	29	 
	SECTION 10.13. Third Party Beneficiary
	 	 	29	 

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EXHIBITS

	 	 	 
	Exhibit A

	 	Form of Certificate
	Exhibit B

	 	Form of Certificate of Trust

iii

 

          This AMENDED AND RESTATED TRUST AGREEMENT dated as of October 26, 2004
between AFS FUNDING TRUST, a Delaware statutory trust (the “Seller”), and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Owner Trustee,
amends and restates in its entirety that certain Trust Agreement dated as of
October 5, 2004 between the Seller and the Owner Trustee.

ARTICLE I.

Definitions

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

          “AmeriCredit” shall mean AmeriCredit Financial Services, Inc.

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

          “Assignment” means the Assignment dated as of October 19, 1999, by AFS
Funding Corp. to the Seller.

          “Basic Documents” shall mean this Agreement, the Certificate of Trust, the
Sale and Servicing Agreement, the Indenture, the Spread Account Agreement, the
Underwriting Agreement, the Lockbox Agreement, the Spread Account Agreement
Supplement, the Insurance Agreement, the Assignment, the Custodian Agreement
and the other documents and certificates delivered in connection therewith,
each of which shall also be an “Underlying Transaction Document” as defined in
the Second Amended and Restated Trust Agreement of the Depositor, dated as of
August 15, 2002.

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

          “Certificate” means a trust certificate evidencing the beneficial interest
of a Certificateholder in the Trust, substantially in the form of Exhibit A
attached hereto.

          “Certificateholder” or “Holder” shall mean the person in whose name a
Certificate is registered on the Certificate Register, initially the Seller.

          “Certificate of Trust” shall mean the Certificate of Trust in the form of
Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the
Statutory Trust Statute.

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

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

          “Corporate Trust Office” shall mean, with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee located at Rodney
Square North, 1100 North

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Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration, or at such other address as the
Owner Trustee may designate by notice to the Depositor, or the principal
corporate trust office of any successor Owner Trustee (the address of which the
successor owner trustee will notify the Depositor).

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

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

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

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

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

          “Indenture” shall mean the Indenture dated as of October 26, 2004, among
the Issuer and JPMorgan Chase Bank, as Trust Collateral Agent and Trustee, as
the same may be amended and supplemented from time to time.

          “Owner Trust Estate” shall mean all right, title and interest of the Trust
in and to the property and rights assigned to the Trust pursuant to Article II
of the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and all other property of the Trust from time to time,
including any rights of the Owner Trustee and the Trust pursuant to the Sale
and Servicing Agreement and the Spread Account Agreement.

          “Owner Trustee” shall mean Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under
this Agreement, and any successor Owner Trustee hereunder.

          “Record Date” shall mean with respect to any Distribution Date, the close
of business on the last Business Day immediately preceding such Distribution
Date.

          “Responsible Officer” shall mean, with respect to the Owner Trustee, any
officer within the Corporate Trust Administration office of the Owner Trustee
with direct responsibility for the administration of the Trust and also, with
respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the
particular subject.

          “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement
dated as of October 26, 2004, among the Trust, the Seller, AmeriCredit
Financial Services, Inc., the Trust Collateral Agent and Systems & Services
Technologies, Inc., as backup servicer, as the same may be amended and
supplemented from time to time.

          “Secretary of State” shall mean the Secretary of State of the State of
Delaware.

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          “Security Insurer” shall mean Financial Security Assurance Inc., or its
successor in interest.

          “Spread Account” shall mean the Series Spread Account established and
maintained pursuant to the Spread Account Agreement.

          “Spread Account Agreement” shall mean the Spread Account Agreement dated
as December 1, 1994 as amended and restated as of May 11, 1998, as further
amended and restated as of September 10, 2003 among the Insurer, the Seller and
the Collateral Agent, as the same may be amended, supplemented or otherwise
modified in accordance with the terms thereof.

          “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code § 3801 et seq. as the same may be amended from time
to time.

          “Treasury Regulations” shall mean regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to
specific provisions of proposed or temporary regulations shall include
analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

          “Trust” shall mean the trust established by this Agreement.

          “Trust Collateral Agent” shall mean, initially, JPMorgan Chase Bank, in
its capacity as collateral agent, including its successors in interest, until
and unless a successor Person shall have become the Trust Collateral Agent
pursuant to the Sale and Servicing Agreement, and thereafter “Trust Collateral
Agent” shall mean such successor Person.

          SECTION 1.2. Other Definitional Provisions.

          (a) Capitalized terms used herein and not otherwise defined have the
meanings assigned to them in the Sale and Servicing Agreement or, if not
defined therein, in the Spread Account Agreement or in the Indenture.

          (b) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

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

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          (d) The words “hereof,” “herein,” “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement; Section and Exhibit references
contained in this Agreement are references to Sections and Exhibits in or to
this Agreement unless otherwise specified; and the term “including” shall mean
“including without limitation.”

          (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

ARTICLE II.

Organization

          SECTION 2.1. Name. There is hereby formed a trust to be known as
“AmeriCredit Automobile Receivables Trust 2004-D-F,” in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

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

          SECTION 2.3. Purposes and Powers.

          (a) The purpose of the Trust is, and the Trust shall have the power and
authority, to engage in the following activities:

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

    (ii) with the proceeds of the sale of the Notes, to fund the Spread
Account and to pay the organizational, start-up and transactional
expenses of the Trust and to pay the balance to the Depositor pursuant to
the Sale and Servicing Agreement;

    (iii) to acquire from time to time the Owner Trust Estate, to
assign, grant, transfer, pledge, mortgage and convey the Owner Trust
Estate to the Trust Collateral Agent pursuant to the Indenture for the
benefit of the Security Insurer and the Indenture Trustee on behalf of
the Noteholders and to hold, manage and distribute to the
Certificateholder pursuant to the terms of the Sale and Servicing
Agreement any portion of the Owner Trust Estate released from the Lien
of, and remitted to the Trust pursuant to, the Indenture;

    (iv) to enter into and perform its obligations under the Basic
Documents to which it is a party;

    (v) to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or

4

 

connected therewith (including the
sale, from time to time, of Receivables at the direction of the Servicer
pursuant to Section 4.3(c) of the Sale and Servicing Agreement) and the
filing of state business licenses (and any renewal thereof) as prepared
and instructed by the Certificateholder or Servicer without further
consent or instruction from the Instructing Party, including a Sales
Finance Company Application (and any renewal thereof) with the
Pennsylvania Department of Banking, Licensing Division, and a Financial
Regulation Application (and any renewal thereof) with the Maryland
Department of Labor, Licensing and Regulation; and

          (vi) subject to compliance with the Basic Documents, to engage in
such other activities as may be required in connection with conservation
of the Owner Trust Estate and the making of distributions to the
Certificateholder and the Noteholders.

The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this
Agreement or the Basic Documents.

          SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to
have all the rights, powers and duties set forth herein. The Owner Trustee
hereby accepts such appointment.

          SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner
Trustee hereby acknowledges receipt in trust from AFS Funding Trust of the sum
of $1,000 which contribution shall constitute the initial Owner Trust Estate.
AFS Funding Trust acknowledges that such contribution has been transferred to,
and is being held by, JPMorgan Chase Bank, as agent for the Trust in an account
established by JPMorgan Chase Bank, on behalf of the Trust, which contribution
shall constitute the initial Trust Estate. The Depositor shall pay
organizational expenses of the Trust as they may arise.

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

          The Holder shall not have any personal liability for any liability or
obligation of the Trust.

          SECTION 2.7. Title to Trust Property.

          (a) Legal title to all the Owner Trust Estate shall be vested at all times
in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be vested
in a trustee or trustees, in which case title shall be

5

 

deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

          (b) The Holder shall not have legal title to any part of the Trust
Property. The Holder shall be entitled to receive distributions with respect
to its undivided ownership interest therein only in accordance with Article
VIII. No transfer, by operation of law or otherwise, of any right, title or
interest by the Certificateholder of its ownership interest in the Owner Trust
Estate shall operate to terminate this Agreement or the trusts hereunder or
entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Property.

          SECTION 2.8. Situs of Trust. The Trust will be located and administered in the
State of Delaware. All bank accounts maintained by the Owner Trustee on behalf
of the Trust shall be located in the State of Delaware or the State of New
York. Payments will be received by the Trust only in Delaware or New York and
payments will be made by the Trust only from Delaware or New York. The Trust
shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee, the
Servicer or any agent of the Trust from having employees within or without the
State of Delaware. The only office of the Trust will be at the Corporate Trust
Office located in Delaware.

          SECTION 2.9. Representations and Warranties of the Depositor. The Depositor
makes the following representations and warranties on which the Owner Trustee
relies in accepting the Owner Trust Estate in trust and issuing the Certificate
and upon which the Security Insurer relies in issuing the Note Policy.

          (a) Organization and Good Standing. The Depositor is duly organized and
validly existing as a Delaware statutory trust with power and authority to own
its properties and to conduct its business as such properties are currently
owned and such business is presently conducted and is proposed to be conducted
pursuant to this Agreement and the Basic Documents.

          (b) Due Qualification. It is duly qualified to do business, is in good
standing, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of its property, the conduct of
its business and the performance of its obligations under this Agreement and
the Basic Documents requires such qualification.

          (c) Power and Authority. The Depositor has the power and authority to
execute and deliver this Agreement and to carry out its terms; the Depositor
has full power and authority to sell and assign the property to be sold and assigned to and
deposited with the Trust and the Depositor has duly authorized such sale and
assignment and deposit to the Trust by all necessary action; and the execution,
delivery and performance of this Agreement has been duly authorized by the
Depositor by all necessary action.

          (d) No Consent Required. No consent, license, approval or authorization
or registration or declaration with, any Person or with any governmental
authority, bureau or agency is required in connection with the execution,
delivery or performance of this Agreement and the Basic Documents, except for
such as have been obtained, effected or made.

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          (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof do not conflict with,
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under the trust agreement of the
Depositor, or any material indenture, agreement or other instrument to which
the Depositor is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); nor violate any law or, to the best of the Depositor’s knowledge,
any order, rule or regulation applicable to the Depositor of any court or of
any Federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its
properties.

          (f) No Proceedings. There are no proceedings or investigations pending
or, to its knowledge threatened against it before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having

jurisdiction over it or its properties (A) asserting the invalidity of this
Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of
the Certificate or the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect its
performance of its obligations under, or the validity or enforceability of,
this Agreement or any of the Basic Documents, or (D) seeking to adversely
affect the federal income tax or other federal, state or local tax attributes
of the Certificate.

          SECTION 2.10. Covenants of the Certificateholder. The Certificateholder
agrees:

          (a) to be bound by the terms and conditions of the Certificate of which
the Holder is the beneficial owner and of this Agreement, including any
supplements or amendments hereto and to perform the obligations of a Holder as
set forth therein or herein, in all respects as if it were a signatory hereto.
This undertaking is made for the benefit of the Trust, the Owner Trustee and
the Security Insurer; and

          (b) until the completion of the events specified in Section 8.1(d), not
to, for any reason, institute proceedings for the Trust to be adjudicated a
bankrupt or insolvent, or consent to the institution of bankruptcy or
insolvency proceedings against the Trust, or file a petition seeking or
consenting to reorganization or relief under any applicable federal or state
law relating to bankruptcy, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial
part of its property, or cause or permit the Trust to make any assignment for
the benefit of its creditors, or admit in writing its inability to pay its
debts generally as they become due, or declare or effect a moratorium on its
debt or take any action in furtherance of any such action.

          SECTION 2.11. Federal Income Tax Treatment of the Trust.

          (a) For so long as the Trust has a single owner for federal income tax
purposes, it will, pursuant to Treasury Regulations promulgated under section
7701 of the Code, be disregarded as an entity distinct from the
Certificateholder for all federal income tax purposes. Accordingly, for
federal income tax purposes, the Certificateholder will be treated as (i) owning

7

 

all assets owned by the Trust, (ii) having incurred all liabilities
incurred by the Trust, and (iii) all transactions between the Trust and the
Certificateholder will be disregarded.

          (b) Neither the Owner Trustee nor any Certificateholder will, under any
circumstances, and at any time, make an election on IRS Form 8832 or otherwise,
to classify the Trust as an association taxable as a corporation for federal,
state or any other applicable tax purpose.

          (c) In the event that the Trust has two or more equity owners for federal
income tax purposes, the Trust will be treated as a partnership. At any such
time that the Trust has two or more equity owners, this Agreement will be
amended, in accordance with Section 10.1 herein, and appropriate provisions
will be added so as to provide for treatment of the Trust as a partnership.

ARTICLE III.

Certificate and Transfer of Interest

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

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

          SECTION 3.3. Authentication of Certificate. Concurrently with the sale of the
Receivables to the Trust pursuant to the Sale and Servicing Agreement, the
Owner Trustee shall cause the Certificate to be executed on behalf of the
Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president or any vice
president, its treasurer or any assistant treasurer without further corporate
action by the Depositor, in authorized denominations. No Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by
the Owner Trustee or Wilmington Trust Company as the Owner Trustee’s
authentication agent, by manual signature; such authentication shall constitute
conclusive evidence that such Certificate shall have been duly authenticated
and delivered hereunder. The Certificate shall be dated the date of its
authentication.

8

 

          SECTION 3.4. Registration of Transfer and Exchange of Certificate. The
Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.7, a Certificate Register in which, subject to
such reasonable regulations as it may prescribe, the Owner Trustee shall
provide for the registration of the Certificate and of transfers and exchanges
of the Certificate as herein provided. Wilmington Trust Company shall be the
initial Certificate Registrar.

          The Certificate Registrar shall provide the Trust Collateral Agent with
the name and address of the Certificateholder on the Closing Date. Upon any
transfers of the Certificate, the Certificate Registrar shall notify the Trust
Collateral Agent of the name and address of the transferee in writing, by
facsimile, on the day of such transfer.

          Upon surrender for registration of transfer of the Certificate at the
office or agency maintained pursuant to Section 3.7, the Owner Trustee shall
execute, authenticate and deliver (or shall cause Wilmington Trust Company as
its authenticating agent to authenticate and deliver), in the name of the
designated transferee, a new Certificate dated the date of authentication by
the Owner Trustee or any authenticating agent.

          A Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed
by the Certificateholder or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Certificate Registrar, which requirements include
membership or participation in the Securities Transfer Agent’s Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Certificate Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Exchange Act. Each Certificate surrendered
for registration of transfer or exchange shall be canceled and subsequently
disposed of by the Owner Trustee in accordance with its customary practice.

          No service charge shall be made for any registration of transfer or
exchange of the Certificate, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate.

          SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or if
the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar, the Owner Trustee and (unless an Insurer Default
shall have occurred and be continuing) the Security Insurer, such security or
indemnity as may be required by them to save each of them harmless, then in the
absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee, or Wilmington Trust Company, as the Owner Trustee’s authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
class, tenor and denomination. In connection with the issuance of any new
Certificate under this Section, the Owner Trustee or the Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed

9

 

in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive
evidence of an ownership interest in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

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

          SECTION 3.7. Maintenance of Office or Agency. The Owner Trustee shall maintain
an office or offices or agency or agencies where the Certificate may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee in respect of the Certificate and the
Basic Documents may be served. The Owner Trustee initially designates the
Corporate Trust Office for such purposes. The Owner Trustee shall give prompt
written notice to the Depositor, the Certificateholder and (unless an Insurer
Default shall have occurred and be continuing) the Security Insurer of any
change in the location of the Certificate Register or any such office or
agency.

          SECTION 3.8. Disposition in Whole But Not in Part. The Certificate may be
transferred in whole but not in part. Any attempted transfer of the
Certificate that would divide the ownership of the Owner Trust Estate shall be
void. The Certificate is only transferable (i) to an Affiliate of AmeriCredit Corp. whose
stock has been pledged to the Security Insurer or (ii) to another entity with
the prior written consent of the Security Insurer in its sole discretion. The
Owner Trustee shall cause any Certificate issued to contain a legend stating
“THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS
SPECIFIED IN THE TRUST AGREEMENT.”

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

10

 

ARTICLE IV.

Voting Rights and Other Actions

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

          (a) the election by the Trust to file an amendment to the Certificate of
Trust (unless such amendment is required to be filed under the Statutory Trust
Statute or unless such amendment would not materially and adversely affect the
interests of the Holder);

          (b) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

          (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholder;
or

          (d) except pursuant to Section 12.1(b) of the Sale and Servicing
Agreement, the amendment, change or modification of the Sale and Servicing
Agreement, except to cure any ambiguity or defect or to amend or supplement any
provision in a manner that would not materially adversely affect the interests
of the Certificateholder.

The Owner Trustee shall notify the Certificateholder in writing of any
appointment of a successor Note Registrar or Trust Collateral Agent within five
Business Days after receipt of notice thereof.

          SECTION 4.2. Action by Certificateholder with Respect to Certain Matters. The
Owner Trustee shall not have the power, except upon the direction of the
Certificateholder or the Security Insurer in accordance with the Basic
Documents, to (a) remove the Servicer under the Sale and Servicing Agreement
pursuant to Section 9.2 thereof or (b) except as expressly provided in the
Basic Documents, sell the Receivables after the termination of the Indenture.
The Owner Trustee shall take the actions referred to in the preceding sentence
only upon written instructions signed by the Certificateholder and the
furnishing of indemnification satisfactory to the Owner Trustee by the
Certificateholder.

          SECTION 4.3. Restrictions on Certificateholder’s Power.

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

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

          SECTION 4.4. Rights of Security Insurer(a) . Notwithstanding anything to
the contrary in the Basic Documents, without the prior written consent of the
Security Insurer (so long as no Insurer Default shall have occurred and be
continuing), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate
any claim, suit or proceeding by the Trust or compromise any claim, suit or
proceeding brought by or against the Trust, other than with respect to the
enforcement of any Receivable or any rights of the Trust thereunder, (iii)
authorize the merger or consolidation of the Trust with or into any other
statutory trust or other entity (other than in accordance with Section 3.10 of
the Indenture) or (iv) amend the Certificate of Trust (unless such amendment is
required to be filed under the Statutory Trust Statute).

          SECTION 4.5. Action with Respect to Bankruptcy Action

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

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independent
accounting firm of national reputation stating that in the opinion of such firm
the Trust is then insolvent. The Owner Trustee (as such and in its individual
capacity) shall not be personally liable to any Person on account of the Owner
Trustee’s good faith reliance on the provisions of this Section or in
connection with the Owner Trustee’s giving prior written consent to a
Bankruptcy Action by the Trust in accordance herewith, or withholding such
consent, in good faith, and neither the Trust nor any Certificateholder shall
have any claim for breach of fiduciary duty or otherwise against the Owner
Trustee (as such and in its individual capacity) for giving or withholding its
consent to any such Bankruptcy Action.

          (b) The parties hereto stipulate and agree that no Certificateholder has
power to commence any Bankruptcy Action on the part of the Trust or to direct
the Owner Trustee to take any Bankruptcy Action on the part of the Trust except
as provided in Section 4.5(a). To the extent permitted by applicable law, the
consent of the Security Insurer and the Trust Collateral Agent shall be
obtained prior to taking any Bankruptcy Action by the Trust.

          (c) The provisions of this Section do not constitute an acknowledgement or
admission by the Trust, the Owner Trustee, any Certificateholder or any
creditor of the Trust that the Trust is eligible to be a debtor, under the
United States Bankruptcy Code, I1 U.S.C. §§ 101 et seq., as amended.

          SECTION 4.6. Covenants and Restrictions on Conduct of Business.

          (a) The Owner Trustee on behalf of the Trust agrees to abide by the
following restrictions:

    (i) other than as contemplated by the Basic Documents and related
documentation, the Trust shall not incur any indebtedness;

    (ii) other than as contemplated by the Basic Documents and related
documentation, the Trust shall not engage in any dissolution,
liquidation, consolidation, merger or sale of assets;

    (iii) the Trust shall not engage in any business activity in which
it is not currently engaged other than as contemplated by the Basic
Documents and related documentation; and

    (iv) the Trust shall not form, or cause to be formed, any
subsidiaries and shall not own or acquire any asset other than as
contemplated by the Basic Documents and related documentation.

    (b) The Owner Trustee on behalf of the Trust shall:

    (i) maintain books and records separate from any other person or
entity;

    (ii) maintain its office and bank accounts separate from any other
person or entity;

    (iii) not commingle its assets with those of any other person or
entity;

13

 

          (iv) conduct its own business in its own name and use stationery or
other business forms under its own name and not that of any
Certificateholder or any Affiliate;

          (v) other than as contemplated by the Basic Documents and related
documentation, pay its own liabilities and expenses only out of its own
funds;

          (vi) observe all formalities required under the Statutory Trust
Statute;

          (vii) not guarantee or become obligated for the debts of any other
person or entity;

          (viii) not hold out its credit as being available to satisfy the
obligation of any other person or entity;

          (ix) not acquire the obligations or securities of its
Certificateholders or its Affiliates;

          (x) other than as contemplated by the Basic Documents and related
documentation, not make loans to any other person or entity or buy or
hold evidence of indebtedness issued by any other person or entity;

          (xi) other than as contemplated by the Basic Documents and related
documentation, not pledge its assets for the benefit of any other person
or entity;

          (xii) hold itself out as a separate entity from each
Certificateholder and not conduct any business in the name of any
Certificateholder;

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

          (xiv) not identify itself as a division of any other person or
entity; and

          (xv) except as required or specifically provided in the Trust
Agreement, the Trust will conduct business with the Certificateholders or
any Affiliate thereof on an arm’s length basis.

                    (c) So long as the Notes or any other amounts owed under the Indenture
remain outstanding, the Trust shall not amend this Section 4.6 unless the
Rating Agency Condition has been satisfied and without the prior written
consent of the Security Insurer.

ARTICLE V.

Authority and Duties of Owner Trustee

                    SECTION 5.1. General Authority.

                    (a) The Owner Trustee is authorized and directed to execute and deliver
the Basic Documents to which the Trust is named as a party and each certificate
or other document

14

 

attached as an exhibit to or contemplated by the Basic
Documents to which the Trust is named as a party and any amendment thereto and
on behalf of the Trust, each state business license (and any renewal thereof)
prepared by the Certificateholder or Servicer, including a Sales Finance
Company Application (and any renewal thereof) with the Pennsylvania Department
of Banking, Licensing Division, and a Financial Regulation Application (and any
renewal thereof) with the Maryland Department of Labor, Licensing and
Regulation, in each case, in such form as the Depositor shall approve as
evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf
of the Trust, to direct the Indenture Trustee to authenticate and deliver Class
A-1 Notes in the aggregate principal amount of $145,000,000, Class A-2 Notes in
the aggregate principal amount of $236,000,000, Class A-3 Notes in the
aggregate principal amount of $197,000,000 and Class A-4 Notes in the aggregate
principal amount of $172,000,000. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Instructing Party
recommends with respect to the Basic Documents so long as such activities are
consistent with the terms of the Basic Documents.

          (b) The Owner Trustee shall sign on behalf of the Trust any applicable tax
returns of the Trust, unless applicable law requires a Certificateholder to
sign such documents.

          SECTION 5.2. General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the Sale and Servicing Agreement and to
administer the Trust in the interest of the Holder, subject to the Basic
Documents and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Servicer has agreed in the Sale and Servicing
Agreement to perform any act or to discharge any duty of the Trust or the Owner
Trustee hereunder or under any Basic Document, and the Owner Trustee shall not
be liable for the default or failure of the Servicer to carry out its obligations under
the Sale and Servicing Agreement.

          SECTION 5.3. Action upon Instruction.

          (a) Subject to Article IV and the terms of the Spread Account Agreement,
the Security Insurer (so long as an Insurer Default shall not have occurred and
be continuing) or the Certificateholder (if an Insurer Default shall have
occurred and be continuing) (the “Instructing Party”) shall have the exclusive
right to direct the actions of the Owner Trustee in the management of the
Trust, so long as such instructions are not inconsistent with the express terms
set forth herein or in any Basic Document, provided, however, that the Owner
Trustee shall be permitted to treat the Security Insurer as the Instructing
Party until such time as the Owner Trustee has received written notice that the
Security Insurer is no longer the Instructing Party as a result of the
occurrence and continuance of an Insurer Default. The Instructing Party shall
not instruct the Owner Trustee in a manner inconsistent with this Agreement or
the Basic Documents.

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

15

 

Trustee or is contrary to the
terms hereof or of any Basic Document or is otherwise contrary to law.

          (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any
Basic Document, the Owner Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Instructing Party
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instruction of the Instructing Party received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not
have received appropriate instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this
Agreement or the Basic Documents, as it shall deem to be in the best interests
of the Certificateholder, and shall have no liability to any Person for such
action or inaction.

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

          SECTION 5.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 5.3; and no implied duties or
obligations shall be read into this Agreement or any Basic Document against the
Owner Trustee. The Owner Trustee shall have no responsibility for filing any
financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to prepare or file any Commission filing (including
any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or
regulation promulgated thereunder) for the Trust or to record this Agreement or
any Basic Document. The Owner Trustee nevertheless agrees that it will, at its
own cost and expense, promptly take all action as may be necessary to discharge
any Liens on any part of the Owner Trust Estate that result from actions

16

 

by, or
claims against, the Owner Trustee (solely in its individual capacity) and that
are not related to the ownership or the administration of the Owner Trust
Estate.

          SECTION 5.5. No Action Except under Specified Documents or Instructions. The
Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
deal with any part of the Owner Trust Estate except (i) in accordance with the
powers granted to and the authority conferred upon the Owner Trustee pursuant
to this Agreement, (ii) in accordance with the Basic Documents and (iii) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 5.3.

          SECTION 5.6. Restrictions. The Owner Trustee shall not take any action (a)
that is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Owner Trustee, would result in the
Trust’s becoming taxable as a corporation for Federal income tax purposes. The
Certificateholder shall not direct the Owner Trustee to take action that would
violate the provisions of this Section.

ARTICLE VI.

Concerning the Owner Trustee

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

          (a) the Owner Trustee shall not be liable for any error of judgment made
by a Responsible Officer of the Owner Trustee (except in the case of willful
misconduct, bad faith or negligence);

          (b) the Owner Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in accordance with the instructions of the
Instructing Party, the Servicer or the Certificateholder;

          (c) no provision of this Agreement or any Basic Document shall require the
Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder or under
any Basic Document if the Owner

17

 

Trustee shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it;

          (d) under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes;

          (e) the Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by
the Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate or for or in respect of the validity
or sufficiency of the Basic Documents, other than the certificate of
authentication on the Certificate, and the Owner Trustee shall in no event
assume or incur any liability, duty or obligation to the Security Insurer,
Trustee, Trust Collateral Agent, the Collateral Agent, any Noteholder or to any
Certificateholder, other than as expressly provided for herein and in the Basic
Documents;

          (f) the Owner Trustee shall not be liable for the default or misconduct of
the Security Insurer, the Trustee, the Trust Collateral Agent or the Servicer
under any of the Basic Documents or otherwise and the Owner Trustee shall have
no obligation or liability to perform the obligations under this Agreement or
the Basic Documents that are required to be performed by the Trustee under the
Indenture or the Trust Collateral Agent or the Servicer under the Sale and
Servicing Agreement; and

          (g) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement or any Basic Document, at the request, order or direction of the
Instructing Party or the Certificateholder, unless such Instructing Party or
Certificateholder has offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in any
Basic Document shall not be construed as a duty, and the Owner Trustee shall
not be answerable for other than its negligence, bad faith or willful
misconduct in the performance of any such act.

          SECTION 6.2. Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholder promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
under the Basic Documents.

          SECTION 6.3. Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, the Holder and the Security Insurer
(which shall have relied on such representations and warranties in issuing the
Note Policy), that:

          (a) It is a Delaware banking corporation, duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

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

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

          (d) The Agreement has been, or, when executed and delivered will have
been, duly authorized, validly executed and delivered by the Owner Trustee and
constitutes, a valid and binding agreement of the Owner Trustee, enforceable
against the Owner Trustee in accordance with its terms, except to the extent
that enforceability may (A) be subject to insolvency, reorganization,
moratorium, or other similar laws, regulations or procedures of general
applicability now or hereinafter in effect relating to or affecting creditor’s
rights generally and (B) be limited by general principles of equity (whether
considered in a proceeding at law or in equity).

          SECTION 6.4. Reliance; Advice of Counsel.

          (a) The Owner Trustee shall incur no liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to
be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Owner Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer, secretary or other authorized officers
of the relevant party, as to such fact or matter, and such certificate shall
constitute full protection to the Owner Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon.

          (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Basic
Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled persons to be selected with reasonable care and employed by
it. The Owner Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the written opinion or advice of
any such counsel, accountants or other such persons and according to such
opinion not contrary to this Agreement or any Basic Document.

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

          SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables. The
recitals contained herein and in the Certificate (other than the signature and
countersignature of the Owner Trustee on the Certificate) shall be taken as the
statements of the Depositor and the Owner Trustee assumes no responsibility for
the correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Agreement, of any Basic Document or of the
Certificate (other than the signature and countersignature of the Owner Trustee
on the Certificate) or the Notes, or of any Receivable or related documents.
The Owner Trustee shall at no time have any responsibility or liability for or
with respect to the legality, validity and enforceability of any Receivable, or
the perfection and priority of any security interest created by any Receivable
in any Financed Vehicle or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Owner Trust Estate or its
ability to generate the payments to be distributed to Certificateholder under
this Agreement or the Noteholders under the Indenture, including, without
limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to
the Trust or of any intervening assignment; the completeness of any Receivable;
the performance or enforcement of any Receivable; the compliance by the
Depositor, the Servicer or any other Person with any warranty or representation
made under any Basic Document or in any related document or the accuracy of any
such warranty or representation or any action of the Trustee or the Servicer or
any subservicer taken in the name of the Owner Trustee.

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

          SECTION 6.8. Payments from Owner Trust Estate. All payments to be made by
the Owner Trustee under this Agreement or any of the Basic Documents to which
the Trust or the Owner Trustee is a party shall be made only from the income
and proceeds of the Owner Trust Estate and only to the extent that the Owner
Trustee shall have received income or proceeds from the Owner Trust Estate to
make such payments in accordance with the terms hereof. Wilmington Trust
Company, or any successor thereto, in its individual capacity, shall not be
liable for any amounts payable under this Agreement or any of the Basic
Documents to which the Trust or the Owner Trustee is a party.

          SECTION 6.9. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, neither Wilmington Trust Company or
any successor thereto, nor the Owner Trustee shall be required to take any
action in any jurisdiction other than in the State of Delaware if the taking of
such action will, even after the appointment of a co-trustee or separate
trustee in accordance with Section 9.5 hereof, (i) require the consent or

20

 

approval or authorization or order of or the giving of notice to, or the
registration with or the taking of any other action in respect of, any state or
other governmental authority or agency of any jurisdiction other than the State
of Delaware; (ii) result in any fee, tax or other governmental charge under the
laws of the State of Delaware becoming payable by Wilmington Trust Company (or
any successor thereto); or (iii) subject Wilmington Trust Company (or any
successor thereto) to personal jurisdiction in any jurisdiction other than the
State of Delaware for causes of action arising from acts unrelated to the
consummation of the transactions by Wilmington Trust Company (or any successor
thereto) or the Owner Trustee, as the case may be, contemplated hereby.

ARTICLE VII.

Compensation of Owner Trustee

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

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

          SECTION 7.3. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

21

 

          SECTION 7.4. Non-recourse Obligations. Notwithstanding anything in this
Agreement or any Basic Document, the Owner Trustee agrees in its individual
capacity and in its capacity as Owner Trustee for the Trust that all
obligations of the Trust to the Owner Trustee individually or as Owner Trustee
for the Trust shall be with recourse to the Owner Trust Estate only and
specifically shall be without recourse to the assets of the Holder.

ARTICLE VIII.

Termination of Trust Agreement

          SECTION 8.1. Termination of Trust Agreement.

          (a) This Agreement and the Trust shall terminate in accordance with
Section 3808 of the Statutory Trust Statute and be of no further force or
effect upon the latest of (i) the maturity or other liquidation of the last
Receivable (including the purchase by the Servicer at its option or by the
Seller at its option of the corpus of the Trust as described in Section 10.1 of
the Sale and Servicing Agreement) and the subsequent distribution of amounts in
respect of such Receivables as provided in the Basic Documents, or (ii) the
payment to the Certificateholder of all amounts required to be paid to it
pursuant to this Agreement and the payment to the Security Insurer of all
amounts payable or reimbursable to it pursuant to the Sale and Servicing
Agreement or the Insurance Agreement; provided, however, that the rights to
indemnification under Section 7.2 and the rights under Section 7.1 shall
survive the termination of the Trust. The Seller or the Servicer shall
promptly notify the Owner Trustee and the Security Insurer of any prospective
termination pursuant to this Section. The bankruptcy, liquidation,
dissolution, death or incapacity of the Certificateholder, shall not (x)
operate to terminate this Agreement or the Trust, nor (y) entitle the
Certificateholder’s legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

          (b) Neither the Depositor nor the Certificateholder shall be entitled to
revoke or terminate the Trust.

          (c) Notice of any termination of the Trust, specifying the Distribution
Date upon which the Certificateholder shall surrender the Certificate to the
Trust Collateral Agent for payment of the final distribution and cancellation,
shall be given by the Owner Trustee by letter to the Certificateholder mailed
within five Business Days of receipt of notice of such termination from the
Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement,
stating (i) the Distribution Date upon or with respect to which final payment
of the Certificate shall be made upon presentation and surrender of the
Certificate at the office of the Trust Collateral Agent therein designated,
(ii) the amount of any such final payment, (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Certificate at the office of the
Trust Collateral Agent therein specified and (iv) interest will cease to accrue
on the Certificate. The Owner Trustee shall give such notice to the Trust
Collateral Agent and the Security Insurer at the time such notice is given to
the Certificateholder. Upon presentation and surrender of the Certificate, the
Trust Collateral

22

 

Agent shall cause to be distributed to the Certificateholder
amounts distributable on such Distribution Date pursuant to Section 5.7 of the
Sale and Servicing Agreement.

          In the event that the Certificateholder shall not surrender the
Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Owner Trustee shall give a second written
notice to the Certificateholder to surrender the Certificate for cancellation
and receive the final distribution with respect thereto. If within one year after the second notice the Certificate shall not have been
surrendered for cancellation, the Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the
Certificateholder concerning surrender of its Certificate, and the cost thereof
shall be paid out of the funds and other assets that shall remain subject to
this Agreement. Any funds remaining in the Trust after exhaustion of such
remedies shall be distributed, subject to applicable escheat laws, by the Owner
Trustee to the Holder.

          (d) Upon the completion of the winding up of the Trust in accordance with
Section 3808 of the Statutory Trust Statute and its termination, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Statute.

ARTICLE IX.

Successor Owner Trustees and Additional Owner Trustees

          SECTION 9.1. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation (i) satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise
corporate trust powers; (iii) having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by Federal or State
authorities; and (iv) acceptable to the Security Insurer in its sole
discretion, so long as an Insurer Default shall not have occurred and be
continuing. If such corporation shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 9.2.

          SECTION 9.2. Resignation or Removal of Owner Trustee. The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Depositor, the Security Insurer and the Servicer.
Upon receiving such notice of resignation, the Depositor shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee, provided that the Depositor shall have
received written confirmation from each of the Rating Agencies that the
proposed appointment will not result in an increased capital charge to the
Security Insurer by either of the Rating Agencies. If no successor Owner
Trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, the resigning Owner

23

 

Trustee or the Security Insurer may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee.

          If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.1 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or
shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or
of its property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the Depositor with the
consent of the Security Insurer (so long as an Insurer Default shall not have
occurred and be continuing) may remove the Owner Trustee. If the Depositor
shall remove the Owner Trustee under the authority of the immediately preceding
sentence, the Depositor shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed, one copy to the Security
Insurer and one copy to the successor Owner Trustee and payment of all fees
owed to the outgoing Owner Trustee.

          Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Depositor shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

          SECTION 9.3. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the
Depositor, the Servicer, the Security Insurer and to its predecessor Owner
Trustee an instrument accepting such appointment under this Agreement, and
thereupon the resignation or removal of the predecessor Owner Trustee shall
become effective and such successor Owner Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like
effect as if originally named as Owner Trustee. The predecessor Owner Trustee
shall upon payment of its fees and expenses deliver to the successor Owner
Trustee all documents and statements and monies held by it under this
Agreement; and the Depositor and the predecessor Owner Trustee shall execute
and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties and obligations.

          No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.1.

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

24

 

          SECTION 9.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Owner Trustee, shall be the successor of the
Owner Trustee hereunder, provided such corporation shall be eligible pursuant
to Section 9.1, without the execution or filing of any instrument or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided further that the Owner Trustee shall mail
notice of such merger or consolidation to the Rating Agencies and the Security
Insurer.

          SECTION 9.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Servicer and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee and the Security Insurer to act as co-trustee,
jointly with the Owner Trustee, or separate trustee or separate trustees, of
all or any part of the Owner Trust Estate, and to vest in such Person, in such
capacity, such title to the Trust, or any part thereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Servicer and the Owner Trustee may consider necessary or
desirable. If the Servicer shall not have joined in such appointment within 15
days after the receipt by it of a request to do so, the Owner Trustee subject,
unless an Insurer Default shall have occurred and be continuing, to the
approval of the Security Insurer (which approval shall not be unreasonably
withheld) shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 9.1 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to
Section 9.3.

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

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

          (ii) no trustee under this Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Agreement;
and

          (iii) the Servicer and the Owner Trustee acting jointly may at any
time accept the resignation of or remove any separate trustee or
co-trustee.

25

 

          Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee and a copy thereof given to the Servicer and the Security
Insurer.

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

ARTICLE X.

Miscellaneous

          SECTION 10.1. Supplements and Amendments.

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

          (b) This Agreement may also be amended from time to time, with the prior
written consent of the Security Insurer (so long as an Insurer Default shall
not have occurred and be continuing) by the Depositor and the Owner Trustee,
with prior written notice to the Rating Agencies, to the extent such amendment
materially and adversely affects the interests of the Noteholders, with the
consent of the Noteholders evidencing not less than a majority of the
Outstanding Amount of the Notes, and the consent of the Certificateholder
(which consent of any Holder of a Certificate or Note given pursuant to this
Section or pursuant to any other provision of this Agreement shall be
conclusive and binding on such Holder) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholder; provided, however, that subject to the express rights of the
Security Insurer under the Basic Documents, no such amendment shall (a) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholder or (b) reduce the aforesaid

26

 

percentage of
the Outstanding Amount of the Notes and the Certificate Balance required to
consent to any such amendment, without the consent of the Holders of all the
outstanding Notes and the Certificateholder.

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

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

          Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Owner Trustee’s own rights, duties or immunities under this
Agreement or otherwise.

          SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder.
The Certificateholder shall not have legal title to any part of the Owner Trust
Estate. The Certificateholder shall be entitled to receive distributions in
accordance with Article VIII. No transfer, by operation of law or otherwise,
of any right, title or interest of the Certificateholder to and in its
ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trust hereunder or entitle any transferee to an accounting or
to the transfer to it of legal title to any part of the Owner Trust Estate.

          SECTION 10.3. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholder, the Servicer and, to the extent expressly provided herein,
the Security Insurer, the Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

          SECTION 10.4. Notices.

          (a) Unless otherwise expressly specified or permitted by the terms hereof,
all notices shall be in writing and shall be deemed given upon receipt
personally delivered, delivered by overnight courier or mailed first class mail
or certified mail, in each case return receipt requested, and shall be deemed
to have been duly given upon receipt, if to the Owner Trustee, addressed to the
Corporate Trust Office; if to the Depositor, addressed to AFS Funding

27

 

Trust,
c/o Deutsche Bank Trust Company, as Owner Trustee, E.A. Delle Donne Corporate
Center, Montgomery Building, 1011 Centre Road, Suite 200, Wilmington, Delaware
19805-1266, Attention: Corporate Trust, with a copy to AFS Funding Trust, c/o
AmeriCredit Financial Services, Inc., as Administrator, 801 Cherry Street,
Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer; if to
the Security Insurer, addressed to Security Insurer, Financial Security
Assurance Inc., 350 Park Avenue, New York, NY 10022, Attention: Transaction
Oversight Department, Telex No.: (212) 688-3101, Confirmation: (212) 826-0100,
Telecopy Nos.: (212) 339-3518, (212) 339-3529 (in each case in which notice or
other communication to Financial Security refers to an Event of Default, a
claim on the Note Policy or with respect to which failure on the part of
Financial Security 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”); or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.

          (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of the
Holder. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

          SECTION 10.5. Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          SECTION 10.6. Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

          SECTION 10.7. Assignments; Security Insurer. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns.

          SECTION 10.8. No Recourse. The Certificateholder by accepting a Certificate acknowledges that the
Certificate represents a beneficial interest in the Trust only and does not
represent interests in or obligations of the Seller, the Servicer, the Owner
Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no
recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the Certificate or the
Basic Documents.

          SECTION 10.9. Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

28

 

          SECTION 10.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

          SECTION 10.11. Servicer. The Servicer is authorized to prepare, or cause to be
prepared, execute and deliver on behalf of the Trust all such documents,
reports, filings, instruments, certificates and opinions as it shall be the
duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the
Basic Documents. Upon written request, the Owner Trustee shall execute and
deliver to the Servicer a limited power of attorney appointing the Servicer the
Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute
and deliver all such documents, reports, filings, instruments, certificates and
opinions.

          SECTION 10.12. Nonpetition Covenants. Notwithstanding any prior
termination of this Agreement, the Certificateholder shall not, prior to the
date which is one year and one day after the termination of this Agreement with
respect to the Trust, acquiesce, petition or otherwise invoke or cause the
Trust to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Trust under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Trust or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Trust.

          SECTION 10.13. Third Party Beneficiary. The Security Insurer shall be an
express third party beneficiary of this Agreement, entitled to enforce the
provisions hereof as if a party hereto.

[Remainder of page intentionally left blank.]

29

 

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

	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,
	 	 	   as Owner Trustee
	 
	 	 	 	 
	

	 	By:
	 	    /s/ Heather L. Williamson
	

	 	 	 	
 
	

	 	 	 	Name: Heather L. Williamson
	

	 	 	 	Title: Financial Services Officer
	 
	 	 	 	 
	 	 	AFS FUNDING TRUST,
	 
	 	 	 	 
	

	 	By:
	 	AMERICREDIT FINANCIAL SERVICES, INC.,
	

	 	 	 	as Administrator
	 
	 	 	 	 
	

	 	By:
	 	    /s/ Sheli Fitzgerald
	

	 	 	 	
 
	

	 	 	 	Name: /s/ Sheli Fitzgerald
	

	 	 	 	Title: Assistant Vice President

	 	 	 
	ACKNOWLEDGED AND AGREED TO:
	 
	 	 
	AMERICREDIT CORP.,
	Solely with respect to Sections 7.1 and 7.2
	 
	 	 
	By:

	 	    /s/ Susan B. Sheffield
	

	 	
 
	

	 	   Name: Susan B. Sheffield
	

	 	   Title: Senior Vice President

[Amended and Restated Trust Agreement]

 

 

EXHIBIT A

NUMBER

R-1

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS NOT TRANSFERABLE,

EXCEPT UNDER THE LIMITED CONDITIONS

SPECIFIED IN THE TRUST AGREEMENT

ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Trust, as defined below, the property of which includes a pool of retail
installment sale contracts secured by new or used automobiles, vans or light
duty trucks and sold to the Trust by AFS Funding Trust.

(This Certificate does not represent an interest in or obligation of AFS
Funding Trust or any of its Affiliates, except to the extent described below.)

     THIS CERTIFIES THAT AFS Funding Trust is the registered owner of a
nonassessable, fully-paid, beneficial ownership interest in certain
distributions of AmeriCredit Automobile Receivables Trust 2004-D-F (the
“Trust”) formed by AFS Funding Trust, a Delaware statutory trust (the
“Seller”).

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

WILMINGTON TRUST COMPANY

not in its individual capacity but solely as

Owner Trustee

	 
	by:

	
 

	 

	Authenticating Agent

	 

	by:

	
 

 

 

     The Trust was created pursuant to a Trust Agreement dated as of October 5,
2004, as amended and restated as of October 26, 2004 (the “Trust Agreement”),
between the Seller and Wilmington Trust Company, as owner trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Trust Agreement.

     This is the duly authorized Certificate designated as “Asset Backed
Certificate” (herein called the “Certificate”). Also issued under the
Indenture, dated as of October 26, 2003, among the Trust, JPMorgan Chase Bank,
as trustee and indenture collateral agent, are four classes of Notes designated
as “Class A-1 2.08% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2
2.53% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3 2.98% Asset
Backed Notes” (the “Class A-3 Notes”) and “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”). This Certificate is issued under
and is subject to the terms, provisions and conditions of the Trust Agreement,
to which Trust Agreement the holder of this Certificate by virtue of the
acceptance hereof assents and by which such holder is bound. The property of
the Trust includes a pool of retail installment sale contracts secured by new
and used automobiles, vans or light duty trucks (the “Receivables”), all monies
due thereunder on or after the Cutoff Date, security interests in the vehicles
financed thereby, certain bank accounts and the proceeds thereof, proceeds from
claims on certain insurance policies and certain other rights under the Trust
Agreement and the Sale and Servicing Agreement, all right to and interest of
the Seller in and to the Purchase Agreement dated as of October 26, 2004 among
AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the
foregoing.

     The holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement, the
Indenture and the Trust Agreement, as applicable.

     Distributions on this Certificate will be made as provided in the Trust
Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or
the making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office or agency maintained for the purpose by the Owner
Trustee in the Corporate Trust Office.

     Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

A-2

 

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

A-3

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
	 	 	    2004-D-F
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY
	

	 	 	 	not in its individual capacity but
	

	 	 	 	solely as Owner Trustee
	 
	 	 	 	 
	Dated: November 9, 2004

	 	By:	 	 
	

	 	 	 	

A-4

 

(Reverse of Certificate)

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

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

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Owner Trustee in the Corporate Trust Office, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon a new Certificate evidencing
the same aggregate interest in the Trust will be issued to the designated
transferee. The initial Certificate Registrar appointed under the Trust
Agreement is Wilmington Trust Company. No service charge will be made for any
such registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

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

     The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Trust. The Seller or the Servicer of the
Receivables may at its option purchase the corpus of the Trust at a price
specified in the Sale and Servicing Agreement, and such purchase of the
Receivables and other property of the Trust will effect early retirement of the
Certificate; however, such right of purchase is exercisable, subject to

A-5

 

certain restrictions, only as of the last day of any Collection Period as
of which the Pool Balance is 10% or less of the Original Pool Balance.

     The Certificate may not be acquired by (a) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (b) a plan (as defined in Section 4975(e)(1) of the Code) that is
subject to subject to Section 4975 or (c) any entity whose underlying assets
include assets of a plan described in (a) or (b) above by reason of such plan’s
investment in the entity (each, a “Benefit Plan”). By accepting and holding
this Certificate, the Holder hereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

     The recitals contained herein shall be taken as the statements of the
Depositor or the Servicer, as the case may be, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Certificate or of any
Receivable or related document.

     Unless the certificate of authentication hereon shall have been executed by an
authorized officer of the Owner Trustee, by manual or facsimile signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

A-6

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

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

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

______________________________ Attorney to transfer said Certificate on the
books of the Certificate Registrar, with full power of substitution in the
premises.

	 	 	 
	Dated:

	 	                                                         *
	

	 	Signature
	 
	 	 
	Guaranteed:

	 	                                                         *

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

A-7

 

EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F

     THIS Certificate of Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2004-D-F (the “Trust”) is being duly executed and filed on behalf of the Trust
by the undersigned, as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

     1. Name. The name of the statutory trust formed by this Certificate of
Trust is “AmeriCredit Automobile Receivables Trust 2004-D-F.”

     2. Delaware Trustee. The name and business address of the trustee of the
Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

     3. Effective Date. This Certificate of Trust shall be effective upon
filing.

     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

	 	 	 
	

	 	WILMINGTON TRUST COMPANY, not in its
	

	 	individual capacity but solely as trustee of
the Trust

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	 	 	Name:
	

	 	 	 	Title:exv4w3

 

Exhibit 4.3

EXECUTION COPY

SALE AND SERVICING

AGREEMENT

among

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F,

Issuer,

AFS FUNDING TRUST,

Seller,

AMERICREDIT FINANCIAL SERVICES, INC.,

Servicer,

JPMORGAN CHASE BANK,

Trust Collateral Agent,

and

SYSTEMS & SERVICES TECHNOLOGIES, INC.,

Backup Servicer

Dated as of October 26, 2004

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page

	ARTICLE I Definitions
	 	 	1	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Other Definitional Provisions
	 	 	21	 
	ARTICLE II Conveyance of Receivables
	 	 	22	 
	SECTION 2.1. Conveyance of Receivables
	 	 	22	 
	SECTION 2.2. [Reserved]
	 	 	23	 
	SECTION 2.3. Further Encumbrance of Trust Property
	 	 	23	 
	ARTICLE III The Receivables
	 	 	23	 
	SECTION 3.1. Representations and Warranties of Seller
	 	 	23	 
	SECTION 3.2. Repurchase upon Breach
	 	 	24	 
	SECTION 3.3. Custody of Receivables Files
	 	 	24	 
	ARTICLE IV Administration and Servicing of Receivables
	 	 	26	 
	SECTION 4.1. Duties of the Servicer and Backup Servicer
	 	 	26	 
	SECTION 4.2. Collection of Receivable Payments; Modifications of
Receivables; Lockbox Agreements
	 	 	27	 
	SECTION 4.3. Realization upon Receivables
	 	 	30	 
	SECTION 4.4. Insurance
	 	 	32	 
	SECTION 4.5. Maintenance of Security Interests in Vehicles
	 	 	34	 
	SECTION 4.6. Covenants, Representations, and Warranties of Servicer
	 	 	35	 
	SECTION 4.7. Purchase of Receivables Upon Breach of Covenant
	 	 	35	 
	SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer
	 	 	36	 
	SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s Certificate
	 	 	37	 
	SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer
Termination Event
	 	 	37	 
	SECTION 4.11. Annual Independent Accountants’ Report
	 	 	38	 
	SECTION 4.12. Access to Certain Documentation and Information
Regarding Receivables
	 	 	39	 
	SECTION 4.13. Monthly Tape
	 	 	39	 
	SECTION 4.14. Retention and Termination of Servicer
	 	 	40	 
	SECTION 4.15. Fidelity Bond and Errors and Omissions Policy
	 	 	40	 
	ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	 	 	41	 
	SECTION 5.1. Establishment of Trust Accounts
	 	 	41	 
	SECTION 5.2. [Reserved]
	 	 	43	 
	SECTION 5.3. Certain Reimbursements to the Servicer
	 	 	43	 
	SECTION 5.4. Application of Collections
	 	 	44	 
	SECTION 5.5. Withdrawals from Spread Account
	 	 	44	 
	SECTION 5.6. Additional Deposits
	 	 	45	 
	SECTION 5.7. Distributions
	 	 	45	 
	SECTION 5.8. Note Distribution Account
	 	 	46	 
	SECTION 5.9. [Reserved]
	 	 	48	 

i 

 

	 	 	 	 	 
	SECTION 5.10. Statements to Noteholders
	 	 	48	 
	SECTION 5.11. Optional Deposits by the Insurer
	 	 	49	 
	SECTION 5.12. [Reserved]
	 	 	49	 
	ARTICLE VI The Note Policy
	 	 	50	 
	SECTION 6.1. Claims Under Note Policy
	 	 	50	 
	SECTION 6.2. Preference Claims Under Note Policy
	 	 	51	 
	SECTION 6.3. Surrender of Note Policy
	 	 	52	 
	ARTICLE VII The Seller
	 	 	52	 
	SECTION 7.1. Representations of Seller
	 	 	52	 
	SECTION 7.2. Certain Business Conduct
	 	 	53	 
	SECTION 7.3. Liability of Seller; Indemnities
	 	 	54	 
	SECTION 7.4. Merger or Consolidation of, or Assumption of the
Obligations of, Seller
	 	 	55	 
	SECTION 7.5. Limitation on Liability of Seller and Others
	 	 	56	 
	SECTION 7.6. Ownership of the Certificates or Notes
	 	 	56	 
	ARTICLE VIII The Servicer and the Backup Servicer
	 	 	56	 
	SECTION 8.1. Representations of Servicer
	 	 	56	 
	SECTION 8.2. Representations of the Backup Servicer
	 	 	58	 
	SECTION 8.3. Liability of Servicer and Backup Servicer; Indemnities
	 	 	59	 
	SECTION 8.4. Merger or Consolidation of, or Assumption of the
Obligations of the Servicer or Backup Servicer
	 	 	61	 
	SECTION 8.5. Limitation on Liability of Servicer, Backup Servicer and Others
	 	 	62	 
	SECTION 8.6. Delegation of Duties
	 	 	63	 
	SECTION 8.7. Servicer and Backup Servicer Not to Resign
	 	 	63	 
	ARTICLE IX Default
	 	 	64	 
	SECTION 9.1. Servicer Termination Event
	 	 	64	 
	SECTION 9.2. Consequences of a Servicer Termination Event
	 	 	65	 
	SECTION 9.3. Appointment of Successor
	 	 	66	 
	SECTION 9.4. Notification to Noteholders
	 	 	68	 
	SECTION 9.5. Waiver of Past Defaults
	 	 	68	 
	SECTION 9.6. Backup Servicer Termination
	 	 	68	 
	ARTICLE X Termination
	 	 	68	 
	SECTION 10.1. Optional Purchase of All Receivables
	 	 	68	 
	ARTICLE XI Administrative Duties of the Servicer
	 	 	69	 
	SECTION 11.1. Administrative Duties
	 	 	69	 
	SECTION 11.2. Records
	 	 	71	 
	SECTION 11.3. Additional Information to be Furnished to the Issuer
	 	 	72	 
	ARTICLE XII Miscellaneous Provisions
	 	 	72	 
	SECTION 12.1. Amendment
	 	 	72	 
	SECTION 12.2. Protection of Title to Trust
	 	 	73	 

ii 

 

	 	 	 	 	 
	SECTION 12.3. Notices
	 	 	75	 
	SECTION 12.4. Assignment
	 	 	76	 
	SECTION 12.5. Limitations on Rights of Others
	 	 	76	 
	SECTION 12.6. Severability
	 	 	76	 
	SECTION 12.7. Separate Counterparts
	 	 	76	 
	SECTION 12.8. Headings
	 	 	76	 
	SECTION 12.9. Governing Law
	 	 	76	 
	SECTION 12.10. Assignment to Trustee
	 	 	77	 
	SECTION 12.11. Nonpetition Covenants
	 	 	77	 
	SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee
	 	 	77	 
	SECTION 12.13. Independence of the Servicer
	 	 	78	 
	SECTION 12.14. No Joint Venture
	 	 	78	 
	SECTION 12.15. State Business Licenses
	 	 	78	 
	 	 	 	 	 
	SCHEDULES
	 	 	 	 
	Schedule A Schedule of Receivables
	 	 	 	 
	Schedule B Representations and Warranties of the Seller and the Servicer
	 	 	 	 
	Schedule C Servicing Policies and Procedures
	 	 	 	 
	 	 	 	 	 
	EXHIBITS
	 	 	 	 
	Exhibit A Form of Servicer’s Certificate
	 	 	 	 
	Exhibit B Form of Preliminary Servicer’s Certificate
	 	 	 	 

iii 

 

          SALE AND SERVICING AGREEMENT dated as of October 26, 2004, among
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F, a Delaware statutory trust
(the “Issuer”), AFS FUNDING TRUST, a Delaware statutory trust (the “Seller”),
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (the “Servicer”),
JPMORGAN CHASE BANK, a New York banking corporation, in its capacity as Trust
Collateral Agent and SYSTEMS & SERVICES TECHNOLOGIES, INC., a Delaware
corporation, in its capacity as Backup Servicer.

          WHEREAS the Issuer desires to purchase a portfolio of receivables arising
in connection with motor vehicle retail installment sale contracts made by
AmeriCredit Financial Services, Inc. or acquired by AmeriCredit Financial
Services, Inc. through motor vehicle dealers and third party lenders;

          WHEREAS the Seller has purchased such receivables from AmeriCredit
Financial Services, Inc. and is willing to sell such receivables to the Issuer;

          WHEREAS the Servicer is willing to service all such receivables;

          WHEREAS the Backup Servicer is willing to provide backup servicing for all
such receivables;

          NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

ARTICLE I

Definitions

          SECTION 1.1. Definitions. Whenever used in this Agreement, the following words
and phrases shall have the following meanings:

          “Accelerated Payment Amount Shortfall” means, with respect to any
Distribution Date, the excess, if any, of (i) the excess, if any, on such
Distribution Date of the Pro Forma Note Balance for such Distribution Date over
the Required Pro Forma Note Balance for such Distribution Date over (ii) the
excess of the amount of Available Funds on such Distribution Date over the
amounts payable on such Distribution Date pursuant to Section 5.7(a)(i) through
(vii).

          “Accelerated Payment Amount Shortfall Deposit” means, with respect to any
Distribution Date, any amount withdrawn from the Spread Account as an
Accelerated Payment Amount Shortfall and deposited to the Collection Account
pursuant to Sections 5.5(b) and 5.6.

          “Accelerated Payment Shortfall Notice” means, with respect to any
Distribution Date, a written notice specifying the Accelerated Payment Amount
Shortfall for such Distribution Date.

          “Accelerated Payment Termination Date” has the meaning assigned to such
term in the Spread Account Agreement Supplement.

 

 

          “Accelerated Principal Amount” for a Distribution Date will equal the
lesser of

          (x) the sum of (i) the excess, if any, of the amount of the total
Available Funds on such Distribution Date over the amounts payable on
such Distribution Date pursuant to clauses (i) through (vi) of Section
5.7(a) hereof plus (ii) amounts, if any, available in accordance with the
terms of the Spread Account Agreement; and

          (y) the excess, if any, on such Distribution Date of (i) the Pro
Forma Note Balance for such Distribution Date over (ii) the Required Pro
Forma Note Balance for such Distribution Date.

          “Accountants’ Report” means the report of a firm of nationally recognized
independent accountants described in Section 4.11.

          “Accounting Date” means, with respect to any Collection Period the last
day of such Collection Period.

          “Additional Funds Available” means, with respect to any Insured
Distribution Date, the sum of (i) any amounts withdrawn from the Spread Account
and received by the Trust Collateral Agent with respect to such Insured
Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by
the Trust Collateral Agent with respect to such Insured Distribution Date.

          “Administrator” means AmeriCredit, in its capacity as Administrator for
the Seller pursuant to the Administration Agreement, dated as of August 15,
2002, by and between the Seller and AmeriCredit.

          “Affiliate” means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

          “Aggregate Principal Balance” means, with respect to any date of
determination, the sum of the Principal Balances for all Receivables (other
than (i) any Receivable that became a Liquidated Receivable prior to the end of
the related Collection Period and (ii) any Receivable that became a Purchased
Receivable prior to the end of the related Collection Period) as of the date of
determination.

          “Agreement” means this Sale and Servicing Agreement, as the same may be
amended and supplemented from time to time.

          “AmeriCredit” means AmeriCredit Financial Services, Inc.

          “Amount Financed” means, with respect to a Receivable, the aggregate
amount advanced under such Receivable toward the purchase price of the Financed
Vehicle and any related costs, including amounts advanced in respect of
accessories, insurance premiums, service

2

 

and warranty contracts, other items
customarily financed as part of motor vehicle retail installment sale contracts
or promissory notes, and related costs.

          “Annual Percentage Rate” or “APR” of a Receivable means the annual
percentage rate of finance charges or service charges, as stated in the related
Contract.

          “Assignment” means the Assignment dated as of October 19, 1999, from AFS
Funding Corp. to the Seller.

          “Auto Loan Purchase and Sale Agreement” means any agreement between a
Third-Party Lender and AmeriCredit relating to the acquisition of Receivables
from a Third Party Lender by AmeriCredit.

          “Available Funds” means, with respect to any Distribution Date, the sum of
(i) the Collected Funds for the related Collection Period, (ii) all Purchase
Amounts deposited in the Collection Account during the related Collection
Period, plus Investment Earnings with respect to the Collection Account and the
Note Distribution Account for the related Collection Period, (iii) following
the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the
amount of money or property collected pursuant to Section 5.3 of the Indenture
since the preceding Distribution Date by the Trust Collateral Agent or
Controlling Party for distribution pursuant to Section 5.6 and Section 5.8 of
the Indenture and (iv) the proceeds of any purchase or sale of the assets of
the Trust described in Section 10.1 hereof.

          “Backup Servicer” means Systems & Services Technologies, Inc., or if
Systems & Services Technologies, Inc. refuses to perform the duties of the
Backup Servicer hereunder even though it is legally able to do so, JPMorgan
Chase Bank.

          “Base Servicing Fee” means, with respect to any Collection Period, the fee
payable to the Servicer for services rendered during such Collection Period,
which shall be equal to (a) with respect to AmeriCredit, as Servicer,
one-twelfth of the Servicing Fee Rate multiplied by the Pool Balance as of the
opening of business on the first day of such Collection Period, (b) with
respect to Systems & Services Technologies, Inc. as successor Servicer, the
amounts set forth in Schedule 1 to Annex A hereto and (c) with respect to any
successor Servicer other than Systems & Services Technologies, Inc., the amount
determined pursuant to Section 9.3(c).

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

          “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.

3

 

          “Calendar Quarter” means any period (i) from January 1 through March 31 in
a calendar year, (ii) from April 1 through June 30 in a calendar year, (iii)
from July 1 through September 30 in a calendar year or (iv) from October 1
through December 31 in a calendar year.

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

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

          “Class” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes or the Class A-4 Notes, as the context requires.

          “Class A-1 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-2 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-3 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-4 Notes” has the meaning assigned to such term in the Indenture.

          “Closing Date” means November 9, 2004.

          “Collateral Agent” means JPMorgan Chase Bank, in its capacity as
Collateral Agent under the Spread Account Agreement.

          “Collateral Insurance” shall have the meaning set forth in Section 4.4(a).

          “Collected Funds” means, with respect to any Collection Period, the amount
of funds in the Collection Account representing collections on the Receivables
during such Collection Period, including all Net Liquidation Proceeds collected
during such Collection Period (but excluding any Purchase Amounts).

          “Collection Account” means the account designated as such, established and
maintained pursuant to Section 5.1.

          “Collection Period” means, with respect to the first Distribution Date,
the period beginning on the close of business on October 26, 2004 and ending on
the close of business on November 30, 2004, and with respect to each subsequent
Distribution Date, “Collection Period” means the period beginning on the close
of business on the last day of the second preceding calendar month and ending
on the close of business on the last day of the immediately preceding calendar
month. Any amount stated “as of the close of business of the last day of a
Collection Period” shall give effect to the following calculations as
determined as of the end of the day on such last day: (i) all applications of
collections and (ii) all distributions.

          “Collection Records” means all manually prepared or computer generated
records relating to collection efforts or payment histories with respect to the
Receivables.

4

 

          “Computer Tape” means the computer tapes or other electronic media
furnished by the Servicer to the Issuer and the Insurer and its assigns
describing certain characteristics of the Receivables as of the Cutoff Date.

          “Contract” means a motor vehicle retail installment sale contract or
promissory note.

          “Controlling Party” means the Insurer, so long as no Insurer Default shall
have occurred and be continuing and the Trust Collateral Agent for the benefit
of the Noteholders, in the event the Insurer Default shall have occurred and be
continuing.

          “Corporate Trust Office” means (i) with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee, which at the time of
execution of this agreement is Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, and
(ii) with respect to the Trustee, the Trust Collateral Agent and the Collateral
Agent, the principal office thereof at which at any particular time its
corporate trust business shall be administered, which at the time of execution
of this agreement is 4 New York Plaza, 6th Floor, New York, New York 10004,
Attention: Institutional Trust Services, AmeriCredit 2004-D-F.

          “Cram Down Loss” means, with respect to a Receivable that has not become a
Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding
related to an Insolvency Event shall have issued an order reducing the amount
owed on a Receivable or otherwise modifying or restructuring the Scheduled
Receivables Payments to be made on a Receivable, an amount equal to (i) the
excess of the principal balance of such Receivable immediately prior to such
order over the principal balance of such Receivable as so reduced and/or (ii)
if such court shall have issued an order reducing the effective rate of
interest on such Receivable, the excess of the principal balance of such
Receivable immediately prior to such order over the net present value (using as
the discount rate the higher of the APR on such Receivable or the rate of
interest, if any, specified by the court in such order) of the Scheduled
Receivables Payments as so modified or restructured. A “Cram Down Loss” shall
be deemed to have occurred on the date of issuance of such order.

          “Custodian” means AmeriCredit and any other Person named from time to time
as custodian in any Custodian Agreement acting as agent for the Trust
Collateral Agent, which Person must be acceptable to the Controlling Party (the
Custodian as of the Closing Date is acceptable to the Insurer as of the Closing
Date).

          “Custodian Agreement” means any Custodian Agreement from time to time in
effect between the Custodian named therein and the Trust Collateral Agent, as
the same may be amended, supplemented or otherwise modified from time to time
in accordance with the terms thereof, which Custodian Agreement and any
amendments, supplements or modifications thereto shall be acceptable to the
Controlling Party (the Custodian Agreement which is effective on the Closing
Date is acceptable to the Controlling Party).

          “Cutoff Date” means October 26, 2004.

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          “Dealer” means a dealer who sold a Financed Vehicle and who originated and
assigned the respective Receivable to AmeriCredit under a Dealer Agreement or
pursuant to a Dealer Assignment.

          “Dealer Agreement” means any agreement between a Dealer and AmeriCredit
relating to the acquisition of Receivables from a Dealer by AmeriCredit.

          “Dealer Assignment” means, with respect to a Receivable, the executed
assignment executed by a Dealer conveying such Receivable to AmeriCredit.

          “Deficiency Claim Amount” means, with respect to any Determination Date,
after taking into account the application on the related Distribution Date of
the Available Funds for the related Collection Period, an amount equal to the
sum of, without duplication, (i) any shortfall in the payment of the full
amounts described in clauses (i), (ii), (iii) and (v) of Section 5.7(a) herein,
(ii) the Noteholders’ Parity Deficit Amount, if any, for such Distribution Date
and (iii) if the related Distribution Date is the Final Scheduled Distribution
Date of any Class, any remaining outstanding principal balance of such Class,
to the extent that such amount is available on the related Distribution Date in
accordance with the terms of the Spread Account Agreement.

          “Deficiency Claim Amount Deposit” means, with respect to any Distribution
Date, any amount withdrawn from the Spread Account as a Deficiency Claim Amount
and deposited to the Collection Account pursuant to Sections 5.5(a) and 5.6.

          “Deficiency Notice” shall have the meaning set forth in Section 5.5.

          “Delivery” when used with respect to Trust Account Property means:

          (a) with respect to bankers’ acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of Section 9-102(a)(47) of the UCC and
are susceptible of physical delivery, transfer thereof to the Trust
Collateral Agent by physical delivery to the Trust Collateral Agent
endorsed to, or registered in the name of, the Trust Collateral Agent or
endorsed in blank, and, with respect to a certificated security (as
defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by
delivery of such certificated security endorsed to, or registered in the
name of, the Trust Collateral Agent or (ii) by delivery thereof to a
“clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and
the making by such clearing corporation of appropriate entries on its
books reducing the appropriate securities account of the transferor and
increasing the appropriate securities account of the Trust Collateral
Agent by the amount of such certificated security and the identification
by the clearing corporation of the certificated securities for the sole
and exclusive account of the Trust Collateral Agent (all of the
foregoing, “Physical Property”), and, in any event, any such Physical
Property in registered form shall be in the name of the Trust Collateral
Agent or its nominee; and such additional or alternative procedures as
may hereafter become appropriate to effect the complete transfer of
ownership of any such Trust Account Property to the Trust Collateral
Agent or its nominee or custodian, consistent with changes in applicable
law or regulations or the interpretation thereof;

6

 

          (b) with respect to any security issued by the U.S. Treasury, the
Federal Home Loan Mortgage Corporation or by the Federal National
Mortgage Association that is a book-entry security held through the
Federal Reserve System pursuant to federal book-entry regulations, the
following procedures, all in accordance with applicable law, including
applicable Federal regulations and Articles 8 and 9 of the UCC:
book-entry registration of such Trust Account Property to an appropriate
book-entry account maintained with a Federal Reserve Bank by a securities
intermediary that is also a “depository” pursuant to applicable federal
regulations; the making by such securities intermediary of entries in its
books and records crediting such Trust Account Property to the Trust
Collateral Agent’s securities account at the securities intermediary and
identifying such book-entry security held through the Federal Reserve
System pursuant to federal book-entry regulations as belonging to the
Trust Collateral Agent; and such additional or alternative procedures as
may hereafter become appropriate to effect complete transfer of ownership
of any such Trust Account Property to the Trust Collateral Agent,
consistent with changes in applicable law or regulations or the
interpretation thereof;

          (c) with respect to any item of Trust Account Property that is an
uncertificated security under Article 8 of the UCC and that is not
governed by clause (b) above, registration on the books and records of
the issuer thereof in the name of the Trust Collateral Agent or its
nominee or custodian who either (i) becomes the registered owner on
behalf of the Trust Collateral Agent or (ii) having previously become the
registered owner, acknowledges that it holds for the Trust Collateral
Agent; and

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

          “Depositor” shall mean the Seller in its capacity as Depositor under the
Trust Agreement.

          “Determination Date” means, with respect to any Collection Period the
earlier of (i) the Business Day preceding the Distribution Date in the next
calendar month, and (ii) the fourth Business Day preceding the Insured
Distribution Date in the next calendar month.

          “Distribution Date” means, with respect to each Collection Period, the
sixth day of the following calendar month, or, if such day is not a Business
Day, the immediately following Business Day, commencing December 6, 2004.

          “Draw Date” means, with respect to any Insured Distribution Date, the
third Business Day immediately preceding such Insured Distribution Date.

          “Electronic Ledger” means the electronic master record of the retail
installment sales contracts or installment loans of the Servicer.

          “Eligible Deposit Account” means a segregated trust account with the
corporate trust department of a depository institution acceptable to the
Insurer organized under the laws of the United States of America or any one of
the states thereof or the District of Columbia (or any

7

 

domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as (i) any of
the securities of such depository institution have a credit rating from each
Rating Agency in one of its generic rating categories which signifies
investment grade and (ii) such depository institutions’ deposits are insured by
the FDIC.

          “Eligible Investments” mean book-entry securities, negotiable instruments
or securities represented by instruments in bearer or registered form which
evidence:

          (a) direct obligations of, and obligations fully guaranteed as to
timely payment by, the United States of America;

          (b) demand deposits, time deposits or certificates of deposit of any
depository institution or trust company incorporated under the laws of
the United States of America or any state thereof or the District of
Columbia (or any domestic branch of a foreign bank) and subject to
supervision and examination by federal or state banking or depository
institution authorities (including depository receipts issued by any such
institution or trust company as custodian with respect to any obligation
referred to in clause (a) above or portion of such obligation for the
benefit of the holders of such depository receipts); provided, however,
that at the time of the investment or contractual commitment to invest
therein (which shall be deemed to be made again each time funds are
reinvested following each Distribution Date), the commercial paper or
other short-term senior unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other
than such depository institution or trust company) of such depository
institution or trust company shall have a credit rating from Standard &
Poor’s of A-1+ and from Moody’s of Prime-1;

          (c) commercial paper and demand notes investing solely in commercial
paper having, at the time of the investment or contractual commitment to
invest therein, a rating from Standard & Poor’s of A-1+ and from Moody’s
of Prime-1;

          (d) investments in money market funds (including funds for which the
Trust Collateral Agent or the Owner Trustee in each of their individual
capacities or any of their respective Affiliates is investment manager,
controlling party or advisor) having a rating from Standard & Poor’s of
AAA-m or AAAm-G and from Moody’s of Aaa and having been approved by the
Insurer;

          (e) bankers’ acceptances issued by any depository institution or
trust company referred to in clause (b) above;

          (f) repurchase obligations with respect to any security that is a
direct obligation of, or fully guaranteed by, the United States of
America or any agency or instrumentality thereof the obligations of which
are backed by the full faith and credit of the United States of America,
in either case entered into with a depository institution or trust
company (acting as principal) referred to in clause (b) above;

          (g) any other investment which would satisfy the Rating Agency
Condition and is consistent with the ratings of the Securities and which,
so long as no Insurer Default shall have occurred and be continuing, has
been approved by the Insurer, or any other investment that by its terms
converts to cash within a finite period, if the Rating Agency Condition
is satisfied with respect thereto; and

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          (h) cash denominated in United States dollars.

          Any of the foregoing Eligible Investments may be purchased by or through
the Owner Trustee or the Trust Collateral Agent or any of their respective
Affiliates.

          “FDIC” means the Federal Deposit Insurance Corporation.

          “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.

          “Financed Vehicle” means an automobile or light-duty truck, van or
minivan, together with all accessions thereto, securing an Obligor’s
indebtedness under the respective Receivable.

          “Fitch” means Fitch Inc., or its successor.

          “Force-Placed Insurance” has the meaning ascribed thereto in Section 4.4
hereof.

          “Indenture” means the Indenture dated as of October 26, 2004, between the
Issuer and JPMorgan Chase Bank, as Trust Collateral Agent and Trustee, as the
same may be amended and supplemented from time to time.

          “Insolvency Event” means, with respect to a specified Person, (a) the
filing of a petition against such Person or the entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of such Person
or any substantial part of its property in an involuntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation or
such Person’s affairs, and such petition, decree or order shall remain unstayed
and in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or
taking possession by, a receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official for such Person or for any substantial part
of its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts
as such debts become due, or the taking of action by such Person in furtherance
of any of the foregoing.

          “Insurance Add-On Amount” means the premium charged to the Obligor in the
event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

          “Insurance Agreement” means the Insurance and Indemnity Agreement, dated
as of October 26, 2004, among the Insurer, the Trust, the Seller, AmeriCredit
Corp. and AmeriCredit, as the same may be amended or supplemented from time to
time.

9

 

          “Insurance Agreement Event of Default” means an “Event of Default” as
defined in the Insurance Agreement.

          “Insurance Policy” means, with respect to a Receivable, any insurance
policy (including the insurance policies described in Section 4.4 hereof)
benefiting the holder of the Receivable providing loss or physical damage,
credit life, credit disability, theft, mechanical breakdown or similar coverage
with respect to the Financed Vehicle or the Obligor.

          “Insured Distribution Date” means the twelfth day of each month, or, if
such twelfth day is not a Business Day, the next following Business Day. In
the event that, on any Distribution Date, the Noteholders did not receive the
full amount of the Scheduled Payment (as defined in the Note Policy) then due
to them, such shortfall (together with, in the case of an interest shortfall,
interest thereon at the related Interest Rate) shall be due and payable and
shall be funded on the Insured Distribution Date either from the Spread Account
(if any amounts remain available to be drawn therefrom following application of
amounts on deposit therein on the related Distribution Date) or from the
proceeds of a drawing under the Note Policy. The Record Date applicable to an
Insured Distribution Date shall be the Record Date applicable to the related
Distribution Date.

          “Insurer” means Financial Security Assurance Inc., a monoline insurance
company incorporated under the laws of the State of New York, or any successor
thereto, as issuer of the Note Policy.

          “Insurer Default” means the occurrence and continuance of any of the
following events:

          (a) the Insurer shall have failed to make a payment required under
the Note Policy in accordance with its terms;

          (b) the Insurer shall have (i) filed a petition or commenced any
case or proceeding under any provision or chapter of the United States
Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization,
(ii) made a general assignment for the benefit of its creditors, or (iii)
had an order for relief entered against it under the United States
Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization
which is final and nonappealable; or

          (c) a court of competent jurisdiction, the New York Department of
Insurance or other competent regulatory authority shall have entered a
final and nonappealable order, judgment or decree (i) appointing a
custodian, trustee, agent or receiver for the Insurer or for all or any
material portion of its property or (ii) authorizing the taking of
possession by a custodian, trustee, agent or receiver of the Insurer (or
the taking of possession of all or any material portion of the property
of the Insurer).

          “Insurer Optional Deposit” means, with respect to any Insured Distribution
Date, an amount delivered by the Insurer pursuant to Section 5.11, at its sole
option, other than amounts in respect of a Note Policy Claim Amount, to the
Trust Collateral Agent for deposit into the Collection Account for any of the
following purposes: (i) to provide funds in respect of the

10

 

payment of fees or expenses of any provider of services to the Trust with
respect to such Insured Distribution Date; or (ii) to include such amount as
part of the Additional Funds Available for such Insured Distribution Date to
the extent that without such amount a draw would be required to be made on the
Note Policy.

          “Interest Period” means, with respect to any Distribution Date, the period
from and including the most recent Distribution Date on which interest has been
paid (or in the case of the first Distribution Date, from and including the
Closing Date) to, but excluding, the following Distribution Date. In the case
of the first Distribution Date, the Interest Period shall be 27 days for all
Classes of Notes.

          “Interest Rate” means, with respect to (i) the Class A-1 Notes, 2.08% per
annum (computed on the basis of a 360-day year and the actual number of days
elapsed in the applicable Interest Period), (ii) the Class A-2 Notes, 2.53% per
annum (computed on the basis of a 360-day year consisting of twelve 30-day
months), (iii) the Class A-3 Notes, 2.98% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months) and (iv) the Class A-4 Notes,
3.43% per annum (computed on the basis of a 360-day year consisting of twelve
30-day months).

          “Investment Earnings” means, with respect to any date of determination and
Trust Account, the investment earnings on amounts on deposit in such Trust
Account on such date.

          “Issuer” means AmeriCredit Automobile Receivables Trust 2004-D-F.

          “Letter Agreement” means the Letter Agreement dated as of November 9,
2004 among the Insurer, the Seller, the Trust, AmeriCredit, AmeriCredit Corp.
and JPMorgan Chase Bank.

          “Lien” means a security interest, lien, charge, pledge, equity, or
encumbrance of any kind, other than tax liens, mechanics’ liens and any liens
that attach to the respective Receivable by operation of law as a result of any
act or omission by the related Obligor.

          “Lien Certificate” means, with respect to a Financed Vehicle, an original
certificate of title, certificate of lien or other notification issued by the
Registrar of Titles of the applicable state to a secured party which indicates
that the lien of the secured party on the Financed Vehicle is recorded on the
original certificate of title. In any jurisdiction in which the original
certificate of title is required to be given to the Obligor, the term “Lien
Certificate” shall mean only a certificate or notification issued to a secured
party. For Financed Vehicles registered in certain states, the “Lien
Certificate” may consist of notification of an electronic recordation, by
either a third-party service provider or the relevant Registrar of Titles of
the applicable state, which indicates that the lien of the secured party on the
Financed Vehicle is recorded on the original certificate of title on the
electronic lien and title system of the applicable state.

          “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all
amounts realized with respect to such Receivable (other than amounts withdrawn
from the Spread Account and drawings under the Note Policy), and, with respect
to a Sold Receivable, the related Sale Amount.

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          “Liquidated Receivable” means, with respect to any Collection Period, a
Receivable (i) as to which 90 days have elapsed since the Servicer repossessed
the Financed Vehicle provided, however, that in no case shall 10% or more of a
Scheduled Receivables Payment have become 210 or more days delinquent in the
case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii)
as to which the Servicer has determined in good faith that all amounts it
expects to recover have been received, (iii) as to which 10% or more of a
Scheduled Receivables Payment shall have become 120 or more days delinquent,
except in the case of a repossessed Financed Vehicle, or (iv) that is, without
duplication, a Sold Receivable.

          “Lockbox Account” means an account maintained on behalf of the Trust
Collateral Agent by the Lockbox Bank pursuant to 

Section 4.2(d).

          “Lockbox Agreement” means the Tri-Party Remittance Processing Agreement,
dated as of October 26, 2004, by and among AmeriCredit, Bank One, NA and the
Trust Collateral Agent, as such agreement may be amended or supplemented from
time to time, unless the Trust Collateral Agent shall cease to be a party
thereunder, or such agreement shall be terminated in accordance with its terms,
in which event “Lockbox Agreement” shall mean such other agreement, in form and
substance acceptable to the Controlling Party, among the Servicer, the Trust
Collateral Agent and the Lockbox Bank.

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

          “Minimum Sale Price” means (i) with respect to a Receivable (x) that has
become 60 to 210 days delinquent or (y) that has become greater than 210 days
delinquent and with respect to which the related Financed Vehicle has been
repossessed by the Servicer and has not yet been sold at auction, the greater
of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the
product of the three month rolling average recovery rate (expressed as a
percentage) for the Servicer in its liquidation of all receivables for which it
acts as servicer, either pursuant to this Agreement or otherwise, multiplied by
the Principal Balance of such Receivable or (ii) with respect to a Receivable
(x) with respect to which the related Financed Vehicle has been repossessed by
the Servicer and has been sold at auction and the Net Liquidation Proceeds for
which have been deposited in the Collection Account, or (y) that has become
greater than 210 days delinquent and with respect to which the related Financed
Vehicle has not been repossessed by the Servicer despite the Servicer’s
diligent efforts, consistent with its servicing obligations, to repossess the
Financed Vehicle, $1.

          “Monthly Extension Rate” means, with respect to any Accounting Date, the
fraction, expressed as a percentage, the numerator of which is the aggregate
Principal Balance of Receivables whose payments are extended during the related
Collection Period and the denominator of which is the aggregate Principal
Balance of Receivables as of the immediately preceding Accounting Date.

          “Monthly Records” means all records and data maintained by the Servicer
with respect to the Receivables, including the following with respect to each
Receivable: the account number; the originating Dealer; Obligor name; Obligor
address; Obligor home phone number; Obligor business phone number; original
Principal Balance; original term; Annual Percentage

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Rate; current Principal Balance; current remaining term; origination date;
first payment date; final scheduled payment date; next payment due date; date
of most recent payment; new/used classification; collateral description; days
currently delinquent; number of contract extensions (months) to date; amount of
Scheduled Receivables Payment; current Insurance Policy expiration date; and
past due late charges.

          “Moody’s” means Moody’s Investors Service or its successor.

          “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable,
Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in
connection with the collection of such Receivable and the repossession and
disposition of the Financed Vehicle and (ii) amounts that are required to be
refunded to the Obligor on such Receivable; provided, however, that the Net
Liquidation Proceeds with respect to any Receivable shall in no event be less
than zero.

          “Note Distribution Account” means the account designated as such,
established and maintained pursuant to Section 5.1.

          “Note Majority” means a majority by principal amount of the Noteholders.

          “Note Policy” means the financial guaranty insurance policy issued by the
Insurer to the Trust Collateral Agent, as agent for the Trustee, for the
benefit of the Noteholders.

          “Note Policy Claim Amount” means, for any Insured Distribution Date, the
sum of (x) the excess, if any (without duplication) of (i) the sum of the
Noteholders’ Interest Distributable Amount and the Noteholders’ Remaining
Parity Deficit Amount for the related Distribution Date (excluding any portion
of a Noteholders’ Interest Distributable Amount due to Noteholders representing
interest on any Noteholders’ Interest Carryover Amount accrued from and
including the date of payment of the amount of such Noteholders’ Interest
Carryover Amount, unless the Insurer elects, in its sole discretion, to pay
such amounts in whole or in part, pursuant to the Note Policy), together with,
if such related Distribution Date was the Final Scheduled Distribution Date for
any Class, the unpaid principal balance of such Class over (ii) the sum of (a)
the amount actually deposited into the Note Distribution Account on such
related Distribution Date and (b) the Additional Funds Available, if any, for
such Insured Distribution Date plus (y) the Noteholders’ Interest Carryover
Amount, if any, which has accrued since the related Distribution Date.

          “Note Pool Factor” for each Class of Notes as of the close of business on
any date of determination means a seven-digit decimal figure equal to the
outstanding principal amount of such Class of Notes divided by the original
outstanding principal amount of such Class of Notes.

          “Noteholders’ Accelerated Principal Amount” means, with respect to any
Distribution Date, the Noteholders’ Percentage of the Accelerated Principal
Amount on such Distribution Date, if any.

          “Noteholders’ Distributable Amount” means, with respect to any
Distribution Date, the sum of the Noteholders’ Principal Distributable Amount
and the Noteholders’ Interest Distributable Amount.

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          “Noteholders’ Interest Carryover Amount” means, with respect to any Class
of Notes and any date of determination, all or any portion of the Noteholders’
Monthly Interest Distributable Amount for the immediately preceding
Distribution Date and any outstanding Noteholders’ Interest Carryover Amount on
such immediately preceding Distribution Date, which remains unpaid as of such
date of determination, plus interest on such unpaid amount, to the extent
permitted by law, at the respective Interest Rate borne by each Class of Notes
from such immediately preceding Distribution Date to but excluding such date of
determination.

          “Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly
Interest Distributable Amount for such Distribution Date and Class of Notes and
the Noteholders’ Interest Carryover Amount, if any for such Distribution Date
and such Class. Interest on the Class A-1 Notes shall be computed on the basis
of a 360-day year and the actual number of days elapsed in the applicable
Interest Period. Interest on the Class A-2 Notes, Class A-3 Notes and Class
A-4 Notes shall be computed on the basis of a 360-day year consisting of twelve
30-day months.

          “Noteholders’ Monthly Interest Distributable Amount” means, with respect
to any Distribution Date and any Class of Notes, interest accrued at the
respective Interest Rate during the applicable Interest Period on the principal
amount of the Notes of such Class outstanding as of the end of the prior
Distribution Date (or, in the case of the first Distribution Date, as of the
Closing Date); provided, that if such principal balance is further reduced by a
payment of principal on the Insured Distribution Date which immediately follows
such prior Distribution Date, then such interest shall accrue (i) from and
including such prior Distribution Date to, but excluding, such related Insured
Distribution Date, on the principal balance outstanding as of the end of the
prior Distribution Date (or, in the case of the first Distribution Date, as of
the Closing Date) and (ii) from and including such Insured Distribution Date,
to, but excluding, the following Distribution Date, on the principal balance
outstanding as of the end of such Insured Distribution Date, calculated (x) for
the Class A-1 Notes on the basis of a 360-day year and the actual number of
days elapsed in the applicable Interest Period and (y) for the Class A-2, Class
A-3 and Class A-4 Notes on the basis of a 360-day year consisting of twelve
30-day months.

          “Noteholders’ Monthly Principal Distributable Amount” means, with respect
to any Distribution Date, the Noteholders’ Percentage of the Principal
Distributable Amount.

          “Noteholders’ Parity Deficit Amount” means, with respect to any
Distribution Date, the excess, if any, of (x) the aggregate remaining principal
balance of the Notes outstanding on such Distribution Date, after giving effect
to all reductions in such aggregate principal balance from sources other than
(i) the Spread Account and (ii) the Note Policy over (y) the Pool Balance at
the end of the prior calendar month.

          “Noteholders’ Percentage” means with respect to any Determination Date (i)
relating to a Distribution Date prior to the Distribution Date on which the
principal amount of the Notes is reduced to zero, 100%; (ii) relating to the
Distribution Date on which the principal amount of the Notes is reduced to
zero, the percentage equivalent of a fraction, the numerator of which is the
outstanding principal balance of the Notes that remain unpaid immediately prior
to such Distribution Date, and the denominator of which is the Principal
Distributable Amount; and (iii) relating to any other Distribution Date, 0%.

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          “Noteholders’ Principal Carryover Amount” means, as of any date of
determination, all or any portion of the Noteholders’ Principal Distributable
Amount and any outstanding Noteholders’ Principal Carryover Amount from the
preceding Distribution Date which remains unpaid as of such date of
determination.

          “Noteholders’ Principal Distributable Amount” means, with respect to any
Distribution Date, (other than the Final Scheduled Distribution Date for any
Class of Notes), the sum of the Noteholders’ Monthly Principal Distributable
Amount for such Distribution Date and the Noteholders’ Principal Carryover
Amount, if any, as of the close of the preceding Distribution Date. The
Noteholders’ Principal Distributable Amount on the Final Scheduled Distribution
Date for any Class of Notes will equal the sum of (i) the Noteholders’ Monthly
Principal Distributable Amount for such Distribution Date, (ii) the
Noteholders’ Principal Carryover Amount as of such Distribution Date, and (iii)
the excess of the outstanding principal amount of such Class of Notes, if any,
over the amounts described in clauses (i) and (ii).

          “Noteholders’ Remaining Parity Deficit Amount” means, with respect to any
Distribution Date, the Noteholders’ Parity Deficit Amount for such Distribution
Date minus any reduction in the aggregate principal balance of the Notes made
on such Distribution Date with funds withdrawn from the Spread Account.

          “Obligor” on a Receivable means the purchaser or co-purchasers of the
Financed Vehicle and any other Person who owes payments under the Receivable.

          “Officers’ Certificate” means a certificate signed by the chief executive
officer, the president, any executive vice president, any senior vice
president, any vice president or assistant vice president, any treasurer, any
assistant treasurer, any secretary or any assistant secretary of the Seller or
the Servicer, as appropriate.

          “Opinion of Counsel” means a written opinion of counsel reasonably
acceptable to the Insurer, which opinion is satisfactory in form and substance
to the Trust Collateral Agent and, if such opinion or a copy thereof is
required by the provisions of this Agreement to be delivered to the Insurer, to
the Insurer.

          “Original Pool Balance” means the Pool Balance as of the Cutoff Date.

          “Other Conveyed Property” means all property conveyed by AmeriCredit to
the Seller pursuant to the Purchase Agreement and by the Seller to the Trust
pursuant to Section 2.1(b) through (i) of this Agreement.

          “Owner Trust Estate” has the meaning assigned to such term in the Trust
Agreement.

          “Owner Trustee” means Wilmington Trust Company, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement, its successors
in interest or any successor Owner Trustee under the Trust Agreement.

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          “Person” means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

          “Physical Property” has the meaning assigned to such term in the
definition of “Delivery” above.

          “Pool Balance” means, as of any date of determination, the aggregate
Principal Balance of the Receivables (excluding Purchased Receivables and
Liquidated Receivables).

          “Preliminary Determination Date” means, with respect to any Collection
Period, the second Business Day preceding the Distribution Date in the next
calendar month.

          “Preliminary Servicer’s Certificate” means an Officers’ Certificate of the
Servicer delivered pursuant to Section 4.9(a), substantially in the form of
Exhibit B.

          “Principal Balance” means, with respect to any Receivable, as of any date,
the sum of (x) the Amount Financed minus (i) that portion of all amounts
received on or prior to such date and allocable to principal in accordance with
the terms of the Receivable and (ii) any Cram Down Loss in respect of such
Receivable plus (y) the accrued and unpaid interest on such Receivable.

          “Principal Distributable Amount” means, with respect to any Distribution
Date, the amount equal to the excess, if any, of (x) the sum of (i) the
principal portion of all Collected Funds received during the immediately
preceding Collection Period (other than Liquidated Receivables and Purchased
Receivables), (ii) the Principal Balance of all Receivables that became
Liquidated Receivables during the related Collection Period (other than
Purchased Receivables), (iii) the principal portion of the Purchase Amounts
received with respect to all Receivables that became Purchased Receivables
during the related Collection Period, (iv) in the sole discretion of the
Insurer, the Principal Balance of all the Receivables that were required to be
purchased pursuant to Sections 3.2 and 4.7, during such Collection Period but
were not purchased, (v) the aggregate amount of Cram Down Losses that shall
have occurred during the related Collection Period; and (vi) following the
acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount
of money or property collected pursuant to Section 5.4 of the Indenture since
the preceding Determination Date by the Trust Collateral Agent or Controlling
Party for distribution pursuant to Section 5.7 hereof over (y) the Step-Down
Amount, if any, for such Distribution Date.

          “Pro Forma Note Balance” means, with respect to any Distribution Date, the
aggregate remaining principal amount of the Notes outstanding on such
Distribution Date, after giving effect to distributions pursuant to clauses (i)
through (iv) of Section 5.7(a) hereof.

          “Purchase Agreement” means the Purchase Agreement between the Seller and
AmeriCredit, dated as of October 26, 2004, pursuant to which the Seller
acquired the Receivables, as such Agreement may be amended from time to time.

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          “Purchase Amount” means, with respect to a Purchased Receivable, the
Principal Balance and all accrued and unpaid interest on the Receivable, after
giving effect to the receipt of any moneys collected (from whatever source) on
such Receivable, if any.

          “Purchased Receivable” means a Receivable purchased as of the close of
business on the last day of a Collection Period by the Servicer pursuant to
Sections 4.2, 4.4(c), or 4.7 or repurchased by the Seller or the Servicer
pursuant to Section 3.2 or Section 10.1(a).

          “Rating Agency” means Moody’s, Standard & Poor’s and Fitch. If no such
organization or successor maintains a rating on the Securities, “Rating Agency”
shall be a nationally recognized statistical rating organization or other
comparable Person designated by the Seller and acceptable to the Insurer (so
long as an Insurer Default shall not have occurred and be continuing), notice
of which designation shall be given to the Trust Collateral Agent, the Owner
Trustee and the Servicer.

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

          “Realized Losses” means, with respect to any Receivable that becomes a
Liquidated Receivable, the excess of the Principal Balance of such Liquidated
Receivable over Net Liquidation Proceeds to the extent allocable to principal.

          “Receivable” means any Contract listed on Schedule A attached hereto
(which Schedule may be in the form of microfiche or a disk).

          “Receivable Files” means the documents specified in Section 3.3.

          “Record Date” means, with respect to each Distribution Date, the Business
Day immediately preceding such Distribution Date, unless otherwise specified in
the Indenture. The “Record Date” for any Insured Distribution Date shall be
the “Record Date” applicable to the related Distribution Date.

          “Registrar of Titles” means, with respect to any state, the governmental
agency or body responsible for the registration of, and the issuance of
certificates of title relating to, motor vehicles and liens thereon.

          “Required Pro Forma Note Balance” means, with respect to any Distribution
Date, a dollar amount equal to the product of (x) the difference between (i)
100% and (ii) the “OC Level” (as defined in the Spread Account Agreement
Supplement), as the same may step down over time in accordance with the terms
of the Spread Account Agreement Supplement (such difference initially equaling
85.0%) and (y) the Pool Balance as of the end of the prior calendar month.

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          “Requisite Amount” has the meaning specified in the Spread Account
Agreement Supplement.

          “Sale Amount” means, with respect to any Sold Receivable, the amount
received from the related third-party purchaser as payment for such Sold
Receivable.

          “Schedule of Receivables” means the schedule of all motor vehicle retail
installment sales contracts and promissory notes originally held as part of the
Trust which is attached as Schedule A.

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

          “Scheduled Receivables Payment” means, with respect to any Collection
Period for any Receivable, the amount set forth in such Receivable as required
to be paid by the Obligor in such Collection Period. If after the Closing
Date, the Obligor’s obligation under a Receivable with respect to a Collection
Period has been modified so as to differ from the amount specified in such
Receivable as a result of (i) the order of a court in an insolvency proceeding
involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or
(iii) modifications or extensions of the Receivable permitted by Section
4.2(b), the Scheduled Receivables Payment with respect to such Collection
Period shall refer to the Obligor’s payment obligation with respect to such
Collection Period as so modified.

          “Seller” means AFS Funding Trust, a Delaware statutory trust, and its
successors in interest to the extent permitted hereunder.

          “Series” has the meaning specified in the Spread Account Agreement.

          “Service Contract” means, with respect to a Financed Vehicle, the
agreement, if any, financed under the related Receivable that provides for the
repair of such Financed Vehicle.

          “Servicer” means AmeriCredit Financial Services, Inc., as the servicer of
the Receivables, and each successor Servicer pursuant to Section 9.3.

          “Servicer Termination Event” means an event specified in Section 9.1.

          “Servicer’s Certificate” means an Officers’ Certificate of the Servicer
delivered pursuant to Section 4.9(b), substantially in the form of Exhibit A.

          “Servicing Fee” has the meaning specified in Section 4.8.

          “Servicing Fee Rate” means 2.25% per annum.

          “Simple Interest Method” means the method of allocating a fixed level
payment on an obligation between principal and interest, pursuant to which the
portion of such payment that is allocated to interest is equal to the product
of the fixed rate of interest on such obligation multiplied by the period of
time (expressed as a fraction of a year, based on the actual number of

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days in the calendar month and 365 days in the calendar year) elapsed
since the preceding payment under the obligation was made.

          “Sold Receivable” means a Receivable that was more than 60 days delinquent
and was sold to an unaffiliated third party by the Issuer, at the Servicer’s
direction, as of the close of business on the last day of a Collection Period
and in accordance with the provisions of Section 4.3(c) hereof.

          “Spread Account” means the account designated as such, established and
maintained pursuant to the Spread Account Agreement.

          “Spread Account Agreement” shall mean the Spread Account Agreement dated
as of December 1, 1994 as amended and restated as of May 11, 1998, as further
amended and restated as of September 10, 2003 among the Insurer, the Seller and
the Collateral Agent, as the same may be modified, supplemented or otherwise
amended in accordance with the terms thereof.

          “Spread Account Agreement Supplement” means the Series 2004-D-F Spread
Account Agreement Supplement dated as of October 26, 2004 among the Insurer,
AFS Funding Trust and the Collateral Agent, as the same may be modified,
supplemented or otherwise amended in accordance with the terms thereof.

          “Spread Account Initial Deposit” means an amount equal to 2% of the
aggregate principal balance of the Receivables on the Closing Date (which is
equal to $16,216,231.53).

          “Standard & Poor’s” means Standard & Poor’s, a Division of The McGraw-Hill
Companies, Inc., or its successor.

          “Step-Down Amount” means, with respect to any Distribution Date, the
excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro
Forma Note Balance on such Distribution Date, calculated for this purpose only
without deduction for any Step-Down Amount (i.e., assuming that the entire
amount described in clause (x) of the definition of “Principal Distributable
Amount” is distributed as principal on the Notes).

          “Substitution of Collateral Criteria” means AmeriCredit’s written criteria
for substitution of collateral as delivered by AmeriCredit to the Insurer on or
before the Closing Date, as amended by revisions to such criteria as may be
delivered by AmeriCredit to the Insurer upon request.

          “Supplemental Servicing Fee” means, with respect to any Collection Period,
all administrative fees, expenses and charges paid by or on behalf of Obligors,
including late fees, prepayment fees and liquidation fees collected on the
Receivables during such Collection Period but excluding any fees or expenses
related to extensions.

          “Third-Party Lender” means an entity that originated a loan to a consumer
for the purchase of a motor vehicle and sold the loan to AmeriCredit pursuant
to an Auto Loan Purchase and Sale Agreement.

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          “Third-Party Lender Assignment” means, with respect to a Receivable, the
executed assignment executed by a Third-Party Lender conveying such Receivable
to AmeriCredit.

          “Transfer Notice” means written notice from the Controlling Party to the
Backup Servicer advising the Backup Servicer of the transfer of active
servicing for all of the Receivables from AmeriCredit to the Backup Servicer.
Said notice shall be delivered to the Backup Servicer at least thirty (30)
calendar days prior to the effective date of the transfer of active servicing.

          “Transfer Period” means the period following the Backup Servicer’s receipt
of a Transfer Notice and prior to the date the Backup Servicer is to assume all
servicing duties described in this Agreement, as modified by Annex A hereto,
for all of the Receivables.

          “Trigger Event” has the meaning assigned thereto in the Spread Account
Agreement Supplement.

          “Trust” means the Issuer.

          “Trust Account Property” means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

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

          “Trust Agreement” means the Trust Agreement dated as of October 5, 2004,
between the Seller and the Owner Trustee, as amended and restated as of October
26, 2004, as the same may be amended and supplemented from time to time.

          “Trust Collateral Agent” means the Person acting as Trust Collateral Agent
hereunder, its successors in interest and any successor Trust Collateral Agent
hereunder.

          “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the
chairman or vice-chairman of the board of directors, any managing director, the
chairman or vice-chairman of the executive committee of the board of directors,
the president, any vice president, assistant vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the controller
and any assistant controller or any other officer of the Trust Collateral Agent
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject, and (ii) in
the case of the Owner Trustee, any officer in the corporate trust office of the
Owner Trustee or any agent of the Owner Trustee under a power of attorney with
direct responsibility for the administration of this Agreement or any of the
Basic Documents on behalf of the Owner Trustee.

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          “Trust Property” means the property and proceeds conveyed pursuant to
Section 2.1, together with certain monies paid on or after the Cutoff Date, the
Note Policy, the Collection Account (including all Eligible Investments therein
and all proceeds therefrom), the Lockbox Account, the Note Distribution Account
(including all Eligible Investments therein and proceeds therefrom), and
certain other rights under this Agreement. Although the Seller has pledged the
Spread Account to the Trust Collateral Agent and the Insurer pursuant to the
Spread Account Agreement, the Spread Account shall not under any circumstances
be deemed to be a part of or otherwise includable in the Trust or the Trust
Property.

          “Trustee” means the Person acting as Trustee under the Indenture, its
successors in interest and any successor trustee under the Indenture.

          “UCC” means the Uniform Commercial Code as in effect in the relevant
jurisdiction on the date of the Agreement.

          SECTION 1.2. Other Definitional Provisions.

          (a) Capitalized terms used herein and not otherwise defined herein have
meanings assigned to them in the Indenture, or, if not defined therein, in the
Trust Agreement.

          (b) All terms defined in this Agreement shall have the defined meanings
when used in any instrument governed hereby and in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein.

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

          (d) The words “hereof,” “herein,” “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement; Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules
and Exhibits in or to this Agreement unless otherwise specified; and the term
“including” shall mean “including without limitation.”

          (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

          (f) Any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument

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or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; references to
a Person are also to its permitted successors and assigns.

ARTICLE II

Conveyance of Receivables

          SECTION 2.1. Conveyance of Receivables. In consideration of the Issuer’s
delivery to or upon the order of the Seller on the Closing Date of the net
proceeds from the sale of the Notes and the other amounts to be distributed
from time to time to the Seller in accordance with the terms of this Agreement,
the Seller does hereby sell, transfer, assign, set over and otherwise convey to
the Issuer, without recourse (subject to the obligations set forth herein), all
right, title and interest of the Seller in and to:

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

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

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

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

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

          (f) the related Receivable Files;

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

          (h) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents,
(iv) Instruments and (v) General Intangibles (as such terms are defined in the
UCC) relating to the property described in (a) through (g); and

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

          It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables and
Other Conveyed Property from the Seller to the Issuer and the beneficial
interest in and title to the Receivables and the Other

22

 

Conveyed Property shall
not be part of the Seller’s estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. In the event that,
notwithstanding the intent of the Seller, the transfer and assignment
contemplated hereby is held by a court of competent jurisdiction not to be a
sale, this Agreement shall constitute a grant of a security interest by the
Seller to the Issuer in the property referred to in this Section for the
benefit of the Noteholders and the Insurer, whether now owned or existing or
hereafter acquired or arising, and this Agreement shall constitute a security
agreement under applicable law.

          SECTION 2.2. [Reserved].

          SECTION 2.3. Further Encumbrance of Trust Property.

          (a) Immediately upon the conveyance to the Trust by the Seller of any item
of the Trust Property pursuant to Section 2.1, all right, title and interest of
the Seller in and to such item of Trust Property shall terminate, and all such
right, title and interest shall vest in the Trust, in accordance with the Trust
Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined
in the Trust Agreement).

          (b) Immediately upon the vesting of the Trust Property in the Trust, the
Trust shall have the sole right to pledge or otherwise encumber, such Trust
Property. Pursuant to the Indenture, the Trust shall grant a security interest
in the Trust Property to the Trust Collateral Agent securing the repayment of
the Notes. The Certificates shall represent the beneficial ownership interest
in the Trust Property, and the Certificateholders shall be entitled to receive
distributions with respect thereto as set forth herein.

          (c) Following the payment in full of the Notes and the release and
discharge of the Indenture, all covenants of the Issuer under Article III of
the Indenture shall, until payment in full of the Certificates, remain as
covenants of the Issuer for the benefit of the Certificateholders, enforceable
by the Certificateholders to the same extent as such covenants were enforceable
by the Noteholders prior to the discharge of the Indenture. Any rights of the
Trustee under Article III of the Indenture, following the discharge of the
Indenture, shall vest in Certificateholders.

          (d) The Trust Collateral Agent shall, at such time as there are no Notes
or Certificates outstanding and all sums due to (i) the Trustee pursuant to the
Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the
Trust Collateral Agent pursuant to this Agreement, have been paid, release any
remaining portion of the Trust Property to the Seller.

ARTICLE III

The Receivables

          SECTION 3.1. Representations and Warranties of Seller.

The Seller hereby represents and warrants that each of the representations
and warranties set forth on the Schedule of Representations attached hereto as
Schedule B is true and correct on which the Issuer is deemed to have relied in
acquiring the Receivables and upon which the Insurer shall be deemed to rely in
issuing the Note Policy. Such representations and warranties

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speak as of the
execution and delivery of this Agreement and as of the Closing Date, but shall
survive the sale, transfer and assignment of the Receivables to the Issuer and
the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and
shall not be waived.

          SECTION 3.2. Repurchase upon Breach(a) . (a) The Seller, the Servicer,
the Backup Servicer, the Insurer, the Trust Collateral Agent or the Owner
Trustee, as the case may be, shall inform the other parties to this Agreement
promptly, by notice in writing, upon the discovery of any breach of the
Seller’s representations and warranties made pursuant to Section 3.1. As of
the last day of the second (or, if the Seller so elects, the first) month
following the discovery by the Seller or receipt by the Seller of notice of
such breach, unless such breach is cured by such date, the Seller shall have an
obligation to repurchase any Receivable in which the interests of the
Noteholders or the Insurer are materially and adversely affected by any such
breach as of such date. The “second month” shall mean the month following the
month in which discovery occurs or notice is given, and the “first month” shall
mean the month in which discovery occurs or notice is given. In consideration
of and simultaneously with the repurchase of the Receivable, the Seller shall
remit, or cause AmeriCredit to remit, to the Collection Account the Purchase
Amount in the manner specified in Section 5.6 and the Issuer shall execute such
assignments and other documents reasonably requested by such person in order to
effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the
Trust Collateral Agent, the Trustee, the Backup Servicer or the Noteholders
with respect to a breach of representations and warranties pursuant to Section
3.1 and the agreement contained in this Section shall be the repurchase of
Receivables pursuant to this Section, subject to the conditions contained
herein or to enforce the obligation of AmeriCredit to the Seller to repurchase
such Receivables pursuant to the Purchase Agreement. Neither the Owner
Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to
conduct any affirmative investigation as to the occurrence of any conditions
requiring the repurchase of any Receivable pursuant to this Section.

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

          (b) Pursuant to Section 2.1 of this Agreement, the Seller conveyed to the
Trust all of the Seller’s right, title and interest in its rights and benefits,
but none of its obligations or burdens, under the Purchase Agreement including
the Seller’s rights under the Purchase Agreement and the delivery requirements,
representations and warranties and the cure or repurchase obligations of
AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust
that such assignment is valid, enforceable and effective to permit the Trust to
enforce such obligations of AmeriCredit under the Purchase Agreement. Any
purchase by AmeriCredit pursuant to the Purchase Agreement shall be deemed a
purchase by the Seller pursuant to this Section 3.2 and the definition of
Purchased Receivables.

          SECTION 3.3. Custody of Receivables Files.

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          (a) In connection with the sale, transfer and assignment of the
Receivables and the Other Conveyed Property to the Trust pursuant to this
Agreement and simultaneously with the execution and delivery of this Agreement,
the Trust Collateral Agent shall enter into the Custodian Agreement with the
Custodian, dated as of October 26, 2004, pursuant to which the Trust Collateral
Agent shall revocably appoint the Custodian, and the Custodian shall accept
such appointment, to act as the agent of the Trust Collateral Agent as
custodian of the following documents or instruments in its possession which
shall be delivered to the Custodian as agent of the Trust Collateral Agent on
or before the Closing Date (with respect to each Receivable):

          (i) The fully executed original of the Receivable (together with any
agreements modifying the Receivable);

          (ii) The original credit application, or a copy thereof, of each
Obligor, fully executed by each such Obligor on AmeriCredit’s customary
form, or on a form approved by AmeriCredit, for such application; and

          (iii) The Lien Certificate (when received), and otherwise such
documents, if any, that AmeriCredit keeps on file in accordance with its
customary procedures indicating that the Financed Vehicle is owned by the
Obligor and subject to the interest of AmeriCredit as first lienholder or
secured party (including any Lien Certificate received by AmeriCredit),
or, if such Lien Certificate has not yet been received, a copy of the
application therefor, showing AmeriCredit as secured party.

          (b) If the Trust Collateral Agent is acting as the Custodian pursuant to
Section 8 of the Custodian Agreement, the Trust Collateral Agent shall be
deemed to have assumed the obligations of the Custodian specified in the
Custodian Agreement. Upon payment in full of any Receivable, the Servicer will
notify the Custodian pursuant to a certificate of an officer of the Servicer
(which certificate shall include a statement to the effect that all amounts
received in connection with such payments which are required to be deposited in
the Collection Account pursuant to Section 4.1 have been so deposited) and
shall request delivery of the Receivable and Receivable File to the Servicer.
Upon the sale of any Receivable pursuant to Section 4.3(c) hereof, the Servicer
will notify the Custodian pursuant to a certificate of an officer of the
Servicer (which certificate shall include a statement to the effect that all
amounts received in
connection with such sale which are required to be deposited in the
Collection Account pursuant to Section 4.3(c) have been so deposited) and shall
request delivery of the Receivable and Receivable File to the purchaser of such
Receivable. From time to time as appropriate for servicing and enforcing any
Receivable, the Custodian shall, upon written request of an officer of the
Servicer and delivery to the Custodian of a receipt signed by such officer,
cause the original Receivable and the related Receivable File to be released to
the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File
shall obligate the Servicer to return the original Receivable and the related
Receivable File to the Custodian when its need by the Servicer has ceased
unless the Receivable is repurchased as described in Section 3.2 , 4.2 or 4.7.

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ARTICLE IV

Administration and Servicing of Receivables

          SECTION 4.1. Duties of the Servicer and Backup Servicer.

          (a) The Servicer is hereby authorized to act as agent for the Trust and in
such capacity shall manage, service, administer and make collections on the
Receivables, and perform the other actions required by the Servicer under this
Agreement. The Servicer agrees that its servicing of the Receivables shall be
carried out in accordance with customary and usual procedures of institutions
which service motor vehicle retail installment sales contracts and, to the
extent more exacting, the degree of skill and attention that the Servicer
exercises from time to time with respect to all comparable motor vehicle
receivables that it services for itself or others. In performing such duties,
so long as AmeriCredit is the Servicer, it shall substantially comply with the
policies and procedures described on Schedule C, as such policies and
procedures may be updated from time to time. The Servicer’s duties shall
include, without limitation, collection and posting of all payments, responding
to inquiries of Obligors on the Receivables, investigating delinquencies,
sending payment coupons to Obligors, reporting any required tax information to
Obligors, monitoring the collateral, complying with the terms of the Lockbox
Agreement, accounting for collections and furnishing monthly and annual
statements to the Trust Collateral Agent, the Trustee and the Insurer with
respect to distributions, monitoring the status of Insurance Policies with
respect to the Financed Vehicles and performing the other duties specified
herein.

          The Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit, at
the request of the Servicer, shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer
Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain
possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements,
to the extent it is necessary to do so), the Dealer Assignments, the
Third-Party Lender Assignments and the Insurance Policies, to the extent that
such Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer
Assignments, Third-Party Lender Assignments and Insurance Policies relate to
the Receivables, the Financed Vehicles or the Obligors. To the extent
consistent with the standards, policies and procedures otherwise required
hereby, the Servicer shall follow its customary standards, policies, and
procedures and shall have full power and authority, acting alone, to do any and
all things in connection with such
managing, servicing, administration and collection that it may deem
necessary or desirable. Without limiting the generality of the foregoing, the
Servicer is hereby authorized and empowered by the Trust to execute and
deliver, on behalf of the Trust, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Receivables and with respect to the
Financed Vehicles; provided, however, that notwithstanding the foregoing, the
Servicer shall not, except pursuant to an order from a court of competent
jurisdiction, release an Obligor from payment of any unpaid amount under any
Receivable or waive the right to collect the unpaid balance of any Receivable
from the Obligor except in accordance with the Servicer’s customary practices
as reflected in the Servicing Policies and Procedures attached hereto as
Schedule C.

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          The Servicer is hereby authorized to commence, in its own name or in the
name of the Trust, a legal proceeding to enforce a Receivable pursuant to
Section 4.3 or to commence or participate in any other legal proceeding
(including, without limitation, a bankruptcy proceeding) relating to or
involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer
commences or participates in such a legal proceeding in its own name, the Trust
shall thereupon be deemed to have automatically assigned such Receivable to the
Servicer solely for purposes of commencing or participating in any such
proceeding as a party or claimant, and the Servicer is authorized and empowered
by the Trust to execute and deliver in the Servicer’s name any notices,
demands, claims, complaints, responses, affidavits or other documents or
instruments in connection with any such proceeding. The Trust Collateral Agent
and the Owner Trustee shall furnish the Servicer with any limited powers of
attorney and other documents which the Servicer may reasonably request and
which the Servicer deems necessary or appropriate and take any other steps
which the Servicer may deem necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties under this Agreement.

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

          (b) The Backup Servicer shall have the following duties: (i) prior to or
within 45 days after the Closing Date, the Backup Servicer shall have conducted
an on-site inspection of the Servicer’s operations, and shall conduct
additional on-site inspections not less frequently than every 12 months
thereafter. Each on-site inspection shall be at the cost of AmeriCredit. Within
10 days of each such inspection, the Backup Servicer shall deliver a
certificate (in a form to be agreed on in good faith between the Backup
Servicer and the Controlling Party and with a copy to the Servicer) (the
“Backup Servicer’s Certificate”) certifying that the Backup Servicer has
conducted an inspection consistent with this Section 4.1(b). During each such
inspection, the Backup Servicer shall perform certain review procedures as
agreed to between the Controlling Party and the Backup Servicer including,
without limitation, such review procedures as the Backup Servicer may require
in order to be put in a position to assume the servicing responsibilities of
the Servicer if and to the extent required hereunder; and (ii) within 45 days
of the Closing Date, the Backup Servicer shall complete all data mapping, and,
upon receipt of Monthly Tapes pursuant to Section 4.13: (A) electronically
compile the Monthly Tape data in the Backup Servicer’s “off-line” computer, and
(B) update or amend the data-mapping pursuant to any updated or amended fields
in the Monthly Tapes.

          SECTION 4.2. Collection of Receivable Payments; Modifications of
Receivables; Lockbox Agreements.

          (a) Consistent with the standards, policies and procedures required by
this Agreement, the Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as and
when the same shall become due, and shall follow such collection procedures as
it follows with respect to all comparable automobile receivables that it
services for itself or others and otherwise act with respect to the
Receivables, the Dealer Agreements, the Dealer Assignments, the Auto Loan
Purchase and Sale Agreements, the Third-Party Lender Assignments, the Insurance
Policies and the Other Conveyed Property in

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such manner as will, in the
reasonable judgment of the Servicer, maximize the amount to be received by the
Trust with respect thereto, including directing the Issuer to sell the
Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in
its discretion to waive any prepayment charge, late payment charge or any other
similar fees that may be collected in the ordinary course of servicing any
Receivable.

          (b) The Servicer may (A) at any time agree to a modification or amendment
of a Receivable in order to (i) not more than once per year, change the
Obligor’s regular monthly due date to a date that shall in no event be later
than 30 days after the original monthly due date of that Receivable or (ii)
re-amortize the Scheduled Receivables Payments on the Receivable following a
partial prepayment of principal, in accordance with its customary procedures or
(B) may direct the Issuer to sell the Receivables pursuant to Section 4.3
hereof if the Servicer believes in good faith that such extension,
modification, amendment or sale is necessary to avoid a default on such
Receivable, will maximize the amount to be received by the Trust with respect
to such Receivable, and is otherwise in the best interests of the Trust.

          (c) The Servicer may grant payment extensions on, or other modifications
or amendments to, a receivable (in addition to those modifications permitted by
Section 4.2(b) hereof), in accordance with its customary procedures if the
Servicer believes in good faith that such extension, modification, amendment is
necessary to avoid a default on such Receivable, will maximize the amount to be
received by the Trust with respect to such Receivable, and is otherwise in the
best interests of the Trust; provided, however, that:

          (i) The aggregate period of all extensions on a Receivable shall not
exceed eight months;

          (ii) In no event may a Receivable be extended beyond the Collection
Period immediately preceding the latest Final Scheduled Distribution
Date;

          (iii) The average Monthly Extension Rate for any three consecutive
calendar months shall not exceed 4%; and

          (iv) So long as an Insurer Default shall not have occurred and be
continuing, the Servicer shall not amend or modify a Receivable (except
as provided in Section 4.2(b) and this Section 4.2(c)) without the
consent of the Insurer or a Note Majority (if an Insurer Default shall
have occurred and be continuing).

          With respect to clause (iii) of this Section 4.2(c), in the event the
average of the Monthly Extension Rates calculated with respect to three
consecutive calendar months exceeds 4% (which information shall be set forth in
the related Servicer’s Certificate), the Servicer shall, on the third such
Accounting Date, purchase from the Trust the Receivables with respect to which
payment had been extended (starting with the Receivables most recently so
extended) in an aggregate Principal Balance equal to the product of (i) the
difference between such average of Monthly Extension Rates and 4% and (ii) the
Aggregate Principal Balance, and pay the related Purchase Amount on the related
Preliminary Determination Date; provided, however, that in the event the Backup
Servicer shall be acting as Servicer hereunder, the foregoing sentence shall

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apply only in respect of Receivables as to which payments had been extended by
such Backup Servicer.

          (d) The Servicer shall use its best efforts to notify or direct Obligors
to make all payments on the Receivables, whether by check or by direct debit of
the Obligor’s bank account, to be made directly to one or more Lockbox Banks,
acting as agent for the Trust pursuant to a Lockbox Agreement. The Servicer
shall use its best efforts to notify or direct any Lockbox Bank to deposit all
payments on the Receivables in the Lockbox Account no later than the Business
Day after receipt, and to cause all amounts credited to the Lockbox Account on
account of such payments to be transferred to the Collection Account no later
than the second Business Day after receipt of such payments. The Lockbox
Account shall be a demand deposit account held by the Lockbox Bank, or at the
request of the Controlling Party, an Eligible Deposit Account.

          Prior to the Closing Date, the Servicer shall have notified each Obligor
that makes its payments on the Receivables by check to make such payments
thereafter directly to the Lockbox Bank (except in the case of Obligors that
have already been making such payments to the Lockbox Bank), and shall have
provided each such Obligor with remittance invoices in order to enable such
Obligors to make such payments directly to the Lockbox Bank for deposit into
the Lockbox Account, and the Servicer will continue, not less often than every
three months, to so notify those Obligors who have failed to make payments to
the Lockbox Bank. If and to the extent requested by the Controlling Party, the
Servicer shall request each Obligor that makes payment on the Receivables by
direct debit of such Obligor’s bank account, to execute a new authorization for
automatic payment which in the judgment of the Controlling Party is sufficient
to authorize direct debit by the Lockbox Bank on behalf of the Trust. If at
any time, the Lockbox Bank is unable to directly debit an Obligor’s bank
account that makes payment on the Receivables by direct debit and if such
inability is not cured within 15 days or cannot be cured by execution by the
Obligor of a new authorization for automatic payment, the Servicer shall notify
such Obligor that it cannot make payment by direct debit and must thereafter
make payment by check.

          Notwithstanding any Lockbox Agreement, or any of the provisions of this
Agreement relating to the Lockbox Agreement, the Servicer shall remain
obligated and liable to the Trust, the Trust Collateral Agent and Noteholders
for servicing and administering the Receivables and the Other Conveyed Property
in accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue thereof; provided, however, that the
foregoing shall not apply to any Backup Servicer for so long as a Lockbox Bank
is performing its obligations pursuant to the terms of a Lockbox Agreement.

          In the event of a termination of the Servicer, the successor Servicer
shall assume all of the rights and obligations of the outgoing Servicer under
the Lockbox Agreement subject to the terms hereof. In such event, the
successor Servicer shall be deemed to have assumed all of the outgoing
Servicer’s interest therein and to have replaced the outgoing Servicer as a
party to each such Lockbox Agreement to the same extent as if such Lockbox
Agreement had been assigned to the successor Servicer, except that the outgoing
Servicer shall not thereby be relieved of any liability or obligations on the
part of the outgoing Servicer to the Lockbox Bank under such Lockbox Agreement.
The outgoing Servicer shall, upon request of the Trust Collateral

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Agent, but
at the expense of the outgoing Servicer, deliver to the successor Servicer all
documents and records relating to each such Lockbox Agreement and an accounting
of amounts collected and held by the Lockbox Bank and otherwise use its best
efforts to effect the orderly and efficient transfer of any Lockbox Agreement
to the successor Servicer. In the event that the Insurer (so long as an
Insurer Default shall not have occurred and be continuing) or a Note Majority
(if an Insurer Default shall have occurred and be continuing) elects to change
the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall
cause the Lockbox Bank to deliver, at the direction of the Insurer (so long as
an Insurer Default shall not have occurred and be continuing) or a Note
Majority (if an Insurer Default shall have occurred and be continuing) to the
Trust Collateral Agent or a successor Lockbox Bank, all documents and records
relating to the Receivables and all amounts held (or thereafter received) by
the Lockbox Bank (together with an accounting of such amounts) and shall
otherwise use its best efforts to effect the orderly and efficient transfer of
the lockbox arrangements and the Servicer shall notify the Obligors to make
payments to the Lockbox established by the successor.

          (e) The Servicer shall remit all payments by or on behalf of the Obligors
received directly by the Servicer to the Lockbox Bank as soon as practicable,
but in no event later than the second Business Day after receipt thereof, and
such amounts shall be deposited into the Lockbox Account and transferred from
the Lockbox Account to the Collection Account in accordance with Section 4.2(d)
hereof.

          (f) AmeriCredit shall not cause or permit the substitution of the Financed
Vehicle relating to a Receivable unless: (i) the substitution is a replacement
of the Financed Vehicle originally financed under the related Receivable; (ii)
the Financed Vehicle originally financed under the related Receivable was
either (x) insured under an Insurance Policy as required under Section 4.4(a)
at the time of a casualty loss that is treated as a total loss under such
Insurance Policy or (y) deemed to be a “lemon” pursuant to applicable State law
and repurchased by the related Dealer; (iii) the related Receivable is not more
than 30 days delinquent; (iv) the Obligor is deemed to be in “good standing” by
the Servicer and is not in breach of any requirement under the related
Receivable; (v) the replacement Financed Vehicle has a book value (N.A.D.A.) at
least equal to the book value (N.A.D.A.) of the Financed Vehicle that is being
replaced, measured immediately before the casualty loss or replacement by the
Dealer; (vi) as of the date of such substitution, the replacement Financed
Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that
is being replaced and (vii) the substitution complies with the Substitution of
Collateral Criteria. So long as the Note Policy is outstanding, AmeriCredit
shall not cause or permit the substitution of Financed Vehicles relating to
Receivables having an original aggregate Principal Balance greater than two
percent (2%) of the Original Pool Balance, (the “Substitution Limit”). In the
event that the Substitution Limit is exceeded for any reason, AmeriCredit
shall, on or before the next following Accounting Date,
repurchase a sufficient number of such Receivables to cause the aggregate
original Principal Balances of such Receivables to be less than the
Substitution Limit.

          SECTION 4.3. Realization upon Receivables.

          (a) In addition to the Servicer’s ability to direct the Issuer to sell
Receivables pursuant to Section 4.3(c) hereof, and consistent with the
standards, policies and procedures required by this Agreement, the Servicer
shall use its best efforts to repossess (or otherwise

30

 

comparably convert the
ownership of) and liquidate any Financed Vehicle securing a Receivable with
respect to which the Servicer has determined that payments thereunder are not
likely to be resumed, as soon as is practicable after default on such
Receivable but in no event later than the date on which all or any portion of a
Scheduled Receivables Payment has become 91 days delinquent; provided, however,
that the Servicer may elect not to repossess a Financed Vehicle within such
time period if in its good faith judgment it determines that the proceeds
ultimately recoverable with respect to such Receivable would be increased by
forbearance or if it instead elects to direct the Issuer to sell the
Receivables pursuant to Section 4.3(c). The Servicer is authorized to follow
such customary practices and procedures as it shall deem necessary or
advisable, consistent with the standard of care required by Section 4.1, which
practices and procedures may include reasonable efforts to realize upon any
recourse to Dealers and Third-Party Lenders, the sale of the related Financed
Vehicle at public or private sale, the submission of claims under an Insurance
Policy and other actions by the Servicer in order to realize upon such a
Receivable. The foregoing is subject to the provision that, in any case in
which the Financed Vehicle shall have suffered damage, the Servicer shall not
expend funds in connection with any repair or towards the repossession of such
Financed Vehicle unless it shall determine in its discretion that such repair
and/or repossession shall increase the proceeds of liquidation of the related
Receivable by an amount greater than the amount of such expenses. All amounts
received upon liquidation of a Financed Vehicle shall be remitted directly by
the Servicer to the Collection Account without deposit into any intervening
account as soon as practicable, but in no event later than the Business Day
after receipt thereof. The Servicer shall be entitled to recover all
reasonable expenses incurred by it in the course of repossessing and
liquidating a Financed Vehicle into cash proceeds, but only out of the cash
proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or
any amounts received from the related Dealer or Third-Party Lender, which
amounts in reimbursement may be retained by the Servicer (and shall not be
required to be deposited as provided in Section 4.2(e)) to the extent of such
expenses. The Servicer shall pay on behalf of the Trust any personal property
taxes assessed on repossessed Financed Vehicles. The Servicer shall be
entitled to reimbursement of any such tax from Net Liquidation Proceeds with
respect to such Receivable.

          (b) If the Servicer, or if AmeriCredit is no longer the Servicer,
AmeriCredit at the request of the Servicer, elects to commence a legal
proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale
Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of
commencement shall be deemed to be an automatic assignment from the Trust to
the Servicer, or to AmeriCredit at the request of the Servicer, of the rights
under such Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer
Assignment or Third-Party Lender Assignment for purposes of collection only.
If, however, in any enforcement suit or legal
proceeding it is held that the Servicer or AmeriCredit, as appropriate,
may not enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment on the grounds that it is
not a real party in interest or a Person entitled to enforce the Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, the Owner Trustee and/or the Trust Collateral
Agent, at AmeriCredit’s expense, or the Seller, at the Seller’s expense, shall
take such steps as the Servicer deems reasonably necessary to enforce the
Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, including bringing suit in its name or the name
of the Seller or of the Trust and the Owner Trustee and/or the Trust Collateral

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Agent for the benefit of the Noteholders. All amounts recovered shall be
remitted directly by the Servicer as provided in Section 4.2(e).

          (c) Consistent with the standards, policies and procedures required by
this Agreement, the Servicer may use its best efforts to locate a third party
purchaser that is not affiliated with the Servicer, the Seller or the Issuer to
purchase from the Issuer any Receivable that has become more than 60 days
delinquent, and shall have the right to direct the Issuer to sell any such
Receivable to the third-party purchaser; provided, that no more than 20% of the
number of Receivables in the pool as of the Cutoff Date may be sold by the
Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that
the Servicer may elect to not direct the Issuer to sell a Receivable that has
become more than 60 days delinquent if in its good faith judgment the Servicer
determines that the proceeds ultimately recoverable with respect to such
Receivable would be increased by forbearance. In selecting Receivables to be
sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer
shall use commercially reasonable efforts to locate purchasers for the most
delinquent Receivables first. In any event, the Servicer shall not use any
procedure in selecting Receivables to be sold to third party purchasers which
is materially adverse to the interest of the Noteholders or the Insurer. The
Issuer shall sell each Sold Receivable for the greatest market price possible;
provided, however, that aggregate Sale Amounts received by the Issuer for all
Receivables sold to a single third-party purchaser on a single date must be at
least equal to the sum of the Minimum Sale Prices for all such Receivables.
The Servicer shall remit or cause the third-party purchaser to remit all sale
proceeds from the sale of Receivables directly to the Collection Account
without deposit into any intervening account as soon as practicable, but in no
event later than the Business Day after receipt thereof.

          SECTION 4.4. Insurance.

          (a) The Servicer shall require, in accordance with its customary servicing
policies and procedures, that each Financed Vehicle be insured by the related
Obligor under the Insurance Policies referred to in Paragraph 24 of the
Schedule of Representations and Warranties and shall monitor the status of such
physical loss and damage insurance coverage thereafter, in accordance with its
customary servicing procedures. Each Receivable requires the Obligor to
maintain such physical loss and damage insurance, naming AmeriCredit and its
successors and assigns as additional insureds, and permits the holder of such
Receivable to obtain physical loss and damage insurance at the expense of the
Obligor if the Obligor fails to maintain such insurance. If the Servicer shall
determine that an Obligor has failed to obtain or maintain a
physical loss and damage Insurance Policy covering the related Financed
Vehicle which satisfies the conditions set forth in clause (i)(a) of such
Paragraph 24 (including, without limitation, during the repossession of such
Financed Vehicle) the Servicer may enforce the rights of the holder of the
Receivable under the Receivable to require the Obligor to obtain such physical
loss and damage insurance in accordance with its customary servicing policies
and procedures. The Servicer may maintain a vendor’s single interest or other
collateral protection insurance policy with respect to all Financed Vehicles
(“Collateral Insurance”) which policy shall by its terms insure against
physical loss and damage in the event any Obligor fails to maintain physical
loss and damage insurance with respect to the related Financed Vehicle. All
policies of Collateral Insurance shall be endorsed with clauses providing for
loss payable to the Servicer. Costs incurred by the Servicer in maintaining
such Collateral Insurance shall be paid by the Servicer.

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          (b) The Servicer may, if an Obligor fails to obtain or maintain a physical
loss and damage Insurance Policy, obtain insurance with respect to the related
Financed Vehicle and advance on behalf of such Obligor, as required under the
terms of the insurance policy, the premiums for such insurance (such insurance
being referred to herein as “Force-Placed Insurance”). All policies of
Force-Placed Insurance shall be endorsed with clauses providing for loss
payable to the Servicer. Any cost incurred by the Servicer in maintaining such
Force-Placed Insurance shall only be recoverable out of premiums paid by the
Obligors or Net Liquidation Proceeds with respect to the Receivable, as
provided in Section 4.4(c).

          (c) In connection with any Force-Placed Insurance obtained hereunder, the
Servicer may, in the manner and to the extent permitted by applicable law,
require the Obligors to repay the entire premium to the Servicer. In no event
shall the Servicer include the amount of the premium in the Amount Financed
under the Receivable. For all purposes of this Agreement, the Insurance Add-On
Amount with respect to any Receivable having Force-Placed Insurance will be
treated as a separate obligation of the Obligor and will not be added to the
Principal Balance of such Receivable, and amounts allocable thereto will not be
available for distribution on the Notes and the Certificates. The Servicer
shall retain and separately administer the right to receive payments from
Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed
Insurance premiums. If an Obligor makes a payment with respect to a Receivable
having Force-Placed Insurance, but the Servicer is unable to determine whether
the payment is allocable to the Receivable or to the Insurance Add-On Amount,
the payment shall be applied first to any unpaid Scheduled Receivables Payments
and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any
Receivable will be used first to pay the Principal Balance and accrued interest
on such Receivable and then to pay the related Insurance Add-On Amount. If an
Obligor under a Receivable with respect to which the Servicer has placed
Force-Placed Insurance fails to make scheduled payments of such Insurance
Add-On Amount as due, and the Servicer has determined that eventual payment of
the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be
required to, purchase such Receivable from the Trust for the Purchase Amount on
any subsequent Determination Date. Any such Receivable, and any Receivable
with respect to which the Servicer has placed Force-Placed Insurance which has
been paid in full (excluding any Insurance Add-On Amounts) will be assigned to
the Servicer.

          (d) The Servicer may sue to enforce or collect upon the Insurance
Policies, in its own name, if possible, or as agent of the Trust. If the
Servicer elects to commence a legal proceeding to enforce an Insurance Policy,
the act of commencement shall be deemed to be an
automatic assignment of the rights of the Trust under such Insurance
Policy to the Servicer for purposes of collection only. If, however, in any
enforcement suit or legal proceeding it is held that the Servicer may not
enforce an Insurance Policy on the grounds that it is not a real party in
interest or a holder entitled to enforce the Insurance Policy, the Owner
Trustee and/or the Trust Collateral Agent, at the Servicer’s expense, or the
Seller, at the Seller’s expense, shall take such steps as the Servicer deems
necessary to enforce such Insurance Policy, including bringing suit in its name
or the name of the Trust and the Owner Trustee and/or the Trust Collateral
Agent for the benefit of the Noteholders.

          (e) The Servicer will cause itself and may cause the Trust Collateral
Agent to be named as named insured under all policies of Collateral Insurance.

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          SECTION 4.5. Maintenance of Security Interests in Vehicles.

          (a) Consistent with the policies and procedures required by this
Agreement, the Servicer shall take such steps on behalf of the Trust as are
necessary to maintain perfection of the security interest created by each
Receivable in the related Financed Vehicle, including, but not limited to,
obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements,
financing statements and continuation statements as are necessary to maintain
the security interest granted by the Obligors under the respective Receivables.
The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer
agrees, to take any and all steps necessary to re-perfect such security
interest on behalf of the Trust as necessary because of the relocation of a
Financed Vehicle or for any other reason. In the event that the assignment of
a Receivable to the Trust is insufficient, without a notation on the related
Financed Vehicle’s certificate of title, or without fulfilling any additional
administrative requirements under the laws of the state in which the Financed
Vehicle is located, to perfect a security interest in the related Financed
Vehicle in favor of the Trust, the Servicer hereby agrees that AmeriCredit’s
designation as the secured party on the Lien Certificate is in its capacity as
Servicer as agent of the Trust.

          (b) Upon the occurrence of an Insurance Agreement Event of Default, the
Insurer may (so long as an Insurer Default shall not have occurred and be
continuing) instruct the Trust Collateral Agent and the Servicer to take or
cause to be taken, or, if an Insurer Default shall have occurred, upon the
occurrence of a Servicer Termination Event, the Trust Collateral Agent and the
Servicer shall take or cause to be taken such action as may, in the opinion of
counsel to the Controlling Party, be necessary to perfect or re-perfect the
security interests in the Financed Vehicles securing the Receivables in the
name of the Trust by amending the title documents of such Financed Vehicles or
by such other reasonable means as may, in the opinion of counsel to the
Controlling Party, be necessary or prudent.

          AmeriCredit hereby agrees to pay all expenses related to such perfection
or reperfection and to take all action necessary therefor. In addition, prior
to the occurrence of an Insurance Agreement Event of Default, the Controlling
Party may instruct the Trust Collateral Agent and the Servicer to take or cause
to be taken such action as may, in the opinion of counsel
to the Controlling Party, be necessary to perfect or re-perfect the
security interest in the Financed Vehicles underlying the Receivables in the
name of the Trust, including by amending the title documents of such Financed
Vehicles or by such other reasonable means as may, in the opinion of counsel to
the Controlling Party, be necessary or prudent; provided, however, that if the
Controlling Party requests that the title documents be amended prior to the
occurrence of an Insurance Agreement Event of Default, the out-of-pocket
expenses of the Servicer or the Trust Collateral Agent in connection with such
action shall be reimbursed to the Servicer or the Trust Collateral Agent, as
applicable, by the Controlling Party. AmeriCredit hereby appoints the Trust
Collateral Agent as its attorney-in-fact to take any and all steps required to
be performed by AmeriCredit pursuant to this Section 4.5(b) (it being
understood that and agreed that the Trust Collateral Agent shall have no
obligation to take such steps with respect to all perfection or reperfection,
except as pursuant to the Basic Documents to which it is a party and to which
AmeriCredit has paid all expenses), including execution of Lien Certificates or
any other

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documents in the name and stead of AmeriCredit and the Trust
Collateral Agent hereby accepts such appointment.

          SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its
execution and delivery of this Agreement, the Servicer makes the following
representations, warranties and covenants on which the Trust Collateral Agent
relies in accepting the Receivables, on which the Trustee relies in
authenticating the Notes and on which the Insurer relies in issuing the Note
Policy.

       (a) The Servicer covenants as follows:

          (i) Liens in Force. The Financed Vehicle securing each Receivable
shall not be released in whole or in part from the security interest
granted by the Receivable, except upon payment in full of the Receivable
or as otherwise contemplated herein;

          (ii) No Impairment. The Servicer shall do nothing to impair the
rights of the Trust or the Noteholders in the Receivables, the Dealer
Agreements, the Auto Loan Purchase and Sale Agreements, the Dealer
Assignments, the Third-Party Lender Assignments, the Insurance Policies
or the Other Conveyed Property except as otherwise expressly provided
herein;

          (iii) No Amendments. The Servicer shall not extend or otherwise
amend the terms of any Receivable, except in accordance with Section 4.2;
and

          (iv) Restrictions on Liens. The Servicer shall not (i) create,
incur or suffer to exist, or agree to create, incur or suffer to exist,
or consent to cause or permit in the future (upon the happening of a
contingency or otherwise) the creation, incurrence or existence of any
Lien or restriction on transferability of the Receivables except for the
Lien in favor of the Trust Collateral Agent for the benefit of the
Noteholders and Insurer, the Lien imposed by the Spread Account Agreement
in favor of the Collateral Agent for the benefit of the Trust Collateral
Agent and Insurer, and the restrictions on transferability imposed by
this Agreement or (ii) sign or file under the Uniform
Commercial Code of any jurisdiction any financing statement which
names AmeriCredit or the Servicer as a debtor, or sign any security
agreement authorizing any secured party thereunder to file such financing
statement, with respect to the Receivables, except in each case any such
instrument solely securing the rights and preserving the Lien of the
Trust Collateral Agent, for the benefit of the Noteholders and the
Insurer.

          (b) The Servicer represents, warrants and covenants as of the Closing Date
as to itself that the representations and warranties set forth on the Schedule
of Representations attached hereto as Schedule B are true and correct, provided
that such representations and warranties contained therein and herein shall not
apply to any entity other than AmeriCredit.

          SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon discovery
by any of the Servicer, the Insurer, a Responsible Officer of the Trust
Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup
Servicer or a Responsible Officer of the Trustee of a breach of any of the
covenants set forth in Sections 1, 2 or 3 of the

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Custodian Agreement or in
Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give
prompt written notice to the others; provided, however, that the failure to
give any such notice shall not affect any obligation of AmeriCredit as Servicer
under this Section. As of the second Accounting Date following its discovery
or receipt of notice of any breach of any covenant set forth in Sections 4.5(a)
or 4.6 which materially and adversely affects the interests of the Noteholders
or the Insurer in any Receivable (including any Liquidated Receivable) (or, at
AmeriCredit’s election, the first Accounting Date so following) or the related
Financed Vehicle, AmeriCredit shall, unless such breach shall have been cured
in all material respects, purchase from the Trust the Receivable affected by
such breach and, on the related Determination Date, AmeriCredit shall pay the
related Purchase Amount. It is understood and agreed that the obligation of
AmeriCredit to purchase any Receivable (including any Liquidated Receivable)
with respect to which such a breach has occurred and is continuing shall, if
such obligation is fulfilled, constitute the sole remedy against AmeriCredit
for such breach available to the Insurer, the Noteholders, the Owner Trustee,
the Backup Servicer or the Trust Collateral Agent; provided, however, that
AmeriCredit shall indemnify the Trust, the Backup Servicer, the Collateral
Agent, the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee
and the Noteholders from and against all costs, expenses, losses, damages,
claims and liabilities, including reasonable fees and expenses of counsel,
which may be asserted against or incurred by any of them as a result of third
party claims arising out of the events or facts giving rise to such breach.
Notwithstanding anything to the contrary contained herein, AmeriCredit will not
be required to repurchase Receivables due solely to the Servicer’s not having
received Lien Certificates that have been properly applied for from the
Registrar of Titles in the applicable states for such Receivables unless (i)
such Lien Certificates shall not have been received with respect to Receivables
with Principal Balances which total more than 1.0% of the Aggregate Principal
Balance as of the 180th day after the Closing Date, in which case AmeriCredit
shall be required to repurchase a sufficient number of such Receivables to
cause the aggregate Principal Balances of the remaining Receivables for which
no such Lien Certificate shall have been received to be no greater than 1.0% of
the Aggregate Principal Balance as of such date or (ii) such Lien Certificates
shall not have been received as of the 240th day after the Closing Date. This
section shall survive the termination of this Agreement and the earlier removal
or resignation of the Trustee and/or the Trust Collateral Agent and/or the
Backup Servicer.

          SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On
each Distribution Date, the Servicer shall be entitled to receive out of the
Collection Account the Base Servicing Fee and any Supplemental Servicing Fee
for the related Collection Period (together, the “Servicing Fee”) pursuant to
Section 5.7. The Servicer shall be required to pay all expenses incurred by it
in connection with its activities under this Agreement (including taxes imposed
on the Servicer, expenses incurred in connection with distributions and reports
made by the Servicer to Noteholders or the Insurer and all other fees and
expenses of the Owner Trustee, the Backup Servicer, the Collateral Agent, the
Trust Collateral Agent or the Trustee, except taxes levied or assessed against
the Trust, and claims against the Trust in respect of indemnification, which
taxes and claims in respect of indemnification against the Trust are expressly
stated to be for the account of AmeriCredit). The Servicer shall be liable for
the fees and expenses of the Owner Trustee, the Backup Servicer, the Trust
Collateral Agent, the Trustee, the Custodian, the Collateral Agent, the Lockbox
Bank (and any fees under the Lockbox Agreement) and the Independent
Accountants. Notwithstanding the foregoing, if the Servicer shall not be
AmeriCredit, a successor to AmeriCredit as Servicer including the Backup
Servicer permitted by

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Section 9.3 shall not be liable for taxes levied or
assessed against the Trust or claims against the Trust in respect of
indemnification, or the fees and expenses referred to above.

          SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s Certificate.

          (a) No later than 10:00 a.m. Eastern time on each Preliminary
Determination Date, the Servicer shall deliver (facsimile delivery being
acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, the Insurer, and each Rating Agency a
Preliminary Servicer’s Certificate executed by a Responsible Officer of the
Servicer containing among other things, all information necessary to enable the
Trust Collateral Agent to give any notice required by Section 5.5(a)(1) or
Section 5.5(b) and to make the distributions required by Section 5.7(a).

          (b) No later than 10:00 a.m. Eastern time on each Determination Date, the
Servicer shall deliver (facsimile delivery being acceptable) to the Trustee,
the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup
Servicer, the Insurer and each Rating Agency a Servicer’s Certificate executed
by a Responsible Officer of the Servicer containing among other things, (i) all
information necessary to enable the Trust Collateral Agent to make any
withdrawal and deposit required by Section 5.5 and to make the distributions
required by Section 5.7(a), (ii) a listing of all Purchased Receivables and
Sold Receivables purchased by the Servicer or sold by the Issuer as of the
related Accounting Date, identifying the Receivables so purchased by the
Servicer or sold by the Issuer, (iii) all information necessary to enable the
Backup Servicer to verify the items specified in Section 4.13(iv), (iv) all
information necessary to enable the Trust Collateral Agent to send the
statements to Noteholders and the Insurer required by Section 5.10, and (v) all
information necessary to enable the Trust Collateral Agent to reconcile the
aggregate cash flows, the Collection Account for the related Collection Period
and Distribution Date, including the accounting required by Section 5.10.
Receivables purchased by the Servicer or by the Seller on the related
Accounting Date and each Receivable which became a Liquidated Receivable or
which was paid in full during the related Collection
Period shall be identified by account number (as set forth in the Schedule
of Receivables). In addition to the information set forth in the preceding
sentence, the Servicer’s Certificate shall also contain the following
information: (a) the Delinquency Ratio, Monthly Extension Rate, Cumulative
Default Ratio and Cumulative Net Loss Ratio (as such terms are defined herein
or in the Spread Account Agreement) for the related Collection Period; (b)
whether any Trigger Event has occurred as of such Determination Date; (c)
whether any Trigger Event that may have occurred as of a prior Determination
Date is deemed cured as of such Determination Date; and (d) whether to the
knowledge of the Servicer an Insurance Agreement Event of Default has occurred.

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

          (a) The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating
Agency, on or before October 31 (or 120 days after the end of the Servicer’s
fiscal year, if other than June 30) of each year, beginning on October 31,
2005, an officer’s certificate signed by any Responsible Officer of the
Servicer, dated as of June 30 (or other applicable date) of such year, stating
that (i) a review of

37

 

the activities of the Servicer during the preceding
12-month period (or such other period as shall have elapsed from the Closing
Date to the date of the first such certificate (which period shall not be less
than six months)) and of its performance under this Agreement has been made
under such officer’s supervision, and (ii) to such officer’s knowledge, based
on such review, the Servicer has fulfilled all its obligations under this
Agreement throughout such period, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof.

          (b) The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent
and each Rating Agency, promptly after having obtained knowledge thereof, but
in no event later than two (2) Business Days thereafter, written notice in an
officer’s certificate of any event which with the giving of notice or lapse of
time, or both, would become a Servicer Termination Event under Section 9.1(a).
The Seller or the Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent,
the Servicer or the Seller (as applicable) and each Rating Agency promptly
after having obtained knowledge thereof, but in no event later than two (2)
Business Days thereafter, written notice in an officer’s certificate of any
event which with the giving of notice or lapse of time, or both, would become a
Servicer Termination Event under any other clause of Section 9.1.

          SECTION 4.11. Annual Independent Accountants’ Report. The Servicer shall cause
a firm of nationally recognized independent certified public accountants (the
“Independent Accountants”), who may also render other services to the Servicer
or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency, on
or before October 31 (or 120 days after the end of the Servicer’s fiscal year,
if other than June 30) of each year, beginning on October 31,
2005, with respect to the twelve months ended the immediately preceding June 30
(or other applicable date) (or such other period as shall have elapsed from the
Closing Date to the date of such certificate (which period shall not be less
than six months)), a statement (the “Accountants’ Report”) addressed to the
Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer and to the Insurer, to the effect
that such firm has audited the books and records of AmeriCredit Corp., in which
the Servicer is included as a consolidated subsidiary, and issued its report
thereon in connection with the audit report on the consolidated financial
statements of AmeriCredit Corp. and that (1) such audit was made in accordance
with generally accepted auditing standards, and accordingly included such tests
of the accounting records and such other auditing procedures as such firm
considered necessary in the circumstances,(2) the firm is independent of the
Seller and the Servicer within the meaning of the Code of Professional Ethics
of the American Institute of Certified Public Accountants and (3) includes a
report on the application of agreed upon procedures to three randomly selected
Servicer’s Certificates including the delinquency, default and loss statistics
required to be specified therein noting whether any exceptions or errors in the
Servicer’s Certificates were found; provided that the portion of the
Accountants’ Report described in clause (3) shall be delivered to the Insurer.

          In the event such independent public accountants require the Trust
Collateral Agent, Trustee, or Backup Servicer to agree to the procedures to be
performed by such firm in any of the reports required to be prepared pursuant
to this Section 4.11, the Servicer shall direct the Trust Collateral Agent,
Trustee and Backup Servicer in writing to so agree; it being

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understood and
agreed that the Trust Collateral Agent, Trustee and Backup Servicer will
deliver such letter of agreement in conclusive reliance upon the direction of
the Servicer, and the Trust Collateral Agent, Trustee and Backup Servicer have
not made any independent inquiry or investigation as to, and shall have no
obligation or liability in respect of, the sufficiency, validity or correctness
of such procedures.

          SECTION 4.12. Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to representatives of the Trustee, the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer
reasonable access to the documentation regarding the Receivables. In each
case, such access shall be afforded without charge but only upon reasonable
request and during normal business hours. Nothing in this Section shall affect
the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access as provided in this Section as a result of such
obligation shall not constitute a breach of this Section.

          SECTION 4.13. Monthly Tape. On or before the Distribution Date, but in no
event later than the seventh calendar day, of each month, the Servicer will
deliver to the Insurer and the Backup Servicer a computer tape and a diskette
(or any other electronic transmission acceptable to the Insurer and the Backup
Servicer) in a format acceptable to the Insurer and the Backup Servicer
containing the information with respect to the Receivables as of the preceding
Accounting Date necessary for preparation of the
Servicer’s Certificate relating to the immediately preceding Determination Date
and necessary to review the application of collections as provided in Section
5.4 (the “Monthly Tape”). The Backup Servicer shall use such tape or diskette
(or other electronic transmission acceptable to the Backup Servicer) to (i)
confirm that the Servicer’s Certificate is complete on its face, (ii) confirm
that such tape, diskette or other electronic transmission is in readable form,
(iii) verify the mathematical accuracy of all calculations contained within the
Servicer’s Certificate with respect to the information set forth in Section
4.9(b)(iii) and (iv) calculate and confirm (A) the aggregate amount
distributable as principal on the related Distribution Date to each Class of
Notes, (B) the aggregate amount distributable as interest on the related
Distribution Date to each Class of Notes, (C) any amounts distributable on the
related Distribution Date which are to be paid (x) on such Distribution Date
with funds withdrawn from the Spread Account, or (y) on the related Insured
Distribution Date with funds drawn under the Note Policy (unless such amounts
are paid on such Insured Distribution Date by the application of Additional
Funds Available), (D) the outstanding principal amount of each Class of Notes
after giving effect to all distributions made pursuant to clause (A), above,
(E) the Note Pool Factor for each Class of Notes after giving effect to all
distributions made pursuant to clause (A), above, (F) the aggregate
Noteholders’ Principal Carryover Amount and the aggregate Noteholders’ Interest
Carryover Amount on such Distribution Date after giving effect to all
distributions made pursuant to clauses (A) and (B), above, respectively, (G)
Monthly Extension Rate, (H) Delinquency Ratio, (I) Cumulative Default Ratio,
and (J) Cumulative Net Loss Ratio. The Backup Servicer shall certify to the
Controlling Party, the Trust Collateral Agent and the Trustee that it has
verified the Servicer’s Certificate in accordance with this Section and shall
notify the Servicer, the Trust Collateral Agent and the Controlling Party of
any discrepancies, in each case, on or before the fifth Business Day following
the Distribution Date. In the event that the Backup Servicer reports any
discrepancies,

39

 

the Servicer and the Backup Servicer shall attempt to reconcile
such discrepancies prior to the next succeeding Distribution Date, but in the
absence of a reconciliation, the Servicer’s Certificate shall control for the
purpose of calculations and distributions with respect to the next succeeding
Distribution Date. In the event that the Backup Servicer and the Servicer are
unable to reconcile discrepancies with respect to a Servicer’s Certificate by
the next succeeding Distribution Date, the Servicer shall cause the Independent
Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate
and, prior to the last day of the month after the month in which such
Servicer’s Certificate was delivered, reconcile the discrepancies. The effect,
if any, of such reconciliation shall be reflected in the Preliminary Servicer’s
Certificate for the next succeeding Distribution Date, and/or the Servicer’s
Certificate for such next succeeding Determination Date. In addition, upon the
occurrence of a Servicer Termination Event the Servicer shall, if so requested
by the Controlling Party, deliver to the Backup Servicer or any successor
Servicer its Collection Records and its Monthly Records within 15 days after
demand therefor and a computer tape containing as of the close of business on
the date of demand all of the data maintained by the Servicer in computer
format in connection with servicing the Receivables. Other than the duties
specifically set forth in this Agreement, the Backup Servicer shall have no
obligations hereunder, including, without limitation, to supervise, verify,
monitor or administer the performance of the Servicer. The Backup Servicer
shall have no liability for any actions taken or omitted by the Servicer.

          SECTION 4.14. Retention and Termination of Servicer. The Servicer hereby covenants and agrees to act as such under this Agreement
for an initial term, commencing on the Closing Date and ending on December 31,
2004, which term shall be subject to extension by the Controlling Party for
successive quarterly terms ending on each successive June 30, September 30,
December 31 and March 31 (or, pursuant to revocable written standing
instructions from time to time to the Servicer and the Trust Collateral Agent
for any specified number of terms greater than one), until the Notes and the
Securities are paid in full. Each such notice (including each notice pursuant
to standing instructions, which shall be deemed delivered at the end of
successive quarterly terms for so long as such instructions are in effect) (a
“Servicer Extension Notice”) shall be delivered by the Insurer to the Trust
Collateral Agent and the Servicer. The Servicer hereby agrees that, as of the
date hereof and upon its receipt of any such Servicer Extension Notice, the
Servicer shall become bound, for the initial term beginning on the Closing Date
and for the duration of the term covered by such Servicer Extension Notice, to
continue as the Servicer subject to and in accordance with the other provisions
of this Agreement. Until such time as an Insurer Default shall have occurred
and be continuing the Servicer agrees that if as of the fifteenth day prior to
the last day of any term of the Servicer the Servicer shall not have received
any Servicer Extension Notice from the Insurer, the Servicer will, within five
days thereafter, give written notice of such non-receipt to the Trust
Collateral Agent and the Backup Servicer.

          SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has
obtained, and shall continue to maintain in full force and effect, a Fidelity
Bond and Errors and Omissions Policy of a type and in such amount as is
customary for servicers engaged in the business of servicing automobile
receivables.

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ARTICLE V

Trust Accounts; Distributions;

Statements to Noteholders

          SECTION 5.1. Establishment of Trust Accounts.

       (a)     (i) The Trust Collateral Agent, on behalf of the Noteholders and the
Insurer, shall establish and maintain in its own name an Eligible Deposit
Account (the “Collection Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Trust
Collateral Agent on behalf of the Noteholders and the Insurer. The Collection
Account shall initially be established with the Trust Collateral Agent.

               (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall
establish and maintain in its own name an Eligible Deposit Account (the “Note
Distribution Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Trust Collateral Agent on
behalf of the Noteholders and the Insurer. The Note Distribution Account shall
initially be established with the Trust Collateral Agent.

          (b) Funds on deposit in the Collection Account and the Note Distribution
Account (collectively, the “Trust Accounts”) and the Lockbox Accounts shall be
invested by the Trust Collateral Agent or the Lockbox Bank (or any custodian
with respect to funds on deposit in
any such account) in Eligible Investments selected in writing by the
Servicer (pursuant to standing instructions or otherwise). All such Eligible
Investments shall be held by or on behalf of the Trust Collateral Agent for the
benefit of the Noteholders and the Insurer, as applicable. Other than as
permitted by the Rating Agencies and the Insurer, funds on deposit in any
Account shall be invested in Eligible Investments that will mature so that such
funds will be available at the close of business on the Business Day
immediately preceding the following Distribution Date or, if earlier, on the
following Insured Distribution Date. Funds deposited in a Trust Account on the
day immediately preceding a Distribution Date or an Insured Distribution Date
upon the maturity of any Eligible Investments are required to be invested
overnight. All Eligible Investments will be held to maturity. Each
institution at which the relevant Trust Account or the Lockbox Account is
maintained shall invest the funds therein as directed in writing by the
Servicer in Permitted Investments which shall mature no later than one Business
Day prior to the Distribution Date (except that if such Permitted Investments
are obligations of the institution that maintains such Trust Account or Lockbox
Account or a fund for which such institution or an Affiliate thereof serves as
an investment advisor, administrator, shareholder servicing agent, custodian
and/or sub-custodian, then such Permitted Investment shall be permitted to
mature on the Distribution Date).

          (c) All investment earnings of moneys deposited in each Trust Account
shall be deposited (or caused to be deposited) on each Distribution Date by the
Trust Collateral Agent in such Trust Account, and any loss resulting from such
investments shall be charged to such Trust Account. The Servicer will not
direct the Trust Collateral Agent to make any investment of any funds held in
any of the Trust Accounts unless the security interest granted and perfected in
such account will continue to be perfected in such investment, in either case
without any further action by any Person, and, in connection with any direction
to the Trust Collateral Agent to make any such investment, if requested by the
Trust Collateral Agent, the Servicer shall

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deliver to the Trust Collateral
Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such
effect.

          (d) The Trust Collateral Agent shall not in any way be held liable by
reason of any insufficiency in any of the Trust Accounts resulting from any
loss on any Eligible Investment included therein except for losses attributable
to the Trust Collateral Agent’s negligence or bad faith or its failure to make
payments on such Eligible Investments issued by the Trust Collateral Agent, in
its commercial capacity as principal obligor and not as trustee, in accordance
with their terms.

          (e) If (i) the Servicer shall have failed to give investment directions in
writing for any funds on deposit in the Trust Accounts to the Trust Collateral
Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the
Issuer and Trust Collateral Agent) on any Business Day; or (ii) a Default or
Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable, or, if such
Notes shall have been declared due and payable following an Event of Default,
amounts collected or receivable from the Trust Property are being applied as if
there had not been such a declaration; then the Trust Collateral Agent shall,
to the fullest extent practicable, invest and reinvest funds in the Trust
Accounts in the investment described in clause (d) of the definition of
Eligible Investments.

          (f)     (i) The Trust Collateral Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof for the benefit of the Noteholders and all such funds,
investments, proceeds and income shall be part of the Owner Trust Estate.
Except as otherwise provided herein, the Trust Accounts shall be under the sole
dominion and control of the Trust Collateral Agent for the benefit of the
Noteholders and the Insurer. If, at any time, any of the Trust Accounts ceases
to be an Eligible Deposit Account, the Trust Collateral Agent (or the Servicer
on its behalf) shall within five Business Days (or such longer period as to
which each Rating Agency and the Insurer may consent) establish a new Trust
Account as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Trust Account. In connection with the foregoing, the
Servicer agrees that, in the event that any of the Trust Accounts are not
accounts with the Trust Collateral Agent, the Servicer shall notify the Trust
Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to
be an Eligible Deposit Account.

               (ii) With respect to the Trust Account Property, the Trust Collateral
Agent agrees that:

     (A) any Trust Account Property that is held in deposit
accounts shall be held solely in the Eligible Deposit
Accounts; and, except as otherwise provided herein, each such
Eligible Deposit Account shall be subject to the exclusive
custody and control of the Trust Collateral Agent, and the
Trust Collateral Agent shall have sole signature authority
with respect thereto;

     (B) any Trust Account Property that constitutes Physical
Property shall be delivered to the Trust Collateral Agent in
accordance

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with paragraph (a) of the definition of “Delivery”
and shall be held, pending maturity or disposition, solely by
the Trust Collateral Agent or a securities intermediary (as
such term is defined in Section 8-102(14) of the UCC) acting
solely for the Trust Collateral Agent:

     (C) the “securities intermediary’s jurisdiction” for
purposes of Section 8-110 of the UCC shall be the State of
New York;

     (D) any Trust Account Property that is a book-entry
security held through the Federal Reserve System pursuant to
Federal book-entry regulations shall be delivered in
accordance with paragraph (b) of the definition of “Delivery”
and shall be maintained by the Trust Collateral Agent,
pending maturity or disposition, through continued book-entry
registration of such Trust Account Property as described in
such paragraph; and

     (E) any Trust Account Property that is an
“uncertificated security” or a “security entitlement” under
Article 8 of the UCC and that is not governed by clause (D)
above shall be delivered to the Trust Collateral Agent in
accordance with paragraph (c) or (d), if applicable, of the
definition of “Delivery” and shall be maintained by the
Trust Collateral Agent, pending maturity or disposition,
through continued registration of the Trust Collateral
Agent’s (or its nominee’s) ownership of such security.

          (g) The Servicer shall have the power, revocable by the Insurer or, with
the consent of the Insurer by the Trustee or by the Owner Trustee with the
consent of the Trustee, to instruct the Trust Collateral Agent to make
withdrawals and payments from the Trust Accounts for the purpose of permitting
the Servicer and the Trust Collateral Agent to carry out its respective duties
hereunder.

          SECTION 5.2. [Reserved]

          SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be
entitled to be reimbursed from amounts on deposit in the Collection Account
with respect to a Collection Period for amounts previously deposited in the
Collection Account but later determined by the Servicer to have resulted from
mistaken deposits or postings or checks returned for insufficient funds. The
amount to be reimbursed hereunder shall be paid to the Servicer on the related
Distribution Date pursuant to Section 5.7(a)(i) upon certification by the
Servicer of such amounts and the provision of such information to the Trust
Collateral Agent and the Insurer as may be necessary in the opinion of the
Insurer to verify the accuracy of such certification; provided, however, that
the Servicer must provide such clarification within 12 months of such mistaken
deposit, posting, or returned check. In the event that the Insurer has not
received evidence satisfactory to it of the Servicer’s entitlement to
reimbursement pursuant to this Section, the Insurer shall (unless an Insurer
Default shall have occurred and be continuing) give the Trust Collateral Agent
notice in writing to such effect, following receipt of which the Trust
Collateral Agent shall not make a distribution to the Servicer in respect of
such amount

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pursuant to Section 5.7, or if the Servicer prior thereto has been
reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold
such amounts from amounts otherwise distributable to the Servicer on the next
succeeding Distribution Date. The Servicer will additionally be entitled to
receive from amounts on deposit in the Collection Account with respect to a
Collection Period any amounts paid by Obligors that were collected in the
Lockbox Account but that do not relate to (i) principal and interest payments
due on the Receivables and (ii) any fees or expenses related to extensions due
on the Receivables.

          SECTION 5.4. Application of Collections. All collections for the Collection
Period shall be applied by the Servicer as follows:

          With respect to each Receivable (other than a Purchased Receivable or a
Sold Receivable), payments by or on behalf of the Obligor, (other than
Supplemental Servicing Fees with respect to such Receivable, to the extent
collected) shall be applied to interest and principal in accordance with the
Simple Interest Method.

          All amounts collected that are payable to the Servicer as Supplemental
Servicing Fees hereunder shall be deposited in the Collection Account and paid
to the Servicer in accordance with Section 5.7(a).

          SECTION 5.5. Withdrawals from Spread Account.

          (a) In the event that the Preliminary Servicer’s Certificate with respect
to any Preliminary Determination Date shall state that there is a Deficiency
Claim Amount with respect to the related Distribution Date, then the Trust
Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the
Trustee, the Insurer and the Servicer, by hand delivery or facsimile
transmission, (1) no later than 2:00 p.m. Eastern time on the Business Day
preceding such Distribution Date, a written notice (a “Deficiency Notice”)
specifying the Deficiency Claim Amount for such Distribution Date and (2) no
later than 12:00 noon Eastern time on the fourth Business Day immediately
preceding the related Insured Distribution Date, the Note Policy Claim Amount,
if any. Such Deficiency Notice shall direct the Collateral Agent to remit such
Deficiency Claim Amount (to the extent of the funds available to be distributed
pursuant to the Spread Account Agreement) to the Trust Collateral Agent for
deposit in the Collection Account on the related Distribution Date.

          (b) In the event that the Preliminary Servicer’s Certificate with respect
to any Preliminary Determination Date shall state that there shall be an
Accelerated Payment Amount Shortfall with respect to the related Distribution
Date, then no later than 2:00 p.m. Eastern time on the Business Day preceding
such Distribution Date the Trust Collateral Agent shall deliver to the
Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer,
by hand delivery or facsimile transmission, an Accelerated Payment Shortfall
Notice. Such Accelerated Payment Shortfall Notice shall direct the Collateral
Agent to remit such Accelerated Payment Amount Shortfall (to the extent of
funds available to be distributed in the Spread Account) to the Trust
Collateral Agent for deposit in the Collection Account on the related
Distribution Date.

          (c) The amounts distributed by the Collateral Agent to the Trust
Collateral Agent pursuant to a Deficiency Notice or Accelerated Payment
Shortfall Notice shall be

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deposited by the Trust Collateral Agent into the
Collection Account pursuant to Section 5.6 for application on the related
Distribution Date pursuant to Section 5.7.

          SECTION 5.6. Additional Deposits.

          (a) The Servicer and the Seller, as applicable, shall deposit or cause to
be deposited in the Collection Account on the Preliminary Determination Date on
which such obligations are due the aggregate Purchase Amount with respect to
Purchased Receivables and the aggregate Sale Amounts with respect to Sold
Receivables. On or before each Distribution Date, the Trust Collateral Agent
shall remit to the Collection Account any amounts delivered to the Trust
Collateral Agent by the Collateral Agent.

          (b) The proceeds of any purchase or sale of the assets of the Trust
described in Section 10.1 hereof shall be deposited in the Collection Account.

          SECTION 5.7. Distributions

          (a) On each Distribution Date, the Trust Collateral Agent shall (based
solely on the information contained in the Preliminary Servicer’s Certificate
delivered with respect to the related Preliminary Determination Date)
distribute the following amounts from the Collection Account unless otherwise
specified, to the extent of the sources of funds stated to be available
therefor, and in the following order of priority:

          (i) from the Available Funds and any Deficiency Claim Amount
Deposits, to the Servicer, (1) the Base Servicing Fee for the related
Collection Period, (2) any Supplemental Servicing Fees for the related
Collection Period, (3) any amounts specified in Section 5.3, to the
extent the Servicer has not reimbursed itself in respect of such amounts
pursuant to Section 5.3, (4) to the extent not retained by the Servicer
and to pay to AmeriCredit any amounts paid by Obligors during the
preceding calendar month that did not relate to (x) principal and
interest payments due on the Receivables and (y) any fees or expenses
related to extensions due on the Receivables, and (5) to any successor
Servicer, transition fees not to exceed $100,000 (including boarding
fees) in the aggregate;

          (ii) from the Available Funds and any Deficiency Claim Amount
Deposits, to each of the Lockbox Banks, the Trustee, the Trust Collateral
Agent, the Backup Servicer (in its capacity as either Backup Servicer or
successor Servicer) and the Owner Trustee, their respective accrued and
unpaid fees, expenses and indemnities (in each case, to the extent such
fees, expenses and indemnities have not been previously paid by the
Servicer, and provided that such fees, expenses and indemnities shall not
exceed (x) $100,000 in the aggregate in any calendar year to the Owner
Trustee and (y) $200,000 in the aggregate in any calendar year to the
Lockbox Banks, the Trust Collateral Agent, the Backup Servicer (in its
capacity as either Backup Servicer or successor Servicer) and the
Trustee;

          (iii) from the Available Funds and any Deficiency Claim Amount
Deposits, to the Note Distribution Account, the Noteholders’ Interest
Distributable Amount;

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          (iv) from the Available Funds and any Deficiency Claim Amount
Deposits (other than amounts relating to Deficiency Claim Amounts
described in clause (i) of the definition thereof), to the Note
Distribution Account, the Noteholders’ Principal Distributable Amount;

          (v) from the Available Funds and any Deficiency Claim Amount
Deposits to the Insurer, to the extent of any amounts owing to the
Insurer under the Insurance Agreement and not paid;

          (vi) from the Available Funds to the Spread Account, an amount, if
necessary, required to increase the amount therein to its then required
level;

          (vii) from the Available Funds and any Accelerated Payment Amount
Shortfall Deposits, to the Note Distribution Account, the Noteholders’
Accelerated Principal Amount; and

          (viii) from Available Funds, any remaining Available Funds to the
Collateral Agent for deposit in the Spread Account;

provided, however, that, (A) following an acceleration of the Notes pursuant to
the Indenture or, (B) if an Insurer Default shall have occurred and be
continuing and an Event of Default pursuant to Section 5.1(i), 5.1(ii),
5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be
continuing, or (C) the receipt of Insolvency Proceeds pursuant to Section
10.1(b), amounts deposited in the Note Distribution Account (including any such
Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6
of the Indenture.

          (b) On each Insured Distribution Date, the Trust Collateral Agent shall
(based solely on the information contained in the Servicer’s Certificate
delivered with respect to the related Determination Date, unless the Insurer
shall have notified the Trust Collateral Agent in writing of any errors or
deficiencies with respect thereto) distribute from the Collection Account the
Additional Funds Available, if any, plus the Note Policy Claim Amount, if any,
in each case then on deposit in the Collection Account, and in accordance with
the priorities set forth in Section 5.7(a) and the Trust Collateral Agent shall
deposit in the Note Distribution Account any excess of the Scheduled Payments
(as defined in the Note Policy) due on such Insured Distribution Date over the
amount of all Available Funds, Deficiency Claim Amount Deposits and Accelerated
Payment Amount Shortfall Deposits previously deposited in the Note Distribution
Account with respect to the related Distribution Date, which amount shall be
applied solely to the payment of amounts then due and unpaid on the Notes in
accordance with the priorities set forth in Section 5.8(a) hereof or Section
5.6 of the Indenture, as applicable.

          (c) In the event that the Collection Account is maintained with an
institution other than the Trust Collateral Agent, the Servicer shall instruct
and cause such institution to make all deposits and distributions pursuant to
Sections 5.7(a) and 5.7(b) on the related Distribution Date and the related
Insured Distribution Date, as applicable.

          SECTION 5.8. Note Distribution Account.

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          (a) On each Distribution Date (based solely on the information contained
in the Preliminary Servicer’s Certificate) and each Insured Distribution Date
(based solely on the information in the Servicer’s Certificate) the Trust
Collateral Agent shall distribute all amounts on deposit in the Note
Distribution Account to Noteholders in respect of the Notes to the extent of
amounts due and unpaid on the Notes for principal and interest in the following
amounts and in the following order of priority:

          (i) accrued and unpaid interest on the Notes; provided that if there
are not sufficient funds in the Note Distribution Account to pay the
entire amount of accrued and unpaid interest then due on each Class of
Notes, the amount in the Note Distribution Account shall be applied to
the payment of such interest on each Class of Notes pro rata on the basis
of the amount of accrued and unpaid interest due on each Class of Notes;

          (ii) outstanding principal on the Notes, such amounts to be paid in
accordance with the following priority:

          (1) to the Holders of the Class A-1 Notes with the total
amount paid out on each Distribution Date until the outstanding
principal balance of the Class A-1 Notes has been reduced to
zero;

          (2) to the Holders of the Class A-2 Notes with the total
amount paid out on each Distribution Date until the outstanding
principal balance of the Class A-2 Notes has been reduced to
zero;

          (3) to the Holders of the Class A-3 Notes with the total
amount paid out on each Distribution Date until the outstanding
principal balance of the Class A-3 Notes has been reduced to
zero; and

          (4) to the Holders of the Class A-4 Notes until the
outstanding principal balance of the Class A-4 Notes is reduced
to zero.

          (b) On each Insured Distribution Date, the Trust Collateral Agent shall
send to each Noteholder the statement provided to the Trust Collateral Agent by
the Servicer pursuant to Section 5.10 hereof on such Insured Distribution Date.

          (c) In the event that any withholding tax is imposed on the Trust’s
payment (or allocations of income) to a Noteholder, such tax shall reduce the
amount otherwise distributable to the Noteholder in accordance with this
Section. The Trust Collateral Agent is hereby authorized and directed to
retain from amounts otherwise distributable to the Noteholders sufficient funds
for the payment of any tax attributable to the Trust (but such authorization
shall not prevent the Trust Collateral Agent from contesting any such tax in
appropriate proceedings, and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding
tax imposed with respect to a Noteholder shall be treated as cash distributed
to such Noteholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax
is payable with respect to a distribution (such as a distribution to a non-US
Noteholder), the Trust Collateral Agent may in its sole discretion withhold
such amounts in accordance with this clause (c). In the event that a
Noteholder wishes to apply for a refund of any such withholding tax, the Trust
Collateral Agent shall reasonably cooperate with such Noteholder in making such
claim so long

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

          (d) Distributions required to be made to Noteholders on any Distribution
Date or any Insured Distribution Date shall be made to each Noteholder of
record on the preceding Record Date either by (i) wire transfer, in immediately
available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefore, if such Noteholder shall have provided to the
Note Registrar appropriate written instructions at least five Business Days
prior to such Distribution Date and such Holder’s Notes in the aggregate
evidence a denomination of not less than $1,000,000 or (ii) by check mailed to
such Noteholder at the address of such holder appearing in the Note Register.
Notwithstanding the foregoing, the final distribution in respect of any Note
(whether on the Final Scheduled Distribution Date or otherwise) will be payable
only upon presentation and surrender of such Note at the office or agency
maintained for that purpose by the Note Registrar pursuant to Section 2.4 of
the Indenture.

          (e) Subject to Section 5.1 and this section, monies received by the Trust
Collateral Agent hereunder need not be segregated in any manner except to the
extent required by law and may be deposited under such general conditions as
may be prescribed by law, and the Trust Collateral Agent shall not be liable
for any interest thereon.

          SECTION 5.9. [Reserved].

          SECTION 5.10. Statements to Noteholders.

          (a) On or prior to each Distribution Date, the Trust Collateral Agent
shall provide each Noteholder of record (with a copy to the Insurer and the
Rating Agencies) a statement setting forth at least the following information
as to the Notes to the extent applicable:

          (i) the amount of such distribution allocable to principal of each
Class of Notes;

          (ii) the amount of such distribution allocable to interest on or
with respect to each Class of Notes;

          (iii) the amount of such distribution payable out of amounts
withdrawn from the Spread Account and the amount, if any, expected to be
paid under the Note Policy on the related Insured Distribution Date;

          (iv) the Pool Balance as of the close of business on the last day of
the preceding Collection Period;

          (v) the aggregate outstanding principal amount of each Class of the
Notes and the Note Pool Factor for each such Class after giving effect to
payments allocated to principal reported under (i) above;

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          (vi) the amount of the Servicing Fee paid to the Servicer with
respect to the related Collection Period and/or due but unpaid with
respect to such Collection Period or prior Collection Periods, as the
case may be;

          (vii) the Noteholders’ Interest Carryover Amount and the
Noteholders’ Principal Carryover Amount;

          (viii) the amount of the aggregate Realized Losses, if any, for the
second preceding Collection Period;

          (ix) the aggregate Purchase Amounts for Receivables, if any, that
were repurchased by the Servicer or the Seller in such period; and

          (x) the aggregate Sale Amounts for Sold Receivables, if any, that
were sold by the Issuer in such period.

Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii)
above shall be expressed as a dollar amount per $1,000 of the initial principal
balance of the Notes (or Class thereof).

          (b) The Trust Collateral Agent will make available each month to each
Noteholder the statements referred to in Section 5.10(a) above (and certain
other documents, reports and information regarding the Receivables provided by
the Servicer from time to time) via the Trust Collateral Agent’s internet
website with the use of a password provided by the Trust Collateral Agent. The
Trust Collateral Agent’s internet website will be located at
www.jpmorgan.com/sfr or at such other address as the Trust Collateral Agent
shall notify the Noteholders from time to time. For assistance with regard to
this service, Noteholders can call the Trust Collateral Agent’s Corporate Trust
Office at (877) 722-1095. The Trust Collateral Agent shall have the right to
change the way the statements referred to in Section 5.10(a) above are
distributed in order to make such distribution more convenient and/or more
accessible to the parties entitled to receive such statements. The Trust
Collateral Agent shall provide notification of any such change to all parties
entitled to receive such statements in the manner described in Section 12.3
hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as
appropriate.

          SECTION 5.11. Optional Deposits by the Insurer. The Insurer shall at any time,
and from time to time, with respect to an Insured Distribution Date, have the
option (but shall not be required, except in accordance with the terms of the
Note Policy) to deliver amounts to the Trust Collateral Agent for deposit into
the Collection Account for any of the following purposes: (i) to provide funds
in respect of the payment of fees or expenses of any provider of services to
the Trust with respect to such Insured Distribution Date, or (ii) to include
such amount to the extent that without such amount a draw would be required to
be made on the Note Policy.

          SECTION 5.12. [Reserved]

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ARTICLE VI

The Note Policy

          SECTION 6.1. Claims Under Note Policy.

          (a) In the event that the Trust Collateral Agent has delivered a
Deficiency Notice with respect to any Determination Date pursuant to Section
5.5 hereof, the Trust Collateral Agent shall on the related Draw Date determine
the Note Policy Claim Amount for the related Insured Distribution Date. If the
Note Policy Claim Amount for such Insured Distribution Date is greater than
zero, the Trustee shall furnish to the Insurer no later than 12:00 noon Eastern
time on the related Draw Date a completed Notice of Claim (as defined in (b)
below) in the amount of the Note Policy Claim Amount. Amounts paid by the
Insurer pursuant to a claim submitted under this Section shall be deposited by
the Trustee into the Note Distribution Account for payment to Noteholders on
the related Insured Distribution Date.

          (b) Any notice delivered by the Trustee to the Insurer in the form
attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a) shall
specify the Note Policy Claim Amount claimed under the Note Policy and shall
constitute a “Notice of Claim” under the Note Policy. In accordance with the
provisions of the Note Policy, the Insurer is required to pay to the Trustee
the Note Policy Claim Amount properly claimed thereunder by 10:00 a.m., Eastern
time, on the later of (i) the third Business Day following receipt on a
Business Day of the Notice of Claim, and (ii) the applicable Insured
Distribution Date. Any payment made by the Insurer under the Note Policy shall
be applied solely to the payment of the Notes, and for no other purpose.

          (c) The Trustee shall (i) receive as attorney-in-fact of each Noteholder
any Note Policy Claim Amount from the Insurer and (ii) deposit the same in the
Collection Account for distribution to Noteholders. Any and all Note Policy
Claim Amounts disbursed by the Trust Collateral Agent from claims made under
the Note Policy shall not be considered payment by the Trust or from the Spread
Account with respect to such Notes, and shall not discharge the obligations of
the Trust with respect thereto. The Insurer shall, to the extent it makes any
payment with respect to the Notes, become subrogated to the rights of the
recipients of such payments to the extent of such payments. Subject to and
conditioned upon any payment with respect to the Notes by or on behalf of the
Insurer, the Trustee shall assign to the Insurer all rights to the payment of
interest or principal with respect to the Notes which are then due for payment
to the extent of all payments made by the Insurer, and the Insurer may exercise
any option, vote, right, power or the like with respect to the Notes to the
extent that it has made payment pursuant to the Note Policy. To evidence such
subrogation, the Note Registrar shall note the Insurer’s rights as subrogee
upon the register of Noteholders upon receipt from the Insurer of proof of
payment by the Insurer of any Noteholders’ Interest Distributable Amount or
Noteholders’ Principal Distributable Amount. The foregoing subrogation shall
in all cases be subject to the rights of the Noteholders to receive all
Scheduled Payments (as defined in the Note Policy) in respect of the Notes.

          (d) The Trust Collateral Agent shall keep a complete and accurate record
of all funds deposited by the Insurer into the Collection Account with respect
to the Note Policy and

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the allocation of such funds to payment of interest on
and principal paid in respect of any Note. The Insurer shall have the right to
inspect such records at reasonable times upon one Business Day’s prior notice
to the Trust Collateral Agent.

          (e) The Trustee shall be entitled to enforce on behalf of the Noteholders
the obligations of the Insurer under the Note Policy. Notwithstanding any
other provision of this Agreement or any Basic Document, the Noteholders are
not entitled to institute proceedings directly against the Insurer.

          SECTION 6.2. Preference Claims Under Note Policy.

          (a) In the event that the Trustee has received a certified copy of an
order of the appropriate court that any Scheduled Payment (as defined in the
Note Policy) paid on a Note has been avoided in whole or in part as a
preference payment under applicable bankruptcy law,
the Trustee shall so notify the Insurer, shall comply with the provisions
of the Note Policy to obtain payment by the Insurer of such avoided payment,
and shall, at the time it provides notice to the Insurer, notify Holders of the
Notes by mail that, in the event that any Noteholder’s payment is so
recoverable, such Noteholder will be entitled to payment pursuant to the terms
of the Note Policy. The Trust Collateral Agent shall furnish to the Insurer
its records evidencing the payments of principal of and interest on Notes, if
any, which have been made by the Trust Collateral Agent and subsequently
recovered from Noteholders, and the dates on which such payments were made.
Pursuant to the terms of the Note Policy, the Insurer will make such payment on
behalf of the Noteholder to the receiver, conservator, debtor-in-possession or
trustee in bankruptcy named in the Order (as defined in the Note Policy) and
not to the Trust Collateral Agent or any Noteholder directly (unless a
Noteholder has previously paid such payment to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy, in which case the Insurer will
make such payment to the Trustee for distribution to such Noteholder upon proof
of such payment reasonably satisfactory to the Insurer).

          (b) The Trust Collateral Agent shall promptly notify the Insurer of any
proceeding or the institution of any action (of which a Responsible Officer of
the Trust Collateral Agent has actual knowledge) seeking the avoidance as a
preferential transfer under applicable bankruptcy, insolvency, receivership,
rehabilitation or similar law (a “Note Preference Claim”) of any distribution
made with respect to the Notes. Each Noteholder, by its purchase of Notes, and
the Trust Collateral Agent hereby agree that so long as an Insurer Default
shall not have occurred and be continuing, the Insurer may at any time during
the continuation of any proceeding relating to a Note Preference Claim direct
all matters relating to such Note Preference Claim, including, without
limitation, (i) the direction of any appeal of any order relating to any Note
Preference Claim and (ii) the posting of any surety, supersedeas or performance
bond pending any such appeal at the expense of the Insurer, but subject to
reimbursement as provided in the Insurance Agreement. In addition, and without
limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall
be subrogated to, and each Noteholder and the Trust Collateral Agent hereby
delegate and assign, to the fullest extent permitted by law, the rights of the
trustee and each Noteholder in the conduct of any proceeding with respect to a
Note Preference Claim, including, without limitation, all rights of any party
to an adversary proceeding action with respect to any court order issued in
connection with any such Note Preference Claim.

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          SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note
Policy to the Insurer for cancellation upon the expiration of such policy in
accordance with the terms thereof.

ARTICLE VII

The Seller

          SECTION 7.1. Representations of Seller. The Seller makes the following
representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to
have relied in acquiring the Receivables and on which the Trustee, Collateral
Agent, Trust Collateral
Agent and Backup Servicer may rely. The representations speak as of the
execution and delivery of this Agreement and as of the Closing Date, and shall
survive the sale of the Receivables to the Issuer and the pledge thereof to the
Trust Collateral Agent pursuant to the Indenture.

          (a) Schedule of Representations. The representations and warranties set
forth on the Schedule of Representations attached hereto as Schedule B are true
and correct.

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

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

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

          (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale,
transfer and assignment of the Receivables and the Other Conveyed Property,
enforceable against the Seller and creditors of and purchasers from the Seller;
and this Agreement and the Seller’s Basic Documents, when duly executed and
delivered, shall constitute legal, valid and binding obligations of the Seller
enforceable in accordance with their respective terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization or other similar laws

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affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether
such enforceability is considered in a proceeding in equity or at law.

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

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

          (h) No Consents. The Seller is not required to obtain the consent of any
other party or any consent, license, approval or authorization, or registration
or declaration with, any governmental authority, bureau or agency in connection
with the execution, delivery, performance, validity or enforceability of this
Agreement which has not already been obtained.

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

          (j) Chief Executive Office. The chief executive office of the Seller is
at E.A. Delle Donne Corporation Center, Montgomery Building, 1011 Centre Road,
Suite 200, Wilmington, Delaware 19805-1266.

          SECTION 7.2. Certain Business Conduct

          (a) The Seller shall at all times maintain or cause to be maintained the
following procedures to avoid or minimize any risk of substantive consolidation
of the assets and liabilities of the Seller and its Affiliates or any other
Person: (i) maintenance of books of account and records, bank accounts and
assets separate from those of any Person; (ii) filing or

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causing to be filed
tax returns separate from those of its Affiliates (except to the extent
required or permitted by applicable law, rule or regulation to be included in a
consolidated or unitary group, as appropriate); (iii) except as required or
specifically provided in this Agreement, conducting business with Affiliates of
the Owner Trustee on an arm’s-length basis; (iv) observance of trust (or
similar organizational) formalities; (v) holding the Seller out to the public
as a legal entity separate and distinct from any of the Owner Trustee’s
Affiliates and from AFS Funding Corp. or any Affiliate thereof; and (vi) paying
from its assets all obligations and indebtedness of any kind incurred by the
Seller. The Seller shall act solely in its own name through the Owner Trustee,
any co-trustee (in accordance with the terms and conditions of Section 9.5 of
the Trust Agreement) or the Administrator (in accordance with the terms of the
Administration Agreement) or other agents in the conduct of its businesses in
accordance with this Agreement except to the extent required by the laws of any
applicable jurisdiction.

          (b) The Seller shall conduct its business through the office of the Owner
Trustee and will use stationery and other business forms under its own name and
not that of AFS Funding Corp. or any Affiliate thereof and will use its best
efforts to avoid the appearance of conducting business on behalf of AFS Funding
Corp. or any Affiliate thereof or that the assets of the Seller are available
to pay the creditors of AFS Funding Corp. or any Affiliate thereof.

          (c) Nothing in this Section 7.2 shall restrict the authority of the Seller
to authorize the Servicer to act in the name or on behalf of the Seller when
authorized by any of the Basic Documents, including pursuant to the limited
power of attorney granted by the Seller to the Servicer pursuant to the
Administration Agreement.

          SECTION 7.3. Liability of Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement.

          (a) The Seller shall indemnify, defend and hold harmless the Issuer, the
Owner Trustee, the Trust, the Insurer, the Trustee, Backup Servicer, the
Collateral Agent and the Trust Collateral Agent and its officers, directors,
employees and agents from and against any taxes that may at any time be
asserted against any such Person with respect to the transactions contemplated
in this Agreement and any of the Basic Documents (except any income taxes
arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the
Trustee and the Insurer and except any taxes to which the Owner Trustee, the
Trust Collateral Agent or the Trustee may otherwise be subject to, without
regard to the transactions contemplated hereby), including any sales, gross
receipts, general corporation, tangible personal property, privilege or license
taxes (but, in the case of the Issuer, not including any taxes asserted with
respect to, federal or other income taxes arising out of distributions on the
Notes) and costs and expenses in defending against the same.

          (b) The Seller shall indemnify, defend and hold harmless the Owner
Trustee, the Trustee, Backup Servicer, the Collateral Agent, the Insurer and
the Trust Collateral Agent and the officers, directors, employees and agents
thereof and the Noteholders from and against any loss, liability or expense
incurred by reason of (i) the Seller’s willful misfeasance, bad faith or
negligence in the performance of its duties under this Agreement, or by reason
of reckless

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disregard of its obligations and duties under this Agreement and
(ii) the Seller’s or the Issuer’s violation of federal or state securities laws
in connection with the offering and sale of the Notes.

          (c) The Seller shall indemnify, defend and hold harmless the Owner
Trustee, Trustee, Trust Collateral Agent, the Collateral Agent and Backup
Servicer and the officers, directors, employees and agents thereof from and
against any and all costs, expenses, losses, claims, damages and liabilities
arising out of, or incurred in connection with the acceptance or performance of
the trusts and duties set forth herein and in the Basic Documents except to the
extent that such cost, expense, loss, claim, damage or liability shall be due
to the willful misfeasance, bad faith or negligence (except for errors in
judgment) of the Owner Trustee, Trustee, Trust Collateral Agent, the Collateral
Agent and Backup Servicer respectively.

          Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee, the Trustee, the Backup Servicer, the Collateral
Agent or the Trust Collateral Agent and the termination of this Agreement or
the Indenture or the Trust Agreement, as applicable, and shall include
reasonable fees and expenses of counsel and other expenses of litigation. If
the Seller shall have made any indemnity payments pursuant to this Section and
the Person to or on behalf of whom such payments are made thereafter shall
collect any of such amounts from others, such Person shall promptly repay such
amounts to the Seller, without interest.

          SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of,
Seller. Any Person (a) into which the Seller may be merged or consolidated,
(b) which may result from any merger or consolidation to which the Seller shall
be a party or (c) which may succeed to the properties and assets of the Seller
substantially as a whole, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Seller under this
Agreement, shall be the successor to the Seller hereunder without the execution
or filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) the Seller shall have received the
written consent of the Insurer prior to entering into any such transaction,
(ii) immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 3.1 shall have been breached and no Servicer
Termination Event, and no event which, after notice or lapse of time, or both,
would become a Servicer Termination Event shall have happened and be
continuing, (iii) the Seller shall have delivered to the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Trustee, the Collateral Agent
and the Insurer an Officers’ Certificate and an Opinion of Counsel each stating
that such consolidation, merger or succession and such agreement of assumption
comply with this Section and that all conditions precedent, if any, provided
for in this Agreement relating to such transaction have been complied with,
(iv) the Rating Agency Condition shall have been satisfied with respect to such
transaction and (v) the Seller shall have delivered to the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Collateral Agent, the Trustee
and the Insurer an Opinion of Counsel stating that, in the opinion of such
counsel, either (A) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Trust Collateral Agent, the Owner
Trustee and the Trustee, respectively, in the Receivables and reciting the
details of such filings or (B) no such action shall be necessary to preserve
and protect such interest. Notwithstanding anything herein to the contrary,
the execution of the foregoing

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agreement of assumption and compliance with
clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the
consummation of the transactions referred to in clauses (a), (b) or (c) above.

          SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any
director, officer or employee or agent of the Seller may rely in good faith on
the advice of counsel or on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising under any
Basic Document. The Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.

          SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates or Notes with the same rights as it would have if it
were not the Seller or an Affiliate thereof, except as expressly provided
herein or in any Basic Document. Notes or Certificates so owned by the Seller
or such Affiliate shall have an equal and proportionate benefit under the
provisions of the Basic Documents, without preference, priority, or distinction
as among all of the Notes or Certificates; provided, however, that any Notes or
Certificates owned by the Seller or any Affiliate thereof, during the time such
Notes or Certificates are owned by them, shall be without voting rights for any
purpose set forth in the Basic Documents and will not be entitled to the
benefits of the Note Policy. The Seller shall notify the Owner Trustee, the
Trustee, the Trust Collateral Agent and the Insurer with respect to any other
transfer of any Certificate.

ARTICLE VIII

The Servicer and the Backup Servicer

          SECTION 8.1. Representations of Servicer. The Servicer makes the following
representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to
have relied in acquiring the Receivables. The representations speak as of the
execution and delivery of this Agreement and as of the Closing Date, and shall
survive the sale of the Receivables to the Issuer and the pledge thereof to the
Trust Collateral Agent pursuant to the Indenture.

          (a) Representations and Warranties. The representations and warranties
set forth on the Schedule of Representations attached hereto as Schedule B are
true and correct, provided that such representations and warranties contained
therein and herein shall not apply to any entity other than AmeriCredit;

          (b) Organization and Good Standing. The Servicer has been duly organized
and is validly existing and in good standing under the laws of its jurisdiction
of organization, with power, authority and legal right to own its properties
and to conduct its business as such properties are currently owned and such
business is currently conducted, and had at all relevant times, and now has,
power, authority and legal right to enter into and perform its obligations
under this Agreement;

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

          (d) Power and Authority. The Servicer has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms, respectively, and the execution, delivery and
performance of this Agreement and the Servicer’s Basic Documents have been duly
authorized by the Servicer by all necessary corporate action;

          (e) Binding Obligation. This Agreement and the Servicer’s Basic Documents
shall constitute legal, valid and binding obligations of the Servicer
enforceable in accordance with their respective terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether
such enforceability is considered in a proceeding in equity or at law;

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

          (g) No Proceedings. There are no proceedings or investigations pending
or, to the Servicer’s knowledge, threatened against the Servicer, before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Servicer or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents, (B)
seeking to prevent the issuance of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any of the Basic Documents, or
(C) seeking any determination or ruling that might materially and adversely
affect the performance by the Servicer of its obligations under, or the
validity or enforceability of, this Agreement or any of the Basic Documents or
(D) seeking to adversely affect the federal income tax or other federal, state
or local tax attributes of the Notes;

          (h) No Consents. The Servicer is not required to obtain the consent of
any other party or any consent, license, approval or authorization, or
registration or declaration with, any governmental authority, bureau or agency
in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained.

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          SECTION 8.2. Representations of the Backup Servicer. The Backup Servicer makes
the following representations on which the Insurer shall be deemed to have
relied in executing and delivering the Note Policy and on which the Issuer is
deemed to have relied in acquiring the Receivables. The representations speak
as of the execution and delivery of this Agreement and as of the Closing Date,
and shall survive the sale of the Receivables to the Issuer and the pledge
thereof to the Trust Collateral Agent pursuant to the Indenture.

          (a) Organization and Good Standing. The Backup Servicer has been duly
organized and is validly existing and in good standing under the laws of its
jurisdiction of organization, with power, authority and legal right to own its
properties and to conduct its
business as such properties are currently owned and such business is
currently conducted, and had at all relevant times, and now has, power,
authority and legal right to enter into and perform its obligations under this
Agreement;

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

          (c) Power and Authority. The Backup Servicer has the power and authority
to execute and deliver this Agreement and its Basic Documents and to carry out
its terms and their terms, respectively, and the execution, delivery and
performance of this Agreement and the Backup Servicer’s Basic Documents have
been duly authorized by the Backup Servicer by all necessary corporate action;

          (d) Binding Obligation. This Agreement and the Backup Servicer’s Basic
Documents shall constitute legal, valid and binding obligations of the Backup
Servicer enforceable in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar laws affecting the enforcement of creditors’ rights generally and
by equitable limitations on the availability of specific remedies, regardless
of whether such enforceability is considered in a proceeding in equity or at
law;

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

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          (f) No Proceedings. There are no proceedings or investigations pending
or, to the Backup Servicer’s knowledge, threatened against the Backup Servicer,
before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Backup Servicer or
its properties (A) asserting the invalidity of this Agreement or any of the
Basic Documents, (B) seeking to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any
of the Basic Documents, or (C) seeking any determination or ruling that might
materially and adversely affect the performance by the Backup Servicer of its
obligations under, or the validity or enforceability of, this Agreement or any
of the Basic Documents or (D) seeking to adversely affect the federal income
tax or other federal, state or local tax attributes of the Notes;

          (g) No Consents. The Backup Servicer is not required to obtain the
consent of any other party or any consent, license, approval or authorization,
or registration or declaration with, any governmental authority, bureau or
agency in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained.

          SECTION 8.3. Liability of Servicer and Backup Servicer; Indemnities.

          (a) The Servicer (in its capacity as such) and the Backup Servicer shall
be liable hereunder only to the extent of the obligations in this Agreement
specifically undertaken by the Servicer or the Backup Servicer, as applicable,
and the representations made by the Servicer or the Backup Servicer, as
applicable.

          (b) The Servicer shall defend, indemnify and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral Agent, the Insurer, their respective officers, directors, agents
and employees, and the Noteholders from and against any and all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees
and expenses of counsel and expenses of litigation arising out of or resulting
from the use, ownership or operation by the Servicer or any Affiliate thereof
of any Financed Vehicle;

          (c) The Servicer (when the Servicer is AmeriCredit) shall indemnify,
defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent,
the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees and the Noteholders
from and against any taxes that may at any time be asserted against any of such
parties with respect to the transactions contemplated in this Agreement,
including, without limitation, any sales, gross receipts, tangible or
intangible personal property, privilege or license taxes (but not including any
federal or other income taxes, including franchise taxes asserted with respect
to, and as of the date of, the sale of the Receivables and the Other Conveyed
Property to the Trust or the issuance and original sale of the Notes) and costs
and expenses in defending against the same;

          The Servicer (when the Servicer is not AmeriCredit) shall indemnify,
defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent,
the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees and the Noteholders
from and against any taxes with respect to the sale of Receivables in
connection with servicing hereunder that may at any time be asserted against
any

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of such parties with respect to the transactions contemplated in this
Agreement, including, without limitation, any sales, gross receipts, tangible
or intangible personal property, privilege or license taxes (but not including
any federal or other income taxes, including franchise taxes asserted with
respect to, and as of the date of, the sale of the Receivables and the Other
Conveyed Property to the Trust or the issuance and original sale of the Notes)
and costs and expenses in defending against the same; and

          (d) The Servicer shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral
Agent, the Insurer, their respective officers, directors, agents and
employees and the Noteholders from and against any and all costs, expenses,
losses, claims, damages, and liabilities, including reasonable fees and
expenses of counsel and expenses of litigation, to the extent that such cost,
expense, loss, claim, damage, or liability arose out of, or was imposed upon
the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent, the
Backup Servicer, the Collateral Agent, the Insurer or the Noteholders by reason
of the breach of this Agreement by the Servicer, the negligence, misfeasance,
or bad faith of the Servicer in the performance of its duties under this
Agreement or by reason of reckless disregard of its obligations and duties
under this Agreement.

          (e) AmeriCredit shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral Agent, the Insurer, their respective officers, directors, agents
and employees and the Noteholders from and against any loss, liability or
expense incurred by reason of the violation by Servicer or Seller of federal or
state securities laws in connection with the registration or the sale of the
Notes. This section shall survive the termination of this Agreement, or the
earlier removal or resignation of the Trustee, Trust Collateral Agent, the
Backup Servicer or the Collateral Agent.

          (f) AmeriCredit shall indemnify the Trustee, the Owner Trustee, the
Collateral Agent, the Trust Collateral Agent and the Backup Servicer, and the
respective officers, directors, agents and employees thereof against any and
all loss, liability or expense, (other than overhead and expenses incurred in
the normal course of business) incurred by each of them in connection with the
acceptance or administration of the Trust and the performance of their duties
under the Basic Documents other than if such loss, liability or expense was
incurred by the Trustee, the Owner Trustee or the Trust Collateral Agent or the
Collateral Agent as a result of any such entity’s willful misconduct, bad faith
or negligence.

          (g) The Backup Servicer shall defend, indemnify and hold harmless the
Trust, the Trustee, the Collateral Agent, the Trust Collateral Agent, the Owner
Trustee, the Servicer, the Insurer, their respective officers, directors,
agents and employees and the Noteholders from and against; (i) all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees
and expenses of counsel and expenses of litigation arising out of or resulting
from the use, ownership or operation by the Backup Servicer or any Affiliate
thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses,
claims, damages, and liabilities to the extent that such cost, expense, loss,
claim, damage, or liability arose out of, or was imposed upon the Trust, the
Trustee, the Collateral Agent, the Trust Collateral Agent, the Owner Trustee,
the Servicer, the Insurer or the Noteholders by reason of, the breach of this
Agreement by the Backup Servicer, the violation of federal or state securities
laws by the Backup Servicer, the negligence,

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misfeasance, or bad faith of the
Backup Servicer in the performance of its duties under this Agreement or by
reason of reckless disregard of its obligations and duties under this
Agreement.

          (h) Indemnification under this Article shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer has made any indemnity payments pursuant to this Article and the
recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts collected to the Servicer, without interest.
Notwithstanding anything contained herein to the contrary, any indemnification
payable by the Servicer to the Backup Servicer, to the extent not paid by the
Servicer, shall be
paid in accordance with the priorities set forth in Section 5.7 hereof or,
to the extent not paid therefrom, from the Spread Account in accordance with
the terms of the Spread Account Agreement.

          (i) When the Trustee, the Trust Collateral Agent, the Collateral Agent or
the Backup Servicer incurs expenses after the occurrence of a Servicer
Termination Event specified in Section 9.1(d) or (e) with respect to the
Servicer, the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or
state bankruptcy, insolvency or similar law.

          SECTION 8.4. Merger or Consolidation of, or Assumption of the Obligations
of the Servicer or Backup Servicer.

          (a) AmeriCredit shall not merge or consolidate with any other person,
convey, transfer or lease substantially all its assets as an entirety to
another Person, or permit any other Person to become the successor to
AmeriCredit’s business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be
capable of fulfilling the duties of AmeriCredit contained in this Agreement and
shall be acceptable to the Controlling Party, and, if an Insurer Default shall
have occurred and be continuing, shall be an eligible servicer. Any
corporation (i) into which AmeriCredit may be merged or consolidated, (ii)
resulting from any merger or consolidation to which AmeriCredit shall be a
party, (iii) which acquires by conveyance, transfer, or lease substantially all
of the assets of AmeriCredit, or (iv) succeeding to the business of
AmeriCredit, in any of the foregoing cases shall execute an agreement of
assumption to perform every obligation of AmeriCredit under this Agreement and,
whether or not such assumption agreement is executed, shall be the successor to
AmeriCredit under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties to this Agreement,
anything in this Agreement to the contrary notwithstanding; provided, however,
that nothing contained herein shall be deemed to release AmeriCredit from any
obligation. AmeriCredit shall provide notice of any merger, consolidation or
succession pursuant to this Section to the Owner Trustee, the Trust Collateral
Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding
the foregoing, AmeriCredit shall not merge or consolidate with any other Person
or permit any other Person to become a successor to AmeriCredit’s business,
unless (x) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 4.6 shall have been
breached (for purposes hereof, such representations and warranties shall speak
as of the date of the consummation of such transaction) and no event that,
after notice or lapse of time, or both, would become an Insurance Agreement
Event of Default shall have occurred and be continuing, (y) AmeriCredit shall
have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee,

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Backup Servicer and Collateral Agent, the Rating Agencies and the Insurer an
Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, and (z)
AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral
Agent, the Trustee, the Collateral Agent, the Backup Servicer, the Rating
Agencies and the Insurer an Opinion of Counsel, stating in the opinion of such
counsel, either (A) all financing statements and
continuation statements and amendments thereto have been executed and
filed that are necessary to preserve and protect the interest of the Trust in
the Receivables and the Other Conveyed Property and reciting the details of the
filings or (B) no such action shall be necessary to preserve and protect such
interest.

          (b) Any corporation (i) into which the Backup Servicer may be merged or
consolidated, (ii) resulting from any merger or consolidation to which the
Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer
or lease substantially all of the assets of the Backup Servicer, or (iv)
succeeding to the business of the Backup Servicer, in any of the foregoing
cases shall execute an agreement of assumption to perform every obligation of
the Backup Servicer under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to the Backup Servicer under this
Agreement without the execution or filing of any paper or any further act on
the part of any of the parties to this Agreement, anything in this Agreement to
the contrary notwithstanding; provided, however, that nothing contained herein
shall be deemed to release the Backup Servicer from any obligation.

          SECTION 8.5. Limitation on Liability of Servicer, Backup Servicer and Others.

          (a) Neither AmeriCredit, the Backup Servicer nor any of the directors or
officers or employees or agents of AmeriCredit or Backup Servicer shall be
under any liability to the Trust or the Noteholders, except as provided in this
Agreement, for any action taken or for refraining from the taking of any action
pursuant to this Agreement; provided, however, that this provision shall not
protect AmeriCredit, the Backup Servicer or any such person against any
liability that would otherwise be imposed by reason of a breach of this
Agreement or willful misfeasance, bad faith or negligence (excluding errors in
judgment) in the performance of duties; provided further that this provision
shall not affect any liability to indemnify the Trust Collateral Agent and the
Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or
damages paid by the Trust Collateral Agent and the Owner Trustee, in their
individual capacities. AmeriCredit, the Backup Servicer and any director,
officer, employee or agent of AmeriCredit or Backup Servicer may rely in good
faith on the written advice of counsel or on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising under this Agreement.

          (b) The Backup Servicer shall not be liable for any obligation of the
Servicer contained in this Agreement or for any errors of the Servicer
contained in any computer tape, certificate or other data or document delivered
to the Backup Servicer hereunder or on which the Backup Servicer must rely in
order to perform its obligations hereunder, and the Owner Trustee, the Trustee,
the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the
Seller and the Insurer and the Noteholders shall look only to the Servicer to
perform such obligations. The

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Backup Servicer, Trust Collateral Agent, the
Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have
no responsibility and shall not be in default hereunder or incur any liability
for any failure, error, malfunction or any delay in carrying out any of their
respective duties under this Agreement if such failure or delay results from
the Backup Servicer acting in accordance with information prepared or supplied
by a Person other than the Backup Servicer (or
contractual agents) or the failure of any such other Person to prepare or
provide such information. The Backup Servicer shall have no responsibility,
shall not be in default and shall incur no liability for (i) any act or failure
to act of any third party (other than its contractual agents), including the
Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice
or communication received by the Backup Servicer from any third party (other
than its contractual agents), (iii) the invalidity or unenforceability of any
Receivable under applicable law, (iv) the breach or inaccuracy of any
representation or warranty made with respect to any Receivable, or (v) the acts
or omissions of any successor Backup Servicer.

          SECTION 8.6. Delegation of Duties. The Servicer may delegate duties under this
Agreement to an Affiliate of AmeriCredit with the prior written consent of the
Insurer (unless an Insurer Default shall have occurred and be continuing), the
Trust Collateral Agent, the Owner Trustee and the Backup Servicer. The
Servicer also may at any time perform through sub-contractors the specific
duties of (i) repossession of Financed Vehicles, (ii) tracking Financed
Vehicles’ insurance and (iii) pursuing the collection of deficiency balances on
certain Liquidated Receivables, in each case, without the consent of the
Insurer and may perform other specific duties through such sub-contractors in
accordance with Servicer’s customary servicing policies and procedures, with
the prior consent of the Insurer. So long as no Insurer Default shall have
occurred and be continuing neither AmeriCredit or any party acting as Servicer
hereunder shall appoint any subservicer hereunder without the prior written
consent of the Insurer, the Trust Collateral Agent and the Backup Servicer.
Notwithstanding the foregoing, the Servicer may delegate its duties hereunder
and under any other Basic Document with respect to the servicing of and
collections on certain Receivables to AmeriCredit Financial Services of Canada
Ltd. without first obtaining the consent of any person. No delegation or
sub-contracting by the Servicer of its duties herein in the manner described in
this Section 8.6 shall relieve the Servicer of its responsibility with respect
to such duties.

          SECTION 8.7. Servicer and Backup Servicer Not to Resign. Subject to the
provisions of Section 8.3, neither the Servicer nor the Backup Servicer shall
resign from the obligations and duties imposed on it by this Agreement as
Servicer or Backup Servicer except upon a determination that by reason of a
change in legal requirements the performance of its duties under this Agreement
would cause it to be in violation of such legal requirements in a manner which
would have a material adverse effect on the Servicer or the Backup Servicer, as
the case may be, and the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) or a Note Majority (if an Insurer Default shall
have occurred and be continuing) does not elect to waive the obligations of the
Servicer or the Backup Servicer, as the case may be, to perform the duties
which render it legally unable to act or to delegate those duties to another
Person. Any such determination permitting the resignation of the Servicer or
Backup Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered and acceptable to the Trust Collateral Agent, the Owner Trustee and
the Insurer (unless an Insurer Default shall have occurred and be continuing).
No resignation of the Servicer shall become effective until, so long as no
Insurer Default shall have occurred and be continuing the Backup Servicer or an
entity

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acceptable to the Insurer shall have assumed the responsibilities and
obligations of the Servicer or, if an Insurer Default shall have occurred and
be continuing, the
Backup Servicer or another successor Servicer appointed by the Trustee shall
have assumed the responsibilities and obligations of the Servicer. No
resignation of the Backup Servicer shall become effective until, so long as no
Insurer Default shall have occurred and be continuing, an entity acceptable to
the Insurer shall have assumed the responsibilities and obligations of the
Backup Servicer or, if an Insurer Default shall have occurred and be continuing
a Person that is acceptable to the Trustee shall have assumed the
responsibilities and obligations of the Backup Servicer; provided, however,
that (i) in the event a successor Backup Servicer is not appointed within 60
days after the Backup Servicer has given notice of its resignation and has
provided the Opinion of Counsel required by this Section, the Backup Servicer
may petition a court for its removal and (ii) the Backup Servicer may resign
with the written consent of the Insurer.

ARTICLE IX

Default

          SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each
of the following shall constitute a “Servicer Termination Event”:

          (a) Any failure by the Servicer to deliver to the Trust Collateral Agent
for distribution to Noteholders any proceeds or payment required to be so
delivered under the terms of this Agreement that continues unremedied for a
period of two Business Days (one Business Day with respect to payment of
Purchase Amounts) after written notice is received by the Servicer from the
Trust Collateral Agent or (unless an Insurer Default shall have occurred and be
continuing) the Insurer or after discovery of such failure by a Responsible
Officer of the Servicer;

          (b) Failure by the Servicer to deliver to the Trust Collateral Agent and
(so long as an Insurer Default shall not have occurred and be continuing) the
Insurer the Servicer’s Certificate by the fourth Business Day prior to the
Insured Distribution Date, or failure on the part of the Servicer to observe
its covenants and agreements set forth in Section 8.4(a);

          (c) Failure on the part of the Servicer duly to observe or perform any
other covenants or agreements of the Servicer set forth in this Agreement,
which failure (i) materially and adversely affects the rights of Noteholders
(determined without regard to the availability of funds under the Note Policy),
or of the Insurer (unless an Insurer Default shall have occurred and be
continuing), and (ii) continues unremedied for a period of 30 days after
knowledge thereof by the Servicer or after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing by any Noteholder);

          (d) The entry of a decree or order for relief by a court or regulatory
authority having jurisdiction in respect of the Servicer in an involuntary case
under the federal bankruptcy laws, as now or hereafter in effect, or another
present or future, federal bankruptcy, insolvency or similar law, or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Servicer of any substantial part of its property or
ordering the winding up

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or liquidation of the affairs of the Servicer and the continuance of any
such decree or order unstayed and in effect for a period of 60 consecutive days
or the commencement of an involuntary case under the federal bankruptcy laws,
as now or hereinafter in effect, or another present or future federal or state
bankruptcy, insolvency or similar law and such case is not dismissed within 60
days; or

          (e) The commencement by the Servicer of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or any other present or future,
federal or state, bankruptcy, insolvency or similar law, or the consent by the
Servicer to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Servicer or of any substantial part of its property or the making by the
Servicer or of an assignment for the benefit of creditors or the failure by the
Servicer generally to pay its debts as such debts become due or the taking of
corporate action by the Servicer in furtherance of any of the foregoing; or

          (f) Any representation, warranty or statement of the Servicer made in this
Agreement or any certificate, report or other writing delivered pursuant hereto
shall prove to be incorrect in any material respect as of the time when the
same shall have been made, and the incorrectness of such representation,
warranty or statement has a material adverse effect on the Trust or the
Noteholders and, within 30 days after knowledge thereof by the Servicer or
after written notice thereof shall have been given to the Servicer by the Trust
Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred
and be continuing, a Noteholder), the circumstances or condition in respect of
which such representation, warranty or statement was incorrect shall not have
been eliminated or otherwise cured; or

          (g) So long as an Insurer Default shall not have occurred and be
continuing, the Insurer shall not have delivered a Servicer Extension Notice
pursuant to Section 4.14 and the current term of this Agreement has ended;

          (h) So long as an Insurer Default shall not have occurred and be
continuing, an Insurance Agreement Event of Default occurs or an Event of
Default under any other Insurance and Indemnity Agreement relating to any other
Series shall have occurred; or

          (i) A claim is made under the Note Policy.

          SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer
Termination Event shall occur and be continuing, the Insurer (or, if an Insurer
Default shall have occurred and be continuing either the Trust Collateral
Agent, (to the extent it has knowledge thereof) or a Note Majority), by notice
given in writing to the Servicer (and to the Trust Collateral Agent if given by
the Insurer or the Noteholders) or by non-extension of the term of the Servicer
as referred to in Section 4.14 may terminate all of the rights and obligations
of the Servicer under this Agreement. On or after the receipt by the Servicer
of such written notice or upon termination of the term of the Servicer, all
authority, power, obligations and responsibilities of the Servicer under this
Agreement, whether with respect to the Notes, the Certificates or the Other
Conveyed Property or otherwise, shall pass to, be vested in and become
obligations and responsibilities of the Backup Servicer (or such other
successor Servicer
appointed by the Controlling Party); provided, however, that if the Backup
Servicer is to become the successor

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Servicer, the Backup Servicer shall not be
liable for the obligations and responsibilities of the Servicer under this
Agreement until the Backup Servicer has received the Transfer Notice from the
Controlling Party and the Transfer Period has expired; provided, further, that
the successor Servicer shall have no liability with respect to any obligation
which was required to be performed by the terminated Servicer prior to the date
that the successor Servicer becomes the Servicer or any claim of a third party
based on any alleged action or inaction of the terminated Servicer. The
successor Servicer is authorized and empowered by this Agreement to execute and
deliver, on behalf of the terminated Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of
such notice of termination, whether to complete the transfer and endorsement of
the Receivables and the Other Conveyed Property and related documents to show
the Trust as lienholder or secured party on the related Lien Certificates, or
otherwise. The terminated Servicer agrees to cooperate with the successor
Servicer in effecting the termination of the responsibilities and rights of the
terminated Servicer under this Agreement, including, without limitation, the
transfer to the successor Servicer for administration by it of all cash amounts
that shall at the time be held by the terminated Servicer for deposit, or have
been deposited by the terminated Servicer, in the Collection Account or
thereafter received with respect to the Receivables and the delivery to the
successor Servicer of all Receivable Files, Monthly Records and Collection
Records and a computer tape in readable form as of the most recent Business Day
containing all information necessary to enable the Backup Servicer or a
successor Servicer to service the Receivables and the Other Conveyed Property.
If requested by the Controlling Party, the successor Servicer shall terminate
the Lockbox Agreement and direct the Obligors to make all payments under the
Receivables directly to the successor Servicer (in which event the successor
Servicer shall process such payments in accordance with Section 4.2(e)), or to
a lockbox established by the successor Servicer at the direction of the
Controlling Party, at the successor Servicer’s expense. The terminated
Servicer shall grant the Trust Collateral Agent, the successor Servicer and the
Controlling Party reasonable access to the terminated Servicer’s premises at
the terminated Servicer’s expense.

          SECTION 9.3. Appointment of Successor.

          (a) On and after the time the Servicer receives a notice of termination
pursuant to Section 9.2, upon non-extension of the servicing term as referred
to in Section 4.14, or upon the resignation of the Servicer pursuant to Section
8.7, the Backup Servicer (unless the Controlling Party shall have exercised its
option pursuant to Section 9.3(b) to appoint an alternate successor Servicer)
shall be the successor in all respects, except as expressly set forth in Annex
A hereto, to the Servicer in its capacity as Servicer under this Agreement and
the transactions set forth or provided for in this Agreement, and shall be
subject to all the rights, responsibilities, restrictions, duties, liabilities
and termination provisions relating thereto placed on the Servicer by the terms
and provisions of this Agreement except as otherwise stated herein. The Trust
Collateral Agent and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession. If a
successor Servicer is acting as Servicer hereunder, it shall be subject to term
to term servicing as referred to in Section
4.14 and to termination under Section 9.2 upon the occurrence of any
Servicer Termination Event applicable to it as Servicer.

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          (b) The Controlling Party may exercise at any time its right to appoint as
Backup Servicer or as successor to the Servicer a Person other than the Person
serving as Backup Servicer at the time, and (without limiting its obligations
under the Note Policy) shall have no liability to the Trust Collateral Agent,
AmeriCredit, the Seller, the Person then serving as Backup Servicer, any
Noteholders or any other Person if it does so. Notwithstanding the above, if
the Backup Servicer shall be legally unable or unwilling to act as Servicer,
and an Insurer Default shall have occurred and be continuing, the Backup
Servicer, the Trust Collateral Agent or a Note Majority may petition a court of
competent jurisdiction to appoint a Person that it determines is competent to
perform the duties of the Servicer hereunder as the successor to the Servicer.
Pending appointment pursuant to the preceding sentence, the Backup Servicer
shall act as successor Servicer unless it is legally unable to do so, in which
event the outgoing Servicer shall continue to act as Servicer until a successor
has been appointed and accepted such appointment. Subject to Section 8.7, no
provision of this Agreement shall be construed as relieving the Backup Servicer
of its obligation to succeed as successor Servicer upon the termination of the
Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to
Section 8.7 or the non-extension of the servicing term of the Servicer, as
referred to in Section 4.14. If upon the termination of the Servicer pursuant
to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7, the
Controlling Party appoints a successor Servicer other than the Backup Servicer,
the Backup Servicer shall not be relieved of its duties as Backup Servicer
hereunder. In the event any successor Servicer is terminated pursuant to
Section 9.2 hereof, the Controlling Party shall appoint an eligible servicer as
successor Servicer or may in its discretion, petition a court of competent
jurisdiction to appoint a Person that it determines is competent to perform the
duties of the Servicer hereunder as successor Servicer. Pending appointment
pursuant to the preceding sentence, the outgoing Servicer shall continue to act
as Servicer until a successor has been appointed and accepted such appointment.

          (c) Any successor Servicer shall be entitled to such compensation (whether
payable out of the Collection Account or otherwise) as the Servicer would have
been entitled to under this Agreement if the Servicer had not resigned or been
terminated hereunder or such other compensation as agreed to by the Insurer in
writing. If any successor Servicer is appointed as a result of the Backup
Servicer’s refusal (in breach of the terms of this Agreement) to act as
Servicer although it is legally able to do so, the Insurer and such successor
Servicer may agree on reasonable additional compensation to be paid to such
successor Servicer; provided, however, it being understood and agreed that the
Insurer shall give prior notice to the Backup Servicer with respect to the
appointment of such successor and the payment of additional compensation, if
any. If any successor Servicer is appointed for any reason other than the
Backup Servicer’s refusal to act as Servicer although legally able to do so,
the Backup Servicer shall not be liable for any Servicing Fee, additional
compensation or other amounts to be paid to such successor Servicer in
connection with its assumption and performance of the servicing duties
described herein.

          (d) Notwithstanding anything contained in this Agreement to the contrary,
the Backup Servicer is authorized to accept and rely on all of the accounting
records (including computer records) and work of the prior Servicer relating to
the Receivables (collectively, the “Predecessor Servicer Work Product”) without
any audit or other examination thereof, and the
Backup Servicer shall have no duty, responsibility, obligation or liability for
the acts and omissions of the prior Servicer. If any error, inaccuracy,
omission or incorrect or non-standard practice or procedure (collectively,
“Errors”) exist in any Predecessor Servicer Work Product and

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such Errors make
it materially more difficult to service or should cause or materially
contribute to the Backup Servicer making or continuing any Errors
(collectively, “Continuing Errors ), the Backup Servicer shall have no duty,
responsibility, obligation or liability for such Continuing Errors; provided,
however, that the Backup Servicer agrees to use its best efforts to prevent
further Continuing Errors. In the event that the Backup Servicer becomes aware
of Errors or Continuing Errors, it shall, with the prior consent of the
Controlling Party use its best efforts to reconstruct and reconcile such data
as is commercially reasonable to correct such Errors and Continuing Errors and
to prevent future Continuing Errors. The Backup Servicer shall be entitled to
recover its costs thereby expended in accordance with the priorities set forth
in Section 5.7 hereof or, to the extent not paid therefrom, from the Spread
Account in accordance with the terms of the Spread Account Agreement.

          SECTION 9.4. Notification to Noteholders. Upon any termination of, or
appointment of a successor to, the Servicer or the Backup Servicer, the Trust
Collateral Agent shall give prompt written notice thereof to each Noteholder
and to the Rating Agencies.

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

          SECTION 9.6. Backup Servicer Termination. Prior to an appointment of the
Backup Servicer as successor Servicer, the Controlling Party may, in its sole
discretion, without cause upon not less than 30 days’ notice, terminate the
rights and obligations of the Backup Servicer. The terminated Backup Servicer
agrees to cooperate with any successor Backup Servicer appointed by the
Controlling Party in effecting the termination of the responsibilities and
rights of the terminated Backup Servicer under this Agreement, including,
without limitation, the delivery to the successor Backup Servicer of all
documents, records and electronic information related to the Receivables in the
possession of the Backup Servicer. Expenses incurred by the Backup Servicer in
respect of the foregoing sentence shall be reimbursed in accordance with the
priorities set forth in Section 5.7 hereof or, to the extent not paid
therefrom, from the Spread Account in accordance with the terms of the Spread
Account Agreement.

ARTICLE X

Termination

          SECTION 10.1. Optional Purchase of All Receivables.

          (a) Subject to Section 10.1(a) of the Indenture, on the last day of any
Collection Period as of which the Pool Balance shall be less than or equal to
10% of the Original

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Pool Balance, the Servicer and the Seller each shall have
the option to purchase the Owner Trust Estate, other than the Trust Accounts
(with the consent of the Insurer if such purchase would result in a claim on
the Note Policy or would result in any amount owing to the Insurer under the
Insurance Agreement remaining unpaid); provided, however, that the amount to be
paid for such purchase (as set forth in the following sentence) shall be
sufficient to pay the full amount of principal, premium if any, and interest
then due and payable on the Notes. To exercise such option, the Servicer or
the Seller, as the case may be, shall deposit pursuant to Section 5.6 in the
Collection Account an amount equal to the aggregate Purchase Amount for the
Receivables (including Liquidated Receivables), plus the appraised value of any
other property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by the Servicer, the Insurer and the Trust Collateral
Agent, and shall succeed to all interests in and to the Trust.

          (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of
the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to
deposit the proceeds from such sale after all payments and reserves therefrom
(including the expenses of such sale) have been made (the “Insolvency
Proceeds”) in the Collection Account.

          (c) Notice of any termination of the Trust shall be given by the Servicer
or the Seller to the Owner Trustee, the Trustee, the Backup Servicer, the Trust
Collateral Agent, the Collateral Agent, the Insurer and the Rating Agencies as
soon as practicable after the Servicer or the Seller has received notice
thereof.

          (d) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder and
the Owner Trustee will succeed to the rights of, and assume the obligations of,
the Trust Collateral Agent pursuant to this Agreement.

ARTICLE XI

Administrative Duties of the Servicer

          SECTION 11.1. Administrative Duties.

          (a) Duties with Respect to the Indenture. The Servicer shall perform all
its duties and the duties of the Issuer under the Indenture. In addition, the
Servicer shall consult with the Owner Trustee as the Servicer deems appropriate
regarding the duties of the Issuer
under the Indenture. The Servicer shall monitor the performance of the
Issuer and shall advise the Owner Trustee when action is necessary to comply
with the Issuer’s duties under the Indenture. The Servicer shall prepare for
execution by the Issuer or shall cause the preparation by other appropriate
Persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer to prepare, file or deliver
pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall
take all necessary action that is the duty of the Issuer to take pursuant to
the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5,
3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the
Indenture.

          (b) Duties with Respect to the Issuer.

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          (i) In addition to the duties of the Servicer set forth in this
Agreement or any of the Basic Documents, the Servicer shall perform such
calculations and shall prepare for execution by the Issuer or the Owner
Trustee or shall cause the preparation by other appropriate Persons of
all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee to
prepare, file or deliver pursuant to this Agreement or any of the Basic
Documents or under state and federal tax and securities laws (including
any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any
rule or regulation promulgated thereunder), and at the request of the
Owner Trustee shall take all appropriate action that it is the duty of
the Issuer to take pursuant to this Agreement or any of the Basic
Documents, including, without limitation, pursuant to Sections 2.6 and
2.11 of the Trust Agreement. In accordance with the directions of the
Issuer or the Owner Trustee, the Servicer shall administer, perform or
supervise the performance of such other activities in connection with the
Collateral (including the Basic Documents) as are not covered by any of
the foregoing provisions and as are expressly requested by the Issuer or
the Owner Trustee and are reasonably within the capability of the
Servicer. The Servicer shall monitor the activities of the Issuer to
ensure the Issuer’s compliance with Section 4.6 of the Trust Agreement
and shall take all action necessary to ensure that the Issuer is operated
in accordance with the provisions of such section.

          (ii) Notwithstanding anything in this Agreement or any of the Basic
Documents to the contrary, the Servicer shall be responsible for promptly
notifying the Owner Trustee and the Trust Collateral Agent in the event
that any withholding tax is imposed on the Issuer’s payments (or
allocations of income) to an Owner (as defined in the Trust Agreement) as
contemplated by this Agreement. Any such notice shall be in writing and
specify the amount of any withholding tax required to be withheld by the
Owner Trustee or the Trust Collateral Agent pursuant to such provision.

          (iii) Notwithstanding anything in this Agreement or the Basic
Documents to the contrary, the Servicer shall be responsible for
performance of the duties of the Issuer set forth in Section 5.1(a) and
(b) of the Trust Agreement with respect to, among other things,
accounting and reports to Owners (as defined in the Trust Agreement);
provided, however, that once prepared by the Servicer the Owner Trustee
shall retain responsibility for the distribution of the Schedule K-1s
necessary to enable the Certificateholder to prepare its federal and
state income tax returns.

          (iv) The Servicer shall perform the duties of the Servicer specified
in Section 9.2 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee, and any
other duties expressly required to be performed by the Servicer under
this Agreement or any of the Basic Documents.

          (v) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Servicer may enter into
transactions with or otherwise deal with any of its Affiliates; provided,
however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in
the Servicer’s opinion, no less favorable to the Issuer in any material
respect.

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          (c) Tax Matters. The Servicer shall prepare and file, on behalf of the
Seller, all tax returns, tax elections, financial statements and such annual or
other reports attributable to the activities engaged in by the Issuer as are
necessary for preparation of tax reports, including without limitation forms
1099. All tax returns will be signed by the Seller.

          (d) Non-Ministerial Matters. With respect to matters that in the
reasonable judgment of the Servicer are non-ministerial, the Servicer shall not
take any action pursuant to this Article unless within a reasonable time before
the taking of such action, the Servicer shall have notified the Owner Trustee
and the Trustee of the proposed action and the Owner Trustee and, with respect
to items (A), (B), (C) and (D) below, the Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding
sentence, “non-ministerial matters” shall include:

     (A) the amendment of or any supplement to the Indenture;

     (B) the initiation of any claim or lawsuit by the Issuer
and the compromise of any action, claim or lawsuit brought by
or against the Issuer (other than in connection with the
collection of the Receivables);

     (C) the amendment, change or modification of this
Agreement or any of the Basic Documents;

     (D) the appointment of successor Note Registrars,
successor Paying Agents and successor Trustees pursuant to
the Indenture or the appointment of successor Servicers or
the consent to the assignment by the Note Registrar, Paying
Agent or Trustee of its obligations under the Indenture; and

     (E) the removal of the Trustee or the Trust Collateral
Agent.

          (e) Exceptions. Notwithstanding anything to the contrary in this
Agreement, except as expressly provided herein or in the other Basic Documents,
the Servicer, in its capacity hereunder, shall not be obligated to, and shall
not, (1) make any payments to the Noteholders or Certificateholders under the
Basic Documents, (2) sell the Trust Property pursuant to Section 5.5 of the
Indenture, (3) take any other action that the Issuer directs the Servicer not
to take on its behalf or (4) in connection with its duties hereunder assume any
indemnification obligation of any other Person.

          (f) The Backup Servicer or any successor Servicer shall not be responsible
for any obligations or duties of the Servicer under this Section 11.1.
Notwithstanding the foregoing or any other provision of this Agreement,
AmeriCredit shall continue to perform the obligations of the Servicer under
this Section 11.1.

          SECTION 11.2. Records. The Servicer shall maintain appropriate books of
account and records relating to services performed under this Agreement, which
books of account and records shall be accessible for inspection by the Issuer
and the Insurer at any time during normal business hours.

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          SECTION 11.3. Additional Information to be Furnished to the Issuer. The
Servicer shall furnish to the Issuer and the Insurer from time to time such
additional information regarding the Collateral as the Issuer and the Insurer
shall reasonably request.

ARTICLE XII

Miscellaneous Provisions

          SECTION 12.1. Amendment.

          (a) This Agreement may be amended from time to time by the parties hereto,
with the consent of the Trustee (which consent may not be unreasonably
withheld), with the prior written consent of the Insurer (so long as no Insurer
Default has occurred and is continuing) but without the consent of any of the
Noteholders, to cure any ambiguity, to correct or supplement any provisions in
this Agreement, to comply with any changes in the Code, or to make any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement or the
Insurance Agreement; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel delivered to Owner Trustee, the Insurer and
the Trustee, adversely affect in any material respect the interests of any
Noteholder; provided further that if an Insurer Default has occurred and is
continuing, such action shall not materially adversely affect the interests of
the Insurer.

          This Agreement may also be amended from time to time by the parties
hereto, with the consent of the Insurer (so long as no Insurer Default has
occurred and is continuing), the consent of the Trustee, and with the consent
of the Holders of Notes evidencing not less than a majority of the outstanding
principal amount of the Notes for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Noteholders; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount
of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made for the benefit
of the Noteholders or (b) reduce the aforesaid percentage of the outstanding
principal amount of the Notes, the Holders of which are required to consent to
any such amendment, without the consent of the Holders of all the outstanding
Notes of each class
affected thereby; provided, further, that if an Insurer Default has
occurred and is continuing, such action shall not materially adversely affect
the interest of the Insurer.

          Promptly after the execution of any such amendment or consent, the Trust
Collateral Agent shall furnish written notification of the substance of such
amendment or consent to each Noteholder and the Rating Agencies.

          It shall not be necessary for the consent of Noteholders pursuant to this
Section to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents (and any other consents of Noteholders
provided for in this Agreement) and of evidencing the authorization of any
action by Noteholders shall be subject to such reasonable requirements as the
Trustee or the Owner Trustee, as applicable, may prescribe.

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          Prior to the execution of any amendment to this Agreement, the Owner
Trustee and the Trustee, Trust Collateral Agent, Collateral Agent and Backup
Servicer shall be entitled to receive and conclusively rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1)
has been delivered. The Owner Trustee, the Trust Collateral Agent, the Backup
Servicer and the Trustee may, but shall not be obligated to, enter into any
such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust
Collateral Agent’s, the Backup Servicer’s or the Trustee’s, as applicable, own
rights, duties or immunities under this Agreement or otherwise.

          (b) Notwithstanding anything to the contrary contained in Section 12.1(a)
above, the provisions of the Agreement relating to (i) the Spread Account
Agreement Supplement, the Spread Account, a Trigger Event or any component
definition of a Trigger Event and (ii) any additional sources of funds which
may be added to the Spread Account or uses of funds on deposit in the Spread
Account may be amended in any respect by the Seller, the Servicer, the Insurer
and the Collateral Agent (the consent of which shall not be withheld or delayed
with respect to any amendment that does not adversely affect the Collateral
Agent) without the consent of, or notice to, the Noteholders.

          SECTION 12.2. Protection of Title to Trust.

          (a) The Seller shall authorize and file such financing statements and
cause to be authorized and filed such continuation statements, all in such
manner and in such places as may be required by law fully to preserve, maintain
and protect the interest of the Issuer and the interests of the Trust
Collateral Agent in the Receivables and in the proceeds thereof. The Seller
shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and
the Trust Collateral Agent file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing.

          (b) Neither the Seller nor the Servicer shall change its name, identity or
corporate structure in any manner that would, could or might make any financing
statement or continuation statement filed in accordance with paragraph (a)
above seriously misleading within
the meaning of 9-506 of the UCC, unless it shall have given the Insurer,
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the
Trustee at least five days’ prior written notice thereof and shall have
promptly filed appropriate amendments to all previously filed financing
statements or continuation statements. Promptly upon such filing, the Seller
or the Servicer, as the case may be, shall deliver an Opinion of Counsel in
form and substance reasonably satisfactory to the Insurer, stating either (A)
all financing statements and continuation statements have been executed and
filed that are necessary fully to preserve and protect the interest of the
Trust and the Trust Collateral Agent in the Receivables, and reciting the
details of such filings or referring to prior Opinions of Counsel in which such
details are given, or (B) no such action shall be necessary to preserve and
protect such interest.

          (c) Each of the Seller and the Servicer shall have an obligation to give
the Insurer, the Owner Trustee, the Backup Servicer, the Trust Collateral Agent
and the Trustee at least 60 days’ prior written notice of any relocation of its
principal executive office or jurisdiction of organization if, as a result of
such relocation, the applicable provisions of the UCC would

73

 

require the filing
of any amendment of any previously filed financing or continuation statement or
of any new financing statement and shall promptly file any such amendment or
new financing statement. The Servicer shall at all times maintain (i) each
office from which it shall service Receivables within the United States of
America or Canada, and (ii) its principal executive office within the United
States of America.

          (d) The Servicer shall maintain accounts and records as to each Receivable
accurately and in sufficient detail to permit (i) the reader thereof to know at
any time the status of such Receivable, including payments and recoveries made
and payments owing (and the nature of each) and (ii) reconciliation between
payments or recoveries on (or with respect to) each Receivable and the amounts
from time to time deposited in the Collection Account in respect of such
Receivable.

          (e) The Servicer shall maintain its computer systems so that, from and
after the time of sale under this Agreement of the Receivables to the Issuer,
the Servicer’s master computer records (including any backup archives) that
refer to a Receivable shall indicate clearly the interest of the Trust in such
Receivable and that such Receivable is owned by the Trust. Indication of the
Trust’s interest in a Receivable shall be deleted from or modified on the
Servicer’s computer systems when, and only when, the related Receivable shall
have been paid in full or repurchased or sold pursuant to this Agreement.

          (f) If at any time the Seller or the Servicer shall propose to sell, grant
a security interest in or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable,
shall indicate clearly that such Receivable has been sold and is owned by the
Trust.

          (g) Upon request, the Servicer shall furnish to the Insurer, the Owner
Trustee, the Backup Servicer or to the Trustee, within five Business Days, a
list of all Receivables (by contract number and name of Obligor) then held as
part of the Trust, together with a
reconciliation of such list to the Schedule of Receivables and to each of
the Servicer’s Certificates furnished before such request indicating removal of
Receivables from the Trust.

          (h) The Servicer shall deliver to the Insurer, the Backup Servicer, the
Owner Trustee and the Trustee:

          (1) promptly after the execution and delivery of the Agreement and,
if required pursuant to Section 12.1, of each amendment, an Opinion of
Counsel stating that, in the opinion of such Counsel, in form and
substance reasonably satisfactory to the Insurer, either (A) all
financing statements and continuation statements have been authorized and
filed that are necessary fully to preserve and protect the interest of
the Trust and the Trust Collateral Agent in the Receivables, and reciting
the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (B) no such action shall be necessary to
preserve and protect such interest; and

          (2) within 90 days after the beginning of each calendar year
beginning with the first calendar year beginning more than three months
after the Cutoff Date, an

74

 

Opinion of Counsel, dated as of a date during
such 90-day period, stating that, in the opinion of such counsel, either
(A) all financing statements and continuation statements have been
authorized and filed that are necessary fully to preserve and protect the
interest of the Trust and the Trust Collateral Agent in the Receivables,
and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (B) no such action shall
be necessary to preserve and protect such interest.

          Each Opinion of Counsel referred to in clause (1) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in
the following year to preserve and protect such interest.

          SECTION 12.3. Notices. All demands, notices and communications upon or to the
Seller, the Servicer, the Owner Trustee, the Trustee, the Backup Servicer or
the Rating Agencies under this Agreement shall be in writing, personally
delivered, electronically delivered, mailed by certified mail, return receipt
requested, federal express or similar overnight courier service, and shall be
deemed to have been duly given upon receipt (a) in the case of the Seller to
AFS Funding Trust, c/o Deutsche Bank Trust Company, as Owner Trustee, E.A.
Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805-1266, Attention: Corporate Trust, with a copy to
AmeriCredit Financial Services, Inc., as Administrator, 801 Cherry Street,
Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (b) in
the case of the Servicer to AmeriCredit Financial Services, Inc., 801 Cherry
Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer, (c) in the case of the Issuer or the Owner Trustee, at the Corporate
Trust Office of the Owner Trustee, Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration (d) in the case of the Trustee, the Collateral
Agent or the Trust Collateral Agent, at the Corporate Trust Office, (e) in the
case of the Insurer, to Financial Security Assurance Inc., 350 Park Avenue, New
York, New York 10022; Attention: Senior Vice President, Surveillance (in each
case in which notice or other communication to the Insurer refers to a Servicer
Termination Event, a claim on the Note Policy, a Deficiency Notice pursuant
to Section 5.5 of this Agreement or with respect to which failure on the part
of the Insurer to respond shall be deemed to constitute consent or acceptance,
then a copy of such notice or other communication should also be sent to the
attention of each of the General Counsel and the Head-Financial Guaranty Group
and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); (f) in the case of
the Backup Servicer, to Systems & Services Technologies, Inc., 4315 Pickett
Road, St. Joseph, Missouri 64504, Attention: David Chappell and Joseph Booz;
(g) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007; (h) in the case of
Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com, or,
for any information not available in electronic format, to Standard & Poor’s
Ratings Services, 55 Water Street, 41st Floor, New York, New York 10041-0003,
Attention: ABS Surveillance Group; and (i) in the case of Fitch, to One State
Street Plaza, New York, New York 10004. Any notice required or permitted to be
mailed to a Noteholder shall be given by first class mail, postage prepaid, at
the address of such Holder as shown in the Note Register. Any notice so mailed
within the time prescribed in the Agreement shall be conclusively presumed to
have been duly given, whether or not the Noteholder shall receive such notice.

75

 

          SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted
assigns. Notwithstanding anything to the contrary contained herein, except as
provided in Sections 7.4 and 8.4 and as provided in the provisions of this
Agreement concerning the resignation of the Servicer, this Agreement may not be
assigned by the Seller or the Servicer without the prior written consent of the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Trustee and
the Insurer (or if an Insurer Default shall have occurred and be continuing the
Holders of Notes evidencing not less than 66-2/3% of the principal amount of
the outstanding Notes).

          SECTION 12.5. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the parties hereto, the Trustee, the
Insurer, and the Noteholders, as third-party beneficiaries. The Insurer and
its successors and assigns shall be a third-party beneficiary to the provisions
of this Agreement, and shall be entitled to rely upon and directly enforce such
provisions of this Agreement so long as no Insurer Default shall have occurred
and be continuing. Except as expressly stated otherwise herein, any right of
the Insurer to direct, appoint, consent to, approve of, or take any action
under this Agreement, shall be a right exercised by the Insurer in its sole and
absolute discretion. The Insurer may disclaim any of its rights and powers
under this Agreement (but not its duties and obligations under the Note Policy)
upon delivery of a written notice to the Owner Trustee. Nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

          SECTION 12.6. Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          SECTION 12.7. Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

          SECTION 12.8. Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

          SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY
TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

76

 

          SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest
by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the
benefit of the Noteholders of all right, title and interest of the Issuer in,
to and under the Receivables listed in Schedule A hereto and/or the assignment
of any or all of the Issuer’s rights and obligations hereunder to the Trust
Collateral Agent.

          SECTION 12.11. Nonpetition Covenants. (a) Notwithstanding any prior termination
of this Agreement, the Servicer and the Seller shall not, prior to the date
which is one year and one day after the termination of this Agreement with
respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Issuer to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Issuer or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Issuer.

          (b) Notwithstanding any prior termination of this Agreement, the Servicer
shall not, prior to the date that is one year and one day after the termination
of this Agreement with respect to the Seller, acquiesce to, petition or
otherwise invoke or cause the Seller to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against
the Seller under any federal or state bankruptcy, insolvency or similar law,
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the
Seller or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Seller.

          SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee.

          (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Wilmington Trust Company not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Wilmington Trust Company in its individual capacity or,
except as expressly provided in the Trust Agreement, as Owner Trustee have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had
solely to the assets of the Issuer. For all purposes of this Agreement, in the
performance of its duties or obligations hereunder or in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles V, VI and VII of the Trust Agreement.

          (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed and delivered by JPMorgan Chase Bank, not in its
individual capacity but solely as Trust Collateral Agent and in no event shall
JPMorgan Chase Bank, have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

77

 

          (c) 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 12.13. Independence of the Servicer. For all purposes of this
Agreement, the Servicer shall be an independent contractor and shall not be
subject to the supervision of the Issuer, the Trust Collateral Agent and Backup
Servicer or the Owner Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly
authorized by this Agreement, the Servicer shall have no authority to act for
or represent the Issuer or the Owner Trustee in any way and shall not otherwise
be deemed an agent of the Issuer or the Owner Trustee.

          SECTION 12.14. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Servicer and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

          SECTION 12.15. State Business Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust
to file each state business license (and any renewal thereof) required to be
filed under applicable state law without further consent or instruction from
the Instructing Party (as defined in the Trust Agreement), including a Sales
Finance Company Application (and any renewal thereof) with the Pennsylvania
Department of Banking, Licensing Division, and a Financial Regulation
Application (and any renewal thereof) with the Maryland Department of Labor,
Licensing and Regulation.

[Remainder of page intentionally left blank.]

78

 

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

	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-D-F
	 	 	
By:
	 	WILMINGTON TRUST COMPANY, not in its

individual capacity but solely as

Owner Trustee on behalf of the Trust
	 	 	
By:
	 	/s/ Heather L. Williamson

Name: Heather L. Williamson

Title: Financial Services Officer
	 	 	AFS FUNDING TRUST, Seller,
	 	 	
By:
	 	AMERICREDIT FINANCIAL

SERVICES, INC., as Administrator
	 	 	
By:
	 	/s/ Sheli Fitzgerald

Name: Sheli Fitzgerald

Title: Assistant Vice President
	 	 	AMERICREDIT FINANCIAL SERVICES, INC., Servicer,
	 	 	
By:
	 	/s/ Susan B. Sheffield

Name: Susan B. Sheffield

Title: Senior Vice President

 

 

	 	 	 	 	 
	 	 	SYSTEMS & SERVICES TECHNOLOGIES, INC.,
not in its individual capacity but solely as Backup Servicer
	 	 	
By:
	 	/s/ Kimberly K. Costa

Name: Kimberly K. Costa

Title: Vice President

	 	 	 	 	 
	Acknowledged and accepted by	 	 
	JPMORGAN CHASE BANK, 
not in its individual capacity but solely 
as Trust Collateral Agent	 	 
	By:	 	
/s/ Melissa Wilman

Name: Melissa Wilman

Title: Vice President	 	 

[Sale and Servicing Agreement]

 

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

 

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER

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

          2. Fraud or Misrepresentation. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit to the Seller without any fraud or
misrepresentation on the part of such Dealer or Third-Party Lender or
AmeriCredit in any case.

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

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

Sch-B-1

 

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

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

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

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

          9. Marking Records. By the Closing Date, the Seller will have caused the
portions of the Electronic Ledger relating to the Receivables to be clearly and
unambiguously marked to show that the Receivables have been sold to the Seller
by the Servicer and resold by the Seller to the Trust in accordance with the
terms of the Sale and Servicing Agreement.

          10. Computer Tape. The Computer Tape made available by the Seller to the
Trust on the Closing Date was complete and accurate as of the Cutoff Date and
includes a description of the same Receivables that are described in the
Schedule of Receivables.

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

          12. Chattel Paper. The Receivables constitute (A) “tangible chattel
paper” within the meaning of the UCC as in effect in the States of Texas, New
York and Delaware and (B) each Receivable shall be maintained in its original
“tangible” form, unless the Controlling Party has consented in writing to such
chattel paper being maintained in another form or medium.

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

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

Sch-B-2

 

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

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

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

          18. Security Interest in Financed Vehicle. Each Receivable created or
shall create a valid, binding and enforceable first priority security interest
in favor of AmeriCredit in the Financed Vehicle. The Lien Certificate for each
Financed Vehicle shows, or if a new or replacement Lien Certificate is being
applied for with respect to such Financed Vehicle the Lien Certificate will be
received within 180 days of the Closing Date and will show, AmeriCredit (or,
with respect to Lien Certificates provided by the State of Maine, the Issuer)
named as the original secured party under each Receivable as the holder of a
first priority security interest in such Financed Vehicle. With respect to
each Receivable for which the Lien Certificate has not yet been returned from
the Registrar of Titles, AmeriCredit has applied for or received written
evidence from the related Dealer or Third-Party Lender that such Lien
Certificate showing AmeriCredit, or the Issuer, as applicable, as first
lienholder has been applied for and AmeriCredit’s security interest (assigned
by AmeriCredit to the Seller pursuant to the Purchase Agreement) has been
validly assigned by the Seller to the Trust pursuant to this Agreement. This
Agreement creates a valid and continuing security interest (as defined in the
UCC) in the Receivables in favor of the Trust, which security interest is prior
to all other Liens, and is enforceable as such as against creditors of and
purchasers from the Seller. Immediately after the sale, transfer and
assignment by the Seller to the Trust, each Receivable will be secured by an
enforceable and perfected first priority security interest in the Financed
Vehicle in favor of the Trust Collateral Agent as secured party, which security
interest is prior to all other Liens upon and security interests in such
Financed Vehicle which now exist or may hereafter arise or be created (except,
as to priority, for any lien for taxes, labor or materials affecting a Financed
Vehicle). As of the Cutoff Date, there were no Liens or claims for taxes,
work, labor or materials affecting a Financed Vehicle which are or may be Liens
prior or equal to the Liens of the related Receivable.

Sch-B-3

 

          19. All Filings Made. All filings (including, without limitation, UCC
filings) required to be made by any Person and actions required to be taken or
performed by any Person in any jurisdiction to give the Trust and the Trust
Collateral Agent a first priority perfected lien on, or ownership interest in,
the Receivables and the proceeds thereof and the Other Conveyed Property have
been made, taken or performed.

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

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

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

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

          24. Insurance. At the time of an origination of a Receivable by
AmeriCredit or a purchase of a Receivable by AmeriCredit from a Dealer or
Third-Party Lender, each Financed Vehicle is required to be covered by a
comprehensive and collision insurance policy (i) in an amount at least equal to
the lesser of (a) its maximum insurable value or (b) the principal amount due
from the Obligor under the related Receivable, (ii) naming AmeriCredit as loss
payee and (iii) insuring against loss and damage due to fire, theft,
transportation, collision and other risks generally covered by comprehensive
and collision coverage. Each Receivable requires the Obligor to maintain
physical loss and damage insurance, naming AmeriCredit and its successors and
assigns as additional insured parties, and each Receivable permits the holder
thereof to obtain physical loss and damage insurance at the expense of the
Obligor if the Obligor fails to do so. No Financed Vehicle is insured under a
policy of Force-Placed Insurance on the related Cutoff Date.

          25. Past Due. At the Cutoff Date no Receivable was more than 30 days past
due.

Sch-B-4

 

          26. Remaining Principal Balance. At the Cutoff Date the Principal Balance
of each Receivable set forth in the Schedule of Receivables is true and
accurate in all material respects.

          27. Certain Characteristics of Receivables. (A) Each Receivable had a
remaining maturity, as of the Cutoff Date, of not more than 72 months; (B) each
Receivable had an original maturity, as of the Cutoff Date of not more than 72
months; (C) not more than 40% of Receivables (calculated by Aggregate Principal
Balance) shall have an original term to maturity of 72 months; (D) each
Receivable had a remaining Principal Balance as of the Cutoff Date of at least
$250 and not more than $80,000; (E) each Receivable has an Annual Percentage
Rate of at least 2% and not more than 33%; (F) the Receivables’ weighted
average annual percentage rate is not less than 16.25%; (G) not more than 35%
of the Obligors reside in Texas and California (based on the Obligor’s mailing
address as of the Cutoff Date); (H) no Receivable was more than 30 days past
due as of the Cutoff Date; and (I) no funds have been advanced by AmeriCredit,
any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them
in order to cause any Receivable to qualify under clause (H) above.

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

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

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

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

Sch-B-5

 

SCHEDULE C

SERVICING POLICIES AND PROCEDURES

Note: Applicable Time Periods Will Vary by State

Compliance with state collection laws is required of all AmeriCredit Collection
Personnel. Additionally, AmeriCredit has chosen to follow the guidelines of
the Federal Fair Debt Collection Practices Act (FDCPA).

The Collection Process

AmeriCredit mails each customer a monthly billing statement 16 to 20 days
before payment is due.

	A.	 	All accounts are issued to the Computer Assisted Collection System (CACS)
at 5 days delinquent or at such other dates of delinquency as determined
by historical payment patterns of the account.
	 
	B.	 	The CACS segregates accounts into two major groups: loans 5-45 days
delinquent and those over 45 days delinquent.
	 
	C.	 	Loans delinquent up to 45 days are then further segregated into two
groups: accounts that have good phone numbers and those that do not.
	 
	D.	 	Loans up to 45 days delinquent are transferred to the Concerto system
(AmeriCredit’s predictive dialing system). The system automatically dials
the phone number related to a delinquent account for all accounts that
have good phone numbers. When a connection is made, the account is then
routed to the next available account representative.
	 
	E.	 	Loans without good phone numbers are called manually, through the CACS
system, or in a preview dialer campaign.
	 
	F.	 	All reasonable collection efforts are made in an attempt to prevent these
accounts from becoming 30+ days delinquent – this includes the use of
collection letters. Collection letters may be utilized between 5th and
25th days of delinquency.
	 
	G.	 	When an account reaches 31 days delinquent, a collector determines if any
default notification is required in the state where the debtor lives.
	 
	H.	 	When an account exceeds 45 days delinquent, the loan is assigned to a 46+
collection team which will continue the collection effort until
resolution. If the account cannot be resolved through normal collection
efforts (i.e., satisfactory payment arrangements) then the account may be
submitted for repossession approval. An officer must approve all
repossession requests.
	 
	I.	 	CACS allows each collector to accurately document and update each
customer file when contact (verbal or written) is made.

Sch-C-1

 

Repossessions

If repossession of the collateral occurs, the following steps are taken:

	A.	 	Proper authorities are notified (if applicable).
	 
	B.	 	An inventory of all personal property is taken and a condition report is
prepared on the vehicle.
	 
	C.	 	Written notification, as required by state law, is sent to the
customer(s) stating their rights of redemption or reinstatement along with
information on how to obtain any personal property that was in the vehicle
at the time of repossession.
	 
	D.	 	Written request to the originating dealer for all refunds due for dealer
adds is made.
	 
	E.	 	Collateral disposition through public or private sale, (dictated by state
law), in a commercially reasonable manner, through a third-party auto
auction.
	 
	F.	 	After the collateral is liquidated, the debtor(s) is notified in writing
of the deficiency balance owed, if any.

Use of Due Date Changes

Due dates may be changed subject to the following conditions:

	A.	 	The account is contractually current or will be brought current with the
due date change.
	 
	B.	 	Due date changes cannot exceed the total of 30 days over the life of the
contract.
	 
	C.	 	The first installment payment has been paid in full.
	 
	D.	 	Only one due date change in a twelve month period.

An Officer must approve any exceptions to the above stated policy.

Use of Payment Deferments

A payment deferral is offered to customers who have the desire and capacity to
make future payments but who have encountered temporary financial difficulties,
with management approval.

	A.	 	Without prior approval, minimum of six payments have been made on the
account and a minimum of six payments have been made since the most recent
deferment (if any).
	 
	B.	 	The account will be brought current with the deferment, but not paid
ahead, without management approval.
	 
	C.	 	A deferment fee is collected on all transactions.

Sch-C-2

 

	D.	 	No more than eight total payments may be deferred over the life of the
loan, without management approval.

An Officer must approve any exceptions to the above stated policy.

Charge-Offs

It is AmeriCredit’s policy that any account that is not successfully recovered
by 120 days delinquent is submitted to an Officer for approval and charge-off.

It is AmeriCredit’s policy to carry all Chapter 13 bankruptcy accounts until
120 days delinquent. A partial charge-off is taken for the unsecured portion
of the account. On fully reaffirmed Chapter 7 bankruptcy accounts, the
accounts can be deferred current at the time of discharge.

Deficiency Collections

Collections on charged-off accounts are continued internally and/or assigned to
third party collection agencies for deficiency balances.

Sch-C-3

 

EXHIBIT A

SERVICER’S CERTIFICATE

 

 

EXHIBIT B

PRELIMINARY SERVICER’S CERTIFICATE

Annex A-1

 

ANNEX A

          If, pursuant to the terms and conditions of the Sale and Servicing
Agreement, Systems & Services Technologies, Inc. (“SST”) shall become the
Servicer (or JPMorgan Chase Bank as Backup Servicer shall succeed to SST and
become the Servicer), the following Sections shall be amended as follows unless
otherwise agreed to in writing by SST (if such provisions would be enforceable
against SST) or JPMorgan Chase Bank (if such provisions would be enforceable
against JPMorgan Chase Bank):

          Section 1.1: If SST is the Servicer, the definition of “Backup Servicer”
is replaced with the following definition:

          “Backup Servicer: means JPMorgan Chase Bank and its successors and
assigns.”

          Section 1.1: The definition of “Net Liquidation Proceeds” is replaced with
the following definition:

          “Net Liquidation Proceeds: means, with respect to all Receivables, the
excess, if any, of (a) Liquidation Proceeds for all such Receivables over (b)
the sum of (i) reasonable out-of-pocket expenses reimbursable to the Servicer
pursuant to Section 4.3 or 4.4 and (ii) amounts that are required to be
refunded to Obligors on such Receivables.”

          Section 4.3(a). The following provision shall follow the third sentence
of Section 4.3(a):

          “Notwithstanding anything to the contrary contained herein, following the
repossession and sale of the related Financed Vehicle by the Servicer, the
Servicer shall not be obligated to pursue any deficiency collections against
the related Obligor except pursuant to a separate agreement between the Issuer
and the Servicer with the consent of the Controlling Party.”

          Section 4.3(a). The last four sentences of Section 4.3(a) shall be
replaced in their entirety by the following sentences:

          “All amounts received upon liquidation of a Financed Vehicle shall be
remitted directly by the Servicer to the Lockbox Account no later than the
Business Day after receipt thereof. The Servicer shall be entitled to recover
all reasonable expenses incurred by it in the course of repossessing and
liquidating a Financed Vehicle into cash proceeds from the Liquidation Proceeds
of such liquidation, and any remaining expenses shall be payable from
Liquidation Proceeds received with respect to any Receivable in the related, or
any future, Collection Period or as otherwise agreed to in writing by the
Servicer. The Servicer shall pay on behalf of the Issuer any personal property
taxes assessed on repossessed Financed Vehicles. The Servicer shall be
entitled to reimbursement of any such tax from the Liquidation Proceeds
received with respect to any Receivable in the related, or any future,
Collection Period or as otherwise agreed to in writing by the Servicer, and any
reimbursable amounts still owing shall be payable from Available Funds in
accordance with Section 5.7(a).”

Annex A-2

 

          Section 4.3(b). Section 4.3(b) shall be replaced in its entirety by the
following provision:

          “The Servicer shall use all reasonable efforts to enforce or collect upon
a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment. If the Servicer is unable to enforce or
collect upon any such agreement without commencing a legal proceeding, the
Servicer shall advise the Controlling Party whether, in its reasonable
judgment, commencing a legal proceeding to enforce or collect upon such
agreements is advisable, and shall only commence a legal proceeding to enforce
such agreements or commence or participate in any other legal proceeding
relating to or involving such agreements if directed to do so by the
Controlling Party. If the Servicer is directed to commence a legal proceeding
to enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer
Assignment or Third-Party Lender Assignment, the act of commencement shall be
deemed to be an automatic assignment from the Issuer to the Servicer of the
rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment for purposes of collection
only. If, however, in any enforcement suit or legal proceeding it is held that
the Servicer may not enforce a Dealer Agreement, Auto Loan Purchase and Sale
Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds
that it is not a real party in interest or a Person entitled to enforce the
Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, the Owner Trustee and/or the Indenture Trustee,
at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take
such steps as the Servicer deems reasonably necessary to enforce the Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, including bringing suit in its name or the name
of the Seller or of the Issuer and the Owner Trustee and/or the Trust
Collateral Agent for the benefit of the Noteholders. The Servicer shall be
reimbursed from Liquidation Proceeds or as otherwise agreed to in writing by
the Servicer, for all reasonable expenses incurred pursuant to any legal action
undertaken pursuant to this Section at the direction of the Controlling Party.”

          Section 4.4(a). The first sentence of Section 4.4(a) shall be replaced in
its entirety by the following sentence:

          “The Servicer shall require, in accordance with its customary servicing
procedures, that each Financed Vehicle be insured by the related Obligor under
the Insurance Policies referred to in Paragraph 24 of the Schedule of
Representations and Warranties and shall monitor the status of such physical
loss and damage insurance coverage thereafter to the extent that it receives
notice of determination or non-renewal thereof; provided, however, that in no
event will the Servicer be required to retain a third-party service to monitor
such physical loss and damage insurance coverage.”

          Section 4.4(d). Section 4.4(d) shall be replaced in its entirety by the
following provision:

          “The Servicer shall use all reasonable efforts to enforce or collect upon
the Insurance Policies. If the Servicer is unable to enforce or collect upon
the Insurance Policies without commencing a legal proceeding, the Servicer
shall advise the Controlling Party whether, in its reasonable judgment,
commencing a legal proceeding to enforce or collect upon the

Annex A-3

 

Insurance Policies is advisable, and shall only commence a legal
proceeding in its own name (or, if possible, as an agent of the Issuer) to
enforce the Insurance Policies or commence or participate in any other legal
proceeding relating to or involving the Insurance Policies if directed to do so
by the Controlling Party. If the Servicer is directed to commence a legal
proceeding to enforce an Insurance Policy, the act of commencement shall be
deemed to be an automatic assignment of the rights of the Issuer under such
Insurance Policy to the Servicer for purposes of collection only. If, however,
in any enforcement suit or legal proceeding it is held that the Servicer may
not enforce an Insurance Policy on the grounds that it is not a real party in
interest or a holder entitled to enforce the Insurance Policy, the Owner
Trustee and/or the Indenture Trustee, at the Servicer’s expense, or the Seller,
at the Seller’s expense, shall take such steps as the Servicer deems necessary
to enforce such Insurance Policy, including bringing suit in its name or the
name of the Issuer and the Owner Trustee and/or the Trust Collateral Agent for
the benefit of the Noteholders. The Servicer shall be reimbursed from
Liquidation Proceeds or as otherwise agreed to in writing by the Servicer, for
all reasonable expenses incurred pursuant to any legal action undertaken at the
direction of the Controlling Party.”

          Section 4.5(a). The following sentence shall be added to the end of
Section 4.5(a):

          “The Servicer shall be entitled to recover all reasonable expenses
incurred pursuant to this Section 4.5(a) from Available Funds in accordance
with Section 5.7(a) and Section II.B. of Schedule 1 to this Annex A or as
otherwise agreed to in writing by the Servicer.”

          Section 4.5(b). The following sentence shall be added to the end of
Section 4.5(b):

          “The Servicer shall be entitled to recover all reasonable expenses
incurred pursuant to this Section 4.5(b) from Available Funds in accordance
with Section 5.7(a) and Section II.B. of Schedule 1 to this Annex A or as
otherwise agreed to in writing by the Servicer.”

          Section 4.11. Section 4.11 shall be replaced in its entirety by the
following sentence:

          “Annual Report of Accountants.

          The Servicer shall cause a firm of independent certified public
accountants, which may also render other services to the Servicer or its
affiliates, to deliver to the Insurer, the Trustee, the Owner Trustee and the
Trust Collateral Agent, within 120 days after the end of each fiscal year,
commencing with the fiscal year ending December 31, of the year in which the
Backup Servicer becomes the successor Servicer, (i) an opinion by a firm of
nationally recognized independent certified public accountants (the
“Independent Accountants”) on the financial position of the Servicer at the end
of the relevant fiscal year and the results of operations and changes in
financial position of the Servicer for such year then ended on the basis of an
examination conducted in accordance with generally accepted auditing standards
and (ii) a report from such independent certified public accountants to the
effect that based on an examination of certain specified documents and records
relating to the servicing of the Servicer’s loan portfolio conducted
substantially in compliance with SAS 70 (the “Applicable Accounting

Annex A-4

 

Standards”), such firm is of the opinion that such servicing has been
conducted in compliance with the Applicable Accounting Standards except for (a)
such exceptions as such firm shall believe to be immaterial and (b) such other
exceptions as shall be set forth in such statement.”

          Section 4.14. Section 4.14 shall be inapplicable if the Backup Servicer
is acting as the Servicer.

          Section 4.15. Section 4.15 shall be replaced in its entirety by the
following provision:

          “Fidelity Bond and Errors and Omissions Policy. The Servicer has
obtained, and shall continue to maintain in full force and effect, a Fidelity
Bond and Errors and Omissions Policy of a type and in such amount as is
customary for servicers engaged in the business of servicing automobile
receivables; provided, however, that, with the consent of the Controlling Party
(not to be unreasonably withheld), the Servicer shall be deemed to have
fulfilled its obligation pursuant to this Section 4.15 if it has obtained and
continues to maintain in full force and effect, a self-insured Fidelity Bond
and Errors and Omissions Policy through JPMorgan Chase Bank or any of its
affiliates.”

          Section 5.12. Excess Servicing Fee Account. (a )In the event the Backup
Servicer becomes the Servicer, the Trust Collateral Agent shall establish and
maintain in its own name an Eligible Deposit Account (the “Excess Servicing Fee
Account”), which account shall be initially established with the Trust
Collateral Agent for the benefit of the Noteholders, shall be a “Trust Account”
for all purposes of this Agreement and shall be invested as other Trust
Accounts in accordance with Section 5.1; provided, however, all investment
earnings of moneys deposited in the Excess Servicing Fee Account shall be
retained until amounts are distributed from such account in accordance with
this Section.

          (b) If the monthly fee payable to the Servicer pursuant to Section
I.B.2.b. of Schedule 1 of Annex A on any Distribution Date (the “Monthly Fee”)
is less than the product of 2.25% per annum and the Principal Balance of the
Active Contracts (as defined in Schedule 1 of Annex A) with remaining terms of
less than 36 months as of the date of transfer of servicing from the Servicer
to the Backup Servicer (such product, the “Target Servicing Fee”), the excess,
if any, of the Target Servicing Fee over the Monthly Fee shall be deposited
into the Excess Servicing Fee Account on such Distribution Date and the Monthly
Fee shall be paid to the Servicer pursuant to Section 5.7(a)(i). In the event
the Monthly Fee on any Distribution Date exceeds the Target Servicing Fee for
such Distribution Date, (i) the Trust Collateral Agent shall withdraw the
amount of such excess from the Excess Servicing Fee Account to the extent of
amounts on deposit therein and distribute such amount to the Servicer and (ii)
the amount of the Monthly Fee for such Distribution Date less the amount
distributed to the Servicer pursuant to subdivision (i) shall be paid to the
Servicer pursuant to Section 5.7(a)(i).

          Section 9.1. Section 9.1 shall be replaced in its entirety with the
following provision:

          “Servicer Termination Event. For purposes of this Agreement, each of the
following shall constitute a “Servicer Termination Event”:

Annex A-5

 

          (a) Any failure by the Servicer to deliver to the Trust Collateral Agent
for distribution to Noteholders any proceeds or payment required to be so
delivered under the terms of this Agreement that continues unremedied for a
period of two Business Days (one Business Day with respect to payment of
Purchase Amounts) after written notice is received by the Servicer from the
Trust Collateral Agent or (unless an Insurer Default shall have occurred and be
continuing) the Insurer or after discovery of such failure by a Responsible
Officer of the Servicer; or

          (b) Failure by the Servicer to deliver to the Trust Collateral Agent and
(unless an Insurer Default shall have occurred and be continuing) the Insurer
the Servicer’s Certificate by the fourth Business Day prior to the Insured
Distribution Date, or failure on the part of the Servicer to observe its
covenants and agreements set forth in Section 8.4(a); or

          (c) Failure on the part of the Servicer duly to observe or perform any
other covenants or agreements of the Servicer set forth in this Agreement,
which failure (i) materially and adversely affects the rights of Noteholders
(determined without regard to the availability of funds under the Note Policy),
or of the Insurer (unless an Insurer Default shall have occurred and be
continuing), and (ii) continues unremedied for a period of 30 days after
knowledge thereof by the Servicer or after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing, by any Noteholder), or

          (d) The entry of a decree or order for relief by a court or regulatory
authority having jurisdiction in respect of the Servicer in an involuntary case
under the federal bankruptcy laws, as now or hereafter in effect, or another
present or future, federal bankruptcy, insolvency or similar law, or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Servicer or of any substantial part of its property or
ordering the winding up or liquidation of the affairs of the Servicer and the
continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days or the commencement of an involuntary case under the
federal bankruptcy laws, as now or hereinafter in effect, or another present or
future federal or state bankruptcy, insolvency or similar law and such case is
not dismissed within 60 days; or

          (e) The commencement by the Servicer of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or any other present or future,
federal or state, bankruptcy, insolvency or similar law, or the consent by the
Servicer to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Servicer or of any substantial part of its property or the making by the
Servicer or of an assignment for the benefit of creditors or the failure by the
Servicer generally to pay its debts as such debts become due or the taking of
corporate action by the Servicer in furtherance of any of the foregoing; or

          (f) Any representation, warranty or statement of the Servicer made in this
Agreement (including in its prior capacity as Backup Servicer) or any
certificate, report or other writing delivered pursuant hereto shall prove to
be incorrect in any material respect as of the time when the same shall have
been made, and the incorrectness of such representation, warranty or statement
has a material adverse effect on the Trust or the Noteholders and, within 30
days after

Annex A-6

 

knowledge thereof by the Servicer or after written notice thereof shall
have been given to the Servicer by the Trust Collateral Agent or the Insurer
(or, if an Insurer Default shall have occurred and be continuing, a
Noteholder), the circumstances or condition in respect of which such
representation, warranty or statement was incorrect shall not have been
eliminated or otherwise cured; or

          (g) If SST is the Servicer, SST shall enter into any merger, conversion or
consolidation unless the Controlling Party has provided its prior written
consent; provided, if (1) the surviving entity of such merger, conversion or
consolidation or the Person owning (directly or indirectly) 100% of such
surviving entity has an unsubordinated and unsecured long-term debt rating of
at least AA by Standard & Poor’s and Aa2 by Moody’s and (2) the Insurer is the
Controlling Party, then the Insurer’s consent as Controlling Party shall not be
unreasonably withheld; or

          (h) If SST is the Servicer, JPMorgan Chase Bank shall cease to own
(directly or indirectly) 100% of SST unless the Controlling Party has provided
its written consent; ; provided, if (1) JPMorgan Chase Bank shall transfer the
ownership of SST to a Person having an unsubordinated and unsecured long-term
debt rating of at least AA by Standard & Poor’s and Aa2 by Moody’s and (2) the
Insurer is the Controlling Party, then the Insurer’s consent as Controlling
Party shall not be unreasonably withheld; or

          (i) If SST is the Servicer, the tangible net worth (as defined by
generally accepted accounting principles in effect in the United States from
time to time (“GAAP”) of SST, as of the last day of any Calendar Quarter, shall
be less than 85% of the Shareholder’s Equity (as defined below) minus
Intangible Assets (as defined below) as of the end of the quarter ended on June
30, 2001 plus 50% of quarterly net income (prior to dividends or distributions
on an ongoing basis with no subtraction for quarterly losses) for each quarter
thereafter.

          For purposes of Section 9.1(i), the following definitions shall apply:
“Intangible Assets” means all licenses, patents, copyrights, trade names,
trademarks, goodwill or any premium paid in excess of the book value of
purchased assets, experimental or organizational expenses, deferred debt
issuance costs, and all other assets which under GAAP are deemed intangible and
any write-up of assets, to the extent that any of the foregoing items were
included in total assets or deducted from total liabilities in computing total
shareholders equity; and “Shareholder’s Equity” means, for SST and its
subsidiaries, as of the last day of any Calendar Quarter, the total amount of
shareholder’s equity determined on a consolidated basis in accordance with
GAAP.

          Section 12.2(h). The following sentence shall be added to the end of
Section 12.2(h):

          “The Servicer shall be reimbursed for all reasonable expenses incurred
pursuant to this Section 12.2(h) from Available Funds in accordance with
Section 5.7(a) and Section II.B. of Schedule 1 to this Annex A or as otherwise
agreed to in writing by the Servicer.”

Annex A-7

 

          Schedule C to the Sale and Servicing Agreement shall be replaced in its
entirety by the Servicer with the schedule of servicing policies and procedures
attached hereto as Schedule 2.

          Attached hereto as Schedule 1 is the Backup Servicer Fee Schedule.

          Except as expressly set forth in this Annex A, all other terms, provisions
and conditions of the Sale and Servicing Agreement shall remain in full force
and effect.

Annex A-8

 

Schedule 1 to Annex A

SYSTEMS & SERVICES TECHNOLOGIES, INC.

A SUBSIDIARY OF JPMORGAN CHASE BANK

SERVICING FEE SCHEDULE:

AMERICREDIT 2004-D-F SECURITIZATION

NOVEMBER 9, 2004

I. FEES

	 	 	 	A.  Backup Servicing, per transaction

	 	 	 
	1. One-Time Setup Fee

	 	waived
	 
	 	 
	2. Monthly Fee

	 	$3,500  

	 	 	 	B.  Successor Servicing (1)

	 	 	 
	1.  One Time Boarding Fee

	 	$5.00 per loan
	 
	 	 
	2.  Monthly Fee (2) (3)
	 	 

	 	 	 
	a. Remaining term of 36 months or more at the date of transfer of servicing to SST:
	 
	 	 
	the greater of

	 	225 bps or
	

	 	$13.00 per month
	b. Remaining term of less than 36 months
at the date of transfer of servicing to SST or less:
 $18.00 per month (4)

	 	 	 
	3.  Minimum Monthly Fee

	 	$3,000 

II. EXPENSES

	 	 	 	A.  Backup Servicing and Transfer Expenses
	 
	 	 	 	Backup Servicing fees and expenses shall be payable 1) pursuant to
Section 5.7 of the Sale and Servicing Agreement, in accordance with
the priorities set forth therein and 2) if not paid pursuant to such
priorities, by AmeriCredit. Any amount payable from such senior
position shall be limited on an annual basis to $200,000, as agreed
upon in Section 5.7(a)(ii)(y) of the Sale and Servicing Agreement,
dated as of October 26, 2004.

 

 

	 	 	 	SST shall be reimbursed for all costs and expenses incurred in connection
with its Backup Servicing duties and the transfer of contracts to SST for
successor servicing. Such costs and expenses include, but are not limited
to, those related to travel, obligor mailings, freight and file shipping.
Transition expenses (inclusive of boarding fees) shall not exceed $100,000.
	 
	 	 	 	B.  Successor Servicing Expenses
	 
	 	 	 	SST shall be reimbursed for all reasonable out-of-pocket expenses including,
but not limited to, those associated with asset recovery, liquidation, sales,
travel, lodging, legal proceedings related to replevin actions or obligor
bankruptcies, statement and mailing costs, title processing, bank charges,
field calls, and insurance tracking, if any. Additionally, SST shall receive
an administrative fee amounting to 3% of the funds advanced by SST to cover
any such expenses during any monthly collection period. In order to avoid
this administrative fee, AmeriCredit (or another party, as appropriate) may
at any time during the term establish and fund an advance account to be
utilized by SST to cover all such expenses and costs provided in this section
for any monthly collection period. Any such advance account must be fully
funded on a monthly basis in an amount sufficient to cover the out-of-pocket
expenses projected by SST for each subsequent monthly collection period. All
transition fees (including boarding fees) payable to SST as replacement or
successor servicer pursuant to Section 5.7(a)(i) shall not exceed $100,000 in
aggregate in any calendar year (the “Capped Servicer Expenses”). The Monthly
Servicer Fees described in Section I.B.2. of this Schedule 1 and the Capped
Servicer Expenses constitute the Base Servicing Fee.
	 
	 	 	 	Further, indemnified expenses not otherwise paid by AmeriCredit shall be
recoverable from a senior position in the waterfall. Any amount payable from
such senior position-whether as Backup Servicer or Successor Servicer- shall
be limited on an annual basis to $200,000 in the

B-10

 

	 	 	 	aggregate, as agreed upon in Section 5.7(a)(ii) of the Sale and Servicing
Agreement, dated as of October 26, 2004.

III. MISCELLANEOUS (1)

	 	 	A.  Claim Filing Costs
	 
	 	 	In the event SST files insurance claims in connection with any contract
serviced by SST, SST shall receive $25.00 per filing.
	 
	 	 	B.  Administrative Fees/Servicing Charges
	 
	 	 	SST shall receive the Supplemental Servicing Fee.
	 
	 	 	C.  Deficiency Collections

	 	 	Under separate agreement, SST may provide deficiency collections services on
a contingency fee basis.

(1) These items shall only apply to SST’s performance of successor servicing
duties.

(2) Basis points are annualized (i.e., applicable basis points/12) and shall be
based on beginning of month outstanding principal balance of each individual
Active Contract, as defined below.

(3) SST shall receive this fee for all “Active Contracts” for any full or
partial month where it functions as the Servicer. Active Contract is defined
as any contract other than: (i) prepaid, fully satisfied contracts; (ii)
contracts in which the asset has been liquidated and SST has posted the
liquidation proceeds or any other anticipated proceeds (e.g., credit
enhancement insurance); or (iii) contracts in which SST has completed all work
in connection with processing and receiving insurance payoffs. There shall be
a $0.50 monthly servicing fee for each contract that is not an Active Contract
until such time as SST is duly instructed to write the obligor’s balance down
to $0.00.

(4) To the extent that the successor servicing fee payable to SST pursuant to
Section I.B.2.b of this Schedule 1 is less than 2.25% per annum times the
principal balance of Active Contracts with remaining terms less than 36 months
as of the date of transfer of servicing to SST, certain amounts shall be
deposited into the Excess Servicing Fee Account pursuant to Section 5.12.

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Schedule 2 to Annex A

SUMMARY OF SERVICES

The following outlines the loan services to be provided by SST as the servicer
on any Receivable. The procedures identified herein are to be implemented at
the discretion of SST depending on the circumstances of each Receivable.

A. CUSTODIAL DUTIES OF SERVICER

     1. Upon transfer of any Receivable to SST, SST shall establish all
necessary records in its computer system, and shall separate the physical loan
package for storage. Perfection of interest documents to be maintained by SST
shall be held by such party at the discretion of the Insurer and shall be filed
in appropriate fire resistant facilities.

B. OBLIGOR ACCOUNTING

     1. SST shall process all monies received by or on behalf of an Obligor
through a Lockbox Account which shall mean either the existing lockbox or a
newly-opened lock-box or other segregated account, with a bank approved by the
Insurer prior to the opening of such Lockbox Account into which Obligors shall
be directed by SST to deposit funds with respect to the Receivables.

     2. SST may, from time to time, utilize the services of third party vendors
to assist in the receipt and processing of payments received by or on behalf of
Obligors (i.e., Western Union “Quick Collect” or Speedpay).

     3. To the extent possible, SST shall cause all monies received by or on
behalf of an Obligor to post to the Obligor’s account within one (1) business
day of identification.

     4. SST shall cause the Obligor’s next scheduled due date to roll when the
Obligor payment received is at least 90% of a scheduled payment of more than
$10.00.

     5. SST shall issue Monthly Servicing Statements, as defined in the
Agreement.

C. CUSTOMER SERVICE

     1. Attempt to contact all new obligors with a scripted “Welcome Call.”

     2. SST shall respond to all inquiries from Obligors regarding their
accounts.

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     3. SST shall send to Obligors or their approved representatives (i)
monthly payment statements; and (ii) payoff information.

     4. SST shall subcontract physical damage insurance tracking services, if
so requested. SST shall coordinate and assist with electronic data transfers
as needed. Any related subcontractor fees and costs shall be reimbursable to
SST.

D. COLLECTIONS

     1. SST shall use its “best efforts” to collect all outstanding sums due on
every delinquent account. Such efforts shall include diligent contact with the
Obligor by phone and by letter. SST shall assign an average of approximately
300, and no more than 350, active accounts greater than 30 days delinquent to
each of its collectors. SST shall inform the Insurer if any change in staffing
occurs which results in each of its collectors being assigned more than 350
active accounts greater than 30 days delinquent, on average

     2. Field calls may be utilized at SST’s discretion.

     3. SST may implement any legally permissible collection methods, including
telephone calls, mailed notices, and outside field calls.

     4. SST shall initiate contact with any Obligor whose account becomes
delinquent on the third Collection Day after the calendar day on which that
Obligor’s account first becomes delinquent, and shall follow-up with
collections efforts in an appropriate manner and frequency, but in no event
less frequently than once every 3 collection days, until such time as the loan
is current, until an agreement to pay has been made or until the loan is
determined to be uncollectible.

     5. If SST determines that an Obligor is or may become a “skip”, SST shall
make all reasonable attempts to locate the Obligor or Vehicle using internal
skip tracing procedures and may sub-contract for outside assistance.

     6. SST shall report all appropriate Obligor account developments to
nationally recognized credit agencies on at least a monthly basis.

E. SPECIAL RECOVERIES

     1. SST shall make all reasonable attempts to collect delinquent Obligor
accounts. After such reasonable efforts have been exhausted, and in SST’s
judgment required payments will not be forthcoming from the Obligor, SST shall
use its best efforts to repossess or otherwise recover the Vehicle securing the
Receivable. SST shall pursue repossession or recovery of a Vehicle only after
it has determined that eventual repayment in full is unlikely and such
repossession or recovery is permitted under the terms of the Receivable and all
applicable laws.

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     2. At such time as a Vehicle has been authorized for repossession, SST
shall assign the account to a regional repossession agency. Such agent shall
be a member of a nationally recognized association requiring adequate insurance
and bonding (e.g., National Finance Adjusters), and shall hold all required
licensure.

     3. Upon receipt of notification that a repossession has been made, SST
shall mail to the Obligor a Notice of Intent (“NOI”) to Sell Repossessed or
Surrendered Vehicle, and shall therein provide the Obligor with an opportunity
to reinstate or redeem the Vehicle, as required.

     4. Upon repossession, the repossession agency shall deliver the Vehicle to
the specified destination. At that time, SST will engage an inspection agent
to assess physical damage to the Vehicle and will arrange for any necessary
repairs to be made.

     5. Upon request, SST shall provide Company with copies of condition
reports prepared and supplied to SST by auctions.

     6. Assuming no reinstatement or redemption is made by the Obligor, SST
will determine the appropriate method of resale/liquidation. Such
determination shall weigh federal and state law requirements, market factors
and other variables.

     7. SST shall manage all aspects of collateral liquidation, including title
transfers.

     8. Following the liquidation of a Vehicle, SST shall post all receipts and
apply all credits that may exist to the applicable Obligor account. If the
account is insured under a credit enhancement policy, SST shall file a claim as
specified in the policy.

F. ADDITIONAL DUTIES

     1. Upon request, SST shall make available to Company or its designee(s),
the physical files, records and computer systems for audit or inspection on the
premises of SST, so long as such audit or inspection does not unreasonably
interfere with SST’s operations.

     2. The parties acknowledge that SST shall utilize outside legal counsel
with respect to matters involving Obligor bankruptcies and replevins.

     3. SST and the Company agree to make management representatives available
to participate in periodic status/review meetings.

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