Document:

Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 PURCHASE AGREEMENT 
 between 
 AFS SENSUB CORP. 
 Purchaser 
 and 
 AMERICREDIT FINANCIAL SERVICES, INC. 
 Seller 
 Dated as of April 11, 2007 

 TABLE OF CONTENTS 
  

							
	 	  	 	 	 	  	Page
	ARTICLE I. DEFINITIONS	  	1
				
		  	SECTION 1.1	 	General	  	1
		  	SECTION 1.2	 	Specific Terms	  	1
		  	SECTION 1.3	 	Usage of Terms	  	2
		  	SECTION 1.4	 	[Reserved]	  	2
		  	SECTION 1.5	 	No Recourse	  	2
		  	SECTION 1.6	 	Action by or Consent of Noteholders and Certificateholder	  	3
		  	SECTION 1.7	 	Material Adverse Effect	  	3
		
	ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY	  	3
				
		  	SECTION 2.1	 	Conveyance of the Receivables and the Other Conveyed Property	  	3
		  	SECTION 2.2	 	[Reserved]	  	4
		
	ARTICLE III. REPRESENTATIONS AND WARRANTIES	  	4
				
		  	SECTION 3.1	 	Representations and Warranties of Seller	  	4
		  	SECTION 3.2	 	Representations and Warranties of Purchaser	  	6
		
	ARTICLE IV. COVENANTS OF SELLER	  	8
				
		  	SECTION 4.1	 	Protection of Title of Purchaser	  	8
		  	SECTION 4.2	 	Other Liens or Interests	  	9
		  	SECTION 4.3	 	Costs and Expenses	  	10
		  	SECTION 4.4	 	Indemnification	  	10
		
	ARTICLE V. REPURCHASES	  	12
				
		  	SECTION 5.1	 	Repurchase of Receivables Upon Breach of Warranty	  	12
		  	SECTION 5.2	 	Reassignment of Purchased Receivables	  	12
		  	SECTION 5.3	 	Waivers	  	13
		
	ARTICLE VI. MISCELLANEOUS	  	13
				
		  	SECTION 6.1	 	Liability of Seller	  	13
		  	SECTION 6.2	 	Merger or Consolidation of Seller or Purchaser	  	13
		  	SECTION 6.3	 	Limitation on Liability of Seller and Others	  	14
		  	SECTION 6.4	 	Seller May Own Notes or the Certificate	  	14
		  	SECTION 6.5	 	Amendment	  	14
		  	SECTION 6.6	 	Notices	  	15
		  	SECTION 6.7	 	Merger and Integration	  	15
		  	SECTION 6.8	 	Severability of Provisions	  	15
		  	SECTION 6.9	 	Intention of the Parties	  	15
		  	SECTION 6.10	 	Governing Law	  	16
		  	SECTION 6.11	 	Counterparts	  	16

  

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		  	SECTION 6.12	 	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	  	17
		  	SECTION 6.13	 	Nonpetition Covenant	  	17
		  	SECTION 6.14	 	Benefits of Purchase Agreement	  	17

  

							
				
	 SCHEDULES
	  		  		  	
				
	 Schedule A
	  	 –
	  	Schedule of Receivables	  	
	 Schedule B
	  	 –
	  	Representations and Warranties from AFS as to the Receivables	  	

  

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 PURCHASE AGREEMENT 
 THIS PURCHASE AGREEMENT, dated as of April 11, 2007, executed between AFS SenSub Corp., a Nevada corporation, as purchaser (“Purchaser”) and AmeriCredit Financial Services, Inc., a Delaware
corporation, as Seller (“Seller”). 
 WITNESSETH : 
 WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this Agreement, is transferring to Purchaser the Receivables and
Other Conveyed Property. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for other
good and valuable consideration, the receipt of which is acknowledged, Purchaser and the Seller, intending to be legally bound, hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 SECTION 1.1 General. The specific terms defined in this Article include the plural as well as the singular. The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit references, unless
otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Sale and Servicing Agreement dated
as of April 11, 2007, by and among AFS SenSub Corp. (as Seller), AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2007-B-F (as Issuer), Wells Fargo Bank, National Association
(as Backup Servicer and Trust Collateral Agent). 
 SECTION 1.2 Specific Terms. Whenever used in this Agreement, the following words
and phrases, unless the context otherwise requires, shall have the following meanings: 
 “Agreement” shall mean this
Purchase Agreement and all amendments hereof and supplements hereto. 
 “Closing Date” means April 19, 2007.

 “Issuer” means AmeriCredit Automobile Receivables Trust 2007-B-F. 
 “Other Conveyed Property” means all property conveyed by the Seller to the Purchaser pursuant to Sections 2.1(a)(2) through (8) of
this Agreement and by the Purchaser to the Trust pursuant to the Sale and Servicing Agreement. 
 “Owner Trustee” means
Wilmington Trust Company, as Owner Trustee appointed and acting pursuant to the Trust Agreement. 

 “Purchase Agreement Collateral” has the meaning specified in Section 6.9 of this
Agreement. 
 “Related Documents” means the Notes, the Certificate, the Custodian Agreement, the Sale and Servicing
Agreement, the Indenture, the Trust Agreement, the Note Policy, the Spread Account Agreement, the Insurance Agreement, the Indemnification Agreement, the Lockbox Agreement, the Swap Agreement and the Underwriting Agreement. The Related Documents to
be executed by any party are referred to herein as “such party’s Related Documents,” “its Related Documents” or by a similar expression. 
 “Repurchase Event” means the occurrence of a breach of any of the Seller’s representations and warranties hereunder or any other
event which requires the repurchase of a Receivable by the Seller under the Sale and Servicing Agreement. 
 “Sale and Servicing
Agreement” means the Sale and Servicing Agreement referred to in Section 1.1 hereof. 
 “Schedule of
Receivables” means the schedule of Receivables sold and transferred pursuant to this Agreement which is attached hereto as Schedule A. 
 “Schedule of Representations” means the Schedule of Representations and Warranties attached hereto as Schedule B. 
 “Trust Collateral Agent” means Wells Fargo Bank, National Association, as trust collateral agent and any successor trust collateral agent appointed and acting pursuant to the Sale and Servicing Agreement. 
 “Trustee” means Wells Fargo Bank, National Association, as trustee and any successor trustee appointed and acting pursuant to the
Indenture. 
 SECTION 1.3 Usage of Terms. With respect to all terms used in this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement or the Sale and Servicing Agreement; references to Persons include their permitted
successors and assigns; and the terms “include” or “including” mean “include without limitation” or “including without limitation.” 
 SECTION 1.4 [Reserved]. 
 SECTION 1.5
No Recourse. Without limiting the obligations of Seller hereunder, no recourse may be taken, directly or indirectly, under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against any
stockholder, officer or director, as such, of Seller, or of any predecessor or successor of Seller. 
  

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 SECTION 1.6 Action by or Consent of Noteholders and Certificateholder. Whenever any provision of
this Agreement refers to action to be taken, or consented to, by Noteholders or the Certificateholder, such provision shall be deemed to refer to the Certificateholder or Noteholder, as the case may be, of record as of the Record Date immediately
preceding the date on which such action is to be taken, or consent given, by Noteholders or the Certificateholder. Solely for the purposes of any action to be taken, or consented to, by Noteholders or the Certificateholder, any Note or Certificate
registered in the name of the Seller or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for the purpose of determining whether the Trustee or the Trust Collateral Agent is entitled to rely upon any such
action or consent, only Notes or Certificates which the Owner Trustee, the Trustee or the Trust Collateral Agent, respectively, knows to be so owned shall be so disregarded. 
 SECTION 1.7 Material Adverse Effect. Whenever a determination is to be made under this Agreement as to whether a given event, action, course of
conduct or set of facts or circumstances could or would have a material adverse effect on the Noteholders (or any similar or analogous determination), such determination shall be made without taking into account the funds available from claims under
the Note Policy. 
 ARTICLE II. 
 CONVEYANCE OF THE RECEIVABLES 
 AND THE OTHER CONVEYED PROPERTY 
 SECTION 2.1 Conveyance of the Receivables and the Other Conveyed Property. 
 (a) Subject to the terms and conditions of this Agreement, Seller hereby sells, transfers, assigns, and otherwise conveys to Purchaser
without recourse (but without limitation of its obligations in this Agreement), and Purchaser hereby purchases, all right, title and interest of Seller in and to the following described property (collectively, the “Receivables and the Other
Conveyed Property”): 
 (1) the Receivables and all moneys received thereon after the Cutoff Date; 
 (2) 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; 
 (3) 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; 
 (4) 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; 
  

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

(6) the related Receivable Files; 
 (7) 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 (1) through (6); and 
 (8) all proceeds and investments with respect to items (1) through (7).

 It is the intention of Seller and Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the Receivables and
the Other Conveyed Property from Seller to Purchaser, conveying good title thereto free and clear of any liens, and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of Seller’s estate in
the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy or similar law. 
 (b)
Simultaneously with the conveyance of the Receivables and the Other Conveyed Property to Purchaser, Purchaser has paid or caused to be paid to or upon the order of Seller an amount equal to the book value of the Receivables sold by Seller, as set
forth on the books and records of Seller, by wire transfer of immediately available funds and the remainder as a contribution to the capital of the Purchaser (a wholly-owned subsidiary of Seller). 
 SECTION 2.2 [Reserved]. 
 ARTICLE
III. 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 3.1 Representations and Warranties of Seller. Seller makes the following representations and warranties as of the date hereof and as of the Closing Date on which Purchaser relies in purchasing the
Receivables and the Other Conveyed Property and in transferring the Receivables and the Other Conveyed Property to the Issuer under the Sale and Servicing Agreement and on which the Insurer will rely in issuing the Note Policy and the Swap Policy.
Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder, and the sale, transfer and assignment thereof by
Purchaser to the Issuer under the Sale and Servicing Agreement. Seller and Purchaser agree that Purchaser will assign to Issuer all Purchaser’s rights under this Agreement and that the Trustee will thereafter be entitled to enforce this
Agreement against Seller in the Trustee’s own name on behalf of the Noteholders. 
  

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 (a) Schedule of Representations. The representations and warranties set forth on
the Schedule of Representations with respect to the Receivables as of the date hereof, and as of the Closing Date, are true and correct. 
 (b) Organization and Good Standing. Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its
properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the
Other Conveyed Property to be transferred to Purchaser. 
 (c) Due Qualification. Seller is duly qualified to do
business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification. 
 (d) Power and Authority. Seller has the power and authority to execute and deliver this Agreement and its Related Documents and to
carry out its terms and their terms, respectively; Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with Purchaser hereunder and has duly authorized such
sale and assignment to Purchaser by all necessary corporate action; and the execution, delivery and performance of this Agreement and Seller’s Related Documents have been duly authorized by Seller by all necessary corporate action. 

(e) Valid Sale; Binding Obligations. This Agreement and Seller’s Related Documents have been duly executed and delivered,
shall effect a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against Seller and creditors of and purchasers from Seller; and this Agreement and Seller’s Related Documents
constitute legal, valid and binding obligations of Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Related Documents, and the
fulfillment of the terms of this Agreement and the Related Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice, lapse of time or both) a default under, the articles of
incorporation or bylaws of Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant
to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, the Spread Account Agreement, the Sale and Servicing Agreement and the Indenture, or violate any law, order, rule or regulation
applicable to Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Seller or any of its properties. 
  

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 (g) No Proceedings. There are no proceedings or investigations pending or, to
Seller’s knowledge, threatened against Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Seller or its properties (i) asserting the invalidity of
this Agreement or any of the Related Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) seeking to affect adversely the
federal income tax or other federal, state or local tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or under the
Sale and Servicing Agreement. 
 (h) True Sale. The Receivables are being transferred with the intention of removing
them from Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
 (i) Chief Executive Office. The chief executive office of Seller is located at 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102. 
 SECTION 3.2 Representations and Warranties of Purchaser. Purchaser makes the following representations and warranties, on which Seller relies in selling, assigning, transferring and conveying the Receivables
and the Other Conveyed Property to Purchaser hereunder. Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property
hereunder and the sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and Servicing Agreement. 
 (a) Organization and Good Standing. Purchaser has been duly organized and is validly existing and in good standing as a corporation under the laws of the State of Nevada, with the power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and has, full power, authority and legal right to acquire and own the Receivables and the Other Conveyed Property,
and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 
 (b) Due Qualification. Purchaser is duly qualified to do business as a foreign corporation, 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 Purchaser’s ability to acquire the Receivables or the Other Conveyed Property, and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement, or the validity or
enforceability of the Receivables and the Other Conveyed Property or to perform Purchaser’s obligations hereunder and under the Purchaser’s Related Documents. 
  

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 (c) Power and Authority. Purchaser has the power, authority and legal right to
execute and deliver this Agreement and to carry out the terms hereof and to acquire the Receivables and the Other Conveyed Property hereunder; and the execution, delivery and performance of this Agreement and all of the documents required pursuant
hereto have been duly authorized by Purchaser by all necessary corporate action. 
 (d) No Consent Required. Purchaser
is not required to obtain the consent of any other Person, or any consent, license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance
of this Agreement and the Related Documents, except for such as have been obtained, effected or made. 
 (e) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization,
conservatorship, receivership, liquidation and other similar laws and to general equitable principles. 
 (f) No
Violation. The execution, delivery and performance by Purchaser of this Agreement, the consummation of the transactions contemplated by this Agreement and the Related Documents and the fulfillment of the terms of this Agreement and the Related
Documents do not and will not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of Purchaser, or conflict
with or breach any of the terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, mortgage, deed of trust or other instrument to which Purchaser is a party or by which Purchaser is
bound or to which any of its properties are subject, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than the
Sale and Servicing Agreement and the Spread Account Agreement), or violate any law, order, rule or regulation, applicable to Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other
governmental instrumentality having jurisdiction over Purchaser or any of its properties. 
 (g) No Proceedings. There
are no proceedings or investigations pending, or, to the knowledge of Purchaser, threatened against Purchaser, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over
Purchaser or its properties: (i) asserting the invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Related
Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Purchaser of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or
(iv) that may adversely affect the 

  

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federal or state income tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the
Receivables and the Other Conveyed Property hereunder or the transfer of the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 
 In the event of any breach of a representation and warranty made by Purchaser hereunder, Seller covenants and agrees that it will not take any action to
pursue any remedy that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since the date on which all Notes, Certificates, pass-through certificates or other similar securities issued by Purchaser, or a trust
or similar vehicle formed by Purchaser, have been paid in full. Seller and Purchaser agree that damages will not be an adequate remedy for such breach and that this covenant may be specifically enforced by Purchaser, Issuer or by the Trustee on
behalf of the Noteholders and Owner Trustee on behalf of the Certificateholder. 
 ARTICLE IV. 
 COVENANTS OF SELLER 
 SECTION 4.1
Protection of Title of Purchaser. 
 (a) At or prior to the Closing Date, Seller shall have filed or caused to be filed
a UCC-1 financing statement, naming Seller as seller or debtor, naming Purchaser as purchaser or secured party and describing the Receivables and the Other Conveyed Property being sold by it to Purchaser as collateral, with the office of the
Secretary of State of the State of Delaware and in such other locations as Purchaser shall have required. From time to time thereafter, Seller shall execute and file such financing statements and cause to be executed and filed such continuation
statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Purchaser under this Agreement, of the Issuer under the Sale and Servicing Agreement and of the Trust Collateral
Agent under the Indenture in the Receivables and the Other Conveyed Property and in the proceeds thereof. Seller shall deliver (or cause to be delivered) to Purchaser, the Trust Collateral Agent and the Insurer file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available following such filing. In the event that Seller fails to perform its obligations under this subsection, Purchaser, Issuer or the Trust Collateral Agent may do so, at the
expense of such Seller. In furtherance of the foregoing, the Seller hereby authorizes the Purchaser, the Issuer or the Trust Collateral Agent to file a record or records (as defined in the applicable UCC), including, without limitation, financing
statements, in all jurisdictions and with all filing offices as each may determine, in its sole discretion, are necessary or advisable to perfect the security interest granted to the Purchaser pursuant to Section 6.9 of this Agreement. Such
financing statements may describe the collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as such party may determine, in its sole discretion,
is necessary, advisable or prudent to ensure the perfection of the security interest in the collateral granted to the Purchaser herein. 
  

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 (b) Seller shall not change its name, identity, state of incorporation or corporate
structure in any manner that would, could or might make any financing statement or continuation statement filed by Seller (or by Purchaser, Issuer or the Trust Collateral Agent on behalf of Seller) in accordance with paragraph (a) above
seriously misleading within the meaning of §9-506 of the applicable UCC, unless they shall have given Purchaser, Issuer, the Insurer and the Trust Collateral Agent at least 60 days’ prior written notice thereof, and shall promptly file
appropriate amendments to all previously filed financing statements and continuation statements. 
 (c) Seller shall give
Purchaser, the Issuer, the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and the Trust Collateral Agent at least 60 days’ prior written notice of any relocation that would result in a change of the location
of the debtor within the meaning of Section 9-307 of the applicable UCC. Seller shall at all times maintain (i) each office from which it services Receivables within the United States of America or Canada and (ii) its principal
executive office within the United States of America. 
 (d) Prior to the Closing Date, Seller has maintained accounts and
records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time as of or prior to the Closing Date, the status of such Receivable, including payments and recoveries made and payments owing
(and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the Principal Balance as of the Cutoff Date. Seller shall maintain its computer systems so that, from and after the time
of sale under this Agreement of the Receivables to Purchaser, and the conveyance of the Receivables by Purchaser to the Issuer, Seller’s master computer records (including archives) that shall refer to a Receivable indicate clearly that such
Receivable has been sold to Purchaser and has been conveyed by Purchaser to the Issuer. Indication of the Issuer’s ownership of a Receivable shall be deleted from or modified on Seller’s computer systems when, and only when, the Receivable
shall become a Purchased Receivable or a Sold Receivable or shall have been paid in full or sold pursuant to the terms of the Sale and Servicing Agreement. 
 (e) If at any time Seller shall propose to sell, grant a security interest in, or otherwise transfer any interest in any motor vehicle receivables to any prospective purchaser, lender or other transferee, Seller shall
give to such prospective purchaser, lender, or other transferee computer tapes, records, or print-outs (including any restored from archives) that, if they shall refer in any manner whatsoever to any Receivable (other than a Purchased Receivable or
a Sold Receivable), shall indicate clearly that such Receivable has been sold to Purchaser, sold by Purchaser to Issuer, and is owned by the Issuer. 
 SECTION 4.2 Other Liens or Interests. Except for the conveyances hereunder, Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on
the Receivables or the Other Conveyed Property or any interest therein, and Seller shall defend the right, title, and interest of Purchaser and the Issuer in and to the Receivables and the Other Conveyed Property against all claims of third parties
claiming through or under Seller. 
  

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 SECTION 4.3 Costs and Expenses. Seller shall pay all reasonable costs and disbursements in
connection with the performance of its obligations hereunder and under its Related Documents. 
 SECTION 4.4 Indemnification.

 (a) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the
Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from any breach of any of Seller’s
representations and warranties contained herein. 
 (b) Seller shall defend, indemnify and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or
resulting from the use, ownership or operation by Seller or any affiliate thereof of a Financed Vehicle. 
 (c) Seller shall
defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses,
damages, claims and liabilities arising out of or resulting from any action taken, or failed to be taken, by it in respect of any portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement.

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

  

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of, the conveyance or ownership of the Receivables or the Other Conveyed Property hereunder and the conveyance or ownership of the Receivables under the Sale
and Servicing Agreement or the issuance and original sale of the Notes or the issuance of the Certificate, including, without limitation, any sales, gross receipts, personal property, tangible or intangible personal property, privilege or license
taxes (but not including any federal or other income taxes, including franchise taxes, arising out of the transactions contemplated hereby or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and
expenses in defending against the same, arising by reason of the acts to be performed by Seller under this Agreement or imposed against such Persons. 
 (f) Seller shall defend, indemnify, and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon Purchaser, the Issuer, the Trust Collateral Agent, the
Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders or the Certificateholder through the negligence, willful misfeasance, or bad faith of Seller in the performance of its duties under this Agreement or by reason of reckless
disregard of Seller’s obligations and duties under this Agreement. 
 (g) Seller shall indemnify, defend and hold
harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against any loss, liability or expense incurred by reason of the
violation by Seller of federal or state securities laws in connection with the registration or the sale of the Notes. 
 (h)
Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against any loss, liability or
expense imposed upon, or incurred by, Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders or the Certificateholder as result of the failure of any Receivable, or the sale of the
related Financed Vehicle, to comply with all requirements of applicable law. 
 (i) Seller shall defend, indemnify, and hold
harmless Purchaser from and against all costs, expenses, losses, claims, damages, and liabilities arising out of or incurred in connection with the acceptance or performance of Seller’s trusts and duties as Servicer under the Sale and Servicing
Agreement, except to the extent that such cost, expense, loss, claim, damage, or liability shall be due to the willful misfeasance, bad faith, or negligence (except for errors in judgment) of Purchaser. 
 (j) Seller shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants jointly and severally
with the Purchaser pursuant to Section 7.2 of the Trust Agreement. 
  

 11 

 Indemnification under this Section 4.4 shall include reasonable fees and expenses of counsel and
expenses of litigation and shall survive payment of the Notes and the Certificate. The indemnity obligations hereunder shall be in addition to any obligation that Seller may otherwise have. 
 ARTICLE V. 
 REPURCHASES 
 SECTION 5.1 Repurchase of Receivables Upon Breach of Warranty. Upon the occurrence of a Repurchase Event, Seller shall, unless the breach which is
the subject of such Repurchase Event shall have been cured in all material respects, repurchase the Receivable relating thereto from the Issuer and, simultaneously with the repurchase of the Receivable, Seller shall deposit the Purchase Amount in
full, without deduction or offset, to the Collection Account, pursuant to Section 3.2 of the Sale and Servicing Agreement. It is understood and agreed that, except as set forth in Section 6.1 hereof, the obligation of Seller to repurchase any
Receivable, as to which a breach occurred and is continuing, shall, if such obligation is fulfilled, constitute the sole remedy against Seller for such breach available to Purchaser, the Issuer, the Insurer, the Backup Servicer, the Noteholders, the
Certificateholder, the Trust Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of the Certificateholder. The provisions of this Section 5.1 are intended to grant the Issuer, the Insurer and the Trust Collateral Agent a
direct right against Seller to demand performance hereunder, and in connection therewith, Seller waives any requirement of prior demand against Purchaser with respect to such repurchase obligation. Any such repurchase shall take place in the manner
specified in Section 3.2 of the Sale and Servicing Agreement. Notwithstanding any other provision of this Agreement or the Sale and Servicing Agreement to the contrary, the obligation of Seller under this Section shall not terminate upon a
termination of Seller as Servicer under the Sale and Servicing Agreement and shall be performed in accordance with the terms hereof notwithstanding the failure of the Servicer or Purchaser to perform any of their respective obligations with respect
to such Receivable under the Sale and Servicing Agreement. 
 In addition to the foregoing and notwithstanding whether the related Receivable
shall have been purchased by Seller, Seller shall indemnify the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such Repurchase
Events. 
 SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the Collection Account of the Purchase Amount of any
Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest
in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or
arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for 
  

 12 

 
security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any
such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the
Receivable, including bringing suit in Purchaser’s or in the Issuer’s name. 
 SECTION 5.3 Waivers. No failure or delay on
the part of Purchaser, or the Issuer as assignee of Purchaser, or the Trust Collateral Agent as assignee of the Issuer, in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other or future exercise thereof or the exercise of any other power, right or remedy. 
 ARTICLE VI. 
 MISCELLANEOUS 
 SECTION 6.1 Liability of Seller. Seller shall be liable in accordance herewith only to the extent of the obligations in this Agreement specifically undertaken by Seller and the representations and warranties of
Seller. 
 SECTION 6.2 Merger or Consolidation of Seller or Purchaser. Any corporation or other entity (i) into which Seller or
Purchaser may be merged or consolidated, (ii) resulting from any merger or consolidation to which Seller or Purchaser is a party or (iii) succeeding to the business of Seller or Purchaser, in the case of Purchaser, which corporation has a
certificate of incorporation containing provisions relating to limitations on business and other matters substantively identical to those contained in Purchaser’s certificate of incorporation, provided that in any of the foregoing cases such
corporation shall execute an agreement of assumption to perform every obligation of Seller or Purchaser, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to Seller or
Purchaser, as the case may be, hereunder (without relieving Seller or Purchaser of their responsibilities hereunder, if it survives such merger or consolidation) without the execution or filing of any document or any further action by any of the
parties to this Agreement. Notwithstanding the foregoing, so long as an Insurer Default shall not have occurred and be continuing, Purchaser shall not merge or consolidate with any other Person or permit any other Person to become the successor to
Purchaser’s business without the prior written consent of the Insurer. Seller or Purchaser shall promptly inform the other party, the Issuer, the Trust Collateral Agent, the Owner Trustee and, so long as an Insurer Default shall not have
occurred and be continuing, the Insurer of such merger, consolidation or purchase and assumption. Notwithstanding the foregoing, as a condition to the consummation of the transactions referred to in clauses (i), (ii) and (iii) above, (x) immediately
after giving effect to such transaction, no representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the
consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an event of default under the Insurance Agreement, shall have occurred and be continuing, (y) Seller or Purchaser, as applicable, shall have
delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation of such transaction and shall have delivered to the Issuer, the Insurer and the 
  

 13 

 
Trust Collateral Agent an Officer’s Certificate of the Seller or a certificate signed by or on behalf of the Purchaser, as applicable, and an Opinion of
Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section 6.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been
complied with, and (z) Seller or Purchaser, as applicable, shall have delivered to the Issuer, the Insurer and the Trust Collateral Agent an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all financing statements
and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer and the Trust Collateral Agent in the Receivables and reciting the details of the filings or
(B) no such action shall be necessary to preserve and protect such interest. 
 SECTION 6.3 Limitation on Liability of Seller and
Others. Seller and any director, officer, employee or agent thereof may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under
this Agreement. Seller shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations under this Agreement or its Related Documents and that in its opinion may involve it in any expense
or liability. 
 SECTION 6.4 Seller May Own Notes or the Certificate. Subject to the provisions of the Sale and Servicing Agreement,
Seller and any Affiliate of Seller may in their individual or any other capacity become the owner or pledgee of Notes or the Certificate with the same rights as they would have if they were not Seller or an Affiliate thereof. 
 SECTION 6.5 Amendment. 
 (a) This Agreement may be amended by Seller and Purchaser with the prior written consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) but without the consent of the Trust
Collateral Agent, the Owner Trustee, the Certificateholder or any of the Noteholders (i) to cure any ambiguity or (ii) to correct any provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion
of Counsel delivered to the Issuer, the Owner Trustee, the Insurer and the Trust Collateral Agent, adversely affect in any material respect the interests of any Certificateholder or Noteholder or, if an Insurer Default shall have occurred and be
continuing, the Insurer. 
 (b) This Agreement may also be amended from time to time by Seller and Purchaser, with the prior
written consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and with the consent of the Trust Collateral Agent and, if required, the Certificateholder and the Noteholders, in accordance with the Sale and
Servicing Agreement, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Certificateholder or Noteholders; provided,
however, the Seller provides the Trust Collateral Agent with an Opinion of Counsel, (which may be provided by the Seller’s internal counsel) that no such amendment shall increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate; provided further that if an Insurer Default has occurred and is continuing, such amendment shall not
materially adversely affect the interests of the Insurer. 
  

 14 

 (c) Prior to the execution of any such amendment or consent, Seller shall have furnished
written notification of the substance of such amendment or consent to each Rating Agency. 
 (d) It shall not be necessary for
the consent of Certificateholder or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholder or Noteholders shall be subject to such reasonable requirements as the Trust Collateral Agent may prescribe, including the establishment of record dates.
The consent of a Holder of a Certificate or a Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder and on all future Holders of such Certificate or Note and of any
Certificate or Note issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Certificate or Note. 
 SECTION 6.6 Notices. All demands, notices and communications to Seller or Purchaser hereunder shall be in writing, personally delivered, or sent
by telecopier (subsequently confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been given upon receipt (a) in the case of Seller, to AmeriCredit Financial Services,
Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS SenSub Corp., 2265 B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119, Attention: Chief Financial Officer,
or such other address as shall be designated by a party in a written notice delivered to the other party or to the Issuer, Owner Trustee, the Insurer or the Trust Collateral Agent, as applicable. 
 SECTION 6.7 Merger and Integration. Except as specifically stated otherwise herein, this Agreement and Related Documents set forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Related Documents. This Agreement may not be modified, amended, waived or supplemented except
as provided herein. 
 SECTION 6.8 Severability of Provisions. If any one or more of the covenants, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. 
 SECTION 6.9 Intention of the Parties. The execution and delivery of this
Agreement shall constitute an acknowledgment by Seller and Purchaser that they intend that the assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and the Other Conveyed
Property, conveying good title thereto free and clear of any Liens, from Seller to Purchaser, and that the Receivables and the Other 
  

 15 

 
Conveyed Property shall not be a part of Seller’s estate in the event of the bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to Seller. In the event that such conveyance is determined to be made as security for a loan made
by Purchaser, the Issuer, the Noteholders or the Certificateholder to Seller, the Seller hereby grants to Purchaser a security interest in all of Seller’s right, title and interest in and to the following property, whether now owned or existing
or hereafter acquired or arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Purchase Agreement Collateral”): 
 (1) the Receivables and all moneys received thereon after the Cutoff Date; 
 (2) 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; 
 (3) 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; 
 (4) 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; 
 (5) all rights under any Service Contracts on the related Financed Vehicles; 
 (6) the related Receivable Files; 
 (7) 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 (1) through (6); and 
 (8) all proceeds and investments with respect to items (1) through (7).

 SECTION 6.10 Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of
or relating in any way to 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). 
 SECTION 6.11 Counterparts. For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 
  

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 SECTION 6.12 Conveyance of the Receivables and the Other Conveyed Property to the Issuer. Seller
acknowledges that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed Property, together with its rights under this Agreement, to the Issuer on the Closing Date. Seller acknowledges and
consents to such conveyance and pledge and waives any further notice thereof and covenants and agrees that the representations and warranties of Seller contained in this Agreement and the rights of Purchaser hereunder are intended to benefit the
Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder. In furtherance of the foregoing, Seller covenants and agrees to perform its duties and obligations hereunder, in accordance with the terms
hereof for the benefit of the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder and that, notwithstanding anything to the contrary in this Agreement, Seller shall be directly liable to the
Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder (notwithstanding any failure by the Servicer, the Backup Servicer or the Purchaser to perform its respective duties and obligations hereunder or under
Related Documents) and that the Trust Collateral Agent may enforce the duties and obligations of Seller under this Agreement against Seller for the benefit of the Insurer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the
Certificateholder. 
 SECTION 6.13 Nonpetition Covenant. Neither Purchaser nor Seller shall petition or otherwise invoke the process
of any court or government authority for the purpose of commencing or sustaining a case against the Purchaser or the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Purchaser or the Issuer or any substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the Purchaser or the Issuer. 
 SECTION 6.14 Benefits of Purchase Agreement. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of
this Purchase Agreement and shall be entitled to rely upon and directly enforce the provisions of this Purchase Agreement so long as no Insurer Default shall have occurred and be continuing. 
 [Remainder of page intentionally left blank] 
  

 17 

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

			
	AFS SENSUB CORP., as Purchaser
		
	By	 	 /s/ Sheli Fitzgerald

	 Name:
	 	Sheli Fitzgerald
	 Title:
	 	Vice President, Structured Finance
	
	AMERICREDIT FINANCIAL SERVICES, INC., as Seller
		
	By	 	 /s/ Susan B. Sheffield

	 Name:
	 	Susan B. Sheffield
	 Title:
	 	Senior Vice President, Structured Finance

 Accepted: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee and Trust Collateral Agent
		
	By	 	 /s/ Marianna C. Stershic

	Name:	 	Marianna C. Stershic
	Title:	 	Vice President

 [Purchase Agreement] 

 SCHEDULE A 
 SCHEDULE OF RECEIVABLES 
 [On File with AmeriCredit, the Trustee and Dewey Ballantine LLP] 

 SCHEDULE B 
 REPRESENTATIONS AND WARRANTIES OF 
 AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”)

 1. Characteristics of Receivables. Each Receivable (A) was originated (i) by AmeriCredit, (ii) by an Originating
Affiliate and was validly assigned by such Originating Affiliate to AmeriCredit, (iii) 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 (iv) 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 Originating Affiliate, such Dealer or such
Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s, such Originating Affiliate’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 Originating Affiliate, each Dealer and each Third-Party Lender had all necessary licenses and permits to originate Receivables in
the state where AmeriCredit, each such Originating Affiliate, 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. No Fraud or Misrepresentation.
Each Receivable was originated (i) by AmeriCredit, (ii) by an Originating Affiliate and was assigned by the Originating Affiliate to AmeriCredit, (iii) by a Dealer and was sold by the Dealer to AmeriCredit or (iv) by a
Third-Party Lender and was sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to AFS SenSub Corp. without any fraud or misrepresentation on the part of such Originating Affiliate, 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. 
 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. Each of the Seller and AFS SenSub Corp. has indicated in its files that the Receivables have been sold to the Trust pursuant to the Sale and Servicing Agreement and Granted to the Trust Collateral Agent pursuant
to the Indenture. Further, AmeriCredit has indicated in its computer files that the Receivables are owned by the Trust. 
 10. Computer
Tape. The Computer Tape made available by AmeriCredit to AFS SenSub Corp. and to the Trust on the Closing Date was complete and accurate as of the 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 AmeriCredit which met the selection criteria contained in the Sale and Servicing Agreement. 
 12. Chattel Paper. The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware. 
 13. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one authoritative copy) of
each Contract. With respect to Contracts 

  

 B-2 

 
that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of
the Trust Collateral Agent in the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following
effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian. 
 14.
Not an Authoritative Copy. With respect to Contracts that are “electronic chattel paper”, the Seller has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is
not an authoritative copy.” 
 15. Revisions. With respect to Contracts that are “electronic chattel paper”, the
related Receivables have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Trust Collateral
Agent and (b) all revisions of the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 
 16. Pledge or Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that
it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. 
 17. Receivable Files
Complete. There exists a Receivable File pertaining to each Receivable and such Receivable File contains the original Lien Certificate or a copy of the application therefor. Related documentation concerning the Receivable, including any
documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with its customary policies and procedures. 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. With respect to Receivables that are tangible chattel paper, the complete Receivable File for each
Receivable, including a fully executed original of the Contract, currently is in the possession of the Custodian. 
 18. 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. 
 19. Lawful Assignment. No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void
or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Notes. 
 20. Good
Title. Immediately prior to the conveyance of the Receivables to AFS SenSub Corp. pursuant to this Agreement, AmeriCredit was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery
of this 

  

 B-3 

 
Agreement by AmeriCredit, AFS SenSub Corp. shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No
Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. AmeriCredit has not taken any action to convey any right to any Person that would result in such Person having a right to payments received
under the related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
 21. Security Interest in Financed Vehicle. Each Receivable created or shall create a valid, binding and enforceable first priority security
interest in favor of AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender which first priority security interest has been assigned to 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 an Originating Affiliate or a Titled
Third-Party Lender) 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 or the related Originating Affiliate has applied for or received written evidence from the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit, an Originating Affiliate, the Issuer
or a Titled Third-Party Lender, as applicable, as first lienholder has been applied for and the Originating Affiliate’s or Titled Third-Party Lender’s security interest has been validly assigned by the Originating Affiliate or Titled
Third-Party Lender, as applicable, to AmeriCredit and AmeriCredit’s security interest has been validly assigned by AmeriCredit to AFS SenSub Corp. pursuant to this Agreement. This Agreement creates a valid and continuing security interest (as
defined in the UCC) in the Receivables in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. Immediately after the sale, transfer and
assignment thereof by AmeriCredit to AFS SenSub Corp., each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of AFS SenSub Corp. as secured party, which security interest is
prior to all other Liens upon and security interests in such Financed Vehicle which now exist or 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. 
 22. All Filings Made. All filings (including, without limitation, UCC filings (including, without limitation, the filing by the Seller of all
appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Purchaser hereunder)) required to be made by any Person and
actions required to be taken or performed by any Person in any jurisdiction to give the Trust and the Trust Collateral Agent a first priority perfected lien on, or ownership interest in, the Receivables and the proceeds thereof and the Other
Conveyed Property have been made, taken or performed. 
 23. No Impairment. AmeriCredit has not done anything to convey any right to
any Person that would result in such Person having a right to payments due under the Receivables or 

  

 B-4 

 
otherwise to impair the rights of the Trust, the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds
thereof. Other than the security interest granted to the Purchaser pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the
Receivables other than any financing statement relating to the security interest granted to the Purchaser hereunder or that has been terminated. The Seller is not aware of any judgment or tax lien filings against it. 
 24. 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. 
 25. 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. 
 26. 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. 
 27. Insurance. At the time of an origination of a Receivable by AmeriCredit, an Originating
Affiliate, 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 (or an Originating Affiliate or a Titled Third-Party Lender) 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, an Originating Affiliate or a Titled
Third-Party Lender 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. 
 28. Past Due. At the Cutoff Date, no
Receivable was more than 30 days past due. 
 29. 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. 
 30. Certain Characteristics of
Receivables. 
 (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not more than 72 months.

  

 B-5 

 (B) Each Receivable had an original maturity, as of the Cutoff Date, of not more than 72
months. 
 (C) Each Receivable had a remaining Principal Balance as of the Cutoff Date, of at least $250 and not more than
$80,000. 
 (D) Each Receivable had an Annual Percentage Rate as of the Cutoff Date, of at least 1% and not more than 33%.

 (E) No Receivable was more than 30 days past due as of the Cutoff Date. 
 (F) No funds had been advanced by AmeriCredit, any Originating Affiliate, 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 (E) above. 
 (G) Not more than 35% of the
Obligors on the Receivables as of the Cutoff Date resided in Texas and California (based on the Obligor’s mailing address as of the Cutoff Date). 
 (H) Each Obligor had a billing address in the United States as of the date of origination of the related Receivable, is a natural person and is not an Affiliate of any party to any Related Document. 
 (I) Each Receivable is denominated in, and each Contract provides for payment in, United States dollars. 
 (J) Each Receivable is identified on the Servicer’s master servicing records as an automobile installment sales contract or
installment note. 
 (K) Each Receivable arose under a Contract which is assignable without the consent of, or notice to, the
Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the
Contract. 
 (L) Each Receivable arose under a Contract with respect to which AmeriCredit has performed all obligations
required to be performed by it thereunder, and, in the event such Contract is an installment sales contract, delivery of the Financed Vehicle to the related Obligor has occurred. 
 (M) Not more than 2% of all Receivables (calculated by Aggregate Principal Balance) which have been transferred to the Issuer including
the Receivables as of the Cutoff Date shall be “electronic chattel paper” as such term is defined in the UCC. 
  

 B-6 

 (N) No automobile related to a Receivable was held in repossession inventory as of the
Cutoff Date. 
 (O) No Obligor was in bankruptcy as of the Cutoff Date. 
 (P) The Seller has not selected the Receivables in a manner that it believes is adverse to the interests of the Insurer or the
Noteholders. 
 31. 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. 
 32.
Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Account. 
 33. Lien Enforcement. Each Receivable provides for enforcement of the lien or the clear legal right of repossession, as applicable, on the Financed Vehicle securing such Receivable. 
 34. Prospectus Supplement Description. Each Receivable conforms, and all Receivables in the aggregate conform, in all material respects to the
description thereof set forth in the Prospectus Supplement. 
 35. Risk of Loss. Each Contract contains provisions requiring the
Obligor to assume all risk of loss or malfunction on the related Financed Vehicle, requiring the Obligor to pay all sales, use, property, excise and other similar taxes imposed on or with respect to the Financed Vehicle and making the Obligor liable
for all payments required to be made thereunder, without any setoff, counterclaim or defense for any reason whatsoever, subject only to the Obligor’s right of quiet enjoyment. 
 36. Leasing Business. To the best of the Seller’s and the Servicer’s knowledge, as appropriate, no Obligor is a Person involved in the
business of leasing or selling equipment of a type similar to the Obligor’s related Financed Vehicle. 
 37. 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. 
 38. Perfection. The Seller has taken all steps necessary to perfect its security interest against the related Obligors in the property securing
the Receivables and will take all necessary steps on behalf of the Trust to maintain the Trust’s perfection of the security interest created by each Receivable in the related Financed Vehicle. 
 39. Florida Law. There have been no material changes to Florida law relevant to any Receivables originated and entered into in the State of
Florida since the opinion of Shutts & Bowen LLP was delivered on January 18, 2007. 
  

 B-7Indemnification Agreement

 Exhibit 10.2 
 EXECUTION COPY 
  

 INDEMNIFICATION AGREEMENT 
 among 
 FINANCIAL SECURITY ASSURANCE INC., 
 AFS SENSUB CORP. 
 and 
 LEHMAN BROTHERS INC., as Representative

 Dated as of April 11, 2007 
 $275,000,000 Class A-1 5.3196% Asset Backed Notes, Series 2007-B-F 
 $435,000,000 Class A-2 5.31% Asset Backed Notes,
Series 2007-B-F 
 $150,000,000 Class A-3-A 5.16% Asset Backed Notes, Series 2007-B-F 
 $190,000,000 Class A-3-B LIBOR + 0.02% Floating Rate Asset Backed Notes, Series 2007-B-F 
 $450,000,000 Class A-4 LIBOR + 0.05% Floating Rate Asset Backed Notes, Series 2007-B-F 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	Section 1.	 	Definitions	  	1
			
	Section 2.	 	Representations, Warranties and Agreements of Financial Security	  	3
			
	Section 3.	 	Representations, Warranties and Agreements of the Underwriters	  	5
			
	Section 4.	 	Indemnification	  	6
			
	Section 5.	 	Indemnification Procedures	  	7
			
	Section 6.	 	Contribution	  	8
			
	Section 7.	 	Miscellaneous	  	9
		
	EXHIBIT A — Opinion of Counsel	  	

 INDEMNIFICATION AGREEMENT 
 INDEMNIFICATION AGREEMENT dated as of April 11, 2007, among FINANCIAL SECURITY ASSURANCE INC. (“Financial Security”), AFS SENSUB CORP., (the “Seller”) and LEHMAN BROTHERS INC.,
as the Representative (as defined below): 
 Section 1. Definitions. For purposes of this Agreement, the following terms shall
have the meanings provided below: 
 “Agreement” means this Indemnification Agreement, as amended from time to time.

 “Closing Date” means April 19, 2007. 
 “Federal Securities Laws” means the Securities Act, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940 and
the Public Utility Holding Company Act of 1935, each as amended from time to time, and the rules and regulations in effect from time to time under such Acts. 
 “Final Prospectus Supplement” means the final Prospectus Supplement dated April 11 2007 relating to the Securities. 
 “Financial Security Agreements” means this Agreement, the Spread Account Agreement and the Insurance Agreement. 
 “Financial Security Information” has the meaning provided in Section 2(g) hereof. 
 “Financial Security Party” means any of Financial Security, its parent, subsidiaries and affiliates, and any shareholder, director, officer, employee, agent or “controlling person” (as such term is used in the
Securities Act) of any of the foregoing. 
 “Indemnified Party” means any party entitled to any indemnification pursuant to
Section 4 hereof. 
 “Indemnifying Party” means any party required to provide indemnification pursuant to
Section 4 hereof. 
 “Insurance Agreement” means the Insurance and Indemnity Agreement, dated as of April 11 2007
among Financial Security, the Trust, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS SenSub Corp. 
 “Losses” means (a) any actual out-of-pocket damages incurred by the party entitled to indemnification or contribution hereunder, (b) any actual out-of-pocket costs or expenses incurred by such party, including
reasonable fees or expenses of its counsel and other expenses incurred in connection with investigating or defending any claim, action or other proceeding which entitle such party to be indemnified hereunder (subject to the limitations set forth in
Section 5 hereof), to the extent not paid, satisfied or reimbursed from funds provided by any other Person other than an affiliate of such party (provided that the foregoing shall not create or 

 
imply any obligation to pursue recourse against any such other Person), plus (c) interest on the amount paid by the party entitled to indemnification or
contribution from the date of such payment to the date of payment by the party who is obligated to indemnify or contribute hereunder at the statutory rate applicable to judgments for breach of contract. 
 “Notes Policy” means in the financial guaranty insurance policy, including any endorsements thereto, issued by Financial Security with
respect to the Securities, substantially in the form attached as Annex I(A) to the Insurance Agreement. 
 “Offering
Document” means the Prospectus and any other material or documents delivered by the Underwriters or any Underwriter Party to any Person in connection with the offer or sale of the Securities. 
 “Person” means any individual, partnership, joint venture, corporation, trust, unincorporated organization or other organization or
entity (whether governmental or private). 
 “Policy” means (a) the Notes Policy or (b) the Swap Policy.

 “Preliminary Prospectus Supplement” means, collectively, the preliminary Prospectus Supplement subject to completion
dated April 10, 2007 relating to the Securities and the Supplement thereto subject to completion dated April 11, 2007. 
 “Prospectus” means, collectively, the Prospectus dated April 28, 2006 relating to the Securities and the Prospectus Supplement. 
 “Prospectus Supplement” means, collectively, the Preliminary Prospectus Supplement and the Final Prospectus Supplement. 
 “Representative” means Lehman Brothers Inc., as representative of the Underwriters. 
 “Securities” means the Trust’s $275,000,000 Class A-1 5.3196% Asset Backed Notes, $435,000,000 Class A-2 5.31% Asset Backed Notes, $150,000,000 Class A-3-A 5.16% Asset Backed Notes, $190,000,000
Class A-3-B LIBOR + 0.02% Floating Rate Asset Backed Notes and $450,000,000 Class A-4 LIBOR + 0.05% Floating Rate Asset Backed Notes issued pursuant to the Series 2007-B-F Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 “Seller Party” means any of the Seller, its parent, subsidiaries and affiliates and any employee, agent or “controlling
person” (as such term is used in the Securities Act) of any of the foregoing. 
 “Spread Account Agreement” means the
Spread Account Agreement dated as of April 11, 2007, among Financial Security, the Trust, the Collateral Agent and the Trustee, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof. 
  

 2 

 “Swap Policy” means the financial guaranty insurance policy, including any endorsements
thereto, issued by Financial Security with respect to the Swap Agreement, substantially in the form attached as Annex I(B) to the Insurance Agreement. 
 “Time of Sale” means 2:30 p.m. (New York time) on April 11, 2007. 
 “Trust” means AmeriCredit Automobile Receivables Trust 2007-B-F. 
 “Underwriter Information” has
the meaning provided in Section 3(c) hereof. 
 “Underwriter Party” means any of the Underwriters, its respective
parent, subsidiaries and affiliates and any shareholder, director, officer, employee, agent or “controlling person” (as such item is used in the Securities Act) of any of the foregoing. 
 “Underwriters” means Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc., Barclays Capital Inc., Credit
Suisse Securities (USA) LLC and UBS Securities LLC, as underwriters. 
 “Underwriting Agreement” means the Underwriting
Agreement, dated as of April 11, 2007 among the Seller, AmeriCredit Financial Services, Inc. and the Representative. 
 Section 2.
Representations, Warranties and Agreements of Financial Security. Financial Security represents, warrants and agrees as follows: 
 (a) Organization, Etc. Financial Security is a stock insurance company duly organized, validly existing and authorized to transact financial guaranty insurance business under the laws of the State of New York.

 (b) Authorization, Etc. The Notes Policy and the Financial Security Agreements have been duly authorized, executed
and delivered by Financial Security. 
 (c) Validity, Etc. The Notes Policy and the Financial Security Agreements
constitute valid and binding obligations of Financial Security, enforceable against Financial Security in accordance with their terms, subject, as to the enforcement of remedies, to bankruptcy, insolvency, reorganization, rehabilitation, moratorium
and other similar laws affecting the enforceability of creditors’ rights generally applicable in the event of the bankruptcy or insolvency of Financial Security and to the application of general principles of equity and subject, in the case of
this Agreement, to principles of public policy limiting the right to enforce the indemnification provisions contained herein. 
 (d) Exemption From Registration. The Notes Policy is exempt from registration under the Securities Act. 
 (e)
No Conflicts. Neither the execution or delivery by Financial Security of the Notes Policy or the Financial Security Agreements, nor the performance by Financial Security of its obligations thereunder, will conflict with any provision of the
certificate of incorporation or the bylaws of Financial Security nor result in a breach of, or constitute a 

  

 3 

 
default under, any material agreement or other instrument to which Financial Security is a party or by which any of its property is bound nor violate any
judgment, order or decree applicable to Financial Security of any governmental or regulatory body, administrative agency, court or arbitrator having jurisdiction over Financial Security (except that, in the published opinion of the Securities and
Exchange Commission, the indemnification provisions of this Agreement, insofar as they relate to indemnification for liabilities arising under the Securities Act, are against public policy as expressed in the Securities Act and are therefore
unenforceable). 
 (f) Financial Information. The consolidated balance sheets of Financial Security as of
December 31, 2006 and December 31, 2005 and the related consolidated statements of income, changes in shareholder’s equity and cash flows for each of the three years in the period ended December 31, 2006, which are incorporated
by reference in the Prospectus, fairly present in all material respects the financial condition of Financial Security as of such dates and for such periods in accordance with generally accepted accounting principles consistently applied (subject as
to interim statements to normal year-end adjustments) and since the date of the most current interim consolidated balance sheet referred to above there has been no change in the financial condition of Financial Security which would materially and
adversely affect its ability to perform its obligations under the Notes Policy. 
 (g) Financial Security Information.
The information in the Prospectus Supplement set forth or incorporated by reference under the caption “The Insurer” (as revised from time to time in accordance with the provisions hereof, the “Financial Security
Information”) is limited and does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant in connection with the offer and sale of securities of such registrant registered under
the Securities Act. Within such limited scope of disclosure, however, with respect to (i) the Preliminary Prospectus Supplement, as of the Time of Sale, and (ii) the Final Prospectus Supplement, as of its date and the Closing Date, the
Financial Security Information does not contain any untrue statement of a material fact, or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not
misleading. 
 (h) Additional Information. Financial Security will furnish to the Underwriters or the Seller, upon
request of the Underwriters or the Seller, as the case may be, copies of Financial Security’s most recent financial statements (annual or interim, as the case may be) which fairly present in all material respects the financial condition of
Financial Security as of the dates and for the periods indicated, in accordance with generally accepted accounting principles consistently applied except as noted therein (subject, as to interim statements, to normal year-end adjustments). In
addition, if the delivery of a Prospectus relating to the Securities is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Securities, the Seller or
the Underwriters will notify Financial Security of such requirement to deliver a Prospectus and Financial Security will promptly provide the Underwriters and the Seller with any revisions to the Financial Security Information that are in the
judgment of Financial Security necessary to prepare an amended Prospectus or a supplement to the Prospectus. 
  

 4 

 (i) Opinion of Counsel. Financial Security will furnish to the Underwriters and
the Seller on the closing date for the sale of the Securities an opinion of its Assistant General Counsel, Associate General Counsel or General Counsel to the effect set forth in Exhibit A attached hereto, dated such closing date and addressed to
the Seller and the Underwriters. 
 (j) Consents and Reports of Independent Accountants. Financial Security will
furnish to the Underwriters and the Seller, upon request, as comfort from its independent accountants in respect of its financial condition, (i) at the expense of the Person specified in the Insurance Agreement, a copy of the Prospectus,
including either a manually signed consent or a manually signed report of Financial Security’s independent accountants and (ii) the quarterly review letter by Financial Security’s independent accountants in respect of the most recent
interim financial statements of Financial Security. 
 Nothing in this Agreement shall be construed as a representation or warranty by Financial Security
concerning the rating of its insurance financial strength by Fitch Ratings, Moody’s Investors Service, Inc., Standard & Poor’s and Rating and Investment Information, Inc. or any other rating assigned by a rating agency
(collectively, the “Rating Agencies”). The Rating Agencies, in assigning such ratings, take into account facts and assumptions not described in the Prospectus and the facts and assumptions which are considered by the Rating
Agencies, and the ratings issued thereby, are subject to change over time. 
 Section 3. Representations, Warranties and Agreements
of the Underwriters. Each of the Underwriters represents, warrants and agrees as follows: 
 (a) Compliance With
Laws. Such Underwriter will comply in all material respects with all legal requirements in connection with offers and sales of the Securities and make such offers and sales in the manner provided in the Prospectus Supplement. 
 (b) Offering Document. Such Underwriter will not use, or distribute to other broker-dealers for use, any Offering Document in
connection with the offer and sale of the Securities unless such Offering Document includes such information as has been furnished by Financial Security for inclusion therein and the information therein concerning Financial Security has been
approved by Financial Security in writing (other than any such written communication that consists solely of postings that are initially made by such Underwriter on the Bloomberg system or otherwise via e-mail and that contains only identifying
information regarding the Trust and the Notes, the expected closing date and first payment date for the Notes, the expected principal amount, expected weighted average life, expected ratings, expected periods for payments of principal, expected
final payment date, expected legal final payment date and expected interest rate index for each class of Notes; preliminary guidance as to the interest rate and/or yield for each class of Notes (but not final interest rate or yield information);
information regarding the principal amount of the Notes being offered by each Underwriter; other similar or related information such as expected pricing parameters, 

  

 5 

 
status of subscriptions and Underwriter’s retentions and ERISA eligibility; and/or any legends regarding the contents of such written communication).
Financial Security hereby consents to the information in respect of Financial Security included in the Prospectus. Each Offering Document that describes either Policy will include the following statement: 
 “The Notes Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law”.

 Each Offering Document including financial statements with respect to Financial Security prepared in accordance with generally accepted
accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) will include the following statement immediately preceding such financial statements: 
 “The New York State Insurance Department recognizes only statutory accounting practices for determining and reporting the financial condition and
results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No consideration is given by
the New York State Insurance Department to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.” 
 (c) Underwriter Information. All material provided by the Underwriters for inclusion in the Prospectus (as revised from time to
time, the “Underwriter Information”), insofar as such information relates to the Underwriters, is true and correct in all material respects, with respect to the Preliminary Prospectus Supplement, as of the Time of Sale, and with
respect to the Final Prospectus Supplement, as of its date and the Closing Date. The Underwriter Information is limited to the information set forth (i) on the cover page of the Final Prospectus Supplement the information in the table under the
headings entitled “Price to Public”, “Underwriting Discounts” and “Proceeds to Seller”; (ii) in the body and within the “Underwriting” section of the Final Prospectus Supplement, as applicable, the
paragraph immediately following the Class A-4 Notes Underwriter commitment table; and (iii) in the body and within the “Underwriting” section of the Final Prospectus Supplement, as applicable, (a) the fourth and fifth
paragraphs under the sub-heading “European Economic Area”, (b) the last sentence of the sixth paragraph under the sub-heading “European Economic Area” and (c) the second sentence in the third-to-last paragraph and the
last paragraph of the “Underwriting” section. 
 Section 4. Indemnification. 
 (a) Financial Security agrees, upon the terms and subject to the conditions provided herein, to indemnify, defend and hold harmless each
Seller Party and each 

  

 6 

 
Underwriter Party against (i) any and all Losses incurred by them with respect to the offer and sale of the Securities and resulting from Financial
Security’s breach of any of its representations, warranties or agreements set forth in Section 2 hereof and (ii) any and all Losses to which any Seller Party or Underwriter Party may become subject, under the Securities Act or
otherwise, insofar as such Losses arise out of or result from an untrue statement of a material fact contained in any Offering Document or the omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission was made in the Financial Security Information included therein in accordance with the provisions hereof. 
 (b) Each of the Underwriters, agrees, severally but not jointly, upon the terms and subject to the conditions provided herein, to
indemnify, defend and hold harmless each Financial Security Party against (i) any and all Losses incurred by them with respect to the offer and sale of the Securities and resulting from the Underwriters’ breach of any of its
representations, warranties or agreements set forth in Section 3 hereof and (ii) any and all Losses to which any Financial Security Party may become subject, under the Securities Act or otherwise, insofar as such Losses arise out of or
result from an untrue statement of a material fact contained in any Offering Document or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or omission was made in the Underwriter Information of the Underwriter included therein. 
 (c) Upon the incurrence of any Losses for which a party is entitled to indemnification hereunder, the Indemnifying Party shall reimburse the Indemnified Party promptly upon establishment by the Indemnified Party to
the Indemnifying Party of the Losses incurred. 
 Section 5. Indemnification Procedures. Except as provided below in
Section 6 with respect to contribution, the indemnification provided herein by an Indemnifying Party shall be the exclusive remedy of any and all Indemnified Parties for the breach of a representation, warranty or agreement hereunder by an
Indemnifying Party; provided, however, that each Indemnified Party shall be entitled to pursue any other remedy at law or in equity for any such breach so long as the damages sought to be recovered shall not exceed the Losses incurred
thereby resulting from such breach. In the event that any action or regulatory proceeding shall be commenced or claim asserted which may entitle an Indemnified Party to be indemnified under this Agreement, such party shall give the Indemnifying
Party written or telegraphic notice of such action or claim reasonably promptly after receipt of written notice thereof. The Indemnifying Party shall be entitled to participate in and, upon notice to the Indemnified Party, assume the defense of any
such action or claim in reasonable cooperation with, and with the reasonable cooperation of, the Indemnified Party. The Indemnified Party will have the right to employ its own counsel in any such action in addition to the counsel of the Indemnifying
Party, but the fees and expenses of such counsel will be at the expense of such Indemnified Party, unless (a) the employment of counsel by the Indemnified Party at its expense has been authorized in writing by the Indemnifying Party,
(b) the Indemnifying Party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving 

  

 7 

 
notice of the commencement of the action, or (c) the named parties to any such action or proceeding (including any impleaded parties) include both the
Indemnifying Party and one or more Indemnified Parties, and the Indemnified Parties shall have been advised by counsel that (A) there may be one or more legal defenses available to them which are different from or additional to those available
to the Indemnifying Party and (B) the representation of the Indemnifying Party and such Indemnified Parties by the same counsel would be inappropriate or contrary to prudent practice (in which case, if such Indemnified Parties notify the
Indemnifying Party in writing that they elect to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of such Indemnified
Parties, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the
same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all Seller Parties, one such firm for all Underwriter Parties and one such firm for all Financial
Security Parties, as the case may be, which firm shall be designated in writing by the Seller in respect of the Seller Parties, by the Underwriters in respect of the Underwriter Parties and by Financial Security in respect of the Financial Security
Parties), in each of which cases the fees and expenses of counsel will be at the expense of the Indemnifying Party and all such fees and expenses will be reimbursed promptly as they are incurred. The Indemnifying Party shall not be liable for any
settlement of any such claim or action unless the Indemnifying Party shall have consented thereto or be in default in its obligations hereunder. Any failure by an Indemnified Party to comply with the provisions of this Section shall relieve the
Indemnifying Party of liability only if such failure is prejudicial to the position of the Indemnifying Party and then only to the extent of such prejudice. 
 Section 6. Contribution. 
 (a) To provide for just and equitable contribution if
the indemnification provided by any Indemnifying Party is determined to be unavailable or insufficient for any Indemnified Party (other than due to application of this Section), each Indemnifying Party (severally and not jointly in the case of the
Underwriters) shall contribute to the Losses arising from any breach of any of its representations, warranties or agreements contained in this Agreement on the basis of the relative fault of each of the parties as set forth in Section 6(b)
below; provided, however, that an Indemnifying Party shall in no event be required to contribute to all Indemnified Parties an aggregate amount in excess of the Losses incurred by such Indemnified Parties resulting from the breach of
representations, warranties or agreements contained in this Agreement. 
 (b) The relative fault of each Indemnifying Party,
on the one hand, and of each Indemnified Party, on the other, shall be determined by reference to, among other things, whether the breach of, or alleged breach of, any representations, warranties or agreements contained in this Agreement relates to
information supplied by, or action within the control of, the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such breach. 
  

 8 

 (c) The parties agree that Financial Security shall be solely responsible for the
Financial Security Information and the Underwriters shall be solely responsible for the Underwriter Information and that the balance of each Offering Document shall be the responsibility of the Seller. 
 (d) Notwithstanding anything in this Section 6 to the contrary, the Underwriters shall not be required to contribute an amount in
excess of the amount by which the total price of the Securities underwritten by the Underwriters exceeds the amount of any damages that the Underwriters have otherwise been required to pay in respect of such untrue statement or omission. 

(e) No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) Upon the incurrence of any
Losses entitled to contribution hereunder, the contributor shall reimburse the party entitled to contribution promptly upon establishment by the party entitled to contribution to the contributor of the Losses incurred. 
 Section 7. Miscellaneous. 
 (a) Notices. All notices and other communications provided for under this Agreement shall be delivered to the address set forth below or to such other address as shall be designated by the recipient in a
written notice to the other party or parties hereto. 
  

					
	 If to Financial Security:
	 	Financial Security Assurance Inc.
		 	31 West 52nd Street
		 	New York, NY 10019
		 	Attention: Senior Vice President — Transaction Oversight
		 	Department (with a copy to the attention of the General
		 	Counsel)
		 	Re:	 	Policy No. 51831A-N or 51831B-N
		 		 	AmeriCredit Automobile Receivables
		 		 	Trust 2007-B-F
		 	Confirmation:	 	(212) 826-0100
		 	Telecopy Nos.:	 	(212) 339-3518,
		 		 	(212) 339-3529
		
	 If to the Seller:
	 	AFS SenSub Corp.
		 	2265 B Renaissance Drive, Suite 17
		 	Las Vegas, Nevada, 89119
		 	Attn: Chief Financial Officer

  

 9 

			
	 With a copy to:
	 	AmeriCredit Financial Services, Inc.
		 	801 Cherry Street, Suite 3900
		 	Fort Worth, TX 76102
		 	Attn: Chief Financial Officer
		 	Confirmation: (817) 302-7000
		 	Telecopy No.: (817) 302-7942]
		
	 If to the Underwriters:
	 	Lehman Brothers Inc.
		 	745 Seventh Avenue, 13th Floor
		 	New York, NY 10019
		 	Attn: Diane Rinnovatore

 (b) 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. 
 (c) Assignments. This Agreement may not be assigned by any party without the express written consent of each other party. Any assignment made in violation of this Agreement shall be null and void. 

(d) Amendments. Amendments of this Agreement shall be in writing signed by each party hereto. 
 (e) Survival, Etc. The indemnity and contribution agreements contained in this Agreement shall remain operative and in full force
and effect, regardless of (i) any investigation made by or on behalf of any Indemnifying Party, (ii) the issuance of the Securities or (iii) any termination of this Agreement or the Notes Policy. The indemnification provided in this
Agreement will be in addition to any liability which the parties may otherwise have and shall in no way limit any obligations of the Seller under the Underwriting Agreement or the Insurance Agreement. 
 (f) Counterparts. This Agreement may be executed in counterparts by the parties hereto, and all such counterparts shall constitute
one and the same instrument. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Indemnification Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	 FINANCIAL SECURITY ASSURANCE INC.

		
	 By:
	 	 /s/ Ravi Gandhi

	 Name:
	 	Ravi Gandhi
	 Title:
	 	Managing Director
	
	 AFS SENSUB CORP.

		
	 By:
	 	 /s/ Sheli Fitzgerald

	 Name:
	 	Sheli Fitzgerald
	 Title:
	 	Vice President, Structured Finance
	
	 LEHMAN BROTHERS INC.

		
	 By:
	 	 /s/ Diane Rinnovatore

	 Name:
	 	Diane Rinnovatore
	 Title:
	 	Managing Director

  

 [INDEMNITY AGREEMENT SIG. PAGE] 

 EXHIBIT A 
 OPINION OF COUNSEL 
 Based upon the foregoing, I am of the opinion that: 
 1. Financial Security is a stock insurance company duly organized, validly existing, and authorized to transact financial guaranty insurance business
under the laws of the State of New York. 
 2. The Notes Policy and the Agreements have been duly authorized, executed, and delivered by
Financial Security. 
 3. The Notes Policy and the Agreements constitute valid and binding obligations of Financial Security, enforceable
against Financial Security in accordance with their terms, subject, as to the enforcement of remedies, to bankruptcy, insolvency, reorganization, rehabilitation, moratorium, and other similar laws affecting the enforceability of creditors’
rights generally applicable in the event of the bankruptcy or insolvency of Financial Security and to the application of general principles of equity and subject, in the case of the Indemnification Agreement, to principles of public policy limiting
the right to enforce the indemnification provisions contained therein insofar as such provisions relate to indemnification for liabilities arising under applicable securities laws. 
 4. The Notes Policy is exempt from registration under the Securities Act of 1933, as amended (the “Act”). 
 5. Neither the execution or delivery by Financial Security of the Notes Policy or the Agreements, nor the performance by Financial Security of its
obligations thereunder, will conflict with any provision of the certificate of incorporation or the by-laws of Financial Security or violate any law or regulation, which violation would impair the binding effect or enforceability of the Notes Policy
or the Agreements or, to the best of my knowledge, result in a breach of, or constitute a default under, any agreement or other instrument to which Financial Security is a party or by which it or any of its property is bound or, to the best of my
knowledge, violate any judgment, order, or decree applicable to Financial Security of any governmental or regulatory body, administrative agency, court, or arbitrator having jurisdiction over Financial Security (except that in the published opinion
of the Securities and Exchange Commission the indemnification provisions of the Indemnification Agreement, insofar as they relate to indemnification for liabilities arising under the Act, are against public policy as expressed in the Act and are
therefore unenforceable). 
 In addition, please be advised that I have reviewed the description of Financial Security under the caption
“The Insurer” in (i) the preliminary Prospectus Supplement dated April 10, 2007 

  

 A-1 

 
(the “Preliminary Prospectus Supplement”) and (ii) the final Prospectus Supplement dated April 11, 2007 (the “Final
Prospectus Supplement” and, together with the Preliminary Prospectus Supplement, the “Disclosure Documents”) of the Seller with respect to the Securities. The information provided in the Disclosure Documents with respect to
Financial Security is limited and does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant under the Act in connection with the public offer and sale of securities of such registrant.
Within such limited scope of disclosure, however, there has not come to my attention any information that would cause me to believe that the description of Financial Security referred to above, with respect to the Preliminary Prospectus Supplement,
as of 2:30 p.m. (New York time) on April 11, 2007, and with respect to the Final Prospectus Supplement, as of its date or as of the date of this opinion, contained or contains any untrue statement of a material fact or omitted or omits to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (except that I express no opinion with respect to any financial statements or other financial information
contained or referred to therein). 
  

 A-2

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