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	 	 	Exhibit 4.2
	

SALE AND SERVICING  

 AGREEMENT

among

AMERICREDIT
OWNER TRUST 2003-1,

as Issuer, 

AMERICREDIT
WAREHOUSE CORPORATION,

as Depositor, 

AMERICREDIT
FINANCIAL SERVICES, INC.,

as Receivables Seller and as Servicer, 

SYSTEMS &
SERVICES TECHNOLOGIES, INC.,

as Master Servicer, and 

BANK
ONE, NA,

as Indenture Trustee 

Dated
as of March 18, 2003 

AMERICREDIT
OWNER TRUST 2003-1

RECEIVABLES-BACKED NOTES 

	

  

 
 

TABLE OF CONTENTS    
  

	ARTICLE I    DEFINITIONS.	 	1
	 	 	SECTION 1.1.	 	[Reserved].	 	1
	 	 	SECTION 1.2.	 	Definitional Provisions.	 	1
	
ARTICLE II    CONVEYANCE OF RECEIVABLES.	
 	

2
	 	 	SECTION 2.1.	 	Conveyance of Receivables.	 	2
	 	 	SECTION 2.2.	 	Further Encumbrance of the Collateral.	 	4
	 	 	SECTION 2.3.	 	Class C Notes.	 	5
	
ARTICLE III    THE RECEIVABLES.	
 	

5
	 	 	SECTION 3.1.	 	Representations and Warranties of the Receivables Seller and Depositor.	 	5
	 	 	SECTION 3.2.	 	Repurchase upon Breach.	 	6
	 	 	SECTION 3.3.	 	Custody of Receivables Files.	 	6
	 	 	SECTION 3.4.	 	Credit Scoring Methodology.	 	8
	
ARTICLE IV    ADMINISTRATION AND SERVICING OF RECEIVABLES.	
 	

8
	 	 	SECTION 4.1.	 	Duties of the Master Servicer.	 	8
	 	 	SECTION 4.2.	 	Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements.	 	10
	 	 	SECTION 4.3.	 	Realization upon Receivables.	 	11
	 	 	SECTION 4.4.	 	Insurance.	 	12
	 	 	SECTION 4.5.	 	Maintenance of Security Interests in Vehicles.	 	13
	 	 	SECTION 4.6.	 	Covenants, Representations, and Warranties of Servicer.	 	14
	 	 	SECTION 4.7.	 	Purchase of Receivables Upon Breach of Covenant.	 	15
	 	 	SECTION 4.8.	 	Total Servicing Fee; Payment of Certain Expenses.	 	15
	 	 	SECTION 4.9.	 	Servicer's Certificate.	 	16
	 	 	SECTION 4.10.	 	Annual Statement as to Compliance, Notice of Servicer Termination Event.	 	16
	 	 	SECTION 4.11.	 	Annual Independent Accountants' Report.	 	16
	 	 	SECTION 4.12.	 	Access to Certain Documentation and Information Regarding Receivables.	 	17
	 	 	SECTION 4.13.	 	Monthly Tape.	 	17
	 	 	SECTION 4.14.	 	Retention and Termination of Servicer.	 	18
	 	 	SECTION 4.15.	 	Fidelity Bond and Errors and Omissions Policy.	 	18
	 	 	SECTION 4.16.	 	Dispositions.	 	18
	
ARTICLE V    TRUST ACCOUNTS; DISTRIBUTIONS.	
 	

20
	 	 	SECTION 5.1.	 	Establishment of Trust Accounts.	 	20
	 	 	SECTION 5.2.	 	Certain Reimbursements to the Servicer.	 	21
	 	 	SECTION 5.3.	 	Application of Collections.	 	22
	 	 	SECTION 5.4.	 	Additional Deposits.	 	22
	 	 	SECTION 5.5.	 	Remittances.	 	22

i

 

	
ARTICLE VI    THE RECEIVABLES SELLER.	
 	

22
	 	 	SECTION 6.1.	 	Representations of Receivables Seller.	 	22
	 	 	SECTION 6.2.	 	Corporate Existence.	 	23
	 	 	SECTION 6.3.	 	Liability of Receivables Seller; Indemnities.	 	25
	 	 	SECTION 6.4.	 	Merger or Consolidation of, or Assumption of the Obligations of the Receivables Seller.	 	25
	 	 	SECTION 6.5.	 	Limitation on Liability of the Receivables Seller and Others.	 	26
	 	 	SECTION 6.6.	 	Ownership of the Certificates or Notes.	 	26
	
ARTICLE VII    THE SERVICER AND THE MASTER SERVICER.	
 	

26
	 	 	SECTION 7.1.	 	Representations of Servicer.	 	26
	 	 	SECTION 7.2.	 	Representations of Master Servicer.	 	27
	 	 	SECTION 7.3.	 	Liability of Servicer and Master Servicer; Indemnities.	 	28
	 	 	SECTION 7.4.	 	Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Master Servicer.	 	29
	 	 	SECTION 7.5.	 	Limitation on Liability of Servicer, Master Servicer and Others.	 	30
	 	 	SECTION 7.6.	 	Delegation of Duties.	 	31
	 	 	SECTION 7.7.	 	Servicer and Master Servicer Not to Resign.	 	31
	
ARTICLE VIII    SERVICER TERMINATION.	
 	

31
	 	 	SECTION 8.1.	 	Servicer Termination Event.	 	31
	 	 	SECTION 8.2.	 	Consequences of a Servicer Termination Event.	 	32
	 	 	SECTION 8.3.	 	Appointment of Successor.	 	33
	 	 	SECTION 8.4.	 	Master Servicer Termination.	 	34
	 	 	SECTION 8.5.	 	Notification to Noteholders.	 	34
	 	 	SECTION 8.6.	 	Waiver of Past Defaults.	 	34
	
ARTICLE IX    TERMINATION.	
 	

34
	 	 	SECTION 9.1.	 	Termination.	 	34
	
ARTICLE X    ADMINISTRATIVE DUTIES OF THE SERVICER.	
 	

36
	 	 	SECTION 10.1.	 	Administrative Duties.	 	36
	 	 	SECTION 10.2.	 	Records.	 	37
	 	 	SECTION 10.3.	 	Additional Information to be Furnished to the Issuer.	 	37
	
ARTICLE XI    MISCELLANEOUS PROVISIONS.	
 	

37
	 	 	SECTION 11.1.	 	Amendment.	 	37
	 	 	SECTION 11.2.	 	Protection of Title to Trust Estate.	 	38
	 	 	SECTION 11.3.	 	Notices.	 	40
	 	 	SECTION 11.4.	 	Assignment.	 	40
	 	 	SECTION 11.5.	 	Limitations on Rights of Others.	 	40
	 	 	SECTION 11.6.	 	Severability.	 	40
	 	 	SECTION 11.7.	 	Separate Counterparts.	 	40
	 	 	SECTION 11.8.	 	Headings.	 	40
	 	 	SECTION 11.9.	 	Governing Law.	 	40
	 	 	SECTION 11.10.	 	Assignment to Indenture Trustee.	 	41
	 	 	SECTION 11.11.	 	Non-petition Covenants.	 	41
	 	 	SECTION 11.12.	 	Limitation of Liability of Owner Trustee and the Indenture Trustee.	 	41
	 	 	SECTION 11.13.	 	Independence of the Servicer.	 	42
	 	 	SECTION 11.14.	 	No Joint Venture.	 	42

ii

  

	 
	 	 
	 	Page

	SCHEDULES	 	 	 	 
	

Schedule A	
 	

Schedules of Receivables	
 	

 
	

Schedule B	
 	

Representations and Warranties of the Receivables Seller and the Servicer	
 	

 
	

Schedule C	
 	

Servicing Policies and Procedures	
 	

 
	

 EXHIBITS	

 	

 	

 	

 
	

Exhibit A	
 	

Form of Servicer's Certificate	
 	

 
	

Exhibit B	
 	

Form of S&SA Assignment	
 	

 
	

 ANNEXES	

 	

 	

 	

 
	

Annex A	
 	

Defined Terms	
 	

 
	

Annex B	
 	

Modified Master Servicer Provisions	
 	

 

iii

        SALE AND SERVICING AGREEMENT, dated as of March 18, 2003 (this "Agreement"), among AMERICREDIT OWNER TRUST 2003-1, a
Delaware statutory trust (the "Issuer"), AMERICREDIT WAREHOUSE CORPORATION, a Nevada corporation (the
"Depositor"), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation, in its capacity as the Receivables Seller (the
"Receivables Seller"), and in its capacity as Servicer (the "Servicer"), SYSTEMS & SERVICES
TECHNOLOGIES, INC., a national banking association, as Master Servicer (the "Master Servicer") and BANK ONE, NA, a national banking association,
as Indenture Trustee (the "Indenture Trustee"). 

        WHEREAS,
the Issuer desires from time to time to purchase receivables arising in connection with motor vehicle retail installment sale contracts made by or acquired by the Receivables
Seller through motor vehicle dealers and third party lenders; 

        WHEREAS
the Depositor has purchased certain of such receivables from the Receivables Seller pursuant to a Receivables Purchase and Contribution Agreement (and shall purchase certain of
such Receivables pursuant to RPA Assignments entered into pursuant thereto); 

        WHEREAS,
the Depositor is willing to sell the receivables to the Issuer; 

        WHEREAS
the Issuer desires to purchase from the Depositor additional receivables arising in connection with motor vehicle retail installment sale contracts to be originated or acquired
by the Receivables Seller; 

        WHEREAS
the Master Servicer and the Servicer are willing to service all such receivables in accordance with this Agreement; 

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

ARTICLE I  

 Definitions.  

        SECTION
1.1.    [Reserved].    

        SECTION
1.2.    Definitional Provisions.    

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

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

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

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

 

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

Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time
amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to
its permitted successors and assigns. 

ARTICLE II  

 Conveyance of Receivables.  

        SECTION
2.1.    Conveyance of Receivables.    

        (a)
Subject to the conditions set forth in paragraph (b) below, on each Transfer Date the Depositor does hereby sell and contribute to the Issuer without recourse (subject to the
obligations set forth herein), all right, title and interest of the Depositor in and to: 

        (i)
all Receivables acquired by the Depositor and listed on Schedule A to the related S&SA Assignment in the form attached hereto as Exhibit B; 

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

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

        (iv)
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; 

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

        (vi)
the related Receivables Files; 

        (vii)
all of the Depositor's right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Receivables Purchase and Contribution Agreement
(including all RPA Assignments entered into pursuant thereto), including the delivery requirements, representations and warranties and the cure and repurchase obligations of the Receivables Seller
under the Receivables Purchase and Contribution Agreement (and all RPA Assignments entered into pursuant thereto), on or after the related Cut-off Date; and 

        (viii)
the proceeds of any and all of the foregoing. 

        On
the terms and conditions of this Agreement, on each Transfer Date, the Depositor agrees to offer for sale, and to sell, a portion of each of the Receivables (equal to the Sales Price
therefor) to be sold hereunder on such Transfer Date to the Issuer and to contribute to the Owner Trust Estate of the Issuer the balance of each of the Receivables and to deliver the related
Receivable Files to or at the direction of the Issuer. To the extent the Issuer has or is able to obtain sufficient funds to pay the Sales Price thereof, the Issuer agrees to purchase such Receivables
offered for sale by the Depositor. 

        On
each Transfer Date after the Closing Date, the Depositor agrees to sell and contribute to the Issuer Receivables with an aggregate Principal Balance equal to the Receivables
Amortization Amount 

2

 

plus the Required Delinquent Receivables Amount. In addition, on each Transfer Date after the Closing Date, the Depositor may sell and contribute to the Issuer Receivables with an aggregate Principal
Balance equal to the unpaid Principal Balance of all Delinquent Receivables as of such Transfer Date in excess of the Required Delinquent Receivables Amount to the extent sold or contributed by the
Receivables Seller to the Depositor. 

        To
the extent that on any Transfer Date following the Closing Date the Receivables Seller sells and contributes Receivables to the Depositor and the Depositor sells and contributes
Receivables to the Issuer in respect of the Required Delinquent Receivables Amount (or in respect of Delinquent Receivables in excess of the Required Delinquent Receivables Amount), the Issuer shall
instruct the Indenture Trustee to, and the Indenture Trustee shall, release the related Delinquent Receivables from the lien of the Indenture and shall instruct the Custodian to release the related
Receivables Files to the Servicer. 

        It
is the intention of the parties hereto that each sale and contribution contemplated by this Agreement shall constitute an absolute sale and contribution of the related Receivables
from the Depositor to the Issuer and that the related Receivables shall not be part of the Depositor's estate or otherwise be considered property of the Depositor in the event of the bankruptcy,
receivership, insolvency, liquidation, conservatorship or similar proceeding relating to the Depositor or any of its property. Except as set forth below, it is not intended that any amounts available
for reimbursement of Receivables be deemed to have been pledged by the Depositor to the Issuer or the Indenture Trustee to secure a debt or other obligation of the Depositor. In the event that
(A) the purchase of Receivables by the Issuer is deemed by a court or applicable regulatory, administrative or other governmental body contrary to the express intent of the parties to
constitute a pledge rather than a sale and contribution of the Receivables or (B) if amounts available now or in the future for reimbursement of any Receivables are held to be property of the
Depositor or a loan to the Depositor, or (C) if for any reason this Agreement is held or deemed to be a financing or some other similar arrangement or agreement, then (i) this Agreement
is and shall be a security agreement within the meaning of Articles 8 and 9 of the UCC; (ii) the Issuer shall be treated as having a first priority, perfected security interest in and to, and
lien on, the Receivables sold and contributed to the Issuer hereunder; (iii) the agreement of the Depositor hereunder to sell and contribute the Receivables shall be a grant by the Depositor to
the Issuer of a security interest in all of the Depositor's right (including the power to convey title thereto), title, and interest, whether now owned or hereafter acquired, in and to (A) all
amounts reimbursable now or in the future by or with respect to the Receivables and (B) any and all general intangibles consisting of, arising from or relating to any of the foregoing, and all
proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including without limitation all such amounts from time to time held or
invested in accounts maintained by or on behalf of the Depositor or by or on behalf of the Issuer, whether in the form of cash, instruments, securities or other property. The possession by the Issuer
or its agent of notes and such other goods, money, documents or such other items of property as constitute instruments, money, negotiable documents or chattel paper, and the filing of a UCC Financing
Statement, shall be "possession by the secured party," or possession by a purchaser or a person designated by such secured party, for purposes of perfecting the security interest pursuant to the UCC
of any applicable jurisdiction; and notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be notifications to, or
acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of any such holder for the purpose of perfecting such security interest under applicable
law. 

3

 

        (b)
The Depositor shall transfer to the Issuer the Receivables and the other property and rights related thereto described in paragraph (a) above subject to the satisfaction of
each of the following conditions: 

        (i)
the Depositor shall deliver to the Majority Noteholder and the Indenture Trustee on or prior to the Business Day immediately preceding each Transfer Date and each date a Servicer's
Report is delivered, an amended and restated Schedule of Receivables listing all Receivables owned by the Issuer as of such date (the "Schedule of
Receivables"); 

        (ii)
as of each Transfer Date, (A) neither the Depositor nor the Receivables Seller shall be insolvent and neither shall become insolvent as a result of the transfer of
Receivables on such Transfer Date, (B) neither the Depositor nor the Receivables Seller shall intend to incur or believe that either of them shall incur debts that would be beyond their
respective abilities to pay as such debts mature, (C) such transfer shall not have been made with actual intent to hinder, delay or defraud any Person and (D) neither the assets of the
Depositor nor the assets of the Receivables Seller shall constitute unreasonably small capital to carry out their respective businesses as conducted; 

        (iii)
each of the representations and warranties made by the Receivables Seller and the Depositor pursuant to Section 3.1 with respect to the Receivables to be transferred on such
Transfer Date shall be true and correct as of the related Transfer Date, and the Receivables Seller shall have performed all obligations to be performed by it under the Receivables Purchase and
Contribution Agreement and hereunder on or prior to such Transfer Date; 

        (iv)
the Receivables Seller shall, at its own expense, on or prior to the Transfer Date indicate in its computer files that the Receivables identified in the related RPA Assignment have
been sold to the Issuer; 

        (v)
the Depositor and the Receivables Seller shall have taken any action required to maintain the first priority perfected ownership interest of the Issuer in the Owner Trust Estate and
the first perfected security interest of the Indenture Trustee in the Collateral; 

        (vi)
no selection procedures adverse to the interests of the Noteholders shall have been utilized in selecting the related Receivables; provided, however, that no adverse selection
procedures are deemed to have been utilized with respect to the $800,000,000 in seasoned receivables which were selected by the Receivables Seller for sale to the Depositor on the Closing Date; and 

        (vii)
the addition of any such Receivables shall not result in an adverse tax consequence to the Issuer or the Noteholders. 

        The
Receivables Seller covenants that in the event any of the foregoing conditions precedent are not satisfied with respect to any Receivable on the date required as specified above, the
Receivables Seller will repurchase such Receivable from the Depositor who will consequently repurchase such Receivable from the Issuer in the manner specified in Section 4.7, at a price equal
to the Repurchase Price. 

        In
the event that the Issuer has provided a Redemption Notice to the Indenture Trustee pursuant to Section 2.16(b) of the Indenture, upon the deposit of the Redemption Price into
the Collection Account, the Indenture Trustee shall release the Receivables from the Lien of the Indenture and the Issuer may, upon the direction of the Certificateholders, convey and assign the
Receivables free and clear of the Lien of the Indenture. 

        SECTION
2.2.    Further Encumbrance of the Collateral.    (a) Immediately upon the conveyance to the Issuer by
the Depositor of any item of the Collateral pursuant to Section 2.1, all right, title and interest of the Depositor in and to such item of the Collateral shall terminate, and all such right,
title 

4

 

and interest shall vest in the Issuer, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement). 

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

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

        (d)
The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee and the Secured Parties pursuant to this Agreement have been
paid, release any remaining portion of the Trust Estate to the Certificateholders. 

        SECTION
2.3.    Class C Notes.    In consideration for arranging the transactions contemplated by the Basic
Documents, on the Closing Date, the Issuer shall deliver the Class C Notes to or at the direction of Deutsche Bank Securities Inc. 

ARTICLE III  

 The Receivables.  

        SECTION
3.1.    Representations and Warranties of the Receivables Seller and Depositor.    

        (a)
The Receivables Seller hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as
Schedule B is true and correct with respect to the Receivables it transferred to the Depositor and the Receivables Seller acknowledges that both the Depositor and the Issuer have relied on such
representations and warranties in acquiring the Receivables and upon which the Noteholders shall be deemed to rely in purchasing the Notes. Such representations and warranties speak as of the
execution and delivery of this Agreement and as of the related Transfer Date, but shall survive the sale and contribution of the Receivables to the Depositor and the sale and contribution by the
Depositor to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. The Receivables Seller hereby represents and warrants, on the date hereof and each Transfer Date,
that the information set forth in the Schedule of Receivables is true and correct and that the Schedule of Receivables lists each Receivable sold and contributed by it to the Depositor and sold and
contributed by the Depositor to the Issuer. 

        (b)
The Depositor hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B is true
and correct with respect to the Receivables it transferred to the Issuer and the Depositor acknowledges that the Issuer has relied on such representations and warranties in acquiring the Receivables
and upon which the Noteholders shall be deemed to rely in purchasing the Notes. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the related
Transfer Date, but shall survive the sale and contribution of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. The Depositor hereby represents
and warrants, on the date hereof and each Transfer Date, that the information set forth in the Schedule of Receivables is 

5

 

true and correct and that the Schedule of Receivables lists each Receivable sold and contributed to the Issuer. 

        SECTION
3.2.    Repurchase upon Breach.    

        (a)
Each of the Receivables Seller, the Depositor, the Servicer, the Master Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the Majority Noteholder
and the other parties to this Agreement promptly, which notice shall be in writing, upon the discovery by any such party of any breach of the Receivables Seller's or Depositor's representations and
warranties made pursuant to Section 3.1. As of the fifth Business Day following the discovery by the Receivables Seller or Depositor or receipt by the Receivables Seller or Depositor of notice
of such breach, unless such breach is cured by such date, the Receivables Seller shall have an obligation to repurchase any Receivable in which the value of such Receivable or the interests of the
Noteholders are materially adversely affected by any such breach as of such date. In consideration of and simultaneously with the repurchase of the Receivable, the Receivables Seller shall remit to
the Collection Account in the manner specified in Section 5.4 the Repurchase Price, and the Issuer shall execute such assignments and other documents reasonably requested by such person in
order to effect such repurchase. Except as otherwise set forth in the next paragraph, the sole remedy of the Depositor, the Issuer, the Owner Trustee, the Master Servicer, the Indenture Trustee or the
Noteholders with respect to a breach of representations and warranties pursuant to Section 3.1 and the agreement contained in this Section shall be the repurchase of Receivables pursuant to
this Section, subject to the conditions contained herein or to enforce the obligation of the Receivables Seller to repurchase such Receivables pursuant to the Receivables Purchase and Contribution
Agreement (and all RPA Assignments entered into pursuant thereto) and this Section 3.2. Neither the Owner Trustee, the Indenture Trustee nor the Custodian shall have any duty to conduct any
affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section 3.2. 

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

        (b)
Pursuant to Section 2.1 of this Agreement, the Depositor conveyed to the Issuer all of the Depositor's right, title and interest in its rights and benefits, but none of its
obligations or burdens, under the Receivables Purchase and Contribution Agreement (including all RPA Assignments entered into pursuant thereto) including the Depositor's rights under the Receivables
Purchase and Contribution Agreement and the delivery requirements, representations and warranties and the cure or repurchase obligations of the Receivables Seller thereunder. The Depositor hereby
represents and warrants to the Issuer that such assignment is valid, enforceable and effective to permit the Issuer to enforce such obligations of the Receivables Seller under the Receivables Purchase
and Contribution Agreement (and all RPA Assignments entered into pursuant thereto). 

        SECTION
3.3.    Custody of Receivables Files.    

        (a)
In connection with the sale, transfer and assignment of the Collateral to the Issuer pursuant to this Agreement and simultaneously with the execution and delivery of this Agreement,
the Indenture Trustee shall enter into the Custodian Agreement with the Custodian and the Issuer, dated as of March 18, 2003, pursuant to which the Indenture Trustee shall appoint the
Custodian, which shall initially be Bank One Trust Company, N.A., and the Custodian shall accept such appointment, to act as the agent of the Indenture Trustee as custodian of the Custodial Files
which shall be delivered to the 

6

 

Custodian as agent of the Indenture Trustee in the manner and within the time periods set forth in the Custodian Agreement (with respect to each Receivable): 

        (i)
The fully executed original of the Receivable containing a Protective Stamp; and 

        (ii)
A copy of the Lien Certificate (when received) and otherwise such documents, if any, that the Receivables Seller keeps on file in accordance with its customary procedures indicating
that the Financed Vehicle is owned by the Obligor and subject to the interest of the Receivables Seller (or a Titled Third-Party Lender) as first lienholder or secured party (including any Lien
Certificate received by the Receivables Seller), or, if the Lien Certificate has not yet been received, either (i) a copy of the application therefor, showing the Receivables Seller (or a
Titled Third-Party Lender) as secured party or (ii) a copy of the executed and completed Dealer Agreement related to such Receivable. 

        (b)
If the Receivables Seller does not deliver a copy of the Lien Certificate with respect to a Receivable within the time periods set forth above, the Receivables Seller or the Servicer
shall deliver a copy of such Lien Certificate to the Custodian not later than five (5) Business Days after receipt of such Lien Certificate. 

        (c)
In the event that a copy rather than the original Lien Certificate is delivered to the Custodian with respect to any Receivable in accordance with subclause (b) above, the
Receivables Seller shall deliver (or cause the Servicer to deliver) the original of such Lien Certificate (a "Requested Lien Certificate") to the
Custodian within 30 Business Days following its receipt of written instructions from the Majority Noteholder (with a copy to the Custodian) to deliver such original Lien Certificate. Within 30
Business Days following its receipt of written instructions from the Majority Noteholder (with a copy to the Custodian), the Receivables Seller shall deliver to the Custodian (i) Assignments of
the Receivables to the Indenture Trustee or such other party as may be specified by the Majority Noteholder, together with any intervening assignments of the Receivables to the Receivables Seller
and/or (ii) a copy of the original credit application of each Obligor, fully executed by each such Obligor, on the Receivables Seller's customary form, or on a form approved by the Receivables
Seller, for such application, or in the event that the application was obtained electronically, a printout of the electronic file reflecting the credit information provided by the Obligor (any of the
foregoing documents, together with any Requested Lien Certificate, a "Demand Document"). All Demand Documents will be clearly labeled
with the loan number to which they correspond, will be provided to the Custodian grouped in loan number order and will not be contained within separate file folders. 

        (d)
All of the documents delivered to the Custodian with respect to a Receivable pursuant to this Section 3.3 shall be included in the Custodial File of such Receivable. 

        (e)
The Servicer covenants that, in the event the original Lien Certificate is not delivered pursuant to subclause (c) above, it will track the Receivable associated with the
undelivered original Lien Certificate and deliver a monthly report to the Majority Noteholder (which report shall list the undelivered original Lien Certificate and its associated Receivable) until
such time as the original Lien Certificate is delivered to the Custodian. In the event that, with respect to any Receivable, a copy of, or, if applicable, the original, Lien Certificate has not been
delivered to the Custodian within 210 Business Days from the Closing Date, the Receivables Seller shall repurchase the Receivable associated with such undelivered original Lien Certificate from the
Depositor (who will consequently repurchase such Receivable from the Issuer in the manner specified in Section 4.7), at a price equal to the Repurchase Price within 10 days of the end of
such 210 Business Day period. 

        (f)
The Receivables Seller covenants that in the event any of the foregoing documents are not delivered in accordance with the terms of the Custodian Agreement or there exists a defect
with respect to any document that adversely affect the value of any Receivable or the interest of the Noteholders in any Receivable, the Receivables Seller shall, pursuant to notice provided by the 

7

 

Exceptions Report, or written notice from the Indenture Trustee, the Master Servicer or the Majority Noteholder, deliver any such undelivered document(s) or cure any such defective document(s) within
10 days of such notice. If, at the end of such 10 day period, the Receivables Seller has failed to deliver an undelivered document or cure a defective document, the Receivables Seller
shall repurchase any Receivable(s) associated with such undelivered or defective document(s) from the Depositor (who will consequently repurchase such Receivable from the Issuer in the manner
specified in Section 4.7), at a price equal to the Repurchase Price. 

        SECTION
3.4.    Credit Scoring Methodology.    The Receivables Seller covenants that it will not amend the credit
score model it uses to establish the AmeriCredit Scores unless it is in possession of statistically valid information that demonstrates that utilizing the amended model to acquire receivables benefits
both the Receivables Seller and the Noteholders. The methodology of the amended credit score model shall match the methodology of the model used on the Closing Date. Any amendment pursuant to this
Section 3.4 shall be consistent with appropriate consumer credit scorecard development standards as well as statistical research method standards. 

 
 

ARTICLE IV
  
    Administration and Servicing of Receivables.    
  

        SECTION
4.1.    Duties of the Master Servicer.    The Master Servicer is hereby authorized to act as agent for the
Issuer and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other servicing actions required under this Agreement. The Master Servicer agrees
that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which service motor vehicle retail installment sales contracts and, to the
extent more exacting, the degree of skill and attention that the Master Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for itself or
others (the "Servicing Standard"). The Master Servicer's duties shall include, without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables,
investigating delinquencies, sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the collateral, complying with the terms of the Lockbox Agreement,
accounting for collections and furnishing monthly and annual statements to the Indenture Trustee and the Majority Noteholder with respect to distributions, monitoring the status of Insurance Policies
with respect to the Financed Vehicles and performing the other duties specified herein. 

        To
the extent consistent with the Servicing Standard, the Master Servicer shall have full power and authority, acting alone, to do any and all things in connection with such managing,
servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Master Servicer is hereby authorized and empowered by the Issuer
to execute and deliver, on behalf of the Issuer, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect
to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Master Servicer shall not,
except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any
Receivable from the Obligor except in accordance with the Servicing Standard. 

8

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

        Notwithstanding
the above, the Master Servicer has delegated its servicing obligations in this Article IV to the Servicer, subject to the following: 

        (i)    the
Servicer shall perform the duties assigned to the Servicer in this Agreement in accordance with the Servicing Standard; 

        (ii)    so
long as the Receivables Seller is the Servicer, the Servicer shall substantially comply with the policies and procedures described on Schedule C, as such
policies and procedures may be updated from time to time in the performance of its obligations under this Agreement; to the extent the Servicer's customary standards, policies and procedures are
consistent with the Servicing Standard, the Receivables Seller may follow such standards, policies and procedures in performing the duties assigned to the Servicer hereunder; 

        (iii)    the
Master Servicer shall continue to be responsible for any duties specifically assigned to the Master Servicer in this Agreement; 

        (iv)    in
the event the Servicer fails to perform its obligations hereunder and is removed or terminated as the Servicer, the Master Servicer shall, upon not less than
30 days written notice from the Majority Noteholder, be responsible for the Servicer's duties in this Agreement as if it were the Servicer, except
as expressly set forth in Annex B hereto, provided that the Master Servicer shall not be liable for the Servicer's breach of its obligations; 

        (v)    within
45 days of the Closing Date, the Master Servicer shall have conducted an on-site inspection of the Servicer's operations in connection with
this Agreement, and shall conduct additional on-site inspections not less frequently than every 6 months thereafter. Within 10 days of each such inspection, the Master
Servicer shall deliver a certificate (in a form to be agreed upon in good faith between the Master Servicer and the Majority Noteholder) (the "Master Servicer
Certificate") certifying that the Master Servicer has conducted an inspection consistent with this Section 4.1. During each such inspection, the Master Servicer shall
perform certain review procedures to be agreed upon in good faith by the Master Servicer, the Majority Noteholder and, prior to an Event of Default, the Servicer, including, without limitation, such
review procedures as the Master Servicer may require in order to be put in a position to assume the servicing responsibilities of the Servicer if required hereunder; and 

        (vi)    within
45 days of the Closing Date, the Master Servicer shall complete all data-mapping, and, upon the receipt of Monthly Tapes pursuant to
Section 4.13: (A) electronically compile the Monthly Tape data in the Master Servicer's "off-line" computer, and (B) update or amend the data-mapping
pursuant to any updated or amended fields in the Monthly Tapes. 

9

 

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

        (a)    Consistent
with the Servicing Standard, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables
as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and
otherwise act with respect to the Collateral, the Dealer Agreements, the Dealer Assignments, the Auto Loan Purchase and Sale Agreements, the Third-Party Lender Assignments and the Insurance Policies
in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Issuer with respect thereto. The Servicer is authorized in its discretion to waive any
prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 

        (b)    The
Servicer may at any time agree to a modification or amendment of a Receivable in order to (i) change the Obligor's regular due date to a date within the
Collection Period in which such due date occurs or (ii) re-amortize the Scheduled Receivable Payments on the Receivable following a partial prepayment of principal, in accordance
with the Servicing Standard if the Servicer believes in good faith that such extension, modification or amendment is necessary to avoid a default on such Receivable, will maximize the amount to be
received by the Issuer with respect to such Receivable, and is otherwise in the best interests of the Issuer. 

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

        (i)    In
no event may a Receivable be extended more than twice during any twelve month period or more than eight times during the full term of such Receivable, provided that
if the governing documentation with respect to any Securitization sponsored by AmeriCredit subsequent to the date hereof permits more frequent and/or total extensions, such standards shall be deemed
to apply hereto; 

        (ii)    In
no event may a Receivable be extended beyond the date 12 months after the original maturity date; 

        (iii)    the
Servicer shall not amend or modify a Receivable (except as provided in Section 4.2(b) and clause (i)
and (ii) of this Section 4.2(c)) if an Overcollateralization Shortfall would result therefrom. 

        (d)    The
Servicer shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor's bank
account, to be made directly to one or more Lockbox Banks, acting as agent for the Issuer pursuant to a Lockbox Agreement. The Servicer shall use its best efforts to notify or direct any Lockbox Bank
to (i) deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt and (ii) transfer by wire transfer of immediately available funds on
each Business Day all cleared funds on deposit in the Lockbox Account to the Collection Account. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank, or an Eligible Deposit
Account. 

        No
later than one month after the related Transfer Date, the Servicer shall have notified each Obligor that makes its payments on the Receivables by check to make such payments
thereafter directly to the Lockbox Bank (except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor with remittance
invoices in order to 

10

 

enable such Obligors to make such payments directly to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify
those Obligors who have failed to make payments to the Lockbox Bank. The Servicer will prohibit payments on receivables other than the Receivables from being made to the Lockbox Account. If and to the
extent requested by the Majority Noteholder, the Servicer shall request each Obligor that makes payment on the Receivables by direct debit of such Obligor's bank account, to execute a new
authorization for automatic payment which in the judgment of the Majority Noteholder is sufficient to authorize direct debit by the Lockbox Bank on behalf of the Issuer. If at any time, the Lockbox
Bank is
unable to directly debit an Obligor's bank account that makes payment on the Receivables by direct debit and if such inability is not cured within 15 days or cannot be cured by execution by the
Obligor of a new authorization for automatic payment, the Servicer shall notify such Obligor that it cannot make payment by direct debit and must thereafter make payment by check. 

        Notwithstanding
any Lockbox Agreement, or any of the provisions of this Agreement relating to the Lockbox Agreement, the Servicer shall remain obligated and liable to the Issuer, the
Indenture Trustee and Noteholders for servicing and administering the Trust Estate in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue
thereof. 

        In
the event of a termination of the Servicer (unless the successor Servicer is the Master Servicer) the outgoing Servicer shall, upon request of the Majority Noteholder, but at the
expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to each such Lockbox Agreement and an accounting of amounts collected and held by the Lockbox
Bank and, if so directed by the Majority Noteholder, use its best efforts to effect the orderly and efficient transfer of any Lockbox Agreement to the successor Servicer. In the event that the
Majority Noteholder elects to change the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Majority Noteholder, to
the Master Servicer or a successor Lockbox Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank (together with an accounting of
such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the lockbox arrangements and the Servicer shall notify the Obligors to make payments to the
Lockbox Account established by the successor. 

        (e)    The
Servicer shall remit all payments by or on behalf of the Obligors received directly by the Servicer to the Lockbox Bank for deposit into the Collection Account, in
either case, and as soon as practicable, but in no event later than the Business Day after receipt thereof. 

        SECTION
4.3.    Realization upon Receivables.    

        (a)    Consistent
with the Servicing Standard, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any
Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such
Receivable; provided, however, that the Servicer may elect not to repossess a Financed Vehicle within such time period if in its good faith judgment it
determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance; provided, further, however, that
the Servicer shall liquidate any repossessed Financed Vehicle within 90 days after repossession. The Servicer is authorized to follow such customary practices and procedures as it shall deem
necessary or advisable, consistent with the Servicing Standard, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers and Third-Party Lenders, the sale
of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The
foregoing is subject to the provision that, in any case in which the
Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its 

11

 

discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon
liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than
the Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash
proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer or Third-Party Lender, which amounts in
reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the
Issuer any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such
Receivable. 

        (b)    If
the Servicer elects to commence a legal proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment, the act of commencement shall be deemed to be an automatic assignment from the Issuer to the Servicer of the rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee and/or the Indenture Trustee, at the Servicer's expense, or the Receivables
Seller, at the Receivables Seller's expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment
or Third-Party Lender Assignment, including bringing suit in its name or the name of the Receivables Seller or of the Issuer and the Owner Trustee and/or the Indenture Trustee for the benefit of the
Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(e). 

        SECTION
4.4.    Insurance.    

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

        (b)    The
Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related Financed Vehicle
and advance on behalf 

12

 

of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as "Force-Placed
Insurance"). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred by the Servicer in maintaining
such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c). 

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

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

        (e)    The
Servicer will cause itself and, shall, upon the direction of the Majority Noteholder, cause the Master Servicer and/or the Indenture Trustee to be named as named
insured under all policies of Collateral Insurance and will, upon the request of the Majority Noteholder, provide copies of such policies showing the Servicer, the Master Servicer and/or the Indenture
Trustee as named insured thereon. 

        SECTION
4.5.    Maintenance of Security Interests in Vehicles.    

        (a)    Consistent
with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Issuer as are necessary to maintain
perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering,
filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to 

13

 

maintain the security interest granted by the Obligors under the respective Receivables. The Indenture Trustee hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps
necessary to re-perfect such security interest on behalf of the Issuer as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the
assignment of a Receivable to the Issuer is insufficient, without a notation on the related Financed Vehicle's certificate of title, or without fulfilling any additional administrative requirements
under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Issuer, the Servicer hereby agrees that the
designation of the Receivables Seller (or a Titled Third-Party Lender) as the secured party on the certificate of title is in its capacity as Servicer as agent of the Issuer. 

        (b)    Upon
the occurrence of a Servicer Termination Event or an Event of Default, the Indenture Trustee and the Servicer shall take or cause to be taken such action as may, in
the opinion of counsel to the Indenture Trustee, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Issuer by
amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Indenture Trustee, be necessary, or as directed by the Majority
Noteholders. 

        The
Receivables Seller hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. In addition, prior to the occurrence of an
Event of Default or Servicer Termination Event, the Majority Noteholder may instruct the Indenture Trustee and the Servicer to take or cause to be taken such action as may, in the opinion of counsel
to the Majority Noteholder, be necessary to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Issuer, including by amending
the title documents of
such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Majority Noteholder, be necessary. The Receivables Seller hereby appoints the Indenture Trustee as its
attorney-in-fact to take any and all steps required to be performed by the Receivables Seller pursuant to this Section 4.5(b) (it being understood that and agreed that
the Indenture Trustee shall have no obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which the
Receivables Seller has paid all expenses), including execution of certificates of title or any other documents in the name and stead of the Receivables Seller and the Indenture Trustee hereby accepts
such appointment. 

        SECTION
4.6.    Covenants, Representations, and Warranties of Servicer.    By its execution and delivery of this
Agreement, the Servicer makes the following representations, warranties and covenants on which the Indenture Trustee relies in accepting the Receivables and in authenticating the Notes and on which
the Noteholders rely in purchasing and making advances under the Notes. 

        (a)    The
Servicer covenants as follows: 

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

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

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

        (iv)    Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or
suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on 

14

 

transferability of the Receivables except for the Lien in favor of the Indenture Trustee for the benefit of the Noteholders and the restrictions on transferability imposed by this Agreement or
(ii) sign or file under the UCC of any jurisdiction any financing statement which names the Receivables Seller or the Servicer as a debtor, or sign any security agreement authorizing any
secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Indenture
Trustee, for the benefit of the Noteholders. 

        (v)    Notices. Within 10 days after the date any material change in or amendment to the Servicing Collection and Credit
Policy and Procedures is made, the Servicer will deliver to the Issuer, the Indenture Trustee and the Majority Noteholder a copy of the Servicing Collection and Credit Policy and Procedures then in
effect indicating such change or amendment. The Receivables Seller shall not change the Servicing Collection and Credit Policy and Procedures or the manner in which it services the Receivables in any
way that would have a material adverse effect on the Receivables or the Noteholders. 

        SECTION
4.7.    Purchase of Receivables Upon Breach of Covenant.    Upon discovery by any of the Servicer, a
Responsible Officer of the Indenture Trustee, the Owner Trustee or a Responsible Officer of the Master Servicer of a breach of any of the covenants set forth in Sections 3.3(e), 3.3(f), 4.5 or 4.6(a),
the party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to give any such notice shall not affect any obligation of the Receivables Seller
as Servicer under this Section. As of the fifth Business Day following its discovery or receipt of notice of any breach of any covenant set forth in Sections 3.3(e), 3.3(f), 4.5 or 4.6(a) which
adversely affects the interests of the Noteholders in any Receivable (including any Liquidated Receivable) or the related Financed Vehicle, the Receivables Seller shall, unless such breach shall have
been cured in all respects, purchase from the Issuer the Receivable affected by such breach and, on the related Determination Date, the Receivables Seller shall pay the Repurchase Price. It is
understood and agreed that the obligation of the Receivables Seller to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing
shall, if such obligation is fulfilled, constitute the sole remedy against the Receivables Seller for such breach available to the Depositor, the Noteholders, the Owner Trustee, the Master Servicer or
the Indenture Trustee; provided, however, that the Receivables Seller shall indemnify the Issuer, the Depositor, the Master Servicer, the Owner Trustee, the Indenture Trustee and the Noteholders from
and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of
third party claims arising out of the events or facts giving rise to such breach. This section shall survive the termination of this Agreement and the earlier removal or resignation of the Indenture
Trustee and/or the Master Servicer. 

        SECTION
4.8.    Total Servicing Fee; Payment of Certain Expenses.    On each Payment Date, the Servicer shall be
entitled to receive out of the Collection Account in accordance with the priority of payments set forth in Section 2.10(c) of the Indenture, the Servicing Fee for the related Collection Period.
The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with
distributions and reports made by the Servicer to Noteholders and all other fees and expenses of the Owner Trustee, the Master Servicer, the Custodian or the Indenture Trustee, except taxes levied or
assessed against the Issuer, and claims against the Issuer in respect of indemnification, which taxes and claims in respect of indemnification against the Issuer are expressly stated to be for the
account of the Receivables Seller). The fees and expenses of the Owner Trustee, the Master Servicer, the Indenture Trustee, the Custodian, the Lockbox Bank (and any fees under the Lockbox Agreement)
and the Independent Accountants shall be paid from Available Funds pursuant to the Indenture. Notwithstanding the foregoing, if the Servicer shall not be the Receivables Seller, a successor to the 

15

 

Receivables Seller as Servicer including the Master Servicer permitted by Section 8.3 shall not be liable for taxes levied or assessed against the Issuer or claims against the Issuer in
respect of indemnification. 

        SECTION
4.9.    Servicer's Certificate.    No later than 10:00 a.m. Eastern time on each Determination Date,
the Servicer shall deliver (e-mail or facsimile delivery being acceptable) to the Owner Trustee, the Indenture Trustee, the Master Servicer and the Majority Noteholder a Servicer's
Certificate executed by a Responsible Officer of the Servicer containing among other things, (i) all information necessary to enable the Indenture Trustee to make any withdrawal and deposit
required by Section 2.10(c) of the Indenture and to make the distributions required by Section 2.10(c) of the Indenture, (ii) a listing of all Purchased Receivables and
Administrative Receivables purchased during the related Collection Period, identifying the Receivables so purchased, and (iii) all information necessary to enable the Master Servicer to
reconcile and recalculate the following sections of the Servicer's Certificate: the Monthly Period Receivables Principal Balance Calculation Section, the Reconciliation of Collection Account Section,
the Statistical Data (Current and Historical) Section and the Delinquency Section. Receivables purchased by the Servicer or by the Receivables Seller during the related Collection Period and each
Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). In
addition to the information set forth in the preceding sentence, the Servicer's Certificate shall also contain the following information: (a) whether any Event of Default has occurred as of
such Determination Date; and (b) whether any Event of Default that may have occurred as of a prior Determination Date is deemed cured as of such Determination Date. Any Noteholder shall be
entitled to notify the Servicer of any error it discovers in any Servicer's Certificate. 

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

        (a)    The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee, the Master Servicer and the Majority Noteholder, on or before October 31 (or
120 days after the end of the Servicer's fiscal year, if other than June 30) of each year, beginning on October 31, 2003, an officer's certificate signed by any Responsible
Officer of the Servicer, dated as of June 30 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding
12-month period (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate (which period shall not be less than six months)) and of its
performance under this Agreement has been made under such officer's supervision, and (ii) to such officer's knowledge, based on such review, the Servicer has fulfilled all its obligations under
this Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 

        (b)    The
Receivables Seller or the Servicer shall deliver to the Owner Trustee, the Indenture Trustee, the Master Servicer, the Majority Noteholder, and the Servicer or the
Receivables Seller (as applicable) promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer's certificate of
any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event or Event of Default. 

        SECTION
4.11.    Annual Independent Accountants' Report.    

        The
Servicer shall cause a firm of nationally recognized independent certified public accountants (the "Independent Accountants"), who may
also render other services to the Servicer or to the Receivables Seller, to deliver to the Owner Trustee, the Indenture Trustee, the Master Servicer and the Majority Noteholder, on or before
October 31 (or 120 days after the end of the Servicer's fiscal year, if other than June 30) of each year, beginning on October 31, 2003, with respect to the twelve months
ended the immediately preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be
less than six months)), a statement (the "Accountants' Report") addressed to the Board of Directors of the Servicer, to the Owner Trustee, the Indenture
Trustee, the Master Servicer and to the Majority Noteholder, to 

16

 

the effect that such firm has audited the books and records of AmeriCredit Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the
audit report on the consolidated financial statements of AmeriCredit Corp. and that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly included
such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Receivables Seller and the
Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures
to (A) three randomly selected Servicer's Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the
Servicer's Certificates were found and (B) a statistically significant number of randomly selected Receivables Files as determined by such Independent Accountants. If the long-term
senior unsecured debt of AmeriCredit Corp. is rated by either Standard & Poor's or Moody's below B or B2, respectively, or if an Event of Default shall have occurred and be continuing, then the
Servicer will cause the Independent Accountants to deliver an Accountants' Report quarterly to the Owner Trustee, the Indenture Trustee, the Master Servicer and the Majority Noteholder on or before
January 31, April 30, July 31 and October 31 of each year with respect to the three months ended the immediately preceding September 30, December 31,
March 31 or June 30, as applicable. 

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

        SECTION
4.13.    Monthly Tape.    On or before the Determination Date, of each month, the Servicer will deliver to the
Indenture Trustee, the Master Servicer and each Noteholder a computer tape and a diskette (or any other electronic transmission acceptable to the Indenture Trustee and the Master Servicer) (the
"Monthly Tape") in a format acceptable to the Indenture Trustee and the Master Servicer containing the information with respect to the Receivables as of last day of the related Collection Period
necessary for preparation of the Servicer's Certificate relating to the immediately preceding Collection Period and necessary to review the application of collections as provided in
Section 5.3. The Master Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Indenture Trustee and the Master Servicer) to (i) confirm that the
Servicer's Certificate is complete on its face, (ii) confirm that such tape, diskette or other electronic transmission
is in readable form, (iii) verify the mathematical accuracy of all calculations contained within the Monthly Period Receivables Principal Balance Calculation Section, the Reconciliation of
Collection Account Section, the Statistical Data (Current and Historical) Section and the Delinquency Section, (iv) based on the information in the Monthly Tape, reconcile and recalculate the
following sections of the Servicer's Certificate: the Monthly Period Receivables Principal Balance Calculation Section, the Reconciliation of Collection Account Section, the Statistical Data (Current
and Historical) Section and the Delinquency Section and (v) calculate and confirm (A) the aggregate amount distributable as principal on the related Payment Date to the Notes,
(B) the aggregate amount distributable as interest on the related Payment Date to the Notes, (C) any amounts distributable on the related Payment Date which are to be paid with funds
withdrawn from the Collateral Account and (D) all other amounts distributable on the related Payment Date in accordance with Section 2.10(c) of the Indenture. In the event that the
Master Servicer reports any discrepancies, the Servicer and the Master Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Payment Date, but in the absence of a
reconciliation, the Servicer's Certificate shall control for the purpose of calculations and 

17

 

distributions with respect to the next succeeding Payment Date. In the event that the Master Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer's Certificate
by the next succeeding Payment Date, the Servicer shall cause the Independent Accountants, at the Servicer's expense, to audit the Servicer's Certificate and, prior to the last day of the month after
the month in which such Servicer's Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer's Certificate for such next
succeeding Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall deliver to the Master Servicer its Collection Records and its Monthly Records within
15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with
servicing the Receivables. 

        SECTION
4.14.    Retention and Termination of Servicer.    The Servicer hereby covenants and agrees to act as such
under this Agreement for an initial term, commencing on the Closing Date and ending on June 30, 2003, which term shall be subject to automatic termination unless renewed by the Majority
Noteholder in writing for successive quarterly terms ending on each successive, September 30, December 31, March 31 and June 30, until the Notes and the Certificates are
paid in full. The Majority Noteholder shall give written notice at least 15 Business Days prior to the end of the related calendar quarter that such term will be extended for an additional quarter.
Each such notice (a "Servicer Extension Notice") shall be delivered by the Majority Noteholder to the Indenture Trustee and the Servicer. If no Servicer Extension Notice is given 15 Business Days
prior to the end of the related calendar quarter, the Servicer acknowledges that its rights and obligations as Servicer hereunder shall automatically terminate at the end of the then current calendar
quarter. 

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

        SECTION
4.16.    Dispositions.    (a) On or after the Facility Termination Date, the Majority Noteholder may,
in its sole discretion, and from time to time, require that the Issuer effect Dispositions in accordance with this Agreement, including in accordance with this Section 4.16. 

        (b)    In
consideration of the consideration received from the Depositor under the Receivables Purchase and Contribution Agreement, the Receivables Seller hereby agrees and
covenants that in connection with each Disposition it shall effect the following: 

        (i)    make
such representations and warranties concerning the Receivables as of the "cut-off date" of the related Disposition to the Disposition Participants as
may be necessary to effect the Disposition and such additional representations and warranties as may be necessary, in the reasonable opinion of any of the Disposition Participants, to effect such
Disposition; provided, that, to the extent that the Receivables Seller has at the time of the Disposition actual knowledge of any facts or circumstances that would render any of such representations
and warranties materially false or misleading, the Receivables Seller may notify the Disposition Participants of such facts or circumstances and, in such event, shall have no obligation to make such
materially false or misleading representation and warranty; 

        (ii)    supply
such information, opinions of counsel, letters from law and/or accounting firms and other documentation and certificates regarding the Receivables and related
matters as any Disposition Participant shall reasonably request to effect a Disposition and enter into such indemnification agreements customary for such transaction relating to or in connection with
the Disposition as the Disposition Participants may reasonably require; 

        (iii)    make
itself available for and engage in good faith consultation with the Disposition Participants concerning information to be contained in any document, agreement,
private 

18

 

placement memorandum, or filing with the Securities and Exchange Commission relating to the Receivables Seller or the Receivables in connection with a Disposition and shall use reasonable efforts to
compile any information and prepare any reports and certificates that, in the reasonable judgment of the Disposition Participants, are suitable for inclusion in such documentation and shall convey
such information, reports and certificates to the Disposition Participants in a form reasonably requested by such Disposition Participants; 

        (iv)    to
implement the foregoing and to otherwise effect a Disposition, enter into, or arrange for its Affiliates to enter into insurance and indemnity agreements,
underwriting or placement agreements, servicing agreements, purchase agreements and any other documentation upon terms which may reasonably be required of or reasonably deemed appropriate by the
Disposition Participants in order to effect a Disposition; and 

        (v)    take
such further actions as may be reasonably necessary to effect the foregoing. 

        (c)    The
Issuer shall effect Dispositions at the direction of the Majority Noteholder in accordance with the terms of this Agreement and the Basic Documents. In connection
therewith, the Issuer agrees to assist the Receivables Seller in such Dispositions and accordingly it shall, at the request and direction of the Majority Noteholder: 

        (i)    transfer,
deliver and sell all or a portion of the Receivables, as of the "cut-off dates" of the related Dispositions, to such Disposition Participants as
may be necessary to effect the Dispositions; 

        (ii)    deposit
the cash Disposition Proceeds into the Note Payment Account for application pursuant to Section 2.10(c)of the Indenture; 

        (iii)    to
the extent that a Securitization creates any Retained Securities, to accept such Retained Securities in accordance with the terms of this Agreement and sell or
retain such Retained Securities at the direction of the Majority Noteholder; and 

        (iv)    take
such further actions, including executing and delivering documents, certificates and agreements, as may be reasonably necessary to effect such Dispositions. 

        (d)    The
Servicer hereby covenants that it will take such actions as may be reasonably necessary to effect Dispositions as the Disposition Participants may request and
direct, including without limitation providing the Receivables Seller such information as may be required to make representations and warranties required hereunder, and covenants that it will make
such representations and warranties regarding its servicing of the Receivables hereunder as of the Cut-off Date of the related Disposition as reasonably required by the Disposition
Participants. 

        (e)    Except
as otherwise expressly set forth under this Section 4.16, the parties' rights and obligations under this Section 4.16 shall continue notwithstanding
the occurrence of an Event of Default. 

        (f)    The
Disposition Participants (and the Majority Noteholder to the extent directing the Disposition Participants) shall be independent contractors to the Issuer and shall
have no fiduciary obligations to the Issuer or any of its Affiliates. In that connection, the Disposition Participants shall not be liable for any error of judgment made in good faith and shall not be
liable with respect to any action they take or omit to take in good faith in the performance of their duties. 

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        (g) For the avoidance of doubt, the Noteholders shall not have the right to direct Dispositions prior to the Facility Termination Date. 

ARTICLE V  

 Trust Accounts; Distributions  

        SECTION
5.1.    Establishment of Trust Accounts.    

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

        (ii)
The Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the "Note Payment
Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders. The Note
Payment Account shall initially be established with the Indenture Trustee. 

        (iii)
The Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the "Collateral
Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders. The
Collateral Account shall initially be established with the Indenture Trustee. There shall be deposited to the Collateral Account any amount delivered by the Issuer to the holder of the Collateral
Account that the Issuer designates in writing to such holder (with a copy to the Majority Noteholder) to be deposited in the Collateral Account. 

        (b)
Funds on deposit in the Collection Account, the Note Payment Account and the Collateral Account (collectively, the "Trust Accounts")
and the Lockbox Accounts shall be invested by the Indenture Trustee (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Majority
Noteholder (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Indenture Trustee for the benefit of the Noteholders. Funds on deposit
in any Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Payment
Date. Funds deposited in a Trust Account on the day immediately preceding a Payment Date upon the maturity of any Eligible Investments are required to be invested overnight. All Eligible Investments
will be held to maturity. 

        (c)
All investment earnings of moneys deposited in the Trust Accounts shall be deposited (or caused to be deposited) by the Indenture Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to such account. The Majority Noteholder will not direct the Indenture Trustee to make any investment of any funds held in any of the Trust Accounts
unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person. 

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

        (e)
If (i) the Majority Noteholder shall have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the Indenture Trustee by
1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default shall have occurred and be
continuing with respect to the Notes but the 

20

 

Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from the Trust Estate are
being applied as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment
described in clause (g) of the definition of Eligible Investments. 

        (f)
(i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof and all such
funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the Noteholders. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee shall within five Business Days establish a new
Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. 

        (ii)
With respect to the Trust Account Property, the Indenture Trustee agrees that: 

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

        (B)
any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee in accordance with paragraph (a) of the definition of
"Delivery" and shall be held, pending maturity or disposition, solely by the Indenture Trustee or a financial intermediary (as such term is defined in
Section 8-313(4) of the UCC) acting solely for the Indenture Trustee; 

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

        (D)
any Trust Account Property that is an "uncertificated security" under Article 8 of the UCC and that is not governed by
clause (C) above shall be delivered to the Indenture Trustee in accordance with paragraph (c) of the definition of "Delivery" and shall be
maintained by the Indenture Trustee, pending maturity or disposition, through continued registration of the Indenture Trustee's (or its nominee's) ownership of such security. 

        (g)
Reserved. 

        (h)
The Indenture Trustee acknowledges that, pursuant to the provisions of a Hedge Agreement, the Hedge Counterparty may be required to post collateral with the Indenture Trustee to
secure the Hedge Counterparty's obligations under the Hedge Agreement. The Indenture Trustee agrees to hold such collateral in the Collection Account or a sub-account thereof. The
Indenture Trustee further agrees to follow such written instructions relating to the administration of, and transfers from such account, as may be delivered by the Servicer (unless such instructions
are revoked by the Majority Noteholder). 

        SECTION
5.2.    Certain Reimbursements to the Servicer.    The Servicer will be entitled to be reimbursed pursuant to
Section 2.10(c) of the Indenture from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later
determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the
related Payment Date pursuant to Section 2.10(c) of the Indenture upon certification by the Servicer of such
amounts and the provision of such information to the Indenture Trustee and the Majority Noteholder as may be necessary to verify the accuracy of such certification; provided, 

21

 

however, that the Servicer must provide such clarification and request and receive such reimbursement within 12 months of such mistaken deposit, posting, or returned check. In the event that
the Majority Noteholder notifies the Servicer within 12 months of such reimbursement that it has not received evidence satisfactory to it of the Servicer's entitlement to reimbursement pursuant
to this Section, the Majority Noteholder may give the Indenture Trustee notice in writing to such effect, following receipt of which the Indenture Trustee shall not make a distribution to the Servicer
in respect of such amount pursuant to Section 2.10(c) of the Indenture, or if the Servicer prior thereto has been reimbursed pursuant to Section 2.10(c) of the Indenture, the Indenture
Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Payment Date. The Servicer will additionally be entitled to receive from amounts on
deposit in the Collection Account, pursuant to such provisions of this Agreement, with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that
do not relate to principal and interest payments due on the Receivables. 

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

        With
respect to each Simple Interest Receivable (other than a Purchased Receivable), payments by or on behalf of the Obligor shall be applied to interest and principal in accordance with
the Simple Interest Method. With respect to each Pre-Computed Receivable, payments by or on behalf of the Obligor shall be applied to interest and principal in accordance with the terms
thereof. 

        SECTION
5.4.    Additional Deposits.    The Servicer and the Receivables Seller, as applicable, shall transfer or
cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Repurchase Price with respect to Purchased Receivables. The proceeds of any
purchase or sale of the assets of the Issuer described in Section 4.16 hereof shall be deposited in the Collection Account. 

        SECTION
5.5.    Remittances.    On each Payment Date, the Indenture Trustee shall deposit amounts in the Collection
Account, to the extent of Available Funds, to the Note Payment Account for remittance by the Indenture Trustee in accordance with Section 2.10(c) of the Indenture. 

ARTICLE V  

 The Receivables Seller.  

        SECTION
6.1.    Representations of Receivables Seller.    The Receivables Seller makes the following representations
on which the Noteholders shall be deemed to have relied in purchasing and making advances under the Notes and on which the Issuer is deemed to have relied in acquiring the Receivables from the
Depositor and on which the Depositor relied in acquiring the Receivables from the Receivables Seller and on which the Majority Noteholder, Indenture Trustee and Master Servicer may rely. The
representations speak as of the execution and delivery of this Agreement and as of the applicable Transfer Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to
the Indenture Trustee pursuant to the Indenture. 

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

        (b)    Organization and Good Standing.    The Receivables 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 Collateral transferred to the Issuer. 

        (c)    Due Qualification.    The Receivables Seller is duly qualified to do business as a foreign corporation in good
standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially adversely affect the Receivables Seller's ability to transfer 

22

 

the Collateral to the Issuer pursuant to this Agreement, or the validity or enforceability of the Collateral or to perform the Receivables Seller's obligations hereunder and under the Basic
Documents. 

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

        (e)    Valid Sale, Binding Obligations.    This Agreement effects a valid sale, transfer and assignment of the related
Collateral, enforceable against the Receivables Seller and creditors of and purchasers from the Receivables Seller; and this Agreement and the Receivables Seller's Basic Documents, when duly executed
and delivered, shall constitute legal, valid and binding obligations of the Receivables 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 Basic Documents
and the fulfillment of the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice,
lapse of time or both) a default under the certificate of incorporation or by-laws of the Receivables Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to
which the Receivables Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Receivables Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Receivables Seller or any of its properties. 

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

        (h)    True Sale.    The Receivables are being transferred with the intention of removing them from the Receivables
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 the Receivables Seller is at 801 Cherry Street, Suite
3900, Fort Worth, Texas 76102. 

        SECTION
6.2.    Corporate Existence.    (a) During the term of this Agreement, the Receivables Seller and the
Depositor will keep in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its
qualification to do
business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other 

23

 

instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. 

        (b)
During the term of this Agreement, the Receivables Seller and the Depositor shall observe the applicable legal requirements for the recognition of the Receivables Seller or
Depositor, as applicable, as a legal entity separate and apart from its Affiliates, including as follows (provided, however, that the limitations set forth in subsections (ix), (x), (xi) and
(xiv) shall be applicable solely to the Depositor and shall not limit the Receivables Seller's activities): 

        (i)
maintain corporate records and books of account separate from those of its Affiliates; 

        (ii)
except as otherwise provided in this Agreement, not commingle its assets and funds with those of its Affiliates; 

        (iii)
hold such appropriate meetings of its Board of Directors as are necessary to authorize all corporate actions required by law to be authorized by the Board of Directors, shall keep
minutes of such meetings and of meetings of its stockholder(s) and observe all other customary corporate formalities (and any successor Receivables Seller or Depositor, as applicable, not a
corporation shall observe similar procedures in accordance with its governing documents and applicable law); 

        (iv)
at all times hold itself out to the public under its own name as a legal entity separate and distinct from its Affiliates; 

        (v)
conduct all transactions and dealings with its Affiliates on an arm's-length basis; 

        (vi)
obtain proper authorization for all action requiring such authorization; 

        (vii)
pay its own operating expenses and liabilities from its own funds; 

        (viii)
continuously maintain its resolutions, agreements and other instruments underlying the transactions described in this Agreement as part of its official records; 

        (ix)
the Depositor shall not maintain bank accounts or other depository accounts to which any Affiliate is an account party or from which any Affiliate has the power to make withdrawals; 

        (x)
the Depositor shall not amend, supplement or otherwise modify its organizational documents, except in accordance therewith; 

        (xi)
the Depositor shall not create, incur, assume or suffer to exist any indebtedness on which it is obligated, except as contemplated by this Agreement and the other Basic Documents.
It shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of
another Person (other than the Receivables), agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital. It shall not be party to any indenture,
agreement, mortgage, deed of trust or other instrument other than this Agreement and the other Basic Documents; 

        (xii)
not enter into, or be a party to any transaction with any of its Affiliates, except as contemplated by this Agreement and the other Basic Documents; 

        (xiii)
observe all procedures required by its organizational documents and preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and
qualify and remain qualified in good standing in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualifications would materially
adversely affect the interests hereunder of the Noteholders or its ability to perform its obligations hereunder; and 

        (xiv)
the Depositor shall not form, or cause to be formed, any subsidiaries; or make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way
of transfer of property, contributions to capital, purchase of stock or securities or evidences of 

24

 

indebtedness (other than the Receivables), acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except as otherwise permitted herein. 

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

        The
Receivables Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Servicer, the Master Servicer, the Majority Noteholder, the Custodian and the
Indenture Trustee and
their respective officers, directors, employees and agents from and against (i) any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated
in this Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, the Servicer, the Master Servicer, the Custodian and the Indenture Trustee),
including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes and costs and expenses in defending against the same (ii) any loss, liability or
expense incurred by reason of the Receivables Seller's willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement (iii) any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the acceptance or
performance of the trusts and duties set forth herein and in the Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misfeasance,
bad faith or negligence (except for errors in judgment) of the Owner Trustee, Indenture Trustee, the Majority Noteholder, Master Servicer and the Custodian, respectively. 

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

        SECTION
6.4.    Merger or Consolidation of, or Assumption of the Obligations of the Receivables Seller.    Any Person
(a) into which the Receivables Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Receivables Seller shall be a party or
(c) which may succeed to the properties and assets of the Receivables Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform
every obligation of the Receivables Seller under this Agreement, shall be the successor to the Receivables Seller hereunder without the execution or filing of any document or any further act by any of
the parties to this Agreement; provided, however, that (i) if the debt rating of the surviving entity by Standard & Poor's or Moody's would be lower after giving effect to such
transaction than prior to giving effect to the transaction, such transaction shall constitute a Servicer Termination Event, (ii) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.1 shall have been breached and no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a
Servicer Termination Event shall have happened and be continuing, (iii) the Receivables Seller shall have delivered to the Owner Trustee, the Indenture Trustee and the Majority Noteholder an
Officer's Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent,
if any, provided for in this Agreement relating to such transaction have been complied with and (iv) the Receivables Seller shall have delivered to the Owner Trustee, the Indenture Trustee, the
Master Servicer and the Majority Noteholder an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments
thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Indenture Trustee and the Owner Trustee, respectively, in 

25

 

the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the
execution of
the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clauses
(a), (b) or (c) above. 

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

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

ARTICLE VII  

 The Servicer and the Master Servicer.  

        SECTION
7.1.    Representations of Servicer.    The Servicer makes the following representations on which the
Noteholders shall be deemed to have relied in purchasing and making advances under the Notes and on which the Issuer is deemed to have relied in acquiring the Receivables from the Depositor and on
which the Depositor is deemed to have relied in acquiring the Receivables from the Receivables Seller. The representations speak as of the execution and delivery of this Agreement and as of the
Closing Date and as of the applicable Transfer Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

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

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

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

        (iv)    Binding Obligation.    This Agreement and the Servicer's Basic Documents shall constitute legal, valid and
binding obligations of the Servicer enforceable in accordance with their respective 

26

 

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; 

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

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

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

        SECTION
7.2.    Representations of Master Servicer.    The Master Servicer makes the following representations on
which the Noteholders shall be deemed to have relied in purchasing and making advances under the Notes and on which the Issuer is deemed to have relied in acquiring the Receivables from the Depositor
and on which the Depositor is deemed to have relied in acquiring the Receivables from the Receivables Seller. 

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

27

  

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

        (iii)    Power and Authority.    The Master Servicer has the power and authority to execute and deliver this Agreement
and to carry out its terms, and the execution, delivery and performance of this Agreement has been duly authorized by the Master Servicer by all necessary corporate action; 

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

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

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

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

        SECTION
7.3.    Liability of Servicer and Master Servicer; Indemnities.    

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

        (b)
The Servicer shall defend, indemnify and hold harmless the Issuer, the Depositor, the Indenture Trustee, the Owner Trustee, the Master Servicer and the Noteholders, their respective
officers, directors, agents and employees, from and against: (i) all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of
litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof 

28

 

of any Financed Vehicle; (ii) any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect
to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including
any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Collateral to the Issuer or the issuance and original sale of the
Securities) and costs and expenses in defending against the same; (iii) any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss,
claim, damage, or liability arose out of, or was imposed upon the Issuer, the Depositor, the Owner Trustee, the Indenture Trustee, the Master Servicer or the Noteholders by reason of the breach of
this Agreement by the Servicer, the violation of federal or state securities laws by the Servicer, the negligence, misfeasance, or bad faith of the Servicer in the performance of its duties under this
Agreement or by reason of reckless disregard of its obligations and duties under this Agreement; and (iv) any and all loss, liability or expense, (other than overhead and expenses incurred in
the normal course of business) incurred by each of them in connection with the acceptance or administration of the Issuer and the performance of their duties under the Basic Documents other than if
such loss, liability or expense was incurred by the Depositor, the Owner Trustee, the Indenture Trustee or the Master Servicer as a result of any such entity's willful misconduct, bad faith or
negligence. Notwithstanding the foregoing, the Servicer shall not be obligated to indemnify for any such loss, liability or expense arising from actions taken by the Servicer at the direction of the
Majority Noteholder. 

        (c)
The Master Servicer shall defend, indemnify and hold harmless the Issuer, the Depositor, the Indenture Trustee, the Owner Trustee, the Servicer, their respective officers, directors,
agents and employees and the Noteholders from and against: (i) all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of
litigation arising out of or
resulting from the use, ownership or operation by the Master Servicer or any Affiliate thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses, claims, damages, and
liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Issuer, the Depositor, the Owner Trustee, the Indenture Trustee, the Servicer
or the Noteholders by reason of the breach of this Agreement by the Master Servicer, the violation of federal or state securities laws by the Master Servicer, the negligence, misfeasance, or bad faith
of the Master Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 

        (d)
Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity
payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest. 

        SECTION
7.4.    Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Master Servicer.    

        (a)
The Servicer shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person
to become the successor to the Servicer's business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling
the duties of the Servicer contained in this Agreement and, if the debt rating of the surviving entity from Standard & Poor's or Moody's would be lowered as a result of such transaction, such
transaction shall constitute a Servicer Termination Event. Any corporation (i) into which the Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to
which the Servicer shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of the Servicer, or (iv) succeeding to the business of the
Servicer, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not 

29

 

such assumption agreement is executed, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to
this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Servicer from any obligation. The Servicer
shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Indenture Trustee, the Master Servicer and the Noteholders. Notwithstanding the
foregoing, the Servicer shall not merge or consolidate with any other Person or permit any other Person to become a successor to the Servicer's business, unless (x) immediately after giving
effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the
date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Event of Default shall have occurred and be continuing, (y) the Servicer
shall have delivered to the Owner Trustee, the Indenture Trustee, Master Servicer and the Majority Noteholder an Officer's Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied
with, and (z) the Servicer shall have delivered to the Owner Trustee, the Indenture Trustee and the Majority Noteholder 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 in the Trust Estate and reciting the details of the
filings or (B) no such action shall be necessary to preserve and protect such interest. 

        (b)
The Master Servicer shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other
Person to become the successor to the Master Servicer's business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable
of fulfilling the duties of the Master Servicer contained in this Agreement and, if the surviving entity shall not be the Master Servicer or the debt rating of the surviving entity from
Standard & Poor's or Moody's would be below investment grade as a result of such transaction, shall be acceptable to the Majority Noteholder. Any corporation (i) into which the Master
Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Master Servicer shall be a party, (iii) which acquires by conveyance, transfer or
lease substantially all of the assets of the Master Servicer, or (iv) succeeding to the business of the Master Servicer, in any of the foregoing cases shall execute an agreement of assumption
to perform every obligation of the Master Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Master Servicer under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that
nothing contained herein shall be deemed to release the Master Servicer from any obligation. 

        SECTION
7.5.    Limitation on Liability of Servicer, Master Servicer and Others.    Neither the Servicer, the Master
Servicer nor any of the directors or officers or employees or agents of the Servicer or Master Servicer shall be under any liability to the Issuer or the Noteholders, except as provided in this
Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect the Servicer, the Master Servicer
or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the
performance of duties; provided further that this provision shall not affect any liability to indemnify the Indenture Trustee and the Owner Trustee for costs, taxes, expenses, claims, liabilities,
losses or damages paid by the Indenture Trustee and the Owner Trustee, in their individual capacities. The Servicer, the Master Servicer and any director, officer, employee or agent of the Servicer or
Master Servicer may 

30

 

rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 

        SECTION
7.6.    Delegation of Duties.    The Servicer may delegate duties under this Agreement to an Affiliate of the
Servicer with the prior written consent of the Indenture Trustee, the Owner Trustee, the Master Servicer and the Majority Noteholder. The Servicer also may at any time perform through
sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles' insurance and (iii) pursuing the collection of
deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Majority Noteholder and may perform other specific duties through such sub-contractors in
accordance with the Servicing Standard, provided, however, that no such delegation or sub-contracting duties by the Servicer shall relieve the Servicer of its responsibility with respect
to such duties. Neither the Servicer nor any party acting as Servicer
hereunder shall appoint any subservicer hereunder without the prior written consent of the Majority Noteholder, the Indenture Trustee and the Master Servicer. 

        SECTION
7.7.    Servicer and Master Servicer Not to Resign.    Subject to the provisions of Section 7.4,
neither the Servicer nor the Master Servicer shall resign from the obligations and duties imposed on it by this Agreement as Servicer or Master Servicer except upon a determination that by reason of a
change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on
the Servicer or the Master Servicer, as the case may be, and the Majority Noteholder does not elect to waive the obligations of the Servicer or the Master Servicer, as the case may be, to perform the
duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer or Master Servicer shall be evidenced by
an Opinion of Counsel to such effect delivered and acceptable to the Indenture Trustee, the Owner Trustee and the Majority Noteholder. No resignation of the Servicer shall become effective until the
Master Servicer or an entity acceptable to the Majority Noteholder shall have assumed the responsibilities and obligations of the Servicer. No resignation of the Master Servicer shall become effective
until, an entity acceptable to the Majority Noteholder shall have assumed the responsibilities and obligations of the Master Servicer; provided, however, that (i) in the event a successor
Master Servicer is not appointed within 60 days after the Master Servicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section, the Master
Servicer may petition a court for its removal and (ii) the Master Servicer may resign with the written consent of the Majority Noteholder. 

 
 

ARTICLE VIII
  
    Servicer Termination.    
  

        SECTION
8.1.    Servicer Termination Event.    For purposes of this Agreement, each of the following shall constitute
a "Servicer Termination Event": 

        (a)
Any failure by the Servicer to deliver to the Indenture Trustee for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement
that continues unremedied for a period of two Business Days (one Business Day with respect to payment of Repurchase Prices); or 

        (b)
Failure by the Servicer to deliver to the Indenture Trustee and the Majority Noteholder the Servicer's Certificate by the second Business Day prior to the Payment Date, or failure on
the part of the Servicer to observe its covenants and agreements set forth in Section 7.4(a); or 

        (c)
Failure on the part of the Servicer to duly observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure materially and adversely
affects 

31

 

the Noteholders (as determined by the Noteholders in their sole discretion) and continues unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which
written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee, the Master Servicer or the Majority Noteholder; or 

        (d)
The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of either the Servicer or AmeriCredit Corp. in an involuntary case under
the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of either the Servicer or AmeriCredit Corp. or of any substantial part of their respective property or ordering the winding up or liquidation of the
affairs of either the Servicer or AmeriCredit Corp. and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary
case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within
60 days; or 

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

        (f)
Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in
any material respect as of the time when the same shall have been made (excluding, however, any representation or warranty set forth in the definition of "Eligible Receivable"), and the incorrectness
of such representation, warranty or statement has a material adverse effect on the Issuer or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice
thereof shall have been given to the Servicer by the Indenture Trustee, the Master Servicer or the Majority Noteholder or the circumstances or condition in respect of which such representation,
warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 

        (g)
The Tangible Net Worth of AmeriCredit Corp. shall be less than the sum of (i) $1,750,000,000 and (ii) 75% of the cumulative positive net income (without deduction for
negative net income) of AmeriCredit Corp. for each fiscal quarter since September 30, 2002, as reported in each annual report on Form 10-K and periodic report on
Form 10-Q filed by AmeriCredit Corp. with the Securities and Exchange Commission; or 

        (h)
The Majority Noteholder shall have failed to deliver a Servicer Extension Notice pursuant to Section 4.14; or 

        (i)
The rating of any successor by merger, consolidation, transfer, lease or succession to the Receivables Seller or the Servicer fails to comply with the requirements of
Section 6.4 or 7.4, respectively; or 

        (j)
An Event of Default has occurred and is continuing. 

        SECTION
8.2.    Consequences of a Servicer Termination Event.    If a Servicer Termination Event shall occur and be
continuing, the Majority Noteholder, by fifteen days' prior notice given in writing to the Servicer, the Master Servicer and the Indenture Trustee or by non-extension of the term of the
Servicer as referred to in Section 4.14, may terminate all of the rights and obligations of the Servicer 

32

 

under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the
Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Collateral or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities
of the Master Servicer (or such other successor Servicer appointed by the Indenture Trustee); provided, however, that the successor Servicer shall have no liability with respect to any obligation
which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction
of the terminated Servicer and such successor Servicer shall be indemnified by the Issuer, payable from Available Funds pursuant to Section 2.10(c) of the Indenture, against all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by it as a result of third party claims relating to any
obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or
inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of
such notice of termination, whether to complete the transfer and endorsement of the Collateral and related documents to show the Issuer as lienholder or secured party on the related Lien Certificates,
or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement,
including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been
deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly
Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Collateral.
If requested by the Majority Noteholder, the successor Servicer shall terminate the Lockbox Agreement and direct the Obligors to make all payments under the Receivables directly to the successor
Servicer (in which event the successor Servicer shall process such payments in accordance with Section 4.2(e)), or to a lockbox established by the successor Servicer at the direction of the
Majority Noteholder, at the
successor Servicer's expense. Such expense shall be reimbursed in accordance with Section 2.10(c) of the Indenture. The terminated Servicer shall grant the Indenture Trustee, the successor
Servicer and the Majority Noteholder reasonable access to the terminated Servicer's premises. 

        SECTION
8.3.    Appointment of Successor.    

        (a)
On and after the time the Servicer receives a notice of termination pursuant to Section 8.2, upon non-extension of the servicing term as referred to in
Section 4.14, or upon the resignation of the Servicer pursuant to Section 7.7, the Master Servicer shall be the successor in all respects to the Servicer in its capacity as servicer
under this Agreement and the transactions set forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination
provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement except as otherwise set forth in Annex B hereto. The Indenture Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to
term-to-term servicing as referred to in Section 4.14 and to termination under Section 8.2 upon the occurrence of any Servicer Termination Event applicable to it
as Servicer. 

33

 

        (b)
If upon the termination of the Servicer pursuant to Section 8.2 or the resignation of the Servicer pursuant to Section 7.7, the Indenture Trustee appoints a successor
Servicer other than the Master Servicer, the Master Servicer shall not be relieved of its duties as Master Servicer hereunder. 

        (c)
Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this
Agreement if the Servicer had not resigned or been terminated hereunder; provided, however that, notwithstanding the foregoing, if the Master Servicer is the successor Servicer, the Master Servicer
shall be entitled to the applicable Master Servicer Fee and all other fees and expenses related to succeeding the Servicer as set forth in Schedule 1 to Annex B. All such fees and expenses of
the Master Servicer shall be reimbursed from the Available Funds in accordance with Section 2.10(c) of the Indenture. 

        SECTION
8.4.    Master Servicer Termination.    Prior to an appointment as successor Servicer, the Majority Noteholder
may (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in the event of a breach of any of the representations or warranties, covenants or obligations of
the Master Servicer contained in this Agreement or (b) in its sole discretion, without cause and upon not less than 30 days' notice, terminate the rights and obligations of the Master;
provided however, that if the Master Servicer is terminated by the Majority Noteholder without cause within the first 3 months after the Closing Date, the Master Servicer will be entitled to
the applicable Master Servicer Fee for the period beginning on the date of such termination and ending on the date 3 months from the Closing Date. The terminated Master Servicer agrees to
cooperate with any successor Master Servicer appointed by the Majority Noteholder in effecting the termination of the
responsibilities and rights of the terminated Master Servicer under this Agreement, including, without limitation, the delivery to the successor Master Servicer of all documents, records and
electronic information related to the Receivables in the possession of the Master Servicer. Expenses incurred by the Master Servicer in respect of the foregoing sentence shall be reimbursed in
accordance with Section 2.10(c) of the Indenture. 

        SECTION
8.5.    Notification to Noteholders.    Upon any termination of, or appointment of a successor to, the
Servicer or the Master Servicer, the Indenture Trustee shall give prompt written notice thereof to each Noteholder. 

        SECTION
8.6.    Waiver of Past Defaults.    The Majority Noteholder may, on behalf of all Noteholders, waive any
default by the Servicer or the Master Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any
Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any
right consequent thereto. 

 
 

ARTICLE IX
  
    Termination.    
  

        SECTION
9.1.    Termination.    

        (a)
This Agreement shall terminate upon either: (A) the later of (i) the satisfaction and discharge of the Indenture and payment to the Secured Parties of all amounts due
and owing in accordance with the provisions hereof or (ii) the disposition of all funds with respect to the last Receivable and any other Collateral, and the remittance of all funds due
hereunder and the payment of all amounts due and payable, including, in both cases, without limitation, indemnification payments payable pursuant to any Basic Document to the Indenture Trustee, the
Owner Trustee, the Issuer, the Master Servicer, the Servicer, the Custodian and the Noteholders, written notice of the occurrence of either of which shall 

34

 

be provided to the Indenture Trustee by the Servicer; or (B) the mutual consent of the Servicer, the Depositor and all Securityholders in writing and delivered to the Indenture Trustee by the
Servicer. 

        (b)
Notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Master Servicer, the Indenture Trustee and the Majority Noteholder as soon as
practicable after the Servicer has received notice thereof. 

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

35

  

 
 

ARTICLE X    
    
    Administrative Duties of the Servicer.    
  

        SECTION
10.1.    Administrative Duties.    

        (a)    Duties with Respect to the Indenture.    The Servicer shall perform all its duties and the duties of the Issuer
under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor
the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer's duties under the Indenture. The Servicer shall prepare for execution by the Issuer
or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or
deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuer to take pursuant to the Indenture. 

        (b)    Duties with Respect to the Issuer.    

        (i)
In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution by
the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of
the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws, and at the request of the Owner
Trustee shall take all appropriate action that it is the duty of the Issuer to take pursuant to this Agreement or any of the Basic Documents. In accordance with the directions of the Issuer or the
Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in connection with the Trust Estate (including the Basic Documents) as are not covered by
any of the foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee and are reasonably within the capability of the Servicer. 

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

        (iii)
Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer set forth in
Section 5.2 and 5.5 of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as defined in the Trust Agreement). 

        (iv)
The Servicer shall perform the duties of the Servicer specified in Section 10.2 of the Trust Agreement required to be performed in connection with the resignation or removal
of the Owner Trustee, and any other duties expressly required to be performed by the Servicer under this Agreement or any of the Basic Documents. 

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

36

 

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

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

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

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

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

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

        (E)    the
removal of the Indenture Trustee. 

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

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

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

 
 

ARTICLE XI
  
    Miscellaneous Provisions.    
  

        SECTION
11.1.    Amendment.    This Agreement may be amended from time to time by the parties hereto, with the prior
written consent of the Majority Noteholder, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions
with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Issuer and the Indenture Trustee, adversely affect in any respect the interests of
any Noteholder. 

37

 

        This
Agreement may also be amended from time to time by the parties hereto, with the consent of the Majority Noteholder for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or
(b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes of each class affected thereby. 

        Promptly
after the execution of any such amendment or consent, the Indenture Trustee shall furnish written notification of the substance of such amendment or consent to each Noteholder. 

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

        Prior
to the execution of any amendment to this Agreement, the Owner Trustee, the Depositor, the Indenture Trustee, the Majority Noteholder and the Master Servicer shall be entitled to
receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in
Section 11.2(h)(1) has been delivered. The Owner Trustee, the Depositor, the Indenture Trustee, the Master Servicer and the Majority Noteholder may, but shall not be obligated to, enter into
any such amendment which affects the Issuer's, the Owner Trustee's, the Depositor's, the Indenture Trustee's, the Master Servicer's or the Majority Noteholder's, as applicable, own rights, duties or
immunities under this Agreement or otherwise. 

        SECTION
11.2.    Protection of Title to Trust Estate.    (a) The Receivables 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 the Issuer and the interests of the Indenture Trustee in the Receivables and in the proceeds
thereof. The Receivables Seller shall deliver (or cause to be delivered) to the Majority Noteholder, the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts
for, any document filed as provided above, as soon as available following such filing. 

        (b)    None
of the Receivables Seller, Depositor or the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any
financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given
the Majority Noteholder, the Owner Trustee and the Indenture Trustee at least five days' prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed
financing statements or continuation statements. Promptly upon such filing, the Receivables Seller, Depositor or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and
substance reasonably satisfactory to the Indenture Trustee, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to
preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details
are given, or (B) no such action shall be necessary to preserve and protect such interest. 

        (c)    Each
of the Receivables Seller, Depositor and the Servicer shall have an obligation to give the Majority Noteholder, the Owner Trustee and the Indenture Trustee at least
60 days' prior written 

38

 

notice of any change in the jurisdiction of its formation or organization if, as a result of such change, the applicable provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment. The Servicer shall at all times maintain each office from which it
shall service Receivables, and its principal executive office, within the United States of America and, in the case of servicing offices, Canada or such other locations as may be approved by the
Majority Noteholder. 

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

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

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

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

        (h)    The
Servicer shall deliver to the Majority Noteholder, the Master Servicer, the Owner Trustee and the Indenture Trustee: 

        (1)    promptly
after the execution and delivery of the Agreement and, if required pursuant to Section 11.1, of each amendment, an Opinion of Counsel stating that, in
the opinion of such Counsel, in form and substance reasonably satisfactory to the Indenture Trustee, either (A) all financing statements and continuation statements have been executed and filed
that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of
Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and 

        (2)    within
90 days after the beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cut-off
Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 

39

 

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

        SECTION
11.3.    Notices.    All demands, notices and communications upon or to the Receivables Seller, the Servicer,
the Owner Trustee or the Indenture Trustee under this Agreement shall be in writing,
personally delivered, or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the Depositor to AmeriCredit Warehouse
Corporation, 639 Isbell Road, Suite 390 Reno, Nevada 89509, Attention: Chief Financial Officer, (b) in the case of the Receivables Seller or the Servicer to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (c) in the case of the Issuer or the Owner Trustee, at the Corporate Trust
Office of the Owner Trustee, Deutsche Bank Trust Company Delaware, 1001 Centre Road, Suite 200, Wilmington Delaware 19805-1266, Attention: Corporate Trust, and (d) in the case of
the Indenture Trustee, at the Corporate Trust Office. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder
as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such
notice. 

        SECTION
11.4.    Assignment.    This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.4 and 7.3 and as provided in the provisions of this
Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Receivables Seller or the Servicer without the prior written consent of the Owner Trustee, the Indenture
Trustee, the Master Servicer and the Majority Noteholder. 

        SECTION
11.5.    Limitations on Rights of Others.    The provisions of this Agreement are solely for the benefit of
the parties hereto, the Hedge Counterparties and the Noteholders, as third-party beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person
any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

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

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

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

        SECTION
11.9.    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (EXCEPT FOR SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. WITH RESPECT TO ALL
LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, EACH PARTY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF
THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN, 

40

 

CITY OF NEW YORK, AND EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING HERETO BROUGHT IN
ANY SUCH COURT, IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM AND FURTHER IRREVOCABLY WAIVES THE RIGHT TO
OBJECT, WITH RESPECT TO SUCH CLAIM, SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY, PROVIDED THAT SERVICE OF PROCESS IS MADE BY ANY
LAWFUL MEANS. NOTHING IN THIS SECTION 11.9 SHALL AFFECT THE RIGHT OF ANY PARTY HERETO OR ITS ASSIGNEES, OR OF THE NOTEHOLDER OR ITS ASSIGNEES, TO BRING ANY OTHER ACTION OR PROCEEDING AGAINST ANY PARTY
HERETO OR ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 

        SECTION
11.10.    Assignment to Indenture Trustee.    The Receivables Seller hereby acknowledges and consents to any
mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of
the Issuer in, to and under the Receivables and/or the assignment of any or all of the Issuer's rights and obligations hereunder to the Indenture Trustee. 

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

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

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

        (a)    Notwithstanding
anything contained herein to the contrary, this Agreement has been executed and delivered by Bank One, NA, not in its individual capacity but solely as
Indenture Trustee and in no event shall Bank One, NA, have any liability for the representations, warranties, covenants, agreements 

41

 

or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the
Issuer. 

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

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

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

42

 

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

	 	 	AMERICREDIT OWNER TRUST 2003-1
	

 	
 	
By:	
 	
DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee on behalf of the Issuer.
	

 	
 	

By:	
 	

/s/  LOUIS BODI      

	 	 	 	 	Name:	Louis Bodi
	 	 	 	 	Title:	Vice President
	

 	
 	
AMERICREDIT WAREHOUSE CORPORATION, as Depositor,
	

 	
 	

By:	
 	

/s/  J. MICHAEL MAY      

	 	 	 	 	Name:	J. Michael May
	 	 	 	 	Title:	Senior Vice President—Associate Counsel
	

 	
 	
AMERICREDIT FINANCIAL SERVICES, INC., as Receivables Seller and as Servicer,
	

 	
 	

By:	
 	

/s/  BETH SORENSEN      

	 	 	 	 	Name:	Beth Sorensen
	 	 	 	 	Title:	Senior Vice President, Finance

[Sale
and Servicing Agreement] 

43

 

	 	 	SYSTEMS & SERVICES TECHNOLOGIES, INC.
	

 	
 	
By:	
 	

/s/  JOSEPH BOOZ      

	 	 	 	 	Name:	Joseph Booz
	 	 	 	 	Title:	EVP / Secretary / Gen. Counsel
	

Acknowledged and accepted by

BANK ONE, NA,

not in its individual capacity but solely

as Indenture Trustee

	

 	

 	

 	

 	

 

	By:	 	/s/  JOHN J. ROTHROCK      
	 
	 	 	Name:	John J. Rothrock	 
	 	 	Title:	Authorized Signer	 

[Sale and Servicing Agreement]

44

 
 

SCHEDULE A
  
    SCHEDULE OF RECEIVABLES    
  

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

 
 

SCHEDULE B
  
    REPRESENTATIONS AND WARRANTIES OF THE RECEIVABLES SELLER    
  

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

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

        3.    Compliance with Law.    All requirements of applicable federal, state and local laws, and regulations thereunder
(including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the
Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve Board's Regulations "B" and "Z" (including amendments to the
Federal Reserve's Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Soldiers' and Sailors' Civil Relief Act of 1940, 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 is the Dollar denominated obligation of an Obligor domiciled in the United
States of America (exclusive of any Territories of the United States of America) at the time of origination. 

        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 Cut-off Date of the Soldiers' and Sailors' Civil Relief Act of 1940, 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.    No Obligor has been identified on the records of the Receivables Seller as being the
subject of a current bankruptcy proceeding, nor does the Receivables Seller have notice that an Obligor is 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 respects as of the close of business on the related Cut-off Date. 

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

        10.    Computer Tape.    The Computer Tape made available by the Receivables Seller to the Issuer on the Closing Date
or Transfer Date, as applicable, was complete and accurate as of the related Cut-off Date and includes a description of the same Receivables that are described in the Schedule of
Receivables, including, without limitation, the following information with respect to each such Receivable: loan number, remaining balance ($), original balance ($), remaining term (months), original
term (months), WAC (%), vehicle identification number, the AmeriCredit Score, 1st payment date (date), next payment date (date), last scheduled payment date (date), payment amount ($). 

        11.    Adverse Selection.    No selection procedures adverse to the Noteholders were utilized in selecting the
Receivables from those receivables owned by the Receivables Seller which met the selection criteria contained in the Sale and Servicing Agreement; provided, however, that no adverse selection
procedures are deemed to have been utilized with respect to the $800,000,000 in seasoned receivables which were selected by the Receivables Seller for sale to the Depositor on the Closing Date. 

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

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

        14.    Receivable Files Complete.    There exists a Receivable File pertaining to each Receivable and such Receivable
File contains the documents required to be contained therein. 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. 

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

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

        17.    Good Title.    Immediately prior to the conveyance of the Receivables to the Issuer pursuant to this Agreement,
the Receivables Seller was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Receivables 

2

 

Seller, the Issuer shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right
to receive, proceeds of any Receivable. The Receivables Seller has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the
related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 

        18.    Security Interest in Financed Vehicle.    Each Receivable created or shall create a valid, binding and
enforceable first priority security interest in favor of the Receivables Seller in the Financed Vehicle. The Lien Certificate and original certificate of title for each Financed Vehicle show, or if a
new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien Certificate will be received within 180 days of the Closing Date or related Transfer
Date, as applicable, and will show the Receivables Seller (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, the Receivables Seller has applied for or received
written evidence from the related Dealer or Third-Party Lender that such Lien Certificate showing the Receivables Seller (or a Titled Third-Party Lender) as first lienholder has been applied for and
the Receivables Seller's security interest has been validly assigned to the Issuer pursuant to this Agreement. Immediately after the sale, transfer and assignment thereof by the Receivables Seller to
the Issuer, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee 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). There are no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the Liens of the
related Receivable. 

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

        20.    No Impairment.    The Receivables Seller has not done anything to convey any right to any Person that would
result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Issuer, the Depositor, the Indenture Trustee and the Noteholders in any Receivable or
the proceeds thereof. 

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

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

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

        24.    Insurance.    At the time of an origination of a Receivable by the Receivables Seller or a purchase of a
Receivable by the Receivables Seller from a Dealer or Third-Party Lender, each 

3

 

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 the Receivables Seller 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 the Receivables Seller 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. 

        25.    Past Due.    No Receivable is a Defaulted Receivable or a Delinquent Receivable. 

        26.    Remaining Principal Balance.    The Principal Balance of each Receivable set forth in the Monthly Tape is true
and accurate in all respects. 

        27.    Certain Characteristics of Receivables.    (A) Each Receivable had a remaining maturity, as of the
related Cut-off Date, of not less than 6 months but not more than 72 months; (B) each Receivable had an original maturity of at least 6 months but not more than
72 months; (C) no Receivable had an AmeriCredit Score less than 205; (D) each Receivable had a remaining Principal Balance as of the related Cut-off Date of at least
$250 and not more than $80,000 as of the related Cut-off Date; (E) each Receivable has an Annual Percentage Rate of at least 6.00% and not more than 33.00%; (F) no Receivable
is more than 30 days past due; (G) no funds have been advanced by the Receivables Seller, any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause
any Initial Receivable to
qualify under clause (F) above; and (H) no Obligor is an employee of the Receivables Seller or any Affiliate thereof. 

        28.    No Financed Repossessions.    No Receivable is secured by a vehicle which is a financed repossession. 

        29.    Aging.    Other than the Receivables sold and contributed by the Receivables Seller on the Closing Date, each
Receivable was originated at least 31 days but not more than 60 days prior to the Transfer Date. 

        30.    No Corporate Obligor.    No Obligor is a corporation, partnership or limited liability company. 

        31.    Extensions.    As of the applicable Transfer Date, no Receivable has had its payments extended or deferred
since its origination. 

        32.    Rewrite of Loan Number.    No Receivable has been rewritten to a new loan number in connection with a
refinancing of the related Financed Vehicle. 

        33.    No Future Advances.    The full amount of each Receivables has been advanced and there are no requirements for
future advances under the related Contract. 

4

 
 

SCHEDULE C
  
    SERVICING POLICIES AND PROCEDURES
  Note: Applicable Time Periods Will Vary by State    
  

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

The Collection Process  

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

	A.
	All
accounts are issued to the Computer Assisted Collection System (CACS) at 5 days delinquent or at such other dates of delinquency as determined by historical payment patterns
of the account.

	B.
	The
CACS segregates accounts into two groups: loans less than 30 days delinquent and those over 30 days delinquent.

	C.
	Loans
delinquent for less than 30 days are then further segregated into two groups: accounts that have good phone numbers and those that do not.

	D.
	Loans
with good phone numbers are transferred to the Davox system (the Servicer's predictive dialing system). The system automatically dials the phone number related to a delinquent
account. When a connection is made, the account is then routed to the next available account representative.

	E.
	Loans
without good phone numbers are assigned to front-end collectors.

	F.
	All
reasonable collection efforts are made in an attempt to prevent these accounts from becoming 30+ days delinquent—this includes the use of collection letters. Collection
letters may be utilized between 15th and 25th days of delinquency.

	G.
	When
an account reaches 31 days delinquent, a collector determines if any default notification is required in the state where the debtor lives.

	H.
	When
an account exceeds 61 days delinquent, the loan is assigned to a hard-core collector who will continue the collection effort. If the account cannot be resolved
through normal collection efforts (i.e., satisfactory payment arrangements) then the account may be submitted for repossession approval. An officer must approve all repossession requests.

	I.
	CACS
allows each collector to accurately document and update each customer file when contact (verbal or written) is made. 

Repossessions  

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

	A.
	Proper
authorities are notified (if applicable).

	B.
	An
inventory of all personal property is taken and a condition report is prepared on the vehicle.

	C.
	Written
notification, as required by state law, is sent to the customer(s) stating their rights of redemption or reinstatement along with information on how to obtain any personal
property that was in the vehicle at the time of repossession.

	D.
	Written
request to the originating dealer for all refunds due for dealer adds is made.

	E.
	Collateral
disposition through public or private sale, (dictated by state law), in a commercially reasonable manner, through a third-party auto auction.

	F.
	After
the collateral is liquidated, the debtor(s) is notified in writing of the deficiency balance owed, if any. 

 

Use of Due Date Changes  

Due
dates may be changed subject to the following conditions: 

	A.
	The
account is contractually current or will be brought current with the due date change.

	B.
	Due
date changes cannot exceed the total of 15 days over the life of the contract.

	C.
	The
first installment payment has been paid in full.

	D.
	Only
one due date change in a twelve month period.

	E.
	An
officer must approve any exceptions to the above stated policy. 

Use of Payment Deferments  

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

	A.
	Without
prior approval, minimum of six payments have been made on the account and a minimum of nine payments have been made since the most recent deferment (if any).

	B.
	The
account will be brought current with the deferment, but not paid ahead, without management approval.

	C.
	A
deferment fee is collected on all transactions.

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

	E.
	No
single payment deferral may defer payment for more than two payment periods. 

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

Charge-Offs  

It
is the Servicer's policy that any account that is not successfully recovered by 120 days delinquent is submitted to an officer for approval and charge-off. 

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

Deficiency Collections  

Accounts
are assigned to third party collection agencies for deficiency collections. 

2

 
 

EXHIBIT A    
  

SERVICER'S CERTIFICATE  

[On
File with AmeriCredit and Dewey Ballantine LLP] 

 
 

EXHIBIT B    
  

FORM
OF S&SA ASSIGNMENT 

        ASSIGNMENT
NO.    OF RECEIVABLES ("S&SA Assignment"), dated (the "Transfer Date"), by AMERICREDIT WAREHOUSE CORPORATION, (the "Depositor") to AMERICREDIT OWNER TRUST
2003-1 (the "Issuer") pursuant to the Sale and Servicing Agreement referred to below. 

WITNESSETH:

        WHEREAS,
the Depositor, the Issuer AmeriCredit Financial Services, Inc., Systems & Services Technologies, Inc. and Bank One, NA are the parties to the Sale and
Servicing Agreement, dated as of March 18, 2003 (the "Agreement"), hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified; 

        WHEREAS,
pursuant to the Agreement, the Depositor wishes to sell and contribute those Receivables listed on Schedule A hereto (the "Related Receivables") to the Issuer on the
"Related Transfer Date" described herein in exchange for cash consideration and other good and valid consideration the receipt and sufficiency of which is hereby acknowledged; and 

        WHEREAS,
the Issuer is willing to acquire such Related Receivables subject to the terms and conditions hereof and of the Agreement; 

        NOW
THEREFORE, the Depositor and the Issuer hereby agree as follows: 

        1.    Defined
Terms. All capitalized terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise defined herein. 

        2.    Designation
of Receivables. The Depositor does hereby deliver herewith a Receivables Schedule containing a true and complete list of the Related Receivables to be
conveyed on              , 2003 (the "Related Transfer Date"). Such list is marked as Schedule A to this S&SA Assignment and is hereby incorporated into and made a part of
this S&SA
Assignment. 

        3.    Conveyance
of Receivables. The Depositor hereby sells and contributes to the Issuer (the "Assignment"), without recourse and on a servicing released basis (except as
expressly provided in the Agreement), all right, title and interest of the Depositor in and to: (i) the Related Receivables originated or acquired by the Depositor and listed on the
Schedule A hereto; (ii) the security interests in the Financed Vehicles granted by Obligors pursuant to such Related Receivables and any other interest of the Depositor in such Financed
Vehicles; (iii) any proceeds and the right to receive proceeds with respect to such Related Receivables from claims on any physical damage, credit life or disability insurance policies covering
the related Financed Vehicles or Obligors and any proceeds from the liquidation of such Related Receivables; (iv) any proceeds from any Related 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; (v) all rights under any Service Contracts on the related Financed Vehicles; (vi) the related Receivable Files; and (vii) and the proceeds of any and
all of the foregoing. 

        4.    Issuer's
Acknowledge Assignment. As of the Related Transfer Date, pursuant to this S&SA Assignment and Section 2.1(a) of the Agreement, the Issuer acknowledges its
receipt of the Related Receivables listed on the attached Receivables Schedule and all other related property in the Trust Estate. 

        5.    Acceptance
of Rights But Not Obligations. The foregoing sale, contribution, transfer, assignment, set over and conveyance does not, and is not intended to, result in a
creation or an assumption by the Issuer of any obligation of the Depositor or any other Person in connection with this S&SA Assignment or under any agreement or instrument relating thereto except as
specifically set forth herein. 

 

        6.    Depositor
Acknowledges Receipt of Sales Price and Contribution to Capital. The Depositor hereby acknowledges that, if applicable, it has received the Sales Price (or it
has otherwise been distributed at its direction) with respect to the Related Receivables and it has contributed the Receivables in excess of such Sales Price to the capital of the Issuer. 

        7.    Conditions
Precedent. The conditions precedent in Section 2.1(b) of the Agreement have been satisfied. 

        8.    Amendment
of the Agreement. The Agreement is hereby amended by providing that all references to the "Agreement", "this Agreement" and "herein" shall be deemed from and
after the Transfer Date to be a dual reference to the Agreement as supplemented by this S&SA Assignment. Except as expressly amended hereby, all of the representations, warranties, terms, covenants
and conditions of the Agreement shall remain unamended and the Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided
herein, this S&SA Assignment shall not constitute or be deemed to constitute a waiver of compliance with or consent to noncompliance with any term or provision of the Agreement. 

        9.    Counterparts.
This S&SA Assignment may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument. 

2

 

        IN
WITNESS WHEREOF, the Depositor and the Issuer have caused this S&SA Assignment to be duly executed on their behalf by their respective officers thereunto duly authorized as of the day
and year first above written. 

	 	 	AMERICREDIT WAREHOUSE CORPORATION,

as Depositor
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

AMERICREDIT OWNER TRUST 2003-1,

as Receivables Seller
	

 	
 	

By: DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee
	

 	
 	

By:	

 Name:

Title:

3

   ANNEX A  

        Whenever
used in any of (i) the Indenture, dated as of March 18, 2003, among AMERICREDIT OWNER TRUST 2003-1, a Delaware statutory trust, and BANK ONE, NA, a
national banking association (as amended, supplemented or otherwise modified from time to time, the "Indenture"), or (ii) the Sale and Servicing
Agreement, dated as of March 18, 2003, among AMERICREDIT OWNER TRUST 2003-1, a Delaware statutory trust, AMERICREDIT WAREHOUSE CORPORATION, a Nevada corporation, AMERICREDIT
FINANCIAL SERVICES, INC., a Delaware corporation, SYSTEMS & SERVICES TECHNOLOGIES, INC. and BANK ONE, NA, (as amended, supplemented or otherwise modified from time to time, the
"Sale and Servicing Agreement"), or (iii) the Receivables Purchase and Contribution Agreement, dated as of March 18, 2003, between
AMERICREDIT WAREHOUSE CORPORATION, and AMERICREDIT FINANCIAL SERVICES, INC. (as amended, supplemented or otherwise modified from time to time, the "Receivables Purchase
and Contribution Agreement"), the following words and phrases shall have the following meanings: 

        "1933 Act" means, the Securities Act of 1933, as amended, and the rules, regulations and published interpretations of the Securities and
Exchange Commission promulgated thereunder from time to time. 

        "1934 Act" means, the Securities Exchange Act of 1934, as amended, and the rules, regulations and published interpretations of the
Securities and Exchange Commission promulgated thereunder from time to time. 

        "1939 Act" means the Trust Indenture Act of 1939, as amended, and the rules, regulations and published interpretations of the Securities
and Exchange Commission promulgated thereunder from time to time. 

        "1940 Act" means the Investment Company Act of 1940, as amended, and the rules, regulations and published interpretations of the
Securities and Exchange Commission promulgated thereunder from time to time. 

        "Accountants' Report" means the report of a firm of nationally recognized independent accountants described in Section 4.11 of the
Sale and Servicing Agreement. 

        "Accrual Period": means, (i) with respect to the Class A Notes and any Payment Date, the calendar month immediately
preceding the month of such Payment Date (or, in the case of the initial Payment Date, the period commencing on and including the Closing Date and ending March 31, 2003), (ii) with
respect to the Class B Notes and the Class C Notes and any Payment Date following the Facility Termination Date, the calendar month immediately preceding the month of such Payment Date
(or, in the case of the initial Payment Date following the Facility Termination Date, the period commencing on and including the Facility Termination Date and ending on the last day of the month in
which the Facility Termination Date occurs) and (iii) with respect to any Class of Notes and the Final Payment Date for such Class, the period commencing on the first day of the preceding month
and ending on the day immediately preceding such Final Payment Date. 

        "Act" has the meaning specified in Section 10.04 of the Indenture. 

        "Additional Interest" means, an amount equal to 3% of the Receivables Amortization Amount for such Payment Date, plus any unpaid
Additional Interest from any prior Payment Date. 

        "Administrative Receivable" means, with respect to any Collection Period, a Receivable which the Servicer is required to purchase pursuant
to Section 4.7 of the Sale and Servicing Agreement or which the Servicer has elected to purchase pursuant to Section 4.4(c) of the Sale and Servicing Agreement on the Determination Date
with respect to such Collection Period. 

ANNEX A-1

 

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

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

        "AmeriCredit" means AmeriCredit Financial Services, Inc. 

        "AmeriCredit Score" means, with respect to a Receivable at any time, the credit score for the related Obligor at such time, determined in
accordance with the Servicing Collection and Credit Policy and Procedures (as in effect from time to time). 

        "Amount Financed" means, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of
the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums (excluding premiums on force-placed insurance), service and warranty contracts,
other items customarily financed as part of retail automobile installment sale contracts or promissory notes, and related costs. 

        "Ancillary Payments" with respect to any Payment Date, all Collections with respect to the Receivables during the related Collection
Period in excess of the principal and interest collected on the Receivables in such Collection Period. 

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

        "Assignment" has the meaning specified in Section 2.01(d) of the Receivables Purchase and Contribution Agreement. 

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

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

        "Available Funds" means, with respect to any Payment Date, the sum of (i) the Collected Funds for the related Collection Period,
(ii) all Repurchase Prices deposited in the Collection Account during the related Collection Period, (iii) Investment Earnings with respect to the Trust Accounts for the related
Collection Period, (iv) following the acceleration of the Notes pursuant to Section 4.02 of the Indenture, the amount of money or property collected pursuant to Section 4.03 of
the Indenture since the preceding Payment Date by the Indenture Trustee for distribution pursuant to Section 4.05 of the Indenture, (v) any Redemption Price paid pursuant to
Section 2.16 of the Indenture, (vi) any 

ANNEX A-2

 

Disposition Proceeds, (vii) all collections and proceeds in respect of any Retained Securities and (viii) any amounts received by the Indenture Trustee pursuant to any Hedge Agreement. 

        "Base Rate" means, on any date, the greater of (i) the Federal Funds Rate for such date and (ii) the DBNY Prime Rate for
such date. 

        "Basic Documents" means the Indenture, the Certificate of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables
Purchase and Contribution Agreement, the Note Purchase Agreement, the Custodian Agreement, any Hedge Agreement, the Collateral Assignment of Hedge Agreement and other documents and certificates
delivered in connection therewith. 

        "Business Day" means a day other than a Saturday, a Sunday or other day on which commercial banks located in the states of Delaware, New
York, Ohio or Texas are authorized or obligated to be closed. 

        "Cap Agreement" means the Interest Rate Cap Agreement, dated March 18, 2003, between the Issuer and Barclays Bank PLC as Hedge
Counterparty, together with the schedules and confirmations related thereto. 

        "Cash" means coin or currency of the United States or immediately available federal funds, including such funds delivered by wire
transfer. 

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

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

        "Certificateholder" means a Person in whose name a Certificate is registered. 

        "Closing Date" means March 18, 2003. 

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

        "Collateral" and "Trust Estate" have the meaning specified in the Granting Clause of the
Indenture. 

        "Collateral Account" means the account designated as such, established and maintained pursuant to Section 5.1 of the Sale and
Servicing Agreement. 

        "Collateral Assignment of Hedge Agreement" means the Collateral Assignment of Hedge Agreement dated as of March 18, 2003 between
the Issuer and the Indenture Trustee as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

        "Collateral Insurance" has the meaning set forth in Section 4.4(a) of the Sale and Servicing Agreement. 

        "Collateral Value" means, with respect to the Collateral as of any date, the sum of (a) the product of (i) the unpaid
Principal Balances of the Eligible Receivables and (ii) the Discount Factor, plus (b) the amount of funds on deposit in the Trust Accounts representing principal Collections in respect
of the Receivables plus (c) the amount of funds on deposit in the Collateral Account not to exceed $25,000,000; provided, however, that the Collateral Value shall be zero with respect to each
Receivable (1) that is not an Eligible Receivable, (2) that the Receivables Seller is required to repurchase pursuant to Section 3.2 of the Sale and Servicing Agreement or
(3) that is a Delinquent Receivable; provided, further, that the aggregate Collateral Value of Receivables with respect to which any payment has been extended or deferred may not exceed 4% of
the Note Principal Balance and the Collateral Value of any Receivables in excess of such amount shall be zero. 

ANNEX A-3

 

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

        "Collection Account" means the account designated as such, established and maintained pursuant to Section 5.1 of the Sale and
Servicing Agreement. 

        "Collection Period" means, with respect to the first Payment Date, the period beginning on the close of business on March 10, 2003
and ending on the close of business on March 31, 2003. With respect to each subsequent Payment Date, "Collection Period" means the period beginning on the close of business on the last day of
the immediately preceding Collection Period and ending on the close of business on the last day of the immediately preceding calendar month. Any amount stated "as of the close of business of the last
day of a Collection Period" shall give effect to the following calculations as determined as of the end of the day on such last day: (i) all applications of collections and (ii) all
distributions. 

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

        "Collections" means, with respect to any Receivable, all cash collections and other cash proceeds (including liquidation proceeds) of such
Receivable, including, without limitation, all Finance Charges, if any, and any refunded portion of extended warranty protection plan costs or of insurance costs (for example, physical damage, credit
life or disability) included in the original amount financed under such Receivable, and cash proceeds of security related to such Receivable. 

        "Computer Tape" means the computer tapes or other electronic media furnished by AmeriCredit to the Issuer and its assigns (and delivered
to the Master Servicer) describing certain characteristics of the Receivables as of the related Cut-off Date. 

        "Contract" means a motor vehicle retail installment sale contract. 

        "Control Person" means, with respect to any Person, any other Person that constitutes a "controlling person" within the meaning of
Section 15 of the 1933 Act. 

        "Corporate Trust Office" means (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee,
which at the time of execution of this agreement is 1011 Centre Road, Suite 200, Wilmington, Delaware 19805-1266, and (ii) with respect to the Indenture Trustee, the principal
office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 1111 Polaris Parkway, Suite 1K, Columbus, Ohio
43240 (facsimile number: (614) 248-8195), Attention: Corporate Trust, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders,
the Master Servicer, the Servicer and the Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the
Noteholders, the Master Servicer and the Issuer). 

        "Cram Down Loss" means, with respect to a Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency
Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivable Payment to be made on a Receivable, an amount equal to
(i) the excess of the principal balance of such Receivable immediately prior to such order over the principal balance of such Receivable as so reduced and/or (ii) if such court shall
have issued an order reducing the effective rate of interest on such Receivable, the excess of the principal balance of such Receivable immediately prior to such order over the net present value
(using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified 

ANNEX A-4

 

by the court in such order) of the Scheduled Receivable Payments as so modified or restructured. A "Cram Down Loss" shall be deemed to have occurred on
the date of issuance of such order. 

        "Custodial File" shall have the meaning specified in Section 1.1 of the Custodian Agreement. 

        "Custodian" means Bank One Trust Company, NA, as Custodian under the Custodian Agreement and any successor Custodian thereunder. 

        "Custodian Agreement" means the Custodian Agreement, dated March 18, 2003, between the Custodian and the Indenture Trustee, as the
same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

        "Custodian Fee" means the fee paid to the Custodian in accordance with Section 2.7 of the Custodian Agreement. 

        "Cutoff Date" means, with respect to the initial Cutoff Date, the end of business March 10, 2003, and for each subsequent Cutoff
Date, the last calendar day of the month preceding the related Payment Date. 

        "Daily Interest Amount" means, with respect to each Class of Notes and each day and the related Accrual Period, an amount equal to
(x) the applicable Note Rate times (y) the Note Principal Balance of such Class as of the preceding Business Day after giving effect to all changes to the Note Principal Balance of such
Class on or prior to such preceding Business Day times (z) a fraction, the numerator of which is one and the denominator of which is 360. 

        "DBNY" means Deutsche Bank AG, a German banking corporation acting through its New York Branch. 

        "DBNY Prime Rate" means the base commercial lending rate per annum, announced from time to time by DBNY in New York, in effect on such
date. 

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

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

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

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

        "Default Termination Payments" means any termination payment required to be made by the Issuer under a Hedge Agreement resulting from a
termination of any Hedge Agreement in respect of which the Hedge Counterparty is the sole Affected Party (as defined in the Hedge Agreement). 

        "Defaulted Receivable" means, with respect to any date, a Receivable with respect to which (i) the Servicer has repossessed the
related Financed Vehicle (and any applicable redemption period has expired), (ii) the Obligor is the subject of a current bankruptcy proceeding or (iii) such Receivable is in default and
the Servicer has charged-off such Receivable or in each case in accordance with the Servicing Standard otherwise has determined in good faith that payments thereunder are not likely to be
resumed. 

        "Delinquent Receivable" means a Receivable (other than a Defaulted Receivable) with respect to which more than 5% of a Scheduled
Receivable Payment is more than 30 days past due or which is a Defaulted Receivable. 

ANNEX A-5

 

        "Delivery" when used with respect to Trust Account Property means: 

        (a)    with
respect to bankers' acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute "instruments" within the meaning of
Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture
Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and, with respect to a certificated security (as
defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Indenture Trustee or its
nominee or custodian or endorsed in blank to a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books
and records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or custodian and the sending by such financial intermediary of a confirmation of the purchase
of such certificated security by the Indenture Trustee or its nominee or custodian, or (ii) by delivery thereof to a "clearing corporation" (as defined in Section 8-102(3) of
the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account
of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the
financial intermediary, the maintenance of such certificated securities by such clearing corporation or a "custodian bank" (as defined in Section 8-102(4) of the UCC) or the nominee
of either subject to the clearing corporation's exclusive control, the sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of
such securities and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or
custodian (all of the foregoing, "Physical Property"), and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or custodian; and
such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or
custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 

        (b)    with
respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a
book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable law,
including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained
with a Federal Reserve Bank by a financial intermediary which is also a "depository" pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other
written confirmation of such book-entry registration to the Indenture Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such
book-entry securities; the making by such financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve
System pursuant to Federal book-entry regulations as belonging to the Indenture Trustee or its nominee or custodian and indicating that such custodian holds such Trust Account Property
solely as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any
such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 

ANNEX A-6

 

        (c)    with
respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b)
above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the
Indenture Trustee or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated
certificates as belonging to the Indenture Trustee or its nominee or custodian. 

        "Demand Document" has the meaning specified in Section 2.2(c) of the Custodian Agreement. 

        "Depositor" shall mean AmeriCredit Warehouse Corporation in its capacity as Depositor under the Trust Agreement. 

        "Determination Date" means, with respect to any Collection Period, the second Business Day preceding the Payment Date in the next calendar
month. 

        "Discount Factor" means 87.5%. 

        "Disposition" means a Securitization, Whole Receivable Sale, or other disposition of Receivables. 

        "Disposition Participants" means, as applicable, with respect to a Disposition, any "depositor" and/or "issuer" with respect to such
Disposition, the Initial Noteholder, the Majority Noteholder, the Issuer, the Servicer, the Master Servicer, the related master servicer, servicer and/or backup servicer, the related trustee and the
related custodian, any nationally recognized credit rating agency, the related underwriters, the related placement agent, the related credit enhancer, the related whole-loan purchaser, the
related purchaser of securities and/or any other party necessary or, in the good faith belief of any of the foregoing, desirable to effect a Disposition. 

        "Disposition Proceeds" means, with respect to a Disposition, (x) the proceeds of the Disposition remitted to the Issuer in respect
of the Receivables transferred on the date of and with respect to such Disposition, less all costs, fees and expenses incurred in connection with such Disposition, including, without limitation, all
amounts deposited into any reserve accounts upon the closing thereof plus (y) the net positive or net negative value of all Hedge Agreements terminated in connection with such Disposition minus
(z) all other amounts agreed upon in writing by the Initial Noteholder and the Issuer. 

        "Dollars" means the lawful currency of the United States of America. 

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

        "Eligible Deposit Account" means a segregated trust account with the corporate trust department of a depository institution organized
under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as
trustee for funds deposited in such account, so long as any of the securities of such depository institution have a credit rating from each Rating Agency in one of its generic rating categories which
signifies investment grade. 

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

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

        (b)    demand
deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or
any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and 

ANNEX A-7

 

examination by federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any
obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided, however, that at the time of the investment or
contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term
senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository
institution or trust company shall have a credit rating from Standard & Poor's of A-1+ and from Moody's of Prime-1; 

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

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

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

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

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

        "Eligible Receivable" means, with respect to any day, a Receivable as to which each of the representations and warranties set forth on the
Schedule of Representations attached as Schedule B to the Sale and Servicing Agreement is true and correct on such day, provided that if the eligibility criteria for any asset-backed
securitization sponsored by AmeriCredit after the Closing Date are more restrictive than those set forth on such Schedule B, Schedule B shall be deemed amended by the substitution of
such more restrictive criteria. 

        "Eligible Servicer" means any Person consented to in writing by the Majority Noteholder. 

        "Entitlement Order" shall have the meaning specified in Section 8-102(a)(8) of the UCC. 

        "ERISA" has the meaning specified in Section 2.4 of the Indenture. 

        "Event of Default" has the meaning specified in Section 5.1 of the Indenture. 

        "Exceptions" has the meaning specified in Section 2.3(a) of the Custodian Agreement. 

        "Exceptions Report" has the meaning specified in Section 2.3(a) of the Custodian Agreement. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Facility Period" means the period commencing on the Closing Date and ending on the Facility Termination Date. 

ANNEX A-8

   
        "Facility Termination Date" means the earliest of (i) the date which is six months after the Closing Date, (ii) the
occurrence of an Event of Default, (iii) the occurrence of a Servicer Termination Event and (iv) at the option of the Initial Noteholder, any date after the Receivables Seller or any
Affiliate thereof has completed term securitizations of loans with an unpaid principal balance equal to or greater than $1,700,000,000. 

        "FDIC" means the Federal Deposit Insurance Corporation. 

        "Federal Funds Rate" means (i) the interest rate per annum quoted by DBNY at approximately 11:00 a.m., New York City time,
on such date, to dealers in the New York Federal funds market for the overnight offering of Dollars by DBNY plus (ii) one-half of one percent (0.50%). 

        "File Transfer Date" has the meaning specified in Section 1.1 of the Custodian Agreement. 

        "Final Payment Date" means, with respect to each Class of Notes, the Payment Date on which the final payment of all amounts due on such
Class of Notes is made under the Indenture by reason of all principal, interest and other amounts due and payable on such Notes having been paid or the Collateral having been exhausted. 

        "Finance Charges" means, with respect to a Contract, any finance, interest or similar charges owing by an Obligor or another Person
pursuant to such Contract. 

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

        "Financial Asset" shall have the meaning specified in Section 8-102(a)(9) of the UCC. 

        "Floating Rate" means, with respect to each day, the Base Rate plus (i) 0.75% per annum or (ii) following the termination of
the Facility Period, 1.75% per annum. 

        "Force-Placed Insurance" has the meaning specified in Section 4.4 of the Sale and Servicing Agreement. 

        "Funding Conditions" has the meaning specified in Section 7.02 of the Indenture. 

        "Governmental Authority" means applicable federal, state county, or municipal authority that exercises executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government. 

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

        "Hedge Agreement" means (i) the Cap Agreement and (ii) any other interest rate cap agreement, interest rate floor agreement,
interest rate swap agreement or other hedging agreement entered into by the Issuer or the Initial Noteholder with a Hedge Counterparty relating to the Receivables. 

        "Hedge Counterparty" means, a Person (i) (A) the long-term and commercial paper or short-term deposit
ratings of which are acceptable to the Majority Noteholder and (B) which shall agree in writing that, in the event that any of its long-term or commercial paper or
short-term deposit ratings cease to be at or above the levels deemed acceptable by the Majority Noteholder, it shall secure its obligations 

ANNEX A-9

 

in accordance with the request of the Majority Noteholder, (ii) that has entered into a Hedge Agreement and (iii) that is acceptable to the Majority Noteholder. 

        "Hedging Costs" means any costs or expenses incurred by AmeriCredit or the Initial Noteholder in connection with entering into any Hedge
Agreement including, without limitation, the initial cost of any such Hedge Agreement, related breakage costs and termination payments under any such Hedge Agreement. 

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

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

        "Indemnified Amounts" has the meaning specified in Section 9.11(b) of the Indenture. 

        "Indemnified Party" has the meaning specified in Section 9.11(b) of the Indenture. 

        "Indenture" means the Indenture specified in the introductory paragraph to this Annex A. 

        "Indenture Trustee" means Bank One, NA, a national banking association, not in its individual capacity but as trustee under the Indenture,
or any successor trustee under the Indenture. 

        "Indenture Trustee Fee" means the fee payable to the Indenture Trustee on each Payment Date for services rendered under the Indenture and
the other Basic Documents, as set forth in the Trusteeship Fee Schedule dated March 14, 2003 and acknowledged and accepted on March 14, 2003, as the same may be modified or supplemented
with the consent of the Majority Noteholder. 

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

        "Independent Accountants" has the meaning specified in Section 4.11 of the Sale and Servicing Agreement. 

        "Initial Noteholder" means Deutsche Bank AG, New York Branch or an Affiliate thereof identified in writing by Deutsche Bank AG, New York
Branch to the Indenture Trustee and the Issuer. 

        "Initial Note Principal Balance" means (i) with respect to the Class A Notes, $875,000,000, (ii) with respect to the
Class B Notes, $50,000,000 and (iii) with respect to the Class C Notes, $30,000,000. 

ANNEX A-10

 

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

        "Insurance Add-On Amount" means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed
Insurance pursuant to Section 4.4 of the Sale and Servicing Agreement. 

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

        "Interest Carryover Shortfall" means, with respect to any Payment Date and any Class of Notes, the excess of (i) the sum of
(a) the Interest Distributable Amount for the Notes of such Class for such Payment Date and (b) without duplication, any unpaid Interest Carryover Shortfall for the Notes of
such Class and any preceding Payment Date plus interest thereon accrued from the preceding Payment Date to the current Payment Date at the applicable Note Rate over (ii) the amount of interest,
if any, actually paid to Noteholders of such Class on such Payment Date. 

        "Interest Distributable Amount" means, with respect to any Class of Notes and any Payment Date and the related Accrual Period, an amount
equal to the sum of the Daily Interest Amounts for such Class of Notes for all days in the related Accrual Period, plus, with respect to the Class A Notes only, the Additional Interest for such
Payment Date. 

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

        "Issuer" means AmeriCredit Owner Trust 2003-1, the party named as such in the Indenture until a successor replaces it and,
thereafter, means the successor. 

        "Issuer Obligations" means all of Issuer's obligations to pay all interest and principal of the Notes and all other obligations and
liabilities of Issuer arising under, or in connection with, the Basic Documents, whether now existing or hereafter arising. 

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

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

        "Lien Certificate" means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification
issued by the Registrar of Titles (or equivalent jurisdictional authority) of the applicable state to a secured party which indicates that the lien of the secured party 

ANNEX A-11

 

on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor (as reflected on
Exhibit B to the Custodian Agreement), the term "Lien Certificate" means only the specified certificate or notification issued to a secured party 

        "Liquidated Receivable" means, with respect to any Collection Period, a Receivable as to which (i) 90 days have elapsed
since the Servicer repossessed the Financed Vehicle, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received, or (iii) 5% or more of a
Scheduled Receivable Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle. 

        "Liquidation Proceeds" means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable. 

        "Lockbox Account" means an account maintained on behalf of the Indenture Trustee by the Lockbox Bank pursuant to Section 4.2(d) of
the Sale and Servicing Agreement. 

        "Lockbox Agreement" means (i) the Multi-Party Remittance Processing Agreement, dated as of March 18, 2003, by and among the
Servicer, the Issuer, the Lockbox Bank and the Indenture Trustee, (ii) if such agreement is terminated in accordance with its terms, a lockbox agreement acceptable to the Majority Noteholder or
(iii) if the Master Servicer is the successor Servicer, a lockbox agreement among the Master Servicer, the Lockbox Bank and the Indenture Trustee reasonably acceptable to the Majority
Noteholder, as any such agreement may be amended or supplemented from time to time with the consent of the Majority Noteholder. 

        "Lockbox Bank" means (i) Bank One, NA. (Phoenix office), (ii) or any successor bank providing lockbox services with respect
to the Receivables consented to by the Majority Noteholder or (iii) if the Master Servicer is the successor Servicer, Commerce Bank, N.A. 

        "Majority Noteholder" means the holder or holders of in excess of 50% of the Note Principal Balance. 

        "Master Servicer" means Systems & Services Technologies, Inc. as Master Servicer, together with its permitted successors and
assigns in such capacity. 

        "Master Servicer Certificate" has the meaning specified in Section 4.1 of the Sale and Servicing Agreement. 

        "Master Servicer Fee" means, with respect to any Collection Period, the fee payable to the Master Servicer for services rendered during
such Collection Period, as set forth on the Master Servicer Fee Schedule. 

        "Master Servicer Fee Schedule" means the Master Servicer Fee Schedule attached as Schedule 1 to Annex B of the Sale and Servicing
Agreement. 

        "Maturity Date" means the date 88 months following the Closing Date. 

        "Monthly Records" means all records and data maintained by the Servicer with respect to the Receivables, including the following with
respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original
term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment;
new/used classification; collateral description; days currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivable Payment; current Insurance Policy expiration
date; and past due late charges. 

        "Monthly Tape" has the meaning specified in Section 4.13 of the Sale and Servicing Agreement. 

ANNEX A-12

 

        "Moody's" means Moody's Investors Service, or its successor. 

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

        "Note Payment Account" means the account designated as such, established and maintained pursuant to Section 5.1 of the Sale and
Servicing Agreement. 

        "Note Principal Balance" shall mean, with respect to any date and any Class of Notes, an amount equal to the excess of (a) the
Initial Note Principal Balance of such Class of Notes, over (b) the aggregate amount of any principal payments in respect of the Notes of such Class through and including such date. 

        "Note Purchase Agreement" means the Note Purchase Agreement, dated as of March 18, 2003, among the Issuer, AmeriCredit
(individually, in its capacity as the Receivables Seller, and in its capacity as the
Servicer), the Purchasers (as defined therein) and the Initial Noteholder, as from time to time amended, supplemented or otherwise modified. 

        "Note Rate" means (i) with respect to the Class A Notes, the Floating Rate, (ii) with respect to the Class B
Notes, 8% per annum, and (iii) with respect to the Class C Notes, 11% per annum. 

        "Note Register" and "Note Registrar" have the respective meanings specified in Section 2.4 of the Indenture. 

        "Noteholder" means the Person in whose name a Note is registered in the Note Register. 

        "Notes" means the AmeriCredit Owner Trust 2003-1 Receivables Backed Notes, substantially in the form of Exhibit A to
the Indenture. 

        "Notice of Additional Receivables" has the meaning specified in Section 2.01(e)(ix) of the Receivables Purchase and
Contribution Agreement. 

        "Notice of Repurchase" has the meaning specified in Section 2.16(b) of the Indenture. 

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

        "Officers' Certificate" means, (i) with respect to the Sale and Servicing Agreement, a certificate signed by the chairman of the
board, the president, any executive vice president or any vice president, any treasurer, assistant treasurer, secretary or assistant secretary of a Receivables Seller or the Servicer, as appropriate,
and (ii) with respect to the Indenture, a certificate signed by any Authorized Officer of the Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 10.02 of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified, any reference in the Indenture to an Officer's Certificate shall be to an
Officer's Certificate of any Authorized Officer of the Issuer. 

        "Opinion of Counsel" means a written opinion of counsel that is reasonably acceptable to the Initial Noteholder, and is satisfactory in
form and substance to the Initial Noteholder. 

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

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

ANNEX A-13

 

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

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

provided, however, that in determining whether the Holders of the requisite Outstanding amount of the Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Receivables Seller, the Servicer or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee either actually knows to be so owned or has received written notice
thereof shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee's right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Receivables Seller, the Servicer or any Affiliate of any of the
foregoing Persons. 

        "Overcollateralization Shortfall" means, with respect to any Payment Date, an amount equal to the positive difference, if any, between
(a) the greater of (i) $15,000,000 and (ii) the Note Principal Balance of the Class A Notes on such Payment Date and (b) the aggregate Collateral Value as of such
Payment Date. 

        "Owner Trust Estate" has the meaning specified in the Trust Agreement. 

        "Owner Trustee" means Deutsche Bank Trust Company Delaware, not in its individual capacity but solely as Owner Trustee under the Trust
Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 

        "Ownership Interest" means, as to any Note, any ownership or security interest in such Note as held by the Holder thereof and any other
interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee. 

        "Payment Date" means (i) with respect to each Collection Period, the eighth day of the following calendar month, or, if such day is
not a Business Day, the immediately following Business Day, commencing April 8, 2003, (ii) the date of a Disposition and (iii) the Redemption Date. 

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

        "Physical Property" has the meaning specified in the definition of "Delivery" above. 

        "Plan" has the meaning specified in Section 2.05(c) of the Indenture. 

        "Pre-Computed Receivable" means any Receivable under which the portion of a payment allocable to earned interest (which may be
referred to in the related Receivable as an add-on finance charge) and the portion allocable to the Amount Financed is determined according to the sum of periodic balances or the sum of
monthly balances or any equivalent method or are monthly actuarial receivables. 

        "Principal Balance" means, with respect to any Receivable, as of any date, the sum of (x) the Amount Financed minus (i) that
portion of all amounts received on or prior to such date and allocable 

ANNEX A-14

 

to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable accounted for as of that date plus (y) the accrued and unpaid
interest on such Receivable. 

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

        "Protective Stamp" has the meaning specified in Section 1.1 of the Custodian Agreement. 

        "Purchased Receivable" means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer
pursuant to Section 4.7 of the Sale and Servicing Agreement or repurchased by a Receivables Seller or the Servicer pursuant to Section 3.2 of the Sale and Servicing Agreement. 

        "Rating Agency" means Moody's and Standard & Poor's. 

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

        "Receivable" means any Contract listed on the Schedule of Receivables. 

        "Receivable Files" means the documents specified in Section 3.3 of the Sale and Servicing Agreement. 

        "Receivables Amortization Amount" means, with respect to any Payment Date, the principal portion of all Collections received from Obligors
on deposit in the Collection Account on such Payment Date relating to the Receivables other than Delinquent Receivables and excluding the principal component of any Liquidation Proceeds. 

        "Receivables Purchase and Contribution Agreement" means the Receivables Purchase and Contribution Agreement specified in the introductory
paragraph to this Annex A. 

        "Receivables Schedule" means the Receivables Schedule attached as Schedule A to a RPA Assignment. 

        "Receivables Seller" means AmeriCredit Financial Services, Inc. in its capacity as Receivables Seller under the Sale and Servicing
Agreement. 

        "Record Date" means, with respect to a Payment Date, the close of business on the Business Day immediately preceding such Payment Date,
unless otherwise specified in the Indenture or the Sale and Servicing Agreement. 

        "Records" means all Contracts and other documents, books, records and other information (including, without limitation, computer programs,
tapes, discs, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related Obligors. 

        "Recoveries" means, with respect to any Defaulted Receivable, monies collected in respect thereof (other than Scheduled Receivable
Payments collected from the related Obligor which cause such Receivable to be no longer a Defaulted Receivable), from whatever source (including those received from Titled Third-Party Lenders), during
any Collection Period, net of the sum of any reasonable expenses incurred by the Servicer in connection with the collection, repossession and disposition of the related Financed Vehicle and any
amounts required by law to be remitted to the related Obligor; provided that Recoveries with respect to any Defaulted Receivable shall in no event be
less than zero. 

        "Redemption Price" means, as of the Redemption Date, an amount, without duplication, equal to the sum of (i) the then Outstanding
Note Principal Balance of the Class A Notes, plus the Interest Distributable Amount for the Class A Notes for such Payment Date and any Interest Carryover Shortfall for the
Class A Notes, if any, for prior Payment Dates, (ii) the then Outstanding Note 

ANNEX A-15

 

Principal Balance of the Class C Notes, plus the Interest Distributable Amount for the Class C Notes for such Payment Date and any Interest Carryover Shortfall for the Class C
Notes, if any, for prior Payment Dates, (iii) any amounts due to the Noteholders (other than the Class B Noteholders) or the other Indemnified Parties under the Basic Documents,
(iv) all reasonable expenses to which each of the Indenture Trustee and the Master Servicer is entitled to payment and has not been previously reimbursed pursuant to Section 2.10(c) of
the Indenture (to the extent expressly set forth under the Indenture or the other Basic Documents), (v) all reasonable expenses to which the Servicer is entitled to payment and has not been
previously reimbursed pursuant to Section 2.10(c) of the Indenture (to the extent expressly set forth under the Indenture or the other Basic Documents), (vi) all amounts due to any Hedge
Counterparty in respect of any Hedge Agreement including, without limitation, any termination payments due in connection with the termination of any such Hedge Agreement as a result of the related
redemption, and (vii) any other amounts due from the Issuer to any Person (other than the Class B Noteholders and the Certificateholders) under the Basic Documents including, without
limitation, the costs and expenses relating to any Disposition (whether or not such Disposition is completed prior to the related redemption). 

        "Redemption Termination Date" has the meaning specified in the Side Letter. 

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

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

        "Required Delinquent Receivables Amount" means, with respect to any Payment Date, the sum of (i) the aggregate Principal Balance of
all Delinquent Receivables owned by the Issuer as of such Payment Date plus (ii) without duplication, the aggregate Principal Balance of all Receivables that became Liquidated Receivables
during the related Collection Period (without reduction based on the application of any Liquidation Proceeds during such Collection Period); provided, however, the Required Delinquent Receivables
Amount for any Payment Date plus all Required Delinquent Receivables Amounts from all prior Payment Dates shall not exceed $100,000,000. 

        "Responsible Officer" means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including but not limited to any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject. 

        "Retained Securities" means, with respect to a Securitization, any subordinated securities issued or expected to be issued, or excess
collateral value retained or expected to be retained, in connection therewith. 

        "RPA Assignment" means the RPA Assignment, substantially in the form of Exhibit A to the Receivables Purchase and Contribution
Agreement. 

        "Sale and Servicing Agreement" means the Sale and Servicing Agreement specified in the introductory paragraph to this Annex A. 

ANNEX A-16

   
        "S&SA Assignment" means the S&SA Assignment, substantially in the form of Exhibit B to the Sale and Servicing Agreement. 

        "Sales Price" means, (A) with respect to the Receivables sold and contributed on the Closing Date, the product of the Discount
Factor and the Aggregate Principal Balance of the Eligible Receivables conveyed on the Closing Date and (B) with respect to the Receivables sold and contributed on any Transfer Date after the
Closing Date, an amount equal to the lesser of (i) the product of the Discount Factor and the Receivables Amortization Amount and (ii) funds available to purchase the Receivables
pursuant to Section 2.10(c)(vi)(C) of the Indenture. 

        "Schedule of Receivables" has the meaning specified in Section 2.1(b)(i) of the Sale and Servicing Agreement. 

        "Schedule of Representations" means the Schedule of Representations and Warranties attached as Schedule B to the Sale and Servicing
Agreement. 

        "Scheduled Receivable Payment" means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as
required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor's obligation under a Receivable with respect to a Collection Period has been modified so as to
differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Soldiers' and Sailors'
Civil Relief Act of 1940 or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b) of the Sale and Servicing Agreement, the Scheduled Receivable Payment with
respect to such Collection Period shall refer to the Obligor's payment obligation with respect to such Collection Period as so modified. 

        "Secured Parties" means the Noteholders and any Hedge Counterparty. 

        "Securities" means the Notes and the Certificate, collectively. 

        "Securities Intermediary" has the meaning specified in Section 2.17(a) of the Indenture. 

        "Securitization" means a sale or transfer of Receivables by the Issuer at the direction of the Majority Noteholder to any other Person in
order to effect one or a series of structured-finance securitization transactions, including but not limited to transactions involving the issuance of securities which may be treated for federal
income tax purposes as indebtedness of AmeriCredit or one or more of its wholly-owned subsidiaries. 

        "Security Entitlement" shall have the meaning specified in Section 8-102(a)(17) of the UCC. 

        "Securityholders" means the Noteholders and the Certificateholders, collectively. 

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

        "Servicer" means AmeriCredit Financial Services, Inc., as the servicer of the Receivables, and each successor Servicer pursuant to
Section 8.3 of the Sale and Servicing Agreement. 

        "Servicer Extension Notice" has the meaning specified in Section 4.14 of the Sale and Servicing Agreement. 

        "Servicer Termination Event" means an event specified in Section 8.1 of the Sale and Servicing Agreement. 

        "Servicer's Certificate" means an Officer's Certificate of the Servicer delivered pursuant to Section 4.9 of the Sale and Servicing
Agreement, substantially in the form of Exhibit A attached to the Sale and Servicing Agreement. 

ANNEX A-17

 

        "Servicer's Reports" means the Servicer's Certificate, the Officer's Certificate required pursuant to Section 4.10 of the Sale and
Servicing Agreement, the Accountants' Report, the Monthly Tape and any other report or certificate required to be delivered by the Servicer under the Basic Documents. 

        "Servicing Collection and Credit Policy and Procedures" means AmeriCredit's written credit, servicing and collections procedures delivered
or otherwise made available to the Initial Noteholder prior to the Closing Date, as amended from time to time in accordance herewith. 

        "Servicing Fee" means, with respect to any Collection Period, the fee payable to the Servicer for services rendered during such Collection
Period, which shall be equal to one-twelfth of the Servicing Fee Rate multiplied by the average Aggregate Principal Balance of Receivables for each day during such Collection Period. 

        "Servicing Fee Rate" means 2.25% per annum. 

        "Servicing Portfolio" means as of any date, all receivables (whether or not thereafter sold or disposed of) which are serviced by the
Servicer or any of its Affiliates at such time. 

        "Servicing Standard" has the meaning specified in Section 4.1 of the Sale and Servicing Agreement. 

        "Side Letter" means the Side Letter dated as of March 18, 2003, between AmeriCredit Financial Services, Inc. and Deutsche
Bank AG, New York Branch. 

        "Simple Interest Method" means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to
which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a
year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made. 

        "Simple Interest Receivable" means a Receivable under which the portion of the payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method. 

        "Standard & Poor's" means Standard & Poor's, a Division of The McGraw-Hill Companies, Inc., or its
successor. 

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

        "Successor Person" has the meaning specified in Section 9.09(a)(i) of the Indenture. 

        "Take-Out Securitization" means (a) a financing transaction of any sort undertaken by a Receivables Seller or any
Affiliate of the Receivables Seller secured, directly or indirectly, by any Receivables or (b) any other asset securitization, secured loans or similar transactions involving any Receivables or
any beneficial interest therein. 

        "Tangible Net Worth" means, with respect to any Person, the net worth of such Person calculated in accordance with GAAP after subtracting
therefrom the aggregate amount of such Person's intangible assets, including, without limitation, goodwill, franchises, licenses, patents, trademarks, tradenames, copyrights and service marks. 

        "Tax Opinion" means an opinion of Independent counsel that a contemplated action will not cause a tax to be imposed on the Issuer or any
Person having an Ownership Interest in any Note. 

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

ANNEX A-18

 

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

        "Titled Third-Party Lender" means a Third-Party Lender having a short term debt rating of at least A-1/P-1 from
S&P and Moody's, respectively, that has agreed to assist AmeriCredit, to the extent necessary, with any repossession or legal action in respect of Financed Vehicles with respect to which such
Third-Party Lender is listed as first lienholder or secured party on the certificate of title relating to such Financed Vehicle. Such Third-Party Lender has assigned its full interest in such Financed
Vehicle to AmeriCredit and has furnished AmeriCredit with a power of attorney enabling AmeriCredit to enforce any of such Third-Party Lender's rights in such Financed Vehicle. The Receivables Schedule
shall list each Titled Third-Party Lender. 

        "Transfer Date" means, during the Facility Period, (i) the Closing Date, and (ii) each Payment Date. 

        "Treasury Regulations" means temporary, final or proposed regulations (to the extent that by reason of their proposed effective date such
proposed regulations would apply to the Issuer) of the United States Department of the Treasury. 

        "Trust" means the Issuer. 

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

        "Trust Accounts" has the meaning specified in Section 5.1(b) of the Sale and Servicing Agreement. 

        "Trust Agreement" means the Trust Agreement dated as of March 18, 2003, between the Depositor and the Owner Trustee, as the same
may be amended and supplemented from time to time. 

        "Trust Estate" has the meaning specified in the Granting Clause of the Indenture. 

        "Trust Receipt" has the meaning specified in Section 1.1 of the Custodian Agreement. 

        "Trustee and Custodian Cap" means $350,000 per calendar year or, after an Event of Default has occurred and is continuing, $450,000 per
calendar year; provided, however, that any amounts not paid in a calendar year due to such limitation may be paid in the subsequent calendar year (subject to the limitation applicable to such
subsequent calendar year); provided, further, that such limitations shall not apply to the fee due to the Custodian in connection with the review of Demand Documents under the Custodian Agreement. 

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

        "UCC Financing Statement" means a financing statement executed and in form sufficient for filing pursuant to the UCC, as in effect in the
relevant jurisdiction. 

        "Whole Receivable Sale" means any sale or other disposition of Receivables other than pursuant to a Securitization. 

ANNEX A-19

 
 

ANNEX B    
  

        If, pursuant to the terms and conditions of the Sale and Servicing Agreement, the Master Servicer shall become the Servicer, the following Sections shall be
amended as follows: 

        Section 4.3(a).    The following provision shall follow the third sentence of Section 4.3(a): 

        "Notwithstanding
anything to the contrary contained herein, following the repossession and sale of the related Financed Vehicle by the Servicer, the Servicer shall not be obligated to
pursue any deficiency collections against the related Obligor except pursuant to a separate agreement between the Issuer and the Servicer with the consent of the Majority Noteholder." 

        Section 4.3(a).    The last four sentences of Section 4.3(a) shall be replaced in their entirety by the following
sentences: 

        "All
amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Lockbox Account no later than the Business Day after receipt thereof. The
Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds from the aggregate Liquidation
Proceeds. The Servicer shall pay on behalf of the Issuer any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from the
aggregate Liquidation Proceeds." 

        Section 4.3(a).    The following sentence shall be added to the end of Section 4.3(a): 

        "In
the event the Servicer is not fully reimbursed for all reasonable expenses incurred pursuant to this Section 4.3(a), the Servicer shall be entitled to recover such
unreimbursed amounts from Available Funds in accordance with Section 2.10(c) of the Indenture." 

        Section 4.3(b).    Section 4.3(b) shall be replaced in its entirety by the following provision: 

        "The
Servicer shall use all reasonable efforts to enforce or collect upon a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment.
If the Servicer is unable to enforce or collect upon any such agreement without commencing a legal proceeding, the Servicer shall advise the Majority Noteholder whether, in its reasonable judgment,
commencing a legal proceeding to enforce or collect upon such agreements is advisable, and shall only commence a legal proceeding to enforce such agreements or commence or participate in any other
legal proceeding relating to or involving such agreements if directed to do so by the Majority Noteholder. If the Servicer is directed to commence a legal proceeding to enforce a Dealer Agreement,
Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of commencement shall be deemed to be an automatic assignment from the Issuer to the Servicer of the
rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or
legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is
not a real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee and/or
the Indenture Trustee, at the Servicer's expense, or the Receivables Seller, at the Receivables Seller's expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, including bringing suit in its name or the name of the Receivables Seller or of the Issuer and the
Owner Trustee and/or the Indenture Trustee for the benefit of the Noteholders. The Servicer shall be reimbursed from Available Funds, in accordance with Section 2.10(c) of the Indenture, for
all reasonable expenses incurred pursuant to any legal action undertaken pursuant to this Section at the direction of the Majority Noteholder." 

 

        Section 4.4(a).    The first sentence of Section 4.4(a) shall be replaced in its entirety by the following
sentence: 

        "The
Servicer shall require, in accordance with the Servicing Standard, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in
Paragraph 24 of the Schedule of Representations and Warranties and shall monitor the status of such physical loss and damage insurance coverage thereafter to the extent that it receives notice
of determination or non-renewal thereof; provided, however, that in no event will the Servicer be required to retain a third-party service to monitor such physical loss and damage
insurance coverage." 

        Section 4.4(d).    Section 4.4(d) shall be replaced in its entirety by the following provision: 

        "The
Servicer shall use all reasonable efforts to enforce or collect upon the Insurance Policies. If the Servicer is unable to enforce or collect upon the Insurance Policies without
commencing a legal proceeding, the Servicer shall advise the Majority Noteholder whether, in its reasonable judgment, commencing a legal proceeding to enforce or collect upon the Insurance Policies is
advisable, and shall only commence a legal proceeding in its own name (or, if possible, as an agent of the Issuer) to enforce the Insurance Policies or commence or participate in any other legal
proceeding relating to or involving the Insurance Policies if directed to do so by the Majority Noteholder. If the Servicer is directed to commence a legal proceeding to enforce an Insurance Policy,
the act of commencement shall be deemed to be an automatic assignment of the rights of the Issuer under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any
enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the
Insurance Policy, the Owner Trustee and/or the Indenture Trustee, at the Servicer's expense, or the Receivables Seller, at the Receivables Seller's expense, shall take such steps as the Servicer deems
necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Issuer and the Owner Trustee and/or the Indenture Trustee for the benefit of the Noteholders. The
Servicer shall be reimbursed from Available Funds, in accordance with Section 2.10(c) of the Indenture, for all reasonable expenses incurred pursuant to any legal action undertaken at the
direction of the Majority Noteholder." 

        Section 4.5(a).    The following sentence shall be added to the end of Section 4.5(a): 

        "The
Servicer shall be entitled to recover all reasonable expenses incurred pursuant to this Section 4.5(a) from Available Funds in accordance with Section 2.10(c) of the
Indenture." 

        Section 4.5(b).    The following sentence shall be added to the end of Section 4.5(b): 

        "The
Servicer shall be entitled to recover all reasonable expenses incurred pursuant to this Section 4.5(b) from Available Funds in accordance with Section 2.10(c) of the
Indenture." 

        Section 4.11.    Section 4.11 shall be replaced in its entirety by the following sentence: 

        "Annual Report of Accountants.

        The
Master Servicer shall cause a firm of independent certified public accountants, which may also render other services to the Master Servicer or its affiliates, to deliver to the
Indenture Trustee, within 120 days after the end of each fiscal year, commencing with the fiscal year ending December 31, 2003, (i) an opinion by a firm of independent certified
public accountants on the financial position of the Master Servicer at the end of the relevant fiscal year and the results of operations and changes in financial position of the Master Servicer for
such year then ended on the basis of an examination
conducted in accordance with generally accepted auditing standards, and (ii) a report from such independent certified public accountants to the effect that based on an examination of certain
specified documents and records relating to the servicing of the Master Servicer's loan portfolio conducted substantially in compliance with SAS 70 (the "Applicable Accounting Standards"), such firm
is of the opinion that such servicing has been conducted in compliance with the Applicable Accounting 

2

 

Standards except for (a) such exceptions as such firm shall believe to be immaterial and (b) such other exceptions as shall be set forth in such statement." 

        Section 4.14.    The last 3 sentences of Section 4.14 shall be replaced in their entirety by the following: 

        "The
Majority Noteholder shall give written notice at lease 60 days prior to the end of the related calendar quarter that such term will be extended for an additional quarter.
Each such notice (a "Servicer Extension Notice") shall be delivered by the Majority Noteholder to the Indenture Trustee and the Servicer. If no Servicer Extension Notice is given 60 days prior
to the end of the related calendar quarter, the Servicer acknowledges that its rights and obligations as Servicer hereunder shall automatically terminate at the end of the then current calendar
quarter and the Servicer shall be entitled to a termination fee equal to the greater of (i) the Master Servicer Fee for the final month of the Servicer's term and (ii) $65,000." 

        Section 4.15.    Section 4.15 shall be replaced in its entirety by the following provision: 

        "Fidelity
Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a
type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables; provided, however, that, with the consent of the Majority Noteholder (not to be
unreasonably withheld), the Servicer shall be deemed to have fulfilled its obligation pursuant to this Section 4.15 if it has obtained and continues to maintain in full force and effect, a
self-insured Fidelity Bond and Errors and Omissions Policy through JP Morgan Chase Bank or any of its affiliates." 

        Section 5.4.    Section 5.4 shall be replaced in its entirety by the following provision: 

        "The
Receivables Seller shall transfer or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Repurchase Price with
respect to Purchased Receivables. The proceeds of any purchase or sale of the assets of the Issuer described in Section 4.16 hereof shall be deposited in the Collection Account." 

        Section 8.1.    Section 8.1 shall be replaced in its entirety with the following provision: 

        "Servicer
Termination Event. For purposes of this Agreement, each of the following shall constitute a "Servicer Termination Event": 

        (a)    Any
failure by the Servicer to deliver to the Indenture Trustee for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of
this Agreement that continues unremedied for a period of two Business Days; or 

        (b)    Failure
by the Servicer to deliver to the Indenture Trustee and the Majority Noteholder the Servicer's Certificate by the second Business Day prior to the Payment Date,
or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 7.4(a); or 

        (c)    Failure
on the part of the Servicer to duly observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure materially
and adversely affects the Noteholders (as determined by the Noteholders in their sole discretion) and continues unremedied for a period of 30 days after knowledge thereof by the Servicer or
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee, the Master Servicer or the Majority
Noteholder; or 

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

3

 

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

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

        (f)    The
Majority Noteholder shall have failed to deliver a Servicer Extension Notice pursuant to Section 4.14; or 

        (g)    The
rating of any successor by merger, consolidation, transfer, lease or succession to the Servicer fails to comply with the requirements of Section 6.4 or 7.4,
respectively." 

        Section 10.1.    The Servicer shall cooperate in good faith with the Issuer and the Majority Noteholder to provide for
performance of the administrative functions required to be performed by the Issuer under the Basic Documents and shall perform such administrative functions as may be reasonably requested by the
Majority Noteholder and the Issuer. The Servicer shall be entitled to reimbursement of expenses related to performing and providing for the performance of such administrative functions pursuant to
Section 2.10(c). 

        Section 11.2(h).    The following sentence shall be added to the end of Section 11.2(h): 

        "The
Servicer shall be reimbursed for all reasonable expenses incurred pursuant to this Section 11.2(h) from Available Funds in accordance with Section 2.10(c) of the
Indenture." 

        Schedule C
to the Sale and Servicing Agreement shall be replaced in its entirety by the Servicer with a schedule of servicing policies and procedures that is acceptable to the
Majority Noteholder. 

        Attached
hereto as Schedule 1 is the Master Servicer Fee Schedule. 

        Except
as expressly set forth in this Annex B, all other terms, provisions and conditions of the Sale and Servicing Agreement shall remain in full force and effect. 

4

 
 

Schedule 1 to Annex B    
  

SYSTEMS & SERVICES TECHNOLOGIES, INC.
  A SUBSIDIARY OF JPMORGAN CHASE 

SERVICING FEE PROPOSAL:

DEUTSCHE BANK / AMERICREDIT

WHOLE LOAN TRANSACTION

MARCH 18, 2003 

I.    FEES  

	A.	 	Master and Standby Servicing(1)	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	1.	 	One-Time Setup Fee	 	 	 	$20,000
	 	 	 	 	 	 	 	 	 
	 	 	2.	 	Monthly Fee(2)	 	the greater of	 	5 bsp or $10,000 per month
	 	 	 	 	 	 	 	 	 
	B.	 	Successor Servicing(3)	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	1.	 	One Time Boarding Fee(4)	 	 	 	$5.00 per loan
	 	 	 	 	 	 	 	 	 
	 	 	2.	 	Monthly Fee(2)(5)	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	a.    Remaining term of 36 months or more:	 	 
	 	 	 	 	 	 	the greater of	 	225 bsp or $14.00 per month
	 	 	 	 	 	 	 	 	 
	 	 	 	 	b.    Remaining term of 36 months or less:	 	$19.00 per month
	 	 	 	 	 	 	 	 	 
	 	 	3.	 	Minimum Monthly Fee	 	 	 	$3,000

II.    EXPENSES  

        A.    Standby Servicing and Transfer Expenses 

SST
shall be reimbursed for all costs and expenses incurred in connection with its Standby Servicing duties and the transfer of contracts to SST for successor servicing. Such costs and expenses
include, but are not limited to, those related to travel, obligor mailings, freight and file shipping. 

        B.    Successor
Servicing Expenses(2) 

SST
shall be reimbursed for all out-of-pocket expenses including, but not limited to, those associated with asset recovery, liquidation, travel, lodging, legal proceedings
related to replevin actions or obligor bankruptcies, statement and mailing costs, title processing, bank charges, field calls, and insurance tracking, if any. Additionally, SST shall receive an
administrative fee amounting to 3% of the funds advanced by SST to cover any such expenses during any monthly collection period. In order to avoid this administrative fee, Deutsche Bank (or another
party, as appropriate) may at any time during the term establish and fund an advance account to be utilized by SST to cover all such expenses and costs provided in this section for any monthly
collection period. Any such advance account must be fully funded on a monthly basis in an amount sufficient 

 

to cover the out-of-pocket expenses projected by SST for each subsequent monthly collection period. 

III.  MISCELLANEOUS(3)  

        A.    Claim Filing Costs 

In
the event SST files insurance claims in connection with any contract serviced by SST, SST shall receive $25.00 per filing. 

        B.    Administrative
Fees/Servicing Charges 

SST
shall receive all administrative fees, including extension processing fees, NSF fees and late charges received by SST during any monthly collection period. 

        C.    Deficiency
Collections 

Under
separate agreement, SST may provide deficiency collections services on a contingency fee basis. 

	(1)
	Standby
services limited to: (i) monthly receipt of an electronic loan data transmission, including all relevant obligor contact information including address and phone
numbers, loan balance, payment information, and comment histories (ii) receipt of and verification some information supplied on the month-end servicer statement

	(2)
	Basis
points are annualized (i.e., applicable basis points/12) and shall be based on end of month outstanding principal balance for the immediately preceding Collection Period of each
individual Active Contract, as defined below.

	(3)
	These
items shall only apply to SST's performance of successor servicing duties.

	(4)
	Boarding
Fees shall not exceed $200,000

	(5)
	SST
shall receive this fee for all "Active Contracts" for any full or partial month where it functions as the Servicer. Active Contract is defined as any contract other than:
(i) prepaid, fully satisfied contracts; (ii) contracts in which the asset has been liquidated and SST has posted the liquidation proceeds or any other anticipated proceeds (e.g., credit
enhancement insurance); or (iii) contracts in which SST has completed all work in connection with processing and receiving insurance payoffs. There shall be a $0.50 monthly servicing fee
for each contract that is not an Active Contract until such time as SST is duly instructed to write the obligor's balance down to $0.00. 

2

QuickLinks

TABLE OF CONTENTS

ARTICLE IV Administration and Servicing of Receivables.

ARTICLE VIII Servicer Termination.

ARTICLE IX Termination.

ARTICLE X Administrative Duties of the Servicer.

ARTICLE XI Miscellaneous Provisions.

SCHEDULE A SCHEDULE OF RECEIVABLES

SCHEDULE B REPRESENTATIONS AND WARRANTIES OF THE RECEIVABLES SELLER

SCHEDULE C SERVICING POLICIES AND PROCEDURES Note: Applicable Time Periods Will Vary by State

EXHIBIT A

EXHIBIT B

ANNEX B

Schedule 1 to Annex BQuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.1    
  

EXECUTION COPY  

 NOTE PURCHASE AGREEMENT  

 Dated as of March 18, 2003  

 among  

 AMERICREDIT OWNER TRUST 2003-1,

as Issuer  

 AMERICREDIT WAREHOUSE CORPORATION

as Depositor,  

 AMERICREDIT FINANCIAL SERVICES, INC.,

as Receivables Seller and as Servicer,  

 THE PURCHASERS PARTIES HERETO,  

 DEUTSCHE BANK AG, NEW YORK BRANCH

Administrative Agent  

 DEUTSCHE BANK AG, NEW YORK BRANCH,

as an Agent,  

 and  

 THE OTHER AGENTS PARTIES HERETO  

 Relating to

AmeriCredit Owner Trust 2003-1

Receivables-Backed Notes, Series 2003-1  

  

 
 

Table of Contents    
  

	 
	 	 
	 	Page

	ARTICLE 1    DEFINITIONS	 	 
	1.1  	 	Definitions	 	1
	1.2  	 	Other Definitional Provisions.	 	5
	ARTICLE 2    AMOUNT AND TERMS OF COMMITMENTS	 	 
	2.1  	 	Purchases	 	5
	2.2  	 	Interest, Expenses, Payments, Etc.	 	6
	2.3  	 	Requirements of Law	 	7
	2.4  	 	Taxes	 	8
	2.5  	 	Indemnification	 	10
	2.6  	 	Expenses, etc	 	12
	

ARTICLE 3    CONDITIONS PRECEDENT	
 	

 
	3.1  	 	Conditions to Purchase. The following shall be conditions precedent to the effectiveness of this Agreement:	 	13
	

ARTICLE 4    REPRESENTATIONS AND WARRANTIES	
 	

 
	4.1  	 	Representations and Warranties of AmeriCredit, AWC and the Issuer	 	15
	

ARTICLE 5    COVENANTS	
 	

 
	5.1  	 	Covenants	 	18
	

ARTICLE 6    MUTUAL COVENANTS REGARDING CONFIDENTIALITY	
 	

 
	6.1  	 	Covenants	 	19
	6.2  	 	Covenants of Purchasers	 	19
	

ARTICLE 7    THE AGENTS	
 	

 
	7.1  	 	Appointment	 	20
	7.2  	 	Delegation of Duties	 	21
	7.3  	 	Exculpatory Provisions	 	21
	7.4  	 	Reliance by Agents	 	21
	7.5  	 	Notices	 	22
	7.6  	 	Non-Reliance on Agents and Other Purchasers	 	22
	7.7  	 	Indemnification	 	22
	7.8  	 	Agents in their Individual Capacity	 	23
	7.9  	 	Successor Agents	 	23
	

ARTICLE 8    SECURITIES LAWS; TRANSFERS	
 	

 
	8.1  	 	Transfers of Notes	 	24
	8.2  	 	Tax Characterization	 	27
	

ARTICLE 9    MISCELLANEOUS	
 	

 
	9.1  	 	Amendments and Waivers	 	27
	9.2  	 	Notices	 	28
	9.3  	 	No Waiver; Cumulative Remedies	 	28
	9.4  	 	Successors and Assigns	 	29
	9.5  	 	Successors to Servicer	 	29
	9.6  	 	Counterparts	 	29
	9.7  	 	Severability	 	29

i

 

	9.8  	 	Integration	 	30
	9.9  	 	Governing Law	 	30
	9.10	 	Jurisdiction; Consent to Service of Process	 	30
	9.11	 	Termination	 	30
	9.12	 	No Proceedings	 	30
	9.13	 	No Recourse	 	31
	9.14	 	Survival of Representations and Warranties	 	31
	9.15	 	Waiver of Jury Trial	 	31
	9.16	 	Limitation of Liability of Owner Trustee	 	31
	9.17	 	CP Conduit as Committed Purchaser	 	31
	

LIST OF EXHIBITS	
 	

 
	Exhibit A    Form of Investment Letter	 	 
	Exhibit B    Form of Transfer Supplement	 	 

ii

        NOTE PURCHASE AGREEMENT, dated as of March 18, 2003, by and among AMERICREDIT OWNER TRUST 2003-1, a Delaware statutory trust (the
"Issuer") AMERICREDIT WAREHOUSE CORPORATION, a Nevada corporation ("AWC"), individually and in its
capacity as depositor (in such capacity, the "Depositor"), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
("AmeriCredit"), individually, in its capacity as Receivables Seller (the "Receivables Seller") and in
its capacity as servicer (in such capacity, the "Servicer"), the PURCHASERS (as hereinafter defined) from time to time parties hereto, DEUTSCHE BANK AG,
a German banking corporation acting through its New York Branch ("DBNY"), as an agent, and the other AGENTS for the Purchaser Groups from time to time
parties hereto (each such party, together with their respective successors in such capacity, an "Agent"), and DEUTSCHE BANK AG, NEW YORK BRANCH, as
administrative agent (together with its successors in such capacity, the "Administrative Agent"). 

W I T N E S S E T H:  

        WHEREAS, the Depositor, the Receivables Seller, the Servicer, the Issuer, Systems & Services Technologies, Inc., as Master Servicer (including its
successors in such capacity, the "Master Servicer") and Bank One, NA, a national banking association, as Indenture Trustee (including its successors in
such capacity, the "Indenture Trustee") are parties to the Sale and Servicing Agreement, dated as of March 18, 2003 (as the same may from time to
time be amended, modified or otherwise supplemented, the "Sale and Servicing Agreement"); 

        WHEREAS,
the Issuer and the Indenture Trustee are parties to the Indenture, dated as of March 18, 2003 (as the same from time to time be amended, supplemented or otherwise
modified, the "Indenture"); 

        WHEREAS,
the Issuer proposes to issue and sell pursuant to the Indenture its Class A Receivables-Backed Notes, Series 2003-1 (the
"Notes"), its Class B Receivables-Backed Notes, Series 2003-1 and Class C Receivables-Backed Notes,
Series 2003-1; 

        WHEREAS,
the Purchasers are willing to purchase the Notes in the amount of the Initial Note Principal Balance (as defined in the Indenture) of the Notes on the Closing Date (as
hereinafter defined) on the terms and conditions provided for herein; 

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

 
 

ARTICLE 1
  
    DEFINITIONS    
  

        1.1    Definitions.    All capitalized terms used herein as defined terms and not defined herein shall have the
meanings given to them in Annex A to the Sale and Servicing Agreement or the Indenture. 

        "Administrative Agent" has the meaning specified in the preamble to this Agreement. 

        "Affected Party" shall mean, with respect to any CP Conduit, any Support Party of such CP Conduit or any related Agent. 

        "Agent" has the meaning specified in the preamble to this Agreement. 

        "Agreement" shall mean this Note Purchase Agreement, as amended, supplemented or otherwise modified from time to time. 

        "AmeriCredit" has the meaning specified in the preamble to this Agreement and includes any successor or permitted assignee thereof as
provided in the Indenture, the Sale and Servicing Agreement, the Purchase Agreement and this Agreement. 

        "Assignee" and "Assignment" have the respective meanings specified in subsection 8.1(e) of
this Agreement. 

 

        "AWC" has the meaning specified in the preamble to this Agreement and includes any successor or permitted assignee thereof as provided in
the Indenture, the Sale and Servicing Agreement, the Purchase Agreement and this Agreement. 

        "Collateral Receipt" means a Trust Receipt and Final Certification in the form of Schedule A to the Custodian Agreement. 

        "Commercial Paper Notes" shall mean, with respect to a CP Conduit, the short-term promissory notes or extendable money market
notes issued by such CP Conduit which are allocated by such CP Conduit as its funding for its purchasing or maintaining its Percentage Interest of the Note Principal Balance of the Notes. 

        "Commitment" shall mean, for any Committed Purchaser, the maximum amount of such Purchaser's commitment to purchase a portion of the
Initial Note Principal Balance of the Notes, as set forth on the signature pages hereto. In the event that a Committed Purchaser which maintains a portion of its Commitment hereunder in relation to
more than one CP Conduit, such Purchaser shall be deemed to have issued separate Commitments hereunder in each such capacity. 

        "Committed Purchaser" shall mean, with respect to a CP Conduit, each Purchaser identified as a Committed Purchaser for such CP Conduit on
the signature pages hereto. 

        "CP Conduit" shall mean any Purchaser which is designated as a CP Conduit on the signature pages hereto or in the Transfer Supplement
pursuant to which it became a party to this Agreement; provided, however, that if the entity signing this Agreement or such Transfer Supplement
specifies on the related signature page that it is a Conduit Borrower with respect to a financing conduit identified on such signature page, then, with respect to such Purchaser,
"CP Conduit" shall mean, collectively, such Conduit Borrower and such specified financing conduit. 

        "DBNY" has the meaning specified in the preamble to this Agreement. 

        "Excluded Taxes" has the meaning specified in subsection 2.4(a) of this Agreement. 

        "Facility Limit" shall mean, for any day, the lesser of the aggregate Collateral Value of the Trust Estate and the Total Commitment on
such day. 

        "Governmental Authority" shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

        "Indemnitee" has the meaning specified in subsection 2.5(a) of this Agreement. 

        "Indenture" has the meaning specified in the recitals to this Agreement. 

        "Indenture Trustee" has the meaning specified in the recitals to this Agreement. 

        "Investing Office" shall mean initially, the office of any Purchaser (if any) designated as such, on the signature pages hereto or in the
Transfer Supplement by which it became a party to this Agreement, and thereafter, such other office of such Purchaser or such Assignee as may be designated in writing to the applicable Agent, the
Administrative Agent, the Servicer and the Indenture Trustee by such Purchaser or Assignee. 

        "Liquidity Percentage" shall mean, for a Committed Purchaser for a CP Conduit, such Committed Purchaser's Commitment with respect to such
CP Conduit as a percentage of the aggregate Commitments of all Committed Purchasers for such CP Conduit. 

        "Majority Owners" shall mean, at any time, Owners having more than 51% of the aggregate Percentage Interests of all Owners. 

2

 

        "Maximum Purchase Amount" shall mean, for any CP Conduit, the aggregate Commitments of its Committed Purchasers. 

        "Notes" has the meaning specified in the recitals to this Agreement. 

        "Owners" shall mean the Purchasers that are owners of record of the Notes or, with respect to any Note held by an Agent hereunder as
nominee on behalf of Purchasers in a Purchaser Group, the Purchasers that are beneficial owners of such Note as reflected on the books of such Agent in accordance with this Agreement and the Related
Documents. 

        "Participant" has the meaning specified in subsection 8.1(d) of this Agreement. 

        "Participation" has the meaning specified in subsection 8.1(d) of the Agreement. 

        "Percentage Interest" shall mean, as to any Purchaser at any time of determination, the percentage equivalent of a fraction the numerator
of which shall be an amount equal to the portion of the unpaid principal amount of the Note Principal Balance of the Notes owing to such Purchaser (or, if no amount of the Note Principal Balance of
the Notes is outstanding, the amount of its Commitment, if any) at such time (after giving effect to all Assignments effective on or prior to such time of determination) and the denominator of which
shall be an amount equal to the aggregate Note Principal Balance of the Notes (or, if no amount of the Note Principal Balance of the Notes is outstanding, the Total Commitment) at such time. 

        "Permitted Transferee" shall mean (i) each Purchaser, each Support Party, each Agent (in its individual capacity), the
Administrative Agent (in its individual capacity) and, with respect to each transferring Purchaser, any commercial paper conduit administered by the related Agent, (ii) each other Person who
has been consented to as a potential Transferee by the Receivables Seller (which consent shall not be withheld (except for a commercially reasonable purpose or reason) or delayed) and
(iii) after the occurrence of an Event of Default, any other Person. 

        "Purchase Agreement" shall mean the Receivables Purchase and Contribution Agreement, dated as of the date hereof, between the Receivables
Seller and the Depositor, as the same may from time to time be amended, supplemented or otherwise modified. 

        "Purchaser Agent" has the meaning specified in subsection 7.2 of this Agreement. 

        "Purchaser Group" shall mean each group of Purchasers consisting of (i) a CP Conduit, and (ii) the Committed Purchasers with
respect to such CP Conduit. The initial Purchaser Groups shall be (x) the Gemini Purchaser Group, which shall consist of Gemini Securitization Corp., as the CP Conduit, and DBNY, as the
Committed Purchaser, (x) the Sedona Purchaser Group, which shall consist of Sedona Capital Funding Corp., as the CP Conduit, and DBNY, as the Committed Purchaser and (z) the Tahoe
Purchaser Group, which shall consist of Tahoe Funding Corp., as the CP Conduit, and DBNY, as the Committed Purchaser. The Agent for each of the Gemini Purchaser Group, the Sedona Purchaser Group and
the Tahoe Purchaser Group shall be DBNY. 

        "Purchaser Percentage" shall mean, with respect to a CP Conduit, its Maximum Purchase Amount as a percentage of the Total Commitment. 

        "Purchasers" shall mean, collectively, the CP Conduits and the Committed Purchasers. 

        "Regulatory Change" shall mean, as to each Purchaser, any change occurring after the date of the execution and delivery of this Agreement
or, if later, the date of the execution and delivery of the Transfer Supplement by which it became party to this Agreement; in the case of a Participant, any change occurring after the date on which
its Participation became effective, or in the case of a Support 

3

 

Party, any change occurring after the date it became such a Support Party, in any (or the adoption after such date of any new): 

        (i)    United
States Federal or state law or foreign law applicable to such Purchaser, Participant or Support Party; or 

        (ii)  regulation,
interpretation, directive, guideline or request (whether or not having the force of law) applicable to such Purchaser, Participant or Support Party of any
court or other judicial authority or any Governmental Authority charged with the interpretation or administration of any law referred to in clause (i) or of any fiscal, monetary or other
Governmental Authority or central bank having jurisdiction over such Purchaser, Participant or Support Party. 

        "Related Documents" shall mean, collectively, this Agreement (including all effective Supplemental Fee Letters and Transfer Supplements),
the Indenture, the Sale and Servicing Agreement, the Purchase Agreement, the Custodian Agreement, the Notes, and all supplements, agreements and instruments related thereto. 

        "Replacement Purchaser" has the meaning specified in subsection 2.4(d). 

        "Required Owners" shall mean, at any time, Owners having more than 662/3% of the aggregate Percentage Interests of all
Owners. 

        "Requirement of Law" shall mean, as to any Person, any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, in each case applicable to or binding upon such Person or
to which such Person is subject, whether federal, state or local (including usury laws, the Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of Governors of
the Federal Reserve System). 

        "Sale and Servicing Agreement" has the meaning specified in the recitals to this Agreement. 

        "Supplemental Fee Letter" shall mean each letter agreement, designated therein as a Supplemental Fee Letter and then in effect, between
the Receivables Seller and an Agent, as such letter agreement may be amended or otherwise modified from time to time. 

        "Support Advances" shall mean, with respect to a Committed Purchaser and its related CP Conduit, any participation held by such Committed
Purchaser in such CP Conduit's Percentage Interest in the Note Principal Balance of the Notes which was purchased from such CP Conduit pursuant to a Support Facility and any loans or other advances
made by such Committed Purchaser to such CP Conduit pursuant to a Support Facility to fund such CP Conduit's making or maintaining its purchases hereunder. 

        "Support Facility" shall mean any liquidity or credit support agreement with a CP Conduit which relates to this Agreement (including any
agreement to purchase an assignment of or participation in Notes). 

        "Support Party" shall mean any other bank, insurance company or other financial institution extending or having a commitment to extend
funds to or for the account of a CP Conduit (including by agreement to purchase an assignment of or participation in Notes or by swap agreement) under a Support Facility. Each Committed Purchaser for
a CP Conduit (other than a Committed Purchaser which is also a CP Conduit) shall be deemed to be a Support Party for such CP Conduit. 

        "Taxes" has the meaning specified in subsection 2.4(a) of this Agreement. 

        "Total Commitment" shall mean, on any date of determination, the aggregate Commitments of the Committed Purchasers. 

        "Transfer" has the meaning specified in subsection 8.1(c) of this Agreement. 

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        "Transfer Supplement" has the meaning specified in subsection 8.1(e) of this Agreement. 

        "Transferee" has the meaning specified in subsection 8.1(c) of this Agreement. 

        "written" or "in writing" (and other variations thereof) shall mean any form of written
communication or a communication by means of telex, telecopier device, telegraph or cable. 

        1.2    Other Definitional Provisions.    

        (a)  Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto. 

        (b)  The
words "hereof", "herein", and
"hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement; and Section, subsection and Exhibit references are to this Agreement, unless otherwise specified. The words "including" and
"include" shall be deemed to be followed by the words "without limitation". 

 
 

ARTICLE 2
  
    AMOUNT AND TERMS OF COMMITMENTS    
  

        2.1    Purchases.    

        (a)  On
and subject to the terms and conditions of this Agreement, on the Closing Date each initial CP Conduit may, in its sole discretion, purchase its Purchaser Percentage
of the Initial Note Principal Balance of the Notes for a purchase price equal to the portion the Initial Note Principal Balance so purchased. 

        (b)  Each
CP Conduit shall notify the Agent for its Purchaser Group by 10:00 a.m., New York City time, on the Closing Date whether it has elected to make the purchase
of the Initial Note Principal Balance of the Notes pursuant to subsection 2.1(a) of this Agreement. In the event that a CP Conduit shall not
have timely provided such notice, such CP Conduit shall be deemed to have elected not to make such purchase. Such Agent shall notify each Committed Purchaser for such CP Conduit on or prior to
11:00 a.m., New York City time, on the Closing Date if such CP Conduit has not elected to purchase its entire Purchaser Percentage of the Initial Note Principal Balance of the Notes which
notice shall specify (i) the identity of such CP Conduit, (ii) the portion of the Initial Note Principal Balance of the Notes which such CP Conduit has not elected to purchase as
provided above, and (iii) the respective Liquidity Percentages of such Committed Purchasers on the Closing Date (as determined by such Agent in good faith; for purposes of such determination,
such Agent shall be entitled to rely conclusively on the most recent information provided by such CP Conduit or its agent or by the agent for its Support Parties). Subject to receiving such notice and
to the satisfaction of the applicable conditions set forth in Article 3 hereof, each of such CP Conduit's Committed Purchasers shall make a purchase of Notes on the Closing Date in an amount
equal to its Liquidity Percentage of the portion of the Initial Note Principal Balance of the Notes which such CP Conduit has not elected to purchase, for a purchase price equal to its share of the
Initial Note Principal Balance of the Notes so purchased. 

        (c)  Each
Purchaser's purchase price payable pursuant to subsection 2.1(a) or 2.1(b) of this Agreement shall be made available to the Agent for its Purchaser Group, subject
to the fulfillment of the applicable conditions set forth in Article 3 hereof, at or prior to 2:00 p.m., New York City time, on the Closing Date, by deposit of immediately available
funds to an account of such Agent specified in subsection 9.2(b) of this Agreement. Such Agent shall promptly notify the Servicer in the event that any Purchaser either fails to make such funds
available to such Agent before such time or notifies such Agent that it will not make such funds available to such Agent before such time. Subject to (i) such Agent's receipt of such funds and
(ii) the fulfillment of the applicable conditions set forth in Article 3 

5

 

hereof, as determined by such Agent, such Agent will not later than 4:00 p.m., New York City time, on the Closing Date make such funds available, in the same type of funds received, by wire
transfer thereof to the account in the United States specified in writing by the Issuer to such Agent not later than the Business Day prior to the Closing Date. 

        (d)  In
the event that notwithstanding the fulfillment of the applicable conditions set forth in Article 3 hereof with respect to a purchase, a CP Conduit elected to
make a purchase on the Closing Date but failed to make its purchase price available to the Agent for its Purchaser Group when required by subsection 2.1(c) of this Agreement, such CP Conduit shall be
deemed to have rescinded its election to make such purchase, and neither the Issuer nor any other party shall have any claim against such CP Conduit by reason of its failure to timely make such
purchase. In any such case, such Agent shall give notice of such failure not later than 2:30 p.m., New York City time, on the Closing Date to each Committed Purchaser for such CP Conduit and to
the Issuer and the Servicer, which notice shall specify (i) the identity of such CP Conduit, (ii) the amount of the purchase which it had elected but failed to make and (iii) the
respective Liquidity Percentages of such Committed Purchasers on the Closing Date. Subject to receiving such notice, each of such CP Conduit's Committed Purchasers shall purchase a portion of the Note
Principal Balance of the Notes in an amount equal to its Liquidity Percentage of the amount described in clause (ii) above at or before 4:00 p.m., New York City time, on the Closing Date
and otherwise in accordance with subsection 2.1(b) of this Agreement. Subject to such Agent's receipt of such funds, such Agent will not later than 5:00 p.m., New York City time, on the Closing
Date make such funds available, in the same type of funds received, by wire transfer thereof to the account of the Issuer described in subsection 2.1(c) of this Agreement, which payment shall be
deemed to be timely for purposes of the Indenture. 

        2.2    Interest, Expenses, Payments, Etc.    

        (a)  Interest
shall accrue on the Note Principal Balance of the Notes as set forth in the Indenture. 

        (b)  The
principal of and interest in respect of the Notes shall be paid as provided in the Indenture. In the case of Notes held by an Agent as agent for members of its
Purchaser Group, such Agent shall allocate to the Owners in its Purchaser Group each payment in respect of the Notes received by such Agent in its capacity as Noteholder as provided herein. Payments
in reduction of the portion of the Note Principal Balance of the Notes evidenced by a Note shall be allocated and applied to Owners of such Note pro rata based on their respective Percentage Interests
of the Note Principal Balance of the Notes, or in any such case in such other proportions as each affected Purchaser may agree upon in writing from time to time with such Agent and the Issuer.
Payments of interest in respect of the portion of the Note Principal Balance of the Notes evidenced by a Note shall be allocated and applied to Owners of such Note pro rata based upon the respective
amounts of interest due and payable to them, determined as provided above in subsection 2.2(a). 

        (c)  All
payments to be made hereunder or under the Indenture, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim in
United States dollars and in immediately available funds and shall be made on the due date thereof to the Administrative Agent at its account specified in subsection 9.2(b) hereof. Payments received
by an Agent or the Administrative Agent after 2:30 p.m., New York City time, shall be deemed to have been made on the next Business Day. The Administrative Agent will distribute such payments
received by it to the Agents promptly upon receipt, but no later than 2:00 p.m., New York City time, on the day received if such payment is received prior to 12:00 noon, New York City time, and
no later than noon, New York City time, on the Business Day after such payment is received if received after 12:00 noon, New York City time. Notwithstanding anything herein to the contrary, if any
payment due hereunder becomes due and payable on a day other than a Business Day, the payment date thereof shall be extended to the next succeeding Business Day and interest shall accrue thereon at
the applicable rate during such extension. To the extent that (i) the Indenture Trustee, the Issuer or the Servicer makes a payment to the 

6

 

Administrative Agent or an Agent or Purchaser or (ii) the Administrative Agent or an Agent or Purchaser receives or is deemed to have received any payment or proceeds for application to an
obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any
other party under any bankruptcy or insolvency law, state or Federal law, common law, or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof
intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the Administrative Agent or such Agent or
Purchaser, as the case may be. 

        2.3    Requirements of Law.    

        (a)  In
the event that any Purchaser shall have reasonably determined that any Regulatory Change shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of
funds by, such Purchaser and the result of any of the foregoing is to increase the cost to such Purchaser, by an amount which such Purchaser deems to be material, of maintaining its Commitment or its
interest in the Notes or to reduce any amount receivable in respect thereof, then, in any such case, after submission by such Purchaser to the Agent for its Purchaser Group of a written request
therefor and the submission by such Agent to the Issuer and the Servicer of such written request therefor, such Purchaser (through the Agent for its Purchaser Group) shall be entitled to be paid, but
only to the extent funds are then or thereafter become available therefor pursuant to subsection 2.10(c)(vi)(B) or 2.10(c)(vii)(B) of the Indenture, any additional amounts necessary to compensate such
Purchaser for such increased cost or reduced amount receivable, to the extent not already reflected in the applicable interest rate, no later than the Distribution Date following receipt by the Issuer
and the Servicer of such request for compensation under this subsection 2.3(a), if such request is received by the Issuer and the Servicer no later than five Business Days prior to the Determination
Date related to such Distribution Date, and otherwise on the following Distribution Date. 

        (b)  In
the event that any Purchaser shall have reasonably determined that any Regulatory Change regarding capital adequacy has the effect of reducing the rate of return on
such Purchaser's capital or on the capital of any Person controlling such Purchaser as a consequence of its obligations hereunder or its maintenance of its Commitment or its interest in the Notes to a
level below that which such Purchaser or such Person could have achieved but for such Regulatory Change (taking into consideration such Purchaser's or such Person's policies with respect to capital
adequacy) by an amount deemed by such Purchaser or such Person to be material, then, from time to time, after submission by such Purchaser to the Agent
for its Purchaser Group of a written request therefor and submission by such Agent to the Issuer and the Servicer of such written request therefor, such Purchaser (through the Agent for its Purchaser
Group) shall be entitled to be paid, but only to the extent funds are then or thereafter become available therefor pursuant subsection 2.10(c)(vi)(B) or 2.10(c)(vii)(B) of the Indenture, such
additional amount or amounts as will compensate such Purchaser or such Person, as applicable, for such reduction, no later than the Distribution Date following receipt by the Issuer and the Servicer
of such request for compensation under this subsection 2.3(b) of this Agreement, if such request is received by the Issuer and the Servicer no later than five Business Days prior to the Determination
Date related to such Distribution Date, and otherwise on the following Distribution Date. Nothing in this subsection 2.3(b) shall be deemed to require the Issuer to pay any amount to a Purchaser to
the extent such Purchaser has been compensated therefor under another provision of this Agreement or to the extent such amount is already reflected in the applicable interest rate. 

        (c)  Each
Purchaser agrees that it shall use its reasonable efforts to reduce or eliminate any claim for compensation pursuant to subsections 2.3(a) and 2.3(b) of this
Agreement, including but not limited to designating a different Investing Office for its Notes (or any interest therein) if such designation will 

7

 

avoid the need for, or reduce the amount of, any increased amounts referred to in subsection 2.3(a) or 2.3(b) hereof and will not, in the reasonable opinion of such Purchaser, be unlawful or
otherwise
disadvantageous to such Purchaser or inconsistent with its policies or result in any unreimbursed cost or expense to such Purchaser or in an increase in the aggregate amount payable under subsections
2.3(a) and 2.3(b) hereof. If such claim is not eliminated by any such designation or no such designation is done and the Purchaser does not waive payment of such amount, the Issuer shall have the
right to procure a replacement purchaser which is not so affected and which is reasonably acceptable to the Agent for the related Purchaser Group and the Administrative Agent (a
"Replacement Purchaser") to replace such Purchaser. No replacement of a Purchaser shall be effected pursuant to this subsection 2.3(c) if, after giving
effect thereto, any amounts shall be owing to the replaced Purchaser hereunder. Each affected Purchaser hereby agrees to take, at the Issuer's expense, all actions necessary to permit a Replacement
Purchaser to succeed to its rights and obligations hereunder. 

        (d)  Each
Purchaser claiming increased amounts described in subsection 2.3(a) or 2.3(b) of this Agreement will furnish to the Agent for its Purchaser Group (together with its
request for compensation) a certificate prepared in good faith setting forth the basis and the calculation of the amount (in reasonable detail) of each request by such Purchaser for any such increased
amounts referred to in subsection 2.3(a) or 2.3(b) hereof. Any such certificate shall be conclusive absent manifest error, and such Agent shall deliver a copy thereof to the Issuer and the Servicer.
Failure on the part of any Purchaser to demand compensation for any amount pursuant to subsection 2.3(a) or 2.3(b) hereof with respect to any period shall not constitute a waiver of such Purchaser's
right to demand compensation with respect to such period; provided, however, notwithstanding the foregoing provisions of this Section 2.3, a
Purchaser shall not be compensated for any such amount relating to any period ending, and of which such Purchaser has had knowledge, more than six months prior to the date that such Purchaser notifies
the Issuer and the Servicer in writing thereof or for any amounts resulting from a change by any Purchaser of its Investing Office (other than changes required by law or changes made pursuant to
subsection 2.3(c)). 

        2.4    Taxes.    

        (a)  All
payments made to the Purchasers, the Agents or the Administrative Agent under this Agreement and the Indenture (including all amounts payable with respect to the
Notes) shall, to the extent allowed by law, be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts,
duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority (collectively,
"Taxes"), excluding (i) income taxes (including branch profit taxes, minimum taxes and taxes computed under alternative methods, at least one of
which is based on or measured by net income), franchise taxes (imposed in lieu of income taxes), or any other taxes based on or measured by the net income of such Purchaser, Participant, Agent or the
Administrative Agent (as the case may be) or the gross receipts or income of such Purchaser, Participant, Agent or the Administrative Agent, as the case may be; (ii) any Taxes that would not
have been imposed but for the failure of such Purchaser, Participant, Agent or the Administrative Agent, as applicable, to provide and keep current (to the extent legally able) any certification or
other documentation required to qualify for an exemption from, or reduced rate of, any such Taxes or required by this Agreement to be furnished by such Purchaser, Participant, Agent or the
Administrative Agent, as applicable; and (iii) any Taxes imposed as a result of a change by any Purchaser or Participant of its Investing Office (other than changes mandated by this Agreement,
including subsection 2.3(c) hereof, or required by law) (all such excluded taxes being hereinafter called "Excluded Taxes"). 

        If,
as a result of any change in law, treaty or regulation or in the interpretation or administration thereof by any governmental or regulatory agency or body charged with the
administration or interpretation thereof, or the adoption of any law, treaty or regulation, any Taxes, other than Excluded Taxes, are required to be withheld from any amounts payable to a Purchaser or
Agent or the 

8

 

Administrative Agent hereunder or under the Sale and Servicing Agreement or the Indenture, then after submission by any Purchaser to the Agent for its
Purchaser Group (in the case of an amount payable to a Purchaser) and by any Agent or the Administrative Agent to the Issuer and the Servicer of a written request therefor, the amounts so payable to
such Purchaser or Agent or the Administrative Agent, as applicable, shall be increased, and such Purchaser (through the applicable Agent) or Agent or the Administrative Agent, as applicable, shall be
entitled to be paid (in the case of payments from the Receivables Seller or the Issuer, only to the extent funds are then or thereafter available therefor pursuant to subsection 2.10(c)(vi)(B) or
2.10(c)(vii)(B) of the Indenture, the amount of such increase to the extent necessary to yield to such Purchaser or Agent or the Administrative Agent, as applicable (after payment of all such Taxes)
interest or any such other amounts payable hereunder or thereunder at the rates or in the amounts specified in this Agreement or in the Indenture, as applicable, no later than the Distribution Date
following receipt by the Issuer and the Servicer of a request for such additional amounts under this subsection 2.4(a), if such request is received by the Issuer and the Servicer no later than five
Business Days prior to the Determination Date related to such Distribution Date, and otherwise on the following Distribution Date; provided, however,
that the amounts so payable to such Purchaser or Agent or the Administrative Agent shall not be increased pursuant to this subsection 2.4(a) if such requirement to withhold results from the failure of
such Person to comply with subsection 2.4(c) hereof. Whenever any Taxes are payable on or with respect to amounts distributed to a Purchaser or Agent or the Administrative Agent, as promptly as
possible thereafter the Issuer and the Servicer shall send to the Agent, on behalf of such Purchaser, or to such Agent or the Administrative Agent, as applicable, a certified copy of an original
official receipt showing payment thereof. Notwithstanding any other provisions of this Section 2.4, the Servicer shall not have any liability under this Section 2.4 for the payment of
Taxes except for Taxes (other than Excluded Taxes) assessed on indemnification payments made or required to be made by the Servicer for its own account under Section 2.5 of this Agreement. If
the Issuer, the Receivables Seller or the Servicer, as applicable, fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Agent, on behalf of itself or such
Purchaser, or to such Agent or the Administrative Agent, as applicable, the required receipts or other required documentary evidence, such Purchaser (through the applicable Agent) or Agent or the
Administrative Agent, as applicable, shall be entitled to be paid, in the case of a failure by the Issuer or AWC, only to the extent funds are then or thereafter available therefor pursuant to
subsection 2.10(c)(vi)(B) or 2.10(c)(vii)(B) of the Indenture or in the case of a failure by the Servicer, by such entity, as the case may be, any incremental taxes, interest or penalties that may
become payable by such Purchaser or Agent or the Administrative Agent, as applicable, as a result of any such failure no later than the Distribution Date following receipt by the Issuer and the
Servicer of such request for payment under this subsection 2.4(a), if such request is received by the Issuer and the Servicer no later than five Business Days prior to the Determination Date related
to such Distribution Date, and otherwise on the following Distribution Date. 

        (b)  A
Purchaser claiming increased amounts under subsection 2.4(a) hereof for Taxes paid or payable by such Purchaser will furnish to the applicable Agent a certificate
prepared in good faith setting forth the basis and amount of each request by such Purchaser for such Taxes, and such Agent shall deliver a copy thereof to the Issuer and the Servicer. An Agent or the
Administrative Agent claiming increased amounts under subsection 2.4(a) hereof for its own account for Taxes paid or payable by such Agent or the Administrative Agent, as applicable, will furnish to
the Issuer and the Servicer a certificate
prepared in good faith setting forth the basis and amount of each request by the Agent or the Administrative Agent for such Taxes. Any such certificate of a Purchaser or Agent or the Administrative
Agent shall be conclusive absent manifest error. Failure on the part of any Purchaser or Agent or the Administrative Agent to demand additional amounts pursuant to subsection 2.4(a) of this Agreement
with respect to any period shall not constitute a waiver of the right of such Purchaser or Agent or the Administrative Agent, as the case may be, to demand compensation with respect to such period.
All such amounts shall be due and payable to such Purchaser (through the applicable Agent) or 

9

 

Agent or the Administrative Agent, as the case may be, on the Distribution Date following receipt by the Issuer and the Servicer of such certificate, if such certificate is received by the Issuer and
the Servicer at least five Business Days prior to the Determination Date related to such Distribution Date and otherwise shall be due and payable on the following Distribution Date. 

        (c)  Each
Purchaser and each Participant holding an interest in Notes agrees that prior to the date on which the first interest or fee payment hereunder is due thereto, it
will deliver to the Issuer, the Servicer, the Indenture Trustee, the applicable Agent and the Administrative Agent (i) if such Purchaser or Participant is not incorporated under the laws of the
United States or any State thereof, two duly completed copies of the U.S. Internal Revenue Service Form W-8ECI or Form W-8BEN claiming treaty benefits, or in
either case successor applicable forms required to evidence that the Purchaser or Participant is entitled to receive payments under this Agreement and with respect to the Notes without deduction or
withholding of any United States federal income taxes, (ii) in the case of any other Purchaser or Participant, a duly completed U.S. Internal Revenue Service Form W-9 or
successor applicable or required forms, and (iii) such other forms and information as may be required to confirm the availability of any applicable exemption from United States federal, state
or local withholding taxes. Each Purchaser or Participant holding an interest in Notes also agrees to deliver to the Issuer, the Servicer, the Indenture Trustee, the applicable Agent and the
Administrative Agent two further copies of such Form W-8ECI, Form W-8BEN claiming treaty benefits or Form W-9, or such successor applicable
forms or other manner of certification, as the case may be, on or before the date that any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most
recent form previously delivered by it hereunder, and such extensions or renewals thereof as may reasonably be requested by an Agent or the Administrative Agent, unless in any such case, solely as a
result of a change in treaty, law or regulation occurring prior to the date on which any such delivery would otherwise be required, the Purchaser is no longer eligible to deliver
then-applicable form set forth above and so advises the Issuer, the applicable Agent and the Administrative Agent. Each Purchaser certifies, represents and warrants as of the Closing Date,
each Assignee and each Participant (in either case other than a Support Party) shall certify, represent and warrant as a condition of acquiring its Assignment or Participation as of the effective date
of the Transfer Supplement to which it is a party or of such Participation, as the case may be, and each Support Party shall certify, represent and warrant as of the effective date of its becoming a
Support Party, that (x) it is entitled to receive payments under this Agreement and with respect to the Notes without deduction or withholding of any United States federal income taxes and
(y) it is entitled to an exemption from United States backup withholding tax. 

        (d)  Each
Purchaser agrees that it shall use its reasonable efforts to designate a different Investing Office if such designation will eliminate or reduce any amount due
under this Section 2.4 and will not, in the reasonable opinion of such Purchaser, be unlawful or otherwise disadvantageous to such Purchaser or inconsistent with its policies or result in any
unreimbursed cost or expense to such Purchaser. If such amount is not eliminated by any such designation or no such designation is done and the Purchaser does not waive payment of such amount, the
Issuer shall have the right to procure a replacement
purchaser which is not so affected and which is reasonably acceptable to the Agent for the related Purchaser Group and the Administrative Agent (a "Replacement
Purchaser") to replace such Purchaser. No replacement of a Purchaser shall be effected pursuant to this subsection 2.4(d) if, after giving effect thereto, any amounts shall be
owing to the replaced Purchaser hereunder. Each affected Purchaser hereby agrees to take all actions necessary to permit a Replacement Purchaser to succeed to its rights and obligations hereunder. 

        2.5    Indemnification.    

        (a)  Without
limiting any other rights which any such Person may have hereunder or under applicable law, AmeriCredit hereby agrees to indemnify each of the Administrative
Agent, the Agents, and the Purchasers, and each other Affected Party and each of their Affiliates, and each of their 

10

 

respective successors, transferees, participants and assigns and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing
Persons being individually called an "Indemnitee"), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related
costs and expenses, including reasonable attorneys' fees and disbursements (all of the foregoing being collectively called "Indemnified Amounts")
awarded against or incurred by any of them arising out of or relating to any Transaction Document or the transactions contemplated thereby or the use of proceeds therefrom by the Issuer, including
(without limitation) in respect of the funding of any Note or in respect of any Receivable, excluding, however, (a) Indemnified Amounts to the
extent determined by a court of competent jurisdiction to have resulted from gross negligence or willful misconduct on the part of such Indemnitee or its agent or subcontractor, (b) except as
otherwise provided herein, non-payment by any obligor of an amount due and payable with respect to a Receivable, (c) any loss in value of any Financed Vehicle or Eligible Investment
due to changes in market conditions or for other reasons beyond the control of AmeriCredit or the Issuer, (d) any Excluded Tax or (e) any amount which represents legal, accounting or
other costs incurred by any Indemnitee in respect of any legal action between such Indemnitee and AmeriCredit or any Affiliate of AmeriCredit if a court of competent jurisdiction makes a final
determination that AmeriCredit is the prevailing party. Without limiting the foregoing, but subject to the exclusions (a) through (e) above, AmeriCredit agrees to indemnify each
Indemnitee for Indemnified Amounts arising out of or relating to: 

        (i)    the
breach of any representation or warranty made by the Issuer, AWC, the Depositor (or any of its officers) or AmeriCredit (in any capacity) or any Affiliate of
AmeriCredit under or in connection with this Agreement or the other Basic Documents, any Servicer's Certificate or any other information, report or certificate delivered by the Issuer, AWC, the
Depositor the Receivables Seller, Servicer or AmeriCredit (in any capacity) or an Affiliate of AmeriCredit pursuant hereto or thereto, which shall have been false or incorrect in any material respect
when made or deemed made; 

        (ii)    the
failure by the Issuer, AWC, the Depositor, the Servicer or AmeriCredit (in any capacity) to comply in any material way with any applicable law, rule or regulation
with respect to any Receivable or any Financed Vehicle, or the nonconformity of any Receivable with any such applicable law, rule or regulation; 

        (iii)    the
failure to vest and maintain vested in the Indenture Trustee, for the benefit of the Noteholders, a first-priority security interest in all the Collateral, free
and clear of any Lien; 

        (iv)    any
dispute, claim, offset or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Receivable (including, without limitation, a defense
based on such Receivable not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms); 

        (v)    any
failure of AmeriCredit or an Affiliate of AmeriCredit, as Servicer, to perform its duties or obligations in accordance with the provisions of the Sale and Servicing
Agreement and the Purchase Agreement or any provision contained in any other Basic Document; 

        (vi)    any
claim involving products liability that arises out of or relates to merchandise or services that are the subject of any Receivable or strict liability claim in
connection with any Financed Vehicle related to a Receivable; 

        (vii)    any
tax or governmental fee or charge (but not including any Excluded Taxes), all interest and penalties thereon or with respect thereto, and all
out-of-pocket costs and expenses, including the reasonable fees and expenses of counsel in defending against the same, which may arise by reason of the making, maintenance or
funding, directly or indirectly, of any Note, or any other interest in the Collateral; 

11

 

        (viii)    the
offering or sale of the Notes or the offering or effectuation of any Take-Out Securitization; or 

        (ix)    the
commingling of the proceeds of the Collateral at any time with other funds. 

        If
for any reason (other than the exclusions (a) through (e) set forth in the first paragraph of this Section 2.5(a)) the
indemnification provided above in this Section 2.5(a) is unavailable to an Indemnitee or is insufficient to hold an Indemnitee harmless, then AmeriCredit shall
contribute to the amount paid or payable by such Indemnitee as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received
by such Indemnitee, on the one hand, and AmeriCredit, its Affiliates and the Issuer, on the other hand, but also the relative fault of such Indemnitee, on the one hand, and AmeriCredit, its Affiliates
or the Issuer, on the other hand, as well as any other relevant equitable considerations. 

        (b)  AmeriCredit
and any successor Servicer, by accepting its appointment as Servicer pursuant to the Sale and Servicing Agreement, (i) shall agree to be bound by the
terms, covenants and conditions contained herein applicable to the Servicer and to be subject to the duties and obligations of the Servicer hereunder, (ii) as of the date of its acceptance,
shall be deemed to have made with respect to itself only the representations and warranties made by the Servicer in subsections 4.1(a) through 4.1(e) hereof (in the case of subsection 4.1(a) with
appropriate factual changes) and (iii) shall severally as to itself agree to indemnify and hold harmless any Indemnitee from and against any and all claims, damages, losses, liabilities, costs
or expenses (including the fees and expenses of counsel) whatsoever which such Indemnitee may incur (or which may be claimed against such Indemnitee) by reason of the negligence or willful misconduct
of AmeriCredit or such successor Servicer, as applicable, in exercising its powers and carrying out its obligations as Servicer under this Agreement, the Sale and Servicing Agreement or any Related
Document. 

        2.6    Expenses, etc.    

        (a)  The
Receivables Seller agrees to pay on demand (i) to the Administrative Agent and the initial Purchasers and Agents all reasonable costs and expenses in
connection with the preparation, execution, and delivery of this Agreement and the other documents to be delivered hereunder or in connection herewith, including, subject to the limitations specified
in the Supplemental Fee Letters, the reasonable fees and out-of-pocket expenses of counsel with respect thereto and the amounts due to Moody's and S&P in connection with their
review of the initial CP Conduits' acquisition of the Notes, (ii) to the Administrative Agent and each Agent and Purchaser all reasonable costs and expenses in connection with any amendments of
or waivers or consents under this Agreement or the Related Documents, including in each case the reasonable fees and out-of-pocket expenses of counsel with respect thereto, and
(iii) to the Administrative Agent and each Agent and Purchaser, on demand, all reasonable costs and expenses (including reasonable fees and expenses of counsel), if any, in connection with the
enforcement of this Agreement or any of the Related Documents, and the other documents delivered thereunder or in connection therewith. Upon being found to have breached its own representations,
warranties or obligations under this Agreement or any Related Documents, the Servicer agrees to pay to the Administrative Agent and each Agent and Purchaser, on demand, all reasonable costs and
expenses (including reasonable fees and expenses of counsel), if any, incurred solely in connection with the enforcement of such representations, warranties or obligations against the Servicer. 

        (b)  The
Receivables Seller agrees to pay on demand any and all stamp, transfer and other similar taxes (other than Excluded Taxes) and governmental fees payable in
connection with the execution, delivery, filing and recording of any of the Related Documents and each related Support Facility, and agrees to save each Purchaser and Agent and the Administrative
Agent harmless from and against any liabilities with respect to or resulting from any delay in paying or any omission to pay such taxes and fees. 

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ARTICLE 3
  
    CONDITIONS PRECEDENT    
  

        3.1    Conditions to Purchase.    The following shall be conditions precedent to the effectiveness of this Agreement: 

        (a)  the
representations and warranties of AWC, AmeriCredit and the Issuer set forth or referred to in Article 4 hereof shall be true and correct in all material
respects on the Closing Date as though made on and as of the Closing Date (except for representations and warranties which relate to a specific date, which shall be true and correct as of such date),
and no event which of itself or with the giving of notice or lapse of time, or both, would constitute an Event of Default shall have occurred and be continuing on the Closing Date; 

        (b)  a
Supplemental Fee Letter shall have been executed and delivered by the Receivables Seller to the Administrative Agent and each Agent, as applicable; 

        (c)  the
Administrative Agent and the Agents shall have received on the Closing Date the following items, each of which shall be in form and substance satisfactory to the
Agents: 

        (i)    an
Officer's Certificate of AWC confirming the satisfaction of the conditions set forth in clauses (a) (as to representations and warranties of AWC only) above; 

        (ii)    an
Officer's Certificate of AmeriCredit confirming the satisfaction of the conditions set forth in clauses (a) (as to representations and warranties of
AmeriCredit only) above; 

        (iii)    an
Officer's Certificate of the Issuer confirming the satisfaction of the conditions set forth in clauses (a) (as to representations and warranties of the
Issuer only) above; 

        (iv)    a
copy of (A) the charter and by-laws of, and an incumbency certificate with respect to its officers executing any of the Related Documents on the
Closing Date on behalf of, each of AmeriCredit and AWC, certified by its authorized officer, and (B) resolutions of the Board of Directors (or an authorized committee thereof) of each of
AmeriCredit and AWC with respect to the Related Documents to which it is party, certified by its authorized officer; 

        (v)    a
certificate issued no earlier than 30 days prior to the Closing Date by an appropriate Governmental Authority evidencing the legal existence and good standing
of each of AWC, the Issuer and AmeriCredit; 

        (vi)    the
favorable written opinions of counsel for AWC, AmeriCredit, the Issuer, the Master Servicer, the Owner Trustee and the Indenture Trustee, addressed to the
Administrative Agent and each Agent and Purchaser, or accompanied by a letter providing that the Administrative Agent and each Agent and Purchaser may rely on such opinions as if they were addressed
to them, and dated the Closing Date, covering general corporate matters, the due execution and delivery of, and the enforceability of, each of the Related Documents to which the AWC, AmeriCredit, the
Issuer, the Master Servicer, the Owner Trustee and the Indenture Trustee, (individually or in any other capacity) is party, true sale, bankruptcy, bank insolvency, security interest and tax matters
and such other matters as the Administrative Agent or any Agent may request; 

        (vii)    evidence
of the due execution and delivery by each of the Owner Trustee and the Indenture Trustee of the Related Documents to which each is party; 

        (viii)    an
executed copy of the Sale and Servicing Agreement, the Indenture, the Custodial Agreement, the Lockbox Agreement, the Trust Agreement and the Purchase Agreement; 

        (ix)    evidence
satisfactory to the Administrative Agent that financing statements duly executed by AmeriCredit, the Issuer and AWC or other, similar instruments or documents,
as may be necessary or, in the opinion of the Administrative Agent or any Agent or Purchaser, desirable 

13

 

under the Uniform Commercial Code of all appropriate jurisdictions or any comparable law to perfect the transfers (including grants of security interests) under the Related Documents have been
delivered and, if appropriate, have been duly filed or recorded and that all filing fees, taxes or other amounts required to be paid in connection therewith have been paid; 

        (x)    certified
copies of requests for information or copies (or a similar search report certified by a party acceptable to the Administrative Agent), dated a date reasonably
near to the Closing Date, listing all effective financing statements which name AmeriCredit, the Issuer and AWC (under its present name and any previous name) as debtor and which are filed in the
jurisdictions in which the statements referred to in clause (x) above were or are to be filed, together with copies of such financing statements (none of which, other than financing statements
naming the party under the Related Documents to which transfers (including grants of security interests) thereunder purport to have been made shall cover any of the property purported to be conveyed
thereunder); 

        (xi)    a
certificate of the Indenture Trustee as to the establishment of certain accounts as provided in the Sale and Servicing Agreement and the Indenture; 

        (xii)    the
duly executed Note(s) registered in the name of each Agent as nominee on behalf of the Owners in its Purchaser Group; 

        (xiii)    a
duly completed and executed Collateral Receipt in respect of each such Receivable identified in the Schedule of Receivables; 

        (xiv)    evidence
satisfactory to the Agents that Security Agreement to which AmeriCredit MTN Receivables Trust III is a party has been amended to cure any current or
anticipated termination events; and 

        (xv)    such
additional documents, instruments, certificates or letters as the Administrative Agent or any Agent or Purchaser may reasonably request. 

        (d)  the
Notes shall have been duly issued in accordance with the Indenture; 

        (e)  the
Receivables Seller shall have paid all fees payable on or before the Closing Date to the Administrative Agent (for its own account or for the account of the initial
Purchasers and Agents) described in the Supplemental Fee Letters and all reasonable and appropriately invoiced costs and expenses of the Administrative Agent and the initial Agents and Purchasers
payable by the Receivables Seller, to the extent provided herein, in connection with the transactions contemplated hereby; 

        (f)    each
initial CP Conduit shall have received evidence satisfactory to such CP Conduit that its purchase of Notes hereunder will not result in a reduction or withdrawal of
the rating of its Commercial Paper Notes by Moody's, S&P or any other nationally recognized rating agency rating its Commercial Paper Notes; 

        (g)  all
conditions to the issuance of the Notes set forth in the Indenture or any other Related Document, including, without limitation, the contribution of the required
Hedge Agreements to the Issuer, shall have been satisfied; 

        (h)  after
giving effect to the issuance of the Notes, the Note Principal Balance of the Notes shall be equal to or less than the Facility Limit; 

        (i)    the
Issuer shall have delivered to the Indenture Trustee a Hedge Agreement in form and substance satisfactory to the Agents; and 

        (j)    in
the case of any CP Conduit, such CP Conduit's Support Facilities shall be in full force and effect. 

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ARTICLE 4
  
    REPRESENTATIONS AND WARRANTIES    
  

        4.1    Representations and Warranties of AmeriCredit, AWC and the Issuer.    AmeriCredit, AWC and the Issuer each
severally, with respect to itself only, represents and warrants to the Purchasers, the Agents and the Administrative Agent that its representations and warranties (individually or as Depositor,
Receivables Seller or Servicer, as applicable) set forth in the Sale and Servicing Agreement, the Purchase Agreement, the Indenture and the other Related Documents are true and correct as of the date
hereof and as of the Closing Date (except for representations or warranties which relate to a specific date, which shall be true and correct as of such date). AmeriCredit, AWC and the Issuer each
severally, with respect to itself only, further represents and warrants to, and agrees with, each Purchaser and Agent and the Administrative Agent that, as of the date hereof and as of the Closing
Date: 

        (a)  It
is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware (if AmeriCredit) or the State of Nevada (if AWC) as a
corporation or a Delaware statutory trust (if the Issuer), with full power and authority under such laws to own its properties and conduct its business as such properties are presently owned and such
business is presently conducted and to execute, deliver and perform its obligations under this Agreement and the Related Documents to which it is a party. 

        (b)  It
has the power and authority to execute, deliver and perform this Agreement and the Related Documents to which it is a party and all the transactions contemplated
hereby and thereby and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement and such Related Documents. When executed and delivered, each of this
Agreement and each such Related Document will constitute its legal, valid and binding agreement, enforceable in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, reorganization, insolvency, moratorium and other laws of general applicability relating to or affecting creditors' rights generally. The enforceability of its obligations under such
agreements is also subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or
at law, and indemnification sought in respect of securities laws violations may be limited by public policy. 

        (c)  No
consent, license, approval or authorization of, or registration with, any governmental authority, bureau or agency is required to be obtained in connection with its
execution, delivery or performance of each of this Agreement or any Related Documents that has not been duly obtained and which is not and will not be in full force and effect on the Closing Date,
except such that may be required by the blue sky laws of any state and except those which the failure to obtain individually or in the aggregate, would not have a material adverse effect on it or the
transactions contemplated by, or its ability to perform its obligations under, this Agreement or the Related Documents to which it is a party. 

        (d)  The
execution, delivery and performance by it of each of this Agreement and the Related Documents to which it is a party do not violate any provision of any existing law
or regulation applicable to it, any order or decree of any court to which it is subject, its charter or by-laws or any mortgage, indenture, contract or other agreement to which it is a
party or by which it or any significant portion of its properties is bound (other than violations of such laws, regulations, orders, decrees, mortgages, indentures, contracts and other agreements
which do not affect the legality, validity or enforceability of any of such agreements or the Receivables and which, individually or in the aggregate, would not have a material adverse effect on it or
the transactions contemplated by, or its ability to perform its obligations under, this Agreement or the Related Documents to which it is a party). 

15

 

        (e)  To
its knowledge, except to the extent already disclosed in writing to the Administrative Agent and the Purchasers, there is no litigation or administrative proceeding
before any court, tribunal or governmental body presently pending or threatened, against it with respect to this Agreement and the Related Documents to which it is a party, the transactions
contemplated hereby or thereby or the issuance of the Notes, and there is no such litigation or proceeding against it or any significant portion of its properties, in each case which would have a
material adverse effect on it or the transactions contemplated by, or its ability to perform its respective obligations under, this Agreement or the Related Documents to which it is a party. 

        (f)    It
has delivered to the Administrative Agent and each Agent complete and correct copies of, in the case of AmeriCredit, its audited consolidated balance sheet as at
June 30, 2002, and the related audited consolidated statements of income, shareholders' equity and cash flows for the fiscal year then ended, accompanied by the report thereon of
PriceWaterhouseCoopers, and its unaudited consolidated balance sheet as at December 31, 2002, and the related unaudited consolidated statements of income, shareholders' equity and cash flows
for the fiscal quarter then ended. Such financial statements fairly present in all material respects its financial condition as at such date and the results of its operations for the period ended on
such dates, all in accordance with United States generally accepted accounting principles or regulatory accounting principles, as applicable, consistently applied, and since June 30, 2002 there
has been no material adverse change in its condition or operations. 

        (g)  The
issuance and sale of the Notes is exempt from the registration requirements of the Securities Act; the Indenture is exempt from qualification under the Trust
Indenture Act, and neither the Depositor, the Receivables Seller nor the Issuer is required to be registered under the Investment Company Act. 

        (h)  On
the Closing Date and after giving effect to the issuance of the Notes, no Event of Default has occurred and is continuing, and no event, act or omission has occurred
and is continuing which, with the lapse of time, the giving of notice or both, would constitute an Event of Default. 

        (i)    No
proceeds of any Note will be used by the Issuer to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act
of 1934, as amended. 

        (j)    The
chief executive office of the Issuer is located at the Corporate Trust Office (as defined in the Trust Agreement). 

        (k)  The
Issuer is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the Basic Documents. The Issuer has no
Indebtedness to any Person other than pursuant to this Agreement and the other Basic Documents. The Issuer, after giving effect to the transactions contemplated by this Agreement and the other Basic
Documents, will have adequate funds to conduct its business in the foreseeable future. 

        (l)    The
Issuer has filed on a timely basis all tax returns (including, without limitation, foreign, federal, state, local and otherwise) required to be filed, is not liable
for taxes payable by any other Person and has paid or made adequate provisions for the payment of all taxes, assessments and other governmental charges due from the Issuer. No tax lien or similar
adverse claim has been filed, and no claim is being asserted, with respect to any such tax, assessment or other governmental charge. Any taxes, fees and other governmental charges payable by the
Issuer in connection with the execution and delivery of this Agreement and the other Basic Documents and the transactions contemplated hereby or thereby including the transfer of each Receivable to
the Issuer have been paid or shall have been paid if and when due at or prior to the Closing Date and the relevant Transfer Date, as the case may be. 

16

 

        (m)  Each
Servicer's Certificate is accurate in all material respects as of the date thereof. 

        (n)  Each
Receivable and other Collateral was purchased by, or contributed to, the Issuer on the relevant Transfer Date pursuant to the Sale and Servicing Agreement. 

        (o)  All
information heretofore or hereafter furnished by or on behalf of the Issuer to any Purchaser, the Administrative Agent or any Agent in connection with this Agreement
or any transaction contemplated hereby is and will be true and complete in all material respects and does not and will not omit to state a material fact necessary to make the statements contained
therein not misleading. 

        (p)  The
Issuer is in compliance with ERISA and has not incurred and does not expect to incur any liabilities (except for premium payments arising in the ordinary course of
business) to the Pension Benefit Guaranty Corporation (or any successor thereto) under ERISA. 

        (q)  There
has been no material adverse change in the condition (financial or otherwise), business, operations, results of operations, or properties of the Issuer. 

        (r)  The
Issuer is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended, or is
exempt from all provisions of such Act. 

        (s)  The
Issuer has no trade names, fictitious names, assumed names or "doing business as" names. 

        (t)    The
Issuer is operated as an entity with assets and liabilities distinct from those of AmeriCredit and any other Affiliates of the Issuer, and the Issuer hereby
acknowledges that the Administrative Agent, each of the Agents and each of the Purchasers are entering into the transactions contemplated by this Agreement in reliance upon the Issuer's identity as a
separate legal entity from AmeriCredit and each such Affiliate. 

        There
is not now, nor will there be at any time in the future, any agreement or understanding between AmeriCredit or any Affiliate and the Issuer (other than as expressly set forth
herein) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any taxes, fees, assessments or other governmental charges. 

        (u)  The
Issuer does not own or hold, directly or indirectly, any capital stock or equity security of, or any equity interest in, any Person. 

        (v)  The
Sale and Servicing Agreement is the only agreement pursuant to which the Issuer purchases Receivables, and the Basic Documents delivered to the Administrative Agent
represent all material agreements between AmeriCredit and the Receivables Seller, on the one hand, and the Issuer, on the other. The Issuer has furnished to the Agent true, correct and complete copies
of each Basic Document to which the Issuer is a party, each of which is in full force and effect. Neither the Issuer
nor any Affiliate party thereto is in default of any of its obligations thereunder in any material respect. Upon the purchase of each Receivable pursuant to the Sale and Servicing Agreement, the
Issuer shall be the lawful owner of, and have good title to, such Receivable and all assets relating thereto, free and clear of any Liens. All such assets are transferred to the Issuer without
recourse to the Receivables Seller except as described in the Purchase Agreement. The purchases of such assets by the Issuer constitute valid and true sales for consideration (and not merely a pledge
of such assets for security purposes) enforceable against creditors of the Depositor, and no such assets shall constitute property of the Depositor. 

        (w)  One
hundred percent (100%) of the outstanding Certificates are and will be directly owned (both beneficially and of record) by one holder and such holder shall not
include any Person other than AWC. All Certificates are and will be validly issued, and there are no options, warrants or other rights to acquire Certificates or other equity rights in the Issuer. 

17

 

        (x)  All
Receivables included in the determination of Collateral Value as of the most recently delivered Servicer's Certificate are Eligible Receivables. 

 
 

ARTICLE 5
  
    COVENANTS    
  

        5.1    Covenants.    Each of AmeriCredit, AWC and the Issuer, severally covenants and agrees, in each case as to
itself individually or in its capacity as the Depositor, Receivables Seller or Servicer, as applicable, each with respect to itself only, that so long as any amount of the Note Principal Balance of
the Notes shall remain outstanding or any monetary obligation arising hereunder shall remain unpaid, unless the Required Owners shall otherwise consent in writing, that: 

        (a)  Each
of the Issuer, AmeriCredit, AWC, the Depositor, the Receivables Seller and the Servicer shall perform in all material respects each of the respective agreements,
warranties and indemnities applicable to it under the Related Documents to which it is a party and comply in all material respects with each of the respective terms and provisions applicable to it
under the Related Documents to which it is party, which agreements, warranties and indemnities are hereby incorporated by reference into this Agreement as if set forth herein in full; 

        (b)  The
Issuer, the Depositor, the Receivables Seller and the Servicer, as applicable, shall promptly furnish to the Administrative Agent and each Agent (i) a copy of
each certificate, report, statement, notice or other communication furnished by or on behalf of such Issuer, Depositor, Receivables Seller or Servicer, as applicable, to the holders of Notes, to the
Indenture Trustee or to the Rating Agencies concurrently therewith and furnish to the Administrative Agent promptly after receipt thereof a copy of each notice, demand or other communication received
by or on behalf of such Issuer, Depositor, Receivables Seller or the Servicer, as applicable, pursuant to this Agreement, the Sale and Servicing Agreement or the Indenture, and (ii) such other
information, documents, records or reports respecting the Receivables, the Issuer, Depositor, Receivables Seller or Servicer which is in the possession or under the control of the Issuer, Depositor,
Receivables Seller or Servicer, as the case may be, as the Administrative Agent or any such Agent may from time to time reasonably request; 

        (c)  Without
limitation of the provisions of subsection 5.1(b) above, the Servicer shall furnish to the Administrative Agent and each Agent (i) with respect to each
Distribution Date, a copy of the completed report furnished to the Indenture Trustee pursuant to Section 2.1(b)(i) the Sale and Servicing Agreement, (ii) a copy of each officer's
certificate furnished to the Indenture Trustee pursuant to Section 4.10 of the Sale and Servicing Agreement, and (iii) a copy of each annual certified public accountants' reports
received by the Indenture Trustee pursuant to Section 4.11 the Sale and Servicing Agreement; 

        (d)  The
Seller and the Servicer shall deliver to the Administrative Agent and each Agent (i) within 90 days following the end of each of its fiscal years,
beginning with the fiscal year ending June 30, 2003, its audited consolidated balance sheet as of the end of such fiscal year, and the related audited consolidated statements of income and cash
flows for such fiscal year, prepared in accordance with generally accepted accounting principles and accompanied by the opinion of its independent certified public accountants and (ii) within
45 days following the end of each of its fiscal quarters, beginning with the fiscal quarter ending March 31, 2003, its unaudited consolidated balance sheet as of the end of such fiscal
quarter, and the related unaudited consolidated statements of income and cash flows for such fiscal quarter, prepared in accordance with generally accepted accounting principles; 

        (e)  Each
of the Issuer, the Depositor, the Receivables Seller and the Servicer shall furnish to the Administrative Agent and each Agent promptly after known to such party,
information with 

18

 

respect to any action, suit or proceeding involving such party or any of its Affiliates by or before any court or any Governmental Authority which, if adversely determined, would have a material and
adverse effect on such party or the transactions contemplated by, or such party's ability to perform its obligations under, this Agreement or the Related Documents; 

        (f)    The
Receivables Seller, the Depositor, the Servicer and the Issuer, as applicable, will, at any time and from time to time during regular business hours, on at least
five Business Days' (or if an Event of Default or event or condition which, with the passage of time or the giving of notice, or both, would become an Event of Default has occurred, one Business
Day's) notice to the Receivables Seller, the Depositor, the Servicer and the Issuer, as the case may be, permit the Administrative Agent and each Agent, or its agents or representatives, at the cost
and expense of the Receivables Seller, in the case of
one visit per year or, if an Event of Default or event or condition which, with the passage of time or the giving of notice, or both, would become an Event of Default has occurred, at any time, and
otherwise at the expense of the Administrative Agent or such Agent, as the case may be, (i) to examine all books, records and documents (including computer tapes and disks) in the possession or
under the control of the Depositor, the Receivables Seller, the Servicer or the Issuer, as the case may be, relating to the Receivables, and (ii) to visit the offices and properties of the
Depositor, the Receivables Seller, the Servicer or the Issuer, as applicable, for the purpose of examining such materials described in clause (i) above. Any information obtained by the
Administrative Agent or an Agent pursuant to this subsection 5.1(f) shall be held in confidence by the Administrative Agent or such Agent, as applicable, in accordance with the provisions of
Section 6.2 hereof, except that the Administrative Agent or such Agent may disclose such information to any Purchaser which shall hold such information in accordance with the provisions of
Section 6.2 hereof; and 

        (g)  The
Servicer shall furnish to the Administrative Agent and each Agent, promptly after the occurrence of any Event of Default, a certificate of an appropriate officer of
the Servicer setting forth the circumstances of such Event of Default and any action taken or proposed to be taken by the Servicer or the related Seller with respect thereto. 

 
 

ARTICLE 6
  
    MUTUAL COVENANTS REGARDING CONFIDENTIALITY    
  

        6.1    Covenants.    Each of AWC, individually and as Depositor, the Issuer and AmeriCredit, individually, as
Receivables Seller and as Servicer, severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any
fees payable in connection with this Agreement or the identity of any CP Conduit which is a purchaser or beneficial owner of Notes under this Agreement), except as the Administrative Agent or such
Agent or Purchaser may have consented to in writing prior to any proposed disclosure and except it may disclose such information (i) to its officers, employees, agents and legal advisors who
are directly involved in the consideration of this Agreement (and then only on a confidential basis) and (ii) as required by applicable law or compulsory legal process;  provided, that, in the case
of clause (ii), AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit or the Servicer, as applicable,
will use all reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the affected Administrative Agent, Agent or Purchaser of its intention to make any such
disclosure prior to making such disclosure. 

        6.2    Covenants of Purchasers.    Subject to the provisions of Section 8.1(c) hereof, the Administrative Agent
and each Agent and Purchaser, severally and with respect to itself only, covenants and agrees that any nonpublic information obtained by it pursuant to this Agreement shall be held in confidence (it
being understood that documents provided to the Administrative Agent or any Agent or Purchaser hereunder may in all cases be distributed to the Administrative Agent or to any Agent or 

19

 

Purchaser) except that the Administrative Agent or such Agent or Purchaser may disclose such information (i) pursuant to the order of any court or administrative agency or in any pending legal
or administrative proceeding provided that, unless prohibited by a Requirement of Law, the Administrative Agent or such Agent or Purchaser shall provide prompt notice of such order to the affected
party, (ii) upon the request or demand of any regulatory authority having jurisdiction over the Administrative Agent or any Agent or Purchaser or any of its affiliates, (iii) to the
extent that such information becomes publicly available other than by reason of improper disclosure by the Administrative Agent or such Agent or Purchaser, (iv) to its affiliates, employees,
legal counsel, independent auditors and other experts or agents who need to know such information and are informed of the confidential nature of such information, (v) for purposes of
establishing a "due diligence" defense, (vi) which was available to the Administrative Agent or such Agent or Purchaser on a nonconfidential
basis from a source other than the affected party, provided that such source was not to the knowledge of the Administrative Agent or such Agent or Purchaser bound by a confidentiality agreement with
the affected party, (vii) has been independently acquired or developed by the Administrative Agent or such Agent or Purchaser without violating any of the Administrative Agent or such Agent or
Purchaser's obligations under this engagement letter or (viii) at any time following the date three years after the date of this Agreement. No disclosure pursuant to subsection
(viii) shall be made if the confidential information consists of non-public personal information, which shall include all Personally Identifiable Financial Information (as defined
herein) in any list, description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally Identifiable Financial
Information that is not publicly available, and shall further include all Non-Public Personally Identifiable Information as defined by federal regulations implementing the
Gramm-Leach-Bliley Act, as amended from time to time. "Personally Identifiable Financial Information" means any information a consumer provides to a
party in order to obtain financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any
information about consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without
limitation, a consumer's first and last name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that
identifies, or when tied to the above information may identify, a consumer. 

 
 

ARTICLE 7
  
    THE AGENTS    
  

        7.1    Appointment.    Each Purchaser and each Agent hereby irrevocably designates and appoints the Administrative
Agent as the administrative agent of such Purchaser or Agent, as the case may be, under this Agreement, and each such Purchaser and Agent irrevocably authorizes the Administrative Agent, as the agent
for such Purchaser or Agent, to take such action on its behalf under the provisions of this Agreement and the other Related Documents and to exercise such powers and perform such duties here under and
thereunder as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Related Documents, together with such other powers as are reasonably incidental thereto.
Each Purchaser in each Purchaser Group hereby irrevocably designates
and appoints the Agent for such Purchaser Group as the agent of such Purchaser under this Agreement, and each such Purchaser irrevocably authorizes such Agent, as the agent for such Purchaser, to take
such action on its behalf under the provisions of the Related Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of the
Related Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative Agent nor
any Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, 

20

 

responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent or any Agent. To the extent that any provision of this
Article 7 with respect to the relationship between an Agent and the Purchasers in its Purchaser Group conflicts with any agreement between such Purchasers and such Agent set forth in any
agreement with respect to a Support Facility, the terms of such other agreement will control. 

        7.2    Delegation of Duties.    Each Agent and the Administrative Agent (each a "Purchaser
Agent") may execute any of its duties under any of the Related Documents by or through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. No Purchaser Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected
by it with reasonable care. 

        7.3    Exculpatory Provisions.    Neither any Purchaser Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates shall be (a) liable to any of the Purchasers for any action lawfully taken or omitted to be taken by it or such Person under or in
connection with any of the Related Documents (except for its or such Person's own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Purchasers for any
recitals, statements, representations or warranties made by AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Master Servicer, or the
Indenture Trustee or any officer thereof contained in any of the Related Documents or in any certificate, report, statement or other document referred to or provided for in, or received by a Purchaser
Agent under or in connection with, any of the Related Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any of the Related Documents
or for any failure of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Master Servicer, or the Indenture Trustee to perform its
obligations thereunder. No Purchaser Agent shall be under any obligation to any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or
conditions of, any of the other Related Documents, or to inspect the properties, books or records of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the
Administrative Agent, the Master Servicer, or the Indenture Trustee. 

        7.4    Reliance by Agents.    Each Purchaser Agent shall be entitled to rely, and shall be fully protected in relying,
upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Agent),
independent accountants and other experts selected by such Agent. Each Purchaser Agent shall be fully
justified in failing or refusing to take any action under any of the Related Documents unless it shall first receive such advice or concurrence of the Required Owners as it deems appropriate or it
shall first be indemnified to its satisfaction by the Purchasers or by the Committed Purchasers in its Purchaser Group, against any and all liability and expense which may be incurred by it by reason
of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Related Documents in accordance with a
request of Owners in its Purchaser Group having Percentage Interests aggregating greater than 50% of the aggregate Percentage Interests of all Owners in such Purchaser Group, and such request and any
action taken or failure to act pursuant thereto shall be binding upon all present and future Purchasers in such Purchaser Group. The Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under any of the Related Documents in accordance with a request of the Majority Owners, and such request and any action taken or failure to act pursuant thereto
shall be binding upon all present and future Purchasers. 

        7.5    Notices.    No Purchaser Agent shall be deemed to have knowledge or notice of the occurrence of any breach of
this Agreement or the occurrence of any Event of Default unless such 

21

 

Purchaser Agent has received notice from the Servicer, the Indenture Trustee or any Purchaser, referring to this Agreement and describing such event. In the event any Purchaser Agent receives such a
notice, it shall promptly give notice thereof to the Purchasers in its Purchaser Group. Each Agent shall take such action with respect to such event as shall be reasonably directed by Owners in its
Purchaser Group having Percentage Interests aggregating greater than 50% of the aggregate Percentage Interests of all Owners in such Purchaser Group; provided that unless and until such Agent shall
have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best
interests of the Purchasers or of the Purchasers in its Purchaser Group, as applicable. The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by
the Majority Owners; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Purchasers. 

        7.6    Non-Reliance on Agents and Other Purchasers.    Each Purchaser expressly acknowledges that no
Purchaser Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by any
Purchaser Agent hereafter taken, including any review of the affairs of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Master Servicer
or the Indenture Trustee shall be deemed to constitute any representation or warranty by any Purchaser Agent to any Purchaser. Each Purchaser represents to each Purchaser Agent that it has,
independently and without reliance upon any Purchaser Agent or any other Purchaser, and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and creditworthiness of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the
Administrative Agent, the Master Servicer, the Indenture Trustee, and the Receivables and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement. Each
Purchaser also represents that it will, independently and without reliance upon any Purchaser Agent or any other Purchaser, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under any of the Related Documents, and to make such investigation as it deems necessary to inform
itself as to the business, operations, property, financial
and other condition and creditworthiness of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Master Servicer, the Indenture Trustee, and
the Receivables. Except for notices, reports and other documents received under Section 5 hereof, no Purchaser Agent shall have any duty or responsibility to provide any Purchaser with any
credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of AWC, the Depositor, the Receivables Seller, the Issuer,
AmeriCredit, the Servicer, the Administrative Agent, the Master Servicer, the Indenture Trustee, and the Receivables which may come into the possession of such Purchaser Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or Affiliates. 

        7.7    Indemnification.    The Committed Purchasers in each Purchaser Group agree to indemnify the Agent for such
Purchaser Group in its capacity as such (without limiting the obligation (if any) of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit and the Servicer to reimburse such Agent for
any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Percentage Interests), in each case from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations
under this Agreement, including the Note Principal Balance of the Notes) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of this Agreement, or any
documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; 

22

 

provided that no Purchaser shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of
an Agent resulting from its own gross negligence or willful misconduct. 

        The
Purchasers (other than CP Conduits) and, with respect to CP Conduits which are also Committed Purchasers, the related Agents, agree to indemnify the Administrative Agent in its
capacity as such (without limiting the obligation (if any) of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit or the Servicer to reimburse the Administrative Agent for any such
amounts), ratably according to the outstanding principal balances of their Notes from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under the Indenture) be imposed on, incurred by or asserted
against the Administrative Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action
taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no such Purchaser or Agent shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of the Administrative Agent resulting from its own gross negligence or willful
misconduct or bad faith. 

        The
agreements in this subsection shall survive the payment of the obligations under this Agreement, including the Note Principal Balance of the Notes. 

        7.8    Agents in their Individual Capacity.    Each Purchaser Agent and its Affiliates may make loans to, accept
deposits from and generally engage in any kind of business with AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit, the Servicer, the Administrative Agent, the Master Servicer, or the
Indenture Trustee as though such Purchaser Agent were not an agent hereunder. In addition, the Purchasers acknowledge that one or more Persons which are Purchaser Agents may act (i) as
administrator, sponsor or agent for one or more CP Conduits and in such capacity acts and may continue to act on behalf of each such CP Conduit in connection with its business, and (ii) as the
agent for certain financial institutions under the liquidity and credit enhancement agreements relating to this Agreement to which any one or more CP Conduits is party and in various other capacities
relating to the business of any such CP Conduit under various agreements. Any such Person, in its capacity as Purchaser Agent, shall not, by virtue of its acting in any such other capacities, be
deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as a Purchaser Agent other than as expressly provided in this
Agreement. Any Person which is a Purchaser Agent may act as a Purchaser Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or
arising from its acting in any such other capacity. 

        7.9    Successor Agents.    Any Agent may resign as Agent upon ten days' notice to the Purchasers in its Purchaser
Group, the Administrative Agent and each other Agent, the Indenture Trustee, the Receivables Seller and the Servicer with such resignation becoming effective upon a successor agent succeeding to the
rights, powers and duties of the Agent pursuant to this Section 7.9. If an Agent shall resign as Agent under this Agreement, then Owners in its Purchaser Group having Percentage Interests
aggregating greater than 51% of the aggregate Percentage Interests of all Owners in such Purchaser Group shall appoint from among the Committed Purchasers in such Purchaser Group a successor agent for
such Purchaser Group. Any successor agent shall succeed to the rights, powers and duties of resigning Agent, and the term "Agent" shall mean such
successor agent effective upon its appointment, and the former Agent's rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such former Agent
or any of the parties to this Agreement. After the retiring Agent's resignation as Agent, the provisions of this Article 7 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Agent under this Agreement. 

23

 

        The
Administrative Agent may resign as Administrative Agent upon ten days' notice to the Agents, the Indenture Trustee and the Servicer with such resignation becoming effective upon a
successor agent succeeding to the rights, powers and duties of the Administrative Agent pursuant to this Section 7.9. If the Administrative Agent shall resign as Administrative Agent under this
Agreement, then the Majority Owners shall appoint from among the Agents a successor administrative agent, which successor Administrative Agent, so long as no Event of Default has occurred and is
continuing, shall be reasonably acceptable to AmeriCredit. Any successor administrative agent or agent shall succeed to the rights, powers and duties of resigning Administrative Agent, and the term
"Administrative Agent" shall mean such successor administrative agent or agent effective upon its appointment, and the former Administrative Agent's
rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Indenture.
After the retiring Administrative Agent's resignation as Administrative Agent, the provisions of this Article 7 shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Administrative Agent under this Agreement. 

 
 

ARTICLE 8
  
    SECURITIES LAWS; TRANSFERS    
  

        8.1    Transfers of Notes.    

        (a)  Each
Purchaser shall execute and deliver to the Issuer on the Closing Date an Investment Letter substantially in the form attached hereto as Exhibit A. Each Owner
agrees that the beneficial interest in the Notes purchased by it will be acquired for investment only and not with a view to any public distribution thereof, and that such Owner will not offer to sell
or otherwise dispose of any Note acquired by it (or any interest therein) in violation of any of the requirements of the Securities Act or any applicable state or other securities laws. Each Owner
acknowledges that it has no right to require the AmeriCredit, AWC or the Issuer to register, under the Securities Act of 1933, as amended, or any other securities law, the Notes (or the beneficial
interest therein) acquired by it pursuant to this Agreement or any Transfer Supplement. Each Owner hereby confirms and agrees that in connection with any transfer or syndication by it of an interest
in the Notes, such Owner has not engaged and will not engage in a general solicitation or general advertising including advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 

        (b)  Each
initial purchaser of a Note or any interest therein and any Assignee thereof or Participant therein shall certify to the Issuer, the Receivables Seller, the
Servicer, the Indenture Trustee, the Administrative Agent and the Agent for its Purchaser Group that it is either (i) a citizen or resident of the United States, (ii) a corporation or
other entity organized in or under the laws of the United States or any political subdivision thereof or (iii) a person not described in (i) or (ii) who is entitled to receive
payments under this Agreement and with respect to the Notes without deduction or withholding of any United States federal income taxes and whose ownership of any interest in a Note will not result in
any withholding obligation with respect to any payments with respect to the Notes by any Person and who will furnish to the Issuer, the Receivables Seller, the Servicer, the Indenture Trustee, the
Administrative Agent, the Agent for its Purchaser Group, and to the Owner making the Transfer the forms described in subsection 2.4(c). 

        (c)  Any
sale, transfer, assignment, participation, pledge, hypothecation or other disposition (a "Transfer") of a Note or any
interest therein may be made only in accordance with this Section 8.1. Any partial Transfer (other than from a CP Conduit to a related Support Party) of an interest in a Note shall be in
respect of, at least $5,000,000 in the aggregate. Any Transfer of an interest in a Note otherwise permitted by this Section 8.1 will be permitted only if it consists of a  pro rata percentage

24

 

interest in all payments made with respect to the Purchaser's beneficial interest in such Note. No Note or any interest therein may be Transferred by Assignment or Participation to any Person (each,
a "Transferee") unless the Transferee is a Permitted Transferee and prior to the Transfer the Transferee shall have executed and delivered to the Agent
and the Issuer an Investment Letter. A transferring Purchaser shall promptly notify the Servicer of each Transfer other than (x) an Assignment (with respect to which the Administrative Agent is
obligated to deliver notice) and (y) a pledge or hypothecation to a Support Party by a Purchaser which is a Conduit Purchaser. 

        Each
of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit and the Servicer authorizes each Purchaser to disclose to any Transferee and Support Party and any prospective
Transferee or Support Party any and all confidential information in the Purchaser's possession concerning this Agreement or the Related Documents or concerning the Receivables or such party which has
been delivered to any Agent or such Purchaser pursuant to this Agreement or the Related Documents (including information obtained pursuant to rights of inspection granted hereunder) or which has been
delivered to such Purchaser by or on behalf of AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit and the Servicer in connection with such Purchaser's evaluation of the Receivables,
AWC, the Depositor, the Receivables Seller, the Issuer, AmeriCredit or the Servicer prior to becoming a party to, or purchasing an interest in this Agreement or the Notes; provided that prior to any
such disclosure, such Transferee or Support Party or prospective Transferee or Support Party shall have agreed in writing to comply with the confidentiality provisions of Section 6.2, and a
copy of such written agreement as to compliance has been finished to the Servicer and the Administrative Agent. 

        (d)  Each
Purchaser may, in accordance with applicable law, at any time grant participations in all or part of its interest in the Notes, including the payments due to it
under this Agreement and the Related Documents (each, a "Participation"), to any Permitted Transferee (each such Permitted Transferee, a
"Participant"); provided, however, that no Participation shall be granted to any Person
(i) unless and until the Agent for such Purchaser's Purchaser Group shall have consented thereto, (ii) the conditions to Transfer specified in this Agreement, including in subsection
8.1(c) hereof, shall have been satisfied, and (iii) that such Participation consists of a pro rata percentage interest in all payments made with respect to such Purchaser's beneficial interest
(if any) in the Notes. In connection with any such Participation, each Agent for a Purchaser Group shall maintain a register of each Participant of members of its Purchaser Group and the amount of
each related Participation. Each Purchaser hereby acknowledges and agrees that (A) any such Participation will not alter or affect such Purchaser's direct obligations hereunder, and
(B) neither the Indenture Trustee, the Issuer, the Depositor, the Master Servicer, the Receivables Seller nor the Servicer shall have any obligation to have any communication or relationship
with any Participant. Each Purchaser and each Participant shall comply with the provisions of subsection 2.4(c) of this Agreement. No Participant shall be entitled to Transfer all or any portion of
its Participation, without the prior written consent of the Agent for its Purchaser Group. Each Participant shall be entitled to receive additional amounts and indemnification pursuant to Sections
2.3, 2.4 and 2.5 hereof as if such Participant were a Purchaser and such Sections applied to its Participation; provided, in the case of
Section 2.4, that such Participant has complied with the provisions of subsection 2.4(c) hereof as if it were a Purchaser; provided, further, no
Participant shall be entitled to receive additional amounts or indemnification in amounts in excess of those the participating Purchaser would have been entitled to receive in respect of the amount of
the participation transferred to such Participant had no such participation occurred. Each Purchaser shall give the Agent for its Purchaser Group notice of the consummation of any sale by it of a
Participation. It shall be a further condition to the grant of any Participation that the Participant shall have certified, represented and warranted that (i) it is entitled to
(A) receive payments with respect to its participation without deduction or withholding of any United States federal income taxes and (B) an exemption from
United States backup withholding tax, and (ii) to the extent such Participant has not otherwise directly provided such forms to the Issuer, the Receivables Seller, the Servicer and the
Indenture Trustee, 

25

 

(A) prior to the date on which the first interest payment is due to such Participant, such Participant will provide to the Issuer, AWC, the Depositor, the Servicer and Indenture Trustee, the
forms described in subsection 2.4(c) (subject to the Issuer's consent, as applicable and as set forth therein) as though the Participant were a Purchaser, and (B) such Participant similarly
will provide subsequent forms as described in subsection 2.4(c) with respect to such participant as though it were a Purchaser. 

        (e)  Each
Purchaser may, with the consent of the Agent for its Purchaser Group and in accordance with applicable law, sell, transfer or assign (each, an
"Assignment"), to any Permitted Transferee (each, an "Assignee") all or any part of its interest in the
Notes and its rights and obligations under this Agreement and the Related Documents pursuant to an agreement substantially in the form attached hereto as Exhibit B
hereto (a "Transfer Supplement"), executed by such Assignee and such Purchaser and delivered to the Agent for its Purchaser Group for its acceptance and
consent; provided, however, that (i) no such assignment or sale shall be effective unless and until the conditions to Transfer specified in this
Agreement, including in subsection 8.1(c) hereof, shall have been satisfied, (ii) no assignment or sale by a Committed Purchaser shall be effective without the consent of the CP Conduit in its
Purchaser Group, (iii) no assignment or sale which results in the addition of a new Purchaser Group shall be effective without the consent of the Administrative Agent (which consent shall not
unreasonably be withheld), and (iv) in no event shall the consent of an Agent, the Administrative Agent or the Issuer be required in the case of an assignment by a CP Conduit of its interest in
the Notes and its rights and obligations under this Agreement and the Related Documents to any one or more of its Committed Purchasers in its Purchaser Group or to any Support Party with respect to
such CP Conduit; provided, further, however, that, with respect to (x) any Assignment by one member of a Purchaser Group to another Person
already a member of such Purchaser Group of its rights with respect to the Note and (y) any Assignment by a CP Conduit to another CP Conduit administered by the same Agent, it shall not be
necessary to execute a Transfer Supplement so long as the Agent for the transferee Purchaser Group gives prompt written notice of such Assignment to the Administrative Agent, the Servicer and the
Issuer. From and after the effective date determined pursuant to such Transfer Supplement, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Transfer
Supplement, have the rights and obligations of a Purchaser hereunder as set forth therein and (y) the transferor Purchaser shall, to the extent provided in such Transfer Supplement, be released
from its obligations under this Agreement; provided, however, that after giving effect to each such Assignment, the obligations released by any such
Purchaser shall have been assumed by an Assignee or Assignees. Such Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition
of such Assignee and the resulting adjustment of Percentage Interests arising from the Assignment. Upon its receipt and acceptance of a duly executed Transfer Supplement, the Agent for the applicable
Purchaser Group (or, in the case of an Assignment by which a new Purchaser Group is added to this Agreement, the Administrative Agent) shall on the effective date determined pursuant thereto give
notice of such acceptance to the Issuer, the Receivables Seller, the Servicer and the Indenture Trustee. 

        Upon
instruction to register a transfer of a Purchaser's beneficial interest in the Notes (or portion thereof) and surrender for registration of transfer of such Purchaser's Note(s) (if
applicable) and delivery to the Issuer of an Investment Letter, executed by the registered owner (and the beneficial owner if it is a Person other than the registered owner), and receipt by the
Indenture Trustee of a copy of the duly executed related Transfer Supplement and such other documents as may be required under
this Agreement, such beneficial interest in the Notes (or portion thereof) shall be transferred in the records of the Indenture Trustee and the applicable Agent and, if requested by the Assignee, new
Notes shall be issued to the Assignee and, if applicable, the transferor Purchaser in amounts reflecting such Transfer as provided in the Indenture. Successive registrations of Transfers as aforesaid
may be made from time to time as desired, and each such registration of a transfer to a new registered owner shall be noted on the Note Register. 

26

 

        (f)    Each
Purchaser may pledge its interest in the Notes to any Federal Reserve Bank as collateral in accordance with applicable law. 

        (g)  Any
Purchaser shall have the option to change its Investing Office, provided that such Purchaser shall have prior to such
change in office complied with the provisions of subsection 2.4(c) hereof and provided further that such Purchaser shall not be entitled to any amounts
otherwise payable under Section 2.3 or 2.4 hereof resulting solely from such change in office unless such change in office was mandated by applicable law or by such Purchaser's compliance with
the provisions of this Agreement. 

        (h)  Each
Support Party shall be entitled to receive additional payments and indemnification pursuant to Sections 2.3, 2.4 and 2.5 hereof as though it were a Purchaser and
such Section applied to its interest in or commitment to acquire an interest in the Notes; provided that such Support Party shall not be entitled to
additional payments pursuant to (i) Section 2.3 by reason of Regulatory Changes which occurred prior to the date it became a Support Party or (ii) Section 2.4 attributable
to its failure to satisfy the requirements of subsection 2.4(c) as if it were a Purchaser, and provided further, that unless such Support Party is a
Permitted Transferee or has been consented to by the Issuer, such Support Party shall be entitled to receive additional amounts pursuant to Sections 2.3 or 2.4 only to the extent that its related CP
Conduit would have been entitled to receive such amounts in the absence of the commitment and Support Advances from such Support Party; provided,
further, no Participant shall be entitled to receive additional amounts or indemnification in amounts in excess of those the participating Purchaser would have been entitled to
receive in respect of the amount of the participation transferred to such Participant had no such participation occurred. 

        (i)    Each
Support Party claiming increased amounts described in Sections 2.3 or 2.4 hereof shall furnish, through its related CP Conduit, to the Issuer, the Receivables
Seller, the Servicer, the Indenture Trustee and the Agent for the applicable Purchaser Group a certificate setting forth the basis and amount of each request by such Support Party for any such amounts
referred to in Sections 2.3 or 2.4, such certificate to be conclusive with respect to the factual information set forth therein absent manifest error. 

        (j)    In
the event that a Purchaser (or a Participant or Support Party for such Purchaser) is entitled to receive additional payments pursuant to Section 2.3 or 2.4
hereof, the Issuer shall have the right to seek a Replacement Purchaser not so affected and which is reasonably acceptable to the Agent for such
Purchaser Group to replace such affected Purchaser. No replacement of a Purchaser shall be effected pursuant to this subsection 8.1(j) if, after giving effect thereto, any amounts shall be owing to
the replaced Purchaser hereunder. Each affected Purchaser hereby agrees to take all actions reasonably necessary to permit a Replacement Purchaser to succeed to its rights and obligations hereunder. 

        8.2    Tax Characterization.    It is the intention of the parties hereto that the Notes be treated for tax purposes
as indebtedness, and the parties hereto agree to so treat the Notes (to the extent permitted by law). 

 
 

ARTICLE 9
  
    MISCELLANEOUS    
  

        9.1    Amendments and Waivers.    This Agreement may not be amended, supplemented or modified nor may any provision
hereof be waived except in accordance with the provisions of this Section 9.1. With the written consent of the Required Owners, the Administrative Agent, each Agent, the Issuer, the Receivables
Seller and the Servicer may, from time to time, enter into written amendments, supplements, waivers or modifications hereto for the purpose of adding any provisions to this Agreement or changing in
any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement; provided,  

27

 

 however, that no such amendment, supplement, waiver or modification shall (i) reduce the amount or extend the maturity of any Note or reduce the rate or extend the time
of payment of interest thereon, increase the obligation, if any, of any CP Conduit, or reduce or alter the timing of any other amount payable to any Purchaser hereunder or under the Sale and Servicing
Agreement or the Indenture, in each case without the consent of the Purchasers affected thereby, (ii) amend, modify or waive any provision of this Section 9.1, or reduce the percentage
specified in the definition of Majority Owners or Required Owners, in each case without the written consent of all Purchasers or (iii) amend, modify or waive any provision of Section 7
of this Agreement without the written consent of each Purchaser Agent affected by such amendment, modification or wavier. Any waiver of any provision of this Agreement shall be limited to the
provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement. 

        An
Agent may cast any vote or give any consent or direction under the Sale and Servicing Agreement, the Indenture or other Related Documentation on behalf of the Holders (as defined in
the Indenture) of Notes in its Purchaser Group if it has been directed to do so by Owners in such Purchaser Group having Percentage Interests aggregating greater than 50% of the aggregate Percentage
Interests of all Owners in such Purchaser Group. 

        9.2    Notices.    

        (a)  All
notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made when delivered by hand, or, in the case of mail or telecopy notice, when received, addressed as follows or, with respect to an Agent or
Purchaser, as set forth on the signature pages hereto or in its respective Transfer Supplement, or, with respect to the Issuer, the Receivables Seller or the Servicer, as set forth in the Indenture or
to such other address as may be hereafter notified by the respective parties hereto: 

	Administrative Agent:	 	Deutsche Bank AG, New York Branch

31 West 52nd Street

New York, NewYork 10019

Attention: Structured FinanceDepartment/Securitization

Telefax: (212) 469-7185

        (b)  Unless
otherwise directed by the Administrative Agent, all payments to it shall be made by federal wire to the Administrative Agent, at its account (Account #
            , Reference: AmeriCredit Whole Loan, Attn: Structured Finance Department) maintained at Deutsche Bank AG, New York Branch, New York, NY 10005 (ABA# 026-003-780),
or such other account as the Administrative Agent may designate in writing to the Issuer. The Administrative Agent shall distribute such payments to the Purchasers promptly upon receipt. Unless
otherwise directed by an Agent or Purchaser, all payments to it shall be made by federal wire to the account specified on the signature pages hereto or in the Transfer Supplement by which it became a
party hereto (provided, in the case of an account specified in a Transfer Supplement, that the Agent, the Issuer, the Servicer or the Indenture Trustee, as the case may be, shall have received notice
thereof). 

        (c)  The
Administrative Agent will promptly forward copies of all certificates, notices and reports received hereunder to the Agents. 

        9.3    No Waiver; Cumulative Remedies.    No failure to exercise and no delay in exercising, on the part of any party
hereto, any right, remedy, power or privilege under any of the Related Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
under any of the Related Documents preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges 

28

 

provided in the Related Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

        9.4    Successors and Assigns.    This Agreement shall be binding upon and inure to the benefit of AWC, the Depositor,
the Receivables Seller, AmeriCredit, the Servicer, the Issuer, the Administrative Agent, the Agents, the Purchasers, any Transferee and their respective successors and permitted assigns, and, to the
extent provided herein, to each Indemnitee, Participant and Support Party and their respective successors and assigns; provided that, except as provided
in Section 6.4, 7.4 or 11.4 of the Sale and Servicing Agreement, AWC, the Depositor, the Receivables Seller, AmeriCredit and the Servicer may not assign or transfer any of their respective
rights or obligations under this Agreement without the prior written consent of the Required Owners; provided, further, that in connection with any such
assignment (including an assignment by operation of law), the assignee shall expressly agree in writing to assume all the obligations of AWC, the Depositor, the Receivables Seller, AmeriCredit or the
Servicer, as applicable, hereunder and provided further that no assignment permitted hereunder shall relieve AWC, the Depositor, the Receivables Seller,
AmeriCredit or the Servicer, as applicable, from any obligations arising hereunder prior to such assignment (including obligations with respect to breaches of representations and warranties made
herein). 

        9.5    Successors to Servicer.    In the event that a transfer of servicing occurs under Section 8.3 of the
Sale and Servicing Agreement, (i) from and after the effective date of such transfer, the successor Servicer shall be the successor in all respects to the Servicer and shall be responsible for
the performance of all functions to be performed by the Servicer from and after such date, except as provided in the Sale and Servicing Agreement, and shall be subject to all the responsibilities,
duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the successor
Servicer, and (ii) as of the date of such transfer, the successor Servicer shall be deemed to have made with respect to itself the representations and warranties made in Section 4.1
hereof (in the case of subsection 4.1(a) with appropriate factual changes); provided, however, that the references to the Servicer contained in
Section 5.1 of this Agreement shall be deemed to refer to the Servicer with respect to responsibilities, duties and liabilities arising out of an act or acts, or omission, or an event or events
giving rise to such responsibilities, duties and liabilities and occurring during such time that the Servicer was Servicer under this Agreement and shall be deemed to refer to the successor Servicer
with respect to responsibilities, duties and liabilities arising out of an act or acts, or omission, or an event or events giving rise to such responsibilities, duties and liabilities and occurring
during such time that the successor Servicer acts as Servicer under this Agreement; provided, however, to the extent that an obligation to indemnify
Indemnitees under Section 2.5 hereof arises as a result of any act or failure to act of any successor Servicer in the performance of servicing obligations under the Sale and Servicing
Agreement, such indemnification obligation shall be of the successor Servicer and not its predecessor. Upon any transfer of servicing to a successor Servicer, such successor Servicer shall furnish to
the Administrative Agent and each Agent copies of its audited annual financial statements for each of the three preceding fiscal years or if the Indenture Trustee or any other banking institution
becomes the successor Servicer, such successor Servicer shall provide, in lieu of the audited financial statements required in the immediately preceding clause, complete and correct copies of the
publicly available portions of its Consolidated Reports of Condition and Income as submitted to the FDIC for the two most recent year end periods. 

        9.6    Counterparts.    This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

        9.7    Severability.    Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or 

29

 

unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction. 

        9.8    Integration.    This Agreement and the Supplemental Fee Letters, as applicable, represent the agreement of AWC
(individually and as Depositor), AmeriCredit (individually, as Receivables Seller and as Servicer), the Issuer, the Administrative Agent, the Agents and the Purchasers with respect to the subject
matter hereof, and there are no promises, undertakings, representations or warranties by any party hereto relative to subject matter hereof not expressly set forth or referred to herein or therein or
in the Related Documents. 

        9.9    Governing Law.    THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PROVISIONS. 

        9.10    Jurisdiction; Consent to Service of Process.    Each of the parties hereto hereby irrevocably and
unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment
arising out of or relating to this Agreement; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, federal court; (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it may now or hereafter have to the laying of venue of
any such action or proceeding in any such court and any objection it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the
same; (v) consents to service of process in the manner provided for notices in Section 9.2 of this Agreement (provided that, nothing in
this Agreement shall affect the right of any such party to serve process in any other manner permitted by law); and (vi) waives, to the maximum extent not prohibited by law, any right it may
have to claim or recover in any such action or proceeding any special, exemplary, punitive or consequential damages. 

        9.11    Termination.    This Agreement shall remain in full force and effect until the payment in full of the Note
Principal Balance of the Notes and all other amounts payable to the Purchasers, the Agents and
the Administrative Agent hereunder; provided, that the provisions of Sections 2.3, 2.4, 2.5, 6.1, 6.2, 7.7, 8.2, 9.10, 9.12 and 9.14 shall survive
termination of this Agreement and any amounts payable to the Administrative Agent, the Agents, Purchasers or any Affected Party thereunder shall remain payable thereto. 

        9.12    No Proceedings.    

        (a)  The
Administrative Agent and each Agent and each Purchaser covenants and agrees that it shall not institute against, or join any other Person in instituting against, the
Issuer or AWC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States for
one year and a day after the latest maturing Note has been paid. 

        (b)  Each
of AWC (individually and as Depositor), AmeriCredit (individually, as Receivables Seller and as Servicer), the Issuer, the Administrative Agent, each Agent and each
Purchaser hereby agrees that it shall not institute or join against, or knowingly or intentionally encourage or cooperate with any other Person in instituting against, any CP Conduit any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and a day after the latest maturing commercial
paper note, medium term note or other debt security issued by such CP Conduit is paid. 

30

 

        9.13    No Recourse.    

        (a)  The
obligations of each CP Conduit under this Agreement, or any other agreement, instrument, document or certificate executed or delivered or issued by such CP Conduit
or any officer thereof are solely the corporate, limited liability company or partnership obligations of such CP Conduit. No recourse shall be had for the payment of any fee or other obligations,
instrument, document or certificate executed and delivered or issued by any CP Conduit or any officer thereof in connection therewith, against any stockholder, limited partner, employee, officer,
director or incorporator of any CP Conduit. 

        (b)  Each
of AWC (individually and as Depositor), AmeriCredit (individually, as Receivables Seller and as Servicer), the Issuer, the Administrative Agent, each Agent and each
Purchaser hereby irrevocably waives all right of setoff that it may have under contract (including this Agreement), applicable law or otherwise with respect to any funds or monies of any CP Conduit at
any time held by or in the possession of such Person. 

        (c)  Notwithstanding
anything in this Agreement to the contrary, a CP Conduit shall not have any obligation to pay any amount required to be paid by it hereunder in excess of
any amount available to such CP Conduit after paying or making provision for the payment of its Commercial Paper Notes; and each of the other parties hereto agrees that it will not have a claim under
Section 101(5) of the Bankruptcy Code if and to the extent that any such payment obligation owed to it by such CP Conduit exceeds the amount available to such CP Conduit to pay such amount
after paying or making provision for the payment of its Commercial Paper Notes. 

        9.14    Survival of Representations and Warranties.    All representations and warranties made hereunder and in any
document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement, the purchase of the Notes hereunder and the
termination of this Agreement. 

        9.15    Waiver of Jury Trial.    EACH PARTY HERETO (INDIVIDUALLY AND, IN THE CASE OF AWC, AS DEPOSITOR, AND, IN THE
CASE OF AMERICREDIT, AS RECEIVABLES SELLER AND AS SERVICER) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS AGREEMENT AND FOR PURCHASERS PURCHASING AN INTEREST IN
THE NOTES DESCRIBED HEREIN AND THE ADMINISTRATIVE AGENT AND EACH AGENT AGREEING TO ACT AS SUCH HEREUNDER. 

        9.16    Limitation of Liability of Owner Trustee.    It is expressly understood and agreed by the parties hereto that
(a) this Agreement is executed and delivered by Deutsche Bank Trust Company Delaware, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations,
undertakings and agreements by Deutsche Bank Trust Company Delaware but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as
creating any liability on Deutsche Bank Trust Company Delaware, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Deutsche Bank Trust Company Delaware be personally
liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, 

31

 

representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

        9.17    CP Conduit as Committed Purchaser.    Notwithstanding anything herein to the contrary, a CP Conduit may
execute this Agreement as both a CP Conduit and a Committed Purchaser and, in such event, such CP Conduit shall have the rights and obligations of both a CP Conduit and a Committed Purchaser set forth
herein. In no event shall the foregoing prevent a CP Conduit from exercising its rights to Assign or Transfer some or all of its Note to one or more Support Parties. 

[Remainder
of page intentionally left blank.] 

32

 

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

	 	 	AMERICREDIT OWNER TRUST 2003-1
	 	 	By:	Deutsche Bank Trust Company Delaware, not in its individual capacity but solely as Owner Trustee
	

 	
 	

By:	

/s/  LOUIS BODI      
 Name: Louis Bodi

Title: Vice President
	

 	
 	
AMERICREDIT WAREHOUSE CORPORATION,
 individually and as Depositor
	

 	
 	

By:	

/s/  J. MICHAEL MAY      
 Name: J. Michael May

Title: Senior Vice President—Associate Counsel
	

 	
 	
AMERICREDIT FINANCIAL SERVICES, INC.,
 individually, as Receivables Seller and as Servicer
	

 	
 	

By:	

/s/  BETH SORENSEN      
 Name: Beth Sorensen

Title: Senior Vice President, Finance
	

 	
 	

DEUTSCHE BANK AG, NEW YORK BRANCH,

    as Administrative Agent
	

 	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	
 	

Address for Notices:

31 West 52nd Street

New York, NewYork 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

33

 

	 	 	GEMINI PURCHASER GROUP

DEUTSCHE BANK AG, NEW YORK BRANCH,

    as Agent
	

 	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	
 	

Address for Notices:

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185
	

Type of Purchaser: CP Conduit	
 	

GEMINI SECURITIZATION CORP.
	

Maximum Purchase Amount: $0.00	
 	

By:	

/s/  R. DOUGLAS DONALDSON      
 Name: R. Douglas Donaldson

Title: Treasurer
	

 	
 	

Address for Notices and Investing Office:

c/o Deutsche Bank AG, New York Branch

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

34

 

	Type of Purchaser: Committed	 	DEUTSCHE BANK AG, NEW YORK BRANCH,
	

Commitment: $0.00	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	
 	

Address for Notices and Investing Office:

Deutsche Bank AG

New York Branch

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

35

 

	 	 	SEDONA PURCHASER GROUP

DEUTSCHE BANK AG, NEW YORK BRANCH,

    as Agent
	

 	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	
 	

Address for Notices:

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185
	

Type of Purchaser: CP Conduit	
 	

SEDONA CAPITAL FUNDING CORP.
	

Maximum Purchase Amount: $0.00	
 	

By:	

/s/  EVELYN ECHEVARRIA      
 Name: Evelyn Echevarria

Title: Vice President
	

 	
 	

Address for Notices and Investing Office:

c/o Deutsche Bank AG, New York Branch

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

36

 

	Type of Purchaser: Committed	 	DEUTSCHE BANK AG, NEW YORK BRANCH,
	

Commitment: $0.00	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	

 	

Address for Notices and Investing Office:

Deutsche Bank AG

New York Branch

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

37

 

	 	 	TAHOE PURCHASER GROUP

DEUTSCHE BANK AG, NEW YORK BRANCH,

    as Agent
	

 	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	
 	

Address for Notices:

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185
	

Type of Purchaser: CP Conduit	
 	

TAHOE FUNDING CORP.
	

Maximum Purchase Amount: $875,000,000	
 	

By:	

/s/  ANDREW L. STIDD      
 Name: Andrew L. Stidd

Title: President
	

 	
 	

Address for Notices and Investing Office:

c/o Deutsche Bank AG, New York Branch

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

38

 

	Type of Purchaser: Committed	 	DEUTSCHE BANK AG, NEW YORK BRANCH,
	

Commitment: $875,000,000	
 	

By:	

/s/  FRANK BYRNE      
 Name: Frank Byrne

Title: Managing Director
	

 	
 	

By:	

/s/  ERIC SHEA      
 Name: Eric Shea

Title: Vice President
	

 	
 	

Address for Notices and Investing Office:

Deutsche Bank AG

New York Branch

31 West 52nd Street

New York, New York 10019

Attention: Structured Finance

Department/Securitization

Facsimile No.: (212) 469-7185

39

  

 
 

EXHIBIT A    
  

 
 

FORM OF INVESTMENT LETTER    
  

[Date]

[Name
and address of Issuer] 

[Name
and address of Transferee Purchaser] 

	Re
	AmeriCredit
Owner Trust 2003-1

Receivables-Backed Notes, Series 2003-1 

Ladies
and Gentlemen: 

        This
letter (the "Investment Letter") is delivered by the undersigned (the "Purchaser") pursuant to subsection 8.1(a) of the Note Purchase Agreement dated as of March 18, 2003 (as
in effect, the "Note Purchase Agreement"), among AmeriCredit Warehouse Corporation, AmeriCredit Owner Trust 2003-1, AmeriCredit Financial Services, Inc., the Purchasers and the
Agents parties thereto and Deutsche Bank AG, New York Branch, as Administrative Agent. Capitalized terms used herein without definition shall
have the meanings set forth in the Note Purchase Agreement. The Purchaser represents to and agrees with the Issuer as follows: 

        (a)  The
Purchaser is authorized [to enter into the Note Purchase Agreement and to perform its obligations thereunder and to consummate the transactions
contemplated thereby] [to purchase a participation in obligations under the Note Purchase Agreement]. 

        (b)  The
Purchaser has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Notes and
is able to bear the economic risk of such investment. The Purchaser has been afforded the opportunity to ask such questions as it deems necessary to make an investment decision, and has received all
information it has requested in connection with making such investment decision. The Purchaser has, independently and without reliance upon the Agent or any other Purchaser, and based on such
documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the
Receivables, AWC, the Depositor, the Receivables Seller, AmeriCredit, the Servicer, the Issuer, the Master Servicer and the Indenture Trustee and made its own decision to purchase its interest in the
Notes, and will, independently and without reliance upon the Administrative Agent, any Agent or any other Purchaser, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own analysis, appraisals and decisions in taking or not taking action under the Note Purchase Agreement, and to make such investigation as it deems necessary to inform
itself as to the business, operations, property, financial and other condition and creditworthiness of the Receivables, AWC, the Depositor, the Receivables Seller, AmeriCredit, the Servicer, the
Issuer, the Master Servicer and the Indenture Trustee. 

        (c)  The
Purchaser is an "accredited investor", as defined in Rule 501, promulgated by the Notes and Exchange Commission (the "Commission") under the Securities Act of
1933, as amended (the "Securities Act"), or is a sophisticated institutional investor. The Purchaser understands that the offering and sale of the Notes has not been and will not be registered under
the Securities Act and has not and will not be registered or qualified under any applicable "Blue Sky" law, and that the offering and sale of the Notes has not been reviewed by, passed on or submitted
to any federal or state agency or commission, securities exchange or other regulatory body. 

A-1

 

        (d)  The
Purchaser is acquiring an interest in Notes without a view to any distribution, resale or other transfer thereof except, with respect to any Note or any interest or
participation therein, as contemplated in the following sentence. The Purchaser will not resell or otherwise transfer any interest or participation in the Note, except in accordance with
Section 8.1 of the Note Purchase Agreement and (i) in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities
or "blue sky" laws; (ii) to the Issuer or any affiliate of the Issuer; or (iii) to a person who the Purchaser reasonably believes is a qualified institutional buyer (within the meaning
thereof in Rule 144A under the Securities Act) that is aware that the resale or other transfer is being made in reliance upon Rule 144A. In connection therewith, the Purchaser hereby
agrees that it will not resell or otherwise transfer the Notes or any interest therein unless the purchaser thereof provides to the addressee hereof a letter substantially in the form hereof. 

        (e)  This
Investment Letter has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the enforcement of
creditors' rights generally and general principles of equity. 

	 	 	Very truly yours,
	

 	
 	

[NAME OF PURCHASER]
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

A-2

  

 
 

EXHIBIT B    
  

 
 

FORM OF TRANSFER SUPPLEMENT    
  

        TRANSFER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the Seller Purchaser set forth in Item 2 of Schedule I
hereto (the "Seller Purchaser"), the Purchasing Purchaser set forth in Item 3 of Schedule I hereto (the "Purchasing
Purchaser"), and the Agent set forth in Item 4 of Schedule I hereto (in such capacity, the "Agent") for the Purchaser Group set forth in Item 5 of Schedule I
hereto. 

W I T N E S S E T H:  

        WHEREAS, this Supplement is being executed and delivered in accordance with subsection 8.1(e) of the Note Purchase Agreement, dated as of March 18, 2003,
among AmeriCredit Owner Trust 2003-1, AmeriCredit Warehouse Corporation, AmeriCredit Financial Services, Inc. (the "AmeriCredit Parties"), the Purchasers and the Agents parties
thereto and Deutsche Bank AG, New York Branch, as Administrative Agent (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the "Note Purchase
Agreement"; unless otherwise defined herein, terms defined in the Note Purchase Agreement are used herein as therein defined); 

        WHEREAS,
the Purchasing Purchaser (if it is not already a Purchaser party to the Note Purchase Agreement) wishes to become a Purchaser party to the Note Purchase Agreement and the
Purchasing Purchaser wishes to acquire and assume from the Seller Purchaser, certain of the rights, obligations and commitments under the Note Purchase Agreement; and 

        WHEREAS,
the Seller Purchaser wishes to sell and assign to the Purchasing Purchaser, certain of its rights, obligations and commitments under the Note Purchase Agreement. 

        NOW,
THEREFORE, the parties hereto hereby agree as follows: 

        (a)  Upon
receipt by the Agent of five counterparts of this Supplement, to each of which is attached a fully completed Schedule I and Schedule II, each of which
has been executed by the Seller Purchaser, the Purchasing Purchaser and the Agent, the Agent will promptly transmit to the Servicer, the Receivables Seller, the Indenture Trustee, the Seller Purchaser
and the Purchasing Purchaser a Transfer Effective Notice, substantially in the form of Schedule III to this Supplement (a "Transfer Effective
Notice"). Such Transfer Effective Notice shall be executed by the Agent and shall set forth, inter alia, the date on which the transfer effected by this Supplement shall become
effective (the "Transfer Effective Date"). From and after the Transfer Effective Date the Purchasing Purchaser shall be a Purchaser party to the Note
Purchase Agreement for all purposes thereof as a CP Conduit and, if applicable, a Committed Purchaser, as specified on Schedule II to this Supplement. 

        (b)  At
or before 12:00 Noon, local time of the Seller Purchaser, on the Transfer Effective Date, the Purchasing Purchaser shall pay to the Seller Purchaser, in immediately
available funds, an amount equal to the purchase price, as agreed between the Seller Purchaser and such Purchasing Purchaser (the "Purchase Price"), of
the portion set forth on Schedule II hereto being purchased by such Purchasing Purchaser of the outstanding Note Principal Balance under the Note owned by the Seller Purchaser (such Purchasing
Purchaser's "Purchaser Percentage") and other amounts owing to the Seller Purchaser under the Note Purchase Agreement or otherwise in respect of the
Notes. 

        Effective
upon receipt by the Seller Purchaser of the Purchase Price from the Purchasing Purchaser, the Seller Purchaser hereby irrevocably sells, assigns and transfers to the Purchasing
Purchaser, without recourse, representation or warranty, and the Purchasing Purchaser hereby irrevocably purchases, takes and assumes from the Seller Purchaser, the Purchasing Purchaser's Purchaser
Percentage of (i) the presently outstanding Note Principal Balance under the Notes owned 

B-1

 

by the Seller Purchaser and other amounts owing to the Seller Purchaser in respect of the Notes, together with all instruments, documents and collateral security pertaining thereto, and
(ii) the Purchasing Purchaser's Purchaser Percentage of the other rights and duties of the Seller Purchaser under the Note Purchase Agreement. 

        This
Supplement is intended by the parties hereto to effect a purchase by the Purchasing Purchaser and sale by the Seller Purchaser of interests in the Notes, and it is not to be
construed as a loan or a commitment to make a loan by the Purchasing Purchaser to the Seller Purchaser. The Seller Purchaser hereby confirms that the amount of the Note Principal Balance of the Notes
is $                        and its Percentage Interest thereof is    %, which equals
$                        as
of                        , 20    . 

        (c)  The
Seller Purchaser has made arrangements with the Purchasing Purchaser with respect to (i) the portion, if any, to be paid, and the date or dates for payment,
by the Seller Purchaser to the
Purchasing Purchaser of any fees heretofore received by the Seller Purchaser pursuant to the Note Purchase Agreement prior to the Transfer Effective Date and (ii) the portion, if any, to be
paid, and the date or dates for payment, by the Purchasing Purchaser to the Seller Purchaser of fees or interest received by the Purchasing Purchaser pursuant to the Note Purchase Agreement or
otherwise in respect of the Notes from and after the Transfer Effective Date. 

        (d)  (i) All
principal payments that would otherwise be payable from and after the Transfer Effective Date to or for the account of the Seller Purchaser in respect of
the Notes shall, instead, be payable to or for the account of the Seller Purchaser and the Purchasing Purchaser, as the case may be, in accordance with their respective interests as reflected in this
Supplement. 

        (ii)  All
interest, fees and other amounts that would otherwise accrue for the account of the Seller Purchaser from and after the Transfer Effective Date pursuant to the Note
Purchase Agreement or in respect of the Notes shall, instead, accrue for the account of, and be payable to or for the account of, the Seller Purchaser and the Purchasing Purchaser, as the case may be,
in accordance with their respective interests as reflected in this Supplement. In the event that any amount of interest, fees or other amounts accruing prior to the Transfer Effective Date was
included in the Purchase Price paid by the Purchasing Purchaser, the Seller Purchaser and the Purchasing Purchaser will make appropriate arrangements for payment by the Seller Purchaser to the
Purchasing Purchaser of such amount upon receipt thereof from the Agent. 

        (e)  Concurrently
with the execution and delivery hereof, the Purchasing Purchaser will deliver to the Agent and the Issuer an executed Investment Letter in the form of
Exhibit A to the Note Purchase Agreement and the forms, if any, required by subsection 2.4(c) of the Note Purchase Agreement. 

        (f)    Each
of the parties to this Supplement agrees and acknowledges that (i) at any time and from time to time upon the written request of any other party, it will
execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Supplement, and (ii) the Agent
shall apply each payment made to it under the Note Purchase Agreement, whether in its individual capacity or as Agent, in accordance with the provisions of the Note Purchase Agreement, as appropriate. 

        (g)  By
executing and delivering this Supplement, the Seller Purchaser and the Purchasing Purchaser confirm to and agree with each other, the Agent and the Purchasers as
follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Seller Purchaser
makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Note Purchase Agreement or the Related
Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Note Purchase Agreement or any other instrument or document furnished pursuant thereto;
(ii) the Seller Purchaser 

B-2

 

makes no representation or warranty and assumes no responsibility with respect to the Issuer, the financial condition of the Receivables, AWC, the Depositor, the Receivables Seller, AmeriCredit, the
Servicer, the Issuer, the Master Servicer or the Indenture Trustee or the performance or observance by AWC, the Depositor, the Receivables Seller, AmeriCredit, the Servicer, the Issuer, the Master
Servicer or the Indenture Trustee of any of their respective obligations under the Note Purchase Agreement or any Related Document or any other instrument or document furnished pursuant hereto;
(iii) each Purchasing Purchaser confirms that it has received a copy of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Supplement; (iv) each Purchasing Purchaser will, independently and without reliance upon the Administrative Agent, any Agent (as defined in the Note Purchase Agreement) the Seller
Purchaser or any other Purchaser and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Note Purchase Agreement or the Related Documents; (v) the Purchasing Purchaser appoints and authorizes the Agent and the Administrative Agent to take such action as agent on its behalf and
to exercise such powers under the Note Purchase Agreement and the Related Documents as are delegated to the Agent or the Administrative Agent, as the case may be, by the terms thereof, together with
such powers as are reasonably incidental thereto, all in accordance with Section 7 of the Note Purchase Agreement; and (vi) each Purchasing Purchaser agrees (for the benefit of the
Seller Purchaser, the Administrative Agent, the Agents (as defined in the Note Purchase Agreement), the Purchasers, the Indenture Trustee, the Servicer and the Receivables Seller) that it will perform
in accordance with their terms all of the obligations which by the terms of the Note Purchase Agreement are required to be performed by it as a Purchaser. 

        (h)  Schedule II
hereto sets forth the initial Investing Office of the Purchasing Purchaser, as well as administrative information with respect to the Purchasing
Purchaser. 

        (i)    THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        IN
WITNESS WHEREOF, the parties hereto have caused this Supplement to be executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in
Item 1 of Schedule I hereto. 

B-3

  

 
 

SCHEDULE I TO
  TRANSFER SUPPLEMENT    
  

COMPLETION OF INFORMATION AND

SIGNATURES FOR TRANSFER SUPPLEMENT  

	Re:	 	Note Purchase Agreement, dated as of March 18, 2003, among AmeriCredit Owner Trust 2003-1, AmeriCredit Warehouse Corporation, AmeriCredit Financial Services, Inc., the Purchasers and the Agents parties thereto
and Deutsche Bank AG, New York Branch, as Administrative Agent

	Item 1:	 	Date of Transfer Supplement:
	

Item 2:	
 	

Seller Purchaser:
	

Item 3:	
 	

Purchasing Purchaser:
	

Item 4:	
 	

Name of Agent:
	

Item 5:	
 	

Name of Purchaser Group:
	

Item 6:	
 	

Signatures of Parties to Agreement:

	 	 	
 as Seller Purchaser
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:    
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:    
	

 	
 	

as Purchasing Purchaser
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:    
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:    

B-4

 

	CONSENTED TO AND ACCEPTED BY:	 
	

[NAME OF AGENT], as Agent	

 
	

By:	

 	

 
	 	
 Name:

Title:    	 
	

By:	

 	

 
	 	
 Name:

Title:    	 
	

[If applicable:]	

 
	

DEUTSCHE BANK AG, NEW YORK BRANCH,

    as Administrative Agent	

 
	

By:	

 	

 
	 	
 Name:

Title:    	 
	

By:	

 	

 
	 	
 Name:

Title:    	 

B-5

  

 
 

SCHEDULE II TO
  TRANSFER SUPPLEMENT    
  

 
 

LIST OF INVESTING OFFICES, ADDRESSES
  FOR NOTICES, ASSIGNED INTERESTS AND
  PURCHASE AND LIQUIDITY PERCENTAGES    
  

[Seller
Purchaser] 

	 
	 	 
	 	 

	A.	 	Note Principal Balance:	 	 	 
	

 	
 	

Seller Purchaser	
 	
 	

 
	 	 	Note Principal Balance Prior to Sale:	 	$	        
	

 	
 	

Note Principal Balance Sold:	
 	
$	

        
	

 	
 	

Note Principal Balance Retained:	
 	
$	

        
	

[Purchasing Purchaser]	
 	
 	

 
	

A.	
 	
Note Principal Balance:	
 	
 	

 
	

 	
 	

Transferee Purchaser	
 	
 	

 
	 	 	Note Principal Balance After Sale:	 	$	        
	
Address for Notices:	
 	
 	

 
	
Investing Office:	
 	
 	

 

B-6

  

 
 

SCHEDULE III TO
  TRANSFER SUPPLEMENT    
  

 
 

Form of
  Transfer Effective Notice    
  

	To:	 	[Name and address of Receivables Seller,

Servicer, Indenture Trustee, Administrative

Agent, Seller Purchaser and

Purchasing Purchaser]

        The
undersigned, as Agent under the Note Purchase Agreement, dated as of March 18, 2003, among AmeriCredit Owner Trust 2003-1, AmeriCredit Warehouse Corporation,
AmeriCredit Financial Services, Inc., the Purchasers and the Agents parties thereto and Deutsche Bank AG, New York Branch, as Administrative Agent, acknowledges receipt of five executed
counterparts of a completed Transfer Supplement. [Note: attach copies of Schedules I and II from such Agreement.] Terms defined in such Supplement are used herein as
therein defined. 

        Pursuant
to such Supplement, you are advised that the Transfer Effective Date will be                        ,
            . 

	 	 	Very truly yours,
	

 	
 	

[NAME OF AGENT], as Agent
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

B-7

QuickLinks

EXHIBIT 10.1

Table of Contents

ARTICLE 1 DEFINITIONS

ARTICLE 2 AMOUNT AND TERMS OF COMMITMENTS

ARTICLE 3 CONDITIONS PRECEDENT

ARTICLE 4 REPRESENTATIONS AND WARRANTIES

ARTICLE 5 COVENANTS

ARTICLE 6 MUTUAL COVENANTS REGARDING CONFIDENTIALITY

ARTICLE 7 THE AGENTS

ARTICLE 8 SECURITIES LAWS; TRANSFERS

ARTICLE 9 MISCELLANEOUS

EXHIBIT A

FORM OF INVESTMENT LETTER

EXHIBIT B

FORM OF TRANSFER SUPPLEMENT

SCHEDULE I TO TRANSFER SUPPLEMENT

SCHEDULE II TO TRANSFER SUPPLEMENT

LIST OF INVESTING OFFICES, ADDRESSES FOR NOTICES, ASSIGNED INTERESTS AND PURCHASE AND LIQUIDITY PERCENTAGES

SCHEDULE III TO TRANSFER SUPPLEMENT

Form of Transfer Effective Notice

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