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AMENDED AND RESTATED

 

TRUST AGREEMENT

 

between

 

AFS SENSUB CORP.

Seller

 

and

 

WILMINGTON  TRUST COMPANY

Owner Trustee

 

Dated as of August 23,  2004

 

	 
	 
	 

 

TABLE OF CONTENTS

 

	
  ARTICLE I. DEFINITIONS

  	
  1

  
	
   

  	
   

  
	
  SECTION    1.1.

  	
  Capitalized Terms

  	
  1

  
	
  SECTION    1.2.

  	
  Other Definitional Provisions.

  	
  3

  
	
   

  	
   

  
	
  ARTICLE II. ORGANIZATION

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION    2.1.

  	
  Name

  	
  4

  
	
  SECTION    2.2.

  	
  Office

  	
  4

  
	
  SECTION    2.3.

  	
  Purposes and Powers.

  	
  4

  
	
  SECTION    2.4.

  	
  Appointment of Owner Trustee

  	
  5

  
	
  SECTION    2.5.

  	
  Initial Capital Contribution of Trust    Estate

  	
  5

  
	
  SECTION    2.6.

  	
  Declaration of Trust

  	
  5

  
	
  SECTION    2.7.

  	
  Title to Trust Property.

  	
  5

  
	
  SECTION    2.8.

  	
  Situs of Trust

  	
  6

  
	
  SECTION    2.9.

  	
  Representations and Warranties of the    Depositor

  	
  6

  
	
  SECTION    2.10.

  	
  Covenants of the Certificateholder

  	
  7

  
	
  SECTION    2.11.

  	
  Federal Income Tax Treatment of the    Trust.

  	
  7

  
	
  SECTION    2.12.

  	
  [Reserved]

  	
  8

  
	
   

  	
   

  
	
  ARTICLE III. CERTIFICATE AND TRANSFER    OF INTEREST

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION    3.1.

  	
  Initial Ownership

  	
  8

  
	
  SECTION    3.2.

  	
  The Certificate

  	
  8

  
	
  SECTION    3.3.

  	
  Authentication of Certificate

  	
  8

  
	
  SECTION    3.4.

  	
  Registration of Transfer and Exchange    of Certificate

  	
  8

  
	
  SECTION    3.5.

  	
  Mutilated, Destroyed, Lost or Stolen    Certificates

  	
  9

  
	
  SECTION    3.6.

  	
  Persons Deemed Certificateholders

  	
  9

  
	
  SECTION    3.7.

  	
  Maintenance of Office or Agency

  	
  10

  
	
  SECTION    3.8.

  	
  Disposition in Whole But Not in Part

  	
  10

  
	
  SECTION    3.9.

  	
  ERISA Restrictions

  	
  10

  
	
   

  	
   

  
	
  ARTICLE IV. VOTING RIGHTS AND OTHER    ACTIONS

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION    4.1.

  	
  Prior Notice to Holder with Respect    to Certain Matters

  	
  10

  
	
  SECTION    4.2.

  	
  Action by Certificateholder with    Respect to Certain Matters

  	
  11

  
	
  SECTION    4.3.

  	
  Restrictions on Certificateholder’s    Power.

  	
  11

  
	
  SECTION    4.4.

  	
  Rights of Security Insurer

  	
  12

  
	
  SECTION    4.5.

  	
  Action with Respect to Bankruptcy    Action

  	
  12

  
	
  SECTION    4.6.

  	
  Covenants and Restrictions on Conduct    of Business.

  	
  13

  
	
   

  	
   

  
	
  ARTICLE V. AUTHORITY AND DUTIES OF    OWNER TRUSTEE

  	
  14

  
	
   

  	
   

  	
   

  
	
  SECTION    5.1.

  	
  General Authority.

  	
  14

  
	
  SECTION    5.2.

  	
  General Duties

  	
  15

  
	
  SECTION    5.3.

  	
  Action upon Instruction.

  	
  15

  
	
  SECTION    5.4.

  	
  No Duties Except as Specified in this    Agreement or in Instructions

  	
  16

  
	
   

  	
   

  	
   

  

 

 

	
  SECTION    5.5.

  	
  No Action Except under Specified    Documents or Instructions

  	
  16

  
	
  SECTION    5.6.

  	
  Restrictions

  	
  17

  
	
   

  	
   

  
	
  ARTICLE VI. CONCERNING THE OWNER    TRUSTEE

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION    6.1.

  	
  Acceptance of Trusts and Duties

  	
  17

  
	
  SECTION    6.2.

  	
  Furnishing of Documents

  	
  18

  
	
  SECTION    6.3.

  	
  Representations and Warranties

  	
  18

  
	
  SECTION    6.4.

  	
  Reliance; Advice of Counsel.

  	
  19

  
	
  SECTION    6.5.

  	
  Not Acting in Individual Capacity

  	
  19

  
	
  SECTION    6.6.

  	
  Owner Trustee Not Liable for    Certificate or Receivables

  	
  19

  
	
  SECTION    6.7.

  	
  Owner Trustee May Own Notes

  	
  20

  
	
  SECTION    6.8.

  	
  Payments from Owner Trust Estate

  	
  20

  
	
  SECTION    6.9.

  	
  Doing Business in Other Jurisdictions

  	
  20

  
	
   

  	
   

  
	
  ARTICLE VII. COMPENSATION OF OWNER    TRUSTEE

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION    7.1.

  	
  Owner Trustee’s Fees and Expenses

  	
  21

  
	
  SECTION    7.2.

  	
  Indemnification

  	
  21

  
	
  SECTION    7.3.

  	
  Payments to the Owner Trustee

  	
  21

  
	
  SECTION    7.4.

  	
  Non-recourse Obligations

  	
  21

  
	
   

  	
   

  
	
  ARTICLE VIII. TERMINATION OF TRUST    AGREEMENT

  	
  22

  
	
   

  	
   

  	
   

  
	
  SECTION    8.1.

  	
  Termination of Trust Agreement.

  	
  22

  
	
   

  	
   

  
	
  ARTICLE IX. SUCCESSOR OWNER TRUSTEES    AND ADDITIONAL OWNER TRUSTEES

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION    9.1.

  	
  Eligibility Requirements for Owner    Trustee

  	
  23

  
	
  SECTION    9.2.

  	
  Resignation or Removal of Owner    Trustee

  	
  23

  
	
  SECTION    9.3.

  	
  Successor Owner Trustee

  	
  24

  
	
  SECTION    9.4.

  	
  Merger or Consolidation of Owner    Trustee

  	
  24

  
	
  SECTION    9.5.

  	
  Appointment of Co-Trustee or Separate    Trustee

  	
  25

  
	
   

  	
   

  
	
  ARTICLE X. MISCELLANEOUS

  	
  26

  
	
   

  	
   

  
	
  SECTION    10.1.

  	
  Supplements and Amendments.

  	
  26

  
	
  SECTION    10.2.

  	
  No Legal Title to Owner Trust Estate    in Certificateholder

  	
  27

  
	
  SECTION    10.3.

  	
  Limitations on Rights of Others

  	
  27

  
	
  SECTION    10.4.

  	
  Notices.

  	
  27

  
	
  SECTION    10.5.

  	
  Severability

  	
  28

  
	
  SECTION    10.6.

  	
  Separate Counterparts

  	
  28

  
	
  SECTION    10.7.

  	
  Assignments; Security Insurer

  	
  28

  
	
  SECTION    10.8.

  	
  No Recourse

  	
  28

  
	
  SECTION    10.9.

  	
  Headings

  	
  28

  
	
  SECTION    10.10.

  	
  GOVERNING LAW

  	
  28

  
	
  SECTION    10.11.

  	
  Servicer

  	
  28

  
	
  SECTION    10.12.

  	
  Nonpetition Covenants

  	
  29

  
	
  SECTION    10.13.

  	
  Third Party Beneficiary

  	
  29

  

 

ii

 

EXHIBITS

 

	
  EXHIBIT    A

  	
  FORM OF    CERTIFICATE

  
	
  EXHIBIt B

  	
  FORM OF    CERTIFICATE OF TRUST

  

 

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This AMENDED AND RESTATED TRUST AGREEMENT dated as of  August 23, 2004 between AFS SENSUB CORP., a Nevada corporation (the “Seller”),  and WILMINGTON TRUST  COMPANY, a Delaware banking corporation, as Owner Trustee, amends and  restates in its entirety that certain Trust Agreement dated as of August 4,  2004 between the Seller and the Owner Trustee.

 

ARTICLE I.

 

Definitions

 

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

 

“AmeriCredit” shall mean AmeriCredit Financial  Services, Inc.

 

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

 

“Basic Documents” shall mean this Agreement,  the Certificate of Trust, the Sale and Servicing Agreement, the Spread Account  Agreement, the Insurance Agreement, the Indenture and the other documents and  certificates delivered in connection therewith.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Corporate Trust Office” shall mean, with  respect to the Owner Trustee, the principal corporate trust office of the Owner  Trustee located at Rodney Square North, 1100 North Market Street, Wilmington,  Delaware 19890-0001, Attention: Corporate Trust Administration, or at such  other address as the Owner Trustee may designate by notice to the Depositor, or  the principal corporate trust office of any successor Owner Trustee (the  address of which the successor owner trustee will notify the Depositor).

 

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

 

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

 

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

 

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

 

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

 

“Indenture” shall mean the Indenture dated as  of August 23, 2004, among the Issuer and Wells Fargo Bank, National  Association, as Trust Collateral Agent and Trustee, as the same may be amended  and supplemented from time to time.

 

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

 

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

 

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

 

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

 

“Sale and Servicing Agreement” shall mean the Sale  and Servicing Agreement dated as of August 23, 2004, among the Trust, the  Seller, AmeriCredit Financial Services, Inc. and the Trust Collateral Agent, as  the same may be amended and supplemented from time to time.

 

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

 

“Security Insurer” shall mean Ambac Assurance  Corporation, or its successor in interest.

 

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

 

“Spread Account Agreement” shall mean the  Spread Account Agreement dated as of August 23, 2004, among the Trust, the  Security Insurer, the Collateral Agent, the Trustee and

 

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the Trust Collateral Agent, as the same may be amended, supplemented or  otherwise modified in accordance with the terms thereof.

 

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

 

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

 

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

 

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

 

SECTION  1.2.     Other Definitional Provisions.

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE II.

 

Organization

 

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

 

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

 

SECTION 2.3.     Purposes  and Powers.

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  (v)     to    engage in those activities, including entering into agreements, that are    necessary, suitable or convenient to accomplish the foregoing or are    incidental thereto or connected therewith (including the sale, from time to    time, of Receivables at the direction of the Servicer pursuant to Section    4.3(c) of the Sale and Servicing Agreement) and the filing of state business    licenses (and any renewal thereof) as prepared and instructed by the    Certificateholder or Servicer without further consent or instruction from the    Instructing Party, including a Sales Finance Company Application (and any    renewal thereof) with the Pennsylvania Department of Banking, Licensing    Division, and a Financial Regulation Application (and any renewal thereof)    with the Maryland Department of Labor, Licensing and Regulation; and 

  

 

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

  

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.7.      Title  to Trust Property.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(e)     No Violation.  The consummation of the transactions  contemplated by this Agreement and the fulfillment of the terms hereof do not  conflict with, result in any breach of any of the terms and provisions of, or  constitute (with or without notice or lapse of time) a default under the  certificate of incorporation or by-laws of the Depositor, or any material  indenture, agreement or other instrument to which the Depositor is a party or  by which it is bound; nor result in the creation or imposition of any Lien upon  any of its properties pursuant to the terms of any such indenture, agreement or  other instrument (other than pursuant to the Basic Documents); nor violate any  law or, to the best of the Depositor’s knowledge, any order, rule or 

 

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regulation applicable to the Depositor of any court or of any Federal  or state regulatory body, administrative agency or other governmental  instrumentality having jurisdiction over the Depositor or its properties.

 

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

 

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

 

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

 

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

 

SECTION 2.11.     Federal  Income Tax Treatment of the Trust.

 

(a)     For so long as the  Trust has a single owner for federal income tax purposes, it will, pursuant to  Treasury Regulations promulgated under section 7701 of the Code, be disregarded  as an entity distinct from the Certificateholder for all federal income tax  purposes.  Accordingly, for federal  income tax purposes, the Certificateholder will be treated as (i) owning all  assets owned by the Trust, (ii) having incurred all liabilities incurred by the  Trust, and (iii) all transactions between the Trust and the Certificateholder  will be disregarded.

 

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

 

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

 

SECTION 2.12.     [Reserved]

 

ARTICLE III.

 

Certificate and Transfer  of Interest

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 3.5.     Mutilated,  Destroyed, Lost or Stolen Certificates.   If (a) any mutilated Certificate shall be surrendered to the Certificate  Registrar, or if the Certificate Registrar shall receive evidence to its  satisfaction of the destruction, loss or theft of any Certificate and (b) there  shall be delivered to the Certificate Registrar, the Owner Trustee and (unless  an Insurer Default shall have occurred and be continuing) the Security Insurer,  such security or indemnity as may be required by them to save each of them  harmless, then in the absence of notice that such Certificate shall have been  acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust  shall execute and the Owner Trustee, or Wilmington Trust Company, as the Owner  Trustee’s authenticating agent, shall authenticate and deliver, in exchange for  or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new  Certificate of like class, tenor and denomination.  In connection with the issuance of any new Certificate under this  Section, the Owner Trustee or the Certificate Registrar may require the payment  of a sum sufficient to cover any tax or other governmental charge that may be  imposed in connection therewith.  Any  duplicate Certificate issued pursuant to this Section shall constitute  conclusive evidence of an ownership interest in the Trust, as if originally  issued, whether or not the lost, stolen or destroyed Certificate shall be found  at any time.

 

SECTION 3.6.     Persons  Deemed Certificateholders.  Every  Person by virtue of becoming a Certificateholder in accordance with this  Agreement shall be deemed to be bound by the terms of this Agreement.  Prior to due presentation of the Certificate  

 

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for registration of transfer, the Owner Trustee, the Certificate  Registrar and the Security Insurer and any agent of the Owner Trustee, the  Certificate Registrar and the Security Insurer, may treat the person in whose  name any Certificate shall be registered in the Certificate Register as the  owner of such Certificate for the purpose of receiving distributions pursuant  to the Sale and Servicing Agreement and for all other purposes whatsoever, and  none of the Owner Trustee, the Certificate Registrar or the Security Insurer  nor any agent of the Owner Trustee, the Certificate Registrar or the Security  Insurer shall be bound by any notice to the contrary.

 

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

 

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

 

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

 

ARTICLE IV.

 

Voting Rights and Other  Actions

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.3.     Restrictions  on Certificateholder’s Power.

 

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

 

(b)     The Certificateholder  shall not have any right by virtue or by availing itself of any provisions of  this Agreement to institute any suit, action, or proceeding in equity or at law  upon or under or with respect to this Agreement or any Basic Document, unless  the Certificateholder is the Instructing Party pursuant to Section 5.3 and  unless the Certificateholder previously shall have given to the Owner Trustee a  written notice of default and of the continuance thereof, as provided in this  Agreement, and also unless Certificateholder shall have made written request  upon the Owner Trustee to institute such action, suit or proceeding in its own  name as Owner Trustee under this Agreement and shall have offered to the Owner  Trustee such reasonable indemnity as it may require against the costs, expenses  and liabilities to be incurred therein or thereby, and the Owner Trustee, for  30 days after its
receipt of such notice, request, and offer of indemnity,  shall have neglected or refused to institute any such action, suit, 

 

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or proceeding, and during such 30-day period no request or waiver  inconsistent with such written request has been given to the Owner Trustee  pursuant to and in compliance with this Section or Section 5.3.  For the protection and enforcement of the  provisions of this Section, the Certificateholder and the Owner Trustee shall  be entitled to such relief as can be given either at law or in equity.

 

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

 

SECTION 4.5.     Action  with Respect to Bankruptcy Action

 

(a)     The Trust shall not,  without the prior written consent of the Owner Trustee, (a) institute any  proceedings to adjudicate the Trust a bankrupt or insolvent, (b) consent to the  institution of bankruptcy or insolvency proceedings against the Trust, (c) file  a petition seeking or consenting to reorganization or relief under any  applicable federal or state law relating to bankruptcy with respect to the  Trust, (d) consent to the appointment of a receiver, liquidator, assignee,  trustee, sequestrator (or other similar official) of the Trust or a substantial  part of its property, (e) make any assignment for the benefit of the Trust’s  creditors; (f) cause the Trust to admit in writing its inability to pay its  debts generally as they become due; or (g) take any action in furtherance of  any of the foregoing (any of the above foregoing actions, a “Bankruptcy  Action”).  In
considering whether to  give or withhold written consent to a Bankruptcy Action by the Trust, the Owner  Trustee, with the consent of the Certificateholders (hereby given, which  consent the Certificateholders believe to be in the best interests of the  Certificateholders and the Trust), shall consider the interest of the  Noteholders and the Security Insurer in addition to the interests of the Trust  and whether the Trust is insolvent; provided, however, that the  Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders  or the Security Insurer.  The Owner  Trustee shall have no duty to give such written consent to a Bankruptcy Action  by the Trust if the Owner Trustee shall not have been furnished (at the expense  of the Trust) or the Person that requested that such letter be furnished to the  Owner Trustee) a letter from an independent accounting firm of national  reputation stating that in the opinion of such firm the Trust is then  insolvent.  The
Owner Trustee (as such  and in its individual capacity) shall not be personally liable to any Person on  account of the Owner Trustee’s good faith reliance on the provisions of this  Section or in connection with the Owner Trustee’s giving prior written consent  to a Bankruptcy Action by the Trust in accordance herewith, or withholding such  consent, in good faith, and neither the Trust nor any Certificateholder shall  have any claim for breach of fiduciary duty or otherwise against the Owner  Trustee (as such and in its individual capacity) for giving or withholding its  consent to any such Bankruptcy Action.

 

(b)     The parties hereto  stipulate and agree that no Certificateholder has power to commence any  Bankruptcy Action on the part of the Trust or to direct the Owner Trustee to 

 

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take any Bankruptcy Action on the part of the Trust except as provided  in Section 4.5(a).  To the extent  permitted by applicable law, the consent of the Security Insurer and the Trust  Collateral Agent shall be obtained prior to taking any Bankruptcy Action by the  Trust.

 

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

 

SECTION 4.6.     Covenants  and Restrictions on Conduct of Business.

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  

 

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

 

ARTICLE V.

 

Authority and Duties of  Owner Trustee

 

SECTION 5.1.     General  Authority.

 

(a)     The Owner Trustee is  authorized and directed to execute and deliver the Basic Documents to which the  Trust is named as a party, each certificate or other document attached as an  exhibit to or contemplated by the Basic Documents to which the Trust is named  as a party and any amendment thereto and on behalf of the Trust, each state  business license (and any renewal thereof) prepared by the Certificateholder or  Servicer, including a Sales Finance Company Application (and any renewal  thereof) with the Pennsylvania Department of Banking, Licensing Division, and a  Financial Regulation Application (and any renewal thereof) with the Maryland  Department of Labor, Licensing and Regulation, in each case, in such form as  the Depositor shall approve as evidenced conclusively by the Owner Trustee’s  execution thereof, and on behalf of the Trust, to direct the Indenture Trustee  to authenticate and
deliver Class A-1 Notes in the aggregate principal amount  of $161,000,000, Class A-2 Notes in the aggregate principal amount of  $228,000,000, Class A-3 Notes in the aggregate principal 

 

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amount of $205,000,000 and Class A-4 Notes in the aggregate principal  amount of $206,000,000.  In addition to  the foregoing, the Owner Trustee is authorized, but shall not be obligated, to  take all actions required of the Trust pursuant to the Basic Documents.  The Owner Trustee is further authorized from  time to time to take such action as the Instructing Party recommends with  respect to the Basic Documents so long as such activities are consistent with  the terms of the Basic Documents.

 

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

 

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

 

SECTION 5.3.     Action  upon Instruction.

 

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

 

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

 

(c)     Whenever the Owner  Trustee is unable to decide between alternative courses of action permitted or  required by the terms of this Agreement or any Basic Document, the Owner  Trustee shall promptly give notice (in such form as shall be appropriate under  the circumstances) to the Instructing Party requesting instruction as to the  course of action to be adopted, and to the extent the Owner Trustee acts in  good faith in accordance with any written instruction of the Instructing Party  received, the Owner Trustee shall not be liable on account of 

 

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such action to any Person.  If  the Owner Trustee shall not have received appropriate instruction within ten  days of such notice (or within such shorter period of time as reasonably may be  specified in such notice or may be necessary under the circumstances) it may,  but shall be under no duty to, take or refrain from taking such action, not  inconsistent with this Agreement or the Basic Documents, as it shall deem to be  in the best interests of the Certificateholder, and shall have no liability to  any Person for such action or inaction.

 

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

 

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

 

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

 

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Agreement, (ii) in accordance with the Basic Documents and (iii) in  accordance with any document or instruction delivered to the Owner Trustee  pursuant to Section 5.3.

 

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

 

ARTICLE VI.

 

Concerning the Owner  Trustee

 

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

 

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

 

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

 

(c)     no provision of this  Agreement or any Basic Document shall require the Owner Trustee to expend or  risk funds or otherwise incur any financial liability in the performance of any  of its rights or powers hereunder or under any Basic Document if the Owner  Trustee shall have reasonable grounds for believing that repayment of such  funds or adequate indemnity against such risk or liability is not reasonably  assured or provided to it; 

 

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

 

(e)     the Owner Trustee  shall not be responsible for or in respect of the validity or sufficiency of  this Agreement or for the due execution hereof by the Depositor or for the  form,

 

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character, genuineness, sufficiency, value or validity of any of the  Owner Trust Estate or for or in respect of the validity or sufficiency of the  Basic Documents, other than the certificate of authentication on the  Certificate, and the Owner Trustee shall in no event assume or incur any  liability, duty or obligation to the Security Insurer, Trustee, Trust  Collateral Agent, the Collateral Agent, any Noteholder or to any Certificateholder,  other than as expressly provided for herein and in the Basic Documents; 

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)     Neither the execution  nor the delivery by it of this Agreement, nor the consummation by it of the  transactions contemplated hereby nor compliance by it with any of the terms or  provisions hereof will contravene any federal or Delaware state law,  governmental rule or regulation governing the banking or trust powers of the  Owner Trustee or any judgment or order binding on it, or constitute any default  under its charter documents or by-laws or any 

 

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indenture, mortgage, contract, agreement or instrument to which it is a  party or by which any of its properties may be bound.

 

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

 

SECTION 6.4.     Reliance;  Advice of Counsel.

 

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

 

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

 

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

 

SECTION 6.6.     Owner  Trustee Not Liable for Certificate or Receivables.  The recitals contained herein and in the  Certificate (other than the signature and countersignature of the Owner Trustee  on the Certificate) shall be taken as the 

 

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statements of the Depositor and the Owner Trustee assumes no  responsibility for the correctness thereof.   The Owner Trustee makes no representations as to the validity or  sufficiency of this Agreement, of any Basic Document or of the Certificate  (other than the signature and countersignature of the Owner Trustee on the  Certificate) or the Notes, or of any Receivable or related documents.  The Owner Trustee shall at no time have any  responsibility or liability for or with respect to the legality, validity and  enforceability of any Receivable, or the perfection and priority of any  security interest created by any Receivable in any Financed Vehicle or the  maintenance of any such perfection and priority, or for or with respect to the  sufficiency of the Owner Trust Estate or its ability to generate the payments  to be distributed to Certificateholder under this Agreement or the Noteholders  under the Indenture, including, without
limitation:  the existence, condition and ownership of any Financed Vehicle;  the existence and enforceability of any insurance thereon; the existence and  contents of any Receivable on any computer or other record thereof; the  validity of the assignment of any Receivable to the Trust or of any intervening  assignment; the completeness of any Receivable; the performance or enforcement  of any Receivable; the compliance by the Depositor, the Servicer or any other  Person with any warranty or representation made under any Basic Document or in  any related document or the accuracy of any such warranty or representation or  any action of the Trustee or the Servicer or any subservicer taken in the name  of the Owner Trustee.

 

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

 

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

 

SECTION 6.9.     Doing  Business in Other Jurisdictions.   Notwithstanding anything contained herein to the contrary, neither  Wilmington Trust Company or any successor thereto, nor the Owner Trustee shall  be required to take any action in any jurisdiction other than in the State of  Delaware if the taking of such action will, even after the appointment of a  co-trustee or separate trustee in accordance with Section 9.5 hereof, (i)  require the consent or approval or authorization or order of or the giving of  notice to, or the registration with or the taking of any other action in  respect of, any state or other governmental authority or agency of any  jurisdiction other than the State of Delaware; (ii) result in any fee, tax or  other governmental charge under the laws of the State of Delaware becoming  payable by Wilmington Trust Company (or any successor thereto); or (iii)  subject Wilmington
Trust Company (or any successor thereto) to personal  jurisdiction in any jurisdiction other than the State of Delaware for causes of  action arising from acts unrelated to the consummation of the transactions by  Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as  the case may be, contemplated hereby.

 

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ARTICLE VII.

 

Compensation of Owner  Trustee

 

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

 

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

 

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

 

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

 

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ARTICLE VIII.

 

Termination of Trust  Agreement

 

SECTION 8.1.     Termination  of Trust Agreement.

 

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

 

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

 

(c)     Notice of any  termination of the Trust, specifying the Distribution Date upon which the  Certificateholder shall surrender the Certificate to the Trust Collateral Agent  for payment of the final distribution and cancellation, shall be given by the  Owner Trustee by letter to the Certificateholder mailed within five Business  Days of receipt of notice of such termination from the Servicer given pursuant  to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the  Distribution Date upon or with respect to which final payment of the  Certificate shall be made upon presentation and surrender of the Certificate at  the office of the Trust Collateral Agent therein designated, (ii) the amount of  any such final payment, (iii) that the Record Date otherwise applicable to such  Distribution Date is not applicable, payments being made only upon presentation  and surrender of the Certificate at the
office of the Trust Collateral Agent  therein specified and (iv) interest will cease to accrue on the  Certificate.  The Owner Trustee shall  give such notice to the Trust Collateral Agent and the Security Insurer at the  time such notice is given to the Certificateholder.  Upon presentation and surrender of the Certificate, the Trust  Collateral Agent shall cause to be distributed to the Certificateholder amounts  distributable on such Distribution Date pursuant to Section 5.7 of the Sale and  Servicing Agreement.

 

In the event that the Certificateholder shall not  surrender the Certificate for cancellation within six months after the date  specified in the above mentioned written notice, the Owner Trustee shall give a  second written notice to the Certificateholder to surrender the Certificate for  cancellation and receive the final distribution with respect thereto.  If within one 

 

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year after the second notice all the Certificate shall not have been  surrendered for cancellation, the Owner Trustee may take appropriate steps, or  may appoint an agent to take appropriate steps, to contact the  Certificateholder concerning surrender of its Certificate, and the cost thereof  shall be paid out of the funds and other assets that shall remain subject to  this Agreement.  Any funds remaining in  the Trust after exhaustion of such remedies shall be distributed, subject to  applicable escheat laws, by the Owner Trustee to the Holder.

 

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

 

ARTICLE IX.

 

Successor Owner Trustees  and Additional Owner Trustees

 

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

 

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

 

If at any time the Owner Trustee shall cease to be  eligible in accordance with the provisions of Section 9.1 and shall fail to  resign after written request therefor by the Depositor, or if at any time the  Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or  insolvent, or a receiver of the Owner Trustee or of its property shall be  appointed, or any

 

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public officer shall take charge or control of the Owner Trustee or of  its property or affairs for the purpose of rehabilitation, conservation or  liquidation, then the Depositor with the consent of the Security Insurer (so  long as an Insurer Default shall not have occurred and be continuing) may  remove the Owner Trustee.  If the  Depositor shall remove the Owner Trustee under the authority of the immediately  preceding sentence, the Depositor shall promptly appoint a successor Owner  Trustee by written instrument, in duplicate, one copy of which instrument shall  be delivered to the outgoing Owner Trustee so removed, one copy to the Security  Insurer and one copy to the successor Owner Trustee and payment of all fees  owed to the outgoing Owner Trustee.

 

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

 

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

 

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

 

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

 

SECTION 9.4.     Merger or  Consolidation of Owner Trustee.  Any  corporation into which the Owner Trustee may be merged or converted or with  which it may be consolidated, or any corporation resulting from any merger,  conversion or consolidation to which the Owner Trustee shall be a party, or any  corporation succeeding to all or substantially all of the corporate trust  business of the Owner Trustee, shall be the successor of the Owner Trustee  hereunder, provided such corporation shall be eligible pursuant to Section 9.1,  without 

 

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the execution or filing of any instrument or any further act on the  part of any of the parties hereto, anything herein to the contrary  notwithstanding; provided, further, that the Owner Trustee shall  mail notice of such merger or consolidation to the Rating Agencies and the  Security Insurer.

 

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

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

Any notice, request or other writing given to the  Owner Trustee shall be deemed to have been given to each of the then separate  trustees and co-trustees, as effectively as if given to each of them.  Every instrument appointing any separate  trustee or co-trustee shall refer to this Agreement and the conditions of this  Article.  Each separate trustee and  co-trustee, upon its 

 

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acceptance of the trusts conferred, shall be vested with the estates or  property specified in its instrument of appointment, either jointly with the  Owner Trustee or separately, as may be provided therein, subject to all the  provisions of this Agreement, specifically including every provision of this  Agreement relating to the conduct of, affecting the liability of, or affording  protection to, the Owner Trustee.  Each  such instrument shall be filed with the Owner Trustee and a copy thereof given  to the Servicer and the Security Insurer.

 

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

 

ARTICLE X.

 

Miscellaneous

 

SECTION 10.1.     Supplements  and Amendments.

 

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

 

(b)      This Agreement  may also be amended from time to time, with the prior written consent of the  Security Insurer (so long as an Insurer Default shall not have occurred and be  continuing) by the Depositor and the Owner Trustee, with prior written notice  to the Rating Agencies, to the extent such amendment materially and adversely  affects the interests of the Noteholders, with the consent of the Noteholders  evidencing not less than a majority of the Outstanding Amount of the Notes, and  the consent of the Certificateholder (which consent of any Holder of a  Certificate or Note given  pursuant to  this Section or pursuant to any other provision of this Agreement shall be  conclusive and binding on such Holder) for the purpose of adding any provisions  to or changing in any manner or eliminating any of the provisions of this  Agreement or of modifying in any manner the rights of the Noteholders
or the  Certificateholder; provided, however, that subject to the express  rights of the Security Insurer under the Basic Documents, no such amendment  shall (a) increase or reduce in any manner the amount of, or accelerate or  delay the timing of, collections of payments on Receivables or distributions  that shall be required to be made for the benefit of the Noteholders or the  Certificateholder or (b) reduce the aforesaid percentage of the Outstanding  Amount of the Notes and the Certificate Balance required to consent to any such  amendment, without the consent of the Holders of all the outstanding Notes and  the Certificateholder.

 

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

 

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

 

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

 

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

 

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

 

SECTION 10.4.      Notices.

 

(a)     Unless otherwise  expressly specified or permitted by the terms hereof, all notices shall be in  writing and shall be deemed given upon receipt personally delivered, delivered  by overnight courier or mailed first class mail or certified mail, in each case  return receipt requested, and shall be deemed to have been duly given upon  receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if  to the Depositor, addressed to AFS SenSub Corp., 639 Isbell Road, Suite 390  Reno, Nevada 89509, Attention: Chief Financial Officer, with a copy to AFS  SenSub Corp., c/o AmeriCredit Financial Services, Inc., as Administrator, 801  Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial  Officer; if to the Security Insurer, addressed to Security Insurer, Ambac  Assurance Corporation, One State Street 

 

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Plaza, New York, New York   10004, Attention:  Structured  Finance Department – ABS, Facsimile No.: (212) 208-3547, Confirmation: (212)  668-0340 (in each case in which notice or other communication to Ambac refers  to an Event of Default, a claim on the Note Policy or with respect to which  failure on the part of Ambac to respond shall be deemed to constitute consent  or acceptance, then a copy of such notice or other communication should also be  sent to the attention of the General Counsel “URGENT MATERIAL ENCLOSED”);  or, as to each party, at such other address as shall be designated by such  party in a written notice to each other party.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 10.11.     Servicer.  The Servicer is authorized to prepare, or  cause to be prepared, execute and deliver on behalf of the Trust and all such  documents, reports, filings, instruments, certificates and opinions as it shall  be the duty of the 

 

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

 

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

 

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

 

[Remainder of page  intentionally left blank.]

 

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

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
   

  	
  as Owner Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ HEATHER L. MAIER

  
	
   

  	
   

  	
  Name: Heather L. Maier

  
	
   

  	
   

  	
  Title:     Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  AFS SENSUB CORP.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ SHELI FITZGERALD

  
	
   

  	
   

  	
  Name: Sheli Fitzgerald

  
	
   

  	
   

  	
  Title: Assistant Vice President, Structured Finance

  

 

ACKNOWLEDGED AND AGREED TO:

 

	
  AMERICREDIT CORP.,

  	
   

  
	
  Solely with respect to Sections 7.1 and 7.2

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ SUSAN B. SHEFFIELD

  	
   

  
	
   

  	
  Name: Susan B. Sheffield

  	
   

  
	
   

  	
  Title:     Senior Vice President, Structured Finance

  	
   

  

 

[Amended and Restated  Trust Agreement]

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EXHIBIT A

 

NUMBER

R-1

 

SEE REVERSE FOR CERTAIN  DEFINITIONS

 

THIS CERTIFICATE IS NOT  TRANSFERABLE,

EXCEPT UNDER THE LIMITED  CONDITIONS

SPECIFIED IN THE TRUST  AGREEMENT

 

 

ASSET BACKED CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT AFS SenSub Corp. is the registered  owner of a nonassessable, fully-paid, beneficial ownership interest in certain  distributions of AmeriCredit Automobile Receivables Trust 2004-C-A (the “Trust”)  formed by AFS SenSub Corp., a Nevada corporation (the “Seller”).

 

OWNER TRUSTEE’S  CERTIFICATE OF AUTHENTICATION

 

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

 

	
  W ILMINGTON TRUST COMPANY not
    in its individual

  	
   

  
	
  capacity but solely as

  	
   

  
	
  Owner Trustee

  	
   

  
	
   

  	
   

  
	
  by:________________________________________

  	
   

  
	
   

  	
   

  
	
  Authenticating Agent

  	
   

  
	
   

  	
   

  
	
  by:________________________________________

  	
   

  

 

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The Trust was created pursuant to a Trust Agreement  dated as of August 4, 2004, as amended and restated as of August 23, 2004 (the  “Trust Agreement”), between the Seller and Wilmington Trust Company, as  owner trustee (the “Owner Trustee”), a summary of certain of the  pertinent provisions of which is set forth below.  To the extent not otherwise defined herein, the capitalized terms  used herein have the meanings assigned to them in the Trust Agreement.

 

This is the duly authorized Certificate designated as  “Asset Backed Certificate” (herein called the “Certificate”).  Also issued under the Indenture, dated as of  August 23, 2004, among the Trust, Wells Fargo Bank, National Association, as  trustee and indenture collateral agent, are four classes of Notes designated as  “Class A-1 1.765% Asset Backed Notes” (the “Class A-1 Notes”), “Class  A-2 2.39% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3  3.00% Asset Backed Notes” (the “Class A-3 Notes”) and “Class A-4  3.61% Asset Backed Notes” (the “Class A-4 Notes” and together with  the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”).  This Certificate is issued under and is  subject to the terms, provisions and
conditions of the Trust Agreement, to  which Trust Agreement the holder of this Certificate by virtue of the  acceptance hereof assents and by which such holder is bound.  The property of the Trust includes a pool of  retail installment sale contracts secured by new and used automobiles, vans or  light duty trucks (the “Receivables”), all monies due thereunder on or  after the Cutoff Date, security interests in the vehicles financed thereby,  certain bank accounts and the proceeds thereof, proceeds from claims on certain  insurance policies and certain other rights under the Trust Agreement and the  Sale and Servicing Agreement, all right, to and interest of the Seller in and  to the Purchase Agreement dated as of August 23, 2004 among AmeriCredit  Financial Services, Inc. and the Seller and all proceeds of the foregoing.

 

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

 

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

 

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

 

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

 

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

 

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

 

	
   

  	
  AMERICREDIT AUTOMOBILE    RECEIVABLES TRUST    2004-C-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  WILMINGTON TRUST COMPANY    

  
	
   

  	
   

  	
  not in its individual capacity but 

  
	
   

  	
   

  	
  solely as Owner Trustee 

  
	
   

  	
   

  	
   

  
	
  Dated: August 31, 2004

  	
   

  	
        By:_________________________________

  

 

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(Reverse of Certificate)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

________________________________________________________________________

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

 

________________________________________________________________________

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

 

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

 

	
  Dated: 

  	
  __________________________________*

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
  Guaranteed:

  	
  __________________________________*

  

 

_________________________

 

	
  *

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

  

 

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EXHIBIT  B

 

FORM OF

 

CERTIFICATE OF TRUST

 

OF

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-C-A

 

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

 

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

 

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

 

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

 

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

 

	
   

  	
   

  	
  WILMINGTON TRUST COMPANY,    not in its

  
	
   

  	
   

  	
  individual capacity but solely as trustee of the    Trust

  
	
   

  	
  By:

  	
  _____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:Prepared and filed by St Ives Burrups

Exhibit  4.3

EXECUTION  COPY

 

	 
	
	 

 

SALE AND SERVICING

AGREEMENT

 

among

 

AMERICREDIT AUTOMOBILE  RECEIVABLES TRUST 2004-C-A,

 

Issuer,

 

AFS SENSUB CORP.,

 

Seller,

 

AMERICREDIT FINANCIAL  SERVICES, INC.,

 

Servicer,

 

and

 

WELLS FARGO BANK,  NATIONAL ASSOCIATION,

 

Backup Servicer and Trust  Collateral Agent

 

Dated as of August 23,  2004

 

	 
	 
	 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
  

  
	
  ARTICLE I Definitions

  	
  1

  
	
  SECTION    1.1.

  	
  Definitions

  	
  1

  
	
  SECTION    1.2.

  	
  Other Definitional Provisions

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE II Conveyance of Receivables

  	
  20

  
	
  SECTION    2.1.

  	
  Conveyance of Receivables

  	
  20

  
	
  SECTION    2.2.

  	
  [Reserved]

  	
  21

  
	
  SECTION    2.3.

  	
  Further Encumbrance of Trust Property

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE III The Receivables

  	
  22

  
	
  SECTION    3.1.

  	
  Representations and Warranties of    Seller

  	
  22

  
	
  SECTION    3.2.

  	
  Repurchase upon Breach

  	
  22

  
	
  SECTION    3.3.

  	
  Custody of Receivables Files

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV Administration and    Servicing of Receivables

  	
  24

  
	
  SECTION    4.1.

  	
  Duties of the Servicer

  	
  24

  
	
  SECTION    4.2.

  	
  Collection of Receivable Payments;    Modifications of Receivables; Lockbox Agreements

  	
  25

  
	
  SECTION    4.3.

  	
  Realization upon Receivables

  	
  28

  
	
  SECTION    4.4.

  	
  Insurance

  	
  30

  
	
  SECTION    4.5.

  	
  Maintenance of Security Interests in    Vehicles

  	
  31

  
	
  SECTION    4.6.

  	
  Covenants, Representations, and    Warranties of Servicer

  	
  32

  
	
  SECTION    4.7.

  	
  Purchase of Receivables Upon Breach    of Covenant

  	
  33

  
	
  SECTION    4.8.

  	
  Total Servicing Fee; Payment of    Certain Expenses by Servicer

  	
  34

  
	
  SECTION    4.9.

  	
  Preliminary Servicer’s Certificate and    Servicer’s Certificate

  	
  34

  
	
  SECTION    4.10.

  	
  Annual Statement as to Compliance,    Notice of Servicer Termination Event

  	
  35

  
	
  SECTION    4.11.

  	
  Annual Independent Accountants’    Report

  	
  35

  
	
  SECTION    4.12.

  	
  Access to Certain Documentation and    Information Regarding Receivables

  	
  36

  
	
  SECTION    4.13.

  	
  Monthly Tape

  	
  36

  
	
  SECTION    4.14.

  	
  [Reserved]

  	
  37

  
	
  SECTION    4.15.

  	
  Fidelity Bond and Errors and    Omissions Policy

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE V Trust Accounts;    Distributions; Statements to Noteholders

  	
  38

  
	
  SECTION    5.1.

  	
  Establishment of Trust Accounts

  	
  38

  
	
  SECTION    5.2.

  	
  [Reserved]

  	
  40

  
	
  SECTION    5.3.

  	
  Certain Reimbursements to the    Servicer

  	
  40

  
	
  SECTION    5.4.

  	
  Application of Collections

  	
  41

  
	
  SECTION    5.5.

  	
  Withdrawals from Spread Account

  	
  41

  
	
  SECTION    5.6.

  	
  Additional Deposits

  	
  41

  
	
  SECTION    5.7.

  	
  Distributions

  	
  42

  
	
  SECTION    5.8.

  	
  Note Distribution Account

  	
  43

  
	
  SECTION    5.9.

  	
  [Reserved]

  	
  45

  
	
   

  	
   

  	
   

  

 

i

 

	
  SECTION    5.10.

  	
  Statements to Noteholders

  	
  45

  
	
  SECTION    5.11.

  	
  Optional Deposits by the Insurer

  	
  46

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI The Note Policy

  	
  46

  
	
  SECTION    6.1.

  	
  Claims Under Note Policy

  	
  46

  
	
  SECTION    6.2.

  	
  Preference Claims Under Note Policy

  	
  48

  
	
  SECTION    6.3.

  	
  Surrender of Note Policy

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII The Seller

  	
  49

  
	
  SECTION    7.1.

  	
  Representations of Seller

  	
  49

  
	
  SECTION    7.2.

  	
  Corporate Existence

  	
  51

  
	
  SECTION    7.3.

  	
  Liability of Seller; Indemnities

  	
  52

  
	
  SECTION    7.4.

  	
  Merger or Consolidation of, or    Assumption of the Obligations of, Seller

  	
  53

  
	
  SECTION    7.5.

  	
  Limitation on Liability of Seller and    Others

  	
  53

  
	
  SECTION    7.6.

  	
  Ownership of the Certificates or    Notes

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII The Servicer

  	
  54

  
	
  SECTION    8.1.

  	
  Representations of Servicer

  	
  54

  
	
  SECTION    8.2.

  	
  Liability of Servicer and Backup    Servicer; Indemnities

  	
  55

  
	
  SECTION    8.3.

  	
  Merger or Consolidation of, or    Assumption of the Obligations of the Servicer or Backup Servicer

  	
  57

  
	
  SECTION    8.4.

  	
  Limitation on Liability of Servicer,    Backup Servicer and Others

  	
  58

  
	
  SECTION    8.5.

  	
  Delegation of Duties

  	
  59

  
	
  SECTION    8.6.

  	
  Servicer and Backup Servicer Not to    Resign

  	
  59

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX Default

  	
  60

  
	
  SECTION    9.1.

  	
  Servicer Termination Event

  	
  60

  
	
  SECTION    9.2.

  	
  Consequences of a Servicer    Termination Event

  	
  61

  
	
  SECTION    9.3.

  	
  Appointment of Successor

  	
  62

  
	
  SECTION    9.4.

  	
  Notification to Noteholders

  	
  64

  
	
  SECTION    9.5.

  	
  Waiver of Past Defaults

  	
  64

  
	
   

  	
   

  	
   

  
	
  ARTICLE X Termination

  	
  64

  
	
  SECTION 10.1.

  	
  Optional Purchase of All Receivables

  	
  64

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI Administrative Duties of    the Servicer

  	
  65

  
	
  SECTION    11.1.

  	
  Administrative Duties

  	
  65

  
	
  SECTION    11.2.

  	
  Records

  	
  67

  
	
  SECTION    11.3.

  	
  Additional Information to be    Furnished to the Issuer

  	
  67

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII Miscellaneous Provisions

  	
  67

  
	
  SECTION    12.1.

  	
  Amendment

  	
  67

  
	
  SECTION    12.2.

  	
  Protection of Title to Trust

  	
  69

  
	
  SECTION    12.3.

  	
  Notices

  	
  70

  
	
  SECTION    12.4.

  	
  Assignment

  	
  71

  
	
  SECTION    12.5.

  	
  Limitations on Rights of Others

  	
  71

  
	
   

  	
   

  	
   

  

 

ii

 

	
  SECTION    12.6.

  	
  Severability

  	
  72

  
	
  SECTION    12.7.

  	
  Separate Counterparts

  	
  72

  
	
  SECTION    12.8.

  	
  Headings

  	
  72

  
	
  SECTION    12.9.

  	
  Governing Law

  	
  72

  
	
  SECTION    12.10.

  	
  Assignment to Trustee

  	
  72

  
	
  SECTION    12.11.

  	
  Nonpetition Covenants

  	
  72

  
	
  SECTION    12.12.

  	
  Limitation of Liability of Owner    Trustee and Trustee

  	
  72

  
	
  SECTION    12.13.

  	
  Independence of the Servicer

  	
  73

  
	
  SECTION    12.14.

  	
  No Joint Venture

  	
  73

  
	
  SECTION    12.15.

  	
  Benefits of Sale and Servicing    Agreement

  	
  73

  
	
  SECTION    12.16.

  	
  State Business Licenses

  	
  73

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
  Schedule A

  	
  Schedule of Receivables

  	
   

  
	
  Schedule B

  	
  Representations and Warranties of the    Seller and the Servicer

  	
   

  
	
  Schedule C

  	
  Servicing Policies and Procedures

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
  Exhibit A

  	
  Form of Servicer’s Certificate

  	
   

  
	
  Exhibit B

  	
  Form of Preliminary Servicer’s    Certificate

  	
   

  
	
   

  	
   

  	
   

  

 

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SALE AND SERVICING AGREEMENT dated as of August 23,  2004, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-C-A, a Delaware  statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation  (the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware  corporation (the “Servicer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION,  a national banking association, in its capacity as Backup Servicer and Trust  Collateral Agent.

 

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

 

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

 

WHEREAS the Servicer   is willing to service all such receivables;

 

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

 

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

 

ARTICLE I

 

Definitions

 

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

 

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

 

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

 

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

 

	
   

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

  

 

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

  

 

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

 

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

 

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

 

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

 

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

 

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

 

“AmeriCredit” means AmeriCredit Financial  Services, Inc. 

 

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

 

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

 

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

 

“Available Funds” means, with respect to any  Distribution Date, the sum of (i) the Collected Funds for the related  Collection Period, (ii) all Purchase Amounts deposited in the 

 

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Collection Account during the related Collection Period, plus  Investment Earnings with respect to the Trust Accounts for the related  Collection Period, (iii) following the acceleration of the Notes pursuant to  Section 5.2 of the Indenture, the amount of money or property collected  pursuant to Section 5.3 of the Indenture since the preceding Distribution Date  by the Trust Collateral Agent or Controlling Party for distribution pursuant to  Section 5.6 and Section 5.8 of the Indenture and (iv) the proceeds of any  purchase or sale of the assets of the Trust described in Section 10.1 hereof.

 

“Backup Servicer” means Wells Fargo Bank,  National Association.

 

“Base Servicing Fee” means, with respect to any  Collection Period, the fee payable to the Servicer for services rendered during  such Collection Period, which shall be equal to one twelfth of the Servicing  Fee Rate multiplied by the Pool Balance as of the opening of business on the  first day of such Collection Period.

 

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

 

“Business Day” means any day other than (a) a  Saturday or a Sunday, (b) a day on which the Insurer is closed or (c) a day on  which banking institutions in New York City, Fort Worth, Texas, Wilmington,  Delaware or Minneapolis, Minnesota or in the city in which the corporate trust  office of the Trustee under the Indenture or the Owner Trustee under the Trust  Agreement is located are authorized or obligated by law or executive order to  be closed.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date” means August 31, 2004.

 

“Collateral Agent” means Wells Fargo Bank,  National Association, in its capacity as Collateral Agent under the Spread  Account Agreement.

 

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

 

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

 

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

 

“Collection Period” means, with respect to the  first Distribution Date, the period beginning on the close of business on  August 23, 2004 and ending on the close of business on September 30, 2004.  With respect to each subsequent Distribution  Date, “Collection Period” means the period beginning on the close of business  on the last day of the second preceding calendar month and ending on the close  of business on the last day of the immediately preceding calendar month.  Any amount stated “as of the close of  business of the last day of a Collection Period” shall give effect to the  following calculations as determined as of the end of the day on such last  day:  (i) all applications of  collections and (ii) all distributions.

 

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

 

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

 

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

 

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

 

 “Corporate  Trust Office” means (i) with respect to the Owner Trustee, the principal  corporate trust office of the Owner Trustee, which at the time of execution of  this agreement is Rodney Square North, 1100 North Market Street, Wilmington,  Delaware 19890-0001, Attention: Corporate Trust Administration, and (ii) with  respect to the Trustee, the Trust Collateral Agent, the Backup Servicer and the  Collateral Agent, the principal office thereof at which at any particular time  its corporate trust business shall be administered, which at the time of  execution of this agreement is Sixth Street and Marquette Avenue, MAC  N9311-161, Minneapolis, Minnesota, Attention:   Corporate Trust Office.

 

“Cram Down Loss” means, with respect to a  Receivable that has not become a Liquidated Receivable, if a court of  appropriate jurisdiction in a proceeding related to an Insolvency Event shall  have issued an order reducing the amount owed on a Receivable or otherwise  modifying or restructuring the Scheduled Receivables Payments to be made on a  Receivable, an amount equal to (i) the excess of the principal balance of such  Receivable immediately prior to such order over the principal balance of such  Receivable as so reduced and/or (ii) if such court shall have issued an order  reducing the effective rate of interest on such Receivable, the excess of the  principal balance of such Receivable immediately prior to such 

 

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order over the net present value (using as the discount rate the higher  of the APR on such Receivable or the rate of interest, if any, specified by the  court in such order) of the Scheduled Receivables Payments as so modified or  restructured.  A “Cram Down Loss”  shall be deemed to have occurred on the date of issuance of such order.

 

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

 

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

 

“Cutoff Date” means August 23, 2004.

 

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

 

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

 

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

 

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

 

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

 

	
   

  	
  (a)     with    respect to bankers' acceptances, commercial paper, negotiable certificates of    deposit and other obligations that constitute "instruments" within    the meaning of Section 9-102(a)(47) of the UCC and are susceptible of    physical delivery, transfer thereof to the Trust Collateral Agent by physical    delivery to the Trust Collateral Agent endorsed to, or registered in the name    of, the Trust Collateral Agent or endorsed in blank, and, with respect to a    certificated security (as defined in Section 8-102(4) of the UCC), transfer    thereof (i) by delivery of such certificated security endorsed to, or    registered in the name of, the Trust Collateral Agent or (ii) by delivery    thereof to a "clearing corporation" (as defined in Section 8-102(5)    of the UCC) and the making by such clearing corporation of appropriate    entries on its books reducing the appropriate
securities account of the    transferor and increasing the appropriate securities account of the Trust    Collateral Agent by the amount of such certificated security and the    identification by the clearing corporation of the certificated securities for    the sole and exclusive account of the Trust Collateral Agent (all of the foregoing,    "Physical Property"), and, in any event, any such Physical Property    in registered form shall be in

  

 

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  the name of the Trust    Collateral Agent or its nominee; and such additional or alternative procedures    as may hereafter become appropriate to effect the complete transfer of    ownership of any such Trust Account Property to the Trust Collateral Agent or    its nominee or custodian, consistent with changes in applicable law or    regulations or the interpretation thereof;

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

“Determination Date” means, with respect to any  Collection Period the second Business Day preceding the Distribution Date in  the next calendar month and with respect to the first Distribution Date,  October 4, 2004.

 

“Distribution Date” means, with respect to each  Collection Period, the sixth (or if AmeriCredit is no longer acting as  Servicer, the tenth) day of the following calendar month, or, if such day is  not a Business Day, the immediately following Business Day, commencing October  6, 2004.

 

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

 

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

 

“Eligible Deposit Account” means a segregated  trust account with the corporate trust department of a depository institution  acceptable to the Insurer organized under the laws of the United States of  America or any one of the states thereof or the District of Columbia (or any  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 examination by    federal or state banking or depository institution authorities (including    depository receipts issued by any such institution or trust company as    custodian with respect to any obligation referred to in clause (a) above or    portion of such obligation for the benefit of the holders of such depository    receipts); provided, however, that at the time of the investment or    contractual commitment to invest therein (which shall be deemed to be made    again each time funds are reinvested following each Distribution Date), the    commercial paper or other short-term senior unsecured
debt obligations (other    than such obligations the rating of which is based on the credit of a Person    other than such depository institution or trust company) of such depository    institution or trust company shall have a credit rating from Standard &    Poor’s of A-1+ and from Moody’s of Prime-1;

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

  
	
   

  	
   

  
	
   

  	
  (h)      cash    denominated in United States dollars.

  

 

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

 

“FDIC” means the Federal Deposit Insurance  Corporation.

 

“Final Scheduled Distribution Date” means with  respect to (i) the Class A-1 Notes, the September 6, 2005 Distribution Date,  (ii) the Class A-2 Notes, the November 6, 2007 Distribution Date, (iii) the  Class A-3 Notes, the March 6, 2009 Distribution Date and (iv) the Class A-4  Notes, the May 6, 2011 Distribution Date.

 

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

 

“Fitch” means Fitch Ratings, or its successor.

 

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

 

“Indenture” means the Indenture dated as of  August 23, 2004, between the Issuer and Wells Fargo Bank, National Association,  as Trust Collateral Agent and Trustee, as the same may be amended and  supplemented from time to time.

 

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

 

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

 

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“Insurance Agreement” means the Insurance  Agreement, dated as of August 31, 2004, among the Insurer, the Trustee, the  Trust Collateral Agent, the Collateral Agent, the Trust, the Seller, the  Servicer, the Custodian, the Backup Servicer and AmeriCredit, as the same may  be amended or supplemented from time to time.

 

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

 

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

 

“Insured Amount” means (i) for any Distribution  Date, an amount equal to the excess, if any of (a) the Scheduled Payments (as  such term is defined in the Policy) for such Distribution Date minus (b) sum,  without duplication and in each case to the extent available to pay such  Scheduled Payments in accordance with the priorities set forth herein and in  the Indenture, of (w) all Available Funds for the related Collection Period  plus (x) Additional Funds Available, if any, for such Distribution Date plus  (y) all other funds on deposit in the Collection Account, the Lockbox Account,  the Spread Account and any other Trust Account that are available for payment  of Scheduled Payments on such Distribution Date plus (z) any other amounts  available pursuant to the Basic Documents to pay the related Scheduled Payments  on such Distribution Date, and (ii) with respect to any Preference Payment Date  (as such term is
defined in the Policy), the related Preference Amount (as such  term is defined in Section 6.2(a)).

 

“Insurer” means Ambac Assurance Corporation, a  Wisconsin domiciled stock insurance corporation, or any successor thereto, as  issuer of the Note Policy.

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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  possession by a custodian, trustee, agent or    receiver of the Insurer (or the taking of possession of all or any material    portion of the property of the Insurer).

  

 

“Insurer Optional Deposit” means, with respect  to any Distribution Date, an amount delivered by the Insurer pursuant to  Section 5.11, at its sole option, other than amounts in respect of an Insured  Payment (as defined in the Note Policy), to the Trust Collateral Agent for  deposit into the Collection Account for any of the following purposes: (i) to  provide funds in respect of the payment of fees or expenses of any provider of  services to the Trust with respect to such Distribution Date; or (ii) to  include such amount as part of the Additional Funds Available for such  Distribution Date to the extent that without such amount a draw would be  required to be made on the Note Policy.

 

“Interest Period” means, with respect to any  Distribution Date, the period from and including the most recent Distribution  Date on which interest has been paid (or in the case of the first Distribution  Date, from and including the Closing Date) to, but excluding, the following  Distribution Date.  In the case of the  first Distribution Date, the Interest Period shall be 36 days for the Class A-1  Notes and 35 days for the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes.

 

“Interest Rate” means, with respect to (i) the  Class A-1 Notes, 1.765% per annum (computed on the basis of a 360-day year and  the actual number of days elapsed in the applicable Interest Period), (ii) the  Class A-2 Notes, 2.39% per annum (computed on the basis of a 360-day year  consisting of twelve 30-day months), (iii) the Class A-3 Notes, 3.00% per annum  (computed on the basis of a 360-day year consisting of twelve 30-day months)  and (iv) the Class A-4 Notes, 3.61% per annum (computed on the basis of a  360-day year consisting of twelve 30-day months).

 

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

 

“Issuer” means AmeriCredit Automobile Receivables  Trust 2004-C-A.

 

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

 

“Lien Certificate” means, with respect to a  Financed Vehicle, an original certificate of title, certificate of lien or  other notification issued by the Registrar of Titles of the applicable state to  a secured party which indicates that the lien of the secured party on the  Financed Vehicle is recorded on the original certificate of title.  In any jurisdiction in which the original  certificate of title is required to be given to the Obligor, the term “Lien  Certificate” shall mean only a certificate or notification issued to a secured  party.

 

“Liquidated Receivable” means, with respect to  any Collection Period, a Receivable (i) as to which 90 days have elapsed since  the Servicer repossessed the Financed Vehicle provided, however, that in no  case shall 10% or more of a Scheduled Receivables Payment have become 210 or  more days delinquent in the case of a repossessed Financed Vehicle and which is  not a Sold 

 

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Receivable, (ii) as to which the Servicer has determined in good faith  that all amounts it expects to recover have been received and which is not a  Sold Receivable, (iii) as to which 10% or more of a Scheduled Receivables  Payment shall have become 120 or more days delinquent, except in the case of a  repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that  is a Sold Receivable.

 

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

 

“Lockbox Account” means an account maintained  on behalf of the Trust Collateral Agent by the Lockbox Bank pursuant to Section  4.2(d).

 

“Lockbox Agreement” means the Tri-Party  Remittance Processing Agreement, dated as of August 23, 2004, by and among  AmeriCredit, Bank One, NA and the Trust Collateral Agent, as such agreement may  be amended or supplemented from time to time, unless the Trust Collateral Agent  shall cease to be a party thereunder, or such agreement shall be terminated in  accordance with its terms, in which event “Lockbox Agreement” shall mean such  other agreement, in form and substance acceptable to the Controlling Party,  among the Servicer, the Trust Collateral Agent and the Lockbox Bank.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Noteholders’ Monthly Interest Distributable Amount”  means, with respect to any Distribution Date and any Class of Notes, interest  accrued at the respective Interest Rate during the applicable Interest Period  on the principal amount of the Notes of such Class outstanding as of the end of  the prior Distribution Date (or, in the case of the first Distribution Date, as  of the Closing Date), calculated (x) for the Class A-1 Notes on the basis of a  360-day year and the actual number of days elapsed in the applicable Interest  Period and (y) for all other Classes of Notes on the basis of a 360-day year  consisting of twelve 30-day months.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Party for distribution pursuant to Section 5.7 hereof over (y) the  Step-Down Amount, if any, for such Distribution Date.

 

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

 

“Purchase Agreement” means the Purchase  Agreement between the Seller and AmeriCredit, dated as of August 23, 2004,  pursuant to which the Seller acquired the Receivables, as such Agreement may be  amended from time to time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Record Date” means, with respect to each  Distribution Date, the Business Day immediately preceding such Distribution  Date, unless otherwise specified in the Indenture.

 

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

 

“Required Pro Forma Note Balance” means, with  respect to any Distribution Date, a dollar amount equal to the product of (x) the difference between (i) 100% and (ii) the  “Overcollateralization Amount” (as defined in the Spread Account Agreement), as  the same may step down over time in accordance with the terms of the Spread  Account Agreement (which difference will initially equal 83.5%) and (y) the  Pool Balance as of the end of the prior calendar month.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Seller” means AFS SenSub Corp., a Nevada  corporation, and its successors in interest to the extent permitted hereunder.

 

“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 replacement  Servicer pursuant to Section 9.3.

 

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

 

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

 

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

 

“Servicing Fee Rate” means 2.25% per annum.

 

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

 

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

 

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

 

“Spread Account Agreement” means the Spread  Account Agreement dated as of August 23, 2004, among the Insurer, the Issuer,  the Trustee, the Trust Collateral Agent and the Collateral Agent, as the same  may be modified, supplemented or otherwise amended in accordance with the terms  thereof.

 

“Spread Account Claim Amount” means with  respect to any Determination Date, after taking into account the application on  the related Distribution Date of the Available Funds for the related Collection  Period, an amount equal to the sum of, without duplication, (i) any shortfall  in the payment of the full amounts described in clauses (i) through (iv) of  Section 5.7(a) herein, (ii) the Noteholders’ Parity Deficit Amount, if any, for  such Distribution Date and (iii) if the related Distribution Date is the Final  Scheduled Distribution Date of any Class, any remaining outstanding principal  balance of such Class, to the extent that such amount is available on the  related Distribution Date in accordance with the terms of the Spread Account  Agreement; provided,  however, that following an acceleration of the Notes pursuant to  Section 5.2 of the Indenture, the Spread Account Claim Amount shall equal the
excess, if any, of (i) the amounts payable pursuant to priorities First through  Fourth of Section 5.6(a) of the Indenture on the Distribution Date minus (ii)  the Available Funds for such Distribution Date, to the extent that such amounts  are available on the related Distribution Date in accordance with the terms of  the Spread Account Agreement.

 

“Spread Account Claim Date” means, with respect  to any Distribution Date, the second Business Day immediately preceding such  Distribution Date.

 

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“Spread Account Initial Deposit” means an  amount equal to 2.0% of the aggregate principal balance of the Receivables on  the Cutoff Date (which is equal to $17,486,355.12).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Trust” means the Issuer.

 

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

 

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

 

“Trust Agreement” means the Trust Agreement  dated as of August 4, 2004, between the Seller and the Owner Trustee, as  amended and restated as of August 23, 2004, as the same may be amended and  supplemented from time to time.

 

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

 

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

 

“Trust Property” means the property and  proceeds conveyed pursuant to Section 2.1, together with certain monies paid on  or after the Cutoff Date, the Note Policy, the Collection Account (including  all Eligible Investments therein and all proceeds therefrom), the Lockbox  Account, the Note Distribution Account, the Spread Account and certain other  rights under this Agreement.  

 

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

 

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

 

SECTION 1.2.     Other  Definitional Provisions.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

 

Conveyance of Receivables

 

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

 

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

 

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

 

(c)      any proceeds  and the right to receive proceeds with respect to the Receivables from claims  on any physical damage, credit life or disability insurance policies covering  Financed Vehicles or Obligors and any proceeds from the liquidation of the  Receivables, net of those reimbursable liquidation expenses set forth in  Article IV;

 

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

 

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

 

(f)      the related  Receivable Files;

 

(g)      all of the  Seller’s right, title and interest in its rights and benefits, but none of its  obligations or burdens, under the Purchase Agreement, including the Seller’s  rights under

 

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the Purchase Agreement, and the delivery requirements, representations  and warranties and the cure and repurchase obligations of AmeriCredit under the  Purchase Agreement;

 

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

 

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

 

It is the intention of the Seller that the transfer  and assignment contemplated by this Agreement shall constitute a sale of the  Receivables and Other Conveyed Property from the Seller to the Issuer and the  beneficial interest in and title to the Receivables and the Other Conveyed  Property shall not be part of the Seller’s estate in the event of the filing of  a bankruptcy petition by or against the Seller under any bankruptcy law.  In the event that, notwithstanding the  intent of the Seller, the transfer and assignment contemplated hereby is held  by a court of competent jurisdiction not to be a sale, this Agreement shall  constitute a grant of a security interest in the property referred to in this  Section for the benefit of the Noteholders and the Insurer.

 

SECTION  2.2.      [Reserved]

 

SECTION  2.3.      Further Encumbrance of Trust  Property.

 

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

 

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

 

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

 

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

 

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ARTICLE III

 

The Receivables

 

SECTION  3.1.      Representations and  Warranties of Seller.  The Seller  hereby represents and warrants that each of the representations and warranties  set forth on the Schedule of Representations attached hereto as Schedule B is  true and correct on which the Issuer is deemed to have relied in acquiring the  Receivables and upon which the Insurer shall be deemed to rely in issuing the  Note Policy.  Such representations and  warranties speak as of the execution and delivery of this Agreement and as of  the Closing Date, but shall survive the sale, transfer and assignment of the  Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent  pursuant to the Indenture and shall not be waived.

 

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

 

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

 

(b)      Pursuant to  Section 2.1 of this Agreement, the Seller conveyed to the Trust all of the  Seller’s right, title and interest in its rights and benefits, but none of its  obligations or burdens, under the Purchase

 

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Agreement including the Seller’s rights under the Purchase Agreement  and the delivery requirements, representations and warranties and the cure or  repurchase obligations of AmeriCredit thereunder.  The Seller hereby represents and warrants to the Trust that such  assignment is valid, enforceable and effective to permit the Trust to enforce  such obligations of AmeriCredit under the Purchase Agreement.  Any purchase by AmeriCredit pursuant to the  Purchase Agreement shall be deemed a purchase by the Seller pursuant to this  Section 3.2 and the definition of Purchased Receivable.

 

SECTION  3.3.      Custody of Receivables Files.

 

(a)      In connection  with the sale, transfer and assignment of the Receivables and the Other  Conveyed Property to the Trust pursuant to this Agreement and simultaneously  with the execution and delivery of this Agreement, the Trust Collateral Agent  shall enter into the Custodian Agreement with the Custodian, dated as of August  23, 2004, pursuant to which the Trust Collateral Agent shall revocably appoint  the Custodian, and the Custodian shall accept such appointment, to act as the  agent of the Trust Collateral Agent as custodian of the following documents or  instruments in its possession which shall be delivered to the Custodian as  agent of the Trust Collateral Agent on or before the Closing Date (with respect  to each Receivable):

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

(b)      The Trust  Collateral Agent may act as the Custodian, in which case the Trust Collateral  Agent shall be deemed to have assumed the obligations of the Custodian specified  in the Custodian Agreement.  Upon  payment in full of any Receivable, the Servicer will notify the Custodian  pursuant to a certificate of an officer of the Servicer (which certificate  shall include a statement to the effect that all amounts received in connection  with such payments which are required to be deposited in the Collection Account  pursuant to Section 4.1 have been so deposited) and shall request delivery of  the Receivable and Receivable File to the Servicer.  Upon the sale of any Receivable pursuant to Section 4.3(c)  hereof, the Servicer will notify the Custodian pursuant to a certificate of an  officer of the Servicer (which certificate shall include a statement to the  effect that all amounts received
in connection with such sale which are required  to be deposited in the Collection Account pursuant to Section 4.1 have been so  deposited) and shall request delivery of the Receivable and Receivable File to  the purchaser of such Receivable.  From  time to time as appropriate for servicing and enforcing any Receivable, the  Custodian shall, upon written request of an officer of the Servicer and  delivery to the Custodian of a receipt signed by such officer, cause the  original Receivable and the related

 

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Receivable File to be released to the Servicer.  The Servicer’s receipt of a Receivable  and/or Receivable File shall obligate the Servicer to return the original  Receivable and the related Receivable File to the Custodian when its need by  the Servicer has ceased unless the Receivable is repurchased as described in  Section 3.2 , 4.2 or 4.7.

 

ARTICLE IV

 

Administration and  Servicing of Receivables

 

SECTION 4.1.     Duties of  the Servicer. The Servicer is hereby authorized to act as agent for the  Trust and in such capacity shall manage, service, administer and make  collections on the Receivables, and perform the other actions required by the  Servicer under this Agreement.  The  Servicer agrees that its servicing of the Receivables shall be carried out in  accordance with customary and usual procedures of institutions which service  motor vehicle retail installment sales contracts and, to the extent more  exacting, the degree of skill and attention that the Servicer exercises from  time to time with respect to all comparable motor vehicle receivables that it  services for itself or others.  In  performing such duties, so long as AmeriCredit is the Servicer, it shall  substantially comply with the policies and procedures described on Schedule C,  as such policies and procedures may be
updated from time to time.  The Servicer’s duties shall include, without  limitation, collection and posting of all payments, responding to inquiries of  Obligors on the Receivables, investigating delinquencies, sending payment  coupons to Obligors, reporting any required tax information to Obligors,  monitoring the collateral, complying with the terms of the Lockbox Agreement,  accounting for collections and furnishing monthly and annual statements to the  Trust Collateral Agent, the Trustee and the Insurer with respect to  distributions, monitoring the status of Insurance Policies with respect to the  Financed Vehicles and performing the other duties specified herein.

 

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

 

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Obligor except in accordance with the Servicer’s customary practices as  reflected in the Servicing Policies and Procedures attached hereto as Schedule  C.  

 

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

 

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

 

(a)      Consistent with  the standards, policies and procedures required by this Agreement, the Servicer  shall make reasonable efforts to collect all payments called for under the  terms and provisions of the Receivables as and when the same shall become due,  and shall follow such collection procedures as it follows with respect to all  comparable automobile receivables that it services for itself or others and  otherwise act with respect to the Receivables, the Dealer Agreements, the  Dealer Assignments, the Auto Loan Purchase and Sale Agreements, the Third-Party  Lender Assignments, the Insurance Policies and the Other Conveyed Property in  such manner as will, in the reasonable judgment of the Servicer, maximize the  amount to be received by the Trust with respect thereto, including directing  the Issuer to sell the Receivables pursuant to Section 4.3(c) hereof.  The Servicer is authorized in its
discretion  to waive any prepayment charge, late payment charge or any other similar fees  that may be collected in the ordinary course of servicing any Receivable.

 

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

 

(c)      The Servicer  may grant payment extensions on, or other modifications or amendments to, a  receivable (in addition to those modifications permitted by Section 4.2(b)  hereof) in accordance with its customary procedures if the Servicer believes in  good faith that

 

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such extension, modification or amendment is necessary to avoid a  default on such Receivable, will maximize the amount to be received by the  Trust with respect to such Receivable, and is otherwise in the best interests  of the Trust; provided, however, that:

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

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

 

Prior to the Closing Date, the Servicer shall have  notified each Obligor that makes its payments on the Receivables by check to  make such payments thereafter directly to the Lockbox Bank (except in the case  of Obligors that have already been making such payments to the Lockbox Bank),  and shall have provided each such Obligor with remittance invoices in order to  enable such Obligors to make such payments directly to the Lockbox Bank for  deposit into the Lockbox Account, and the Servicer will continue, not less  often than every three months, to so notify those Obligors who have failed to  make payments to the Lockbox Bank.  If  and to the extent requested by the Controlling Party, the Servicer shall  request each Obligor that makes

 

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payment on the Receivables by direct debit of such Obligor’s bank  account, to execute a new authorization for automatic payment which in the  judgment of the Controlling Party is sufficient to authorize direct debit by  the Lockbox Bank on behalf of the Trust.   If at any time, the Lockbox Bank is unable to directly debit an  Obligor’s bank account that makes payment on the Receivables by direct debit  and if such inability is not cured within 15 days or cannot be cured by  execution by the Obligor of a new authorization for automatic payment, the  Servicer shall notify such Obligor that it cannot make payment by direct debit  and must thereafter make payment by check.

 

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

 

In the event of a termination of the Servicer, the  replacement Servicer shall assume all of the rights and obligations of the  outgoing Servicer under the Lockbox Agreement subject to the terms hereof.  In such event, the replacement Servicer  shall be deemed to have assumed all of the outgoing Servicer’s interest therein  and to have replaced the outgoing Servicer as a party to each such Lockbox  Agreement to the same extent as if such Lockbox Agreement had been assigned to  the replacement Servicer, except that the outgoing Servicer shall not thereby  be relieved of any liability or obligations on the part of the outgoing  Servicer to the Lockbox Bank under such Lockbox Agreement.  The outgoing Servicer shall, upon request of  the Trust Collateral Agent, but at the expense of the outgoing Servicer,  deliver to the replacement Servicer all documents and records relating to each  such Lockbox Agreement and an accounting
of amounts collected and held by the  Lockbox Bank and otherwise use its best efforts to effect the orderly and  efficient transfer of any Lockbox Agreement to the replacement Servicer.  In the event that the Insurer (so long as an  Insurer Default shall not have occurred and be continuing) or a Note Majority  (if an Insurer Default shall have occurred and be continuing) elects to change  the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall  cause the Lockbox Bank to deliver, at the direction of the Insurer (so long as  an Insurer Default shall not have occurred and be continuing) or a Note  Majority (if an Insurer Default shall have occurred and be continuing) to the  Trust Collateral Agent and a successor Lockbox Bank, all documents and records  relating to the Receivables and all amounts held (or thereafter received) by  the Lockbox Bank (together with an accounting of such amounts) and shall  otherwise use its best efforts to effect the orderly and efficient transfer
of  the lockbox arrangements and the Servicer shall notify the Obligors to make  payments to the Lockbox established by the successor.

 

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

 

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(f)      AmeriCredit  shall not cause or permit the substitution of the Financed Vehicle relating to  a Receivable unless:  (i) the  substitution is a replacement of the Financed Vehicle originally financed under  the related Receivable; (ii) the Financed Vehicle originally financed under the  related Receivable was either (x) insured under an Insurance Policy as required  under Section 4.4(a) at the time of a casualty loss that is treated as a total  loss under such Insurance Policy or (y) deemed to be a “lemon” pursuant to  applicable State law and repurchased by the related Dealer; (iii) the related  Receivable is not more than 30 days delinquent; (iv) the Obligor is deemed to  be in “good standing” by the Servicer and is not in breach of any requirement  under the related Receivable; (v) the replacement Financed Vehicle has a book  value (N.A.D.A.) at least equal to the book
value (N.A.D.A.) of the Financed  Vehicle that is being replaced, measured immediately before the casualty loss  or replacement by the Dealer; (vi) as of the date of such substitution, the  replacement Financed Vehicle’s mileage is no greater than the mileage on the  Financed Vehicle that is being replaced and (vii) the substitution complies  with the Substitution of Collateral Criteria.   So long as the Note Policy is outstanding, AmeriCredit shall not cause  or permit the substitution of Financed Vehicles relating to Receivables having  an original aggregate Principal Balance greater than one percent (1%) of the  Original Pool Balance, (the “Substitution Limit”).  In the event that the Substitution Limit is  exceeded for any reason, AmeriCredit shall, on or before the next following  Accounting Date, repurchase a sufficient number of such Receivables to cause  the aggregate original Principal Balances of such Receivables to be less than  the Substitution
Limit.

 

SECTION 4.3     Realization  upon Receivables.

 

(a)      In addition to  the Servicer’s ability to direct the Issuer to sell Receivables pursuant to  Section 4.3(c) hereof, and consistent with the standards, policies and  procedures required by this Agreement, the Servicer shall use its best efforts  to repossess (or otherwise comparably convert the ownership of) and liquidate  any Financed Vehicle securing a Receivable with respect to which the Servicer  has determined that payments thereunder are not likely to be resumed, as soon  as is practicable after default on such Receivable but in no event later than  the date on which all or any portion of a Scheduled Receivables Payment has  become 91 days delinquent; provided, however, that the Servicer  may elect not to repossess a Financed Vehicle within such time period if in its  good faith judgment it determines that the proceeds ultimately recoverable with  respect to such Receivable
would be increased by forbearance or if it instead  elects to direct the Issuer to sell the Receivables pursuant to Section  4.3(c).  The Servicer is authorized to  follow such customary practices and procedures as it shall deem necessary or  advisable, consistent with the standard of care required by Section 4.1, which  practices and procedures may include reasonable efforts to realize upon any  recourse to Dealers and Third-Party Lenders, the sale of the related Financed  Vehicle at public or private sale, the submission of claims under an Insurance  Policy and other actions by the Servicer in order to realize upon such a  Receivable.  The foregoing is subject to  the provision that, in any case in which the Financed Vehicle shall have  suffered damage, the Servicer shall not expend funds in connection with any  repair or towards the repossession of such Financed Vehicle unless it shall  determine in its discretion that such repair and/or repossession shall increase  the proceeds of
liquidation of the related Receivable by an amount greater than  the amount of such expenses.  All  amounts received upon liquidation of a Financed Vehicle shall be remitted  directly by the Servicer to the Collection Account without deposit into any  intervening account as soon as practicable, but in no event later than the  Business Day after receipt thereof.  The  Servicer shall be entitled to recover 

 

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all reasonable expenses incurred by it in the course of repossessing  and liquidating a Financed Vehicle into cash proceeds, but only out of the cash  proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or  any amounts received from the related Dealer or Third-Party Lender, which  amounts in reimbursement may be retained by the Servicer (and shall not be  required to be deposited as provided in Section 4.2(e)) to the extent of such  expenses.  The Servicer shall pay on  behalf of the Trust any personal property taxes assessed on repossessed  Financed Vehicles.  The Servicer shall  be entitled to reimbursement of any such tax from Net Liquidation Proceeds with  respect to such Receivable.

 

(b)      If the  Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit at the  request of the Servicer, elects to commence a legal proceeding to enforce a  Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or  Third-Party Lender Assignment, the act of commencement shall be deemed to be an  automatic assignment from the Trust to the Servicer, or to AmeriCredit at the  request of the Servicer, of the rights under such Dealer Agreement, Auto Loan  Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment  for purposes of collection only.  If,  however, in any enforcement suit or legal proceeding it is held that the  Servicer or AmeriCredit, as appropriate, may not enforce a Dealer Agreement, Auto  Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender  Assignment on the grounds that it is not a real party in interest or a
Person  entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale  Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner  Trustee and/or the Trust Collateral Agent, at AmeriCredit’s expense, or the  Seller, at the Seller’s expense, shall take such steps as the Servicer deems  reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and  Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, including  bringing suit in its name or the name of the Seller or of the Trust and the  Owner Trustee and/or the Trust Collateral Agent for the benefit of the  Noteholders.  All amounts recovered  shall be remitted directly by the Servicer as provided in Section 4.2(e).

 

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

 

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intervening account as soon as practicable, but in no event later than  the Business Day after receipt thereof.

 

SECTION 4.4.     Insurance.

 

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

 

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

 

(c)      In connection  with any Force-Placed Insurance obtained hereunder, the Servicer may, in the  manner and to the extent permitted by applicable law, require the Obligors to  repay the entire premium to the Servicer.   In no event shall the Servicer include the amount of the premium in the  Amount Financed under the Receivable.   For all purposes of this Agreement, the Insurance Add-On Amount with  respect to any Receivable having Force-Placed Insurance will be treated as a  separate obligation of the Obligor and will not be added to the Principal  Balance of such Receivable, and amounts allocable thereto will not be available  for distribution on the Notes and the Certificates.  The Servicer shall retain and separately administer the right to  receive payments from Obligors with respect to Insurance Add-On Amounts or  rebates of Forced-Placed Insurance premiums.   If an Obligor
makes a payment with respect to a Receivable having  Force-Placed Insurance, but the Servicer is unable to determine whether the  payment is allocable to the Receivable or to the Insurance Add-On Amount, the  payment shall be applied 

 

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first to any unpaid Scheduled Receivables Payments and then to the  Insurance Add-On Amount.  Net  Liquidation Proceeds on any Receivable will be used first to pay the Principal  Balance and accrued interest on such Receivable and then to pay the related  Insurance Add-On Amount.  If an Obligor  under a Receivable with respect to which the Servicer has placed Force-Placed  Insurance fails to make scheduled payments of such Insurance Add-On Amount as  due, and the Servicer has determined that eventual payment of the Insurance  Add-On Amount is unlikely, the Servicer may, but shall not be required to,  purchase such Receivable from the Trust for the Purchase Amount on any  subsequent Determination Date.  Any such  Receivable, and any Receivable with respect to which the Servicer has placed  Force-Placed Insurance which has been paid in full (excluding any Insurance  Add-On Amounts) will be assigned to the Servicer.

 

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

 

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

 

SECTION 4.5.     Maintenance  of Security Interests in Vehicles.

 

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

 

(b)      Upon the  occurrence of an Insurance Agreement Event of Default, the Insurer may (so long  as an Insurer Default shall not have occurred and be continuing) instruct the  Trust Collateral Agent and the Servicer to take or cause to be taken, or, if an  Insurer Default shall

 

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have occurred, upon the occurrence of a Servicer Termination Event, the  Trust Collateral Agent and the Servicer shall take or cause to be taken such  action as may, in the opinion of counsel to the Controlling Party, be necessary  to perfect or re-perfect the security interests in the Financed Vehicles  securing the Receivables in the name of the Trust by amending the title  documents of such Financed Vehicles or by such other reasonable means as may,  in the opinion of counsel to the Controlling Party, be necessary or prudent.  

 

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

 

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

 

(a)      The Servicer  covenants as follows:

 

	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

SECTION 4.7.     Purchase  of Receivables Upon Breach of Covenant.      Upon discovery by any of the Servicer, the Insurer, a Responsible  Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer  of the Backup Servicer or a Responsible Officer of the Trustee of a breach of  any of the covenants set forth in Sections 1, 2 or 3 of the Custodian Agreement  or in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall  give prompt written notice to the others; provided, however, that  the failure to give any such notice shall not affect any obligation of  AmeriCredit as Servicer under this Section.   As of the second Accounting Date following its discovery or receipt of  notice of any breach of any covenant set forth in Sections 4.5(a) or 4.6(a)  which materially and adversely affects the interests of the Noteholders or the  Insurer
in any Receivable (including any Liquidated Receivable) (or, at  AmeriCredit’s election, the first Accounting Date so following) or the related  Financed Vehicle, AmeriCredit shall, unless such breach shall have been cured  in all material respects, purchase from the Trust the Receivable affected by  such breach and, on the related Determination Date, AmeriCredit shall pay the  related Purchase Amount.  It is  understood and agreed that the obligation of AmeriCredit to purchase any  Receivable (including any Liquidated Receivable) with respect to which such a  breach has occurred and is continuing shall, if such obligation is fulfilled,  constitute the sole remedy against AmeriCredit for such breach available to the  Insurer, the Noteholders, the Owner Trustee, the Backup Servicer or the Trust  Collateral Agent; provided, however, that AmeriCredit shall  indemnify the Trust, the Backup Servicer, the Collateral Agent, the Insurer,  the Owner Trustee, the Trust Collateral Agent,
the Trustee and the Noteholders  from and against all costs, expenses, losses, damages, claims and liabilities,  including reasonable fees and expenses of counsel, which may be asserted  against or incurred by any of them as a result of third party claims arising  out of the events or facts giving rise to such breach.  Notwithstanding anything to the contrary  contained herein, AmeriCredit will not be required to repurchase Receivables  due solely to the Servicer’s not having received Lien 

 

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Certificates that have been properly applied for from the Registrar of  Titles in the applicable states for such Receivables unless (i) such Lien  Certificates shall not have been received with respect to Receivables with  Principal Balances which total more than 1.0% of the Aggregate Principal  Balance as of the 180th day after the Closing Date, in which case  AmeriCredit shall be required to repurchase a sufficient number of such  Receivables to cause the aggregate Principal Balances of the remaining  Receivables for which no such Lien Certificate shall have been received to be  no greater than 1.0% of the Aggregate Principal Balance as of such date or (ii)  such Lien Certificates shall not have been received as of the 240th  day after the Closing Date.  This  section shall survive the termination of this Agreement and the earlier removal  or resignation of the Trustee and/or the Trust Collateral Agent and/or the  Backup
Servicer.

 

SECTION 4.8.     Total  Servicing Fee; Payment of Certain Expenses by Servicer.  On each Distribution Date, the Servicer  shall be entitled to receive out of the Collection Account the Base Servicing  Fee and any Supplemental Servicing Fee for the related Collection Period  (together, the “Servicing Fee”) pursuant to Section 5.7.  The Servicer shall be required to pay all  expenses incurred by it in connection with its activities under this Agreement  (including taxes imposed on the Servicer, expenses incurred in connection with  distributions and reports made by the Servicer to Noteholders or the Insurer  and all other fees and expenses of the Owner Trustee, the Collateral Agent, the  Backup Servicer, the Trust Collateral Agent or the Trustee, except taxes levied  or assessed against the Trust, and claims against the Trust in respect of  indemnification, which taxes and claims
in respect of indemnification against  the Trust are expressly stated to be for the account of AmeriCredit).  The Servicer shall be liable for the fees  and expenses of the Owner Trustee, the Backup Servicer, the Trust Collateral  Agent, the Trustee, the Custodian, the Collateral Agent, the Lockbox Bank (and  any fees under the Lockbox Agreement) and the Independent Accountants.  Notwithstanding the foregoing, if the  Servicer shall not be AmeriCredit, a successor to AmeriCredit as Servicer  including the Backup Servicer permitted by Section 9.3 shall not be liable for  taxes levied or assessed against the Trust or claims against the Trust in  respect of indemnification, or the fees and expenses referred to above. 

 

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

 

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

 

(b)      No later than  10:00 a.m. Eastern time on each Determination Date, the Servicer shall deliver  (facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the  Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Insurer  and each Rating Agency a Servicer’s Certificate executed by a Responsible  Officer of the Servicer containing among other things, (i) all information  necessary to enable the Trust Collateral Agent to make any withdrawal and  deposit required by Section 5.5 and to make the distributions required by  Section 5.7(a), (ii) a listing of all Purchased Receivables and Sold  Receivables purchased by the Servicer or sold by the Issuer as of the related  Accounting Date, identifying the Receivables so 

 

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purchased by the Servicer or sold by the Issuer, (iii) all information  necessary to enable the Backup Servicer verify the items specified in Section  4.13(iii), (iv) all information necessary to enable the Trust Collateral Agent  to send the statements to Noteholders and the Insurer required by Section 5.10,  and (v) all information necessary to enable the Trust Collateral Agent to  reconcile the aggregate cash flows, the Collection Account for the related  Collection Period and Distribution Date, including the accounting required by  Section 5.10.  Receivables purchased by  the Servicer or by the Seller on the related Accounting Date and each Receivable  which became a Liquidated Receivable or which was paid in full during the  related Collection Period shall be identified by account number (as set forth  in the Schedule of Receivables).  In  addition to the information set forth in the preceding sentence, the Servicer’s  Certificate shall
also contain the following information:  (a) the Delinquency Ratio, Monthly Extension  Rate and Cumulative Net Loss Ratio (as such terms are defined herein or in the  Spread Account Agreement) for the related Collection Period; (b) whether any  Trigger Event has occurred as of such Determination Date; (c) whether any  Trigger Event that may have occurred as of a prior Determination Date is deemed  cured as of such Determination Date; and (d) whether to the knowledge of the  Servicer an Insurance Agreement Event of Default has occurred.  

 

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

 

(a)      The Servicer  shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent,  the Backup Servicer, the Insurer and the Rating Agencies, 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, 2004, 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 Servicer  shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent,  the Backup Servicer, the Insurer, the Collateral Agent and each Rating Agency,  promptly after having obtained knowledge thereof, but in no event later than  two (2) Business Days thereafter, written notice in an officer’s certificate of  any event which with the giving of notice or lapse of time, or both, would  become a Servicer Termination Event under Section 9.1(a).  The Seller or the Servicer shall deliver to  the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup  Servicer, the Insurer, the Collateral Agent, the Servicer or the Seller (as  applicable) and each Rating Agency promptly after having obtained knowledge  thereof, but in no event later than two (2) Business Days thereafter, written  notice in an officer’s certificate of any event which with the giving of notice
or lapse of time, or both, would become a Servicer Termination Event under any  other clause of Section 9.1.

 

SECTION 4.11.     Annual  Independent Accountants’ Report.   The Servicer shall cause a firm of nationally recognized independent  certified public accountants (the “Independent

 

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Accountants”), who may also render  other services to the Servicer or to the Seller, to deliver to the Trustee, the  Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and  each Rating Agency, on or before October 31 (or 120 days after the end of the  Servicer’s fiscal year, if other than June 30) of each year, beginning on  October 31, 2004, with respect to the twelve months ended the immediately  preceding June 30 (or other applicable date) (or such other period as shall  have elapsed from the Closing Date to the date of such certificate (which  period shall not be less than six months)), a statement (the “Accountants’  Report”) addressed to the Board of Directors of the Servicer, to the  Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and  to the Insurer, to the effect that such firm has audited the books and records  of AmeriCredit Corp., in which the Servicer is
included as a consolidated  subsidiary, and issued its report thereon in connection with the audit report  on the consolidated financial statements of AmeriCredit Corp. and that (1) such  audit was made in accordance with generally accepted auditing standards, and  accordingly included such tests of the accounting records and such other  auditing procedures as such firm considered necessary in the circumstances; and  (2) the firm is independent of the Seller and the Servicer within the meaning  of the Code of Professional Ethics of the American Institute of Certified  Public Accountants.

 

In the event such independent public accountants  require the Trust Collateral Agent, Trustee, or Back-up Servicer to agree to  the procedures to be performed by such firm in any of the reports required to  be prepared pursuant to this Section 4.11, the Servicer shall direct the Trust  Collateral Agent, Trustee and Back-up Servicer in writing to so agree; it being  understood and agreed that the Trust Collateral Agent, Trustee and Back-up  Servicer will deliver such letter of agreement in conclusive reliance upon the  direction of the Servicer, and the Trust Collateral Agent, Trustee and Back-up  Servicer have not made any independent inquiry or investigation as to, and  shall have no obligation or liability in respect of, the sufficiency, validity  or correctness of such procedures.

 

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

 

SECTION 4.13.     Monthly  Tape.  On or before the Distribution  Date, but in no event later than the seventh calendar day, of each month, the  Servicer will deliver to the Trust Collateral Agent, the Insurer and the Backup  Servicer a computer tape and a diskette (or any other electronic transmission  acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer)  in a format acceptable to the Trust Collateral Agent, the Insurer and the  Backup Servicer containing the information with respect to the Receivables as  of the preceding Accounting Date necessary for preparation of the Servicer’s  Certificate relating to the immediately preceding Determination Date and  necessary to review the application of collections as provided in Section 5.4  (the “Monthly Tape”).  The Backup  Servicer shall use such tape or diskette (or other electronic transmission
acceptable to the Backup Servicer) to (i) 

 

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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) calculate and confirm (A) the aggregate amount  distributable as principal on the related Distribution Date to each Class of  Notes; (B) the aggregate amount distributable as interest on the related  Distribution Date to each Class of Notes; (C) any amounts distributable on the  related Distribution Date which are to be paid with funds (y) withdrawn from  the Spread Account, or (z) drawn under the Note Policy; (D) the outstanding  principal amount of each Class of Notes after giving effect to all  distributions made pursuant to clause (A), above; (E) the Note Pool Factor for  each Class of Notes after giving effect to all distributions made pursuant to  clause (A), above; (F) the aggregate Noteholders’ Principal Carryover Amount  and the aggregate Noteholders’ Interest Carryover
Amount on such Distribution  Date after giving effect to all distributions made pursuant to clauses (A) and  (B), above, respectively; (G) the Monthly Extension Rate; (H) the Delinquency  Ratio; and (I) the Cumulative Net Loss Ratio.   The Backup Servicer shall certify to the Controlling Party and to the  Trustee that it has verified the Servicer’s Certificate in accordance with this  Section and shall notify the Servicer and the Controlling Party of any  discrepancies, in each case, on or before the fifth Business Day following the Distribution  Date.  In the event that the Backup  Servicer reports any discrepancies, the Servicer and the Backup Servicer shall  attempt to reconcile such discrepancies prior to the next succeeding  Distribution Date, but in the absence of a reconciliation, the Servicer’s  Certificate shall control for the purpose of calculations and distributions  with respect to the next succeeding Distribution Date.  In the event that the Backup Servicer and
the Servicer are unable to reconcile discrepancies with respect to a Servicer’s  Certificate by the next succeeding Distribution Date, the Servicer shall cause  the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s  Certificate and, prior to the last day of the month after the month in which  such Servicer’s Certificate was delivered, reconcile the discrepancies.  The effect, if any, of such reconciliation  shall be reflected in the Preliminary Servicer’s Certificate for the next  succeeding Distribution Date, and/or the Servicer’s Certificate for such next  succeeding Determination Date.  In  addition, upon the occurrence of a Servicer Termination Event the Servicer  shall, if so requested by the Controlling Party, deliver to the Backup Servicer  or any replacement Servicer its Collection Records and its Monthly Records  within 15 days after demand therefor and a computer tape containing as of the  close of business on the date of
demand all of the data maintained by the  Servicer in computer format in connection with servicing the Receivables.  Other than the duties specifically set forth  in this Agreement, the Backup Servicer shall have no obligations hereunder,  including, without limitation, to supervise, verify, monitor or administer the  performance of the Servicer.  The Backup  Servicer shall have no liability for any actions taken or omitted by the  Servicer.

 

SECTION 4.14.      [Reserved].

 

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

 

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ARTICLE V

 

Trust Accounts;  Distributions;

Statements to Noteholders

 

SECTION 5.1.     Establishment  of Trust Accounts.  

 

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

 

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

 

(b)      Funds on  deposit in the Collection Account and the Note Distribution Account  (collectively, the “Trust Accounts”) and the Lockbox Accounts shall be  invested by the Trust Collateral Agent (or any custodian with respect to funds  on deposit in any such account) in Eligible Investments selected in writing by  the Servicer (pursuant to standing instructions or otherwise).  All such Eligible Investments shall be held  by or on behalf of the Trust Collateral Agent for the benefit of the  Noteholders and the Insurer, as applicable.   Other than as permitted by the Rating Agencies and the Insurer, funds on  deposit in any Trust Account shall be invested in Eligible Investments that  will mature so that such funds will be available at the close of business on  the Business Day immediately preceding the following Distribution Date.  Funds deposited in a Trust Account on the
 day immediately preceding a Distribution 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) on each Distribution Date by the Trust Collateral Agent  in the Collection Account, and any loss resulting from such investments shall  be charged to such account.  The  Servicer will not direct the Trust Collateral Agent to make any investment of  any funds held in any of the Trust Accounts unless the security interest  granted and perfected in such account will continue to be perfected in such  investment, in either case without any further action by any Person, and, in  connection with any direction to the Trust Collateral Agent to make any such  investment, if requested by the Trust Collateral Agent, the Servicer shall  deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the  Trust Collateral Agent, to such effect.

 

(d)      The Trust  Collateral Agent shall not in any way be held liable by reason of any  insufficiency in any of the Trust Accounts resulting from any loss on any  Eligible Investment included therein except for losses attributable to the  Trust Collateral Agent’s negligence or bad faith or its failure to make  payments on such Eligible Investments issued by 

 

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the Trust Collateral Agent, in its commercial capacity as principal  obligor and not as trustee, in accordance with their terms.

 

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

 

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

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  (B)      any    Trust Account Property that constitutes Physical Property shall be delivered    to the Trust Collateral Agent in accordance with paragraph (a) of the    definition of “Delivery” and shall be held, pending maturity or    disposition, solely by the Trust Collateral Agent or a securities    intermediary (as such term is defined in Section 8-102(14) of the UCC) acting    solely for the Trust Collateral Agent;

  
	
   

  	
   

  
	
   

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

  

 

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

SECTION  5.2.      [Reserved].

 

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

 

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

 

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

 

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

 

SECTION  5.5.      Withdrawals from Spread  Account.  

 

(a)      In the event  that the Servicer’s Certificate with respect to any Determination Date shall  state that there is a Spread Account Claim Amount then on the Spread Account  Claim Date immediately preceding the related Distribution Date, the Trust  Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the  Trustee, the Insurer and the Servicer, by hand delivery or facsimile  transmission, a written notice (a “Deficiency Notice”) specifying the  Spread Account Claim Amount for such Distribution Date and the Insured Amount,  if any.  Such Deficiency Notice shall  direct the Collateral Agent to remit such Spread Account Claim Amount (to the  extent of the funds available to be distributed pursuant to the Spread Account  Agreement) to the Trust Collateral Agent for deposit in the Collection Account  on the related Distribution Date.

 

Any Deficiency Notice shall be delivered by 12:00  noon, Eastern time, on the second Business Day preceding such Distribution  Date.

 

(b)      In the event  that the Preliminary Servicer’s Certificate with respect to any Determination  Date shall state that there shall be an Accelerated Payment Amount Shortfall  with respect to the related Distribution Date, then on the Business Day  preceding such Distribution Date, the Trust Collateral Agent shall deliver to  the Collateral Agent, the Insurer and the Servicer, by hand delivery or  facsimile transmission, an Accelerated Payment Shortfall Notice.  Such Accelerated Payment Shortfall Notice  shall direct the Collateral Agent to remit such Accelerated Payment Amount  Shortfall to the Trust Collateral Agent (to the extent of funds available to be  distributed in the Spread Account) for deposit in the Collection Account on the  related Distribution Date.  Any  Accelerated Payment Shortfall Notice shall be delivered by 2:00 p.m. Eastern  time, on the Business Day preceding such
Distribution Date.

 

(c)      The amounts  distributed by the Collateral Agent to the Trust Collateral Agent pursuant to a  Deficiency Notice or Accelerated Payment Shortfall Notice shall be deposited by  the Trust Collateral Agent into the Collection Account pursuant to Section 5.6.

 

SECTION  5.6.      Additional Deposits.

 

(a)      The Servicer  and the Seller, as applicable, shall deposit or cause to be deposited in the  Collection Account on the Determination Date on which such obligations are due  the aggregate Purchase Amount with respect to Purchased Receivables and the  aggregate 

 

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Sale Amounts with respect to Sold Receivables.  On or before each Distribution Date, the  Trust Collateral Agent shall remit to the Collection Account any amounts  delivered to the Trust Collateral Agent by the Collateral Agent.

 

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

 

SECTION  5.7.      Distributions.

 

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

 

	
   

  	
  (i)      from    the Available Funds, to the Servicer, the Base Servicing Fee for the related    Collection Period, any Supplemental Servicing Fees for the related Collection    Period, any amounts specified in Section 5.3, to the extent the Servicer has    not reimbursed itself in respect of such amounts pursuant to Section 5.3 and    to the extent not retained by the Servicer and to pay to AmeriCredit any    amounts paid by Obligors during the preceding calendar month that did not    relate to (x) principal and interest payments due on the Receivables and (y)    any fees or expenses related to extensions due on the Receivables and, to any    successor Servicer, transition fees not to exceed $200,000 (including    boarding fees) in the aggregate;

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  (iii)      from    the Available Funds to the Note Distribution Account, the Noteholders’    Interest Distributable Amount;

  
	
   

  	
   

  
	
   

  	
  (iv)      from    the Available Funds, to the Insurer, the Premium (as defined in the Insurance    Agreement);

  
	
   

  	
   

  
	
   

  	
  (v)      from    the Available Funds to the Note Distribution Account, the Noteholders’    Principal Distributable Amount;

  
	
   

  	
   

  
	
   

  	
  (vi)      from    the Available Funds, to the Insurer, to the extent of any amounts owing to    the Insurer under the Insurance Agreement and not paid;

  
	
   

  	
   

  
	
   

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

  

 

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  (viii)      from    the Available Funds and other amounts, if any, received by the Trust    Collateral Agent in respect of the Accelerated Payment Amount Shortfall, to    the Note Distribution Account, the Noteholders’ Accelerated Principal Amount;    and

  
	
   

  	
   

  
	
   

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

  

 

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

 

(b)      On each  Distribution Date, the Trust Collateral Agent shall (based solely on the  information contained in the Servicer’s Certificate delivered with respect to  the related Determination Date, unless the Insurer shall have notified the  Trust Collateral Agent in writing of any errors or deficiencies with respect  thereto) distribute from the Collection Account the Additional Funds Available  in accordance with the priorities set forth in Section 5.7(b) or as may be  directed by the Insurer in writing with respect to that portion of the  Additional Funds Available constituting Insurer Optional Deposits and the  Trustee shall deposit in the Note Distribution Account any Insured Payments (as  defined in the Note Policy) due on such Distribution Date, which amount shall  be applied solely to the payment of amounts then due and unpaid on the Notes in  accordance with the priorities set forth in
Section 5.8(a) hereof or Section  5.6 of the Indenture, as applicable.

 

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

 

SECTION  5.8.      Note Distribution Account.

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  (ii)     The    Principal Distributable Amount shall be distributed as follows:

  

 

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

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

 

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

 

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

 

SECTION  5.9.      [Reserved].

 

SECTION  5.10.      Statements to Noteholders.  

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  (iii)    the    amount of such distribution payable out of amounts withdrawn from the Spread    Account or pursuant to a claim on the Note Policy;

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

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(b)      The Trust  Collateral Agent will make available each month to each Noteholder the  statements referred to in Section 5.10(a) above (and certain other documents,  reports and information regarding the Receivables provided by the Servicer from  time to time) via the Trust Collateral Agent’s internet website with the use of  a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s  internet website will be located at www.CTSLink.com or at such other address as  the Trust Collateral Agent shall notify the Noteholders from time to time. For  assistance with regard to this service, Noteholders can call the Trust  Collateral Agent’s Corporate Trust Office at (301) 815-6600.  The Trust Collateral Agent shall have the  right to change the way the statements referred to in Section 5.10(a) above are  distributed in order to make such distribution more convenient
and/or more  accessible to the parties entitled to receive such statements.  The Trust Collateral Agent shall provide  notification of any such change to all parties entitled to receive such  statements in the manner described in Section 12.3 hereof, Section 11.4 of the  Indenture or Section 11.5 of the Indenture, as appropriate.

 

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

 

ARTICLE VI

 

The Note Policy

 

SECTION  6.1.      Claims Under Note Policy.

 

(a)      In the event  that the Servicer’s Certificate with respect to any Determination Date states  that there is an Insured Amount, the Trustee will furnish to the Insurer no  later than 12:00 noon New York City time on the related Determination Date a  completed Notice (as attached as a form to the Note Policy) specifying the  amount of the Insured Amount, provided, that if such Notice is received  after 12:00 noon, New York City time, on such Business Day, it will be deemed  to be received before 12:00 noon, New York City time, on the following Business  Day.  If any such Notice is not in  proper form or is otherwise insufficient for the purpose of making a claim  under the Note Policy, it will be deemed not to have been received for purposes  of making such claim, and the Insurer will promptly so advise the Trustee in  writing and the Trustee may submit an amended or corrected
Notice.  If such an amended or corrected Notice is in  proper form and is otherwise sufficient for the purpose of making a claim under  the Note Policy, it will be deemed to have been timely received on the Business  Day of such resubmission; provided, that if such notice is received  after 12:00 noon, New York City time, it shall be deemed to be received before  12:00 noon, New York City time, on the following Business Day.

 

(b)      Any notice  delivered by the Trustee to the Insurer pursuant to Section 6.1(a) will specify  the Insured Amount claimed under the Note Policy and will constitute a 

 

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“Notice” under the Note Policy.   In accordance with the provisions of the Note Policy, the Insurer is  required to pay to the Trustee the Insured Amount properly claimed thereunder  by 12:00 noon, New York City time, on the later of (i) the Distribution Date on  which the related Insured Amount is due for payment under the Indenture or (ii)  the second Business Day following actual receipt in New York, New York on a Business  Day by the Insurer of a Notice, appropriately completed and executed by the  Trustee; provided, that if such Notice is received after 12:00 noon, New  York City time, on such Business Day, it will be deemed to be received before  12:00 noon, New York City time, on the following Business Day.  The Trustee will deposit amounts paid by the  Insurer pursuant to a claim submitted under this Section 6.1 into the Note  Distribution Account for payment to Holders (as defined in the Note Policy) on  the related
Distribution Date (or, if funds are received from the Insurer after  the related Distribution Date, for payment to Holders promptly after such  receipt).  Any payment made by the  Insurer under the Note Policy will be applied solely to the payment of the  Notes, and for no other purpose.   Amounts payable in respect of any Insured Amounts due under the Note  Policy, unless otherwise stated therein, will be distributed by the Insurer to,  or at the direction of, the Trustee, by wire transfer of immediately available  funds.  The Insurer’s payment  obligations under the Note Policy with respect to particular Insured Amounts  will be discharged to the extent funds equal to the applicable Insured Amounts  are paid by the Insurer to, or at the direction of, the Trustee in accordance  with the Trustee’s request, whether or not such funds are properly applied by  the Trustee.  Payment of Insured Amounts  will be made only at the time set forth in the Note Policy, and no
accelerated  Insured Payments (as defined in the Note Policy) will be made except to the  extent that the Insurer has specified an earlier date for payment at its sole  option.  The Note Policy does not insure  against loss of any prepayment or other acceleration payment which at any time  may become due in respect of any Insured Obligation (as defined in the Note  Policy), other than at the sole option of the Insurer, nor against any risk  other than Nonpayment (as defined in the Note Policy), including failure of the  Trustee to remit any Insured Amounts or Scheduled Payments due to Holders.  Notwithstanding anything to the contrary set  forth in the Note Policy, in no event will the aggregate amount paid by the  Insurer thereunder exceed the Maximum Insured Amount (as defined in the Note Policy).

 

(c)      The Trustee  will (i) receive as attorney-in-fact of each Holder any Insured Amount from the  Insurer and (ii) deposit the same in the Note Distribution Account for  distribution to Noteholders.  Any and  all Insured Amounts disbursed by the Trustee from claims made under the Note Policy  will not be considered payment by the Trust with respect to such Notes, and  will not discharge the obligations of the Trust with respect thereto.  The Insurer will, upon any payment pursuant  to the Note Policy, in furtherance and not in limitation of its equitable right  of subrogation and its rights under the Insurance Agreement, to the extent it  makes any payment with respect to the Notes, become subrogated to the rights of  any Holders to receive any and all amounts due in respect of the Insured Obligations  as to which such payment was made.  The  Insurer will be a co-beneficiary of the
Trustee’s lien under the  Indenture.  Subject to and conditioned  upon any payment with respect to the Notes by or on behalf of the Insurer, the  Trustee will assign to the Insurer all rights to the payment of interest or  principal with respect to the Notes which are then due for payment to the  extent of all payments made by the Insurer, and the Insurer may exercise any  option, vote, right, power or the like with respect to the Notes to the extent  that it has made payment pursuant to the Note Policy.  To evidence such subrogation, the Note Registrar will note the  Insurer’s rights as subrogee upon the register of 

 

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Holders.  The foregoing  subrogation will in all cases be subject to the rights of the Holders to  receive all Scheduled Payments (as defined in the Note Policy) in respect of  the Notes.

 

(d)      The Trustee and  the Trust Collateral Agent will keep a complete and accurate record of all  funds deposited into the Note Distribution Account with respect to the Note  Policy and the allocation of such funds to payment of interest on and principal  paid in respect of any Note.  The Insurer  will have the right to inspect such records at reasonable times upon one  Business Day’s prior notice to the Trustee.

 

(e)      Only the  Trustee on behalf of the Holders will   entitled to make a claim for Insured Amounts under the Note Policy.  Notwithstanding any other provision of this  Agreement or any Basic Document, the Noteholders are not entitled to institute  proceedings directly against the Insurer.

 

SECTION  6.2.      Preference Claims Under Note  Policy.  

 

(a)      In the event  that the Trustee has received a certified copy of a final, nonappealable order  of an appropriate court or other body exercising jurisdiction that any interest  on or principal of the Notes which has become due for payment under the  Indenture or this Agreement, the nonpayment of which would have been covered by  the Note Policy, and which was made to a Holder by or on behalf of the Issuer  has been deemed a preferential transfer and recoverable, or theretofore  recovered, from such Holder pursuant to Title 11 of the United States Code in  accordance with an Order (such amount, a “Preference Amount”), the  Trustee will so notify the Insurer, will comply with the provisions of the Note  Policy to obtain payment by the Insurer of such avoided payment, and will, at  the time it provides notice to the Insurer, notify Holders by mail that, in the  event that any
Holder’s payment is so recoverable, such Holder will be entitled  to payment pursuant to the terms of the Note Policy.  The Insurer will pay any Preference Amount when due to be paid pursuant  to an Order (as defined below), but in any event no earlier than the fifth  Business Day following actual receipt by the Insurer of (i) a certified copy of  a final, nonappealable order of a court or other body exercising jurisdiction  to the effect that a Holder is required to return such Preference Amount paid  during the term of the Note Policy because the payments of such amounts were  avoided as a preferential transfer or otherwise rescinded or required to be  restored by the Trustee or such Holder (the “Order”), (ii) an opinion of  counsel satisfactory to the Insurer that the Order has been entered and is  final and not subject to any stay, (iii) an assignment, in form and substance  satisfactory to the Insurer, duly executed and delivered by such Holder and the  Trustee,
irrevocably assigning to the Insurer all rights and claims of the  Trustee and such Holder relating to or arising under the Indenture or otherwise  with respect to such Preference Amount, (iv) appropriate instruments in form  satisfactory to the Insurer to effect the appointment of the Insurer as agent  for such Holder in any legal proceeding related to such Preference Amount, and  (v) a Notice appropriately completed and executed by the Trustee in the form  attached as Exhibit B to the Note Policy; provided, that (I) if  such documents are received by the Insurer after 12:00 noon, New York City  time, on such Business Day, they will be deemed to be received before 12:00  noon, New York City time, on the following Business Day and (II) the Insurer  will not be obligated to pay any Preference Amount in respect of principal  (other than the Noteholders’ Parity Deficit Amount) prior to the Final  Scheduled Distribution Date for the relevant class of Notes.  Such payment will be
disbursed to the  receiver, conservator, debtor-in-possession or trustee in bankruptcy named in  the Order, and not to the Trustee or the Holder directly, unless the Trustee or  the relevant Holder has made a payment of the Preference Amount to the court or  such receiver, conservator, debtor-in-possession or trustee in bankruptcy named  in the Order, in which case the Insurer will pay the Trustee, or as directed by  the Trustee, to the extent of the payment of the Preference Amount, subject to  the delivery of (a) the items referred to in clauses (i), (ii), (iii), (iv) and  (v) above to the Insurer and (b) evidence satisfactory to the Insurer that  payment has been made to such court or receiver, conservator,  debtor-in-possession or trustee in bankruptcy named in the

 

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Order; provided, further, that any Preference Amount that  constitutes interest will be limited to the amount of interest on the  outstanding principal amount of the Notes (calculated at the Interest Rate for  the relevant class of Notes) accrued as of the last day of the applicable  interest accrual period with respect to the Notes and will not, in any event,  include any interest on the Notes accrued after such date or any interest on  such interest amount; provided, further, that in no event will  the Insurer be obligated to make any payment (i) in respect to any Preference  Amount to the extent that such payment, when added to all prior payments of  Insured Amounts, would exceed the Maximum Insured Amount (as defined in the  Note Policy) or (ii) prior to the time the Insurer would have been required to  pay an Insured Amount pursuant to Section 3 of the Note Policy.

 

(b)      The Trust  Collateral Agent or the Trustee will promptly notify the Insurer of any  proceeding or the institution of any action (of which a Responsible Officer of  the Trustee has actual knowledge) seeking the avoidance as a preferential  transfer under applicable bankruptcy, insolvency, receivership, rehabilitation  or similar law (a “Note Preference Claim”) of any payment made to a  Holder that has been deemed a preferential transfer and recoverable, or  theretofore recovered, from such Holder pursuant to Title 11 of United States  Code in accordance with an Order.  Each  Holder, by its purchase of Notes, and the Trustee hereby agree that so long as  no Insurer Default has occurred and is continuing, the Insurer may at any time  during the continuation of any proceeding relating to a Note Preference Claim  direct all matters relating to such Note Preference Claim, including
(i) the  direction of any appeal of any order relating to any Note Preference Claim and  (ii) the posting of any surety, supersedeas or performance bond pending any  such appeal at the expense of the Insurer, but subject to reimbursement as  provided in the Insurance Agreement.  In  addition, and without limitation of the foregoing, as set forth in Section  6.1(c), the Insurer will be subrogated to, and each Holder and the Trustee  hereby delegate and assign, to the fullest extent permitted by law, the rights  of the trustee and each Holder in the conduct of any proceeding with respect to  a Note Preference Claim, including all rights of any party to an adversary  proceeding action with respect to any court order issued in connection with any  such Note Preference Claim.

 

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

 

ARTICLE VI

 

The Seller

 

SECTION 7.1.     Representations  of Seller.  The Seller makes the  following representations on which the Insurer shall be deemed to have relied  in executing and delivering the Note Policy and on which the Issuer is deemed  to have relied in acquiring the Receivables

 

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and on which the Trustee, Collateral Agent, Trust Collateral Agent and  Backup Servicer may rely.  The  representations speak as of the execution and delivery of this Agreement and as  of the Closing Date, and shall survive the sale of the Receivables to the  Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the  Indenture.

 

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

 

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

 

(c)      Due Qualification.  The Seller is duly qualified to do business  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 and adversely affect Seller’s ability to transfer the Receivables  and the Other Conveyed Property to the Trust pursuant to this Agreement, or the  validity or enforceability of the Receivables and the Other Conveyed Property  or to perform Seller’s obligations hereunder and under the Seller’s Basic  Documents.

 

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

 

(e)      Valid Sale,  Binding Obligations.  This Agreement  effects a valid sale, transfer and assignment of the Receivables and the Other  Conveyed Property, enforceable against the Seller and creditors of and  purchasers from the Seller; and this Agreement and the Seller’s Basic  Documents, when duly executed and delivered, shall constitute legal, valid and  binding obligations of the Seller enforceable in accordance with their  respective terms, except as enforceability may be limited by bankruptcy,  insolvency, reorganization or other similar laws 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 Seller, or any indenture, agreement, mortgage,  deed of trust or other instrument to which the Seller is a party or by which it  is bound, or result in the creation or imposition of any Lien upon any of its  properties pursuant to the terms of any such indenture, 

 

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agreement, mortgage, deed of trust or other instrument, other  than this Agreement, or violate any law, order, rule or regulation applicable  to the Seller of any court or of any federal or state regulatory body,  administrative agency or other governmental instrumentality having jurisdiction  over the Seller or any of its properties.

 

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

 

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

 

(i)      Chief  Executive Office.  The chief executive  office of the Seller is at 2265 B Renaissance Drive, Suite 17, Las Vegas,  Nevada 89119.

 

SECTION 7.2.     Corporate  Existence.

 

(a)      During the term  of this Agreement, the Seller 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 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 Seller shall observe the applicable legal requirements  for the recognition of the Seller as a legal entity separate and apart from its  Affiliates, including as follows:

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  (iii)    the    Seller shall hold such appropriate meetings of its Board of Directors, or adopt    resolutions pursuant to a unanimous written consent of the Board of    Directors, as are necessary to authorize all the Seller’s 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 

  

 

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  any successor Seller not a corporation shall observe    similar procedures in accordance with its governing documents and applicable    law);

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  (v)     all    transactions and dealings between the Seller and its Affiliates will be    conducted on an arm’s length basis.

  

 

 

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

 

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

 

(b)      The Seller  shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the  Trustee, Backup Servicer, the Collateral Agent, the Insurer and the Trust  Collateral Agent and the officers, directors, employees and agents thereof and  the Noteholders from and against any loss, liability or expense incurred by  reason of (i) the Seller’s willful misfeasance, bad faith or negligence in the  performance of its duties under this Agreement, or by reason of reckless  disregard of its obligations and duties under this Agreement and (ii) the  Seller’s or the Issuer’s violation of federal or state securities laws in  connection with the offering and sale of the Notes.

 

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

 

Indemnification under this Section shall survive the  resignation or removal of the Owner Trustee, the Trustee, the Backup Servicer,  the Collateral Agent or the Trust Collateral Agent and the termination of this  Agreement or the Indenture or the Trust Agreement, as 

 

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applicable, and shall include reasonable fees and expenses of counsel  and other expenses of litigation.  If  the Seller shall have made any indemnity payments pursuant to this Section and  the Person to or on behalf of whom such payments are made thereafter shall  collect any of such amounts from others, such Person shall promptly repay such  amounts to the Seller, without interest.

 

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

 

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

 

SECTION 7.6.     Ownership  of the Certificates or Notes.  The  Seller and any Affiliate thereof may in its individual or any other capacity  become the owner or pledgee of Certificates or Notes with the same rights as it  would have if it were not the Seller or an Affiliate thereof, except as  expressly provided herein or in any Basic Document.  Notes or Certificates so owned by the Seller or such Affiliate  shall have an equal and proportionate benefit under the 

 

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provisions of the Basic Documents, without preference, priority, or  distinction as among all of the Notes or Certificates; provided, however,  that any Notes or Certificates owned by the Seller or any Affiliate thereof,  during the time such Notes or Certificates are owned by them, shall be without  voting rights for any purpose set forth in the Basic Documents and will not be  entitled to the benefits of the Note Policy.   The Seller shall notify the Owner Trustee, the Trustee, the Trust  Collateral Agent and the Insurer with respect to any other transfer of any  Certificate. 

 

ARTICLE VIII

 

The Servicer

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)      No Violation.  The consummation of the transactions  contemplated by this Agreement and the Servicer’s Basic Documents, and the  fulfillment of the terms of this

 

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Agreement and the Servicer’s Basic Documents, shall not conflict with,  result in any breach of any of the terms and provisions of, or constitute (with  or without notice or lapse of time) a default under, the articles of  incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage,  deed of trust or other instrument to which the Servicer is a party or by which  it is bound, or result in the creation or imposition of any Lien upon any of  its properties pursuant to the terms of any such indenture, agreement,  mortgage, deed of trust or other instrument, other than this Agreement, or  violate any law, order, rule or regulation applicable to the Servicer of any  court or of any federal or state regulatory body, administrative agency or  other governmental instrumentality having jurisdiction over the Servicer or any  of its properties;

 

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

 

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

 

SECTION 8.2.     Liability  of Servicer and Backup Servicer; Indemnities.

 

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

 

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

 

(c)      The Servicer  (when the Servicer is AmeriCredit) shall indemnify, defend and hold harmless  the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the  Backup Servicer, the Collateral Agent, the Insurer, their respective officers,  directors, agents and employees and the Noteholders from and against any taxes  that may at any time be asserted against any of such parties with respect to  the transactions contemplated in this Agreement, including, without limitation,  any sales, gross receipts, tangible or intangible personal property,

 

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privilege or license taxes (but not including any federal or other  income taxes, including franchise taxes asserted with respect to, and as of the  date of, the sale of the Receivables and the Other Conveyed Property to the  Trust or the issuance and original sale of the Notes) and costs and expenses in  defending against the same;

 

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

 

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

 

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

 

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

 

(g)      The Backup  Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the  Trust Collateral Agent, the Owner Trustee, the Servicer, the Insurer, their

 

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respective officers, directors, agents and employees and the  Noteholders from and against any and all costs, expenses, losses, claims,  damages, and liabilities to the extent that such cost, expense, loss, claim,  damage, or liability arose out of, or was imposed upon the Trust, the Owner  Trustee, the Trustee, the Servicer, the Insurer or the Noteholders by reason  of, the breach of this Agreement by the Backup Servicer, the violation of  federal or state securities laws by the Backup Servicer, the negligence,  misfeasance, or bad faith of the Backup Servicer in the performance of its  duties under this Agreement or by reason of reckless disregard of its  obligations and duties under this Agreement.

 

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

 

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

 

SECTION 8.3.     Merger or  Consolidation of, or Assumption of the Obligations of the Servicer or Backup  Servicer.

 

(a)      AmeriCredit  shall not merge or consolidate with any other person, convey, transfer or lease  substantially all its assets as an entirety to another Person, or permit any  other Person to become the successor to AmeriCredit’s business unless, after  the merger, consolidation, conveyance, transfer, lease or succession, the  successor or surviving entity shall be capable of fulfilling the duties of  AmeriCredit contained in this Agreement and shall be acceptable to the  Controlling Party, and, if an Insurer Default shall have occurred and be  continuing, shall be an eligible servicer.   Any corporation (i) into which AmeriCredit may be merged or  consolidated, (ii) resulting from any merger or consolidation to which  AmeriCredit shall be a party, (iii) which acquires by conveyance, transfer, or  lease substantially all of the assets of AmeriCredit, or (iv) succeeding to the  business of
AmeriCredit, in any of the foregoing cases shall execute an  agreement of assumption to perform every obligation of AmeriCredit under this  Agreement and, whether or not such assumption agreement is executed, shall be  the successor to AmeriCredit under this Agreement without the execution or  filing of any paper or any further act on the part of any of the parties to  this Agreement, anything in this Agreement to the contrary notwithstanding; provided,  however, that nothing contained herein shall be deemed to release  AmeriCredit from any obligation.   AmeriCredit shall provide notice of any merger, consolidation or  succession pursuant to this Section to the Owner Trustee, the Trust Collateral  Agent, the Noteholders, the Insurer and each Rating Agency.  Notwithstanding the foregoing, AmeriCredit  shall not merge or consolidate with any other Person or permit any other Person  to become a successor to AmeriCredit’s business, unless (x) immediately after  giving effect
to such

 

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transaction, no representation or warranty made pursuant to Section 4.6  shall have been breached (for purposes hereof, such representations and  warranties shall speak as of the date of the consummation of such transaction)  and no event that, after notice or lapse of time, or both, would become an  Insurance Agreement Event of Default shall have occurred and be continuing,  (y) AmeriCredit shall have delivered to the Owner Trustee, the Trust  Collateral Agent, Trustee, Backup Servicer and Collateral Agent, the Rating  Agencies and the Insurer an Officer’s Certificate and an Opinion of Counsel  each stating that such consolidation, merger or succession and such agreement  of assumption comply with this Section and that all conditions precedent, if  any, provided for in this Agreement relating to such transaction have been  complied with, and (z) AmeriCredit shall have delivered to the Owner Trustee,  the Trust Collateral Agent, the Trustee, the
Collateral Agent, the Rating  Agencies and the Insurer an Opinion of Counsel, stating in the opinion of such  counsel, either (A) all financing statements and continuation statements and  amendments thereto have been executed and filed that are necessary to preserve  and protect the interest of the Trust in the Receivables and the Other Conveyed  Property and reciting the details of the filings or (B) no such action shall be  necessary to preserve and protect such interest.

 

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

 

SECTION 8.4.     Limitation  on Liability of Servicer, Backup Servicer and Others.

 

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

 

(b)        The Backup Servicer shall not be liable for  any obligation of the Servicer contained in this Agreement or for any errors of  the Servicer contained in any computer tape, certificate or other data or  document delivered to the Backup Servicer hereunder or on which the 

 

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

 

(c)      The parties expressly  acknowledge and consent to Wells Fargo Bank, National Association, acting in  the possible dual capacity of Backup Servicer or replacement Servicer and in  the capacity as Trust Collateral Agent.   Wells Fargo Bank, National Association, may, in such dual or other  capacity, discharge its separate functions fully, without hindrance or regard  to conflict of interest principles, duty of loyalty principles or other breach  of fiduciary duties to the extent that any such conflict or breach arises from  the performance by Wells Fargo Bank, National Association, of express duties  set forth in this Agreement in any of such capacities, all of which defenses,  claims or assertions are hereby expressly waived by the other parties hereto  and the Noteholders except in the case of gross negligence and willful  misconduct by Wells Fargo Bank, National Association.

 

SECTION 8.5.     Delegation  of Duties.  The Servicer may  delegate duties under this Agreement to an Affiliate of AmeriCredit with the  prior written consent of the Insurer (unless an Insurer Default shall have  occurred and be continuing), the Trust Collateral Agent, the Owner Trustee and  the Backup Servicer.  The Servicer also  may at any time perform through sub-contractors the specific duties of (i)  repossession of Financed Vehicles, (ii) tracking Financed Vehicles’ insurance  and (iii) pursuing the collection of deficiency balances on certain Liquidated  Receivables, in each case, without the consent of the Insurer and may perform  other specific duties through such sub-contractors in accordance with  Servicer’s customary servicing policies and procedures, with the prior consent  of the Insurer; 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.   So long as no Insurer Default shall have occurred and be continuing  neither AmeriCredit or any party acting as Servicer hereunder shall appoint any  subservicer hereunder without the prior written consent of the Insurer, the  Trustee and the Backup Servicer.   Notwithstanding the foregoing, the Servicer may delegate its duties  hereunder and under any other Basic Document with respect to the servicing of  and collections on certain Receivables to AmeriCredit Financial Services of  Canada Ltd. without first obtaining the consent of any Person.

 

SECTION 8.6.     Servicer  and Backup Servicer Not to Resign.     Subject to  the provisions of Section 8.3, neither the Servicer nor the Backup Servicer  shall resign from the 

 

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obligations and duties imposed on it by this Agreement as Servicer or  Backup Servicer except upon a determination that by reason of a change in legal  requirements the performance of its duties under this Agreement would cause it  to be in violation of such legal requirements in a manner which would have a  material adverse effect on the Servicer or the Backup Servicer, as the case may  be, and the Insurer (so long as an Insurer Default shall not have occurred and  be continuing) or a Note Majority (if an Insurer Default shall have occurred  and be continuing) does not elect to waive the obligations of the Servicer or  the Backup Servicer, as the case may be, to perform the duties which render it  legally unable to act or to delegate those duties to another Person.  Any such determination permitting the  resignation of the Servicer or Backup Servicer shall be evidenced by an Opinion  of Counsel to such effect delivered and acceptable to the Trust
Collateral  Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have  occurred and be continuing).  No  resignation of the Servicer shall become effective until, so long as no Insurer  Default shall have occurred and be continuing the Backup Servicer or an entity  acceptable to the Insurer shall have assumed the responsibilities and  obligations of the Servicer or, if an Insurer Default shall have occurred and  be continuing, the Backup Servicer or a replacement Servicer that is an  Eligible Servicer shall have assumed the responsibilities and obligations of  the Servicer.  No resignation of the  Backup Servicer shall become effective until, so long as no Insurer Default  shall have occurred and be continuing, an entity acceptable to the Insurer  shall have assumed the responsibilities and obligations of the Backup Servicer  or, if an Insurer Default shall have occurred and be continuing a Person that  is an Eligible Servicer shall have assumed the responsibilities and
obligations  of the Backup Servicer; provided, however, that (i) in the event  a successor Backup Servicer is not appointed within 60 days after the Backup  Servicer has given notice of its resignation and has provided the Opinion of  Counsel required by this Section, the Backup Servicer may petition a court for  its removal, (ii) the Backup Servicer may resign with the written consent of  the Insurer, and (iii) if Wells Fargo Bank, National Association, resigns as  Trustee under the Indenture it will no longer be the Backup Servicer.

 

ARTICLE IX

 

Default

 

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

 

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

 

(b)      Failure by the  Servicer to deliver to the Trust Collateral Agent and (so long as an Insurer  Default shall not have occurred and be continuing) the Insurer the Servicer’s  Certificate by the first Business Day prior to the Distribution Date, or  failure on the part of the Servicer to observe its covenants and agreements set  forth in Section 8.3(a);

 

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

 

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

 

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

 

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

 

(g)      So long as an  Insurer Default shall not have occurred and be continuing, an Insurance  Agreement Event of Default occurs; or

 

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

 

SECTION 9.2.     Consequences  of a Servicer Termination Event.  If  a Servicer Termination Event shall occur and be continuing, the Insurer (or, if  an Insurer Default shall have occurred and be continuing either the Trust  Collateral Agent (to the extent it has knowledge

 

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thereof) or a Note Majority), by notice given in writing to the  Servicer (and to the Trust Collateral Agent if given by the Insurer or the  Noteholders)  may terminate all of the  rights and obligations of the Servicer under this Agreement.  On or after the receipt by the Servicer of  such written notice or upon termination of the term of the Servicer, all  authority, power, obligations and responsibilities of the Servicer under this  Agreement, whether with respect to the Notes, the Certificates or the Other  Conveyed Property or otherwise, automatically shall pass to, be vested in and  become obligations and responsibilities of the Backup Servicer (or such other  replacement Servicer appointed by the Controlling Party); provided, however,  that the replacement 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 replacement Servicer
becomes the Servicer or any claim of  a third party based on any alleged action or inaction of the terminated  Servicer.  The replacement Servicer is  authorized and empowered by this Agreement to execute and deliver, on behalf of  the terminated Servicer, as attorney-in-fact or otherwise, any and all  documents and other instruments and to do or accomplish all other acts or  things necessary or appropriate to effect the purposes of such notice of  termination, whether to complete the transfer and endorsement of the  Receivables and the Other Conveyed Property and related documents to show the  Trust as lienholder or secured party on the related Lien Certificates, or  otherwise.  The terminated Servicer  agrees to cooperate with the replacement Servicer in effecting the termination  of the responsibilities and rights of the terminated Servicer under this  Agreement, including, without limitation, the transfer to the replacement  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 replacement 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 replacement Servicer or a replacement Servicer to  service the Receivables and the Other Conveyed Property.  If requested by the Controlling Party, the  replacement Servicer shall terminate the Lockbox Agreement and direct the  Obligors to make all payments under the Receivables directly to the replacement  Servicer (in which event the replacement Servicer shall process such payments  in accordance with Section 4.2(e)), or to a lockbox established by the  replacement Servicer at the direction of the Controlling Party, at the  replacement Servicer’s expense. 
The  terminated Servicer shall grant the Trust Collateral Agent, the replacement  Servicer and the Controlling Party reasonable access to the terminated  Servicer’s premises at the terminated Servicer’s expense.

 

SECTION 9.1.     Appointment  of Successor.  

 

(a)      On and after  the time the Servicer receives a notice of termination pursuant to Section 9.2  or upon the resignation of the Servicer pursuant to Section 8.6; (i) the Backup  Servicer (unless the Controlling Party shall have exercised its option pursuant  to Section 9.3(b) to appoint an alternate replacement Servicer) shall be the  successor in all respects to the Servicer, in its capacity as servicer under  this Agreement and the Insurance 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 or the Insurance Agreement except as otherwise stated herein.  The Trust Collateral Agent and such  successor shall take such action, consistent with this Agreement, as shall
be  necessary to effectuate any such succession.

 

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If a replacement Servicer is acting as Servicer hereunder, it shall be  subject to termination under Section 9.2 upon the occurrence of any Servicer  Termination Event applicable to it as Servicer.

 

(b)      The Controlling  Party may exercise at any time its right to appoint as Backup Servicer or as  successor to the Servicer a Person other than the Person serving as Backup  Servicer at the time, and (without limiting its obligations under the Note  Policy) shall have no liability to the Trust Collateral Agent, AmeriCredit, the  Seller, the Person then serving as Backup Servicer, any Noteholders or any  other Person if it does so.   Notwithstanding the above, if the Backup Servicer shall be legally  unable or unwilling to act as Servicer, and an Insurer Default shall have  occurred and be continuing, the Backup Servicer, the Trust Collateral Agent or  a Note Majority may petition a court of competent jurisdiction to appoint any  Eligible Servicer as the successor to the Servicer.  Pending appointment pursuant to the preceding sentence, the  Backup Servicer shall act as replacement Servicer
unless it is legally unable  to do so, in which event the outgoing Servicer shall continue to act as  Servicer until a successor has been appointed and accepted such appointment.  Subject to Section 8.6, no provision of this  Agreement shall be construed as relieving the Backup Servicer of its obligation  to succeed as replacement Servicer upon the termination of the Servicer  pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6.  If upon the termination of the Servicer  pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section  8.6, the Controlling Party appoints a replacement Servicer other than the  Backup Servicer, the Backup Servicer shall not be relieved of its duties as  Backup Servicer hereunder.

 

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

 

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

 

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Errors; provided, however, that the Backup Servicer  agrees to use its best efforts to prevent further Continuing Errors.  In the event that the Backup Servicer  becomes aware of Errors or Continuing Errors, it shall, with the prior consent  of the Controlling Party use its best efforts to reconstruct and reconcile such  data as is commercially reasonable to correct such Errors and Continuing Errors  and to prevent future Continuing Errors.   The Backup Servicer shall be entitled to recover its costs thereby  expended in accordance with Section 3.03 of the Spread Account Agreement.

 

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

 

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

 

ARTICLE X

 

Termination

 

SECTION 10.1.     Optional  Purchase of All Receivables.

 

(a)      On the last day  of any Collection Period as of which the Pool Balance shall be less than or  equal to 10% of the Original Pool Balance, the Servicer and the Seller each shall  have the option to purchase the Owner Trust Estate, other than the Trust  Accounts (with the consent of the Insurer if such purchase would result in a  claim on the Note Policy or would result in any amount owing to the Insurer  under the Insurance Agreement remaining unpaid); provided, however,  that the amount to be paid for such purchase (as set forth in the following  sentence) shall be sufficient to pay the full amount of principal and interest  then due and payable on the Notes, and amounts due and unpaid to the Insurer  under the Insurance Agreement.  To  exercise such option, the Servicer or the Seller, as the case may be, shall  deposit pursuant to Section 5.6 in the Collection Account an amount
equal to  the aggregate Purchase Amount for the Receivables (including Liquidated  Receivables), plus the appraised value of any other property held by the Trust,  such value to be determined by an appraiser mutually agreed upon by the  Servicer, the Insurer and the Trust Collateral Agent, and shall succeed to all  interests in and to the Trust.

 

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

 

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

 

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

 

ARTICLE XI

 

Administrative Duties of  the Servicer

 

SECTION 11.1.     Administrative  Duties.

 

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

 

(b)      Duties with  Respect to the Issuer.

 

	
   

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

  

 

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

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

  

 

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

  
	
   

  	
   

  
	
   

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

  

 

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

 

(f)      The Backup  Servicer or any replacement Servicer shall not be responsible for any  obligations or duties of the servicer under this Section 11.1.

 

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

 

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

 

ARTICLE XII

 

Miscellaneous Provisions

 

SECTION 12.1.     Amendment.

 

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

 

This Agreement may also be amended from time to time  by the parties hereto, with the consent of the Controlling Party for the  purpose of adding any provisions to or changing

 

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in any manner or eliminating any of the provisions of this Agreement or  of modifying in any manner the rights of the Noteholders; provided, however,  that no such amendment shall (a) increase or reduce in any manner the amount  of, or accelerate or delay the timing of, collections of payments on  Receivables or distributions that shall be required to be made for the benefit  of the Noteholders or (b) reduce the aforesaid percentage of the outstanding  principal amount of the Notes, the Holders of which are required to consent to  any such amendment, without the consent of the Holders of all the outstanding  Notes of each class affected thereby; provided, further, that if  an Insurer Default has not occurred and is continuing, such action shall not  materially adversely affect the interest of the Insurer.

 

The Trust Collateral Agent shall furnish written  notification of the substance of any such amendment or consent (i) to the  Rating Agencies prior to the execution of such amendment or consent and (ii) to  each Noteholder promptly after the execution of such amendment or consent.

 

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

 

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

 

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

 

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SECTION 12.2.     Protection  of Title to Trust.  

 

(a)      The 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 Trust Collateral Agent in the Receivables  and in the proceeds thereof.  The Seller  shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and  the Trust Collateral Agent file-stamped copies of, or filing receipts for, any  document filed as provided above, as soon as available following such filing.

 

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

 

(c)      Each of the  Seller and the Servicer shall have an obligation to give the Insurer, the Owner  Trustee, the Trust Collateral Agent and the Trustee at least 60 days’ prior  written notice of any relocation of its principal executive office or  jurisdiction of organization if, as a result of such relocation, the applicable  provisions of the UCC would require the filing of any amendment of any  previously filed financing or continuation statement or of any new financing  statement and shall promptly file any such amendment or new financing  statement.  The Servicer shall at all  times maintain (i) each office from which it shall service Receivables within  the United States of America or Canada, and (ii) its principal executive office  within the United States of America.

 

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

 

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

 

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Servicer’s computer systems when, and only when, the related Receivable  shall have been paid in full or repurchased.

 

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

 

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

 

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

 

	
   

  	
  (1)      promptly    after the execution and delivery of the Agreement and, if required pursuant    to Section 12.1, of each amendment, an Opinion of Counsel stating that, in    the opinion of such Counsel, in form and substance reasonably satisfactory to    the Insurer, either (A) all financing statements and continuation statements    have been executed and filed that are necessary fully to preserve and protect    the interest of the Trust and the 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 Cutoff 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 Trust and the 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.

  

 

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

 

SECTION 12.3.     Notices.  All demands, notices and communications upon  or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating  Agencies under this Agreement shall be in writing, personally delivered, or  mailed by certified mail, return receipt requested, federal express or similar  overnight courier service, and shall be deemed to have been duly given upon  receipt (a) in the case of the Seller to AFS SenSub Corp., 2265 B Renaissance  Drive, Suite 17, Las Vegas, Nevada 89119., Attention: Chief Financial Officer  (b) in the case of the Servicer to AmeriCredit Financial Services, Inc., 801  Cherry Street, Suite 3900, Fort Worth,

 

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Texas 76102, Attention: Chief Financial Officer, (c) in the case of the  Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner  Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market  Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust  Administration (d) in the case of the Trustee, the Collateral Agent or the  Trust Collateral Agent, at the Corporate Trust Office, (e) in the case of the  Insurer, to Ambac Assurance Corporation, One State Street Plaza, New York, New  York  10004, Attention:  Structured Finance Department–ABS, with a  copy to the attention of Michael Babick, Vice President (in each case in which  notice or other communication to the Insurer refers to a claim on the Note  Policy, a Deficiency Notice pursuant to Section 5.5 of this Agreement or with  respect to which failure on the part of the Insurer to respond shall be deemed  to constitute consent or acceptance, then a copy
of such notice or other  communication should also be sent to the attention of each of the General  Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); (f) in the  case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department,  99 Church Street, New York, New York 10007; (g) in the case of Standard  & Poor’s, to Standard & Poor’s Ratings Group, 55 Water Street, New  York, New York 10041, Attention: Asset Backed Transaction Oversight Department  and (h) in the case of Fitch, to One State Street Plaza, New York, New York  10004.  Any notice required or permitted  to be mailed to a Noteholder shall be given by first class mail, postage  prepaid, at the address of such Holder as shown in the Note Register.  Any notice so mailed within the time  prescribed in the Agreement shall be conclusively presumed to have been duly  given, whether or not the Noteholder shall receive such notice.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)      Notwithstanding  anything contained herein to the contrary, this Agreement has been executed and  delivered by Wells Fargo Bank, National Association, not in its individual  capacity but solely as Trust Collateral Agent and Backup Servicer and in no  event shall Wells Fargo Bank, National Association, 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.

 

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

 

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

 

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

 

SECTION 12.15.     Benefits  of Sale and Servicing Agreement.   The Insurer and its successors and assigns shall be a third-party  beneficiary to the provisions of this Sale and Servicing Agreement, and shall  be entitled to rely upon and directly enforce such provisions of this Sale and  Servicing Agreement so long as no Insurer Default shall have occurred and be  continuing.

 

SECTION 12.16.     State  Business Licenses.  The Servicer or  the Certificateholder shall prepare and instruct the Trust to file each state  business license (and any renewal thereof)

 

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required to be filed under applicable state law without further consent  or instruction from the Instructing Party (as defined in the Trust Agreement),  including a Sales Finance Company Application (and any renewal thereof) with  the Pennsylvania Department of Banking, Licensing Division, and a Financial  Regulation Application (and any renewal thereof) with the Maryland Department  of Labor, Licensing and Regulation.

 

[Remainder of page  intentionally left blank.]

 

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

 

	
   

  	
  AMERICREDIT AUTOMOBILE    RECEIVABLES TRUST    2004-C-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  WILMINGTON TRUST COMPANY,    not in its individual capacity but solely as Owner Trustee on behalf of the    Trust.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ HEATHER L. MAIER

  
	
   

  	
   

  	
  Name: Heather L. Maier

  
	
   

  	
   

  	
  Title:     Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  AFS SENSUB CORP.,    Seller,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ SHELI FITZGERALD

  
	
   

  	
   

  	
  Name: Sheli Fitzgerald

  
	
   

  	
   

  	
  Title: Assistant Vice President, Structured Finance

  
	
   

  	
   

  	
   

  
	
   

  	
  AMERICREDIT FINANCIAL SERVICES, INC., Servicer,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ SUSAN B. SHEFFIELD

  
	
   

  	
   

  	
  Name: Susan B. Sheffield

  
	
   

  	
   

  	
  Title: Senior Vice President, Structured Finance

  

 

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  WELLS FARGO BANK,

  
	
   

  	
  NATIONAL ASSOCIATION,

  
	
   

  	
  not in its individual capacity but solely as Backup    Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARIANNA C. STESHIC

  
	
   

  	
   

  	
  Name: Marianna C. Stershic

  
	
   

  	
   

  	
  Title:  Vice    President

  

 

	
  Acknowledged and accepted by

  
	
   

  
	
  WELLS FARGO BANK,

  
	
  NATIONAL ASSOCIATION,

  
	
  not in its individual capacity but solely

  
	
  as Trust Collateral Agent and as Trustee

  
	
   

  
	
  By:

  	
  /s/ MARIANNA C. STERSHIC

  
	
   

  	
  Name: Marianna C. Stershic

  
	
   

  	
  Title: Vice President

  

 

[Sale and Servicing  Agreement]

 

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SCHEDULE A

 

SCHEDULE OF RECEIVABLES

 

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

 

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SCHEDULE B

 

REPRESENTATIONS AND  WARRANTIES OF THE SELLER AND THE SERVICER

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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prepared.  The complete  Receivable File for each Receivable currently is in the possession of the  Custodian.

 

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

 

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

 

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19.      All Filings  Made.  All filings (including,  without limitation, UCC filings (including, without limitation, the filing by the Seller of all appropriate  financing statements in the proper filing office in the State of Nevada under  applicable law in order to perfect the security interest in the Receivables  granted to the Trust hereunder)) required to be made by any Person and  actions required to be taken or performed by any Person in any jurisdiction to  give the Trust and the Trust Collateral Agent a first priority perfected lien  on, or ownership interest in, the Receivables and the proceeds thereof and the  Other Conveyed Property have been made, taken or performed.

 

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

 

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

 

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

 

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

 

24.      Insurance.  At the time of an origination of a  Receivable by AmeriCredit or a purchase of a Receivable by AmeriCredit from a  Dealer or Third-Party Lender, each Financed Vehicle is required to be covered  by a comprehensive and collision insurance policy (i) in an amount at least  equal to the lesser of (a) its maximum insurable value or (b) the principal  amount due from the Obligor under the related Receivable, (ii) naming  AmeriCredit as loss payee and (iii) insuring against loss and damage due to  fire, theft, transportation, collision and other risks generally covered by  comprehensive and collision coverage.   Each Receivable requires the Obligor to maintain physical loss and  damage insurance, naming AmeriCredit and its successors and assigns as  additional insured parties, and each Receivable permits the holder thereof to  obtain physical loss and damage insurance at the
expense of the Obligor if the  Obligor

 

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fails to do so.  No Financed  Vehicle is insured under a policy of Force-Placed Insurance on the Cutoff Date.

 

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

 

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

 

27.      Certain  Characteristics of Receivables.  

 

	
   

  	
  (A) Each Receivable had    a remaining maturity, as of the Cutoff Date, of not more than 72 months.

  
	
   

  	
   

  
	
   

  	
  (B) Each    Receivable had an original maturity, as of the Cutoff Date, of not more than    72 months.

  
	
   

  	
   

  
	
   

  	
  (C) Not more than 40%    of the Receivables (calculated by Aggregate Principal Balance) has an    original term to maturity of 72 months.

  
	
   

  	
   

  
	
   

  	
  (D) Each Receivable had    a remaining Principal Balance as of the Cutoff Date of at least $250 and not    more than $80,000.

  
	
   

  	
   

  
	
   

  	
  (E) Each Receivable has    an Annual Percentage Rate of at least 1% and not more than 33%.

  
	
   

  	
   

  
	
   

  	
  (F) No Receivable was    more than 30 days past due as of the Cutoff Date.

  
	
   

  	
   

  
	
   

  	
  (G) No funds have been    advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting    on behalf of any of them in order to cause any Receivable to qualify under    clause (F) above.

  
	
   

  	
   

  
	
   

  	
  (H) Not more than 35%    of the Obligors reside in Texas and California (based on the Obligor’s mailing    address).

  
	
   

  	
   

  
	
   

  	
  (I) Each Obligor had a    billing address in the United States as of the date of origination of the    Receivables, is a natural person and is not an Affiliate of any party to this    Agreement.

  
	
   

  	
   

  
	
   

  	
  (J) Each Receivable is    denominated in, and each Contract provides for payment in, United States    dollars.

  
	
   

  	
   

  
	
   

  	
  (K) Each Receivable is    identified on the Servicer’s master servicing records as an automobile    installment sales contract or installment note.

  
	
   

  	
   

  
	
   

  	
  (L) Each Receivable    arises under a Contract which is assignable without the consent of, or notice    to, the Obligor thereunder, and does not contain a confidentiality 

  

 

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  provision that purports to restrict the ability of    the Servicer to exercise its rights under the Sale and Servicing Agreement,    including, without limitation, its right to review the Contract.

  
	
   

  	
   

  
	
   

  	
  (K) Each Receivable    arises under a Contract with respect to which AmeriCredit has performed all    obligations required to be performed by it thereunder, and, in the event such    Contract is an installment sales contract, delivery of the Financed Vehicle    to the related Obligor has occurred.

  

 

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

 

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

 

30.      Lien  Enforcement.  Each Receivable  provides for enforcement of the lien or the clear legal right of repossession,  as applicable, on the Financed Vehicle securing such Receivable.

 

31.      Prospectus  Supplement Description.  Each  Receivable conforms, and all Receivables in the aggregate conform, in all  material respects to the description thereof set forth in the Prospectus  Supplement.

 

32.      Risk of Loss.  Each Contract contains provisions requiring  the Obligor to assume all risk of loss or malfunction on the related Financed  Vehicle, requiring the Obligor to pay all sales, use, property, excise and  other similar taxes imposed on or with respect to the Financed Vehicle and  making the Obligor liable for all payments required to be made thereunder,  without any setoff, counterclaim or defense for any reason whatsoever, subject  only to the Obligor’s right of quiet enjoyment.

 

33.      Leasing  Business.  To the best of the  Seller’s and the Servicer’s knowledge, as appropriate, no Obligor is a Person involved  in the business of leasing or selling equipment of a type similar to the  Obligor’s related Financed Vehicle.

 

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

 

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

 

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SCHEDULE C

 

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

 

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

 

The Collection Process

 

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

 

	
  A.

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

  
	
   

  	
   

  
	
  B.

  	
  The CACS segregates accounts into two major    groups:  loans 5-45 days delinquent    and those over 45 days delinquent.

  
	
   

  	
   

  
	
  C.

  	
  Loans delinquent up to 45 days are then further    segregated into two groups:  accounts    that have good phone numbers and those that do not.

  
	
   

  	
   

  
	
  D.

  	
  Loans up to 45 days delinquent are transferred to    the Concerto system (AmeriCredit’s predictive dialing system).  The system automatically dials the phone    number related to a delinquent account for all accounts that have good phone    numbers.  When a connection is made,    the account is then routed to the next available account representative.

  
	
   

  	
   

  
	
  E.

  	
  Loans without good phone numbers are called    manually, through the CACS system, or in a preview dialer campaign.

  
	
   

  	
   

  
	
  F.

  	
  All reasonable collection efforts are made in an    attempt to prevent these accounts from becoming 30+ days delinquent – this    includes the use of collection letters.     Collection letters may be utilized between 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 45 days delinquent, the loan    is assigned to a 46+ collection team which will continue the collection    effort until resolution.  If the    account cannot be resolved through normal collection efforts (i.e.,    satisfactory payment arrangements) then the account may be submitted for    repossession approval.  An officer    must approve all repossession requests.

  
	
   

  	
   

  
	
  I.

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

  

 

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Repossessions

 

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

 

	
  A.

  	
  Proper authorities are notified (if applicable).

  
	
   

  	
   

  
	
  B.

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

  
	
   

  	
   

  
	
  C.

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

  
	
   

  	
   

  
	
  D.

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

  
	
   

  	
   

  
	
  E.

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

  
	
   

  	
   

  
	
  F.

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

  

 

Use of Due Date Changes

 

Due dates may be changed subject to the following  conditions:

 

	
  A.

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

  
	
   

  	
   

  
	
  B.

  	
  Due date changes cannot exceed the total of 30 days    over the life of the contract.

  
	
   

  	
   

  
	
  C.

  	
  The first installment payment has been paid in full.

  
	
   

  	
   

  
	
  D.

  	
  Only one due date change in a twelve month period.

  

 

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

 

Use of Payment Deferments

 

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

 

	
  A.

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

  
	
   

  	
   

  
	
  B.

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

  
	
   

  	
   

  
	
  C.

  	
  A deferment fee is collected on all transactions.

  

 

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  D.

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

  

 

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

 

Charge-Offs

 

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

 

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

 

Deficiency Collections

 

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

 

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EXHIBIT A

 

SERVICER’S CERTIFICATE

 

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AmeriCredit Automobile Receivables Trust 2004-C-A

Class A-1 1.765% Asset Backed Notes

Class A-2 2.39% Asset Backed Notes

Class A-3 3.00% Asset Backed Notes

Class A-4 3.61% Asset Backed Notes

Servicer’s Certificate

 

This  Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale  and Servicing Agreement among AmeriCredit Automobile Receivables Trust  2004-C-A, as Issuer, AmeriCredit Financial Services,  Inc., as Servicer,  AFS SENSUB  Corp., as Seller, and Wells Fargo Bank, N.A., as Trust Collateral Agent and  Backup Servicer, dated as of August 23, 2004. Defined terms have the meanings  assigned to them in the Sale and Servicing Agreement or in other Transaction  Documents.

 

The  undersigned hereby certifies that no Trigger Event has occurred on the related  Determination Date and that, to the knowledge of the Servicer, no Insurance  Agreement Event of Default has occurred.

 

	
  Monthly    Period Beginning:

  
	
  Monthly    Period Ending:

  
	
  Prev. Distribution/Close    Date:

  
	
  Distribution    Date:

  
	
  Days of    Interest for Period:

  
	
  Days in    Collection Period:

  
	
  Months    Seasoned:

  

 

	
  I.

  	
   

  	
  MONTHLY    PERIOD NOTE BALANCE CALCULATION:

  	
   

  	
  Class A-1

  	
  Class A-2

  	
  Class A-3

  	
  Class A-4

  	
  TOTAL

  
	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {1}

  	
   

  	
  Original Note Balance

  	
  {1}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {2}

  	
   

  	
  Preliminary End of period    Note Balance

  	
  {2}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {3}

  	
   

  	
  Deficiency Claim Amount

  	
  {3}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {4}

  	
   

  	
  End of period Note Balance

  	
  {4}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {5}

  	
   

  	
  Note Pool Factors  {4} / {1}

  	
  {5}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  II.

  	
   

  	
  RECONCILIATION    OF SPREAD ACCOUNT:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {6}

  	
   

  	
  Preliminary End of period    Spread Account balance

  	
   

  	
   

  	
   

  	
   

  	
  {6}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {7}

  	
   

  	
  Priority First - Deficiency    Claim Amount from preliminary certificate

  	
   

  	
   

  	
   

  	
   

  	
  {7}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {8}

  	
   

  	
  End of period Spread    Account balance

  	
   

  	
   

  	
   

  	
   

  	
  {8}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  III

  	
   

  	
  MONTHLY    PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Cumulative

  	
  Monthly

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  
	
  {9}

  	
   

  	
  Original Number of    Receivables

  	
   

  	
   

  	
   

  	
  {9}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  
	
  {10}

  	
   

  	
  Beginning of period number    of Receivables

  	
   

  	
   

  	
   

  	
  {10}

  	
   

  	
   

  
	
  {11}

  	
   

  	
  Number of Subsequent    Receivables Purchased

  	
   

  	
   

  	
   

  	
  {11}

  	
   

  	
   

  
	
  {12}

  	
   

  	
  Number of Receivables    becoming Liquidated Receivables during period

  	
   

  	
   

  	
   

  	
  {12}

  	
   

  	
   

  
	
  {13}

  	
   

  	
  Number of Receivables    becoming Purchased Receivables during period

  	
   

  	
   

  	
   

  	
  {13}

  	
   

  	
   

  
	
  {14}

  	
   

  	
  Number of Receivables paid    off during period

  	
   

  	
   

  	
   

  	
  {14}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  
	
  {15}

  	
   

  	
  End of period number of    Receivables

  	
   

  	
   

  	
   

  	
  {15}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  
	
  IV.

  	
   

  	
  STATISTICAL    DATA:  (CURRENT AND HISTORICAL)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Original

  	
  Prev. Month

  	
  Current

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {16}

  	
   

  	
  Weighted Average APR of the    Receivables

  	
   

  	
   

  	
  {16}

  	
   

  	
   

  	
   

  
	
  {17}

  	
   

  	
  Weighted Average Remaining    Term of the Receivables

  	
   

  	
   

  	
  {17}

  	
   

  	
   

  	
   

  
	
  {18}

  	
   

  	
  Weighted Average Original    Term of Receivables

  	
   

  	
   

  	
  {18}

  	
   

  	
   

  	
   

  
	
  {19}

  	
   

  	
  Average Receivable Balance

  	
   

  	
   

  	
  {19}

  	
   

  	
   

  	
   

  
	
  {20}

  	
   

  	
  Aggregate Realized Losses

  	
   

  	
   

  	
  {20}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  
	
  V.

  	
   

  	
  DELINQUENCY:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Receivables with Scheduled    Payment delinquent

  	
   

  	
   

  	
   

  	
  Units

  	
  Dollars

  	
  Percentage

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  
	
   

  	
   

  	
    {21}   31-60 days

  	
   

  	
   

  	
  {21}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    {22}   61-90 days

  	
   

  	
   

  	
  {22}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    {23}   over 90 days

  	
   

  	
   

  	
  {23}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  
	
   

  	
   

  	
    {24}   Receivables    with Scheduled Payment delinquent more than 30 days at end of period

  	
  {24}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  

 

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  VI.

  	
   

  	
  PERFORMANCE    TESTS:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Delinquency    Ratio

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    {25}   Receivables    and Purchased Receivables with Scheduled Payment delinquent more than 60 days    ({22} + {23})

  	
  {25}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {26}   Beginning of    period Principal Balance

  	
   

  	
   

  	
   

  	
  {26}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {27}   Delinquency    Ratio {25} divided by {26}

  	
   

  	
   

  	
   

  	
  {27}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {28}   Previous    Monthly Period Delinquency Ratio

  	
   

  	
   

  	
   

  	
  {28}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {29}   Second    previous Monthly Period Delinquency Ratio

  	
   

  	
   

  	
   

  	
  {29}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {30}   Average    Delinquency Ratio ({27} + {28} + {29}) / 3

  	
   

  	
   

  	
   

  	
  {30}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {31}   Compliance    (Delinquency Test Failure is a Delinqunecy Ratio equal to or greater than    4.00%.)

  	
  {31}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cumulative    Net Loss Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    {32}   Receivables    becoming Liquidated Receivables during period

  	
   

  	
   

  	
   

  	
  {32}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {33}   Purchased    Receivables with Scheduled Payment delinquent more than 30 days at end of    period

  	
  {33}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {34}   Liquidation    Proceeds collected during period

  	
   

  	
   

  	
   

  	
  {34}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {35}   Net Losses    during period {32} + {33} + {34}

  	
   

  	
   

  	
   

  	
  {35}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {36}   Net Losses    since Initial Cut-off Date (Beginning of Period)

  	
   

  	
   

  	
   

  	
  {36}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {37}   Original    Aggregate Principal Balance plus Pre-Funded Amount as of the Closing Date

  	
   

  	
  {37}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {38}   Cumulative Net    Loss Rate ({35} + {36}) / {37}

  	
   

  	
   

  	
   

  	
  {38}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {39}   Compliance    (Net Loss Test Failure is a Net Loss Rate equal to or greater than 2.13%.)

  	
   

  	
   

  	
   

  	
  {39}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Extension    Rate

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    {40}   Principal    Balance of Receivables extended during current period

  	
   

  	
   

  	
   

  	
  {40}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {41}   Beginning of    Period Aggregate Principal Balance

  	
   

  	
   

  	
   

  	
  {41}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
    {42}   Extension Rate    {40} divided by {41}

  	
   

  	
   

  	
   

  	
  {42}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {43}   Previous    Monthly Extension Rate

  	
   

  	
   

  	
   

  	
  {43}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {44}   Second    previous Monthly Extension Rate

  	
   

  	
   

  	
   

  	
  {44}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    {45}   Average    Extension Rate ({42} +{43} +{44}) / 3

  	
   

  	
   

  	
   

  	
  {45}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
    {46}   Compliance    (Extension Test Failure is an Extension Rate equal to or greater than 4.00%.)

  	
  {46}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  

 

	
  By:

  	
   

  	
   

  
	
   

  	
  

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
  

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
  

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
  

  	
   

  

 

2

Back to Contents

 

EXHIBIT B

 

PRELIMINARY SERVICER’S  CERTIFICATE

 

Back to Contents

 

AmeriCredit Automobile Receivables Trust 2004-C-A

Class A-1 1.765% Asset Backed Notes

Class A-2 2.39% Asset Backed Notes

Class A-3 3.00% Asset Backed Notes

Class A-4 3.61% Asset Backed Notes

Preliminary Servicer’s Certificate

 

This  Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale  and Servicing Agreement among AmeriCredit Automobile Receivables Trust  2004-C-A, as Issuer, AmeriCredit Financial Services,  Inc., as Servicer,  AFS  SENSUB Corp., as Seller, and Wells Fargo Bank, N.A., as Trust Collateral Agent  and Backup Servicer, dated as of August 23, 2004. Defined terms have the  meanings assigned to them in the Sale and Servicing Agreement or in other  Transaction Documents.

 

The  undersigned hereby certifies that no Trigger Event has occurred on the related  Determination Date and that, to the knowledge of the Servicer, no Insurance  Agreement Event of Default has occurred.

 

	
  Monthly    Period Beginning:
    Monthly Period Ending:

  	
  Purchases

  	
  Units

  	
  Cut-off Date

  	
  Closing Date

  	
  Original
    Pool Balance

  
	
  Prev.    Distribution/Close Date:

  	
  Initial    Purchase

  	
   

  	
   

  	
   

  	
   

  
	
  Distribution    Date:

  	
  Sub.    Purchase #1

  	
   

  	
   

  	
   

  	
   

  
	
  Days of    Interest for Period:

  	
  Sub.    Purchase #2

  	
   

  	
   

  	
   

  	
   

  
	
  Days in    Collection Period:

  	
   

  	
  

  	
  

  	
  

  	
  

  
	
  Months    Seasoned:

  	
  Total

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  

 

	
  I.

  	
  MONTHLY    PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {1}

  	
  Beginning of period    Aggregate Principal Balance

  	
   

  	
   

  	
   

  	
  {1}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {2}

  	
  Purchase of Subsequent    Receivables

  	
   

  	
   

  	
   

  	
  {2}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
  Monthly Principal Amounts

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
     {3}     Collections on    Receivables outstanding at end of period

  	
   

  	
   

  	
  {3}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {4}     Collections    on Receivables paid off during period

  	
   

  	
   

  	
  {4}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {5}     Receivables    becoming Liquidated Receivables during period

  	
   

  	
   

  	
  {5}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {6}     Receivables    becoming Purchased Receivables during period

  	
   

  	
   

  	
  {6}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {7}     Other    Receivables adjustments

  	
   

  	
   

  	
  {7}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {8}     Less amounts    allocable to Interest

  	
   

  	
   

  	
  {8}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {9)    Total    Monthly Principal Amounts

  	
   

  	
   

  	
   

  	
  {9}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {10}

  	
  End of period Aggregate    Principal Balance

  	
   

  	
   

  	
   

  	
  {10}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {11}

  	
  Pool Factor    ({10}    / Original Pool Balance)

  	
   

  	
   

  	
   

  	
  {11}

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  II.

  	
  MONTHLY    PERIOD NOTE BALANCE CALCULATION:

  	
  Class A-1

  	
  Class A-2

  	
  Class A-3

  	
  Class A-4

  	
  TOTAL

  
	
   

  	
   

  	
  

  
	
  {12}

  	
  Original Note Balance

  	
  {12}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {13}

  	
  Beginning of period Note    Balance

  	
  {13}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {14}

  	
  Noteholders’ Principal    Distributable Amount

  	
  {14}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {15}

  	
  Noteholders’ Accelerated    Principal Amount

  	
  {15}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {16}

  	
  Accelerated Payment Amount    Shortfall

  	
  {16}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {17}

  	
  Deficiency Claim Amount

  	
  {17}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {18}

  	
  End of period Note Balance

  	
  {18}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {19}

  	
  Note Pool Factors  ({18} / {12})

  	
  {19}

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  III.

  	
  RECONCILIATION    OF PRE-FUNDING ACCOUNT:

  
	
   

  	
   

  
	
  {20}

  	
  Beginning of period    Pre-Funding Account balance

  	
   

  	
   

  	
   

  	
  {20}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {21}

  	
  Purchase of Subsequent    Receivables

  	
   

  	
   

  	
   

  	
  {21}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {22}

  	
  Investment Earnings

  	
   

  	
   

  	
   

  	
  {22}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {23}

  	
  Investment Earnings    Transfer to Collections Account

  	
   

  	
   

  	
   

  	
  {23}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {24}

  	
  Payment of Mandatory    Prepayment Amount

  	
   

  	
   

  	
   

  	
  {24}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {25}

  	
  Total Month Activity

  	
   

  	
   

  	
   

  	
  {25}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {26}

  	
  End of period Pre-Funding    Account balance

  	
   

  	
   

  	
   

  	
  {26}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  IV.

  	
  OVERCOLLATERALIZATION    AMOUNT CALCULATION

  
	
   

  	
   

  
	
  {28}

  	
  Current Distribution Date    Before September 2006?

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {29}

  	
  If {28} is Yes, then    Overcollateralization Amount 16.5%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {30}

  	
  If {28} is No, then refer    to the following table

  	
  OC    Amount

  	
  3mo    Avg
    Delinquency Ratio

  	
  Cumulative
    Net Loss Ratio

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
   

  	
   

  
										

 

1

Back to Contents

 

	
  {31}

  	
  Overcollateralization    Amount per Table if applicable

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {32}

  	
  Overcollateralization    Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  V.

  	
  CALCULATION    OF PRINCIPAL DISTRIBUTABLE AMOUNT

  
	
   

  	
   

  
	
  {27}

  	
  Total Monthly Principal    Amounts

  	
   

  	
   

  	
   

  	
  {27}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {28}

  	
  Required Pro-forma Note    Balance

  	
   

  	
   

  	
   

  	
  {28}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {29}

  	
  Pro Forma Note Balance  ({13} - {9})

  	
   

  	
   

  	
   

  	
  {29}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {30}

  	
  Step-down Amount  (Max of 0 or ({28} - {29}))

  	
   

  	
   

  	
   

  	
  {30}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {31}

  	
  Principal Distributable    Amount  ({27} - {30})

  	
   

  	
   

  	
   

  	
  {31}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  VI.

  	
  RECONCILIATION    OF CAPITALIZED INTEREST ACCOUNT:

  
	
   

  	
   

  
	
  {32}

  	
  Beginning of period    Capitalized Interest  Account balance

  	
   

  	
   

  	
   

  	
  {32}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {33}

  	
  Monthly Capitalized    Interest Amount

  	
   

  	
   

  	
   

  	
  {33}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {34}

  	
  Investment Earnings

  	
   

  	
   

  	
   

  	
  {34}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {35}

  	
  Investment Earnings    Transfer to Collections Account

  	
   

  	
   

  	
   

  	
  {35}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {36}

  	
  Payment of Overfunded    Capitalized Interest Amount

  	
   

  	
   

  	
   

  	
  {36}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {37}

  	
  Payment of Remaining    Capitalized Interest Account

  	
   

  	
   

  	
   

  	
  {37}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {38}

  	
  Total Monthly Activity

  	
   

  	
   

  	
   

  	
  {38}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {39}

  	
  End of period Capitalized    Interest Account balance

  	
   

  	
   

  	
   

  	
  {39}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  VII

  	
  RECONCILIATION    OF COLLECTION ACCOUNT:

  
	
   

  	
   

  
	
   

  	
  Available    Funds:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
     {40}    Collections on    Receivables during period (net of Liquidation Proceeds and Fees)

  	
  {40}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {41}    Liquidation    Proceeds collected during period

  	
  {41}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {42}    Purchase    Amounts deposited in Collection

  	
  {42}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {43}    Investment    Earnings - Collection Account

  	
  {43}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {44}    Investment    Earnings - Transfer From Prefunding Account

  	
  {44}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {45}    Investment    Earnings - Transfer From Capitalized Interest Account

  	
  {45}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {46}    Collection of    Supplemental Servicing - Extension Fees

  	
  {46}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {47}    Collection of    Supplemental Servicing - Repo and Recovery Fees Advanced

  	
  {47}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {48}    Collection of    Supplemental Servicing - Late Fees

  	
  {48}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {49}    Monthly    Capitalized Interest Amount

  	
  {49}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {50}    Mandatory Note    Prepayment Amount

  	
  {50}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {51}    Total    Available Funds

  	
  {51}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
  Distributions

  	
   

  	
   

  	
   

  
	
   

  	
     {52}    Base Servicing    Fee -  to Servicer

  	
  {52}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {53}    Repo and    Recovery Fees - reimbursed to Servicer

  	
  {53}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {54}    Bank Service    Charges - reimbursed to Servicer

  	
  {54}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {55}    Late Fees - to    Servicer

  	
  {55}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {56}    Backup    Servicing Fees

  	
  {56}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  Noteholders’    Interest Distributable Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class

  	
  Beginning
    Note Balance

  	
  Interest
    Carryover

  	
  Interest
    Rate

  	
  Days

  	
  Days Basis

  	
  Calculated
    Interest

  	
   

  	
   

  	
   

  
	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
  {57}   Class A - 1
   	    1.76500%

  	
   

  	
  Actual    days/360

  	
   

  	
  {57}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {58}   Class A - 2

  	
  2.39000%

  	
   

  	
  30/360

  	
   

  	
  {58}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {59}   Class A - 3

  	
  3.00000%

  	
   

  	
  30/360

  	
   

  	
  {59}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {60}   Class A - 4

  	
  3.61000%

  	
   

  	
  30/360

  	
   

  	
  {60}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {61}   Security    Insurer Premiums - to Ambac

  	
   

  	
   

  	
   

  	
  {61}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  Noteholders’    Principal Distributable Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class

  	
  Principal
    Distributable

  	
  Principal
    Carryover

  	
  Excess
    Principal Due

  	
  Mandatory
    Note Prepayment

  	
  Total
    Principal

  	
   

  	
   

  	
   

  
	
   

  	
  

  	
   

  	
   

  	
   

  
	
   

  	
  {62}   Class A - 1

  	
   

  	
   

  	
   

  	
  {62}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {63}   Class A - 2

  	
   

  	
   

  	
   

  	
  {63}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {64}   Class A - 3

  	
   

  	
   

  	
   

  	
  {64}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {65}   Class A - 4

  	
   

  	
   

  	
   

  	
  {65}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  {66}   Total    distributions

  	
   

  	
   

  	
   

  	
  {66}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {67}

  	
  Excess Available Funds  (or Deficiency Claim Amount)

  	
   

  	
   

  	
   

  	
  {67}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {68}

  	
  Any Remaining Amounts owed    to Ambac under the Insurance Agreement

  	
   

  	
   

  	
   

  	
  {68}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {69}

  	
  Deposit to Spread Account    to Increase to Required Level

  	
   

  	
   

  	
   

  	
  {69}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {70}

  	
  Noteholders’ Accelerated    Principal Amount

  	
   

  	
   

  	
   

  	
  {70}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {71}

  	
  Deposit to Spread Account

  	
   

  	
   

  	
   

  	
  {71}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
															

 

2

Back to Contents

 

	
  VIlI.

  	
  CALCULATION    OF ACCELERATED PRINCIPAL AMOUNT

  
	
   

  	
   

  
	
  {72}

  	
  Excess Available Funds    ({67})

  	
   

  	
   

  	
   

  	
  {72}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {73}

  	
  Pro Forma Note Balance  ({13} - {9})

  	
   

  	
   

  	
   

  	
  {73}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {74}

  	
  Required Pro-forma Note    Balance

  	
   

  	
   

  	
   

  	
  {74}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {75}

  	
  Excess of Pro Forma Balance    over Required Balance  ({73} - {74})

  	
   

  	
   

  	
   

  	
  {75}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {76}

  	
  End of Period  Class A-1 Note Balance (before accel.    payments)

  	
   

  	
   

  	
   

  	
  {76}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {77}

  	
  Lesser of {75} or {76}

  	
   

  	
   

  	
   

  	
  {77}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {78}

  	
  Accelerated Principal    Amount  (lesser of  {72} or {77})

  	
   

  	
   

  	
   

  	
  {78}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  IX.

  	
  CALCULATION    OF ACCELERATED PAYMENT AMOUNT SHORTFALL

  
	
   

  	
   

  
	
  {79}

  	
  Pro Forma Note Balance  ({13} - {9})

  	
   

  	
   

  	
   

  	
  {79}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {80}

  	
  Required Pro-forma Note    Balance

  	
   

  	
   

  	
   

  	
  {80}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {81}

  	
  Excess of Pro Forma Balance    over Required Balance  ({79} - {80})

  	
   

  	
  {81}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {82}

  	
  End of Period  Class A-1 Note Balance

  	
   

  	
   

  	
   

  	
  {82}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {83}

  	
  Greater of {81} or {82}

  	
   

  	
   

  	
   

  	
  {83}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {84}

  	
  Excess Available Funds  ({67})

  	
   

  	
   

  	
   

  	
  {84}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {85}

  	
  Investment Earnings on    Collection Account  ({43})

  	
   

  	
   

  	
   

  	
  {85}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
  {86}

  	
  Accelerated Payment Amount    Shortfall ({83} - {84} + {85})

  	
   

  	
   

  	
   

  	
  {86}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  X.

  	
  RECONCILIATION    OF SPREAD ACCOUNT:

  
	
   

  	
   

  	
   

  	
  Initial

  	
  Sub #1

  	
  Sub# 2

  	
   

  	
  Total

  
	
   

  	
   

  	
   

  	
  

  
	
  {87}

  	
  Initial or    Subsequent Spread Account Deposits

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  

  	
  

  	
  

  	
  

  	
  

  
	
  {88}

  	
  Beginning    of period Spread Account balance

  	
   

  	
   

  	
   

  	
  {88}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
  Additions    to Spread Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
     {89}    Deposits from    Collections Account  ({69})

  	
   

  	
   

  	
   

  	
  {89}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {90}    Investment    Earnings

  	
   

  	
   

  	
   

  	
  {90}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {91}    Deposits    Related to Subsequent Receivables Purchases

  	
   

  	
   

  	
  {91}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {92}    Total    Additions

  	
   

  	
   

  	
   

  	
  {92}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  {93}

  	
  Spread    Account balance available for     withdrawals

  	
   

  	
   

  	
   

  	
  {93}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Requisite    Amount of Spread Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
     {94}    Initial Pool    Balance times 2.0%
   	     

  	
   

  	
   

  	
  {94}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {95}    If Level I    Trigger exists then greater of 6.0% of Outstanding Pool Balance and 4.0% of    Initial Pool Balance

  	
  {95}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {96}    If Level II    Trigger exists then 100% of Outstanding Pool Balance

  	
   

  	
   

  	
  {96}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
     {97}    Requisite    Amount of Spread Account (If no Level I nor Level II trigger exist, {94})

  	
   

  	
  {97}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
   

  	
  Withdrawals    from Spread Account

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
     {98}    Deficiency    Claim Amount

  	
   

  	
   

  	
   

  	
  {98}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
  Any Amounts owed to the    Trust Collateral Agent not paid from Collection Account

  	
   

  	
   

  	
   

  
	
   

  	
     {99}    Accelerated    Payment Amount Shortfall  =

  	
   

  	
   

  	
   

  	
  {99}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {100}    Accelerated    Payment Amount Shortfall in Excess of Requisite Amount

  	
  {100}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {101}    Costs of    Security Interest Perfections in the event of an Insurance Agreement Default

  	
  {101}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {102}    Related Series    Spread Account Claim Amount

  	
   

  	
   

  	
  {102}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  	
   

  
	
   

  	
    {103}    Related Series    Requisite Amount Shortfall

  	
   

  	
   

  	
  {103}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  	
   

  
	
   

  	
    {104}    Related Series    Accelerated Payment

  	
   

  	
   

  	
  {104}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  	
   

  
	
   

  	
    {105}    Related Series    Insurer Payment Amounts

  	
   

  	
   

  	
  {105}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  	
   

  
	
   

  	
    {106}    Indemnification    Amounts paid by the Servicer to the Backup Servicer

  	
  {106}

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
   

  	
   

  
	
   

  	
    {107}    Release to    Servicer

  	
  {107}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {108}    Total    withdrawals

  	
   

  	
   

  	
   

  	
  {108}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  {109}

  	
  End of    period Spread Account balance

  	
   

  	
   

  	
   

  	
  {109}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  
	
  XI.

  	
  CALCULATION    OF OC LEVEL AND OC PERCENTAGE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
    {110}    Aggregate    Principal Balance

  	
   

  	
   

  	
   

  	
  {110}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {111}    End of period    Note Balance

  	
   

  	
   

  	
   

  	
  {111}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {112}    Line {110}    less line {111} (During Funding Period amount equal to zero)

  	
   

  	
  {112}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {113}    OC level  {112} / {111}

  	
   

  	
   

  	
   

  	
  {113}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {114}    Ending Spread    Balance as a percentage of Aggregate Principal Balance ({109}/{110})

  	
   

  	
  {114}

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  

  	
   

  
	
   

  	
    {115}    OC Percentage    ({113} + {114})

  	
   

  	
   

  	
   

  	
  {115}

  	
   

  	
  

  

 

	
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  Name:

  	
   

  	
   

  
	
   

  	
  

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
  

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
  

  	
   

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]