Document:

Amended and Restated Trust Agreement, dated as of October 11, 2007

 Exhibit 4.2 
 EXECUTION COPY 

 AMENDED AND RESTATED 
 TRUST AGREEMENT 
 between 
 AFS SENSUB CORP. 
 Seller 
 and 
 WILMINGTON TRUST COMPANY 
 Owner Trustee 
 Dated as of October 11,
2007 
  

 TABLE OF CONTENTS 
  

							
	ARTICLE I. DEFINITIONS	  	1
				
		 	SECTION 1.1.	  	Capitalized Terms	  	1
		 	SECTION 1.2.	  	Other Definitional Provisions	  	4
		
	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	  	6
		 	SECTION 2.6.	  	Declaration of Trust	  	6
		 	SECTION 2.7.	  	Title to Trust Property	  	6
		 	SECTION 2.8.	  	Situs of Trust	  	6
		 	SECTION 2.9.	  	Representations and Warranties of the Depositor	  	7
		 	SECTION 2.10.	  	Covenants of the Certificateholder	  	8
		 	SECTION 2.11.	  	Federal Income Tax Treatment of the Trust	  	8
		 	SECTION 2.12.	  	Derivatives Contracts	  	8
		
	ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST	  	10
				
		 	SECTION 3.1.	  	Initial Ownership	  	10
		 	SECTION 3.2.	  	The Certificate	  	10
		 	SECTION 3.3.	  	Authentication of Certificate	  	10
		 	SECTION 3.4.	  	Registration of Transfer and Exchange of Certificate	  	10
		 	SECTION 3.5.	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	11
		 	SECTION 3.6.	  	Persons Deemed Certificateholders	  	11
		 	SECTION 3.7.	  	Maintenance of Office or Agency	  	12
		 	SECTION 3.8.	  	Disposition in Whole But Not in Part	  	12
		 	SECTION 3.9.	  	ERISA Restrictions	  	12
		
	ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS	  	12
				
		 	SECTION 4.1.	  	Prior Notice to Holder with Respect to Certain Matters	  	12
		 	SECTION 4.2.	  	Action by Certificateholder with Respect to Certain Matters	  	13
		 	SECTION 4.3.	  	Restrictions on Certificateholder’s Power	  	13
		 	SECTION 4.4.	  	Rights of Insurer	  	14
		 	SECTION 4.5.	  	Action with Respect to Bankruptcy Action	  	14
		 	SECTION 4.6.	  	Covenants and Restrictions on Conduct of Business	  	15
		
	ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	16
				
		 	SECTION 5.1.	  	General Authority.	  	16
		 	SECTION 5.2.	  	General Duties	  	17
		 	SECTION 5.3.	  	Action upon Instruction.	  	17
		 	SECTION 5.4.	  	No Duties Except as Specified in this Agreement or in Instructions	  	18

  

 i 

							
	 	 	SECTION 5.5.	  	No Action Except under Specified Documents or Instructions	  	18
		 	SECTION 5.6.	  	Restrictions	  	18
		
	ARTICLE VI. CONCERNING THE OWNER TRUSTEE	  	19
				
		 	SECTION 6.1.	  	Acceptance of Trusts and Duties	  	19
		 	SECTION 6.2.	  	Furnishing of Documents	  	20
		 	SECTION 6.3.	  	Representations and Warranties	  	20
		 	SECTION 6.4.	  	Reliance; Advice of Counsel	  	21
		 	SECTION 6.5.	  	Not Acting in Individual Capacity	  	21
		 	SECTION 6.6.	  	Owner Trustee Not Liable for Certificate or Receivables	  	21
		 	SECTION 6.7.	  	Owner Trustee May Own Notes	  	22
		 	SECTION 6.8.	  	Payments from Owner Trust Estate	  	22
		 	SECTION 6.9.	  	Doing Business in Other Jurisdictions	  	22
		
	ARTICLE VII. COMPENSATION OF OWNER TRUSTEE	  	22
				
		 	SECTION 7.1.	  	Owner Trustee’s Fees and Expenses	  	22
		 	SECTION 7.2.	  	Indemnification	  	23
		 	SECTION 7.3.	  	Payments to the Owner Trustee	  	23
		 	SECTION 7.4.	  	Non-recourse Obligations	  	23
		
	ARTICLE VIII. TERMINATION OF TRUST AGREEMENT	  	23
				
		 	SECTION 8.1.	  	Termination of Trust Agreement	  	23
		
	ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	25
				
		 	SECTION 9.1.	  	Eligibility Requirements for Owner Trustee	  	25
		 	SECTION 9.2.	  	Resignation or Removal of Owner Trustee	  	25
		 	SECTION 9.3.	  	Successor Owner Trustee	  	26
		 	SECTION 9.4.	  	Merger or Consolidation of Owner Trustee	  	26
		 	SECTION 9.5.	  	Appointment of Co-Trustee or Separate Trustee	  	26
		
	ARTICLE X. MISCELLANEOUS	  	28
				
		 	SECTION 10.1.	  	Supplements and Amendments	  	28
		 	SECTION 10.2.	  	No Legal Title to Owner Trust Estate in Certificateholder	  	29
		 	SECTION 10.3.	  	Limitations on Rights of Others	  	29
		 	SECTION 10.4.	  	Notices	  	29
		 	SECTION 10.5.	  	Severability	  	30
		 	SECTION 10.6.	  	Separate Counterparts	  	30
		 	SECTION 10.7.	  	Assignments; Insurer and Hedge Provider	  	30
		 	SECTION 10.8.	  	No Recourse	  	30
		 	SECTION 10.9.	  	Headings	  	30
		 	SECTION 10.10.	  	GOVERNING LAW	  	30
		 	SECTION 10.11.	  	Servicer	  	31
		 	SECTION 10.12.	  	Nonpetition Covenants	  	31
		 	SECTION 10.13.	  	Third Party Beneficiary	  	31
		 	SECTION 10.14.	  	Regulation AB	  	31

  

 ii 

 EXHIBITS 
  

			
	EXHIBIT A	  	FORM OF CERTIFICATE
	EXHIBIT B	  	FORM OF CERTIFICATE OF TRUST

  

 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT dated as of October 11, 2007 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 October 3, 2007 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. 
 “Bankruptcy Action” shall have the meaning assigned to such term in Section 4.5(a). 
 “Basic Documents” shall mean this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture, the Spread
Account Agreement, the Underwriting Agreement, the Insurance Agreement, the Indemnification Agreement, the Premium Letter, the Custodian Agreement, the Hedge Agreement 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. 
 “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 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). 
  

 1 

 “Depositor” shall mean the Seller in its capacity as Depositor hereunder. 
 “Derivative Contract” means any ISDA Master Agreement, together with the related Schedule and Confirmation, entered into by the Trust
and a Derivative Counterparty in accordance with Section 2.12. 
 “Derivative Contract Collection Account” has the
meaning specified in Section 2.12. 
 “Derivative Counterparty” means any counterparty to a Derivative Contract as
provided in Section 2.12. 
 “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. 
 “Hedge Agreement” means the ISDA Master Agreement, dated October 18, 2007, between the Trust and the Hedge Provider, including the
Schedule thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-2-B Notes and the Confirmation relating to the Class A-4-B Notes, together with any replacement hedge agreement (which replacement hedge agreement
has been approved by the Insurer, so long as no Insurer Default has occurred and is continuing); provided, that no additional hedge agreement shall be a “Hedge Agreement” under the Basic Documents for so long as the Hedge Agreement
is outstanding without the prior, written consent of the applicable Hedge Provider unless the Hedge Agreement has terminated. 
 “Hedge Provider” means Wachovia Bank, National Association, with respect to the Class A-2-B Notes and the class A-4-B Notes, together with any replacement Hedge Provider (which must be approved by the Insurer so long
as no Insurer Default has occurred and is continuing). 
 “Indemnified Parties” shall have the meaning assigned to such term
in Section 7.2. 
 “Indenture” shall mean the Indenture dated as of October 11, 2007, between the Trust and The
Bank of New York, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
 “Insurer” shall mean MBIA Insurance Corporation, or its successor in interest. 
 “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. 
  

 2 

 “Owner Trustee” shall mean Wilmington Trust Company, a Delaware banking corporation, not
in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 
 “Record
Date” shall mean with respect to any Distribution Date, the close of business on the last Business Day immediately preceding such Distribution Date. 
 “Responsible Officer” shall mean, with respect to the Owner Trustee, any officer within the Corporate Trust Administration office of the Owner Trustee with direct responsibility for the administration
of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement dated as of October 11, 2007, among the Trust, the
Seller, AmeriCredit Financial Services, Inc., The Bank of New York, as Backup Servicer and 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. 
 “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 October 11, 2007 among the Trust, the Insurer, the
Collateral Agent, the Trustee and 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, The Bank of New York, 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. 
  

 3 

 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. 
 ARTICLE II. 
 Organization 
 SECTION 2.1. Name. There is hereby formed a trust to be known as
“AmeriCredit Prime Automobile Receivables Trust 2007-2-M,” 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. 
 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; 
  

 4 

 (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
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 the Hedge Agreement; 
 (v) at the direction of the Seller and subject to the requirements set forth in Section 2.12 hereof, to enter into Derivative
Contracts for the benefit of the Certificateholder; 
 (vi) to enter into and perform its obligations under the Basic
Documents to which it is a party; 
 (vii) 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

 (viii) 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. 
  

 5 

 SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor of the sum of $1,000 which contribution shall constitute the initial Owner Trust Estate. The Depositor acknowledges that such contribution has been transferred to, and is being held by, The Bank of New York, as
agent for the Trust in an account established by The Bank of New York on behalf of the Trust, which contribution shall constitute the initial Owner 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. 
 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 outside the State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware. 
  

 6 

 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 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. The Depositor is duly qualified to do business as a foreign corporation, is in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions 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
action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 
 (d) No Consent Required. No consent, license, approval or authorization or registration or declaration with, any Person or with any governmental authority, bureau or agency is required in connection with the execution, delivery or
performance of this Agreement and the Basic Documents, except for such as have been obtained, effected or made. 
 (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 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 

  

 7 

 
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 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 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 and (ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the Certificateholder will be disregarded. 
 (b) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise,
to classify the Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose. 
 (c) In the event
that the Trust has two or more equity owners for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two or more equity owners, this Agreement will be amended, in accordance with
Section 10.1 herein, and appropriate provisions will be added so as to provide for treatment of the Trust as a partnership. 
 SECTION
2.12. Derivatives Contracts. 
 (a) The Trust, at the direction of the Seller, shall execute and deliver Derivative
Contracts in such form as the Seller shall approve, as evidenced conclusively 

  

 8 

 
by the Trust’s execution thereof, such Derivative Contracts being solely for the benefit of the Certificateholder; provided, however, that
neither the execution and delivery of any such Derivative Contract nor the consummation of any transaction contemplated thereunder shall give rise to a non-exempt prohibited transaction described in Section 406 of ERISA or 4975(c)(1) of the
Code. Any such Derivative Contract shall constitute a fully prepaid agreement. Any acquisition of a Derivative Contract shall be accompanied by (i) an Opinion of Counsel addressed to the Insurer and the Hedge Provider provided by, and at the
expense of, the Seller to the effect that the existence of the Derivative Contract will not cause the Trust to be characterized as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes,
(ii) the prior written consent of the Insurer and the Hedge Provider to the acquisition of such Derivative Contract, such consent not to be unreasonably withheld; provided that such consent shall not be deemed to be unreasonably withheld if the
proposed Derivative Contract does not satisfy the requirements set forth in clauses (b) and (c) below and (iii) confirmation from the Rating Agencies that the then-current rating of the Notes, and the rating of the Notes without
taking into account the existence of the Policy, will not be qualified, reduced or withdrawn as a result of the acquisition of such Derivative Contract. Prior to the acquisition of any Derivative Contracts by the Trust, the Trust at the direction
and expense of the Seller, shall establish and maintain in its own name an Eligible Deposit Account (the “Derivative Contract Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Trust on behalf of the Certificateholder. All collections, proceeds and other amounts in respect of the Derivative Contracts payable by the Derivative Counterparty shall be deposited into the Derivative Contract Collection
Account for distribution to the Certificateholder on the Distribution Date following receipt thereof by the Trust in accordance with Section 5.7(a) of the Sale and Servicing Agreement. 
 (b) No Derivative Contract shall provide for any payment obligation on the part of the Trust. Each Derivative Contract must
(i) contain a non-petition covenant from the Derivative Counterparty, (ii) limit payment dates thereunder to Payment Dates and (iii) contain a provision limiting any cash payments due to the Derivative Counterparty under such
Derivative Contract solely to payments made upon the execution of the Derivative Contract in accordance with subclause (a) above that are paid from amounts on deposit in the Collection Account that are available to make payments to the
Certificateholder on such Payment Date in accordance with Section 5.7(a) of the Sale and Servicing Agreement. 
 (c) In
addition to the requirements contained in subclause (a) above, each Derivative Contract must (i) provide for the direct payment of any amounts by the Derivative Counterparty thereunder to the Collection Account at least one Business Day
prior to the related Payment Date, (ii) provide that in the event of the occurrence of an Event of Default, such Derivative Contract shall terminate upon the direction of a majority percentage interest of the Certificateholders,
(iii) prohibit the Derivative Counterparty from “setting-off” or “netting” other obligations of the Trust and its Affiliates against such Derivative Counterparty’s payment obligations thereunder and (iv) satisfy
the Rating Agency Condition. 
  

 9 

 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. Notwithstanding the foregoing and without any additional action, the
Depositor hereby directs that a Certificate representing all the beneficial interest in the Trust be issued in the name of, and delivered to, AFS SenSub Corp., as initial Certificateholder. 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. 
 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. 
  

 10 

 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 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 for registration of transfer, the Owner Trustee, the Certificate Registrar and the Insurer and any agent of the Owner Trustee, the Certificate Registrar
and the 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 Insurer nor any agent of the Owner Trustee, the Certificate Registrar or the Insurer shall be bound by any notice to the contrary. 
  

 11 

 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 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 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: 
 (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; 
  

 12 

 (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 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 the Certificateholder shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and
shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and
offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in
compliance with this Section or Section 5.3. For the protection and enforcement of the provisions of this Section, the Certificateholder and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity.

  

 13 

 SECTION 4.4. Rights of Insurer. Notwithstanding anything to the contrary in the Basic Documents,
without the prior written consent of the 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 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 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 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 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, 11 U.S.C. §§ 101 et seq., as amended. 
  

 14 

 SECTION 4.6. Covenants and Restrictions on Conduct of Business. 
 (a) 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 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; 
 (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; 
  

 15 

 (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 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 $183,000,000, Class A-2-A
Notes in the aggregate principal amount of $85,000,000, Class A-2-B Notes in the aggregate principal amount of $177,000,000, Class A-3 Notes in the aggregate principal amount of $270,000,000, Class A-4-A Notes in the aggregate
principal amount of $139,000,000 and Class A-4-B Notes in the aggregate principal amount of $146,000,000. 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. 
  

 16 

 (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 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 Insurer as the Instructing Party until such
time as the Owner Trustee has received written notice that the 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 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. 
  

 17 

 (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 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. 
  

 18 

 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, 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 Insurer, the Trustee, the Trust Collateral Agent, the Collateral Agent, any Noteholder or to any Certificateholder, other than as expressly
provided for herein and in the Basic Documents; 
  

 19 

 (f) the Owner Trustee shall not be liable for the default or misconduct of the 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 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 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 

  

 20 

 
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 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 

  

 21 

 
payments to be distributed to Certificateholder under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence,
condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the
Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other Person with any warranty or representation made under any Basic
Document or in any related document or the accuracy of any such warranty or representation or any action of the Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 
 SECTION 6.7. Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes
and may deal with the Depositor, the Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
 SECTION 6.8. Payments from Owner Trust Estate. All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made
only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust
Company, or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party. 
 SECTION 6.9. Doing Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or
any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance
with Section 9.5 hereof, (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or
agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by Wilmington Trust Company (or any successor thereto); or
(iii) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by
Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated hereby. 
 ARTICLE VII. 

Compensation of Owner Trustee 
 SECTION 7.1. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between AmeriCredit and the Owner
Trustee, and the Owner Trustee shall 

  

 22 

 
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. 
 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 

  

 23 

 
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 Insurer of all amounts payable or reimbursable to it pursuant to the Sale and Servicing Agreement or the Insurance Agreement and the payment to the Hedge Provider of all amounts payable to it pursuant to the Hedge
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 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 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 year after the second notice the Certificate shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender of its Certificate, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed, subject to applicable escheat laws, by the Owner Trustee to the Holder. 
 (d) Upon the completion of the winding up of the Trust in accordance with Section 3808 of the Statutory Trust Statute and its termination, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 
  

 24 

 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 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 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 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 Insurer may petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 9.1 and shall
fail to resign after written request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor with the consent of the 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 Insurer and one copy to the successor Owner Trustee and payment of all fees owed to the outgoing Owner
Trustee. 
  

 25 

 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 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
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 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 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 Insurer to act as co-trustee, jointly with the Owner 

  

 26 

 
Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to
the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have
joined in such appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee subject, unless an Insurer Default shall have occurred and be continuing, to the approval of the 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 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 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. 
  

 27 

 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 Insurer (so long as an Insurer Default
shall not have occurred and be continuing) and the consent of the Hedge Provider (unless such amendment could not reasonably be expected to have a material adverse effect on the Hedge Provider) 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 delivered to the Insurer and the Owner Trustee which may be based upon a certificate of the Servicer, adversely affect in any material respect the interests of any Noteholder or Certificateholder;
provided, further, that regardless of whether the consent of the Hedge Provider is required with respect to such amendment, a copy of such amendment will be provided to the Hedge Provider at least five (5) Business Days before
such amendment is executed (or such lesser period as the Hedge Provider may agree). 
 (b) This Agreement may also be amended from time to
time, with the prior written consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and the written consent of the Hedge Provider (unless such amendment could not reasonably be expected to have a material
adverse effect on the Hedge Provider) 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 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; provided, further, that regardless of whether the consent of the
Hedge Provider is required with respect to such amendment, a copy of such amendment will be provided to the Hedge Provider at least five (5) Business Days before such amendment is executed (or such lesser period as the Hedge Provider may
agree). 
  

 28 

 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, the Hedge Provider 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 (which shall also be delivered to the Insurer) 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 Insurer, the Hedge Provider, 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., 2265 B Renaissance Drive, Suite 17, Las Vegas,
Nevada 89119, Attention: Chief Financial Officer, with a copy to AFS SenSub Corp., c/o AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer; if to 

  

 29 

 
the Insurer, addressed to Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, NY 10504, Attention: Insured Portfolio Management–Structured
Finance (AmeriCredit 2007-2-M), Facsimile No.: (914) 765-3810, Confirmation: (914) 765-3781 (in each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on the Note Policy 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 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; Insurer and Hedge Provider. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and the Insurer, the Hedge Provider and their respective successors and permitted assigns. 
 SECTION 10.8. No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or
obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Insurer, the Hedge Provider 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. 
  

 30 

 SECTION 10.11. Servicer. The Servicer is authorized to prepare, or cause to be prepared, execute
and deliver on behalf of the Trust the Hedge Agreement and all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic
Documents. Upon written request, the Owner Trustee shall execute and deliver to the Servicer a limited power of attorney appointing the Servicer the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute and deliver all
such documents, reports, filings, instruments, certificates and opinions. 
 SECTION 10.12. Nonpetition Covenants. 
 (a) 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. 
 (b) Notwithstanding any prior termination of this Agreement, but subject to the provisions of
Section 4.5, the Owner Trustee 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 an involuntary 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 Insurer and the Hedge Provider shall be an express third party beneficiary of this Agreement, entitled to enforce the provisions hereof as if a party hereto.

 SECTION 10.14. Regulation AB. The Owner Trustee acknowledges and agrees that the purpose of this Section 10.14 is to
facilitate compliance by the Trust with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees hereby to comply with reasonable requests made by the Servicer in good
faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate fully with the Servicer and the Trust to deliver to the Servicer and the Trust any and all
statements, reports, certifications, records and any other information necessary in the good faith determination of the Servicer to permit the Servicer and the Trust to comply with the provisions of Regulation AB, together with such disclosures
relating to the Owner Trustee reasonably believed by the Servicer to be necessary in order to effect such compliance. 
  

 31 

 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/ James P. Lawler

	Name:	 	James P. Lawler
	Title:	 	Vice President
	
	AFS SENSUB CORP., as Seller
		
	By:	 	 /s/ Sheli Fitzgerald

	Name:	 	Sheli Fitzgerald
	Title:	 	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] 

 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 Prime Automobile Receivables Trust 2007-2-M (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. 
  

			
	 WILMINGTON TRUST COMPANY
 not in its
individual capacity but solely as Owner Trustee

		
	by:	 	  

	
	Authenticating Agent
		
	by:	 	  

 The Trust was created pursuant to a Trust Agreement dated as of October 3, 2007, as amended and
restated as of October 11, 2007 (the “Trust Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 
 This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the “Certificate”). Also issued under the Indenture, dated as of October 11, 2007,
between the Trust and The Bank of New York, as trustee and trust collateral agent, are six classes of Notes designated as “Class A-1 5.2715% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2-A 5.34%
Asset Backed Notes” (the “Class A-2-A Notes”), “Class A-2-B Floating Rate Asset Backed Notes” (the “Class A-2-B Notes”), “Class A-3 5.22% Asset Backed Notes” (the
“Class A-3 Notes”), “Class A-4-A 5.35% Asset Backed Notes” (the “Class A-4-A Notes”) and “Class A-4-B Floating Rate Asset Backed Notes” (the “Class A-4-B Notes” and
together with the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes and the Class A-4-A Notes, the “Notes”). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment
sale contracts secured by new and used automobiles, vans or light duty trucks (the “Receivables”), all monies due thereunder on or after the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and
the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, to and interest of the Seller in and to the Purchase Agreement dated as of
October 11, 2007 between 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 or any other Basic Document by wire transfer
or check mailed to the Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on
this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in the
Corporate Trust Office. 
 Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any
purpose. 
  

 A-2 

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

 A-3 

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

									
		 		 	 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M

				
		 		 	By:	 	WILMINGTON TRUST COMPANY
		 		 		 	not in its individual capacity but solely as Owner Trustee
					
	Dated: October 18, 2007	 		 		 	By:	 	  

  

 A-4 

 (Reverse of Certificate) 
 The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any Affiliates of any of them and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of
payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined during
normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written request. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Seller under the Trust Agreement at any time by the Seller and the
Owner Trustee with the consent of the Note Majority and the Certificateholder. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the
consent of the Certificateholder. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of
this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the Corporate Trust Office,
accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon a new Certificate
evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust Company. No service charge will be made for any such
registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 The Owner Trustee, the Insurer and any agent of the Owner Trustee or the 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 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 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. 
  

 A-5 

 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 Section 4975 or (c) any entity whose underlying assets include assets of a plan
described in (a) or (b) above by reason of such plan’s investment in the entity (each, a “Benefit Plan”). By accepting and holding this Certificate, the Holder hereof shall be deemed to have represented and warranted
that it is not a Benefit Plan. 
 The recitals contained herein shall be taken as the statements of the Depositor or the Servicer, as the
case may be, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Certificate or of any Receivable or related document. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual or facsimile signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  

 A-6 

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER 
 OF ASSIGNEE 
  

	
	 

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

	
	 

 the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 
                                       
                           Attorney to transfer said Certificate on the books of the Certificate Registrar, with
full power of substitution in the premises. 
  

							
	Dated:	 		 	  
	 	*
		 		 	Signature	 	
				
	Guaranteed:	 		 	  
	 	*

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

 

 A-7 

 EXHIBIT B 
 FORM OF 
 CERTIFICATE OF TRUST 
 OF 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M 

THIS Certificate of Trust of AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M (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 Prime Automobile Receivables Trust
2007-2-M.” 
 2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is
Wilmington Trust Company, 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:Sale and Servicing Agreement, dated as of October 11, 2007

 Exhibit 4.3 
 EXECUTION COPY 
  

 SALE AND SERVICING 
 AGREEMENT 
 among 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M, 
 Issuer, 
 AFS SENSUB CORP., 
 Seller, 
 AMERICREDIT FINANCIAL SERVICES,
INC., 
 Servicer, 
 and

 THE BANK OF NEW YORK, 
 Backup
Servicer and Trust Collateral Agent 
 Dated as of October 11, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I Definitions
	  	1
	 SECTION 1.1.
	  	Definitions	  	1
	 SECTION 1.2.
	  	Other Definitional Provisions	  	21
		
	 ARTICLE II Conveyance of Receivables
	  	22
	 SECTION 2.1.
	  	Conveyance of Receivables	  	22
	 SECTION 2.2.
	  	[Reserved]	  	23
	 SECTION 2.3.
	  	Further Encumbrance of Trust Property	  	23
	 SECTION 2.4.
	  	Intention of the Parties	  	23
		
	 ARTICLE III The Receivables
	  	25
	 SECTION 3.1.
	  	Representations and Warranties of Seller	  	25
	 SECTION 3.2.
	  	Repurchase upon Breach	  	25
	 SECTION 3.3.
	  	Custody of Receivable Files	  	26
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	27
	 SECTION 4.1.
	  	Duties of the Servicer	  	27
	 SECTION 4.2.
	  	Collection of Receivable Payments; Modifications of Receivables	  	28
	 SECTION 4.3.
	  	Realization upon Receivables	  	31
	 SECTION 4.4.
	  	Insurance	  	32
	 SECTION 4.5.
	  	Maintenance of Security Interests in Vehicles	  	34
	 SECTION 4.6.
	  	Covenants, Representations, and Warranties of Servicer	  	35
	 SECTION 4.7.
	  	Purchase of Receivables Upon Breach of Covenant	  	36
	 SECTION 4.8.
	  	Total Servicing Fee; Payment of Certain Expenses by Servicer	  	36
	 SECTION 4.9.
	  	Preliminary Servicer's Certificate and Servicer’s Certificate	  	37
	 SECTION 4.10.
	  	Annual Statement as to Compliance, Notice of Servicer Termination Event	  	38
	 SECTION 4.11.
	  	Annual Independent Accountants’ Report	  	39
	 SECTION 4.12.
	  	Access to Certain Documentation and Information Regarding Receivables	  	40
	 SECTION 4.13.
	  	Monthly Tape	  	40
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	41
	 SECTION 5.1.
	  	Establishment of Trust Accounts	  	41
	 SECTION 5.2.
	  	[Reserved]	  	44
	 SECTION 5.3.
	  	Certain Reimbursements to the Servicer	  	44
	 SECTION 5.4.
	  	Application of Collections	  	45
	 SECTION 5.5.
	  	Withdrawals from Spread Account	  	45
	 SECTION 5.6.
	  	Additional Deposits	  	45
	 SECTION 5.7.
	  	Distributions	  	46
	 SECTION 5.8.
	  	Note Distribution Account	  	48
	 SECTION 5.9.
	  	[Reserved]	  	49

  

 i 

					
	 SECTION 5.10.
	  	Statements to Noteholders	  	49
	 SECTION 5.11.
	  	Optional Deposits by the Insurer	  	51
	 SECTION 5.12.
	  	Determination of LIBOR	  	51
		
	ARTICLE VI The Note Policy	  	52
	 SECTION 6.1.
	  	Claims Under Note Policy	  	52
	 SECTION 6.2.
	  	Preference Claims Under Note Policy	  	53
	 SECTION 6.3.
	  	Surrender of Note Policy	  	54
		
	ARTICLE VII The Seller	  	54
	 SECTION 7.1.
	  	Representations of Seller	  	54
	 SECTION 7.2.
	  	Corporate Existence	  	55
	 SECTION 7.3.
	  	Liability of Seller; Indemnities	  	56
	 SECTION 7.4.
	  	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	57
	 SECTION 7.5.
	  	Limitation on Liability of Seller and Others	  	58
	 SECTION 7.6.
	  	Ownership of the Certificates or Notes	  	58
		
	ARTICLE VIII The Servicer	  	58
	 SECTION 8.1.
	  	Representations of Servicer	  	58
	 SECTION 8.2.
	  	Liability of Servicer; Indemnities	  	60
	 SECTION 8.3.
	  	Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer	  	61
	 SECTION 8.4.
	  	Limitation on Liability of Servicer, Backup Servicer and Others	  	62
	 SECTION 8.5.
	  	Delegation of Duties	  	63
	 SECTION 8.6.
	  	Servicer and Backup Servicer Not to Resign	  	64
		
	ARTICLE IX Default	  	65
	 SECTION 9.1.
	  	Servicer Termination Event	  	65
	 SECTION 9.2.
	  	Consequences of a Servicer Termination Event	  	66
	 SECTION 9.3.
	  	Appointment of Successor	  	67
	 SECTION 9.4.
	  	Notification to Noteholders	  	68
	 SECTION 9.5.
	  	Waiver of Past Defaults	  	68
		
	ARTICLE X Termination	  	69
	 SECTION 10.1.
	  	Optional Purchase of All Receivables	  	69
		
	ARTICLE XI Administrative Duties of the Servicer	  	70
	 SECTION 11.1.
	  	Administrative Duties	  	70
	 SECTION 11.2.
	  	Records	  	72
	 SECTION 11.3.
	  	Additional Information to be Furnished to the Issuer	  	72
		
	ARTICLE XII Miscellaneous Provisions	  	72
	 SECTION 12.1.
	  	Amendment	  	72
	 SECTION 12.2.
	  	Protection of Title to Trust	  	74
	 SECTION 12.3.
	  	Notices	  	75
	 SECTION 12.4.
	  	Assignment	  	76

  

 ii 

					
	 SECTION 12.5.
	  	Limitations on Rights of Others	  	76
	 SECTION 12.6.
	  	Severability	  	77
	 SECTION 12.7.
	  	Separate Counterparts	  	77
	 SECTION 12.8.
	  	Headings	  	77
	 SECTION 12.9.
	  	Governing Law	  	77
	 SECTION 12.10.
	  	Assignment to Trustee	  	77
	 SECTION 12.11.
	  	Nonpetition Covenants	  	77
	 SECTION 12.12.
	  	Limitation of Liability of Owner Trustee and Trustee	  	78
	 SECTION 12.13.
	  	Independence of the Servicer	  	78
	 SECTION 12.14.
	  	No Joint Venture	  	78
	 SECTION 12.15.
	  	Replacement Hedge Agreement	  	79
	 SECTION 12.16.
	  	State Business Licenses	  	79
		
	SCHEDULES	  	
	Schedule A	  	Schedule of Receivables	  	
	Schedule B	  	Representations and Warranties of the Seller and the Servicer	  	
		
	EXHIBITS	  	
	Exhibit A	  	Form of Servicer’s Certificate	  	
	Exhibit B	  	Form of Preliminary Servicer’s Certificate	  	
	Exhibit C	  	Form of Assertion of Compliance with Applicable Servicing Criteria	  	

  

 iii 

 SALE AND SERVICING AGREEMENT dated as of October 11, 2007, among AMERICREDIT PRIME AUTOMOBILE
RECEIVABLES TRUST 2007-2-M, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (the
“Servicer”) and THE BANK OF NEW YORK, a New York banking corporation, 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 an originating affiliate or
acquired by AmeriCredit Financial Services, Inc. or an originating affiliate through motor vehicle dealers and third party lenders; 
 WHEREAS the Seller has purchased such receivables from AmeriCredit Financial Services, Inc. and is willing to sell such receivables to the Issuer; 
 WHEREAS the Servicer is willing to service all such receivables; 
 WHEREAS the Backup Servicer is willing to
provide backup servicing for all such receivables; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words
and phrases shall have the following meanings: 
 “Accelerated Payment Amount Shortfall” means, with respect to any
Distribution Date, the excess, if any, of (i) the excess, if any, on such Distribution Date of the Pro Forma Note Balance for such Distribution Date over the Required Pro Forma Note Balance for such Distribution Date over (ii) the excess
of the amount of Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to Section 5.7(a)(i) through (vii). 
 “Accelerated Payment Amount Shortfall Deposit” means, with respect to any Distribution Date, any amount withdrawn from the Spread Account as an Accelerated Payment Amount Shortfall and deposited to
the Collection Account pursuant to Sections 5.5(b) and 5.6. 
 “Accelerated Payment Shortfall Notice” means, with respect to
any Distribution Date, a written notice specifying the Accelerated Payment Amount Shortfall for such Distribution Date. 

 “Accelerated 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 
 (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 contracts, car club and warranty contracts, other items customarily financed as part of motor vehicle retail installment
sale contracts or promissory notes, and related costs. 
 “Annual Percentage Rate” or “APR” of a Receivable
means the annual percentage rate of finance charges or service charges, as stated in the related Contract. 
  

 2 

 “Auto Loan Purchase and Sale Agreement” means any agreement between a Third-Party Lender
and AmeriCredit or an Originating Affiliate relating to the acquisition of Receivables from a Third Party Lender by AmeriCredit or an Originating Affiliate. 
 “Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related Collection Period, (ii) all Purchase Amounts deposited in the Collection
Account during the related Collection Period, plus Investment Earnings with respect to the Trust Accounts and the Spread Account for the related Collection Period, (iii) following the acceleration of the Notes pursuant to Section 5.2 of
the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and
Section 5.8 of the Indenture, (iv) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof, (v) any amounts received by the Trust Collateral Agent pursuant to the Hedge Agreement with
respect to the Class A-2-B Notes or the Class A-4-B Notes (less any amounts to be used to enter into a replacement hedge agreement), and (vi) any amounts included in Available Funds pursuant to Section 5.1(i) of this Agreement.

 “Backup Servicer” means The Bank of New York. 
 “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 the product of (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of such Collection Period (or in the case of
the first Distribution Date, October 12, 2007) multiplied by (iii) one-twelfth (or in the case of the first Distribution Date, the actual number of days during the Collection Period divided by 360). 
 “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Indenture, the Spread Account Agreement, the
Underwriting Agreement, the Insurance Agreement, the Hedge Agreement, the Indemnification Agreement, the Custodian Agreement, the Purchase Agreement and other documents and certificates delivered in connection therewith. 
 “Business Day” means any day other than a Saturday, a Sunday, legal holiday or other day on which commercial banking institutions
located in Wilmington, Delaware, Fort Worth, Texas, New York, New York or any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental
decree to be closed. 
 “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-A Notes, the Class A-2-B Notes, the Class A-3 Notes,
the Class A-4-A Notes or the Class A-4-B Notes, as the context requires. 
  

 3 

 “Class A-1 Notes” has the meaning assigned to such term in the Indenture. 
 “Class A-2-A Notes” has the meaning assigned to such term in the Indenture. 
 “Class A-2-B 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-A Notes” has the meaning assigned to such term in the Indenture. 
 “Class A-4-B Notes” has the meaning assigned to such term in the Indenture. 
 “Closing Date” means October 18, 2007. 
 “Collateral Agent” means The Bank of New York, in its capacity as Collateral Agent under the Spread Account Agreement. 
 “Collateral Insurance” shall have the meaning set forth in Section 4.4(a). 
 “Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds
collected during such Collection Period (but excluding any Purchase Amounts). 
 “Collection Account” means the account
designated as such, established and maintained pursuant to Section 5.1. 
 “Collection Period” means, with respect to
the first Distribution Date, the period beginning on the close of business on October 11, 2007 and ending on the close of business on October 31, 2007. 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. 
 “Commission” means the United States Securities and Exchange Commission. 
 “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. 
  

 4 

 “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 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 101 Barclay Street, New York, New York 10286, Attention: Asset Backed Securities Unit. 
 “Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate jurisdiction
in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable, an amount equal to (i) the
excess of the Principal Balance of such Receivable immediately prior to such order over the Principal Balance of such Receivable as so reduced and/or (ii) if such court shall have issued an order reducing the effective rate of interest on such
Receivable, the excess of the Principal Balance of such Receivable immediately prior to such order over the net present value (using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified by the
court in such order) of the Scheduled Receivables Payments as so modified or restructured. A Cram Down Loss shall be deemed to have occurred on the date of issuance of such order. 
 “Custodian” means AmeriCredit and any other Person named from time to time as custodian in any Custodian Agreement acting as agent for
the Trust Collateral Agent, which Person must be acceptable to the Controlling Party (the Custodian as of the Closing Date is acceptable to the Insurer as of the Closing Date). 
 “Custodian Agreement” means any Custodian Agreement from time to time in effect between the Custodian named therein, the Insurer and the
Trust Collateral Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, which Custodian Agreement and any amendments, supplements or modifications thereto shall be acceptable to
the Controlling Party (the Custodian Agreement which is effective on the Closing Date is acceptable to the Controlling Party). 
 “Cutoff Date” means October 11, 2007. 
 “Dealer” means a dealer who sold a Financed Vehicle
and who originated and assigned the respective Receivable to AmeriCredit or an Originating Affiliate under a Dealer Agreement or pursuant to a Dealer Assignment. 
 “Dealer Agreement” means any agreement between a Dealer and AmeriCredit or an Originating Affiliate relating to the acquisition of Receivables from a Dealer by AmeriCredit or an Originating Affiliate.

  

 5 

 “Dealer Assignment” means, with respect to a Receivable, the executed assignment
executed by a Dealer conveying such Receivable to AmeriCredit or to an Originating Affiliate. 
 “Deficiency Amount” means,
for any Distribution Date, an amount equal to the excess, if any of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount, (ii) the Noteholders’ Parity Deficit Amount for the related
Distribution Date and (iii), if such Distribution Date is the Final Scheduled Distribution Date for any Class, the unpaid principal amount of such Class over (b) the sum, without duplication, of (i) the amount actually deposited into the
Note Distribution Account on such related Distribution Date (excluding amounts to be drawn under the Note Policy) and (ii) the Additional Funds Available, if any, for such Distribution Date. 
 “Deficiency Notice” shall have the meaning set forth in Section 5.5. 
 “Delivery” when used with respect to Trust Account Property means: 
 (a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent by physical delivery to the Trust Collateral Agent endorsed to, or registered
in the name of, the Trust Collateral Agent or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery thereof to the Trust Collateral Agent of such
certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the making by such clearing
corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Trust Collateral Agent by the amount of such certificated security and the
identification by the clearing corporation of the certificated securities for the sole and exclusive account of the Trust Collateral Agent (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in
registered form shall be in the name of the Trust Collateral Agent or its nominee; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to
the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (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 

  

 6 

 
the Trust Collateral Agent’s securities account at the securities intermediary and identifying such book-entry security held through the Federal Reserve
System pursuant to federal book-entry regulations as belonging to the Trust Collateral Agent; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account
Property to the Trust Collateral Agent, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name
of the Trust Collateral Agent or its nominee or custodian who either (i) becomes the registered owner on behalf of the Trust Collateral Agent or (ii) having previously become the registered owner, acknowledges that it holds for the Trust
Collateral Agent; and 
 (d) with respect to any item of Trust Account Property that is a financial asset 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 financial asset has been credited to a securities account of the Trust Collateral Agent. 
 “Determination Date” means, with respect to any Collection Period the second Business Day prior to the related Distribution Date in the
next calendar month, and with respect to the first Distribution Date, November 6, 2007. 
 “Distribution Date” means,
with respect to each Collection Period, the eighth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing November 8, 2007. If AmeriCredit is no longer acting as Servicer,
the distribution date may be a different day of the month. 
 “Draw Date” means, with respect to any Distribution Date, the
second Business Day immediately preceding such Distribution Date. 
 “Electronic Ledger” means the electronic master record
of the retail installment sales contracts or installment loans of the Servicer. 
 “Eligible Deposit Account” means a
segregated trust account with the corporate trust department of a depository institution acceptable to the Insurer organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic
branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as (i) any of the securities of such depository institution have a credit rating from each Rating Agency in one of its
generic rating categories which signifies investment grade and (ii) such depository institutions’ deposits are insured by the FDIC. 
 “Eligible Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence: 
 (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 
  

 7 

 (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; 
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause
(b) above; 
 (f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed
by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company
(acting as principal) referred to in clause (b) above; 
 (g) any other investment which would satisfy the Rating Agency
Condition and is consistent with the ratings of the Securities and which, so long as no Insurer Default shall have occurred and be continuing, has been approved by the Insurer, or any other investment that by its terms converts to cash within a
finite period, if the Rating Agency Condition is satisfied with respect thereto; and 
 (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. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “FDIC” means the Federal Deposit Insurance Corporation. 
  

 8 

 “Final Scheduled Distribution Date” means with respect to (i) the Class A-1
Notes, the October 8, 2008 Distribution Date, (ii) the Class A-2-A Notes, the November 8, 2010 Distribution Date, (iii) the Class A-2-B Notes, the November 8, 2010 Distribution Date, (iv) the Class A-3
Notes, the June 8, 2012 Distribution Date, (v) the Class A-4-A Notes, the March 8, 2016 Distribution Date and (vi) the Class A-4-B Notes, the March 8, 2016 Distribution Date. 
 “Financed Vehicle” means an automobile, light-duty truck, van or minivan, together with all accessions thereto, securing an
Obligor’s indebtedness under the respective Receivable. 
 “Force-Placed Insurance” has the meaning ascribed thereto in
Section 4.4 hereof. 
 “Hedge Account” has the meaning specified in Section 5.1(h). 
 “Hedge Agreement” means the ISDA Master Agreement, dated October 18, 2007, between the Issuer and the Hedge Provider, including the
Schedule thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-2-B Notes and the Confirmation relating to the Class A-4-B Notes, together with any replacement hedge agreement (which replacement hedge agreement
has been approved by the Insurer, so long as no Insurer Default has occurred and is continuing); provided, that no additional hedge agreement shall be a “Hedge Agreement” under the Basic Documents for so long as the Hedge Agreement
is outstanding without the prior, written consent of the Hedge Provider, unless the Hedge Agreement has terminated. 
 “Hedge
Provider” means Wachovia Bank, National Association, with respect to the Class A-2-B Notes and the Class A-4-B Notes, together with any replacement Hedge Provider (which must be approved by the Insurer so long as no Insurer
Default has occurred and is continuing). 
 “Hedge Termination Account” has the meaning specified in
Section 5.1(a)(iii). 
 “Indemnification Agreement” means the Indemnification Agreement dated as of October 11,
2007, among the Insurer, AmeriCredit and J.P. Morgan Securities Inc., as the Representative of the Underwriters. 
 “Indenture” means the Indenture dated as of October 11, 2007, between the Issuer and The Bank of New York, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time.

 “Independent Accountants” shall have the meaning set forth in Section 4.11(a). 
 “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 

  

 9 

 
commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such
debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Insurance Add-On
Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4. 
 “Insurance Agreement” means the Insurance Agreement, dated as of October 11, 2007, 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. 
 “Insurer” means MBIA Insurance Corporation, a New York stock insurance company, or any successor thereto, as issuer of the Note Policy and the Swap Policy. 
 “Insurer Default” means the occurrence and continuance of any of the following events: 
 (a) the Insurer shall have failed to make a payment required under the Note Policy in accordance with its terms; 
 (b) the Insurer shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United
States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or (iii) had an order for
relief entered against it under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or 
 (c) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory authority shall have entered a
final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Insurer or for all or any material portion of its property or (ii) authorizing the taking of possession by a custodian,
trustee, agent or receiver of the Insurer (or the taking of possession of all or any material portion of the property of the Insurer). 
  

 10 

 “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 or the Swap 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 20 days for the Class A-1 Notes, the Class A-2-B Notes and
the Class A-4-B Notes and 21 days for the Class A-2-A Notes, the Class A-3 Notes and the Class A-4-A Notes. 
 “Interest Rate” means, with respect to (i) the Class A-1 Notes, 5.2715% 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-A Notes, 5.34% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (iii) the Class A-2-B Notes, LIBOR plus 0.38% per annum (computed on the basis of a 360-day year
and the actual number of days elapsed in the applicable Interest Period), (iv) the Class A-3 Notes, 5.22% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (v) the Class A-4-A Notes,
5.35% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), and (vi) the Class A-4-B Notes, LIBOR plus 0.50% per annum (computed on the basis of a 360-day year and the actual number of days
elapsed in the applicable Interest Period). 
 “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 Prime Automobile Receivables Trust 2007-2-M. 
 “Issuer Secured Parties” means each of the Trustee in respect of
the Trustee Issuer Secured Obligations, the Insurer in respect of the Insurer Issuer Secured Obligations and the Hedge Provider in respect of the Hedge Provider Issuer Secured Obligations. 
 “LIBOR” has the meaning set forth in Section 5.12 hereof. 
 “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 

  

 11 

 
Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to
the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party. For Financed Vehicles registered in states which issue confirmation of the lienholder’s interest electronically, the
“Lien Certificate” may consist of notification of an electronic recordation by either a third party service provider or the relevant Registrar of Titles of the applicable state which indicates that the lien of the secured party on the
Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable state. 
 “Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, as of the last day of the Collection Period (i) 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, (ii) the Servicer has determined in good faith that all
amounts it expects to recover have been received, (iii) 10% or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, or (iv) that is, without
duplication, a Sold Receivable. 
 “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 or the Swap Policy), and, with respect to a Sold Receivable, the related Sale Amount. 
 “Lockbox Account” means an account maintained by the Servicer pursuant to Section 4.2. 
 “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 30 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 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. 
  

 12 

 “Monthly Records” means all records and data maintained by the Servicer with respect to
the Receivables, including the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term;
Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days
currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment. 
 “Moody’s” means Moody’s Investors Service, or its successor. 
 “Net Liquidation
Proceeds” means, with respect to a Liquidated Receivable, Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the
Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero.

 “Note Distribution Account” means the account designated as such, established and maintained pursuant to
Section 5.1. 
 “Note Majority” means a majority by principal amount of the Noteholders. 
 “Note Policy” means the financial guaranty insurance policy issued by the Insurer to the Trust Collateral Agent, as agent for the
Trustee, for the benefit of the Noteholders. 
 “Note 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’ 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 Class of Notes 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 the applicable 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 each Class of Notes and the Noteholders’ Interest Carryover Amount, if any, for such Distribution Date and each such Class. Interest on the
Class A-1 Notes, Class A-2-B Notes and Class A-4-B 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-A Notes, Class A-3
Notes and Class A-4-A Notes shall be computed on the basis of a 

  

 13 

 
360-day year consisting of twelve 30-day months, except with respect to the first Interest Period when it will be calculated on the basis of a 360-day year
and the actual number of days elapsed in the first Interest Period. 
 “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 which interest shall accrue (i) 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) and (ii) calculated (x) for the Class A-1 Notes, Class A-2-B Notes and Class A-4-B
Notes on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and (y) for the Class A-2-A Notes, the Class A-3 Notes and the Class A-4-A Notes, on the basis of a 360-day year
consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period), except with respect to the first Interest Period. 
 “Noteholders’ Monthly Principal Distributable Amount” means, with respect to any Distribution Date, the Noteholders’
Percentage of the Principal Distributable Amount. 
 “Noteholders’ Parity Deficit Amount” means, with respect to any
Distribution Date, the excess, if any, of (x) the aggregate remaining principal balance of the Notes outstanding on such Distribution Date, after giving effect to all reductions in such aggregate principal balance from sources other than
(i) the Additional Funds Available and (ii) the Note Policy over (y) the Pool Balance at the end of the prior calendar month. 
 “Noteholders’ Percentage” means with respect to any Determination Date (i) relating to a Distribution Date prior to the Distribution Date on which the combined principal amount of the Class A-4-A Notes and
Class A-4-B Notes is reduced to zero, 100%; (ii) relating to the Distribution Date on which the combined principal amount of the Class A-4-A Notes and Class A-4-B Notes is scheduled to be reduced to zero, the percentage
equivalent of a fraction, the numerator of which is the combined outstanding principal balance of the Class A-4-A Notes and Class A-4-B Notes that remain unpaid immediately prior to such Distribution Date, and the denominator of which is
the Principal Distributable Amount for such Distribution Date; 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 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). 
  

 14 

 “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle
and any other Person who owes payments under the Receivable. 
 “Officers’ Certificate” means a certificate signed by
the chief executive officer, the president, any executive vice president, any senior vice president, any vice president, any assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or
the Servicer, as appropriate. 
 “Opinion of Counsel” means a written opinion of counsel reasonably acceptable to the
Insurer, which opinion is satisfactory in form and substance to the Trust Collateral Agent and, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to the Insurer, to the Insurer. 
 “Original Pool Balance” means the Pool Balance as of the Cutoff Date. 
 “Originating Affiliate” means an Affiliate of AmeriCredit that has originated Receivables and assigned its full interest therein to
AmeriCredit. 
 “Other Conveyed Property” means all property conveyed 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) at the end of the preceding calendar month. 
 “Preliminary
Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9(a), substantially in the form of Exhibit B. 
 “Principal Balance” means, with respect to any Receivable, as of any date, the sum of (x) the Amount Financed minus (i) that
portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable plus (y) the accrued and unpaid interest on such
Receivable. 
  

 15 

 “Principal Distributable Amount” means, with respect to any Distribution Date, the
amount equal to the excess, if any, of (x) the sum of (i) the principal portion of all Collected Funds received during the immediately preceding Collection Period (other than Liquidated Receivables and Purchased Receivables), (ii) the
Principal Balance of all Receivables that became Liquidated Receivables during the related Collection Period (other than Purchased Receivables), (iii) the principal portion of the Purchase Amounts received with respect to all Receivables that
became Purchased Receivables during the related Collection Period, (iv) in the sole discretion of the Insurer, the Principal Balance of all the Receivables that were required to be purchased pursuant to Sections 3.2 and 4.7, during such
Collection Period but were not purchased, (v) the aggregate amount of Cram Down Losses that shall have occurred during the related Collection Period; and (vi) following the acceleration of the Notes pursuant to Section 5.2 of the
Indenture, the amount of money or property collected pursuant to Section 5.4 of the Indenture since the preceding Determination Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.7 hereof over
(y) the Step-Down Amount, if any, for such Distribution Date. 
 “Pro Forma Note Balance” means, with respect to any
Distribution Date, the aggregate remaining principal amount of the Notes outstanding on such Distribution Date, after giving effect to distributions pursuant to clauses (i) through (vi) of Section 5.7(a) hereof. 
 “Prospectus Supplement” means the prospectus supplement, dated October 11, 2007, relating to the offering of the Notes, as filed
with the Commission. 
 “Purchase Agreement” means the Purchase Agreement between the Seller and AmeriCredit, dated as of
October 11, 2007, pursuant to which the Seller acquires 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 Receivable, after giving effect to the receipt of any moneys collected (from whatever source)
on such Receivable, if any. 
 “Purchased Receivable” means a Receivable purchased as of the close of business on the last
day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c), or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 
 “Rating Agency” means Moody’s and Standard & Poor’s. If no such organization or successor maintains a rating on the
Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and acceptable to the Insurer (so long as an Insurer Default shall not have occurred
and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
 “Rating Agency Condition” means, with respect to any action, that each of Moody’s and Standard & Poor’s shall have been given 10 days’ (or such shorter period as shall be acceptable to each of
Moody’s and Standard & Poor’s) prior notice thereof and that each of Moody’s and Standard & Poor’s shall have notified the Seller, the Servicer, the Insurer, the Owner Trustee and the Trust Collateral Agent in
writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of Notes, without taking into account the presence of the Note Policy. 
  

 16 

 “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. 
 “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. 
 “Regulation AB” means Subpart 229.1100—Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “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), which may step down over time in accordance with the terms of the Spread Account Agreement (which difference will initially equal 93.25%) 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. 
 “Reuters Screen LIBOR01 Page” has the meaning specified in Section 5.1 hereof. 
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such
Sold Receivable. 
  

 17 

 “Sale and Servicing Agreement Collateral” has the meaning specified in Section 2.4
hereof. 
 “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 (which Schedule may be in the form of microfiche or a disk). 
 “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 successor servicer pursuant to
Section 9.3. 
 “Servicer Termination Event” means an event specified in Section 9.1. 
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9(b),
substantially in the form of Exhibit A. 
 “Servicing Fee” has the meaning specified in Section 4.8. 
 “Servicing Fee Rate” means 1.50% 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 30 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. 
  

 18 

 “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
October 11, 2007, 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 (v) of
Section 5.7(a) herein, (ii) the Noteholders’ Parity Deficit Amount, if any, for such Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date of any Class, any remaining outstanding
principal balance of such Class, to the extent that such amount is available on the related Distribution Date in accordance with the terms of the Spread Account Agreement, 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 (A) the sum of the amounts payable pursuant to priorities (i) through (vi) and (x) of Section 5.7(a) of the
Sale and Servicing Agreement on the Distribution Date, over (B) Available Funds for the related Distribution Date, to the extent such amounts are available on such Distribution Date in accordance with the provisions of the Spread Account
Agreement. 
 “Spread Account Claim Amount Deposits” means with respect to any Distribution Date, any amount withdrawn from
the Spread Account as a Spread Account Claim Amount and deposited to the Collection Account pursuant to Sections 5.5(a) and 5.6. 
 “Spread Account Initial Deposit” means an amount equal to 1.0% of the aggregate Principal Balance of the Receivables on the Cutoff Date (which is equal to $10,256,507.71). 
 “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. 
  

 19 

 “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. 
 “Swap Policy” means the interest rate swap insurance policy issued by the Insurer to the Hedge Provider with
respect to the Hedge Agreement, including any endorsements thereto. 
 “Swap Termination Payment” means payments due to the
applicable Hedge Provider by the Issuer, including interest that may accrue thereon, under the applicable Hedge Agreement due to a termination of the applicable Hedge Agreement due to the occurrence of an “event of default” or a
“termination event” under the applicable Hedge Agreement. 
 “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 or an Originating Affiliate 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 or an Originating Affiliate. 
 “Titled Third-Party Lender” means a Third-Party Lender that
has agreed to assist AmeriCredit or any successor servicer, to the extent necessary, with any repossession or legal action in respect of Financed Vehicles with respect to which such Third-Party Lender has assigned its full interest therein to
AmeriCredit or an Originating Affiliate and is listed as first lienholder or secured party on the Lien Certificate relating to such Financed Vehicle. 
 “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 October 3, 2007, between the Seller and the Owner Trustee, as amended and
restated as of October 11, 2007, as the same may be amended and supplemented from time to time. 
 “Trust Collateral
Agent” means the Person acting as Trust Collateral Agent hereunder, its successors in interest and any successor Trust Collateral Agent hereunder. 
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of directors, any managing director, the chairman or vice-chairman 

  

 20 

 
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 Hedge Agreement, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the
Spread Account, the Note Distribution Account (including all Eligible Investments therein and all proceeds therefrom) 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. 
 (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.” 
  

 21 

 (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 Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the following property, whether now owned or existing or hereafter acquired
or arising: 
 (a) the Receivables and all moneys received thereon after the Cutoff Date; 
 (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed
Vehicles; 
 (c) any proceeds and the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit
life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 
 (d)
any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and Sale Agreement as a result of a breach of representation or warranty in the related Dealer
Agreement or Auto Loan Purchase and Sale Agreement; 
 (e) all rights under any Service Contracts on the related Financed Vehicles;

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

 22 

 (h) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents,
(iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and 
 (i) all proceeds and investments with respect to items (a) through (h). 
 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 (other than to the Spread Account) to the Trust Collateral Agent and pursuant to the Spread Account
Agreement, the Trust shall grant a security interest in the Spread Account to the Collateral Agent, in each case 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. 
 SECTION 2.4. Intention of the Parties. 
 The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller and the Issuer that they intend that the assignment and
transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and Other Conveyed Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the Seller to the
Issuer, and that the Receivables and the Other Conveyed Property 

  

 23 

 
shall not be a part of the Seller’s estate in the event of a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other
proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to, the Seller. In the event that such conveyance is determined to be made as security for a loan made by the Issuer,
the Noteholders or the Certificateholder to the Seller, the Seller hereby grants to the Issuer a security interest in all of the Seller’s right, title and interest in and to the following property for the benefit of the Issuer Secured Parties,
whether now owned or existing or hereafter acquired or arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Sale and Servicing Agreement Collateral”): 
 (i) the Receivables and all moneys received thereon after the Cutoff Date; 
 (ii) 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; 
 (iii) 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; 
 (iv) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an Auto
Loan Purchase and Sale Agreement as a result of a breach of representation or warranty in the related Dealer Agreement or Auto Loan Purchase and Sale Agreement; 
 (v) all rights under any Service Contracts on the related Financed Vehicles; 
 (vi) the related Receivable Files; 
 (vii) 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, and the delivery requirements, representations and warranties
and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; 
 (viii) all of the Seller’s
(a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (i) through (vii); and 
 (ix) all proceeds and investments with respect to items (i) through (viii). 
  

 24 

 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 

  

 25 

 
burdens, under the Purchase Agreement including the Seller’s rights under the Purchase Agreement and the delivery requirements, representations and
warranties and the cure or repurchase obligations of AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and effective to permit the Trust to enforce such obligations of
AmeriCredit under the Purchase Agreement. Any purchase by AmeriCredit pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and the definition of Purchased Receivable. 
 SECTION 3.3. Custody of Receivable 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 October 11, 2007, 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 or control (the “Receivable Files”) 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 (or with respect to
“electronic chattel paper”, the authoritative copy) of the Contract; and 
 (ii) The Lien Certificate (when
received), and otherwise such documents, if any, that AmeriCredit keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of AmeriCredit (or an Originating
Affiliate or a Titled Third-Party Lender) 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
(or an Originating Affiliate or a Titled Third-Party Lender) as secured party. 
 (b) If the Trust Collateral Agent is acting as the
Custodian pursuant to Section 8 of the Custodian Agreement, the Trust Collateral Agent shall be deemed to have assumed the obligations of the Custodian (except for any liabilities incurred by the predecessor Custodian) specified in the
Custodian Agreement until such time as a successor Custodian has been appointed. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include
a statement to the effect that all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the Receivable and
Receivable File to the Servicer. Upon the sale of any Receivable pursuant to Section 4.3(c) hereof, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to
the effect that all amounts received in connection with such sale which are required to be deposited in the Collection Account pursuant to Section 4.3(c) have been so deposited) and shall request delivery of the Receivable and Receivable File
to the purchaser of such Receivable. From time to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request 

  

 26 

 
of an officer of the Servicer and delivery to the Custodian of a receipt signed by such officer, cause the original Receivable and the related Receivable
File to be released to the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related Receivable File to the Custodian when its need by the Servicer has
ceased unless the Receivable is repurchased as described in Section 3.2, 4.2 or 4.7. 
 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. 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, 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 (if applicable) with respect to the Financed Vehicles and performing the other duties specified herein. 
 The Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit, at the request of the Servicer, shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements, to the extent it
is necessary to do so), the Dealer Assignments, the Third-Party Lender Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments, Third-Party Lender Assignments and
Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and
procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the
foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable
instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction,
release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s customary practices. 
  

 27 

 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. 
 (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 (x) following a partial prepayment of principal, in accordance with its
customary procedures or (y) following the Obligor’s reinstatement based on local laws 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) 

  

 28 

 
hereof), in accordance with its customary procedures if the Servicer believes in good faith that such extension, modification or amendment is necessary to
avoid a default on such Receivable, will maximize the amount to be received by the 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 3.5%; 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 3.5% (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 3.5% 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. 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 at any time, an Obligor’s bank account cannot be accessed by direct
debit and if such inability is not cured 

  

 29 

 
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. 
 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. 
 In the event of a termination of the Servicer, the successor Servicer shall open and maintain a new lockbox account as
provided in Section 9.2. 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) elect to change the identity of
the Lockbox Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default
shall have occurred and be continuing) to the Trust Collateral Agent or a successor Lockbox Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank (together with an accounting of
such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the lockbox arrangements and the Servicer shall notify the Obligors to make payments to the Lockbox established by the successor. 
 (e) The Servicer shall remit all payments by or on behalf of the Obligors received directly by the Servicer to the Lockbox Bank as soon as practicable,
but in no event later than the second Business Day after receipt thereof, and such amounts shall be deposited into the Lockbox Account and transferred from the Lockbox Account to the Collection Account in accordance with Section 4.2(d) hereof.

 (f) AmeriCredit shall not cause or permit the substitution of the Financed Vehicle relating to a Receivable unless: (i) the
substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the Financed Vehicle originally financed under the related Receivable was either (x) insured under an Insurance Policy as required
under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) deemed to be a “lemon” pursuant to applicable state law and repurchased by the related Dealer or (z) is the
subject of an order by a court of competent jurisdiction directing AmeriCredit to substitute another vehicle under the related Receivable; (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; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through
(vi) inclusive, shall not be applicable. So long as the Note Policy is outstanding, AmeriCredit shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an original aggregate Principal Balance greater than
two percent (2%) of 

  

 30 

 
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; provided, however, that the Servicer may elect not to repossess a Financed Vehicle 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 expects, in its discretion, that such repair and/or repossession shall increase the proceeds of
liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any
intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed
Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer or Third-Party Lender, which amounts in reimbursement may be retained by
the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed Financed Vehicles. The
Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 
 (b) If the
Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to AmeriCredit at the request of the Servicer, of the rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or AmeriCredit, as appropriate, may not enforce a Dealer Agreement, Auto Loan
Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender 

  

 31 

 
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 30 days delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of the
number of Receivables in the pool as of the Cutoff Date may be sold by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the Issuer to sell a Receivable that
has become more than 30 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 to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof.

 SECTION 4.4. Insurance. 
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph 27 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 (or an Originating Affiliate or a Titled Third-Party Lender) 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 27 (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the 

  

 32 

 
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. The Servicer will cause itself, an Originating Affiliate or a Titled Third-Party Lender, and may cause the Trust
Collateral Agent, to be named as named insured under all policies of Collateral Insurance. 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 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 

  

 33 

 
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. 
 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 the designation of AmeriCredit
(or an Originating Affiliate or a Titled Third-Party Lender) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 
 (b) Upon the occurrence of an Insurance Agreement Event of Default, the Insurer may (so long as an Insurer Default shall not have occurred and be continuing) instruct the Trust Collateral Agent and the Servicer to
take or cause to be taken, or, if an Insurer Default shall have occurred and is continuing, 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 

  

 34 

 
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; 
 (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. 
  

 35 

 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 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 which materially and adversely affects the interests of the Noteholders or the Insurer in any
Receivable (including any Liquidated Receivable) (or, at AmeriCredit’s election, the first Accounting Date so following) or the related Financed Vehicle, AmeriCredit shall, unless such breach shall have been cured in all material respects,
purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, AmeriCredit shall pay the related Purchase Amount. It is understood and agreed that the obligation of AmeriCredit to purchase any Receivable
(including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to the Insurer, the
Noteholders, the Owner Trustee, the Backup Servicer or the Trust Collateral Agent; provided, however, that AmeriCredit shall indemnify the Trust, the Backup Servicer, the Collateral Agent, the Insurer, the Owner Trustee, the Trust
Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result
of third party claims arising out of the events or facts giving rise to such breach. Notwithstanding anything to the contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to the Servicer’s not having
received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal
Balances which total more than 0.5% 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 0.5% 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 the 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, 

  

 36 

 
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 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 noon 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, the Hedge Provider 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 noon 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, the Hedge Provider and each Rating Agency a Servicer’s Certificate
executed by a Responsible Officer of the Servicer containing among other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and to make the distributions
required by Section 5.7(a), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or
sold by the Issuer, (iii) all information necessary to enable the Trust Collateral Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (iv) 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, Gross Default Ratio and Cumulative Net Loss Ratio (as such terms
are defined herein or in the Spread Account Agreement) for the related Collection Period; (b) whether any Trigger Event has occurred as of such Determination Date; (c) whether any Trigger Event that may have occurred as of a prior
Determination Date is deemed cured as of such Determination Date; and (d) whether to the knowledge of the Servicer an Insurance Agreement Event of Default has occurred. 
  

 37 

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

(a) To the extent required by Section 1123 of Regulation AB, the Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the Insurer, the Hedge Provider and each Rating Agency, on or before March 31 of each year (regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March 31, 2008, an
officer’s certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such
other period as shall have elapsed from the Closing Date to the date of the first such certificate) 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 in all material respects all its obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such
failure known to such officer and the nature and status of such failure. 
 (b) The Servicer shall deliver to the Trustee, the Owner Trustee,
the Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent, the Hedge Provider 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.

 (c) The Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March 31, 2008, a report regarding
the Servicer’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 
 (d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to be participating in the
servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March 31, 2008, a report regarding such party’s assessment of compliance with certain minimum
servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 
 (e) The Bank of New York acknowledges, in its capacity as Backup Servicer and Trust Collateral Agent under this Agreement and in its capacity as Indenture Trustee under the Basic Documents, that to the extent it is
deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by the Servicer to ensure compliance with the requirements of Sections 4.10(d) and 4.11(b) hereof and with
Item 1122 of Regulation AB, including providing an Assertion of Compliance with Applicable Servicing Criteria in the form of Exhibit C hereto. Such required documentation will be delivered to the Servicer by March 15 of each calendar year.

  

 38 

 SECTION 4.11. Annual Independent Accountants’ Report. 
 (a) The Servicer shall cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”),
who may also render other services to the Servicer or its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Insurer, the Hedge Provider, the Backup Servicer, on or before March 31
(or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2008, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of
the Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and
Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 
 (b) Each party required to deliver an assessment of compliance described in section 4.10(d) shall cause Independent Accountants, who may also render
other services to such party or its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Insurer, the Backup Servicer, the Hedge Provider and the Servicer, on or before March 31 (or 90
days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2008, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of such
party, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and
Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 
 (c) The Servicer shall cause a firm of Independent Accountants, who may also render other services to the Servicer or to the Seller, (1) to deliver
to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer, the Hedge Provider 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, 2008, 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 copy of the Form 10-K filed with the United States Securities and Exchange Commission for AmeriCredit Corp., which filing includes a statement that such audit was made in
accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) upon request of the Trustee, the
Owner Trustee, the Trust Collateral Agent, the Backup Servicer or the Insurer, to issue an acknowledgement 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 pursuant to item (1) of this section and that the accounting firm is independent of the Seller and 

  

 39 

 
the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants; and (3) to deliver to the
Insurer, upon the request of the Insurer, such request not being more often than annually, a report on the application of agreed upon procedures to three randomly selected Servicer’s Certificates including the delinquency, default and loss
statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. 
 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. No later than the second Business Day after each Distribution Date, 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 Trust Collateral Agent and the Backup Servicer) to confirm that such tape, diskette or other electronic transmission is in readable form and confirm the Pool Balance. In addition, upon the occurrence of a Servicer Termination Event
the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any successor Servicer its Collection Records and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close
of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no
obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer. 
  

 40 

 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. 
 (iii) Upon receipt by the Issuer of a Swap Termination Payment,
the Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain an Eligible Deposit Account (the “Hedge Termination 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. 
 (b) Funds on deposit in the
Collection Account, the Note Distribution Account and the Hedge Termination Account (collectively, the “Trust 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 (except that if such Eligible Investments are obligations of the institution that maintains such Trust Account or a fund for which such institution or an Affiliate
thereof serves as an investment advisor, administrator, shareholder servicing agent, custodian and/or sub-custodian, then such Eligible Investment shall be permitted to mature on the 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. Each institution at which the relevant Trust Account is maintained
shall invest the funds therein as directed in writing by the Servicer in Eligible Investments. 
 (c) All Investment Earnings of moneys
deposited in each Trust Account shall be deposited (or caused to be deposited) on each Distribution Date by the Trust Collateral Agent in such Trust Account, and any loss resulting from such investments shall be charged to such Trust Account. The
Servicer will not direct the Trust Collateral Agent to make any investment 

  

 41 

 
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 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 is 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; 
  

 42 

 (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; 
 (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) or (d), if applicable, of the definition of “Delivery” and shall be
maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its nominee’s) ownership of such security; and 
 (F) any cash that is Trust Account Property shall be considered a “financial asset” under Article 8 of the UCC.

 (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.

 (h) The Trust Collateral Agent acknowledges that, pursuant to the provisions of the Hedge Agreement, the Hedge Provider may be required to
post collateral with the Trust Collateral Agent to secure the Hedge Provider’s obligations under the Hedge Agreement. The Trust Collateral Agent agrees to establish and maintain an Eligible Deposit Account (the “Hedge Account”)
to hold such collateral, at the direction of the Servicer or the Controlling Party if the Hedge Provider is required to post collateral to secure the obligations under the Hedge Agreement. The Trust Collateral Agent further agrees to follow such
written instructions relating to the administration of, and transfers from, such account, as may be delivered by (i) the Servicer (with the consent of the Controlling Party) or (ii) the Controlling Party, in each case subject to and in
accordance with the terms of Hedge Agreement. 
  

 43 

 (i) To the extent that (i) the funds available in the Hedge Termination Account exceed the costs of
entering into a Replacement Hedge Agreement or (ii) the Issuer determines with the consent of the Insurer (so long as the Insurer is the Controlling Party) not to replace the Hedge Agreement and the Rating Agency Condition is met with respect
to such determination, the amounts in the Hedge Termination Account (other than funds used to pay the costs of entering into a Replacement Hedge Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the
priorities set forth in Section 5.7(a) on the following Distribution Date. In any other situation, amounts on deposit in the Hedge Termination Account at any time shall be invested pursuant to Section 5.1(b) hereof and on each Distribution
Date after the creation of a Hedge Termination Account, the funds therein shall be used (i) as provided in Section 12.15 hereof and (ii) to cover any shortfalls in the amounts payable under clauses (i) through (v) of
Section 5.7(a) (prior to any withdrawal from the Spread Account), provided that in no event will the amount withdrawn from the Hedge Termination Account on such Distribution Date exceed the amount of net swap payments that would have been
required to be paid on such Distribution Date under the terminated Hedge Agreement had there been no termination of such transaction. Any amounts remaining in the Hedge Termination Account after payment in full of the Class A-4-A Notes and
Class A-4-B Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in Section 5.7(a) on the following Distribution Date. 
 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)(ii) 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 deposited in the Collection 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. 
  

 44 

 SECTION 5.4. Application of Collections. All collections for the Collection Period shall be
applied by the Servicer as follows: 
 With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by
or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method. 
 All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to
the Servicer in accordance with Section 5.7(a). 
 SECTION 5.5. Withdrawals from Spread Account. 
 (a) In the event that the Preliminary Servicer’s Certificate with respect to any Determination Date shall state that there is a Spread Account Claim
Amount with respect to the related Distribution Date, then the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, no later than 2:00
p.m. Eastern time on the Business Day preceding such Distribution Date, a written notice (a “Deficiency Notice”) specifying the Spread Account Claim Amount for such Distribution Date and the Deficiency 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. 
 (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 no later than 2:00 p.m. Eastern time on the Business Day preceding such Distribution Date the Trust
Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, an Accelerated Payment Shortfall Notice. Such Accelerated Payment Shortfall Notice
shall direct the Collateral Agent to remit such Accelerated Payment Amount Shortfall (to the extent of funds available to be distributed in the Spread Account) to the Trust Collateral Agent for deposit in the Note Distribution Account on the related
Distribution Date. 
 (c) The amounts distributed by the Collateral Agent to the Trust Collateral Agent pursuant to a Deficiency Notice or
Accelerated Payment Shortfall Notice shall be deposited by the Trust Collateral Agent into the Collection Account pursuant to Section 5.6 for application on the related Distribution Date pursuant to Section 5.7. 
 SECTION 5.6. Additional Deposits. 
 (a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables
and the aggregate Sale Amounts with respect to Sold Receivables. On or before each Distribution Date, the Trust Collateral Agent shall remit to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent.

  

 45 

 (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. 
 (c) Net payments received from the Hedge Provider, if any, shall be deposited by the Trust
Collateral Agent 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, amounts withdrawn from the Hedge Termination Account (if any) and any Spread
Account Claim Amount Deposits, to the Hedge Provider, net payments (excluding Swap Termination Payments) due to it under the Hedge Agreement; provided, that any amounts paid to a Hedge Provider under the Swap Policy on a Distribution Date
(excluding payments made with respect to Swap Termination Payments) shall be deemed to be payments made to that Hedge Provider pursuant to this clause (i) on such Distribution Date; 
 (ii) from the Available Funds, amounts withdrawn from the Hedge Termination Account (if any) and any Spread Account Claim Amount Deposits,
to the Servicer, (1) the Base Servicing Fee for the related Collection Period, (2) any Supplemental Servicing Fees for the related Collection Period, (3) any amounts specified in Section 5.3, (4) 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 (5) to any successor Servicer, transition fees not to exceed $100,000 (including boarding fees)
in the aggregate; 
 (iii) from the Available Funds, amounts withdrawn from the Hedge Termination Account (if any) and any
Spread Account Claim Amount Deposits, to the Trustee, the Trust Collateral Agent, the Backup Servicer (in its capacity as either Backup Servicer or successor Servicer), the Collateral Agent and the Owner Trustee, their respective accrued and unpaid
fees, expenses and indemnities (in each case, to the extent such fees, expenses and indemnities have not been previously paid by the Servicer, and provided that such fees, expenses and indemnities shall not exceed (x) $100,000 in the aggregate
in any calendar year to the Owner Trustee and (y) $300,000 in the aggregate in any calendar year to the Trust Collateral Agent, the Backup Servicer (in its capacity as either Backup Servicer or successor Servicer), the Collateral Agent and the
Trustee; 
  

 46 

 (iv) from the Available Funds, amounts withdrawn from the Hedge Termination Account (if
any) and any Spread Account Claim Amount Deposits, to the Note Distribution Account, the Noteholders’ Interest Distributable Amount; 
 (v) from the Available Funds, amounts withdrawn from the Hedge Termination Account (if any) and any Spread Account Claim Amount Deposits, to the Insurer, the Premium (as defined in the Insurance Agreement) and, so
long as no Insurer Default has occurred and is continuing, to the extent of any amounts owing to the Insurer under the Insurance Agreement and not paid; 
 (vi) from the Available Funds and any Spread Account Claim Amount Deposits (other than amounts relating to Spread Account Claim Amounts described in clause (i) of the definition thereof), to the Note Distribution
Account, the Noteholders’ Principal Distributable Amount and the Noteholders’ Parity Deficit Amount; 
 (vii) from
the Available Funds to the Spread Account, an amount, if necessary, required to increase the amount therein to its then required level; 
 (viii) from the Available Funds and other amounts, if any, received by the Trust Collateral Agent in respect of the Accelerated Payment Amount Shortfall Deposits, to the Note Distribution Account, the
Noteholders’ Accelerated Principal Amount; 
 (ix) from the Available Funds, to the Hedge Provider, any Swap Termination
Payments; 
 (x) from the Available Funds, to the Insurer, so long as an Insurer Default has occurred and is continuing, the
amounts otherwise payable under clause (v) above in the absence of such Insurer Default, excluding the Premium (as defined in the Insurance Agreement); and 
 (xi) from the 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(v), 5.1(vi) or 5.1(vii) 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(a) 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 Trust Collateral Agent
shall deposit in the Note Distribution Account any Insured Payments (as defined in the Note Policy) due on such 

  

 47 

 
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) outstanding principal on the Notes, such amounts to be paid in
accordance with the following priority: 
 (1) to the Holders of the Class A-1 Notes with the total amount paid out on
each Distribution Date until the outstanding principal balance of the Class A-1 Notes has been reduced to zero; 
 (2)
to the Holders of the Class A-2-A Notes and Class A-2-B Notes, pro rata, with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-2-A Notes and Class A-2-B Notes has
been reduced to zero; 
 (3) to the Holders of the Class A-3 Notes with the total amount paid out on each Distribution
Date until the outstanding principal balance of the Class A-3 Notes has been reduced to zero; and 
 (4) to the Holders
of the Class A-4-A Notes and Class A-4-B Notes, pro rata, with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-4-A Notes and Class A-4-B Notes has been reduced to
zero. 
 (b) On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust
Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date. 
  

 48 

 (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. 
 (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, the Hedge Provider 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; 
  

 49 

 (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, if any, and the change in
those amounts from the preceding statement; 
 (viii) the amount of the aggregate Realized Losses, if any, for the second
preceding Collection Period; 
 (ix) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the
Servicer or the Seller in such period; and 
 (x) the aggregate Sale Amounts for Sold Receivables, if any, that were sold by
the Issuer in such period. 
 Each amount set forth pursuant to paragraph (i), (ii), (iii) and (vii) above shall be expressed as a dollar amount
per $1,000 of the initial principal balance of the Notes (or Class thereof). 
 (b) The Trust Collateral Agent will make available each month
to each Noteholder the statements referred to in Section 5.10(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s internet
website with the use of a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at https://sfr.bankofny.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 1-800-332-4550. 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. 
  

 50 

 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. 
 SECTION 5.12. Determination of LIBOR 
 The Trust Collateral Agent will determine LIBOR for purposes of calculating the Interest Rate for the Class A-2-B Notes and the Class A-4-B
Notes on October 16, 2007 for the period from the Closing Date to the first Distribution Date, and for each given Interest Period thereafter, on the second London Business Day prior to the Distribution Date on which such Interest Period begins
(each, a “LIBOR Determination Date”). For purposes of calculating LIBOR, a “London Business Day” means a day on which banking institutions in the City of London, England are not required or authorized by law to be
closed. 
 “LIBOR” means, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the
Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the related LIBOR Determination Date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate for that Interest Period will be determined on the basis of the rates at
which deposits in U.S. Dollars are offered by any four major banks in the London interbank market selected by the calculation agent to provide such bank’s offered quotation of such rates at approximately 11:00 a.m., London time, on the related
LIBOR Determination Date to prime banks in the London interbank market for a period of one month, commencing on the first day of such Interest Period and in an amount that is representative for a single such transaction in the relevant market at the
relevant time. The Trust Collateral Agent, as calculation agent, will request the principal London office of each of those four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Interest Period
will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Trust Collateral
Agent, as calculation agent, at approximately 11:00 a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing on the
first day of such Interest Period and in an amount that is representative for a single such transaction in the relevant market at the relevant time. 
 “Reuters Screen LIBOR01 Page” is the display designated on the Reuters service (or the successor display page, other published source, information vendor or provider that has been officially
designated by Reuters). 
  

 51 

 ARTICLE VI 
 The Note Policy 
 SECTION 6.1. Claims Under Note Policy. 
 (a) In the event that the Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.5
hereof, the Trust Collateral Agent shall on the related Draw Date determine the Deficiency Amount for the related Distribution Date. If the Deficiency Amount for such Distribution Date is greater than zero, the Trustee shall furnish to the Insurer
no later than 12:00 noon Eastern time on the related Draw Date a completed Notice (as defined in (b) below) in the amount of the Deficiency Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be deposited
by the Trustee into the Note Distribution Account for payment to Noteholders on the related Distribution Date. 
 (b) Any notice delivered by
the Trustee to the Insurer in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a) shall specify the Deficiency Amount claimed under the Note Policy and shall constitute a “Notice” under the Note Policy.
In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trustee the Deficiency Amount properly claimed thereunder by 12:00 noon, New York time, on the later of (i) the second Business Day following receipt on
a Business Day of the Notice, and (ii) the applicable Distribution Date. Any payment made by the Insurer under the Note Policy shall be applied solely to the payment of the Notes, and for no other purpose. 
 (c) The Trustee shall (i) receive as attorney-in-fact of each Noteholder any Deficiency Amount from the Insurer and (ii) deposit the same in
the Note Distribution Account for distribution to Noteholders. Any and all Deficiency Amounts disbursed by the Trustee or Trust Collateral Agent from claims made under the Note Policy shall not be considered payment by the Trust or from the Spread
Account with respect to such Notes, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall, to the extent it makes any payment with respect to the Notes, become subrogated to the rights of the recipients of such
payments to the extent of such payments. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to
the Notes which are then due for payment to the extent of all payments made by the Insurer, and the Insurer may exercise any option, vote, right, power or the like with respect to the Notes to the extent that it has made payment pursuant to the Note
Policy. To evidence such subrogation, the Note Registrar shall note the Insurer’s rights as subrogee upon the register of Noteholders upon receipt from the Insurer of proof of payment by the Insurer of any Deficiency Amount. The foregoing
subrogation shall in all cases be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the Notes. 
 (d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee on behalf of the Insurer 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 shall have the right to inspect such records at reasonable times upon one Business Day’s prior notice to the Trust
Collateral Agent or the Trustee. 
  

 52 

 (e) The Trustee shall be entitled to enforce on behalf of the Noteholders the obligations of the Insurer
under the Note Policy. Notwithstanding any other provision of this Agreement or any Basic Document, the Noteholders are not entitled to institute proceedings directly against the Insurer. 
 SECTION 6.2. Preference Claims Under Note Policy. 
 (a) In the event that the Trustee has received a certified copy of an order of the appropriate court that any payment paid on a Note has been avoided in whole or in part as a preference payment under applicable
bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment,
and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note
Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent or the Trustee and subsequently
recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the order and not to the Trust Collateral Agent, the Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which
case the Insurer will make such payment to the Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer). 
 (b) The Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any proceeding or the institution of any action (of which a Responsible Officer of the Trust Collateral Agent has actual knowledge)
seeking the avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law of any distribution made with respect to the Notes (a “Note Preference Claim”). Each Noteholder,
by its purchase of Notes, the Trustee and the Trust Collateral Agent hereby agree that so long as an Insurer Default shall not have occurred and be continuing, the Insurer may at any time during the continuation of any proceeding relating to a Note
Preference Claim direct all matters relating to such Note Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Note Preference Claim and (ii) the posting of any surety, supersedeas
or performance bond pending any such appeal at the expense of the Insurer, but subject to reimbursement as provided in the Insurance Agreement. In addition, and without limitation of the foregoing, as set forth in Section 6.1(c), the Insurer
shall be subrogated to, and each Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect
to a Note Preference Claim, including, without limitation, all rights of any party to an adversary proceeding action with respect to any court order issued in connection with any such Note Preference Claim. 
  

 53 

 SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note Policy to the Insurer
for cancellation upon the expiration of such policy in accordance with the terms thereof. 
 ARTICLE VII 
 The Seller 
 SECTION 7.1.
Representations of Seller. The Seller makes the following representations on which the Insurer shall be deemed to have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the
Receivables and on which the Trustee, Collateral Agent, Trust Collateral Agent and Backup Servicer may rely. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
 (a) Schedule of
Representations. The representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B are true and correct. 
 (b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a 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, is in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed
Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents. 
 (d) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly authorized such sale and
assignment to the Trust by all necessary 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 

  

 54 

 
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, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation
applicable to the Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 
 (g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the Seller, before
any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents,
(B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely
affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax
attributes of the Notes. 
 (h) No Consents. The Seller is not required to obtain the consent of any other party or any consent,
license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been
obtained. 
 (i) True Sale. The Receivables are being transferred with the intention of removing them from the Seller’s estate
pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
 (j) Chief Executive Office. The
chief executive office of the Seller is at 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. 
  

 55 

 (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 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; 
 (v) all transactions
and dealings between the Seller and its Affiliates will be conducted on an arm’s length basis; and 
 (vi) the Seller
shall pay from its assets all obligations and indebtedness of any kind incurred by the Seller. 
 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, the 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 or activities 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 or intangible 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. 
  

 56 

 (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 Issuer, 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 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 Officers’ Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iv) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (v) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the 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 

  

 57 

 
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 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, provided that such representations and warranties contained therein and herein
shall not apply to any entity other than AmeriCredit; 
 (b) Organization and Good Standing. The Servicer has been duly organized and
is validly existing and in good standing under the laws of its jurisdiction of organization, 

  

 58 

 
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, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the
ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 
 (d) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out
its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action; 
 (e) Binding Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the
Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not
conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed
of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or
other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or any of its properties; 
 (g) No Proceedings. There are no proceedings or investigations pending or,
to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting
the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (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; 
  

 59 

 (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; Indemnities. The Servicer (in its capacity as such) shall be liable
hereunder only to the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer. 
 (a) 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; 
 (b) 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 or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general
corporation, tangible or intangible personal property, privilege or license taxes (but not including any 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; 
 (c) 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 or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any
federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses
in defending against the same; and 
 (d) The Servicer shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral
Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities,
including reasonable fees and expenses of counsel and expenses of litigation, to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the Collateral 

  

 60 

 
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, the Trust Collateral Agent, the 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) 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. 
 (h) 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 

  

 61 

 
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, the Hedge Provider and each Rating Agency.
Notwithstanding the foregoing, AmeriCredit shall not merge or consolidate with any other Person or permit any other Person to become a successor to AmeriCredit’s business, unless (x) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or
lapse of time, or both, would become an Insurance Agreement Event of Default shall have occurred and has not been waived, (y) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, the Backup Servicer and
the 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 

  

 62 

 
the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this
Agreement; provided, however, that this provision shall not protect AmeriCredit, the Backup Servicer or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful
misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties; provided, further that this provision shall not affect any liability to indemnify the Trust Collateral Agent and the Owner Trustee for
costs, taxes, expenses, claims, liabilities, losses or damages paid by the Trust Collateral Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the Backup Servicer and any director, officer, employee or agent of AmeriCredit or
Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
 (b) The Backup Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in
any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust Collateral
Agent, the Collateral Agent, the Backup Servicer, the Seller and the Insurer and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, the 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 The Bank of New York acting in the possible dual capacity of Backup Servicer or successor Servicer
and in the capacity as Trust Collateral Agent. The Bank of New York 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 The Bank of New York 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 The Bank of New York. 
 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 

  

 63 

 
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 and the Trust
Collateral Agent. Notwithstanding the foregoing, AmeriCredit, as Servicer, may delegate its duties hereunder and under any other Basic Document with respect to the servicing of and collections on certain Receivables to Long Beach Acceptance Corp.
and AmeriCredit Financial Services of Canada Ltd. without first obtaining the consent of any person. No delegation or sub-contracting by the Servicer of its duties herein in the manner described in this Section 8.5 shall relieve the Servicer of
its responsibility with respect to such duties. 
 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 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 successor 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 The Bank of New York resigns as Trustee under the Indenture it will no longer be the Backup Servicer. 
  

 64 

 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;
or 
 (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); or 
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which
failure (i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and
(ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trust
Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder); or 
 (d) The entry of a
decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy,
insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer, or of any substantial part of its property or ordering the winding up or liquidation of the
affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or
another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 
 (e) The
commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the
appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer 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 
  

 65 

 (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 Insurer, the Trust or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 
 (g) So long as an Insurer Default shall not have occurred and be continuing, 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 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 successor Servicer appointed by the Controlling
Party); provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the
Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and
endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor
Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall
at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all
Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed
Property. At the request of the Controlling 

  

 66 

 
Party, the successor Servicer shall direct the Obligors to make all payments under the Receivables directly to the successor Servicer (in which event the
successor Servicer shall process such payments in accordance with Section 4.2(e)), or to a lockbox established by the successor Servicer at the direction of the Controlling Party, at the successor Servicer’s expense. The terminated
Servicer shall grant the Trust Collateral Agent, the successor Servicer and the Controlling Party reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 
 SECTION 9.3. Appointment of Successor. 
 (a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2, 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 successor Servicer) shall be the successor in all respects to the Servicer, in its capacity as servicer under this Agreement and the transactions set forth or provided
for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement except as otherwise
stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be
subject to 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 successor Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until
a successor has been appointed and accepted such appointment. Subject to Section 8.6, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as successor Servicer upon the termination of
the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6. 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 successor Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. 
 (c) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not
resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing, if no Insurer Default has occurred and is continuing, or if an Insurer Default has occurred and is continuing, by a Note Majority, and the

  

 67 

 
successor Servicer. If any successor Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to
act as Servicer although it is legally able to do so, the Insurer and such successor Servicer may agree on reasonable additional compensation to be paid to such successor Servicer; provided, however, it being understood and agreed that
the Insurer shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if any. If, any successor Servicer is appointed for any reason other than the Backup
Servicer’s refusal to act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any Servicing Fee, additional compensation or other amounts to be paid to such successor Servicer in connection with its
assumption and performance of the servicing duties described herein. 
 (d) Notwithstanding anything contained in this Agreement to the
contrary, the Backup Servicer is authorized to accept and rely on all of the accounting records (including computer records) and work of the prior Servicer relating to the Receivables (collectively, the “Predecessor Servicer Work Product”)
without any audit or other examination thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or non-standard
practice or procedure (collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Backup Servicer making or continuing
any Errors (collectively, “Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors; provided, however, that the Backup Servicer agrees to use its best
efforts to prevent further Continuing Errors. In the event that the Backup Servicer becomes aware of Errors or Continuing Errors, it shall, with the prior consent of the Controlling Party use its best efforts to reconstruct and reconcile such data
as is commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be entitled to recover its costs thereby expended in accordance with 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, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder, the Hedge Provider and the Insurer 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 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. 
  

 68 

 ARTICLE X 
 Termination 
 SECTION 10.1. Optional Purchase of All Receivables. 
 (a) Subject to Section 10.1(a) of the Indenture, on the last day of any Collection Period as of which the Pool Balance shall be less than or equal to
10% of the Original 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,
would result in any amount owing to the Hedge Provider under the Hedge Agreement or the Swap Policy or to the Insurer under the Insurance Agreement remaining unpaid). 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 greater of (i) amounts due and unpaid to the Insurer under the Insurance Agreement, the amount necessary to pay amounts due and unpaid to the Hedge Provider
under the Hedge Agreement and the amount necessary to pay the full amount of principal and interest then due and payable on the Notes and (ii) 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 the Servicer or, if the Insurer or the Trust Collateral Agent reasonably believe that there is a material error in the Servicer’s calculation, by an
appraiser mutually agreed upon by the Servicer, the Insurer and the Trust Collateral Agent). Upon its deposit of such amount in the Collection Account, the Servicer or the Seller, as the case may be, shall succeed to all interests in and to the
Trust. 
 (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the
Trust Collateral Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account. 
 (c) Notice of any termination of the Trust shall be given by the Servicer 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. 
  

 69 

 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. The Servicer shall monitor the activities of the Issuer to ensure the Issuer’s compliance with Section 4.6 of the Trust Agreement and shall take all action necessary
to ensure that the Issuer is operated in accordance with the provisions of such section. 
 (ii) Notwithstanding anything in
this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer’s payments
(or allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated by this Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust
Collateral Agent pursuant to such provision. 
 (iii) Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Servicer shall be responsible for performance of the duties of the Issuer set forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as defined in the
Trust Agreement); provided, however, that once prepared by the Servicer, the Owner Trustee shall retain responsibility for the distribution of any necessary Schedule K-1s, as applicable, to enable the Certificateholder to prepare its
federal and state income tax returns. 
  

 70 

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

 (B) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or
against the Issuer (other than in connection with the collection of the Receivables); 
 (C) the amendment, change or
modification of this Agreement or any of the Basic Documents; 
 (D) the appointment of successor Note Registrars, successor
Paying Agents and successor Trustees pursuant to the Indenture or the appointment of successor Servicers or the consent to the assignment by the Note Registrar, Paying Agent or Trustee of its obligations under the Indenture; and 
 (E) the removal of the Trustee or the Trust Collateral Agent. 
 (e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic Documents,
the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or Certificateholders under the Basic Documents, (2) sell the Trust Property pursuant to Section 5.5 

  

 71 

 
of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its behalf or (4) in connection with its duties
hereunder assume any indemnification obligation of any other Person. 
 (f) The Backup Servicer or any successor Servicer shall not be
responsible for any obligations or duties of the Servicer under this Section 11.1. Notwithstanding the foregoing or any other provision of this Agreement, AmeriCredit shall continue to perform the obligations of the Servicer under this
Section 11.1. 
 SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records relating to services
performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer and the Insurer at any time during normal business hours. 
 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) and with the written consent of the Hedge Provider (unless such amendment could not reasonably be
expected to have a material adverse effect on the Hedge Provider) 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; provided, however, that with respect to tax matters, such action shall not be deemed to adversely affect in any material respect the interests of any Noteholder
if, for federal income tax purposes, the action does not cause the issuing entity to be treated as an association or publicly traded partnership taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as
debt at the time of issuance to fail to qualify as debt; provided, further, that regardless of whether the consent of the Hedge Provider is required with respect to such amendment, a copy of such amendment will be provided to the Hedge
Provider at least five (5) Business Days before such amendment is executed (or such lesser period as the Hedge Provider may agree). 
  

 72 

 This Agreement may also be amended from time to time by the parties hereto, with the consent of the
Insurer (so long as no Insurer Default has occurred and is continuing), the consent of the Trustee and the consent of the Hedge Provider (unless such amendment could not reasonably be expected to have a material adverse effect on the Hedge
Provider), and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to
consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby; provided, further, that (i) if an Insurer Default has occurred and is continuing, such action shall not
materially adversely affect the interest of the Insurer, (ii) the consent of the Hedge Provider shall also be required if such action will adversely affect in any material respect the interests of the Hedge Provider, and (iii) regardless
of whether the consent of the Hedge Provider is required with respect to such amendment, a copy of such amendment will be provided to the Hedge Provider at least five (5) Business Days before such amendment is executed (or such lesser period as
the Hedge Provider may agree). 
 Promptly after the execution of any such amendment or consent, the Trust Collateral Agent shall furnish
written notification of the substance of such amendment or consent to each Noteholder, the Hedge Provider and the Rating Agencies. 
 It
shall not be necessary for the consent of the Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner Trustee, as
applicable, may prescribe. 
 Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, the Trust
Collateral Agent, the Collateral Agent and the Backup Servicer shall be entitled to receive and conclusively rely upon an Opinion of Counsel (which shall also be delivered to the Insurer) 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 Requisite Amount, the Spread Account, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be added to the Spread Account or uses of funds
on deposit in the Spread Account may be amended in any respect by 

  

 73 

 
the Seller, the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment that does
not adversely affect the Collateral Agent) without the consent of, or notice to, the Noteholders. 
 SECTION 12.2. Protection of Title to
Trust. 
 (a) The Seller shall 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, the Backup Servicer 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 

  

 74 

 
computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such
Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or
repurchased or sold pursuant to this Agreement. 
 (f) If at any time the Seller or the Servicer shall propose to sell, grant a security
interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts
(including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust. 
 (g) Upon request, the Servicer shall furnish to the Insurer, the Owner Trustee, the Backup Servicer or to the Trustee, within five Business Days, a list
of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request
indicating removal of Receivables from the Trust. 
 (h) The Servicer shall deliver to the Insurer, the Backup Servicer, the Owner Trustee
and the Trustee: 
 (1) promptly after the execution and delivery of the Agreement and, if required pursuant to
Section 12.1, of each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and continuation statements have been
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; 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 Trust Collateral Agent in the Receivables, and reciting the
details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
 Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such opinion) to be taken
in the following year to preserve and protect such interest. 
 SECTION 12.3. Notices. All demands, notices and communications upon or
to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies under this Agreement shall be in writing, personally delivered, electronically delivered or mailed by certified mail, return receipt requested, federal express or
similar overnight courier service, and 

  

 75 

 
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, 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, 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 MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504, Attention: Insured Portfolio Management–Structured
Finance (AmeriCredit 2007-2-M) (in each case in which notice or other communication to the Insurer refers to a claim on the Note Policy, a claim on the Swap 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 the Hedge Provider, to Wachovia Bank, National Association, 301 S. College St. NC0600, Charlotte, NC 28202-0600, Attention: Structured Products Derivatives Documentation;
(g) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; and (h) in the case of Standard & Poor’s, via electronic delivery to
Servicer_reports@sandp.com, or, for any information not available in electronic format, to Standard & Poor’s Ratings Services, 55 Water Street, 42nd Floor, New York, New York 10041-0003, Attention: ABS Surveillance Group. 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, the Hedge Provider 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. The Hedge Provider shall be a
third-party beneficiary to the provisions of this Agreement. 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 

  

 76 

 
obligations under the Note Policy or the Swap Policy) upon delivery of a written notice to the Owner Trustee. Nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 SECTION 12.6. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 12.7. Separate Counterparts. This Agreement may be executed by the parties hereto
in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 12.8. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
 SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND
THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 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 

  

 77 

 
process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy,
insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of
the Seller. 
 SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee. 
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wilmington Trust Company not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the
representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the
Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of,
the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
 (b) Notwithstanding anything contained herein to the contrary,
this Agreement has been executed and delivered by The Bank of New York, not in its individual capacity but solely as Trust Collateral Agent and Backup Servicer and in no event shall The Bank of New York 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 The Bank of New York 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. 
  

 78 

 SECTION 12.15. Replacement Hedge Agreement. Upon a request by the Insurer pursuant to
Section 4.10 of the Insurance Agreement, the Issuer shall enter into a Replacement Hedge Agreement (as such term is defined in Section 4.10 of the Insurance Agreement) with a replacement Hedge Provider or replacement Hedge Providers in
form and substance satisfactory to the Insurer. With the consent of the Controlling Party, amounts may be withdrawn first, from the Hedge Termination Account to fund any up-front payments that are owed to a replacement Hedge Provider and
second, if amounts in the Hedge Termination Account are insufficient to fund such payments, from the Collection Account. 
 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) 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] 
  

 79 

 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 PRIME AUTOMOBILE RECEIVABLES TRUST 2007-2-M
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	 By:
	 	 /s/ James P. Lawler

	 Name:
	 	James P. Lawler
	 Title:
	 	Vice President
	
	 AFS SENSUB CORP., Seller,

		
	 By:
	 	 /s/ Sheli Fitzgerald

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

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

			
	 THE BANK OF NEW YORK,
 not in its individual
capacity but solely as Backup Servicer

		
	 By:
	 	 /s/ Helen Lam

	 Name:
	 	Helen Lam
	 Title:
	 	Assistant Vice President

 Acknowledged and accepted by 
  

			
	 THE BANK OF NEW YORK,
 not in its individual
capacity but solely as Trust Collateral Agent

		
	 By:
	 	 /s/ Helen Lam

	 Name:
	 	Helen Lam
	 Title:
	 	Assistant Vice President

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

  

 Sch-A-1 

 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 an Originating Affiliate and was validly assigned by such Originating Affiliate to AmeriCredit, (iii) by a Dealer and purchased by AmeriCredit from
such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to a Dealer Assignment or (iv) by a Third-Party Lender and purchased by
AmeriCredit from such Third-Party Lender under an existing Auto Loan Purchase and Sale Agreement or pursuant to a Third-Party Lender Assignment with AmeriCredit and was validly assigned by such Third-Party Lender to AmeriCredit pursuant to a
Third-Party Lender Assignment (B) was originated by AmeriCredit, such Originating Affiliate, such Dealer or such Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s, such Originating
Affiliate’s, the Dealer’s or the Third-Party Lender’s business, in each case was originated in accordance with AmeriCredit’s credit policies and was fully and properly executed by the parties thereto, and AmeriCredit, each
Originating Affiliate, each Dealer and each Third-Party Lender had all necessary licenses and permits to originate Receivables in the state where AmeriCredit, each such Originating Affiliate, each such Dealer or each such Third-Party Lender was
located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security, (D) is a Receivable which provides for level monthly
payments (provided that the period in the first Collection Period and the payment in the final Collection Period of the Receivable may be minimally different from the normal period and level payment) which, if made when due, shall fully amortize the
Amount Financed over the original term and (E) has not been amended or collections with respect to which waived, other than as evidenced in the Receivable File or the Servicer’s electronic records relating thereto. 
 2. No Fraud or Misrepresentation. Each Receivable was originated (i) by AmeriCredit, (ii) by an Originating Affiliate and was assigned
by the Originating Affiliate to AmeriCredit, (iii) by a Dealer and was sold by the Dealer to AmeriCredit or (iv) by a Third-Party Lender and was sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to the Seller
without any fraud or misrepresentation on the part of such Originating Affiliate, Dealer or Third-Party Lender or AmeriCredit in any case. 
 3. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair
Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including
amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Servicemembers Civil Relief Act, each applicable state Motor Vehicle Retail Installment Sales
Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been
complied with in all material respects, and each Receivable and the sale of the Financed Vehicle evidenced by each Receivable complied at the time it was originated or made and now complies in all material respects with all applicable legal
requirements. 
  

 Sch-B-1 

 4. Origination. Each Receivable was originated in the United States. 
 5. Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by
the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on
the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date of the Servicemembers Civil
Relief Act, as amended; and all parties to each Receivable had full legal capacity to execute and deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 
 6. No Government Obligor. No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality
thereof. 
 7. Obligor Bankruptcy. At the Cutoff Date no Obligor had been identified on the records of AmeriCredit as being the
subject of a current bankruptcy proceeding. 
 8. Schedule of Receivables. The information set forth in the Schedule of Receivables
has been produced from the Electronic Ledger and was true and correct in all material respects as of the close of business on the Cutoff Date. 
 9. Marking Records. Each of AmeriCredit and the Seller has indicated in its files that the Receivables have been sold to the Trust pursuant to the Sale and Servicing Agreement and Granted to the Trust Collateral Agent pursuant to the
Indenture. Further, AmeriCredit has indicated in its computer files that the Receivables are owned by the Trust. 
 10. Computer Tape.
The Computer Tape made available by 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 “tangible chattel paper” or “electronic 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 (or with respect to “electronic chattel paper”, one authoritative copy) of
each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Trust Collateral Agent in the case of an
addition or amendment of an identified assignee and other than a revision that is readily 

  

 Sch-B-2 

 
identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative Copy” and
(c) has been communicated to and is maintained by or on behalf of the Custodian. 
 14. Not an Authoritative Copy. With respect
to Contracts that are “electronic chattel paper”, the Seller has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative copy.” 
 15. Revisions. With respect to Contracts that are “electronic chattel paper”, the related Receivables have been established in a manner
such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Trust Collateral Agent and (b) all revisions of the authoritative
copy of each such Contract are readily identifiable as an authorized or unauthorized revision. 
 16. Pledge or Assignment. With
respect to Contracts that are “electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person
other than the Trust Collateral Agent. 
 17. Receivable Files Complete. There exists a Receivable File pertaining to each Receivable
and such Receivable File contains the original Lien Certificate or a copy of the application therefor. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained
electronically by the Servicer in accordance with customary policies and procedures. Each of such documents which is required to be signed by the Obligor has been signed by the Obligor in the appropriate spaces. All blanks on any form have been
properly filled in and each form has otherwise been correctly prepared. With respect to any Receivables that are tangible chattel paper, the complete Receivable File, including a fully executed original of the Contract, for each Receivable currently
is in the possession of the Custodian. 
 18. Receivables in Force. No Receivable has been satisfied, subordinated or rescinded, and
the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any Receivable have been waived, altered or modified in any respect since its origination, except by
instruments or documents identified in the Receivable File or the Servicer’s electronic records. 
 19. Lawful Assignment. No
Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Notes.

 20. Good Title. Immediately prior to the conveyance of the Receivables to 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 

  

 Sch-B-3 

 
Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to
payments due under such Receivables. 
 21. Security Interest in Financed Vehicle. Each Receivable created or shall create a valid,
binding and enforceable first priority security interest in favor of AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender which first priority security interest has been assigned to AmeriCredit) in the Financed Vehicle. The Lien
Certificate for each Financed Vehicle shows, or if a new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien Certificate will be received within 180 days of the Closing Date and will show, AmeriCredit
(or an Originating Affiliate or a Titled Third-Party Lender) named as the original secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle. With respect to each Receivable for which the Lien
Certificate has not yet been returned from the Registrar of Titles, AmeriCredit or the related Originating Affiliate has applied for or received written evidence from the related Dealer or Third-Party Lender that such Lien Certificate showing
AmeriCredit, an Originating Affiliate, the Issuer or a Titled Third-Party Lender, as applicable, as first lienholder has been applied for and the Originating Affiliate’s or Titled Third-Party Lender’s security interest has been validly
assigned by the Originating Affiliate or Titled Third-Party Lender, as applicable, to AmeriCredit and AmeriCredit’s security interest (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 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. 
 22. All Filings Made. All filings (including, without limitation, UCC filings (including, without
limitation, the filing by the Seller of all appropriate financing statements in the proper filing office in the State of 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. 
 23. 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 Receivables 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 

  

 Sch-B-4 

 
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. 
 24. Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to AmeriCredit with respect to such
Receivable. 
 25. No Defenses. No Receivable is subject to any right of rescission, setoff, counterclaim or defense and no such right
has been asserted or threatened with respect to any Receivable. 
 26. No Default. There has been no default, breach, violation or
event permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and no condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute
a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. As of the Cutoff Date, no Financed Vehicle had been repossessed. 
 27. Insurance. At the time of an origination of a Receivable by AmeriCredit, an Originating Affiliate, a Dealer or Third-Party Lender, each
Financed Vehicle is required to be covered by a comprehensive and collision insurance policy (i) in an amount at least equal to the lesser of (a) its maximum insurable value or (b) the principal amount due from the Obligor under the
related Receivable, (ii) naming AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender) as loss payee and (iii) insuring against loss and damage due to fire, theft, transportation, collision and other risks generally
covered by comprehensive and collision coverage. Each Receivable requires the Obligor to maintain physical loss and damage insurance, naming AmeriCredit, an Originating Affiliate or a Titled Third-Party Lender and its successors and assigns as
additional insured parties, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. 
 28. Remaining Principal Balance. At the Cutoff Date, the Principal Balance of each Receivable set forth in the Schedule of Receivables is true and
accurate in all material respects. 
 29. Certain Characteristics of the Receivables. 
 (A) Each Receivable is secured by a new or used vehicle. 
 (B) Each Receivable provides for level monthly payments (except for the initial down payment, which may be different from the level
payments) that fully amortize the amount financed over the original term to maturity of the automobile loan contract. 
  

 Sch-B-5 

 (C) Each Receivable is a precomputed Receivable or a simple-interest Receivable.

 (D) Each Receivable had a remaining maturity as of the Cutoff Date, of not more than 96 months. 
 (E) Each Receivable had an original maturity as of the Cutoff Date of not more than 96 monthly payments. 
 (F) Each Receivable had a remaining Principal Balance as of the Cutoff Date of at least $250 and not more than $150,000. 
 (G) Each Receivable had an Annual Percentage Rate as of the Cutoff Date, of at least 1% and not more than 28%. 
 (H) No Receivable was more than 30 days past due as of the Cutoff Date. 
 (I) No funds had been advanced by AmeriCredit, any Originating Affiliate, any Dealer, any Third-Party Lender, or anyone acting on behalf
of any of them in order to cause any Receivable to qualify under clause (H) above. 
 (J) Each Obligor had a billing
address in the United States as of the date of origination of the related Receivable, is a natural person and is not an Affiliate of any party to the Basic Documents. 
 (K) Each Receivable is denominated in, and each Contract provides for payment in, United States dollars. 
 (L) Each Receivable is identified on the Servicer’s master servicing records as a retail automobile installment sales contract.

 (M) Each Receivable arose under a Contract which is assignable without the consent of, or notice to, the Obligor
thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract.

 (N) Each Receivable arose under a Contract with respect to which AmeriCredit has performed all obligations required to be
performed by it thereunder, and, in the event such Contract is an installment sales contract, delivery of the Financed Vehicle to the related Obligor has occurred. 
 (O) Not more than 2% of all Receivables (calculated by Aggregate Principal Balance) which have been transferred to the Issuer shall be
“electronic chattel paper”, as such term is defined in the UCC. 
 (P) No automobile related to a Receivable was
held in repossession inventory as of the Cutoff Date. 
  

 Sch-B-6 

 (Q) No Obligor was in bankruptcy as of the Cutoff Date. 
 (R) Neither the Servicer nor the Seller has selected the Receivables in a manner that either of them believes is adverse to the interests
of the Insurer or the Noteholders. 
 30. 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. 
 31. 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. 
 32. 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. 
 33. 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. 
 34. 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. 
 35. 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. 
 36. 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. 
  

 Sch-B-7 

 EXHIBIT A 
 SERVICER’S CERTIFICATE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M 
 Class A-1 5.2715% Asset Backed Notes 
 Class A-2-A 5.34% Asset Backed Notes 
 Class A-2-B Floating Rate Asset Backed Notes 
 Class A-3 5.220% Asset Backed Notes 
 Class A-4-A 5.35% Asset Backed Notes 
 Class A-4-B Floating Rate 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 Prime Automobile Receivables Trust 2007-2-M, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SENSUB Corp., as Depositor, and The
Bank of New York, as Trustee, Trust Collateral Agent and Backup Servicer, dated as of October 11, 2007. 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. 
 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-A
	 	 Class A-2-B
	 	 Class A-3
	 	 Class A-4-A
	 	 Class A-4-B
	 	 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}	 		 		 	
		 	{21}	 	ABS Prepay Speed	 		 		 		 		 	{21}	 		 		 	
		 		 		  		 		 		 		 		 		 	 
									
	V. DELINQUENCY:	 		 		 		 		 		 		 		 	
										
	  	 	 	 	Receivables with Scheduled Payment delinquent	 	 	 	 	 	 	 	 	 	 Units
	 	 Dollars
	 	 Percentage

		 		 	    {22}	  	31-60 days	 		 		 		 		 	{21}	 		 		 	
		 		 	{23}	  	61-90 days	 		 		 		 		 	{22}	 		 		 	
		 		 	{24}	  	over 90 days	 		 		 		 		 	{23}	 		 		 	
		 		 		  		 		 		 		 		 		 	 
		 		 	{25}	  	Receivables with Scheduled Payment delinquent more than 30 days at end of period	 	{24}	 		 		 	
		 		 		  		 		 		 		 		 		 	 
								
	VI. PERFORMANCE TESTS:	 		 		 		 		 		 		 	
											
		 		 	Delinquency Ratio	 		 		 		 		 		 		 		 	
		 		 	{26}	  	Receivables and Purchased Receivables with Scheduled Payment delinquent more than 60 days ({23} + {24})	 	{26}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{27}	  	Beginning of period Principal Balance	 		 		 		 		 		 	{27}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{28}	  	Delinquency Ratio {26} divided by {27}	 		 		 		 		 		 	{28}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
		 		 	{29}	  	Previous Monthly Period Delinquency Ratio	 		 		 		 		 	{29}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
		 		 	{30}	  	Second previous Monthly Period Delinquency Ratio	 		 		 		 	{30}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
										
		 		 	{31}	  	Average Delinquency Ratio ({28} + {29} + {30}) / 3	 		 		 		 	{31}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
							
		 		 	{32}	  	Compliance (Delinquency Test Failure is a Delinquency Ratio equal to or greater than 2.50%.)	 	{32}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
											
		 		 	Cumulative Default Rate	 		 		 		 		 		 		 		 	
		 		 	{33}	  	Defaulted Receivables in Current Period	 		 		 		 		 		 	{33}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{34}	  	Cumulative Defaulted Receivables from last month	 		 		 		 	{34}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{35}	  	Cumulative Defaulted Receivables {33} + {34}	 		 		 		 		 	{35}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{36}	  	Original Pool Balance	 		 		 		 		 		 	{36}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{37}	  	Cumulative Default Rate {35} divided by {36}	 		 		 		 	{37}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
							
		 		 	{38}	  	Compliance (Default Test Failure is a Cumulative Default Rate equal to or greater than 1.42%.)	 	{38}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
											
		 		 	Cumulative Net Loss Rate	 		 		 		 		 		 		 		 	
		 		 	{39}	  	Receivables becoming Liquidated Receivables during period	 		 		 	{39}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{40}	  	Purchased Receivables with Scheduled Payment delinquent more than 30 days at end of period	 	{40}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{41}	  	Liquidation Proceeds collected during period	 		 		 		 		 	{41}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{42}	  	Net Losses during period {39} + {40} + {41}	 		 		 		 		 	{42}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{43}	  	Net Losses since Initial Cut-off Date (Beginning of Period)	 		 		 	{43}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{44}	  	Cumulative Net Loss Rate before 50% of 90 Day Delinquencies ({42} + {43}) / {46}	 	{44}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
		 		 	{45}	  	50% of Receivables with Scheduled Payment delinquent more than 90 days at end of period	 	{45}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{46}	  	Original Pool Balance	 		 		 		 		 		 	{46}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{47}	  	Cumulative Net Loss Rate ({42} + {43} + {45}) / {46}	 		 		 	{47}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
							
		 		 	{48}	  	Compliance (Net Loss Test Failure is a Net Loss Rate equal to or greater than 0.69%.)	 	{48}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
											
		 		 	Extension Rate	 		 		 		 		 		 		 		 	
		 		 	{49}	  	Principal Balance of Receivables extended during current period	 		 		 	{49}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{50}	  	Beginning of Period Aggregate Principal Balance	 		 		 		 	{50}	 		 	
		 		 		  		 		 		 		 		 		 		 	 	 	
		 		 	{51}	  	Extension Rate {49} divided by {50}	 		 		 		 		 		 	{51}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
		 		 	{52}	  	Previous Monthly Extension Rate	 		 		 		 		 		 	{52}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
		 		 	{53}	  	Second previous Monthly Extension Rate	 		 		 		 		 		 	{53}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
										
		 		 	{54}	  	Average Extension Rate ({51} +{52} +{53}) / 3	 		 		 		 	{54}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 
							
		 		 	{55}	  	Compliance (Extension Test Failure is an Extension Rate equal to or greater than 4%.)	 	{55}	 		 	
		 		 		  		 		 		 		 		 		 		 		 	 

																	
							
	By:	 	  
	 		 		 		 		 	
	Name:	 	  
	 		  		 		 		 		 	
	Title:	 	  
	 		  		 		 		 		 	
	Date:	 	  
	 		  		 		 		 		 	

  

 Ex-A-1 

 EXHIBIT B 
 PRELIMINARY SERVICER’S CERTIFICATE 
 AmeriCredit Prime Automobile Receivables Trust 2007-2-M

 Class A-1 5.2715% Asset Backed Notes 
 Class A-2-A 5.34% Asset Backed Notes 
 Class A-2-B Floating Rate Asset Backed Notes 
 Class A-3 5.220% Asset Backed Notes 
 Class A-4-A 5.35% Asset Backed Notes 
 Class A-4-B Floating Rate 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 Prime Automobile Receivables Trust 2007-2-M, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SENSUB Corp., as
Depositor, and The Bank of New York, as Trustee, Trust Collateral Agent and Backup Servicer, dated as of October 11, 2007. 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. 

	
	
	Monthly Period Beginning:
	Monthly Period Ending:
	Prev. Distribution/Close Date:
	Distribution Date:
	Days of Interest for Period:
	Days in Collection Period:
	Months Seasoned:

  

									
					
	 Purchases
	  	 Units
	  	 Cut-off Date
	  	 Closing Date
	  	 Original
Pool Balance

	Initial Purchase	  		  		  		  	
	Sub. Purchase #1	  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
	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-A
	 	 Class A-2-B
	 	 Class A-3
	 	 Class A-4-A
	 	 Class A-4-B
	 	 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. 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}	  		  	
		 		  		  		  		  		  		  	 
						
	V. 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}
	  	Proceeds from Swap Agreement	  		  		  	{51}	  	  
	  	
		 	   {52}
	  	Spread Account Claim Amount Deposits	  		  		  	{52}	  	  
	  	
		 	   {53}
	  	Total Available Funds	  		  		  	{53}	  		  	  

							
		 	 Distributions:
	  		  		  		  		  	
		 	   {54}
	  	Swap Payments to Swap Provider	  		  		  	{54}	  		  	
		 	   {55}
	  	Base Servicing Fee - to Servicer	  		  		  	{55}	  	  
	  	
		 	   {56}
	  	Repo and Recovery Fees - reimbursed to Servicer	  		  		  	{56}	  	  
	  	
		 	   {57}
	  	Bank Service Charges - reimbursed to Servicer	  		  		  	{57}	  	  
	  	
		 	   {58}
	  	Late Fees - to Servicer	  		  		  	{58}	  	  
	  	
		 	   {59}
	  	Backup Servicing Fees	  		  		  	{59}	  	  
	  	

 Noteholders’ Interest Distributable Amount 
  

																							
	 	 	 	 	 Class
	 	 Beginning
Note Balance
	 	 Interest
Carryover
	 	 Interest Rate
	 	 Days
	 	 Days Basis
	 	 Calculated
Interest
	  	 	  	 	  	 
		 	    {60}	 	Class A - 1	 		 		 	5.272%	 		 	Actual days/360	 		  	{60}	  	  
	  	
		 	    {61}	 	Class A - 2 - A	 		 		 	5.340%	 		 	30/360	 		  	{61}	  	  
	  	
		 	    {62}	 	Class A - 2 - B	 		 		 	Libor + .38%	 		 	Actual days/360	 		  	{62}	  	  
	  	
		 	    {63}	 	Class A - 3	 		 		 	5.220%	 		 	30/360	 		  	{63}	  	  
	  	
		 	    {64}	 	Class A - 4 - A	 		 		 	5.350%	 		 	30/360	 		  	{64}	  	  
	  	
		 	    {65}	 	Class A - 4 - B	 		 		 	Libor + .50%	 		 	Actual days/360	 		  	{65}	  	  
	  	
												
		 	    {66}	 	 Security Insurer
 Premiums -
 to MBIA
	 		 		 		 		 		 		  	{66}	  	  
	  	
								
		 	 Noteholders’ Principal Distributable Amount
	 		 		 		  		  		  	
												
	 	 	 	 	 Class
	 	 Principal
Distributable
	 	 Principal
Carryover
	 	 Excess
Principal Due
	 	 Mandatory
Note Prepayment
	 	 Total
Principal
	 	 	  	 	  	 	  	 
		 	    {67}	 	Class A - 1	 		 		 		 		 		 		  	{67}	  	  
	  	
		 	    {68}	 	Class A - 2 - A	 		 		 		 		 		 		  	{68}	  	  
	  	
		 	    {69}	 	Class A - 2 - B	 		 		 		 		 		 		  	{69}	  	  
	  	
		 	    {70}	 	Class A - 3	 		 		 		 		 		 		  	{70}	  	  
	  	
		 	    {71}	 	Class A - 4 - A	 		 		 		 		 		 		  	{71}	  	  
	  	
		 	    {72}	 	Class A - 4 - B	 		 		 		 		 		 		  	{72}	  	  
	  	
												
		 	    {73}	 	Total distributions	 		 		 		 		 		 		  	{73}	  		  	  

											
					
	     {74}
	 	Excess Available Funds	  	{74}	  		  	  

					
	     {75}
	 	Deposit to Spread Account to Increase to Required Level	  	{75}	  		  	  

					
	     {76}
	 	Noteholders’ Accelerated Principal Amount	  	{76}	  		  	  

					
	     {77}
	 	Swap Termination Payments to Swap Provider	  	{77}	  		  	  

					
	     {78}
	 	Additional Amounts Owed to Insurer not paid in {69} above	  	{78}	  		  	  

					
	     {79}
	 	Deposit to Spread Account	  	{79}	  		  	
		 		 		  		  		  	 
		
	VIlI. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT 	  	
					
	    {80}	 	Excess Available Funds Less Amount Sent to Increase Spread to Required Level ({74} - {75})	  	{80}	  	  
	  	
	    {81}	 	Pro Forma Note Balance ({13} - {9})	  	{81}	  	  
	  	
	    {82}	 	Required Pro-forma Note Balance (the product of 100%-Overcollateralization Amount {29} and the Aggregate Principal Balance {10})	  	{82}	  	  
	  	
	    {83}	 	Excess of Pro Forma Balance over Required Balance ({81} - {82})	  	{83}	  		  	
	    {84}	 	Accelerated Principal Amount (lesser of {80} or {83})	  	{84}	  		  	  

		
	IX. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL 	  	
					
	     {85}
	 	Pro Forma Note Balance ({13} - {9})	  	{85}	  	  
	  	
	     {86}
	 	Required Pro-forma Note Balance (the product of 100%-Overcollateralization Amount and the Aggregate Principal Balance {10})	  	{86}	  	  
	  	
	     {87}
	 	Excess of Pro Forma Balance over Required Balance ({85} - {86})	  	{87}	  	  
	  	
	     {88}
	 	Excess Available Funds Less Amount Sent to Increase Spread to Required Level ({74} - {75})	  	{88}	  	  
	  	
	     {89}
	 	Accelerated Payment Amount Shortfall ({87} - {88})	  	{89}	  		  	  

													
						
	X. RECONCILIATION OF SPREAD ACCOUNT: 	  		  		  		  		  	
							
	 	 	 	  	 Initial
	  	 Sub #1
	  	 	  	 	  	 Total

	    {90}	 	Initial or Subsequent Spread Account Deposits	  		  		  		  		  	
		 		  	 

											
					
	    {91}	 	Beginning of period Spread Account balance	  	{91}	  		  	  

					
		 	Additions to Spread Account	  		  		  	
		 	  {92}	  	Deposits from Collections Account ({75} + {79})	  	{92}	  	  
	  	
		 	  {93}	  	Investment Earnings	  	{93}	  	  
	  	
		 	  {94}	  	Deposits Related to Subsequent Receivables Purchases	  	{94}	  	  
	  	
		 	  {95}	  	Total Additions	  	{95}	  		  	  

					
	    {96}	 	Spread Account balance available for withdrawals	  	{96}	  		  	  

					
		 	Requisite Amount of Spread Account	  		  		  	
		 	  {97}	  	Initial Pool Balance times 1.0%	  	{97}	  	  
	  	
		 	  {98}	  	If Level I Trigger exists then greater of 3.0% of Outstanding Pool Balance or 2.0% of Aggregate Principal Balance as of Cut Off Date	  	{98}	  	  
	  	
		 	  {99}	  	If Level II Trigger exists then 100% of Outstanding Pool Balance (as specified by MBIA)	  	{99}	  	  
	  	
		 	  {100}	  	Requisite Amount of Spread Account (If no Level I nor Level II trigger exist, {100})	  	{100}	  		  	  

					
		 	Withdrawals from Spread Account	  		  		  	
		 	  {101}	  	Spread Account Claim Amount	  	{101}	  	  
	  	
		 		  	Any Amounts owed to the Trust Collateral Agent not paid from Collection Account	  		  		  	
		 	  {102}	  	Accelerated Payment Amount Shortfall =	  	{102}	  	  
	  	
		 	  {103}	  	Accelerated Payment Amount Shortfall in Excess of Requisite Amount	  	{103}	  	  
	  	
		 	  {104}	  	Costs of Maintaining Security Interest not paid by Servicer	  	{104}	  	  
	  	
		 	  {105}	  	To any replacement servicer any accrued and unpaid replacement servicer fees, transition costs or additional compensation	  	{105}	  	  
	  	
		 	  {106}	  	Any Amounts owed to the Insurer not paid from Collection Account	  	{106}	  	  
	  	
		 	  {107}	  	Backup servicer, any amounts payable by the Servicer not paid by the Servicer	  	{107}	  	  
	  	
		 	  {108}	  	Remaining Funds - Holder(s) of the Certificates	  	{108}	  	  
	  	
		 	  {109}	  	Total withdrawals	  	{109}	  		  	  

					
	    {110}	 	End of period Spread Account balance	  	{110}	  		  	  

				
	XI. CALCULATION OF OC LEVEL AND OC PERCENTAGE 	  		  		  	
						
		 	  {111}	  	Aggregate Principal Balance	  	{111}	  	  
	  	
		 	  {112}	  	End of period Note Balance	  	{112}	  	  
	  	
		 	  {113}	  	Line {111} less line {112} (During Funding Period amount equal to zero)	  	{113}	  	  
	  	
		 	  {114}	  	OC level {113} / {111}	  	{114}	  	  
	  	
		 	  {115}	  	Ending Spread Balance as a percentage of Aggregate Principal Balance ({115}/{111})	  	{115}	  	  
	  	
		 	  {116}	  	OC Percentage ({114} + {115})	  	{116}	  		  	  

  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 Date:
	 	  

  

 Ex-B-1 

 EXHIBIT C 
 ASSERTION OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA 
 The Bank of New York, The Bank of New York Trust
Company, N. A. and The Bank of New York (Delaware) (collectively, the “Company”) provides this platform-level assessment of compliance with the servicing criteria specified in Item 1122(d) of Regulation AB promulgated by the
Securities and Exchange Commission. 
 Management has determined that the following servicing criteria are applicable in regards to the following servicing
platform for the following period: 
 Platform: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act
of 1934, as amended) asset-backed securities issued on or after April 1, 2006 (and like-kind transactions issued prior to April 1, 2006) for which the Company provides trustee, securities administration, or paying agent services, other
than residential mortgage-backed securities and other mortgage-related asset-backed securities. The platform includes like-kind transactions for which the Company provided trustee, securities administrator, or paying agent services as a result of
the Company’s acquisition as of October 1, 2006 of portions of JPMorgan Chase Bank, N.A.’s corporate trust business, including structured finance agency and trust transactions. 
 Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any
transaction, except for the following criteria:
                                        .

 Period: Twelve months ended December 31,             . 
 With respect to the Platform and the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria: 
  

	•	 	 The Company is responsible for assessing its compliance with the Applicable Servicing Criteria. 

  

	•	 	 The Company has assessed compliance with the Applicable Servicing Criteria. 

  

	•	 	 As of December 31,              and for the Period, the Company was in material compliance
with the Applicable Servicing Criteria. 

 Ernst & Young LLP, an independent registered public accounting firm, has issued an
attestation report with respect to the Company’s foregoing assessment of compliance. 
  

					
	The Bank of New York	 		 	The Bank of New York
	The Bank of New York Trust Company, N.A.	 		 	The Bank of New York Trust Company, N.A.
	The Bank of New York (Delaware)	 		 	
			
	  
	 		 	  

	Name	 		 	Name
	Authorized Signer	 		 	Authorized signer

  

 Ex-C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]