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Exhibit 10.1    
  

 
  REVOLVING CREDIT AND SECURITY AGREEMENT    
  

between

SYNAVANT INC.

and

EACH OF ITS SUBSIDIARIES THAT ARE SIGNATURES HERETO

As Borrowers

and

CAPITALSOURCE FINANCE LLC

As Lender

Dated as of

March 31, 2003  

  

 
 

REVOLVING CREDIT AGREEMENT    
  

 
  TABLE OF CONTENTS    
  

	 
	 
	 
	 	Page

	I.	DEFINITIONS	 	1
	 	1.1	General Terms	 	1
	

II.	

ADVANCES, PAYMENT AND INTEREST	
 	

1
	 	2.1	The Revolving Facility	 	1
	 	2.2	The Note; Maturity	 	2
	 	2.3	Interest	 	3
	 	2.4	Revolving Facility Disbursements; Requirement to Deliver Borrowing Certificate	 	3
	 	2.5	Revolving Facility Collections; Repayment; Borrowing Availability and Lockbox	 	4
	 	2.6	Promise to Pay; Manner of Payment	 	5
	 	2.7	Repayment of Excess Advances	 	5
	 	2.8	Payments by Lender	 	5
	 	2.9	Grant of Security Interest; Collateral	 	5
	 	2.10	Collateral Administration	 	7
	 	2.11	Power of Attorney	 	8
	 	2.12	Letters of Credit	 	8
	

III.	

FEES AND OTHER CHARGES	
 	

10
	 	3.1	Commitment Fee	 	10
	 	3.2	Unused Line Fee	 	10
	 	3.3	Collateral Management Fee	 	11
	 	3.4	Early Termination Fee	 	11
	 	3.5	Computation of Fees; Lawful Limits	 	11
	 	3.6	Default Rate of Interest	 	11
	 	3.7	Acknowledgement of Joint and Several Liability	 	12
	

IV.	

CONDITIONS PRECEDENT	
 	

12
	 	4.1	Conditions to Initial Advance and Closing	 	12
	 	4.2	Conditions to Each Advance and Issuance of Each Letter of Credit	 	14
	

V.	

REPRESENTATIONS AND WARRANTIES	
 	

15
	 	5.1	Organization and Authority	 	15
	 	5.2	Loan Documents	 	15
	 	5.3	Subsidiaries, Capitalization and Ownership Interests	 	16
	 	5.4	Properties	 	16
	 	5.5	Other Agreements	 	16
	 	5.6	Litigation	 	17
	 	5.7	Hazardous Materials	 	17
	 	5.8	Tax Returns; Governmental Reports	 	17
	 	5.9	Financial Statements and Reports	 	17
	 	5.10	Compliance with Law	 	18
	 	5.11	Intellectual Property	 	18
	 	5.12	Licenses and Permits; Labor	 	18
	 	5.13	No Default	 	19
	 	5.14	Disclosure	 	19
	 	5.15	Existing Indebtedness; Investments and Certain Contracts	 	19
	 	5.16	Other Agreements	 	19
	 	5.17	Insurance	 	19
	 	5.18	Names; Location of Offices, Records and Collateral	 	20

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	 	5.19	Non-Subordination	 	20
	 	5.20	Accounts	 	20
	 	5.21	Survival	 	21
	 	5.22	IRS Tax Liability	 	21
	

VI.	

AFFIRMATIVE COVENANTS	
 	

21
	 	6.1	Financial Statements, Reports and Other Information	 	21
	 	6.2	Payment of Obligations	 	23
	 	6.3	Conduct of Business and Maintenance of Existence and Assets	 	23
	 	6.4	Compliance with Legal and Other Obligations	 	23
	 	6.5	Insurance	 	24
	 	6.6	True Books	 	24
	 	6.7	Inspection; Periodic Audits	 	24
	 	6.8	Further Assurances; Post Closing	 	24
	 	6.9	Payment of Indebtedness	 	25
	 	6.10	Lien Searches	 	25
	 	6.11	Use of Proceeds	 	25
	 	6.12	Collateral Documents; Security Interest in Collateral	 	25
	 	6.13	Intentionally Omitted	 	26
	 	6.14	Taxes and Other Charges	 	26
	

VII.	

NEGATIVE COVENANTS	
 	

26
	 	7.1	Financial Covenants	 	26
	 	7.2	Permitted Indebtedness	 	27
	 	7.3	Permitted Liens	 	27
	 	7.4	Investments; New Facilities or Collateral; Subsidiaries	 	28
	 	7.5	Dividends; Redemptions	 	28
	 	7.6	Transactions with Affiliates	 	29
	 	7.7	Charter Documents; Fiscal Year; Dissolution; Use of Proceeds	 	29
	 	7.8	Truth of Statements	 	30
	 	7.10	Subordinated Debt	 	30
	

VIII.	

EVENTS OF DEFAULT	
 	

30
	

IX.	

RIGHTS AND REMEDIES AFTER DEFAULT	
 	

32
	 	9.1	Rights and Remedies	 	32
	 	9.2	Application of Proceeds	 	33
	 	9.3	Rights of Lender to Appoint Receiver	 	34
	 	9.4	Rights and Remedies not Exclusive	 	34
	

X.	

WAIVERS AND JUDICIAL PROCEEDINGS	
 	

34
	 	10.1	Waivers	 	34
	 	10.2	Delay; No Waiver of Defaults	 	35
	 	10.3	Jury Waiver	 	35
	

XI.	

EFFECTIVE DATE AND TERMINATION	
 	

35
	 	11.1	Effectiveness and Termination	 	35
	 	11.2	Survival	 	36

ii

 

	

XII.	

MISCELLANEOUS	
 	

36
	 	12.1	Governing Law; Jurisdiction; Service of Process; Venue	 	36
	 	12.2	Successors and Assigns; Participations; New Lenders	 	37
	 	12.3	Application of Payments	 	37
	 	12.4	Indemnity	 	37
	 	12.5	Notice	 	38
	 	12.6	Severability; Captions; Counterparts; Facsimile Signatures	 	38
	 	12.7	Expenses	 	39
	 	12.8	Entire Agreement; Miscellaneous	 	39
	 	12.9	Lender Approvals	 	40
	 	12.10	Confidentiality and Publicity	 	40
	 	12.11	Intentionally Omitted	 	40
	 	12.12	Agent	 	40
	 	1)	Minimum EBITDA	 	1
	 	2)	Fixed Charge Coverage Ratio (EBITDA/Fixed Charges)	 	1
	 	3)	Net Worth	 	1
	 	4)	Cash Velocity	 	2
	 	5)	Minimum Liquidity and Working Capital	 	2

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REVOLVING CREDIT AND SECURITY AGREEMENT    
  

        THIS REVOLVING CREDIT AND SECURITY AGREEMENT (the "Agreement")
dated as of March 31, 2003, is entered into between SYNAVANT INC., a Delaware corporation
("Parent"), and each of Parent's Subsidiaries listed on the signature pages hereto (such Subsidiaries and Parent shall be referred to individually and
collectively as "Borrower" or collectively as "Borrowers"), and CAPITALSOURCE
FINANCE LLC, a Delaware limited liability company ("Lender"). 

        WHEREAS,
Borrower has requested that Lender make available to Borrower a revolving credit facility (the "Revolving Facility") in a maximum
principal amount at any time outstanding of up to Fifteen Million Dollars ($15,000,000.00) (the "Facility Cap"), and within the Facility Cap, a sublimit
of Three Million Dollars ($3,000,000.00) to be used for the issuance of standby letters of credit or to cash collateralize obligations to be secured by letters of credit (the
"L/C Sublimit"), the proceeds of which shall be used by Borrower for refinancing Borrower's existing obligations and indebtedness, capital expenditures,
and working capital needs in connection with Parent and its Subsidiaries' international technological software and services and marketing businesses; 

        WHEREAS,
on the date of this Agreement there are no Guaranties; and 

        WHEREAS,
Lender is willing to make the Revolving Facility available to Borrower upon the terms and subject to the conditions set forth herein. 

        NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged, Borrower and Lender hereby
agree as follows: 

I.    DEFINITIONS  

1.1  General Terms  

        For purposes of this Agreement, in addition to the definitions above and elsewhere in this Agreement, the terms listed in
Appendix A hereto shall have the meanings given such terms in Appendix A, which is incorporated herein and made a part hereof.
All capitalized terms used which are not specifically defined shall have meanings provided in Article 9 of the UCC in effect on the date hereof to the extent the same are used or defined
therein. Unless otherwise specified herein or in Appendix A, any agreement or contract referred to herein or in Appendix A shall
mean such agreement as modified, amended or supplemented from time to time. Unless otherwise specified, as used in the Loan Documents or in any certificate, report, instrument or other document made
or delivered pursuant to any of the Loan Documents, all accounting terms not defined in Appendix A elsewhere in this Agreement shall have the meanings given to such
terms in and shall be interpreted in accordance with GAAP. 

II.    ADVANCES, PAYMENT AND INTEREST  

2.1  The Revolving Facility  

        (a)  Subject
to the provisions of this Agreement, Lender shall make Advances to Borrower under the Revolving Facility from time to time during the Term,
provided that, notwithstanding any other provision of this Agreement, the aggregate amount of all Advances at any one time outstanding under the Revolving Facility shall
not exceed the lesser of either of (a) the Facility Cap or (b) the Availability. The Revolving Facility is a revolving credit facility, which may be drawn, repaid and, subject to the
terms and conditions of this Agreement, redrawn, from time to time as permitted under this Agreement. Any determination as to whether there is availability within the Borrowing Base for Advances shall
be made by Lender in its Permitted Discretion and is final and binding upon Borrower; provided that after the consummation of the IM Transaction until such time as the
parties agree upon financial covenants pursuant to Section 7.1 hereto, any determination as to whether there is availability within the Borrowing Base for Advance
shall be made by Lender in its sole discretion. Unless otherwise permitted by Lender, each Advance shall be in an amount of at least $1,000. Subject to the provisions 

 

of this Agreement, Borrower may request Advances under the Revolving Facility up to and including the value, in U.S. Dollars of the Borrowing Base minus, if applicable, amounts reserved pursuant to
this Agreement, including without limitation, the L/C Exposure (such calculated amount being referred to herein as the "Availability"). Advances under
the Revolving Facility automatically shall be made for
the payment of interest on the Note and other Obligations on the date when due to the extent available and as provided for herein. Upon the earlier to occur of (1) consummation of the IM
Transaction or (2) July 1, 2003 (such earlier date being referred to as the "Minimum Balance Commencement Date"), the aggregate Advances
outstanding at any one time under the Revolving Facility shall not be less than the lesser of (i) 100% of Availability or (ii) $3,000,000 (not including the L/C Exposure) (the
"Minimum Balance"); provided, however that even after the Minimum Balance Commencement Date, the Minimum Balance shall be
instituted at Lender's sole discretion, with simultaneous notice to Borrower. 

        (b)  Lender
has established the above-referenced advance rate for Availability and, in its Permitted Discretion, may further adjust the Availability and such advance rate by
applying percentages (known as "liquidity factors") to Eligible Receivables based upon Borrower's actual recent collection history in a manner consistent with Lender's underwriting practices and
procedures, including without limitation Borrower's historical returns, rebates, discounts, credits and allowances (collectively, the "Dilution Items").
Such liquidity factors and the advance rate for Availability may be adjusted by Lender throughout the Term as warranted by Lender's underwriting practices and procedures in its sole credit judgment.
Also, Lender shall have the right to establish from time to time, in its Permitted Discretion, reserves against the Borrowing Base, which reserves shall have the effect of reducing the amounts
otherwise eligible to be disbursed to Borrower under the Revolving Facility pursuant to this Agreement. 

2.2  The Note; Maturity  

        (a)  All
Advances under the Revolving Facility shall be evidenced by the Note, payable to the order of Lender, duly executed and delivered by Borrower and dated the Closing
Date, evidencing the aggregate indebtedness of Borrower to Lender resulting from Advances under the Revolving Facility, from time to time. Lender hereby is authorized, but is not obligated, to enter
the amount of each Advance under the Revolving Facility and the amount of each payment or prepayment of principal or interest thereon in the appropriate spaces on the reverse of or on an attachment to
the Note. Lender will account to Borrower monthly with a statement of Advances under the Revolving Facility and charges and payments made pursuant to this Agreement, and in the absence of error, such
accounting rendered by Lender shall be deemed final, binding and conclusive unless Lender is notified by Borrower in writing to the contrary within thirty (30) calendar days of Receipt of each
accounting, which notice shall be deemed an objection only to items specifically objected to therein. 

        (b)  All
amounts outstanding under the Note and other Obligations shall be due and payable in full upon the earlier of (i) the last day of the Term, (ii) an
acceleration of the Obligations in accordance with Article VIII, or (iii) the termination of the Agreement in accordance with the terms hereof (such earlier date being the
"Revolving Facility Maturity Date"). 

2.3  Interest  

        Interest on outstanding Advances under the Note shall be payable monthly in arrears on the first day of each calendar month at an annual rate of Prime Rate plus
2.0%, provided, however, that, notwithstanding any provision of any Loan Document, the interest on outstanding Advances under the Note shall be not less than 6.5%, in each
case calculated on the basis of a 360-day year and for the actual number of calendar days elapsed in each interest calculation period. Interest accrued on each Advance under the Note shall
be due and payable on the first day of each calendar month, in accordance with the procedures provided for in Section 2.5, commencing April 1, 2003, and
continuing 

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until the later of the Revolving Facility Maturity Date and the full performance and irrevocable payment in full in cash of the Obligations. 

2.4  Revolving Facility Disbursements; Requirement to Deliver Borrowing Certificate  

        (a)  So
long as no Default or Event of Default shall have occurred and be continuing, Borrower may give Lender irrevocable written notice requesting an Advance under the
Revolving Facility by delivering to Lender not later than 11:00 a.m. (New York City time) at least two (2) but not more than four (4) Business Days before the proposed borrowing
date of such requested Advance (the "Borrowing Date"), a completed Borrowing Certificate and relevant supporting documentation reasonably satisfactory
to Lender, which shall (i) specify the proposed Borrowing Date of such Advance which shall be a Business Day, (ii) specify the principal amount of such requested Advance, and
(iii) certify the matters contained in Section 4.2. 

        (b)  If
Lender has not instituted the Minimum Balance in accordance with this Agreement, each time a request for an Advance is made (and if Lender has instituted the Minimum
Balance in accordance with this Agreement, each time a request for an Advance is made that would increase the balance of the outstanding Advances to an amount greater than $3,000,000), and, in any
event and regardless of whether an Advance is being requested, on the first Business Day of each week during the Term (and more frequently if Lender shall so request after an Event of Default has
occurred and is continuing) until the Obligations are paid in cash in full and this Agreement is terminated, Borrower shall deliver to Lender a Borrowing Certificate accompanied by a separate detailed
aging and categorizing of Borrower's accounts receivable and accounts payable and such other supporting documentation with respect to the figures and information in the Borrowing Certificate as Lender
shall reasonably request from a credit or security perspective or otherwise. 

        (c)  If
a Minimum Balance has been instituted by Lender in accordance with the terms hereof, Lender shall also make additional Advances to Borrower without the requirement of
a Borrowing Certificate ("Automatic Advance") after Lender has received collections in the Concentration Account. The
respective amounts of such Automatic Advances shall be that amount, if any, necessary to make the total outstanding Advances under the Revolving Facility equal to the Minimum Balance. Lender will use
its best efforts to make such Automatic Advances on a Business Day that is within two (2) Business Days of the receipt of any collections in the Concentration Account by the Lender which cause
the outstanding principal Loans to be less than the Minimum Balance. Borrower hereby represents that any change in the Borrowing Base that would reduce Availability to below $3,000,000 will be
reported to Lender within two (2) Business Days. Borrower further represents that all representations and warranties made in the Borrowing Certificate most recently submitted prior to an
Automatic Advance shall apply to such Automatic Advance and that Borrower shall notify Lender of any changes thereto. 

        (d)  On
each Borrowing Date, Borrower irrevocably authorizes Lender to disburse the proceeds of the requested Advance to the appropriate Borrower's account(s) as set forth on
Schedule 2.4, in all cases for credit to the appropriate Borrower (or to such other account as to which the appropriate Borrower shall instruct Lender) via Federal
funds wire transfer no later than 4:00 p.m. (New York City time). 

2.5  Revolving Facility Collections; Repayment; Borrowing Availability and Lockbox  

        Parent and Synavant LLC shall maintain one or more lockbox accounts (individually and collectively, the "Lockbox
Account") with one or more banks acceptable to Lender (each, a "Lockbox Bank"), and shall execute with each Lockbox Bank one or
more agreements acceptable to Lender (individually and collectively, the "Lockbox Agreement"), and such other agreements related thereto as Lender or
the Lockbox Bank may require. Parent and Synavant LLC shall ensure that all collections of 

3

 

their respective Accounts and all other cash payments received by either of them are paid and delivered directly from Account Debtors and other Persons into the appropriate Lockbox Account. The
Lockbox Agreements shall provide that the Lockbox Banks immediately will transfer all funds paid into the Lockbox Accounts into a depository account or accounts maintained by Lender or an Affiliate of
Lender at such bank as Lender may communicate to Parent and Synavant LLC from time to time (the "Concentration Account"). Notwithstanding and without
limiting any other provision of any Loan Document, Lender shall apply, on a daily basis, all funds transferred into the Concentration Account pursuant to the Lockbox Agreement and this
Section 2.5 in such order and manner as determined by Lender in its Permitted Discretion. To the extent that any Accounts collections of Parent and Synavant LLC or
any other cash payments received by Parent and Synavant LLC are not sent directly to the appropriate Lockbox Account but are received by Parent and Synavant LLC or any of their Affiliates, such
collections and proceeds shall be held in trust for the benefit of Lender and immediately remitted (and in any event within two (2) Business Days), in the form received, to the appropriate
Lockbox Account for immediate transfer to the Concentration Account. All funds transferred to the Concentration Account for application to the Obligations under the Revolving Facility shall be applied
to reduce the Obligations under the Revolving Facility, but, for purposes of calculating interest hereunder, shall be subject to a seven Business Day clearance period. If as the result of collections
of Accounts and/or any other cash payments received by Parent and Synavant LLC pursuant to this Section 2.5 a credit balance exists with respect to the
Concentration Account, such credit balance shall not accrue interest in favor of Parent and Synavant LLC, but shall be available as appropriate in accordance with the terms of this Agreement. If
applicable, at any time prior to the execution of all or any of the Lockbox Agreements and operation of all or any of the Lockbox Accounts, Parent and Synavant LLC and their Affiliates shall direct
all collections or proceeds it receives on Accounts or
from other Collateral to the accounts(s) and in the manner specified by Lender in its Permitted Discretion. Notwithstanding the foregoing, the parties acknowledge that the provisions of this
Section 2.5 and the provisions of Section 2.9 shall not apply to Borrower's customer rebate accounts which are custodial
accounts that have been established by Borrower for the benefit of certain customers entitled to rebate payments and which are funded by such customers. 

2.6  Promise to Pay; Manner of Payment  

        Borrower absolutely and unconditionally promises to pay principal, interest and all other amounts payable hereunder, or under any other Loan Document, without any
right of rescission and without any deduction whatsoever, including any deduction for any setoff, counterclaim or recoupment, and notwithstanding any damage to, defects in or destruction of the
Collateral or any other event, including obsolescence of any property or improvements. All payments made by Borrower (other than payments automatically paid through Advances under the Revolving
Facility as provided herein), shall be made only by wire transfer on the date when due, without offset or counterclaim, in U.S. Dollars, in immediately available funds to such account as may be
indicated in writing by Lender to Borrower from time to time. Any such payment received after 2:00 p.m. (New York City time) on the date when due shall be deemed received on the following
Business Day. Whenever any payment hereunder shall be stated to be due or shall become due and payable on a day other than a Business Day, the due date thereof shall be extended to, and such payment
shall be made on, the next succeeding Business Day, and such extension of time in such case shall be included in the computation of payment of any interest (at the interest rate then in effect during
such extension) and/or fees, as the case may be. 

2.7  Repayment of Excess Advances  

        Any balance of Advances under the Revolving Facility outstanding at any time in excess of the lesser of the Facility Cap, less the L/C Exposure, or the
Availability shall be immediately due and payable by Borrower without the necessity of any demand, at the Payment Office, whether or not a 

4

 

Default or Event of Default has occurred or is continuing and shall be paid in the manner specified in Section 2.8. 

2.8  Payments by Lender  

        Should any amount required to be paid under any Loan Document be unpaid, such amount may be paid by Lender, which payment shall be deemed a request for an Advance
under the Revolving Facility as of the date such payment is due, and Borrower irrevocably authorizes disbursement of any such funds to Lender by way of direct payment of the relevant amount, interest
or Obligations. No payment or prepayment of any amount by Lender or any other Person shall entitle any Person to be subrogated to the rights of Lender under any Loan Document unless and until the
Obligations have been fully
performed and paid irrevocably in cash and this Agreement has been terminated. Any sums expended by Lender as a result of any Borrower's or any Guarantor's failure to pay, perform or comply with any
Loan Document or any of the Obligations may be charged to Borrower's account as an Advance under the Revolving Facility and added to the Obligations. 

2.9  Grant of Security Interest; Collateral  

        (a)  To
secure the payment and performance of the Obligations, each Borrower hereby grants to Lender a continuing security interest in and Lien upon, and pledges to Lender,
all of its right, title and interest in and to the following (collectively and each individually, the "Collateral"), which security interest is intended
to be a first priority security interest: 

                (i)        all
of such Borrower's tangible personal property, including without limitation all present and future Inventory and Equipment (including
items of equipment which are or become Fixtures), now owned or hereafter acquired; 

                (ii)      all
of such Borrower's intangible personal property, including without limitation all present and future Accounts, securities, contract
rights, Permits, General Intangibles, Chattel Paper, Documents, Instruments and Deposit Accounts, Letter-of-Credit Rights and Supporting Obligations, rights to the payment of
money or other forms of consideration of any kind, tax refunds, insurance proceeds, now owned or hereafter acquired, and all intangible and tangible personal property relating to or arising out of any
of the foregoing; 

                (iii)      all
of such Borrower's present and future Government Contracts and rights thereunder and the related Government Accounts and proceeds
thereof, now or hereafter owned or acquired by such Borrower; provided, however, that Lender shall not have a security interest in any rights under any Government Contract
of such Borrower or in the related Government Account where the taking of such security interest would be a violation of an express prohibition contained in the Government Contract (for purposes of
this limitation, the fact that a Government Contract is subject to, or otherwise refers to, Title 31, § 203 or Title 41, § 15 of the United States Code shall not be deemed an
express prohibition against assignment thereof) or is prohibited by applicable law; and 

                (iv)      any
and all additions to any of the foregoing, and any and all replacements, products and proceeds (including insurance proceeds) of any of
the foregoing. 

        (b)  Notwithstanding
the foregoing provisions of this Section 2.9, such grant of a security interest shall not extend to, and the term
"Collateral" shall not include, any General Intangibles of Borrower to the
extent that (i) such General Intangibles are not assignable or capable of being encumbered as a matter of law or under the terms of any license or other agreement applicable thereto (but solely
to the extent that any such restriction shall be enforceable under applicable law) without the consent of the licensor thereof or other applicable party thereto, and (ii) such consent has not
been obtained; provided, however, that the foregoing grant of a security interest shall extend to, and the term "Collateral" shall include, each of the following:
(a) any General Intangible which is in the nature of 

5

 

an Account or a right to the payment of money or a proceed of, or otherwise related to the enforcement or collection of, any Account or right to the payment of money, or goods which are the subject
of any Account or right to the payment of money, (b) any and all proceeds of any General Intangible that is otherwise excluded to the extent that the assignment, pledge or encumbrance of such
proceeds is not so restricted, and (c) upon obtaining the consent of any such licensor or other applicable party with respect to any such otherwise excluded General Intangible, such General
Intangible as well as any and all proceeds thereof that might theretofore have been excluded from such grant of a security interest and from the term "Collateral." 

        (c)  In
addition to the foregoing, to secure the payment and performance of the Obligations, Parent and Synavant LLC have pledged to Lender all of the securities they own in
their Subsidiaries pursuant to the Stock Pledge Agreement. 

        (d)  Upon
the execution and delivery of this Agreement, and upon the proper filing of the necessary financing statements recordation of the Collateral Patent, Trademark and
Copyright Assignment in the United States Patent and Trademark Office and/or the United States Copyright Office, and proper delivery of the necessary stock certificates, without any further action,
Lender will have a good, valid and perfected first priority Lien and security interest in the Collateral, subject to no transfer or other restrictions or Liens of any kind in favor of any other Person
except for Permitted Liens. No financing statement relating to any of the Collateral is on file in any public office except those (i) on behalf of Lender, and/or (ii) in connection with
Permitted Liens. 

2.10 Collateral Administration  

        (a)  All
Collateral (except Deposit Accounts) will at all times be kept by Borrower at the locations set forth on Schedule 5.18B hereto
and shall not, without thirty (30) calendar days prior written notice to Lender, be moved therefrom, and in any case shall not be moved outside the continental United States except as provided
for in this Agreement. 

        (b)  Borrower
shall keep accurate and complete records of its Accounts and all payments and collections thereon and shall submit such records to Lender on such periodic bases
as Lender may request in its Permitted Discretion. In addition, if Accounts of Borrower in an aggregate face amount in excess of
$100,000 become ineligible because they fall within one of the specified categories of ineligibility set forth in the definition of Eligible Receivables, Borrower shall notify Lender of such
occurrence on or before the third (3rd) Business Day following such occurrence and the Borrowing Base shall thereupon be adjusted to reflect such occurrence. If requested by Lender after
the occurrence and continuation of an Event of Default, Borrower shall execute and deliver to Lender formal written assignments of all of its Accounts weekly or as often as Lender may reasonably
request, including all Accounts created since the date of the last assignment, together with copies of claims, invoices and/or other information related thereto. To the extent that collections from
such assigned Accounts exceed the amount of the Obligations, such excess amount shall not accrue interest in favor of Borrower, but shall be available to Borrower upon Borrower's written request. 

        (c)  Whether
or not an Event of Default has occurred, any of Lender's officers, employees, representatives or agents shall have the right upon three (3) Business Days'
prior written notice to Borrower, at any time during normal business hours, in the name of Lender, any designee of Lender or Borrower, to verify the validity, amount or any other matter relating to
any Accounts of Borrower. Borrower shall cooperate fully with Lender in an effort to facilitate and promptly conclude such verification process. 

        (d)  To
expedite collection, Borrower shall endeavor in the first instance to make collection of its Accounts for Lender. Lender shall have the right at all times after the
occurrence and during the continuance of an Event of Default to notify Account Debtors owing Accounts to Borrower that their 

6

 

Accounts have been assigned to Lender and to collect such Accounts directly in its own name and to charge collection costs and expenses, including reasonable attorney's fees, to Borrower. 

        (e)  As
and when determined by Lender in its Permitted Discretion, Lender will perform the searches described in clauses (i) and (ii) below against Borrower and
Guarantors (the results of which are to be consistent with Borrower's representations and warranties under this Agreement), all at Borrower's expense: (i) UCC searches with the Secretary of
State and local filing offices of each jurisdiction where Borrower and/or any Guarantors maintains their respective executive offices, a place of business or assets; and (ii) judgment, federal
tax lien and corporate and partnership tax lien searches, in each jurisdiction searched under clause (i) below. 

        (f)    Borrower
(i) shall provide prompt written notice to its current bank to transfer all items, collections and remittances to the Concentration Account,
(ii) shall provide prompt written notice to each Account Debtor that Lender has been granted a lien and security interest in, upon and to all Accounts applicable to such Account Debtor and
shall direct each Account Debtor to make payments to the appropriate Lockbox Account, and Borrower hereby authorizes Lender, upon any failure to send such notices and directions within ten
(10) calendar days after the date of this Agreement (or ten (10) calendar days after the Person becomes an Account Debtor), to send any and all similar notices and directions to such
Account Debtors, and (iii) shall do anything further that may be lawfully required by Lender to secure Lender and effectuate the intentions of the Loan Documents. At Lender's request, Borrower
shall immediately deliver to Lender all items for which Lender must receive possession to
obtain a perfected security interest and all notes, certificates, and documents of title, Chattel Paper, warehouse receipts, Instruments, and any other similar instruments constituting Collateral. 

2.11 Power of Attorney  

        Lender is hereby irrevocably made, constituted and appointed the true and lawful attorney for Borrower (without requiring any of them to act as such) with full
power of substitution to do the following: (i) endorse the name of Borrower upon any and all checks, drafts, money orders, and other instruments for the payment of money that are payable to
Borrower and constitute collections on its or their Accounts; (ii) execute in the name of Borrower any financing statements, schedules, assignments, instruments, documents, and statements that
it is or they or are obligated to give Lender under any of the Loan Documents; and (iii) do such other and further acts and deeds in the name of Borrower that Lender may deem necessary or
desirable in its Permitted Discretion to enforce any Account or other Collateral or to perfect Lender's security interest or lien in any Collateral. In addition, if Borrower breaches its obligation
hereunder to direct payments of Accounts or the proceeds of any other Collateral to the appropriate Lockbox Account, Lender, as the irrevocably made, constituted and appointed true and lawful attorney
for Borrower pursuant to this paragraph, may, by the signature or other act of any of Lender's officers or authorized signatories (without requiring any of them to do so), direct any federal, state or
private payor or fiscal intermediary to pay proceeds of Accounts or any other Collateral to the appropriate Lockbox Account. 

2.12 Letters of Credit  

        (a)  Letter
of Credit Commitment. On the terms and subject to the conditions herein set forth, the Borrower may, at any time and from time to time after the date hereof and
prior to the Termination Date, request that Lender issue, and if so requested, Lender shall issue within a reasonable time, for the account of the Borrower one or more Letters of Credit; provided that
no Letter of Credit shall be issued if and to the extent that after giving effect to its issuance, the Unfunded L/C Exposure, (i) exceeds the L/C Sublimit or (ii) taken together with the
outstanding Advances, including any Funded L/C Exposure, would exceed the lesser of the Facility Cap or the Availability, without duplication. 

7

 

        (b)  Related
Letter of Credit Restrictions. If a requested Letter of Credit is to have or is for the purpose of replacing an existing Letter of Credit that has, an expiration
date falling after the Maturity Date, then Borrower shall, on or before the Termination Date provide a "back-to-back" letter of credit to Lender in form and substance
satisfactory to Lender, in its sole discretion, issued by a bank satisfactory to Lender, in an amount equal to the Relevant Percentage of the then undrawn stated amount of all outstanding Letters of
Credit and/or (y) deposit cash in the Lender Collateral Account in an amount
equal to the Relevant Percentage of the then undrawn stated amount of each such outstanding Letter of Credit with respect to which a "back-to-back" letter of credit was not
issued to Lender, which deposit of cash shall be deemed made to the extent that the amount in the Lender Collateral Account exceeds the outstanding Obligations less the L/C Exposure to be so
collateralized as additional collateral security for the Borrower's obligations in connection with such Letters of Credit; provided,
however, that notwithstanding the provision of such "back-to-back" letter(s) of credit and/or the funding of such Lender Collateral
Account, and the occurrence of the Termination Date, Borrower shall remain liable with respect to all Funded L/C Exposure and Unfunded L/C Exposure, pursuant to the terms of this Agreement until the
earlier of such time as each such Letter of Credit expires by its terms without any draws being made in respect thereof or Lender has received confirmation from the relevant L/C Bank that such Letter
of Credit has been returned to the L/C Bank undrawn and marked "cancelled". For this purpose, "Relevant Percentage" means, with respect to the
Termination Date, 105%, and with respect to each annual anniversary thereafter, two percent more than the Relevant Percentage for the preceding annual anniversary. 

        (c)  Advances
Arising from Letter of Credit Payments. Any payment by Lender in respect of any Letter of Credit shall constitute for all purposes of this Agreement the making
by Lender of an Advance in the amount of such payment. With respect to each Advance made pursuant to this Section 2.12, Borrower shall be deemed to have certified
the statements contained in Article V as of the date the payment constituting such Advance was made by Lender; provided, however, that
in the event any such statement was not true and correct as of such date, such Advance shall be repayable on demand; provided, further, that upon any such repayment on
demand, the failure of any such statement to be true and correct as of such date shall not constitute an Event of Default hereunder, unless the failure of any such statement to be true and correct as
of such date would have constituted an Event of Default hereunder even if such repaid Advance had never been made. 

        (d)  Absolute
Nature of Loan Obligations Relating to Letters of Credit. The obligations of the Borrower in respect of Advances that arise as a result of payments under
Letters of Credit shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, to the extent permitted by law, including,
without limitation: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, setoff, defense or other right which the Borrower may have at any
time against a beneficiary of any Letter of Credit or the L/C Bank; (iii) the fact that, or any allegation that, any draft, demand, certificate or other document presented under such Letter of
Credit is or was forged, fraudulent, invalid or insufficient in any respect, or any statement therein is or was untrue or inaccurate in any respect; (iv) any breach of contract or dispute among
or between the Borrower, Lender, the L/C Bank, or any other Person; (v) payment by the L/C Bank under any Letter of Credit against presentation of a demand, draft or certificate or other
document which does not comply with the terms of such Letter of Credit, except for any such payment resulting from the L/C Bank's gross negligence or willful misconduct; (vi) any other
circumstance or happening whatsoever, which is similar to any of the foregoing; or (vii) the fact that any Event of Default shall have occurred and be continuing (it being understood that any
such payment by the Borrower of its obligations hereunder in respect of any such Advance shall be without prejudice to, and shall not constitute a waiver of, any rights any party hereto may have or
might acquire against the beneficiary of any Letter of Credit or against any L/C Bank). 

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        (e)  Risks
Related to Letters of Credit. Each Borrower assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to the
use of any Letter of Credit. Each party hereto agrees that the L/C Bank, Lender and their respective directors, officers or employees shall not be liable or responsible, except that Borrower shall not
be excused hereby on account of its gross negligence or willful misconduct, for (i) the use which may be made of any Letter of Credit or for any acts or omissions of any beneficiary or
transferee in connection therewith; (ii) any reference which may be made to this Agreement or to any Letter of Credit in any agreements, instruments or other documents; (iii) the
validity, sufficiency or genuineness of any document, or of any endorsement thereon, even if such document or endorsement should in fact prove to be in any or all respects invalid, insufficient,
fraudulent or forged or any statement therein prove to be untrue or inaccurate in any respect whatsoever; (iv) payment by the L/C Bank (acting in good faith) against presentation of documents
which do not strictly comply with the terms of any Letter of Credit; or (v) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, but the foregoing
is without prejudice to any claim that any Loan Party may have against any L/C Bank. Lender may, in connection with any Letter of Credit accept any document that appears on its face to be in order,
without responsibility for further investigation. The determination whether a demand is properly presented under any Letter of Credit prior to its expiration or whether a demand presented under any
Letter of Credit is in proper and sufficient form may be made by the Lender in its Permitted Discretion, and such determination shall be conclusive and binding upon the Borrower to the extent
permitted by law. Borrower hereby waives any right to object to any payment made under any Letter of Credit on presentation of any demand that is in the form provided in the Letter of Credit but
varies with respect to punctuation, capitalization, spelling or similar matters of form. 

        (f)    Letter
of Credit Fee. On the first day of each month, commencing on the first such day following the Closing Date and continuing thereafter until the date the Unfunded
L/C Exposure has been reduced to zero, including on the Termination Date, Borrower shall pay to Lender, a letter of credit fee (the "Letter of Credit
Fee"), computed by applying the Letter of Credit Fee rate set forth in Section 3.8, below, to the Unfunded L/C Exposure from day to day in
the prior month or partial month, as the case may be (and, in the case of the first payment of this fee, without duplication of fees paid under Section 3.8, from the Closing Date). The
aggregate stated amount available for Letters of Credit guaranteed or issued by Lender from time to time outstanding shall not exceed the L/C Sublimit. 

III.  FEES AND OTHER CHARGES  

3.1  Commitment Fee  

        The parties acknowledge that prior to the date hereto, Borrower has paid Lender 1.5% of the Facility Cap as a nonrefundable commitment fee. 

3.2  Unused Line Fee  

        Borrower shall pay to Lender monthly an unused line fee (the "Unused Line Fee") in an amount equal to 0.042% (per
month) of the difference derived by subtracting (i) the daily average amount of the balances under the Revolving Facility (excluding any Unfunded L/C Exposure under the L/C Sublimit)
outstanding during the preceding month, from (ii) the Facility Cap. The Unused Line Fee shall be payable monthly in arrears on the first day of each successive calendar month (starting with the
month in which the Closing Date occurs). 

3.3  Collateral Management Fee  

        Borrower shall pay Lender as additional interest a monthly collateral management fee (the "Collateral Management
Fee") equal to 0.15% per month calculated on the basis of the daily average 

9

 

amount of the balances under the Revolving Facility (excluding any Unfunded L/C Exposure under the L/C Sublimit) outstanding during the preceding month. The Collateral Management Fee shall be payable
monthly in arrears on the first day of each successive calendar month (starting with the month in which the Closing Date occurs). 

3.4  Early Termination Fee  

        If (i) Borrower terminates the Revolving Facility under Section 11.1 hereof, (ii) Lender demands or Borrower is
otherwise required to make payment in full of the Revolving Facility and/or Obligations relating to the Revolving Facility upon the occurrence of an Event of Default, or (iii) any payment or
reduction of the outstanding balance of the Note and/or the Revolving Facility is made during a bankruptcy, reorganization or other proceeding or is made pursuant to any plan of reorganization or
liquidation or any Debtor Relief Law (each, a "revolver termination"), then, at the effective date of any such revolver termination, Borrower shall pay
Lender (in addition to the then outstanding principal, accrued interest and other Obligations relating to the Revolving Facility pursuant to the terms of this Agreement and any other Loan Document),
as yield maintenance for the loss of bargain and not as a penalty, an amount equal to the applicable Termination Fee. 

3.5  Computation of Fees; Lawful Limits  

        All fees hereunder shall be computed on the basis of a year of 360 days and for the actual number of days elapsed in each calculation period, as
applicable. In no contingency or event whatsoever, whether by reason of acceleration or otherwise, shall the interest and other charges paid or agreed to be paid to Lender for the use, forbearance or
detention of money hereunder exceed the maximum rate
permissible under applicable law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. If, due to any circumstance whatsoever, fulfillment of any provision
hereof, at the time performance of such provision shall be due, shall exceed any such limit, then, the obligation to be so fulfilled shall be reduced to such lawful limit, and, if Lender shall have
received interest or any other charges of any kind which might be deemed to be interest under applicable law in excess of the maximum lawful rate, then such excess shall be applied first to any unpaid
fees and charges hereunder, then to unpaid principal balance owed by Borrower hereunder, and if the then remaining excess interest is greater than the previously unpaid principal balance, Lender shall
promptly refund such excess amount to Borrower and the provisions hereof shall be deemed amended to provide for such permissible rate. The terms and provisions of this
Section 3.5 shall control to the extent any other provision of any Loan Document is inconsistent herewith. 

3.6  Default Rate of Interest  

        Upon the occurrence and during the continuation of an Event of Default, the Applicable Rate of interest in effect at such time with respect to the Obligations
shall be increased by 3.0% per annum (the "Default Rate"). 

3.7  Acknowledgement of Joint and Several Liability  

        Each Borrower acknowledges that it is jointly and severally liable for all of the Obligations under the Loan Documents. Each Borrower expressly understands,
agrees and acknowledges that (i) Borrowers are Affiliated entities by common ownership, (ii) each Borrower desires to have the availability of one common credit facility instead of
separate credit facilities, (iii) each Borrower has requested that Lender extend such a common credit facility on the terms herein provided, (iv) Lender will be lending against, and
relying on a lien upon, all of Borrowers' assets even though the proceeds of any particular loan made hereunder may not be advanced directly to a particular Borrower, (v) each Borrower will
nonetheless benefit by the making of all such loans by Lender and the availability of a single credit facility of a size greater than each could independently warrant, and (vi) all of the 

10

 

representations, warranties, covenants, obligations, conditions, agreements and other terms contained in the Loan Documents shall be applicable to and shall be binding upon each Borrower. 

3.8  Letter of Credit Fee  

        If Lender issues or otherwise obtains Letters of Credit for Borrower, Borrower shall pay Lender a monthly fee of 3.5% per annum of the L/C Sublimit, plus any
administrative bank charges, commissions, or expenses incurred or charged by Lender in obtaining such Letters of Credit. 

IV.  CONDITIONS PRECEDENT  

4.1  Conditions to Initial Advance and Closing  

        The obligations of Lender to consummate the transactions contemplated herein and to make the initial Advance under the Revolving Facility (the
"Initial Advance") are subject to the satisfaction, in the Permitted Discretion of Lender, of the following: 

        (a)  Borrower
shall have delivered to Lender (A) the Loan Documents to which it is a party, each duly executed by an authorized officer of Borrower and the other
parties thereto, and (B) a Borrowing Certificate for the Initial Advance under the Revolving Facility executed by an authorized officer of
Borrower;

        (b)  all
in form and substance satisfactory to Lender in its Permitted Discretion, Lender shall have received (i) a report of Uniform Commercial Code financing
statement, tax and judgment lien searches performed with respect to each Borrower in each jurisdiction determined by Lender in its Permitted Discretion, and such report shall show no Liens on the
Collateral (other than Permitted Liens), (ii) each document (including, without limitation, any Uniform Commercial Code financing statement) required by any Loan Document or under law or
requested by Lender to be filed, registered or recorded to create in favor of Lender, a perfected first priority security interest upon the Collateral, and (iii) evidence of each such filing,
registration or recordation and of the payment by Borrower of any necessary fee, tax or expense relating thereto; 

        (c)  Lender
shall have received (i) the Charter and Good Standing Documents, all in form and substance acceptable to Lender, (ii) a certificate of the corporate
secretary or assistant secretary of each Borrower dated the Closing Date, as to the incumbency and signature of the Persons executing the Loan Documents, in form and substance reasonably acceptable to
Lender, and (iii) the written legal opinion of counsel for Borrower, in form and substance reasonably satisfactory to Lender and its counsel; 

        (d)  Lender
shall have received a certificate of the chief financial officer (or, in the absence of a chief financial officer, the chief executive officer) of each Borrower,
in form and substance satisfactory to Lender (each, a "Solvency Certificate"), certifying (i) the solvency of Borrower after giving effect to the
transactions and the Indebtedness contemplated by the Loan Documents, and (ii) as to Borrower's financial resources and ability to meet its obligations and liabilities as they become due, to
the effect that as of the Closing Date and the Borrowing Date for the Initial Advance and after giving effect to such transactions and Indebtedness: (A) the assets of Borrower, at a Fair
Valuation, exceed the total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of Borrower, and
(B) no unreasonably small capital base with which to engage in its anticipated business exists with respect to Borrower; 

        (e)  Lender
shall have completed examinations, the results of which shall be satisfactory in form and substance to Lender, of the Collateral, the financial statements and the
books, records, business, obligations, financial condition and operational state of Borrower, and each Borrower shall have demonstrated to Lender's satisfaction that (i) its operations comply,
in all respects deemed material by Lender, in its Permitted Discretion, with all applicable federal, state, foreign and local laws, statutes 

11

 

and regulations, (ii) its operations are not the subject of any governmental investigation, evaluation or any remedial action which could result in any expenditure or liability deemed material
by Lender, in its sole judgment, and (iii) it has no liability (whether contingent or otherwise) that is deemed material by Lender, in its sole judgment; 

        (f)    Lender
shall have received all fees, charges and expenses payable to Lender on or prior to the Closing Date pursuant to the Loan Documents; 

        (g)  all
in form and substance satisfactory to Lender in its Permitted Discretion, Lender shall have received such consents, approvals and agreements, including, without
limitation, any applicable Landlord Waivers and Consents with respect to any and all leases set forth on Schedule 5.4, from such third parties as Lender and its
counsel shall reasonably determine are necessary or desirable with respect to (i) the Loan Documents and/or the transactions contemplated thereby, and/or (ii) claims against any Borrower
or the Collateral; 

        (h)  Borrower
shall be in compliance with Section 6.5, and Lender shall have received (i) certified copies of all such insurance
policies, and (ii) original certificates of such insurance policies confirming that they are in effect and that the premiums due and owing with respect thereto have been paid in full and naming
Lender as sole beneficiary or loss payee and additional insured, as appropriate; 

        (i)    all
corporate and other proceedings, documents, instruments and other legal matters in connection with the transactions contemplated by the Loan Documents (including,
but not limited to, those relating to corporate and capital structures of Borrower) shall be reasonably satisfactory to Lender; 

        (j)    Lender
shall have received, in form and substance reasonably satisfactory to Lender, (i) a letter from Foothill Capital Corporation detailing the amount necessary
(A) to repay in full the indebtedness and obligations owing to Foothill Capital Corporation and (B) to terminate all related documents, agreements and instruments and all Liens, security
interests and Uniform Commercial Code financing statements relating thereto, and (ii) the release and termination of any and all Liens, security interest and/or Uniform Commercial Code
financing statements in, on, against or with respect to any of the Collateral (other than Permitted Liens); 

        (k)  Borrower
shall have executed and filed IRS Form 8821 with the appropriate office of the Internal Revenue Service; 

        (l)    Lender
shall have received a letter from IMS Health Incorporated similar in form and substance to that letter delivered by IMS Health Incorporated to Foothill Capital
Corporation dated April 27, 2001 and confirming that (i) Borrower's payment obligations under Section 2.1(j) are subject to a $9,000,000 cap, and (ii) such obligations
shall be extended and shall not be due and payable prior to January 1, 2005; and 

        (m)  Lender
shall have received such other documents, certificates, information or legal opinions as Lender may reasonably request, all in form and substance reasonably
satisfactory to Lender. 

4.2  Conditions to Each Advance and Issuance of Each Letter of Credit  

        The obligations of Lender to make any Advance (including, without limitation, the Initial Advance) are subject to the satisfaction, in the Permitted Discretion of
Lender, of the following additional conditions precedent: 

        (a)  Borrower
shall have delivered to Lender a Borrowing Certificate for the Advance executed by an authorized officer of Borrower, which shall constitute a representation
and warranty by Borrower as of the Borrowing Date of such Advance that the conditions contained in this Section 4.2 have been satisfied; 

12

   
        (b)  each of the representation and warranties made by Borrower in or pursuant to this Agreement shall be accurate, before and after giving effect to such Advance, and no
Default or Event of Default shall have occurred or be continuing or would exist after giving effect to the Advance under the Revolving Facility on such date; 

        (c)  immediately
after giving effect to the requested Advance, the sum of (i) the aggregate outstanding principal amount of Advances under the Revolving Facility,
including Advances in connection with the Letters of Credit, and (ii) the Unfunded L/C Exposure, shall not exceed either the Availability or the Facility Cap, and the L/C Exposure shall not
exceed the L/C Sublimit; 

        (d)  except
as disclosed in the historical financial statements, there shall be no liabilities or obligations with respect to Borrower of any nature whatsoever which, either
individually or in the aggregate, would reasonably be likely to have a Material Adverse Effect; 

        (e)  Lender
shall have received all fees, charges and expenses payable to Lender on or prior to such date pursuant to the Loan Documents; and 

        (f)    no
Default or Event of Default shall have occurred or be continuing or would exist after giving effect to the Advance under the Revolving Facility or the issuance of a
Letter of Credit. 

V.    REPRESENTATIONS AND WARRANTIES  

        Borrower, jointly and severally, represents and warrants as of the date hereof, the Closing Date, and each Borrowing Date as follows: 

5.1  Organization and Authority  

        Borrower is a corporation duly organized, validly existing and in good standing under the laws of its state of formation. Borrower (i) has all requisite
corporate power and authority to own its properties and assets and to carry on its business as now being conducted and as contemplated in the Loan Documents, (ii) is duly qualified to do
business in every jurisdiction in which failure so to qualify could reasonably be expected to have a Material Adverse Effect, and (iii) has all requisite power and authority (A) to
execute, deliver and perform the Loan Documents to which it is a party, (B) to borrow hereunder, (C) to consummate the transactions contemplated under the Loan Documents, and
(D) to grant the Liens with regard to the Collateral pursuant to the Security Documents to which it is a party. No Borrower is an "investment company" registered or required to be registered
under the Investment Company Act of 1940, as amended, or is controlled by such an "investment company." 

5.2  Loan Documents  

        The execution, delivery and performance by Borrower of the Loan Documents to which it is a party, and the consummation of the transactions contemplated thereby,
(i) have been duly authorized by all requisite action of Borrower and have been duly executed and delivered by or on behalf of Borrower; (ii) do not violate any provisions of
(A) applicable law, statute, rule, regulation, ordinance or tariff, (B) any order of any Governmental Authority binding on Borrower or any of its properties, or (C) the
certificate of incorporation or bylaws (or any other equivalent governing agreement or document) of Borrower, or any agreement between Borrower and its stockholders, members, partners or equity owners
or among any such stockholders, members, partners or equity owners; (iii) are not in conflict with, and do not result in a breach or default of or constitute an event of default, or an event,
fact, condition or circumstance which, with notice or passage of time, or both, would constitute or result in a conflict, breach, default or event of default under, any indenture, agreement or other
instrument to which Borrower is a party, or by which the properties or assets of Borrower are bound, the effect of which could reasonably be expected to have a Material Adverse Effect;
(iv) except as set forth therein, will not result in the creation or imposition of any Lien of any nature upon any of the 

13

 

properties or assets of Borrower, and (v) except as set forth on Schedule 5.2, do not require the consent, approval or authorization of, or filing,
registration or qualification with, any Governmental Authority or any other Person. When executed and delivered, each of the Loan Documents to which Borrower is a party will constitute the legal,
valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject to the effect of any applicable bankruptcy, moratorium, insolvency, reorganization or other
similar law affecting the enforceability of creditors' rights generally and to the effect of general principles of equity which may limit the availability of equitable remedies (whether in a
proceeding at law or in equity). 

5.3  Subsidiaries, Capitalization and Ownership Interests  

        Schedule 5.3 states the authorized and issued capitalization of Borrower, the number and class of equity securities and/or
ownership, voting or partnership interests issued and outstanding of Borrower and the record owners thereof (including a schedule of options, warrants and other rights to acquire any of the
foregoing). The outstanding equity securities and/or ownership, voting or partnership interests of Borrower have been duly authorized and validly issued and are fully paid and nonassessable. The
Borrower owns beneficially and of record and will own all the equity securities and/or ownership, voting or partnership interests listed on Schedule 5.3 free and clear of any Liens other than
Liens created by the Security Documents. Schedule 5.3 also lists the directors, members, managers and/or partners of Borrower. Except as listed on
Schedule 5.3, Borrower does not own an interest or participates or engages in any joint venture, partnership or similar arrangements with any Person. 

5.4  Properties  

        Borrower (i) is the sole owner and has good, valid and marketable title to, or a valid leasehold interest in, all of its properties and assets, including
the Collateral, whether personal or real, subject to no transfer restrictions or Liens of any kind except for Permitted Liens, and (ii) is in compliance in all material respects with each lease
to which it is a party or otherwise bound. Schedule 5.4 lists all real properties (and their locations) owned or leased by or to, and all other assets or property
that are leased or licensed by, Borrower and all leases (including leases of leased real property) covering or with respect to such properties and assets. Borrower enjoys peaceful and undisturbed
possession under all such leases and such leases are all the leases necessary for the operation of such properties and assets, are valid and subsisting and are in full force and effect. 

5.5  Other Agreements  

        Borrower is not (i) a party to any judgment, order or decree or any agreement, document or instrument, or subject to any restriction, which would
materially adversely affect its ability to execute and deliver, or perform under, any Loan Document or to pay the Obligations, (ii) in default in the performance, observance or fulfillment of
any obligation, covenant or condition contained in any agreement, document or instrument to which it is a party or to which any of its properties or assets are subject, which default, if not remedied
within any applicable grace or cure period could reasonably be expected to have a Material Adverse Effect, nor is there any event, fact, condition or circumstance which, with notice or passage of time
or both, would constitute or result in a conflict, breach, default or event of default under, any of the foregoing which, if not remedied within any applicable grace or cure period could reasonably be
expected to have a Material Adverse Effect; or (iii) except as set forth on Schedule 5.5, a party or subject to any agreement, document or instrument with
respect to, or obligation to pay any, service or management fee with respect to, the ownership, operation, leasing or performance of any of its business or any facility, nor is there any manager with
respect to any such facility. 

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5.6  Litigation  

        There is no action, suit, proceeding or investigation pending or, to their knowledge, threatened against Borrower that (i) questions or could prevent the
validity of any of the Loan Documents or the right of Borrower to enter into any Loan Document or to consummate the transactions contemplated thereby, (ii) could reasonably be expected to be or
have, either individually or in the aggregate, any Material Adverse Change or Material Adverse Effect, or (iii) could reasonably be expected to result in any change in the current ownership,
control or management of Borrower. Borrower is not a party or subject to any order, writ, injunction, judgment or decree of any Governmental Authority. There is no action, suit, proceeding or
investigation initiated by Borrower currently pending that could reasonably be expected to be or have a Material Adverse Effect. Borrower has not any existing accrued and/or unpaid Indebtedness to any
Governmental Authority or any other governmental payor. 

5.7  Hazardous Materials  

        Borrower is in compliance in all material respects with all applicable Environmental Laws. Borrower has not been notified of any action, suit, proceeding or
investigation (i) relating in any way to compliance by or liability of Borrower under any Environmental Laws, (ii) which otherwise deals with any Hazardous Substance or any Environmental
Law, or (iii) which seeks to suspend, revoke or terminate any license, permit or approval necessary for the generation, handling, storage, treatment or disposal of any Hazardous Substance. 

5.8  Tax Returns; Governmental Reports  

        Borrower (i) has filed all federal, state, foreign (if applicable) and local tax returns and other reports which are required by law to be filed by
Borrower, and (ii) has paid all taxes, assessments, fees and other governmental charges, including, without limitation, payroll and other employment related taxes, in each case that are due and
payable, except only for items that Borrower is currently contesting in good faith or tax returns that have not been filed and that are described on Schedule 5.8. 

5.9  Financial Statements and Reports  

        All financial statements and financial information relating to Borrower that have been or may hereafter be delivered to Lender by Borrower are accurate and
complete and have been prepared in accordance with GAAP consistently applied with prior periods. Borrower has no material obligations or liabilities of any kind not disclosed in such financial
information or statements, and since the date of the most recent financial statements submitted to Lender, there has not occurred any Material Adverse Change, Material Adverse Effect or, to Borrower's
knowledge, any other event or condition that could reasonably be expected to have a Material Adverse Effect. 

5.10 Compliance with Law  

        Except as where noncompliance or a violation could not reasonably be expected to have a Material Adverse Effect, Borrower (i) is in compliance with all
laws, statutes, rules, regulations, ordinances and tariffs of any Governmental Authority applicable to Borrower and/or Borrower's business, assets or operations, including, without limitation, ERISA,
and (ii) is not in violation of any order of any Governmental Authority or other board or tribunal. There is no event, fact, condition or circumstance which, with notice or passage of time, or
both, would constitute or result in any noncompliance with, or any violation of, any of the foregoing, in each case except where noncompliance or violation could not reasonably be expected to have a
Material Adverse Effect. Borrower has not received any notice that Borrower is not in compliance in any respect with any of the requirements of any of the foregoing. Except as where such transaction,
noncompliance or violation could not reasonably be expected to have a Material Adverse Effect, Borrower has (a) not engaged in any Prohibited Transactions as defined in 

15

 

Section 406 of ERISA and Section 4975 of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder, (b) not failed to meet any
applicable minimum funding requirements under Section 302 of ERISA in respect of its plans and no funding requirements have been postponed or delayed, (c) no knowledge of any event or
occurrence which would cause the Pension Benefit Guaranty Corporation to institute proceedings under Title IV of ERISA to terminate any of the employee benefit plans, (d) no fiduciary
responsibility under ERISA for investments with respect to any plan existing for the benefit of Persons other than its employees or former employees, or (e) not withdrawn, completely or
partially, from any multi-employer pension plans so as to incur liability under the MultiEmployer Pension Plan Amendments of 1980. With respect to Borrower, there exists no event described in
Section 4043 of ERISA, excluding Subsections 4043(b)(2) and 4043(b)(3) thereof, for which the thirty (30) day notice period contained in 12 C.F.R. § 2615.3 has not been
waived. 

5.11 Intellectual Property  

        Except as set forth on Schedule 5.11, Borrower does not own, license or utilize, and is not a party to, any patents, patent
applications, trademarks, trademark applications, service marks, registered copyrights, copyright applications, copyrights, trade names, trade secrets, software or licenses (collectively, the
"Intellectual Property"). 

5.12 Licenses and Permits; Labor  

        Borrower is in compliance with and has all Permits and Intellectual Property necessary or required by applicable law or Governmental Authority for the operation
of its businesses except where failure to comply would not be reasonably expected to have a Material Adverse Effect. All of the foregoing are in full force and effect and not in known conflict with
the rights of others. Borrower is not (i) in breach of or default under the provisions of any of the foregoing, nor is there any event, fact, condition or circumstance which, with notice or
passage of time or both, would constitute or result in a conflict, breach, default or event of default under, any of the foregoing which, if not remedied within any
applicable grace or cure period could reasonably be expected to have a Material Adverse Effect, (ii) a party to or subject to any agreement, instrument or restriction that is so unusual or
burdensome that it might have a Material Adverse Effect, and/or (ii) and has not been, involved in any labor dispute, strike, walkout or union organization which could reasonably be expected to
have a Material Adverse Effect 

5.13 No Default  

        There does not exist any Default or Event of Default or any event, fact, condition or circumstance which, with the giving of notice or passage of time or both,
would constitute or result in a Default or Event of Default. 

5.14 Disclosure  

        No Loan Document nor any other agreement, document, certificate, or statement furnished to Lender by or on behalf of Borrower in connection with the transactions
contemplated by the Loan Documents, nor any representation or warranty made by Borrower in any Loan Document, contains any untrue statement of material fact or omits to state any fact necessary to
make the statements therein not materially misleading. There is no fact known to Borrower which has not been disclosed to Lender in writing which could reasonably be expected to have a Material
Adverse Effect. 

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5.15 Existing Indebtedness; Investments and Certain Contracts  

        Except as contemplated by the Loan Documents or as otherwise set forth on Schedule 5.15, Borrower (i) has no
outstanding Indebtedness, (ii) is not subject or party to any mortgage, note, indenture, indemnity or guarantee of, with respect to or evidencing any Indebtedness of any other Person, or
(iii) does not own or hold any equity or long-term debt investments in, and does not have any outstanding advances to or any outstanding guarantees for the obligations of, or any
outstanding borrowings from, any Person. Borrower has performed all material obligations required to be performed by Borrower pursuant to or connection with any items listed on
Schedule 5.15 and there has occurred no breach, default or event of default under any document evidencing any such items or any fact, circumstance, condition or
event which, with the giving of notice or passage of time or both, would constitute or result in a breach, default or event of default thereunder. 

5.16 Other Agreements  

        Except as set forth on Schedule 5.16, (i) there are no existing or proposed agreements, arrangements, understandings or
transactions between Borrower and any of Borrower's officers, members, managers, directors, stockholders, partners, other interest holders, employees or Affiliates or any members of their respective
immediate families, and (ii) none of the foregoing Persons are directly or indirectly, indebted to or have any direct or indirect ownership, partnership or voting interest in, to Borrower's
knowledge, any Affiliate of Borrower or any Person that competes with Borrower (except that Borrower may own stock in (but not exceeding five (5%) percent of the outstanding capital stock) any
publicly traded company that may compete with Borrower. 

5.17 Insurance  

        Borrower has in full force and effect such insurance policies as are customary in its industry and as may be required pursuant to
Section 6.5 hereof. All such insurance policies are listed and described on Schedule 5.17. 

5.18 Names; Location of Offices, Records and Collateral  

        Since August 31, 2000, Borrower has not conducted business under or used any name (whether corporate, partnership or assumed) other than as shown on
Schedule 5.18A. Borrower is the sole owner of all of its names listed on Schedule 5.18A, and any and all business done and
invoices issued in such names are Borrower's sales, business and invoices. Each trade name of Borrower represents a division or trading style of Borrower. Borrower maintains its places of business and
chief executive offices only at the locations set forth on Schedule 5.18B, and all Accounts of Borrower arise, originate and are located, and all of the Collateral
and all books and records in connection therewith or in any way relating thereto or evidence the Collateral are located and shall be only, in and at such locations. All of the Collateral is located
only in the continental United States. 

5.19 Non-Subordination  

        The Obligations are not subordinated in any way to any other obligations of Borrower or to the rights of any other Person. 

5.20 Accounts  

        In determining which Accounts are Eligible Receivables, Lender may rely on all statements and representations made by Borrower with respect to any Account. Unless
otherwise indicated in writing to Lender, each Account of Borrower (i) is genuine and in all respects what it purports to be and is not
evidenced by a judgment, (ii) arises out of a completed, bona fide sale and delivery of goods or rendering of Services by Borrower in the ordinary course of business and in accordance with the
terms 

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and conditions of all purchase orders, contracts, certifications, participations, certificates of need and other documents relating thereto or forming a part of the contract between Borrower and the
Account Debtor, (iii) is for a liquidated amount maturing as stated in a claim or invoice covering such sale of goods or rendering of Services, a copy of which has been furnished or is
available to Lender, (iv) together with Lender's security interest therein, is not and will not be in the future (by voluntary act or omission by Borrower), subject to any offset, lien,
deduction, defense, dispute, counterclaim or other adverse condition, is absolutely owing to Borrower and is not contingent in any respect or for any reason, (v) there are no facts, events or
occurrences which in any way impair the validity or enforceability thereof or tend to reduce the amount payable thereunder from the face amount of the claim or invoice and statements delivered to
Lender with respect thereto, (vi) to the best of Borrower's knowledge, (A) the Account Debtor thereunder had the capacity to contract at the time any contract or other document giving
rise thereto was executed and (B) such Account Debtor is solvent, (vii) to the best of Borrower's knowledge, there are no proceedings or actions which are threatened or pending against
any Account Debtor thereunder which might result in any Material Adverse Change in such Account Debtor's financial condition or the collectability thereof, (viii) has been billed and forwarded
to the Account Debtor for payment in accordance with applicable laws and is in compliance and conformance with any requisite procedures, requirements and regulations governing payment by such Account
Debtor with respect to such Account, and (ix) Borrower has obtained and currently has all Permits necessary in the generation thereof. 

5.21 Survival  

        Borrower makes the representations and warranties contained herein with the knowledge and intention that Lender is relying and will rely thereon. All such
representations and warranties will survive the execution and delivery of this Agreement and the making of the Advances under the Revolving Facility. 

5.22 IRS Tax Liability  

        Borrower (a) has not received any oral or written communication from the Internal Revenue Service with respect to the IRS Contingent Liability,
(b) has not received any communication from McDermott, Will & Emery relating to the tax opinion issued with respect to the IRS Contingent Liability, and (c) except as disclosed in
Schedule 5.8, is not aware of any information that could give rise to a IRS tax liability relating to the transactions consummated in connection with the
Distribution Agreement. 

VI.  AFFIRMATIVE COVENANTS  

        Each Borrower, jointly and severally, covenants and agrees that, until full performance and satisfaction, and indefeasible payment in full in cash, of all the
Obligations and termination of this Agreement: 

6.1  Financial Statements, Reports and Other Information  

        (a)  Financial
Reports.    Borrower shall furnish to Lender (i) as soon as available and in any event within ninety
(90) calendar days after the end of each fiscal year of Borrower and all of its Subsidiaries, audited annual consolidated and consolidating financial statements of Borrower, including the notes
thereto, consisting of a consolidated and consolidating balance sheet at the end of such completed fiscal year and the related consolidated and consolidating statements of income, retained earnings,
cash flows and owners' equity for such completed fiscal year, which financial statements shall be prepared and certified without qualification by PriceWaterhouseCoopers LLP or another independent
certified public accounting firm satisfactory to Lender in its Permitted Discretion and accompanied by related management letters, if available, and (ii) as soon as available and in any event
within thirty 

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(30) calendar days after the end of each calendar month, unaudited consolidating income statements of Borrower and all of its Subsidiaries and balance sheets of Parent and Synavant LLC
together with statements of income, retained earnings, cash flows and owners' equity as of the end of the immediately preceding calendar month. All such financial statements shall be prepared in
accordance with GAAP consistently applied with prior periods. With each such financial statement, Borrower shall also deliver a certificate of its chief financial officer stating that (A) such
person has reviewed the relevant terms of the Loan Documents and the condition of Borrower, (B) no Default or Event of Default has occurred or is continuing, or, if any of the foregoing has
occurred or is continuing, specifying the nature and status and period of existence thereof and the steps taken or proposed to be taken with respect thereto, (C) Borrower is in compliance with
all financial covenants attached as Annex I hereto. Such certificate shall be accompanied by the calculations necessary to show compliance with the financial covenants in a form satisfactory to
Lender. 

        (b)  Other
Materials.    Borrower shall furnish to Lender as soon as available, and in any event within ten (10) calendar days
after the preparation or issuance thereof or at such other time as set forth below: (i) copies of such financial statements (other than those required to be delivered pursuant to
Section 6.1(a)) prepared by, for or on behalf of Borrower, monthly unaudited financial statements and any other notes, reports and other materials related thereto,
including, without limitation, any pro forma financial statements, (ii) any reports, returns, information, notices and other materials that Borrower shall send to its stockholders, members,
partners or other equity owners at any time, (iii) a sales and collection report and accounts receivable and accounts payable aging schedule, including a report of sales, credits issued and
collections received, all such reports showing a reconciliation to the amounts reported in the monthly financial statements, (iv) promptly upon receipt thereof, copies of any reports submitted
to Borrower by its independent accountants in connection with any interim audit of the books of Borrower or any of its Affiliates and copies of each management control letter provided by such
independent accountants, (v) on the first Business Day of each week, a cash report from the preceding week, and (vi) such additional information, documents, statements, reports and other
materials as Lender may reasonably request from a credit or security perspective or otherwise from time to time. 

        (c)  Notices.    Borrower
shall promptly, and in any event within five (5) Business Days after Borrower or any authorized
officer of Borrower obtains knowledge thereof, notify Lender in writing of (i) any pending or threatened litigation, suit, investigation, arbitration, dispute resolution proceeding or
administrative proceeding brought or initiated by Borrower or otherwise affecting or involving or relating to Borrower or any of its property or assets (including any investigation or assessment by
the IRS with respect to the IRS Contingent Liability which was not disclosed to Lender on the Closing Date) to the extent (A) the amount in controversy exceeds $250,000, or (B) to the
extent any of the foregoing seeks injunctive relief, (ii) any Default or Event of Default, which notice shall specify the nature and status thereof, the period of existence thereof and what
action is proposed to be taken with respect thereto, (iii) any other development, event, fact, circumstance or condition that could reasonably be expected to have a Material Adverse Effect, in
each case describing the nature and status thereof and the action proposed to be taken with respect thereto, (iv) any notice received by Borrower from any payor of a claim, suit or other action
such payor has, claims or has filed against Borrower, (v) any matter(s) affecting the value, enforceability or collectability of any of the Collateral, including, without limitation,
(A) claims or disputes in the amount of $100,000 or more, singly or in the aggregate, in existence at any one time and (B) the termination or cancellation of any of its material
agreements or contracts, (vi) any notice given by Borrower to any other lender of Borrower and shall furnish to Lender a copy of such notice, (vii) receipt of any notice or request from
any Governmental Authority or governmental payor regarding any liability or claim of liability, (viii) receipt of any notice by Borrower regarding termination of any manager of any facility
owed, operated or leased by Borrower, and/or (ix) if any Account becomes evidenced or secured by an Instrument or Chattel Paper. 

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        (d)  Consents.    Borrower
shall obtain and deliver from time to time all required consents, approvals and agreements from such third
parties as Lender shall determine are necessary or desirable in its Permitted Discretion and that are satisfactory to Lender with respect to (i) the Loan Documents and the transactions
contemplated thereby, (ii) claims against Borrower or the Collateral, and/or (iii) any agreements, consents, documents or instruments to which Borrower is a party or by which any
properties or assets of Borrower or any of the Collateral is or are bound or subject, including, without limitation, Landlord Waivers and Consents with respect to leases. 

        (e)  Operating
Budget.    Borrower shall furnish to Lender on or prior to the Closing Date and for each fiscal year of Borrower
thereafter not less than thirty (30) calendar days prior to the commencement of such fiscal year, consolidated and consolidating month by month projected operating budgets, annual projections,
profit and loss statements, balance sheets and cash flow reports of and for Borrower for such upcoming fiscal year (including an income statement for each month and a balance sheet as at the end of
the last month in each fiscal quarter), in each case prepared in accordance with GAAP consistently applied with prior periods. 

6.2  Payment of Obligations  

        Borrower shall make full and timely payment in cash of the principal of and interest on the Loans, Advances and all other Obligations. 

6.3  Conduct of Business and Maintenance of Existence and Assets  

        Borrower shall (i) conduct its business in accordance with good business practices customary to the industry, (ii) engage principally in the same or
similar lines of business substantially as heretofore conducted, (iii) collect its Accounts in the ordinary course of business, (iv) maintain all of its material properties, assets and
equipment used or useful in its business in good repair, working order and condition (normal wear and tear excepted and except as may be disposed of in the ordinary course of business and in
accordance with the terms of the Loan Documents and otherwise as determined by Borrower using commercially reasonable business judgment), (v) from time to time make all necessary or desirable
repairs, renewals and replacements thereof, as determined by Borrower using commercially reasonable business judgment, (vi) maintain and keep in full force and effect its existence and all
material Permits and qualifications to do business and good standing in each jurisdiction in which the ownership or lease of property or the nature of its business makes such Permits or qualification
necessary and in which failure to maintain such Permits or qualification could reasonably be likely to have a Material Adverse Effect; and (vii) remain in good standing and maintain operations
in all jurisdictions in which currently located. 

6.4  Compliance with Legal and Other Obligations  

        Borrower shall (i) comply with all laws, statutes, rules, regulations, ordinances and tariffs of all Governmental Authorities applicable to it or its
business, assets or operations, (ii) pay all taxes, assessments, fees, governmental charges, claims for labor, supplies, rent and all other obligations or liabilities of any kind, except
liabilities being contested in good faith and against which adequate reserves have been established, (iii) perform in accordance with its terms each contract, agreement or other arrangement to
which it is a party or by which it or any of the Collateral is bound, except where the failure to comply, pay or perform could not reasonably be expected to have a Material Adverse Effect, and
(iv) maintain and comply with all Permits necessary to conduct its business and comply with any new or additional requirements that may be imposed on it or its business. 

20

 

6.5  Insurance  

        Borrower shall keep all of its insurable properties and assets adequately insured in all material respects against losses, damages and hazards as are customarily
insured against by businesses engaging in similar activities or owning similar assets or properties and at least the minimum amount required by applicable law and maintain general public liability
insurance at all times against liability on account of damage to persons and property having such limits, deductibles, exclusions and co-insurance and other provisions as are customary for
a business engaged in activities similar to those of Borrower; and (ii) maintain insurance under all applicable workers' compensation laws; all of the foregoing insurance policies to
(A) be reasonably satisfactory in form and substance to Lender, (B) name Lender as loss payee and additional insured thereunder, and (C) expressly provide that they cannot be
altered, amended, modified or canceled without thirty (30) Business Days prior written notice to Lender and that they inure to the benefit of Lender notwithstanding any action or omission or
negligence of or by Borrower or any insured thereunder. 

6.6  True Books  

        Borrower shall (i) keep true, complete and accurate books of record and account in accordance with commercially reasonable business practices in which true
and correct entries are made of all of its and their dealings and transactions in all material respects; and (ii) set up and maintain on its books such reserves as may be required by GAAP with
respect to doubtful accounts and all taxes, assessments, charges, levies and claims and with respect to its business, and include such reserves in its quarterly as well as year end financial
statements. 

6.7  Inspection; Periodic Audits  

        Borrower shall permit the representatives of Lender, at the expense of Borrower, from time to time during normal business hours upon five (5) Business
Days' prior notice (provided that no notice shall be required after the occurrence of a Default), to (i) visit and inspect any of its offices or properties or any other place where Collateral
is located to inspect the Collateral and/or to examine or audit all of its books of account, records, reports and other papers, (ii) make copies and extracts therefrom, and (iii) discuss
its business, operations, prospects, properties, assets, liabilities, condition and/or Accounts with its officers and independent public accountants (and by this provision such officers and
accountants are authorized to discuss the foregoing). 

6.8  Further Assurances; Post Closing  

        At Borrower's cost and expense, Borrower shall (i) within five (5) Business Days after Lender's demand, take such further actions, obtain such
consents and approvals and duly execute and deliver such further agreements, assignments, instructions or documents as Lender may reasonably request with respect to the purposes, terms and conditions
of the Loan Documents and the consummation of the transactions contemplated thereby, whether before, at or after the performance and/or consummation of the transactions contemplated hereby or the
occurrence of a Default or Event of Default, (ii) without limiting and notwithstanding any other provision of any Loan Document, execute and deliver, or cause
to be executed and delivered, such agreements and documents, and take or cause to be taken such actions, and otherwise perform, observe and comply with such obligations, as are set forth on
Schedule 6.8, and (iii) upon the exercise by Lender or any of its Affiliates of any power, right, privilege or remedy pursuant to any Loan Document or under
applicable law or at equity which requires any consent, approval, registration, qualification or authorization of any Governmental Authority, execute and deliver, or cause the execution and delivery
of, all applications, certificates, instruments and other documents that may be so required for such consent, approval, registration, qualification or authorization. Without limiting the foregoing,
upon the exercise by Lender or any of its Affiliates of any right or remedy under any Loan Document which requires any consent, approval or 

21

 

registration with, consent, qualification or authorization by, any Person, Borrower shall execute and deliver, or cause the execution and delivery of, all applications, certificates, instruments and
other documents that Lender or its Affiliate may be required to obtain for such consent, approval, registration, qualification or authorization. 

6.9  Payment of Indebtedness  

        Except as otherwise prescribed in the Loan Documents or any amendment entered into between the parties, Borrower shall pay, discharge or otherwise satisfy at or
before maturity (subject to applicable grace periods and, in the case of trade payables, to ordinary course payment practices) all of its material obligations and liabilities, except when the amount
or validity thereof is being contested in good faith by appropriate proceedings and such reserves as Lender may deem proper in accordance with this Agreement shall have been made. 

6.10 Lien Searches  

        If Liens other than Permitted Liens exist, Borrower immediately shall take, execute and deliver all actions, documents and instruments necessary to release and
terminate such Liens. 

6.11 Use of Proceeds  

        Borrower shall use the proceeds from the Revolving Facility only for the purposes set forth in the first "WHEREAS" clause of this Agreement. 

6.12 Collateral Documents; Security Interest in Collateral  

        Borrower shall (i) execute, obtain, deliver, file, register and/or record any and all financing statements, continuation statements, stock powers,
instruments and other documents, or cause the execution, filing, registration, recording or delivery of any and all of the foregoing, that are necessary or required under law or otherwise or
reasonably requested by Lender to be executed, filed, registered, obtained, delivered or recorded to create, maintain, perfect, preserve, validate or otherwise protect the pledge of the Collateral to
Lender and Lender's perfected first priority Lien on the Collateral (and Borrower irrevocably grants Lender the right, at Lender's option, to file any or all of the foregoing), (ii) immediately
upon learning thereof, report to Lender any reclamation, return or repossession of goods in excess of $50,000.00 (individually or in the aggregate), and (iii) defend the Collateral and Lender's
perfected first priority Lien thereon against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to Lender, and pay all reasonable costs and expenses
(including, without limitation, reasonable attorneys' fees and expenses) in connection with such defense, which may at Lender's Permitted Discretion be added to the Obligations. 

6.13 Intentionally Omitted  

6.14 Taxes and Other Charges  

        All payments and reimbursements to Lender made under any Loan Document shall be free and clear of and without deduction for all taxes, levies, imposts,
deductions, assessments, charges or withholdings, and all liabilities with respect thereto of any nature whatsoever, excluding taxes to the extent imposed on Lender's net income. If Borrower shall be
required by law to deduct any such amounts from or in respect of any sum payable under any Loan Document to Lender, then the sum payable to Lender shall be increased as may be necessary so that, after
making all required deductions, Lender receives an amount equal to the sum it would have received had no such deductions been made. Notwithstanding any other provision of any Loan Document, if at any
time after the Closing (i) any change in any existing law, regulation, treaty or directive or in the interpretation or application thereof, (ii) any new law, regulation, treaty or
directive enacted or any interpretation or application 

22

 

thereof, or (iii) compliance by Lender with any request or directive (whether or not having the force of law) from any Governmental Authority: (A) subjects Lender to any tax, levy,
impost, deduction, assessment, charge or withholding of any kind whatsoever with respect to any Loan Document, or changes the basis of taxation of payments to Lender of any amount payable thereunder
(except for net income taxes, or franchise taxes imposed in lieu of net income taxes, imposed generally by federal, state or local taxing authorities with respect to interest or commitment fees or
other fees payable hereunder or changes in the rate of tax on the overall net income of Lender), or (B) imposes on Lender any other condition or increased cost in connection with the
transactions contemplated thereby or participations therein; and the result of any of the foregoing is to increase the cost to Lender of making or continuing any Loan hereunder or to reduce any amount
receivable hereunder, then, in any such case, Borrower shall promptly pay to Lender any additional amounts necessary to compensate Lender, on an after-tax basis, for such additional cost
or reduced amount as determined by Lender. If Lender becomes entitled to claim any additional amounts pursuant to this Section 6.14 it shall promptly notify
Borrower of the event by reason of which Lender has become so entitled, and each such notice of additional
amounts payable pursuant to this Section 6.14 submitted by Lender to Borrower shall, absent error, be final, conclusive and binding for all purposes. Without
limiting or being limited by any other provision of any Loan Document, Borrower at all times shall retain and use a Person acceptable to Lender to process, manage and pay its payroll taxes and shall
cause to be delivered to Lender within ten (10) calendar days after the end of each calendar month a report of its U.S. payroll taxes for the immediately preceding calendar month and evidence
of payment thereof. 

VII. NEGATIVE COVENANTS  

        Each Borrower, jointly and severally, covenants and agrees that, until full performance and satisfaction, and payment in full in cash, of all the Obligations and
termination of this Agreement: 

7.1  Financial Covenants  

        Borrower shall not violate the financial covenants set forth on Annex I to this Agreement, which is incorporated herein and made a
part hereof. Upon consummation and completion of the IM Transaction, Lender, in its sole discretion, may revise the financial covenants set forth on Annex I to such levels
as it elects in its sole discretion. 

7.2  Permitted Indebtedness  

        Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except the following (collectively, "Permitted
Indebtedness"): (i) Indebtedness under the Loan Documents, (ii) any Indebtedness set forth on Schedule 7.2,
(iii) Capitalized Lease Obligations incurred after the Closing Date and Indebtedness incurred pursuant to purchase money Liens permitted by Section 7.3(v),
provided that the aggregate amount thereof outstanding at any time shall not exceed $2,500,000, (iv) Indebtedness in connection with advances made by a stockholder in order to cure any default
of the financial covenants set forth on Annex I; provided, however, that such Indebtedness shall be on an unsecured basis, subordinated in
right of repayment and remedies to all of the Obligations and to all of Lender's rights and in form and substance satisfactory to Lender; (v) accounts payable to trade creditors and current
operating expenses (other than for borrowed money) which are not aged more than 120 calendar days from the billing date, in each case incurred in the ordinary course of business and paid within such
time period, unless the same are being contested in good faith and by appropriate and lawful proceedings and such reserves, if any, with respect thereto as are required by GAAP and deemed adequate by
Borrower's independent accountants shall have been reserved; (vi) borrowings incurred in the ordinary course of business and not exceeding $25,000 individually or in the aggregate outstanding
at any one time; provided, however, that such Indebtedness shall be on an unsecured basis, subordinated in right of repayment and remedies to all of the Obligations and to
all of Lender's rights 

23

 

and in form and substance satisfactory to Lender; and (vii) Permitted Subordinated Debt which can be repaid with respect to any Foreign Subsidiary, unless prohibited by this Agreement or any
other Loan Document. Borrower shall not make prepayments on any existing or future Indebtedness to any Person other than to Lender or to the extent specifically permitted by this Agreement or any
subsequent agreement between Borrower and Lender). 

7.3  Permitted Liens  

        Borrower shall not create, incur, assume or suffer to exist any Lien upon, in or against, or pledge of, any of the Collateral or any of its properties or assets
or any of its shares, securities or other equity or ownership or partnership interests, whether now owned or hereafter acquired, except the following (collectively, "Permitted
Liens"): (i) Liens under the Loan Documents or otherwise arising in favor of Lender, (ii) Liens imposed by law for taxes (other than payroll taxes), assessments
or charges of any Governmental Authority for claims not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate
provisions are being maintained by Borrower in accordance with GAAP to the satisfaction of Lender in its sole discretion, (iii) (A) statutory Liens of landlords (provided that any such
landlord has executed a Landlord Waiver and Consent in form and substance satisfactory to Lender) and of carriers, warehousemen, mechanics, materialmen, and (B) other Liens imposed by law or
that arise by operation of law in the ordinary course of business from the date of creation thereof, in each case only for amounts not yet due or which are being contested in good faith by appropriate
proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by Borrower in accordance with GAAP to the satisfaction of Lender in its Permitted
Discretion, (iv) Liens (A) incurred or deposits made in the ordinary course of business (including, without limitation, surety bonds and appeal bonds) in connection with workers'
compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, leases, contracts (other than for the repayment of Indebtedness),
statutory obligations and other similar obligations, or (B) arising as a result of progress payments under government contracts, (v) purchase money Liens (A) securing Indebtedness
permitted under Section 7.2(iii), or (B) in connection with the purchase by Borrower of equipment in the normal course of business,
provided that such payables shall not exceed any limits on Indebtedness provided for herein and shall otherwise be Permitted Indebtedness hereunder, (vi) Liens
necessary and desirable for the operation of the Borrower's business, provided Lender has consented to such Liens in writing before their creation and existence and the priority of such Liens and the
debt secured thereby are both subject and subordinate in all respects to the Liens securing the Collateral and to the Obligations and all of the rights and remedies of Lender, all in form and
substance satisfactory to Lender in its Permitted Discretion; and (vii) Liens disclosed on Schedule 7.3. 

7.4  Investments; New Facilities or Collateral; Subsidiaries  

        Borrower, directly or indirectly, shall not (i) purchase, own, hold, invest in or otherwise acquire obligations or stock or securities of, or any other
interest in, or all or substantially all of the assets of, any Person or any joint venture, or (ii) make or permit to exist any loans, advances, or guarantees to or for the benefit of any other
Person or assume, guarantee, endorse, contingently agree to purchase or otherwise become liable for or upon or incur any obligation of any Foreign Subsidiary or any other Person (other than those
created by the Loan Documents and Permitted Indebtedness and other than
(A) trade credit extended in the ordinary course of business, (B) advances for business travel and similar temporary advances made in the ordinary course of business to officers,
directors and employees, (C) the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, and (D) loans and advances to
Foreign Subsidiaries to the extent that Borrower received cash from Parent's sale of its majority interest in Permail Pty. Ltd., and in no case, shall such loans and advances exceed the
aggregate principal amount $750,000 

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outstanding at any time and after the Interim Period such amount shall increase to $5,000,000. Borrower, directly or indirectly, shall not purchase, own, operate, hold, invest in or otherwise acquire
any facility, property or assets or any Collateral that is not located at the locations set forth on Schedule 5.18B unless Borrower shall provide to Lender at least
thirty (30) Business Days' prior written notice. Borrower shall have no Subsidiaries other than such Subsidiaries existing at Closing unless Borrower shall provide to Lender prior written
notice and such Subsidiary is or becomes a Borrower or Guarantor hereunder. Notwithstanding the foregoing, upon the consummation of the IM Transaction, Borrower may pay IMS Health Incorporated up to
$9,000,000 from the cash proceeds of the IM Transaction in order to satisfy certain indemnity obligations owing by Parent to IMS Health Incorporated. 

7.5  Dividends; Redemptions  

        Borrower shall not (i) declare, pay or make any dividend or distribution on any shares of capital stock or other securities or interests (other than
dividends or distributions payable in its stock, or split-ups or reclassifications of its stock), provided that to the extent required by the pursuit and
execution of its strategic alternatives, Parent may pay dividends or otherwise distribute capital to its stockholders without Lender's consent if (1) the IM Transaction has been consummated,
(2) no Default or Event of Default has occurred and is continuing, and (3) to the extent of 50% of Borrower's Excess Cash Flow, (ii) apply any of its funds, property or assets to
the acquisition, redemption or other retirement of any capital stock or other securities or interests or of any options to purchase or acquire any of the foregoing (provided, however, that Borrower
may redeem its capital stock from terminated employees pursuant to, but only to the extent required under, the terms of the related employment agreements as long as no Default or Event of Default has
occurred and is continuing or would be caused by or result therefrom), (iii) otherwise make any payments or Distributions to any stockholder, member, partner or other equity owner in Borrower's
capacity as such, or (iv) make any payment of any management, service or related or similar fee to any Person or with respect to any facility owned, operated or leased by Borrower of Borrower's
revenues for any calendar year during the Term, provided further that Borrower shall not make or suffer to exist any Distribution or payment under any service or management agreement if a Default or
Event of Default has occurred and is continuing or would result therefrom. 

7.6  Transactions with Affiliates  

        Except as provided on Schedule 7.6, Borrower shall not enter into or consummate any transaction of any kind with any of its
Affiliates (including Foreign Subsidiaries) or any of their respective Affiliates other than: (i) salary, bonus, employee stock option and other compensation and employment
arrangements with directors or officers in the ordinary course of business, provided, that no payment of any bonus shall be permitted if a Default or Event of Default has
occurred and remains in effect or would be caused by or result from such payment, (ii) distributions and dividends permitted pursuant to Section 7.4,
(iii) transactions with Lender or any Affiliate of Lender, and (iv) payments permitted under and pursuant to written agreements entered into by and between Borrower and one or more of
its Affiliates that both (A) reflect and constitute transactions on overall terms at least as favorable to Borrower as would be the case in an arm's-length transaction between unrelated parties
of equal bargaining power, and (B) are subject to such terms and conditions as determined by Lender in its Permitted Discretion. 

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   7.7  Charter Documents; Fiscal Year; Dissolution; Use of Proceeds  

        Except as provided on Schedule 7.7, Borrower shall not (i) amend, modify, restate or change its certificate of incorporation or formation or bylaws
or similar charter documents in a manner that would be materially adverse to Lender, (ii) change its name, FEIN, corporate structure or identity, or add any new fictitious name;
provided, however, that a Borrower may change its name upon at least thirty (30) days' prior written notice to Lender of such change, (iii) change its fiscal
year unless Borrower demonstrates to Lender's reasonable satisfaction compliance with the covenants contained herein for both the fiscal year in effect prior to any change and the new fiscal year
period by delivery to Lender of appropriate interim and annual pro forma, historical and current compliance certificates for such periods and such other information as Lender may reasonably request,
(iv) amend, alter or suspend or terminate or make provisional in any material way, any Permit without the prior written consent of Lender, which consent shall not be unreasonably withheld,
(v) wind up, liquidate or dissolve (voluntarily or involuntarily) or commence or suffer any proceedings seeking or that would result in any of the foregoing, or (vi) use any proceeds of
any Advance for "purchasing" or "carrying" "margin stock" as defined in Regulations U, T or X of the Board of Governors of the Federal Reserve System. 

7.8  Truth of Statements  

        Borrower shall not furnish to Lender any certificate or other document that contains any untrue statement of a material fact or that omits to state a material
fact necessary to make it not misleading in light of the circumstances under which it was furnished. 

7.9  IRS Form 8821  

        Borrower shall not alter, amend, restate, or otherwise modify, or withdraw, terminate or re-file the IRS Form 8821 required to be filed
pursuant to the Conditions Precedent in Section 4.1 hereof. 

7.10 Subordinated Debt  

        Borrower shall not (i) make any prepayment of any part or all of any Permitted Subordinated Debt, (ii) during the Interim Period, make any payment
of principal or interest on any Permitted Subordinated Debt, (iii) repurchase, redeem or retire any instrument evidencing any such Permitted Subordinated Debt prior to maturity, or
(iv) enter into any agreement (oral or written) which could in any way be construed to amend, modify, alter or terminate any one or more instruments or agreements evidencing or relating to any
Permitted Subordinated Debt in a manner adverse to Lender, as determined by Lender in its Permitted Discretion. 

VIII.  EVENTS OF DEFAULT  

        The occurrence of any one or more of the following shall constitute an "Event of Default:" 

        (a)  Borrower
shall fail to pay any amount on the Obligations, including any Funded L/C Exposure, or provided for in any Loan Document when due (whether on any payment date,
at maturity, by reason of acceleration, by notice of intention to prepay, by required prepayment or otherwise); 

        (b)  any
representation, statement or warranty made or deemed made by Borrower or any Guarantor in any Loan Document or in any other certificate, document, report or opinion
delivered in conjunction with any Loan Document to which it is a party, shall not be true and correct in all material respects or shall have been false or misleading in any material respect on the
date when made or deemed to have been made (except to the extent already qualified by materiality, in which case it shall be true and correct in all respects and shall not be false or misleading in
any respect); 

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        (c)  Borrower
or any Guarantor or other party thereto other than Lender shall be in violation, breach or default of, or shall fail to perform, observe or comply with any
covenant, obligation or agreement set forth in, any Loan Document and such violation, breach, default or failure shall not be cured within the applicable period set forth in the applicable Loan
Document; provided that, with respect to the affirmative covenants set forth in Article VI (other than Sections 6.2,
6.8, 6.9 and 6.11 for which there shall be no cure period), there shall be a fifteen (15) calendar day
cure period commencing from the date of such failure, violation, breach or default; 

        (d)  (i) any
of the Loan Documents ceases to be in full force and effect, or (ii) any Lien created thereunder ceases to constitute a valid perfected first
priority Lien on the Collateral in accordance with the terms thereof, or Lender ceases to have a valid perfected first priority security interest in any of the Collateral or any securities pledged to
Lender pursuant to the Security Documents; 

        (e)  (i) one
or more final judgments, decisions, assessments, or decrees is rendered against any Borrower or Guarantor in an amount in excess of $100,000 individually
or $150,000 in the aggregate, which is/are not satisfied, stayed, vacated or discharged of record within thirty (30) calendar days of being rendered, including without limitation, with respect
to the IRI Action or the IRS Contingent Liability; or (ii) IMS Health Incorporated fails, or becomes unable, or IMS Health Incorporated has notified Borrower that it has failed or has become
unable, to honor its indemnity obligations to Parent pursuant to the Distribution Agreement and any other document or agreement related thereto or executed in connection therewith. 

        (f)    (i) any
default occurs, which is not cured or waived, (x) in the payment of any amount with respect to any Indebtedness (other than the Obligations) of any
Borrower or Guarantor in excess of $100,000, (y) in the performance, observance or fulfillment of any provision contained in any agreement, contract, document or instrument to which any
Borrower or Guarantor is a party or to which any of their properties or assets are subject or bound under or pursuant to which any Indebtedness was issued, created, assumed, guaranteed or secured and
such default continues for more than any applicable grace period or permits the holder of any Indebtedness to accelerate the maturity thereof, or (z) in the performance, observance or
fulfillment of any provision contained in any agreement, contract, document or instrument between any Borrower or Guarantor and Lender or Affiliate of Lender (other than the Loan Documents), or
(ii) any Indebtedness of any Borrower or Guarantor is declared to be due and payable or is required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity
thereof, or any obligation of such Person for the payment of Indebtedness (other than the Obligations) is not paid when due or within any applicable grace period, or any such obligation becomes or is
declared to be due and payable before the expressed maturity thereof, or there occurs an event which, with the giving of notice or lapse of time, or both, would cause any such obligation to become, or
allow any such obligation to be declared to be, due and payable; 

        (g)  any
Borrower or Guarantor shall (i) be unable to pay its debts generally as they become due, (ii) file a petition under any insolvency statute,
(iii) make a general assignment for the benefit of its creditors, (iv) commence a proceeding for the appointment of a receiver, trustee, liquidator or conservator of itself or of the
whole or any substantial part of its property, or (v) file a petition seeking reorganization or liquidation or similar relief under any Debtor Relief Law or any other applicable law or
statute; 

        (h)  (i) a
court of competent jurisdiction shall (A) enter an order, judgment or decree appointing a custodian, receiver, trustee, liquidator or conservator of
any Borrower or Guarantor or the whole or any substantial part of any such Person's properties, which shall continue unstayed and in effect for a period of sixty (60) calendar days,
(B) shall approve a petition filed against any Borrower or Guarantor seeking reorganization, liquidation or similar relief under the any Debtor Relief Law or any other applicable law or
statute, which is not dismissed within sixty (60) calendar days or, (C) under the 

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provisions of any Debtor Relief Law or other applicable law or statute, assume custody or control of any Borrower or Guarantor or of the whole or any substantial part of any such Person's properties,
which is not irrevocably relinquished within sixty (60) calendar days, or (ii) there is commenced against any Borrower or Guarantor any proceeding or petition seeking reorganization,
liquidation or similar relief under any Debtor Relief Law or any other applicable law or statute, which (A) is not unconditionally dismissed within sixty (60) calendar days after the
date of commencement, or (B) is with respect to which such Borrower or Guarantor takes any action to indicate its approval of or consent to; 

        (i)    (i) any
Change of Control occurs, (ii) any Material Adverse Effect or Material Adverse Change occurs or is reasonably expected to occur, or
(iii) any Borrower sells or ceases any material portion of its business operations as currently conducted, including without limitation, the sale or cessation of operation of its Technology
Division, but specifically excluding the sale or cessation of operation of its Interactive Marketing business pursuant to the Purchase Agreement; 

        (j)    Lender
receives any indication or evidence that any Borrower or Guarantor may have directly or indirectly been engaged in any type of activity which, in Lender's
judgment, might result in forfeiture of any property to any Governmental Authority which shall have continued unremedied for a period of ten (10) calendar days after written notice from Lender; 

        (k)  an
Event of Default occurs under any other Loan Document; 

        (l)    intentionally
omitted; 

        (m)  any
Borrower or any of its respective directors or senior officers is criminally indicted or convicted under any law that could lead to a forfeiture of any Collateral; 

        (n)  the
issuance of any process for levy, attachment or garnishment or execution upon or prior to any judgment against any Borrower or any of its property or assets in
excess of $100,000; or 

        (o)  any
Borrower or Guarantor does, or enters into or becomes a party to any agreement or commitment to do, or cause to be done, any of the things described in this
Article VIII or otherwise prohibited by any Loan Document (subject to any cure periods set forth therein); 

        then,
and in any such event, notwithstanding any other provision of any Loan Document, Lender may, by notice to Borrower (i) terminate its obligations to make Advances hereunder,
whereupon the same shall immediately terminate and (ii) declare all or any of the Notes, all interest thereon and all other Obligations to be due and payable immediately (except in the case of
an Event of Default under Section VIII(d), (g), (h) or (i)(iii), in
which event all of the foregoing shall automatically and without further act by Lender be due and payable, provided that, with respect to non-material breaches
or violations that constitute Events of Default under clause (ii) of Section VIII(d), there shall be a three (3) Business Day cure period commencing
from the date of such breach or violation, in each case without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower. 

IX.  RIGHTS AND REMEDIES AFTER DEFAULT  

9.1  Rights and Remedies  

        (a)  In
addition to the acceleration provisions set forth in Article VIII above, upon the occurrence and continuation of an Event of
Default, Lender shall have the right to exercise any and all rights, options and remedies provided for in any Loan Document, under the UCC or at law or in equity, including, without limitation, the
right to (i) apply any property of any Borrower held by Lender to reduce the Obligations, (ii) foreclose the Liens created under the Security Documents, (iii) realize upon, take
possession of and/or sell any Collateral or securities pledged with or without judicial process, (iv) exercise all rights and powers with respect to the Collateral as any Borrower, as
applicable, 

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might exercise, (v) collect and send notices regarding the Collateral, with or without judicial process, (vi) by its own means or with judicial assistance, enter any premises at which
Collateral and/or pledged securities are located, or render any of the foregoing unusable or dispose of the Collateral and/or pledged securities on such premises without any liability for rent,
storage, utilities, or other sums, and no Borrower shall resist or interfere with such action, (vii) at Borrower's expense, require that all or any part of the Collateral be assembled and made
available to Lender at any place designated by Lender, (viii) reduce or otherwise change the Facility Cap, and/or (ix) relinquish or abandon any Collateral or securities pledged or any
Lien thereon. Notwithstanding any provision of any Loan Document, Lender, in its sole discretion, shall have the right, at any time that Borrower fails to do so, and from time to time, without prior
notice, to: (i) obtain insurance covering any of the Collateral to the extent required hereunder; (ii) pay for the performance of any of Obligations; (iii) discharge taxes or
Liens on any of the Collateral that are in violation of any Loan document unless Borrower is in good faith with due diligence by appropriate proceedings contesting those items; and (iv) pay for
the maintenance and preservation of the Collateral. Such expenses and advances shall be added to the Obligations until reimbursed to Lender and shall be secured by the Collateral, and such payments by
Lender shall not be construed as a waiver by Lender of any Event of Default or any other rights or remedies of Lender. 

        (b)  Borrower
agrees that notice received by it at least ten (10) calendar days before the time of any intended public sale, or the time after which any private sale
or other disposition of Collateral is to be made, shall be deemed to be reasonable notice of such sale or other disposition. If permitted by applicable law, any perishable Collateral which threatens
to speedily decline in value or which is sold on a recognized market may be sold immediately by Lender without prior notice to Borrower. At any sale or disposition of Collateral or securities pledged,
Lender may (to the extent permitted by applicable law) purchase all or any part thereof free from any right of redemption by any Borrower which right is hereby waived and released. Borrower covenants
and agrees not to, and not to permit or cause any of its Subsidiaries to, interfere with or impose any obstacle to Lender's exercise of its rights and remedies with respect to the Collateral. Lender,
in dealing with or disposing of the Collateral or
any part thereof, shall not be required to give priority or preference to any item of Collateral or otherwise to marshal assets or to take possession or sell any Collateral with judicial process. 

9.2  Application of Proceeds  

        In addition to any other rights, options and remedies Lender has under the Loan Documents, the UCC, at law or in equity, all dividends, interest, rents, issues,
profits, fees, revenues, income and other proceeds collected or received from collecting, holding, managing, renting, selling, or otherwise disposing of all or any part of the Collateral or any
proceeds thereof upon exercise of its remedies hereunder shall be applied in the following order of priority: (i) first, to the payment of all costs and expenses of
such collection, storage, lease, holding, operation, management, sale, disposition or delivery and of conducting Borrower's business and of maintenance, repairs, replacements, alterations, additions
and improvements of or to the Collateral, and to the payment of all sums which Lender may be required or may elect to pay, if any, for taxes, assessments, insurance and other charges upon the
Collateral or any part thereof, and all other payments that Lender may be required or authorized to make under any provision of this Agreement (including, without limitation, in each such case,
reasonable attorneys' fees and all reasonable expenses, liabilities and advances made or incurred in connection therewith); (ii) second, to the payment of all
Obligations as provided herein; (iii) third, to the satisfaction of Indebtedness secured by any subordinate security interest of record in the Collateral if written
notification of demand therefor is received before distribution of the proceeds is completed, provided, that, if requested by Lender, the holder of a subordinate security
interest shall furnish reasonable proof of its interest, and unless it does so, Lender need not address its claims; and (iv) fourth, to the payment of any surplus
then remaining to Borrower, unless otherwise provided by law or directed by a court of competent jurisdiction, provided that Borrower shall be liable for any 

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deficiency if such proceeds are insufficient to satisfy the Obligations or any of the other items referred to in this section. 

9.3  Rights of Lender to Appoint Receiver  

        Without limiting and in addition to any other rights, options and remedies Lender has under the Loan Documents, the UCC, at law or in equity, upon the occurrence
and continuation of an Event of Default, Lender shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by Lender to enforce its rights
and remedies in order to manage, protect and preserve the Collateral and continue the operation of the business of Borrower and to collect all revenues and profits thereof and apply the same to the
payment of all expenses and other charges of such receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of such Collateral shall be
finally made and consummated. 

9.4  Rights and Remedies not Exclusive  

        Lender shall have the right in its sole discretion to determine which rights, Liens and/or remedies Lender may at any time pursue, relinquish, subordinate or
modify, and such determination will not in any way modify or affect any of Lender's rights, Liens or remedies under any Loan Document, applicable law or equity. The enumeration of any rights and
remedies in any Loan Document is not intended to be exhaustive, and all rights and remedies of Lender described in any Loan Document are cumulative and are not alternative to or exclusive of any other
rights or remedies which Lender otherwise may have. The partial or complete exercise of any right or remedy shall not preclude any other further exercise of such or any other right or remedy. 

X. WAIVERS AND JUDICIAL PROCEEDINGS  

10.1 Waivers  

        Except as expressly provided for herein, Borrower hereby waives setoff, counterclaim, demand, presentment, protest, all defenses with respect to any and all
instruments and all notices and demands of any description, and the pleading of any statute of limitations as a defense to any demand under any Loan Document. Borrower hereby waives any and all
defenses and counterclaims it may have or could interpose in any action or procedure brought by Lender to obtain an order of court recognizing the assignment of, or Lien of Lender in and to, any
Collateral. With respect to any action hereunder, Lender conclusively may rely upon, and shall incur no liability to Borrower in acting upon, any request or other communication that Lender reasonably
believes to have been given or made by a person authorized on Borrower's behalf, whether or not such person is listed on the incumbency certificate delivered pursuant to Section 4.1 hereof. In
each such case, Borrower hereby waives the right to dispute Lender's action based upon such request or other communication, absent error. 

10.2 Delay; No Waiver of Defaults  

        No course of action or dealing, renewal, release or extension of any provision of any Loan Document, or single or partial exercise of any such provision, or
delay, failure or omission on Lender's part in enforcing any such provision shall affect the liability of any Borrower or Guarantor or operate as a waiver of such provision or affect the liability of
any Borrower or Guarantor or preclude any other or further exercise of such provision. No waiver by any party to any Loan Document of any one or more defaults by any other party in the performance of
any of the provisions of any Loan Document shall operate or be construed as a waiver of any future default, whether of a like or different nature, and each such waiver shall be limited solely to the
express terms and provisions of such waiver. Notwithstanding any other provision of any Loan Document, by completing the Closing under this Agreement and/or by making Advances, Lender does not waive
any breach of any representation or 

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warranty of under any Loan Document, and all of Lender's claims and rights resulting from any such breach or misrepresentation are specifically reserved. 

10.3 Jury Waiver  

        EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION ARISING UNDER THE LOAN DOCUMENTS OR IN ANY WAY
CONNECTED WITH OR INCIDENTAL TO THE DEALINGS OF THE PARTIES WITH RESPECT TO THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING
IN CONTRACT, TORT OR OTHERWISE. EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY. 

XI.  EFFECTIVE DATE AND TERMINATION  

11.1 Effectiveness and Termination  

        Subject to Lender's right to terminate and cease making Advances upon or after any Event of Default, this Agreement shall continue in full force and effect until
the full performance and indefeasible payment in cash of all Obligations, unless terminated sooner as provided in this Section 11.1. Borrower may terminate this
Agreement at any time upon not less than thirty (30) calendar days' prior written notice to Lender and upon full performance and payment in full in cash of all Obligations (other than any
contingent reimbursement and indemnification Obligations that are not due and payable at or prior to the time that borrowings hereunder have been paid in full which Obligations survive termination
pursuant to Section 11.2) on or prior to such 30th calendar day after Receipt by Lender of such written notice; provided
however, that upon approval by Parent's stockholders of consummation of the IM Transaction, Borrower shall be permitted to terminate this Agreement upon not less than fifteen (15) calendar
days' prior written notice to Lender and Lender hereby acknowledges and consents to such sale. All of the Obligations shall be immediately due and payable upon any such termination on the termination
date stated in any notice of termination (the "Termination Date"); provided that, notwithstanding any other provision of
any Loan Document, the Termination Date shall be effective no earlier than the first Business Day of the month following the expiration of the thirty (30) calendar days' prior written notice
period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender's rights or any of the Obligations existing as of the effective date of such
termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations (other than any contingent reimbursement and indemnification Obligations that are not
due and payable at or prior to the time that borrowings hereunder have been
paid in full which Obligations survive termination pursuant to Section 11.2) have been fully performed and paid in cash in full. The Liens granted to Lender under
the Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower's
borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations (other than any contingent reimbursement and indemnification Obligations that are not due and
payable at or prior to the time that borrowings hereunder have been paid in full which Obligations survive termination pursuant to Section 11.2) have been fully
performed and paid in full in cash. 

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11.2 Survival  

        All obligations, covenants, agreements, representations, warranties, waivers and indemnities made by Borrower in any Loan Document shall survive the execution and
delivery of the Loan Documents, the Closing, the making of the Advances and any termination of this Agreement until all Obligations are fully performed and indefeasibly paid in full in cash. The
obligations and provisions of Sections 3.5, 3.6, 10.1, 10.3, 11.1, 11.2, 12.4 and 12.7 shall survive termination of the Loan Documents and any payment, in full or in part,
of the Obligations. 

XII. MISCELLANEOUS  

12.1 Governing Law; Jurisdiction; Service of Process; Venue  

        The Loan Documents shall be governed by and construed in accordance with the internal laws of the State of Maryland without giving effect to its choice of law
provisions. Any judicial proceeding against Borrower with respect to the Obligations, any Loan Document or any related agreement may be brought in any federal or state court of competent jurisdiction
located in the State of Maryland. By execution and delivery of each Loan Document to which it is a party, Borrower (i) accepts the non-exclusive jurisdiction of the aforesaid courts
and irrevocably agrees to be bound by any judgment rendered thereby, (ii) waives personal service of process, (iii) agrees that service of process upon it may be made by certified or
registered mail, return receipt requested, pursuant to Section 12.5 hereof, (iv) waives any objection to jurisdiction and venue of any action instituted
hereunder and agrees not to assert any defense based on lack of jurisdiction, venue or convenience, and (v) agrees that this loan was made in Maryland, that Lender has accepted in Maryland Loan
Documents executed by Borrower and has disbursed Advances under the Loan Documents in Maryland. Nothing shall affect the right of Lender to serve process in any manner permitted by law or shall limit
the right of Lender to bring proceedings against Borrower in the courts of any other jurisdiction having jurisdiction. Any judicial proceedings against Lender involving, directly or indirectly, the
Obligations, any Loan Document or any
related agreement shall be brought only in a federal or state court located in the State of Maryland. All parties acknowledge that they participated in the negotiation and drafting of this Agreement
and that, accordingly, no party shall move or petition a court construing this Agreement to construe it more stringently against one party than against any other. 

12.2 Successors and Assigns; Participations; New Lenders  

        The Loan Documents shall inure to the benefit of Lender, Transferees and all future holders of any Note, the Obligations and/or any of the Collateral, and each of
their respective successors and assigns. Each Loan Document shall be binding upon the Persons' other than Lender that are parties thereto and their respective successors and assigns, and Borrower may
assign, delegate or transfer any Loan Document or any of its rights or obligations thereunder without the prior written consent of Lender. No rights are intended to be created under any Loan Document
for the benefit of any third party donee, creditor or incidental beneficiary of any Borrower or Guarantor. Nothing contained in any Loan Document shall be construed as a delegation to Lender of any
other Person's duty of performance. BORROWER ACKNOWLEDGES AND AGREES THAT LENDER AT ANY TIME AND FROM TIME TO TIME MAY (I) DIVIDE AND RESTATE ANY NOTE, AND/OR (II) SELL, ASSIGN OR GRANT
PARTICIPATING INTERESTS IN OR TRANSFER ALL OR ANY PART OF ITS RIGHTS OR OBLIGATIONS UNDER ANY LOAN DOCUMENT, NOTE, THE OBLIGATIONS AND/OR THE COLLATERAL TO OTHER PERSONS (EACH SUCH TRANSFEREE,
ASSIGNEE OR PURCHASER, A "TRANSFEREE"). Each Transferee shall have all of the rights and benefits with respect to the Obligations, Notes, Collateral
and/or Loan Documents held by it as fully as if the original holder thereof, and either Lender or any Transferee may be designated as the sole agent to manage the transactions and obligations
contemplated therein; provided that, notwithstanding anything to the contrary in any Loan Document, Borrower shall not be obligated 

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to pay under this Agreement to any Transferee any sum in excess of the sum which Borrower would have been obligated to pay to Lender had such participation not been effected. Notwithstanding any
other provision of any Loan Document, Lender may disclose to any Transferee all information, reports, financial statements, certificates and documents obtained under any provision of any Loan
Document. 

12.3 Application of Payments  

        To the extent that any payment made or received with respect to the Obligations is subsequently invalidated, determined to be fraudulent or preferential, set
aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other Person under any Debtor Relief Law, common law or equitable cause or any other law, then the
Obligations intended to be satisfied by such payment shall be revived and shall continue as if such payment had not been received by Lender. Any payments with respect to the Obligations received shall
be credited and applied in such manner and order as Lender shall decide in its sole discretion. 

12.4 Indemnity  

        Each Borrower jointly and severally shall indemnify Lender, its Affiliates and its and their respective managers, members, officers, employees, agents,
representatives, successors, assigns, accountants and attorneys (collectively, the "Indemnified Persons") from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, reasonable attorneys' fees and
all reasonable expenses, liabilities and advances made or incurred in connection therewith which may be imposed on, incurred by or asserted against any Indemnified Person with respect to or arising
out of, or in any litigation, proceeding or investigation instituted or conducted by any Person with respect to any aspect of, or any transaction contemplated by or referred to in, or any matter
related to, any Loan Document or any agreement, document or transaction contemplated thereby, whether or not such Indemnified Person is a party thereto, except to the extent that any of the foregoing
arises out of the gross negligence or willful misconduct of such Indemnified Person. If any Indemnified Person uses in-house counsel for any purpose for which any Borrower is responsible
to pay or indemnify, each Borrower expressly agrees that its indemnification obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside
legal counsel selected by such Indemnified Person in its sole discretion for the work performed at rates equivalent to the rates shown on Lender's schedule of rate and fees for in-house
legal counsel which may be provided to Borrower and adjusted by Lender from time to time. Lender agrees to give Borrower reasonable notice of any event of which Lender becomes aware for which
indemnification may be required under this Section 12.4, and Lender may elect (but is not obligated) to direct the defense thereof, provided that the selection of
counsel shall be subject to Borrower's consent, which consent shall not be unreasonably withheld or delayed. Any Indemnified Person may, in its reasonable discretion, take such actions as it deems
necessary and appropriate to investigate, defend or settle any event or take other remedial or corrective actions with respect thereto as may be necessary for the protection of such Indemnified Person
or the Collateral. Notwithstanding the foregoing, if any insurer agrees to undertake the defense of an event (an "Insured Event"), Lender agrees not to
exercise its right to select counsel to defend the event if that would cause any Borrower's insurer to deny coverage; provided, however, that Lender reserves the right to
retain counsel to represent any Indemnified Person with respect to an Insured Event at its sole cost and expense. To the extent that Lender obtains recovery from a third party other than an
Indemnified Person of any of the amounts that any Borrower has paid to Lender pursuant to the indemnity set forth in this Section 12.4, then Lender shall promptly
pay to such Borrower the amount of such recovery. 

33

 

12.5 Notice  

        Any notice or request under any Loan Document shall be given to any party to this Agreement at such party's address set forth beneath its signature on the
signature page to this Agreement, or at such other address as such party may hereafter specify in a notice given in the manner required under this Section 12.5. Any
notice or request hereunder shall be given only by, and shall be deemed to have been received upon (each, a "Receipt"): (i) registered or
certified mail, return receipt requested, on the date on which such received as indicated in such return receipt, (ii) delivery by a nationally recognized overnight courier, one
(1) Business Day after deposit with such courier, (iii) facsimile from the recipient
acknowledging receipt (whether automatic or manual from recipient), as applicable; or (iv) except for notices pertaining to a Default or Event of Default, by electronic transmission upon
telephone or further electronic communication to confirm receipt. 

12.6 Severability; Captions; Counterparts; Facsimile Signatures  

        If any provision of any Loan Document is adjudicated to be invalid under applicable laws or regulations, such provision shall be inapplicable to the extent of
such invalidity without affecting the validity or enforceability of the remainder of the Loan Documents which shall be given effect so far as possible. The captions in the Loan Documents are intended
for convenience and reference only and shall not affect the meaning or interpretation of the Loan Documents. The Loan Documents may be executed in one or more counterparts (which taken together, as
applicable, shall constitute one and the same instrument) and by facsimile transmission, which facsimile signatures shall be considered original executed counterparts. Each party to this Agreement
agrees that it will be bound by its own facsimile signature and that it accepts the facsimile signature of each other party. 

12.7 Expenses  

        Borrower shall pay all costs and expenses incurred by Lender and/or its Affiliates, including, without limitation, documentation and diligence fees and expenses,
all search, audit, appraisal, recording, professional and filing fees and expenses and all other out-of-pocket charges and expenses (including, without limitation, UCC and
judgment and tax lien searches and UCC filings and fees for post-Closing UCC and judgment and tax lien searches and wire transfer fees and audit expenses), and reasonable attorneys' fees
and expenses, (i) in any effort to enforce, protect or collect payment of any Obligation or to enforce any Loan Document or any related agreement, document or instrument, (ii) in
connection with entering into, negotiating, preparing, reviewing and executing the Loan Documents and/or any related agreements, documents or instruments, (iii) in connection with instituting,
maintaining, preserving, enforcing and/or foreclosing on Lender's Liens in any of the Collateral or securities pledged under the Loan Documents, whether through judicial proceedings or otherwise,
(iv) in defending or prosecuting any actions, claims or proceedings arising out of or relating to Lender's transactions with Borrower, and/or (vi) in connection with any modification,
restatement, supplement, amendment, waiver or extension of any Loan Document and/or any related agreement, document or instrument. All of the foregoing shall be charged to Borrower's account and shall
be part of the Obligations. If Lender or any of its Affiliates uses in-house counsel for any purpose under any Loan Document for which Borrower is responsible to pay or indemnify, Borrower
expressly agrees that its Obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Lender or such Affiliate
in its sole discretion for the work performed at rates equivalent to the rates shown on Lender's schedule of rate and fees for in-house legal counsel which may be provided to Borrower and
adjusted by Lender from time to time. Without limiting the foregoing, Borrower shall pay all taxes (other than taxes based upon or measured by Lender's income or revenues or any personal property
tax), if any, in connection with the issuance of any Note and the filing and/or recording of any documents and/or financing statements. Lender 

34

 

acknowledges that it received from Borrower, prior to the date hereof, a $40,000 deposit which shall be applied against the closing costs and expenses payable by Borrower. 

12.8 Entire Agreement; Miscellaneous  

        This Agreement and the other Loan Documents to which Borrower is a party constitute the entire agreement between Borrower and Lender with respect to the subject
matter hereof and thereof, and supersede all prior agreements and understandings, if any, relating to the subject matter hereof or thereof. Any promises, representations, warranties or guarantees not
herein contained and hereinafter made shall have no force and effect unless in writing signed by Borrower and Lender. No provision of this Agreement may be changed, modified, amended, restated,
waived, supplemented, discharged, canceled or terminated orally or by any course of dealing or in any other manner other than by an agreement in writing signed by Lender and Borrower. Each party
hereto acknowledges that it has been advised by counsel in connection with the negotiation and execution of this Agreement and is not relying upon oral representations or statements inconsistent with
the terms and provisions hereof. Time is of the essence. 

12.9 Lender Approvals  

        Unless expressly provided herein to the contrary, any approval, consent, waiver or satisfaction of Lender with respect to any matter that is subject of any Loan
Document may be granted or withheld by Lender in its Permitted Discretion. 

12.10  Confidentiality and Publicity  

        Borrower agrees, and agrees to cause each of its Affiliates, (i) not to transmit or disclose provision of any Loan Document to any Person (other than to
Borrower's advisors and officers on a need-to-know basis) without Lender's prior written consent, (ii) to inform all Persons of the confidential nature of the Loan
Documents and to direct them not to disclose the same to any other Person and to require each of them to be bound by these provisions; provided, however, that Lender acknowledges that Borrower intends
to file a copy of this Agreement as an exhibit to its periodic reports and will be required to refer to certain material provisions of the Loan Documents in its SEC filings from time to time,
and no consent of Lender is required in connection with these disclosures (the "SEC Disclosures"). Lender reserves the right to review and approve all
materials that Borrower or any of its Affiliates prepares that contain Lender's name or describe or refer to any Loan Document, any of the terms thereof or any of the transactions contemplated
thereby, other than the SEC Disclosures. Borrower shall not, and shall not permit any of its Affiliates to, use Lender's name (or the name of any of Lender's Affiliates) in connection with any of its
business operations, other than the SEC Disclosures. Nothing contained in any Loan Document is intended to permit or authorize Borrower or any of its Affiliates to contract on behalf of Lender.
Further, Borrower hereby agrees that Lender or any Affiliate of Lender may (i) disclose a general description of transactions arising under the Loan Documents for advertising,
marketing or other similar purposes and (ii) use Borrower's or any Guarantor's name, logo or other indicia germane to such party in connection with such advertising, marketing or other similar
purposes. 

12.11  Intentionally Omitted  

12.12  Agent  

        Lender and its successors and assigns hereby (i) designate and appoint CapitalSource Finance LLC, a Delaware limited liability company, and its successors
and assigns ("CapitalSource"), to act as agent for Lender and its successors and assigns under this Agreement and all other Loan Documents, (ii) irrevocably authorize CapitalSource to take all
actions on its behalf under the provision of this 

35

 

Loan Agreement and all other Loan Documents, and (iii) to exercise all such powers and rights, and to perform all such duties and obligations hereunder and thereunder. CapitalSource, on behalf
of Lender, shall hold all Collateral, payments of principal and interest, fees, charges and collections received pursuant to this Agreement and all other Loan Documents. Borrower acknowledges that
Lender and its successors and assigns transfer and assign to CapitalSource the right to act as Lender's agent to enforce all rights and perform all obligations of Lender contained herein and in all of
the other Loan Documents. Borrower shall at Lender's expense within ten (10) Business Days after Lender's reasonable request, take such further actions, obtain such consents and approvals and
duly execute and deliver such further agreements, amendments, assignments, instructions or documents as Lender may request to evidence the appointment and designation of CapitalSource as agent for
Lender and other financial institutions from time to time party hereto and to the other Loan Documents. 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

36

 

        IN
WITNESS WHEREOF, each of the parties has duly executed this Revolving Credit and Security Agreement as of the date first written above. 

	 	 	BORROWER:

SYNAVANT INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      

	 	 	Name:	Clifford A. Farren, Jr.

	 	 	Its:	Senior Vice President and Chief Financial Officer

	

 	
 	

Notice Address for each Borrower:

3445 Peachtree Road, NE

Suite 1400

Atlanta, Georgia 30326

Attention: Clifford A. Farren, Jr.

Phone: (404) 841-4000

FAX: 846-3950

E-Mail: cfarren@synavant.com

	
 	
 	

NEW ST, INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	
 	
 	
SYNAVANT LLC,

a Delaware limited liability company
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	

 	
 	
SYNAVANT LATIN AMERICA INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	
 	
 	

SYNAVANT TURKEY INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer

37

 

	 	 	SYNAVANT PHILIPPINES INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	

 	
 	
SYNAVANT TAIWAN INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	

 	
 	
SYNAVANT KOREA INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	

 	
 	
SYNAVANT JAPAN INC.,

a Delaware corporation
	

 	
 	

By:	

/s/  CLIFFORD A. FARREN, JR.      
 Name: Clifford A. Farren, Jr.

Title: Senior Vice President and Chief Financial Officer
	

 	
 	

CAPITALSOURCE FINANCE LLC
	

 	
 	

By:	

/s/  STEVEN A. MUSELES      

	 	 	Name:	Steven A. Museles

	 	 	Its:	Senior Vice President

	

 	
 	

Address for Notices:

CapitalSource Finance LLC

4445 Willard Avenue, 12th Floor

Chevy Chase, MD 20815

Attention: Healthcare Finance Group, Portfolio Manager

Telephone: (301) 841-2700

FAX: (301) 841-2340

E-Mail: mfidati@capitalsource.com

38

  

 
 

EXHIBITS    
  

 
 
 

	Exhibit A	—	 	Form of Borrowing Certificate
	
SCHEDULES
	
Schedule 2.4	

—	
 	

Borrower's Account(s)
	
Schedule 5.2	

—	
 	

Required Consents
	
Schedule 5.3	

—	
 	

Capitalization, Organization Chart (including all subsidiaries, authorized/issued capitalization, owners, directors, officers and managers) and Joint Ventures
	
Schedule 5.4	

—	
 	

Liens; Real and Personal Property Owned or Leased; Leases
	
Schedule 5.5	

—	
 	

Defaults; Service Fees; Managers
	
Schedule 5.6	

—	
 	

Litigation
	
Schedule 5.8	

—	
 	

Taxes
	
Schedule 5.11	

—	
 	

Intellectual Property
	
Schedule 5.15	

—	
 	

Existing Indebtedness
	
Schedule 5.16	

—	
 	

Other Agreements
	
Schedule 5.17	

—	
 	

Insurance
	
Schedule 5.18A	

—	
 	

Corporate Names
	
Schedule 5.18B	

—	
 	

Places of Business
	
Schedule 5.22	

—	
 	

IRS Tax Liability
	
Schedule 6.8	

—	
 	

Further Assurances/Post Closing
	
Schedule 7.2	

—	
 	

Permitted Indebtedness
	
Schedule 7.3	

—	
 	

Permitted Liens
	
Schedule 7.6	

—	
 	

Transactions with Affiliates
	
Schedule 7.7	

—	
 	

Charter Documents; Fiscal Year; Dissolution; Use of Proceeds

39

  

 
 

ANNEX I    
  

 
 

FINANCIAL COVENANTS    
  

(1)  Minimum EBITDA  

        (a)  Parent
on a consolidated basis shall not permit its Adjusted EBITDA to be less than the following amounts for the months indicated: 

	March, 2003:	 	($1,024,000	)
	April, 2003:	 	($1,330,000	)
	May, 2003:	 	($1,263,000	)
	June, 2003:	 	$412,000	 
	July, 2003:	 	($234,000	)
	August, 2003:	 	($15,000	)
	September, 2003:	 	$1,239,000	 
	October, 2003:	 	$756,000	 
	November, 2003:	 	$878,000	 
	December, 2003:	 	$64,000	 

        If
the Adjusted EBITDA of Parent, on a consolidated basis, exceeds such amounts listed above for any particular month, then such excess shall be credited towards the following month's
Adjusted EBITDA calculation. 

        (b)  At
no time shall Parent, on a consolidated basis, permit its EBITDA for the Test Period ending on any date of such determination to be less than the following amounts
during the time periods indicated: 

	 
	 	 
	 	 

	(i)	 	From the end of the Interim Period through March 31, 2004:	 	$500,000
	

(ii)	
 	

From April 1, 2004 through June 30, 2004:	
 	

$1,500,000
	

(iii)	
 	

From July 1, 2004 through the end of the Term:	
 	

$1,750,000

(2)  Fixed Charge Coverage Ratio (EBITDA/Fixed Charges)  

        At the end of each calendar month following the Interim Period, the Fixed Charge Coverage Ratio shall not be less than the following 1.25:1 from the end of the
Interim Period until until the end of the Term 

(3)  Net Worth  

        Until full performance and satisfaction, and indefeasible payment in full in cash, of all the Obligations, Parent, on a consolidated basis, will maintain a
positive Tangible Net Worth at all times. 

(4)  Cash Velocity  

        Collections of Borrower's Accounts shall not be less than $15,000,000 for each Test Period, as measured at the end of each calendar month during the Term;
provided, that upon any violation of or failure to comply with this covenant Lender shall have the right, in its sole discretion, to consider for all purposes under the Agreement as though Borrower
actually collected Accounts equal to such minimum required amount. 

40

 

(5)  Minimum Liquidity and Working Capital  

        At all times from the Closing Date through the first anniversary of the Closing Date Borrower shall have not less than $2,000,000 of Available Cash on hand. At
all times after the first anniversary of the Closing Date, Borrower shall have not less than $500,000 of Available Cash on hand. 

        For
purposes of the covenants set forth in this Annex I, the terms listed below shall have the following meanings: 

        "Adjusted
EBITDA" shall mean the sum, without duplication, of the following for Parent, on a consolidated basis: Net Income determined in accordance with
GAAP, plus, (a) Interest Expense, (b) taxes on income, whether paid, payable or accrued, (c) depreciation expense, (d) amortization expense, (e) all other
non-cash, non-recurring charges and expenses, excluding accruals for cash expenses made in the ordinary course of business, and (f) loss from any sale of assets, other
than sales in the ordinary course of business, all of the foregoing determined in accordance with GAAP, minus (a) Cash Interest Expense, (b) taxes on income that are paid in cash,
(c) Cash Capital Expenditures, (d) restructuring payments, (e) gains from any sale of assets, other than sales in the ordinary course of business, and (f) other
extraordinary or non-recurring gains. 

        "Available
Cash" shall mean, for and on any date, the sum without duplication of the following for Borrower: (a) unrestricted cash on hand on such
date, (b) Cash Equivalents held on such date, and (c) the unborrowed Availability on and as of such date. 

        "Capital
Expenditures" shall mean, for any Test Period, the sum (without duplication) of all expenditures (whether paid in cash or accrued as liabilities)
during the Test Period that are or should be treated as capital expenditures under GAAP. 

        "Cash
Capital Expenditures" shall mean, for any month, the sum (without duplication) of scheduled or other required payments of principal on Capitalized
Lease Obligations and all other unfinanced capital expenditures paid in cash. 

        "Cash
Equivalents" shall mean (a) securities issued, or directly and fully guaranteed or insured, by the United States or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than six months from the date of acquisition,
(b) U.S. dollar denominated time deposits, certificates of deposit and bankers' acceptances of (i) any domestic commercial bank of recognized standing having capital and surplus in
excess of $500,000,000, or (ii) any bank (or the parent company of such bank) whose short-term commercial paper rating from Standard & Poor's Ratings Services
("S&P") is at least A-2 or the equivalent thereof or from Moody's Investors Service, Inc.
("Moody's") is at least P-2 or the equivalent thereof in each case with maturities of not more than six months from the date of acquisition
(any
bank meeting the qualifications specified in clauses (b)(i) or (ii), an "Approved Bank"), (c) repurchase obligations with a term of not
more than seven days for underlying securities of the types described in clause (a), above, entered into with any Approved Bank, (d) commercial paper issued by any Approved Bank or by
the parent company of any Approved Bank and commercial paper issued by, or guaranteed by, any industrial or financial company with a short-term commercial paper rating of at least
A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody's, or guaranteed by any industrial company with a long term unsecured debt rating of at
least A or A2, or the equivalent of each thereof, from S&P or Moody's, as the case may be, and in each case maturing within six months after the date of acquisition and (e) investments in money
market funds substantially all of whose assets are comprised of securities of the type described in clauses (a) through (d) above. 

        "Cash
Interest Expense" shall mean, for any month, total interest expense (including attributable to Capital Leases in accordance with GAAP), fees with
respect to all outstanding Indebtedness including capitalized interest but excluding commissions, discounts and other fees owed with respect to letters of credit and bankers' acceptance financing and
net costs under Interest Rate Agreements. 

41

 

        "EBITDA"
shall mean, for any Test Period, the sum, without duplication, of the following for Parent, on a consolidated basis: Net Income determined in
accordance with GAAP, plus, (a) Interest Expense, (b) taxes on income, whether paid, payable or accrued, (c) depreciation expense, (d) amortization expense, (e) all
other non-cash, non-recurring charges and expenses, excluding accruals for cash expenses made in the ordinary course of business, and (f) loss from any sale of assets,
other than sales in the ordinary course of business, all of the foregoing determined in accordance with GAAP, minus (a) gains from any sale of assets, other than sales in the ordinary course of
business and (b) other extraordinary or non-recurring gains. 

        "Fixed
Charge Coverage Ratio" shall mean, for Borrower collectively on a consolidated basis, the ratio of (a) EBITDA for the Test Period, to
(b) Fixed Charges for the Test Period. 

        "Fixed
Charges" shall mean, the sum of the following: (a) Total Debt Service, (b) Capital Expenditures, (c) income taxes paid in cash or
accrued, (d) dividends paid or accrued or declared, and (e) restructuring charges. 

        "Intangible
Assets" means all intangible assets (determined in conformity with GAAP) including, without limitation, goodwill, intellectual property,
licenses, organizational costs, deferred amounts, covenants not to compete, unearned income, restricted funds, investments in Subsidiaries, intercompany receivables and accumulated depreciation. 

        "Interest
Expense" shall mean, for any Test Period, total interest expense (including attributable to Capital Leases in accordance with GAAP) fees with
respect to all outstanding Indebtedness including capitalized interest but excluding commissions, discounts and other fees owed with respect to letters of credit and bankers' acceptance financing and
net costs under Interest Rate Agreements. 

        "Interest
Rate Agreement" shall mean any interest rate swap, cap or collar agreement or other similar agreement or arrangement designed to hedge the position
with respect to interest rates. 

        "Net
Income" shall mean, the net income (or loss) determined in conformity with GAAP, provided that there shall be excluded (i) the income (or loss)
of any Person in which any other Person (other than any Borrower) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to a Borrower by such
Person, (ii) the income (or loss) of any Person accrued prior to the date it becomes a Borrower or is merged into or consolidated with a Borrower or that Person's assets are acquired by a
Borrower, (iii) the income of any Subsidiary of Borrower to the extent that the declaration or payment of dividends or similar distributions of that income by that Subsidiary is not at the time
permitted by operation of the terms of the charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary,
(iv) compensation expense resulting from the issuance of capital stock, stock options or stock appreciation rights issued to former or current employees, including officers, of a Borrower, or
the exercise of such options or rights, in each case to the extent the obligation (if any) associated therewith is not expected to be settled by the payment of cash by a Borrower or any affiliate
thereof, and (v) compensation expense resulting from the repurchase of capital stock, options and rights described in clause (iv) of this definition of Net Income. 

        "Tangible
Net Worth" means assets (excluding Intangible Assets) less liabilities (determined in conformity with GAAP). 

        "Test
Period" shall mean the three most recent calendar months then ended (taken as one accounting period), or such other period as specified in the
Agreement or any Annex thereto. 

        "Total
Debt" shall mean, at any date of determination, for Borrower individually and collectively on a consolidated and consolidating basis, the total
Indebtedness on such date less cash and Cash Equivalents held on such date. 

        "Total
Debt Service" shall mean the sum of (i) scheduled or other required payments of principal on Indebtedness, and (ii) Interest Expense, in
each case for such period. 

42

  

 
 

APPENDIX A    
  

 
 

DEFINITIONS    
  

        "Accounts" shall mean all "accounts" (as defined in the UCC) of Borrower (or, if referring to another Person, of such other Person),
including without limitation, accounts, accounts receivables, monies due or to become due and obligations in any form (whether arising in connection with contracts, contract rights, Instruments,
General Intangibles or Chattel Paper), in each case whether arising out of goods sold or services rendered or from any other transaction and whether or not earned by performance, now or hereafter in
existence, and all documents of title or other documents representing any of the foregoing, and all collateral security and guaranties of any kind, now or hereafter in existence, given by any Person
with respect to any of the foregoing. 

        "Account
Debtor" shall mean any Person who is obligated under an Account. 

        "Advance"
shall mean a borrowing under the Revolving Facility. Any amounts paid by Lender on behalf of Borrower or any Guarantor under any Loan Document
shall be an Advance for purposes of the Agreement. 

        "Affiliate"
shall mean, as to any Person, any other Person (a) that, directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person, (b) who is a director or officer (i) of such Person, (ii) of any Subsidiary of such Person, or (iii) of any
Person described in clause (a) above with respect to such Person, or (c) which, directly or indirectly through one or more intermediaries, is the beneficial or record owner (as defined
in Rule 13d-3 of the Securities Exchange Act of 1934, as amended, as the same is in effect on the date hereof) of five percent (5%) or more of any class of the outstanding voting
stock, securities or other equity or ownership interests of such Person. For purposes of this definition, the term "control" (and the correlative terms, "controlled by" and "under common control
with") shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies, whether through ownership of securities or other interests, by
contract or otherwise. 

        "Applicable
Rate" shall mean the interest rates applicable from time to time to Advances under the Agreement. 

        "Borrowing
Base" shall mean, as of any date of determination, the net collectible U.S. Dollar value of the sum of (i) eighty-five percent
(85%) of the Eligible Billed Receivables and (ii) fifty percent (50%) of the Eligible Unbilled Receivables, as such are set forth, as determined with reference to the most recent Borrowing
Certificate and otherwise in accordance with the Agreement; provided, however, that if as of such date the most recent Borrowing Certificate is of a date more than four
Business Days before or after such date, the Borrowing Base shall be adjusted accordingly. 

        "Borrowing
Certificate" shall mean a Borrowing Certificate substantially in the form of Exhibit A. 

        "Business
Day" shall mean any day other than a Saturday, Sunday or other day on which the Federal Reserve or Lender is closed. 

        "Capital
Lease" shall mean, as to any Person, a lease of any interest in any kind of property or asset by that Person as lessee that is, should be or should
have been recorded as a "capital lease" in accordance with GAAP. 

        "Capitalized
Lease Obligations" shall mean all obligations of any Person under Capital Leases, in each case, taken at the amount thereof accounted for as a
liability in accordance with GAAP. 

        "Change
of Control" shall mean, with respect to any Borrower or Guarantor, the occurrence of any of the following: (i) a merger, consolidation,
reorganization, recapitalization or share or interest exchange, sale or transfer or any other transaction or series of transactions in which its stockholders, 

43

 

managers, partners or interest holders immediately prior to such transaction or series of transactions receive, in exchange for the stock or interests owned by them, cash, property or securities of
the resulting or surviving entity or any Affiliate thereof, and, as a result thereof, Persons who, individually or in the aggregate, were holders of 50% or more of its voting stock, securities or
equity, partnership or ownership interests immediately prior to such transaction or series of transactions hold less than 50% of the voting stock, securities or other equity, partnership or ownership
interests of the resulting or surviving entity or such Affiliate thereof, calculated on a fully diluted basis, (ii) a direct or indirect sale, transfer or other conveyance or disposition, in
any single transaction or series of transactions, of all or substantially all of its assets, (iii) the initial public offering of its securities, or (iv) any "change in/of control" or
"sale" or "disposition" or similar event as defined in any document governing indebtedness of such Person which gives the holder of such indebtedness the right to accelerate or otherwise require
payment of such indebtedness prior to the maturity date thereof. 

        "Charter
and Good Standing Documents" shall mean, for each Borrower (i) a copy of the certificate of incorporation or formation (or other charter
document) certified as of a date satisfactory to Lender before the Closing Date by the applicable Governmental Authority of the jurisdiction of incorporation or organization of such Borrower,
(ii) a copy of the bylaws or similar organizational documents of certified as of a date satisfactory to Lender before the Closing Date by the corporate secretary or assistant secretary of such
Borrower, (iii) an original certificate of good standing as of a date acceptable to Lender issued by the applicable Governmental Authority of the jurisdiction of incorporation or organization
of such Borrower and of every other jurisdiction in which such Borrower has an office or conducts business or is otherwise required to be in good standing, and (iv) copies of the resolutions of
the Board of Directors or managers (or other applicable governing body) and, if required, stockholders, members or other equity owners authorizing the execution, delivery and performance of the Loan
Documents to which such Borrower is a party, certified by an authorized officer of such Person as of the Closing Date. 

        "Closing"
shall mean the satisfaction, or written waiver by Lender, of all of the conditions precedent set forth in the Agreement required to be satisfied
prior to the consummation of the transactions contemplated hereby. 

        "Closing
Date" shall mean the date of this Agreement. 

        "Collateral"
shall mean, collectively and each individually, all collateral and/or security granted to Lender by Borrower and/or Guarantors pursuant to the
Loan Documents. 

        "Collateral
Patent, Trademark and Copyright Assignment" shall mean any patent, trademark, or copyright assignment or acknowledgement executed by and between
Borrower and Lender, as such may be modified, amended or supplemented from time to time. 

        "Debtor
Relief Law" shall mean, collectively, the Bankruptcy Code of the United States of America and all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws from time to time in effect affecting the rights of creditors generally, as amended from
time to time. 

        "Default"
shall mean any event, fact, circumstance or condition that, with the giving of applicable notice or passage of time or both, would constitute or be
or result in an Event of Default. 

        "Deposit
Account" shall mean, collectively, the Lockbox Account and all bank or other depository accounts of either Borrower. 

        "Distribution"
shall mean any fee, payment, bonus or other remuneration of any kind, and any repayment of or debt service on loans or other indebtedness. 

        "Distribution
Agreement" shall mean the Distribution Agreement, dated as of August 31, 2000, between IMS Health Incorporated and Parent. 

44

 

        "Eligible
Billed Receivables" shall mean each Eligible Receivable arising in the ordinary course of business of Borrower that is evidenced by an invoice,
statement or other documentary evidence reasonably satisfactory to Lender that is dated. 

        "Eligible
Receivables" shall mean each Account arising in the ordinary course of Borrower's business from the sale of goods or rendering of Services unless: 

        (a)  it
is an Eligible Billed Receivable in connection with services provided to a particular Account Debtor, to the extent that it exceeds the aggregate of Unearned Revenue
for such Account Debtor, provided that, if the Unearned Revenue for an Account Debtor exceeds the aggregate Billed Receivables for such Account Debtor, then the eligible
Billed Receivable for such Project shall be zero (0); 

        (b)  it
is not subject to a valid perfected first priority security interest in favor of Lender, subject to no other Lien; 

        (c)  it
is not evidenced by an invoice, statement or other documentary evidence satisfactory to Lender; provided, that Lender in its sole
discretion may from time to time include as Accounts that are not evidenced by an invoice, statement or other documentary evidence satisfactory to Lender as Eligible Receivables and determine the
advance rate, liquidity factors and reserves applicable to Advances made on any such Accounts; 

        (d)  it
arises out of services rendered or a sale made to, or out of any other transaction between Borrower or any of its Subsidiaries and, one or more Affiliates of Borrower
or any of its Subsidiaries; 

        (e)  with
respect to Eligible Billed Receivables, it remains unpaid for longer than the earlier of (i) 60 calendar days after the first to occur of the claim date or
invoice date, and (ii) 90 calendar days after the applicable Services were rendered; 

        (f)    with
respect to all Accounts owed by any particular Account Debtor and/or its Affiliates, if more than fifty (50%) of the aggregate balance of all such Accounts owing
from such Account Debtor and/or its Affiliates remain unpaid for longer than the earlier of (i) 60 calendar days after the first to occur of the claim date or invoice date, and (ii) 90
calendar days after the applicable Services were rendered; 

        (g)  with
respect to all Accounts owed by any particular Account Debtor and/or its Affiliates, 40% or more of all such Accounts are not deemed Eligible Receivables for any
reason hereunder (which percentage may, in Lender's Permitted Discretion, be increased or decreased); 

        (h)  with
respect to all Accounts owed by any particular Account Debtor and/or its Affiliates, if such Accounts exceed 20% of the net collectible dollar value of all Eligible
Receivables at any one time (other than the Accounts owed by Novartis, Abbott Laboratories, and Bayer, which each shall not exceed 30% of the net collectible dollar value of all Eligible Receivables)
(which percentages may, in Lender's Permitted Discretion, be increased or decreased); 

        (i)    any
covenant, agreement, representation or warranty contained in any Loan Document with respect to such Account has been breached and remains uncured; 

        (j)    the
Account Debtor for such Account has commenced a voluntary case under any Debtor Relief Law or has made an assignment for the benefit of creditors, or a decree or
order for relief has been entered by a court having jurisdiction in respect of such Account Debtor in an involuntary case under any Debtor Relief Law, or any other petition or application for relief
under any Debtor Relief Law has been filed against such Account Debtor, or such Account Debtor has failed, suspended business, ceased to be solvent, called a meeting of its creditors, or has consented
to or suffered a receiver, trustee, liquidator or custodian to be appointed for it or for all or a significant portion of its 

45

 

assets or affairs, or Borrower, in the ordinary course of business, should have known of any of the foregoing; 

        (k)  it
arises from the sale of property or services rendered to one or more Account Debtors outside the continental United States or that have their principal place of
business or chief executive offices outside the continental United States; 

        (l)    it
represents the sale of goods or rendering of services to an Account Debtor on a bill-and-hold, guaranteed sale,
sale-and-return, sale on approval, consignment or any other repurchase or return basis or is evidenced by Chattel Paper or an Instrument of any kind or has been reduced to
judgment; 

        (m)  the
applicable Account Debtor for such Account is any Governmental Authority, unless rights to payment of such Account have been assigned to Lender pursuant to the
Assignment of Claims Act of 1940, as amended (31 U.S.C. Section 3727, et seq. and 41 U.S.C. Section 15, et seq.), or otherwise all with applicable statutes or regulations respecting the
assignment of government Accounts have been complied with; 

        (n)  it
is subject to any offset (deferred revenue), credit (including any resource or other income credit or offset) deduction, defense, discount, chargeback, freight claim,
allowance, adjustment, dispute or counterclaim, or is contingent in any respect or for any reason; 

        (o)  there
is any agreement with an Account Debtor for any deduction from such Account, except for discounts or allowances made in the ordinary course of business for prompt
payment, all of which discounts or allowances are reflected in the calculation of the face value of each invoice related thereto, such that only the discounted amount of such Account after giving
effect to such discounts and allowances shall be considered an Eligible Receivable; 

        (p)  any
return, rejection or repossession of goods or services related to it has occurred; 

        (q)  it
is not payable to Borrower; 

        (r)  Borrower
has agreed to accept or has accepted any non-cash payment for such Account; 

        (s)  with
respect to any Account arising from the sale of goods, the goods have not been shipped to the Account Debtor or its designee; or 

        (t)    with
respect to any Account arising from the performance of Services, the Services have not been actually performed or the Services were undertaken in violation of any
law; 

provided,
however, that such other specifications and requirements may be established from time to time by Lender, as determined in Lender's Permitted Discretion. 

        "Eligible
Unbilled Receivables" shall mean each Eligible Receivable arising in the ordinary course of business of Borrower that is not an Eligible Billed
Receivable and for which an invoice, statement or other billing document has not yet been created or sent; provided that any such receivable will cease to be an Eligible Unbilled Receivable on the
earlier of (i) the date on which it becomes evidenced by an invoice, statement or other documentary evidence of any kind, and (ii) 30 calendar days after the Services covered by such
Account were rendered. 

        "Environmental
Laws" shall mean, collectively and each individually,the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the
Superfund Amendment and Reauthorization Act of 1986, the Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Clean Air Act, the Clean Water Act, any other "Superfund" or
"Superlien" law and all other federal, state and local and foreign environmental, land use, zoning, health, chemical use, safety and sanitation laws, statutes, ordinances and codes relating to the
protection of the environment and/or governing the use, storage, treatment, generation, transportation, processing, handling, 

46

 

production or disposal of Hazardous Substances, in each case, as amended, and the rules, regulations, policies, guidelines, interpretations, decisions, orders and directives of Governmental
Authorities with respect thereto. 

        "ERISA"
shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 

        "Event
of Default" shall mean the occurrence of any event set forth in Article VIII. 

        "Excess
Cash Flow" shall mean, for any fiscal year, without duplication, an amount equal to the sum of (i) consolidated net income or loss of Borrower
for such period, plus (ii) an amount equal to the amount of depreciation expenses, amortization expense (including the amortization of goodwill), and all other
non-cash charges deducted in arriving at such consolidated net income or loss, plus (iii) an amount equal to the net loss on the sale, lease, transfer
or other disposition of assets by Borrower during such period to the extent deducted in arriving at such consolidated net income or loss, less (vi) an amount equal
to the permitted Capital Expenditures of Borrower for such period, less (vii) an amount equal to the sum of all regularly scheduled payments and optional and
mandatory prepayments of principal on Indebtedness for money borrower of Borrower (other than on the Loans) actually made during such period to the extent permitted hereunder,
less (viii) an amount equal to the net gain on the sale, lease, transfer or other disposition of assets by Borrower during such period to the extent included in
arriving at such consolidated net income or loss. 

        "Fair
Valuation" shall mean the determination of the value of the consolidated assets of a Person on the basis of the amount which may be realized by a
willing seller within a reasonable time through collection or sale of such assets at market value on a going concern basis to an interested buyer who is willing to purchase under ordinary selling
conditions in an arm's length transaction. 

        "Foreign
Subsidiaries" shall mean all of entities identified on Schedule 5.3 hereto as Foreign Subsidiaries. 

        "Funded
L/C Exposure" means the aggregate principal amount, as of any date of determination, of all payments that were made by Lender under any Letter of
Credit, but which have not been reimbursed to Lender by the Borrower or converted into Advances pursuant to the terms of this Agreement. 

        "GAAP"
shall mean generally accepted accounting principles in the United States of America in effect from time to time as applied by nationally recognized
accounting firms. 

        "Government
Account" shall be defined to mean all Accounts and Receivables arising out of or with respect to any Government Contract. 

        "Government
Contract" shall be defined to mean all contracts with the United States Government or with any agency thereof, and all amendments thereto. 

        "Governmental
Authority" shall mean any federal, state, municipal, national, local or other governmental department, court, commission, board, bureau, agency
or instrumentality or political subdivision thereof, or any entity or officer exercising executive, legislative or judicial, regulatory or administrative functions of or pertaining to any government
or any court, in each case, whether of the United States or a state, territory or possession thereof, a foreign sovereign entity or country or jurisdiction or the District of Columbia. 

        "Guarantor"
shall mean, collectively and each individually, all guarantors of the Obligations or any part thereof. 

        "Guaranty"
shall mean, collectively and each individually, all guarantees executed by any Guarantors. 

47

 

        "Hazardous
Substances" shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation,
polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, hazardous wastes, hazardous or toxic substances or related materials as defined in or subject to any
applicable Environmental Law. 

        "IM
Transaction" shall mean the proposed sale of Parent's Interactive Marketing business as contemplated by the Purchase Agreement. 

        "Indebtedness"
of any Person shall mean, without duplication, (a) all items which, in accordance with GAAP, would be included in determining total
liabilities as shown on the liability side of the balance sheet of such Person as of the date as of which Indebtedness is to be determined, including any lease which, in accordance with GAAP would
constitute Indebtedness, (b) all indebtedness secured by any mortgage, pledge, security, Lien or conditional sale or other title retention agreement to which any property or asset owned or held
by such Person is subject, whether or not the indebtedness secured thereby shall have been assumed, (c) all indebtedness of others which such Person has directly or indirectly guaranteed,
endorsed (otherwise than for collection or deposit in the ordinary course of business), discounted or sold with recourse or agreed (contingently or otherwise) to purchase or repurchase or otherwise
acquire, or in respect of which such Person has agreed to supply or advance funds (whether by way of loan, stock, equity or other ownership interest purchase, capital contribution or otherwise) or
otherwise to become directly or indirectly liable. 

        "Insurer"
shall mean a Person that insures another Person against any costs incurred in the receipt by such other Person of Services, or that has an
agreement with any Borrower to compensate it for providing Services to Borrower. 

        "Interim
Period" shall mean the period commencing on the Closing Date and ending on the earlier of (a) the consummation of the IM Transaction and
(b) October 31, 2003. 

        "Inventory"
shall mean all "inventory" (as defined in the UCC) of Borrower (or, if referring to another Person, of such other Person), now owned or hereafter
acquired, and all documents of title or other documents representing any of the foregoing, and all collateral security and guaranties of any kind, now or hereafter in existence, given by any Person
with respect to any of the foregoing. 

        "IRI
Action" shall mean the complaint filed in the United States District Court for the Southern District of New York on July 29, 1996 by Information
Resources, Inc. naming as defendants The Dun & Bradstreet Corporation, A C Nielsen Company, and IMS International, Inc. 

        "IRS
Contingent Liability" shall mean contingent liabilities of Borrower to the IRS relating to certain spin-off and global tax planning
initiatives by Borrower, its predecessors and former Affiliates, including, but not limited to, (a) the 1996 spin-off of Cognizant Corporation from The Dun & Bradstreet
Corporation, (b) the 1998 spin-off of IMS Health Incorporated from Cognizant Corporation, and (c) the utilization of certain capital losses in 1989 and 1990 by The
Dun & Bradstreet Corporation. 

        "L/C
Bank" means any bank that issues a Letter of Credit for the account of the Borrower. 

        "L/C
Exposure" means the sum, as of any date of determination, of the Unfunded L/C Exposure and the Funded L/C Exposure. 

        "Landlord
Waiver and Consent" shall mean a waiver/consent in form and substance satisfactory to Lender from the owner/lessor of any premises not owned by
Borrower at which any of the Collateral is now or hereafter located for the purpose of providing Lender access to such Collateral, in each case as such may be modified, amended or supplemented from
time to time. 

        "Lender
Collateral Account" means a general interest bearing deposit account established at and maintained by Lender and under the exclusive dominion and
control of Lender, into which Collateral 

48

 

in the form of cash shall be deposited for purposes of collateralizing Letter of Credit obligations as set forth herein, and as to which Lender has "control" pursuant to
Section 9-104 of the UCC. 

        "Letter
of Credit" means each letter of credit issued by Lender for or on behalf of Borrower, which (i) is a standby letter of credit, (ii) is
issued for the purpose for which Borrower has historically obtained letters of credit, or for such other purpose as is reasonably acceptable to Lender, and, in all cases, for a purpose permitted for
use of proceeds hereunder, (iii) is denominated in U.S. Dollars, (iv) is governed by the Uniform Customs and Practices for Documentary Credits (1993 Revision), International Chamber of
Commerce Publication 500, except as otherwise agreed by Lender, and (v) is in form reasonably satisfactory to Lender: 

        "Lien"
shall mean any mortgage, pledge, security interest, encumbrance, restriction, lien or charge of any kind (including any agreement to give any of the
foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof), or any other arrangement pursuant to which title to the property is retained by or vested in
some other Person for security purposes. 

        "Loan"
or "Loans" shall mean, individually and collectively, all Advances under the Revolving Facility. 

        "Loan
Documents" shall mean, collectively and each individually, the Agreement, the Notes, the Security Documents, the Lockbox Agreements, the Uniform
Commercial Code Financing Statements, the Subordination Agreement, the Landlord Waiver and Consents, the Borrowing Certificates, and all other agreements, documents, instruments and certificates
heretofore or hereafter executed or delivered to Lender in connection with any of the foregoing or the Loans, as the same may be amended, modified or supplemented from time to time. 

        "Lockbox
Accounts" shall mean the accounts maintained by Borrower at the Lockbox Banks into which all collections or payments on their Accounts and other
Collateral are paid. 

        "Material
Adverse Effect" or "Material Adverse Change" shall mean any event, condition or circumstance or set of events,
conditions or circumstances or any change(s) which (i) has, had or could reasonably be expected to have any material adverse effect upon or change in the validity or enforceability of any Loan
Document, (ii) has been or could reasonably be expected to be material and adverse to the value of any of the Collateral or to the business, operations, prospects, properties, assets,
liabilities or condition of Borrower and/or Guarantors, either individually or taken as a whole, or (iii) has materially impaired or could reasonably be expected to materially impair the
ability of any Borrower or Guarantor to perform the Obligations or to consummate the transactions under the Loan Documents executed by such Person. 

        "Note"
shall mean, collectively and each individually, the promissory note(s) payable to the order of Lender executed by Borrower evidencing the Revolving
Facility, as the same may be modified, amended or supplemented from time to time. 

        "Obligations"
shall mean all shall mean all present and future obligations, Indebtedness and liabilities of Borrower and/or Guarantors to Lender at any time
and from time to time of every kind, nature and description, direct or indirect, secured or unsecured, joint and several, absolute or contingent, due or to become due, matured or unmatured, now
existing or hereafter arising, contractual or tortious, liquidated or unliquidated, under any of the Loan Documents or otherwise relating to Notes and/or Loans, including, without limitation, all
applicable fees, charges and expenses and/or all amounts paid or advanced by Lender on behalf of or for the benefit of any Borrower and/or Guarantor for any reason at any time, including in each case
obligations of performance as well as obligations of payment and interest that accrue after the commencement of any proceeding under any Debtor Relief Law by or against any such Person. 

49

 

        "Payment
Office" shall mean initially the address set forth beneath Lender's name on the signature page of the Agreement, and thereafter, such other office
of Lender, if any, which it may designate by notice to Borrower to be the Payment Office. 

        "Permit"
shall mean collectively all licenses, leases, powers, permits, franchises, certificates, authorizations, approvals, certificates of need, provider
numbers and other rights. 

        "Permitted
Discretion" shall mean a determination or judgment made by Lender in good faith in the exercise of reasonable (from the perspective of a secured
lender) business judgment. 

        "Permitted
Subordinated Debt" shall mean (i) indebtedness owing by Borrower to certain of its Foreign Subsidiaries from time to time and which is
subject to the terms and conditions of the Subordination Agreement, and (ii) any other Indebtedness of Borrower (A) that is expressly subordinated to the Obligations on terms
satisfactory to Lender, (B) that matures by its terms no earlier than 6 months after the end of the Term with no scheduled principal payments permitted prior to such maturity, and
(C) that is evidenced by an indenture or other similar agreement that is in a form satisfactory to Lender in its sole discretion. 

        "Person"
shall mean an individual, a partnership, a corporation, a limited liability company, a business trust, a joint stock company, a trust, an
unincorporated association, a joint venture, a Governmental Authority or any other entity of whatever nature. 

        "Prime
Rate" shall mean a fluctuating interest rate per annum equal at all times to the rate of interest announced publicly from time to time by Citibank,
N.A. as its base rate; provided, that such rate is not necessarily the best rate offered to its customers, and, should Lender be unable to determine such rate, such other
indication of the prevailing prime rate of interest as may reasonably be chosen by Lender; provided, that each change in the fluctuating interest rate shall take effect
simultaneously with the corresponding change in the Prime Rate. 

        "Project"
shall mean any contract of Borrower to render Services to a client. 

        "Purchase
Agreement" shall mean the Purchase Agreement, dated as of March 16, 2003, between Cegedim S.A. and Parent 

        "Revolving
Facility Maturity Date" shall have the meaning assigned to such term in Section 2.2(b). 

        "Security
Documents" shall mean the Notes, this Agreement, Stock Pledge Agreements, Collateral Patent, Trademark, and Copyright Assignment, Lockbox
Agreements, Uniform Commercial Code Financing Statements and all other documents or instruments necessary to create or perfect the Liens in the Collateral, as such may be modified, amended or
supplemented from time to time. 

        "Services"
shall mean help desk, mobile user training, professional services, hardware services, implementation and support services provided by Borrower to
pharmaceutical companies pursuant to various agreements and other bona fide services rendered by Borrower reasonably related to the foregoing. 

        "Stock
Pledge Agreement" shall mean, collectively and each individually, (i) the US Pledge Agreement, (ii) the share charge or other equivalent
agreement, in form and substance satisfactory to Lender, executed and delivered after the Closing Date, by and among certain of Borrowers in favor of Lender pledging shares of stock or other equity
interests in all Borrowers and their Subsidiaries organized under the laws of the United Kingdom, and (iii) such other pledge agreements, share charges and equivalent agreements executed by any
Borrower or its Subsidiaries in favor of Lender, in each case as amended, restated, supplemented or otherwise modified from time to time. 

        "Subsidiary"
shall mean, (i) as to Borrower, any Person in which more than 50% of all equity, membership, partnership or other ownership interests is
owned directly or indirectly by Borrower or one or more of its Subsidiaries, and (ii) as to any other Person, any Person in which more than 50% of 

50

 

all equity, membership, partnership or other ownership interests is owned directly or indirectly by such Person or by one or more of such Person's Subsidiaries. 

        "Subordination
Agreement" shall mean the Subordination Agreement, dated as of the date hereof, executed and delivered by Borrowers and certain of their
Subsidiaries and Lender, as amended, restated, supplemented or otherwise modified from time to time. 

        "Term"
shall mean the period commencing on the date set forth on the first page hereof and ending on September 30, 2004. 

        "Termination
Fee" shall mean (for the time period indicated) the amount equal to (i) 1.0% of the Facility Cap, if the date of such termination by
Borrower is after the Closing Date but before the four (4) month anniversary of the Closing Date; and (ii) 1.5% of the Facility Cap, if the date of notice of such termination by Borrower
is on or after the four (4) month anniversary of the Closing Date. 

        "UCC"
shall mean the Uniform Commercial Code as in effect in the State of Maryland from time to time. 

        "Unearned
Revenue" shall mean with respect to any Project payments that Borrower has received from a client for services to be rendered by Borrower in the
future on such Project. 

        "Unfunded
L/C Exposure" means the maximum amount which Lender may be required, under all Letters of Credit outstanding as of any date of determination, to
pay on such date or at any future
time. Unfunded L/C Exposure shall not include any amounts outstanding within the meaning of Funded L/C Exposure. 

        "US
Pledge Agreement" shall mean that certain Stock Pledge Agreement, dated as of the Closing Date, by and among each Borrower that owns an equity interest
in any Subsidiary of Parent. 

51

QuickLinks

Exhibit 10.1

REVOLVING CREDIT AND SECURITY AGREEMENT

REVOLVING CREDIT AGREEMENT

TABLE OF CONTENTS

REVOLVING CREDIT AND SECURITY AGREEMENT

EXHIBITS

SCHEDULES

ANNEX I

FINANCIAL COVENANTS

APPENDIX A

DEFINITIONSQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.1    
  

AMERICREDIT OWNER TRUST 2003-1
  as Issuer 

and

BANK ONE, NA
  as Indenture Trustee 

INDENTURE  

Dated As Of March 18, 2003 

AmeriCredit
Owner Trust 2003-1

Receivables-Backed Notes, Series 2003-1 

   TABLE OF CONTENTS  

PRELIMINARY STATEMENT 

GRANTING
CLAUSE 

GENERAL
COVENANT 

	
 
	
 	

 
	
 	

Page

	ARTICLE I    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	2
	 	

Section 1.01.	
 	

Definitions	
 	

2
	 	Section 1.02.	 	Rules of Construction	 	2
	

ARTICLE II    THE NOTES	
 	

3
	 	

Section 2.01.	
 	

Forms; Denominations	
 	

3
	 	Section 2.02.	 	Execution, Authentication, Delivery and Dating	 	3
	 	Section 2.03.	 	Acknowledgment of Receipt of the Receivables	 	4
	 	Section 2.04.	 	The Notes Generally	 	4
	 	Section 2.05.	 	Registration of Transfer and Exchange of Notes	 	5
	 	Section 2.06.	 	Mutilated, Destroyed, Lost or Stolen Notes	 	6
	 	Section 2.07.	 	Noteholder Lists	 	7
	 	Section 2.08.	 	Persons Deemed Owners	 	8
	 	Section 2.09.	 	Accounts	 	8
	 	Section 2.10.	 	Payments on the Notes	 	8
	 	Section 2.11.	 	Final Payment Notice	 	11
	 	Section 2.12.	 	Compliance with Withholding Requirements	 	12
	 	Section 2.13.	 	Cancellation	 	12
	 	Section 2.14.	 	Reserved	 	12
	 	Section 2.15.	 	Collateral Account	 	12
	 	Section 2.16.	 	Redemption of the Notes	 	13
	 	Section 2.17.	 	Securities Accounts	 	13

i

 

	

ARTICLE III    SATISFACTION AND DISCHARGE	
 	

16
	 	

Section 3.01.	
 	

Satisfaction and Discharge of Indenture	
 	

16
	 	Section 3.02.	 	Application of Trust Money	 	16
	

ARTICLE IV    EVENTS OF DEFAULT; REMEDIES	
 	

16
	 	

Section 4.01.	
 	

Events of Default	
 	

16
	 	Section 4.02.	 	Acceleration of Maturity; Rescission and Annulment	 	18
	 	Section 4.03.	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	 	19
	 	Section 4.04.	 	Remedies	 	21
	 	Section 4.05.	 	Application of Money Collected	 	21
	 	Section 4.06.	 	Limitation on Suits	 	21
	 	Section 4.07.	 	Unconditional Right of Noteholders to Receive Principal and Interest	 	22
	 	Section 4.08.	 	Restoration of Rights and Remedies	 	22
	 	Section 4.09.	 	Rights and Remedies Cumulative	 	22
	 	Section 4.10.	 	Delay or Omission Not Waiver	 	22
	 	Section 4.11.	 	Control by Noteholders	 	23
	 	Section 4.12.	 	Waiver of Past Defaults	 	23
	 	Section 4.13.	 	Undertaking for Costs	 	23
	 	Section 4.14.	 	Waiver of Stay or Extension Laws	 	24
	 	Section 4.15.	 	Sale of Trust Estate	 	24
	 	Section 4.16.	 	Action on Notes	 	25
	

ARTICLE V    THE INDENTURE TRUSTEE	
 	

25
	 	

Section 5.01.	
 	

Certain Duties and Responsibilities	
 	

25
	 	Section 5.02.	 	Notice of Defaults	 	28
	 	Section 5.03.	 	Certain Rights of Indenture Trustee	 	28
	 	Section 5.04.	 	Compensation and Reimbursement	 	29

ii

 

	 	Section 5.05.	 	Corporate Indenture Trustee Required; Eligibility	 	30
	 	Section 5.06.	 	Authorization of Indenture Trustee	 	31
	 	Section 5.07.	 	Merger, Conversion, Consolidation or Succession to Business	 	31
	 	Section 5.08.	 	Resignation and Removal; Appointment of Successor	 	31
	 	Section 5.09.	 	Acceptance of Appointment by Successor	 	32
	 	Section 5.10.	 	Unclaimed Funds	 	32
	 	Section 5.11.	 	Illegal Acts	 	33
	 	Section 5.12.	 	Communications by the Indenture Trustee	 	33
	 	Section 5.13.	 	Separate Indenture Trustees and Co-Trustees	 	33
	 	Section 5.14.	 	Hedge Agreements	 	34
	 	Section 5.15.	 	Article V Provisions	 	34
	

ARTICLE VI    REPORTS TO NOTEHOLDERS	
 	

34
	 	

Section 6.01.	
 	

Reports to Noteholders and Others	
 	

34
	 	Section 6.02.	 	Reserved	 	35
	 	Section 6.03.	 	Access to Certain Information	 	35
	

ARTICLE VII    PURCHASE OF ADDITIONAL RECEIVABLES	
 	

36
	 	

Section 7.01.	
 	

Purchase of Additional Receivables	
 	

36
	

ARTICLE VIII    SUPPLEMENTAL INDENTURES; AMENDMENTS	
 	

37
	 	

Section 8.01.	
 	

Supplemental Indentures or Amendments Without Consent of Noteholders	
 	

37
	 	Section 8.02.	 	Supplemental Indentures With Consent of Noteholders	 	37
	 	Section 8.03.	 	Delivery of Supplements and Amendments	 	38
	 	Section 8.04.	 	Execution of Supplemental Indentures, etc.	 	38
	

ARTICLE IX    COVENANTS; WARRANTIES	
 	

38
	 	

Section 9.01.	
 	

Maintenance of Office or Agency	
 	

38
	 	Section 9.02.	 	Existence	 	39

iii

 

	 	Section 9.03.	 	Payment of Taxes and Other Claims	 	39
	 	Section 9.04.	 	Validity of the Notes; Title to the Trust Estate; Lien	 	39
	 	Section 9.05.	 	Protection of Trust Estate	 	39
	 	Section 9.06.	 	Nonconsolidation	 	40
	 	Section 9.07.	 	Negative Covenants	 	41
	 	Section 9.08.	 	Reserved	 	41
	 	Section 9.09.	 	Issuer may Consolidate, Etc., only on Certain Terms	 	41
	 	Section 9.10.	 	Purchase of Notes	 	42
	 	Section 9.11.	 	Indemnification	 	42
	

ARTICLE X    MISCELLANEOUS	
 	

43
	 	

Section 10.01.	
 	

Execution Counterparts	
 	

43
	 	Section 10.02.	 	Compliance Certificates and Opinions, etc.	 	43
	 	Section 10.03.	 	Form of Documents Delivered to Indenture Trustee	 	44
	 	Section 10.04.	 	Acts of Noteholders	 	44
	 	Section 10.05.	 	Computation of Percentage of Noteholders	 	45
	 	Section 10.06.	 	Notice to the Indenture Trustee, the Issuer and Certain Other Persons	 	45
	 	Section 10.07.	 	Notices to Noteholders; Notification Requirements and Waiver	 	45
	 	Section 10.08.	 	Successors and Assigns	 	46
	 	Section 10.09.	 	Separability Clause	 	46
	 	Section 10.10.	 	Governing Law	 	46
	 	Section 10.11.	 	Effect of Headings and Table of Contents	 	46
	 	Section 10.12.	 	Benefits of Indenture	 	46
	 	Section 10.13.	 	Recording of Indenture	 	46
	 	Section 10.14.	 	Non-Recourse Obligation	 	46
	 	Section 10.15.	 	Inspection	 	47

iv

 

	 	Section 10.16.	 	Method of Payment	 	47
	 	Section 10.17.	 	No Recourse	 	47
	 	Section 10.18.	 	Bank One	 	48

	
Exhibit
 
	
 	

 
	
 	

 

	Exhibit A	 	Form of Note	 	 
	Exhibit B-1A	 	Form of Transferee Certificate for Transfers of Notes to Qualified Institutional Buyers	 	 
	Exhibit B-1B	 	Form of Transferee Certificate for Transfers of Notes to Institutional Accredited Investors	 	 
	Exhibit C	 	Form of Payment Date Report	 	 

v

        INDENTURE, dated as of March 18, 2003, between AMERICREDIT OWNER TRUST 2003-1, a Delaware statutory trust, as issuer (the "Issuer"), and BANK ONE, NA, a national
banking association, not in its individual capacity, but solely as Indenture Trustee (the "Indenture Trustee") under this Indenture. 

PRELIMINARY STATEMENT  

        The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its AmeriCredit Owner Trust 2003-1
Receivables-Backed Notes, Series 2003-1 (the "Notes"). 

        All
things necessary to make the Notes, when the Notes are executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, the
valid and legally binding obligations of the Issuer enforceable in accordance with their terms, and to make this Indenture a valid and legally binding agreement of the Issuer enforceable in accordance
with its terms, have been done. 

GRANTING CLAUSE  

        The Issuer hereby Grants to the Indenture Trustee, at the Closing Date, for the benefit of the Secured Parties, all of the Issuer's right, title and interest in
and to (a) the Receivables; (b) an assignment of the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Issuer in
the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the
related Dealer Agreement or repurchased by 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 Auto Loan
Purchase and Sale Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any proceeds with respect to the Receivables from claims on any physical
damage, credit life or disability insurance policies covering Financed Vehicles or Obligors; (f) the Trust Accounts and all funds on deposit from time to time in the Trust Accounts, and in all
investments and proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the Issuer's rights and benefits, but none of its obligations or burdens, under the
Receivables Purchase and Contribution Agreement and each RPA Assignment thereunder, including the delivery requirements, representations and warranties and the cure and repurchase obligations of
AmeriCredit under the Receivables Purchase and Contribution Agreement and each RPA Assignment thereunder; (h) all items contained in the Receivable Files and any and all other documents
relating to the Receivables, the Obligors or the Financed Vehicles, (i) the Issuer's rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement
(including all rights of the Depositor under the Receivables Purchase and Contribution Agreement and each RPA Assignment thereunder assigned to
the Issuer pursuant to the Sale and Servicing Agreement); (j) the Issuer's rights and benefits, but none of its obligations or burdens, under any Hedge Agreement; (k) Retained
Securities; and (l) all present and future claims, demands, causes and choses of action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the
"Collateral" or the "Trust Estate"). 

        The
foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, and to secure compliance with the
provisions of this Indenture, all as provided in this Indenture. 

 

        The
Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with the terms
of the Indenture. 

GENERAL COVENANT  

        AND IT IS HEREBY COVENANTED AND DECLARED that the Notes are to be authenticated and delivered by the Indenture Trustee, that the Trust Estate is to be held by or
on behalf of the Indenture Trustee and that monies in the Trust Estate are to be applied by the Indenture Trustee for the benefit of the Secured Parties, subject to the further covenants, conditions
and trusts hereinafter set forth, and the Issuer does hereby represent and warrant, and covenant and agree, to and with the Indenture Trustee, for the equal and proportionate benefit and security of
each Secured Party, as follows: 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION 

        Section 1.01.    Definitions.  

        Whenever used in this Indenture, including in the Preliminary Statement, the Granting Clause and the General Covenant hereinabove set forth, capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to them in Annex A hereto or the Trust Agreement. 

        Section 1.02.    Rules of Construction.  

        For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

        (1)
the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

        (2)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as
otherwise herein expressly provided, the term "generally accepted accounting principles" with respect to any computation required or permitted hereunder means such accounting principles as are
generally accepted in the United States; 

        (3)
the word "including" shall be construed to be followed by the words "without limitation"; 

        (4)
article and section headings are for the convenience of the reader and shall not be considered in interpreting this Indenture or the intent of the parties hereto; 

        (5)
the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular article, section or other subdivision; and 

        (6)
the pronouns used herein are used in the masculine and neuter genders but shall be construed as feminine, masculine or neuter, as the context requires. 

2

 
ARTICLE II

THE NOTES 

        Section 2.01.    Forms; Denominations.  

        The Notes shall be substantially in the forms attached hereto as Exhibits A-1, A-2 and A-3 provided that any of the Notes may
be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of
this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Notes are admitted to trading, or to
conform to general usage. The Notes will be issued only in registered and certificated form. The Notes will be issuable only in denominations of not less than $100,000 and in integral multiples of
$0.01 in excess thereof. 

        Section 2.02.    Execution, Authentication, Delivery and Dating.  

        (a) The Notes shall be executed by manual or facsimile signature on behalf of the Issuer by any Authorized Officer of the Issuer. Notes bearing the manual or
facsimile signatures of individuals who were at any time the authorized officers of the Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. No
Note shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Note a certificate of authentication substantially in the form
provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Note shall be conclusive evidence, and the only evidence, that such Note has
been duly authenticated and delivered hereunder. All Notes shall be dated the date of their authentication. 

        (b)
Upon the written request of the Issuer, the Indenture Trustee shall and, at the election of the Indenture Trustee, the Indenture Trustee may appoint one or more agents (each an
"Authenticating
Agent") with power to act on its behalf and subject to its direction in the authentication of Notes in connection with transfers and exchanges under Sections 2.05 and 2.06, as fully to all intents and
purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate the Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent shall be deemed to be the authentication of Notes "by the Indenture Trustee." The Indenture Trustee shall be the initial Authenticating Agent. 

        Any
corporation, bank, trust company or association into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation, bank, trust
company or association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation, bank, trust company or association succeeding to
the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties
hereto or such Authenticating Agent or such successor corporation, bank, trust company or association. 

        Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the
agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such a termination, the
Indenture Trustee may, or at the direction of the Issuer shall, promptly appoint a successor Authenticating Agent, give written notice of such appointment to the Issuer and give notice of such
appointment to the Noteholders. Upon the resignation or termination of the Authenticating Agent and prior to the appointment of a successor, the Indenture Trustee shall act as Authenticating Agent. 

3

 

        Each
Authenticating Agent shall be entitled to all limitations on liability, rights of reimbursement and indemnities that the Indenture Trustee is entitled to hereunder as if it were the
Indenture Trustee. 

        Section 2.03.    Acknowledgment of Receipt of the Receivables.  

        (a) The Indenture Trustee, by its execution and delivery of this Indenture, acknowledges receipt by it of the Receivables, and all other assets delivered to it
and included in the Trust Estate, in good faith and without notice of any adverse claim, and declares that it holds and will hold such Receivables, and that it holds and will hold such other assets
included in the Trust Estate, on behalf of all present and future Noteholders. 

        (b)
The Indenture Trustee shall not be under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers relating to the
Receivables delivered to it to determine that the same are valid, legal, effective, genuine, enforceable, in recordable form, sufficient
or appropriate for the represented purpose or that they are other than what they purport to be on their face. 

        The
Indenture Trustee shall not assign, sell, dispose of or transfer any interest in the Receivables or any other asset constituting the Trust Estate (except as expressly provided
herein) or knowingly permit the Receivables or any other asset constituting the Trust Estate to be subjected to any lien, claim or encumbrance arising by, through or under the Indenture Trustee or any
Person claiming by, through or under the Indenture Trustee. 

        Section 2.04.    The Notes Generally.  

        (a) (i) The aggregate Note Principal Balance of the Class A Notes that may be authenticated and delivered under this Indenture is limited to
$875,000,000 (ii) the aggregate Note Principal Balance of the Class B Notes that may be authenticated and delivered under this Indenture is limited to $50,000,000 and (iii) the
aggregate Note Principal Balance of the Class C Notes that may be authenticated and delivered under this Indenture is limited to $30,000,000, except, in each case, for Notes authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05 and 2.06 below. 

        (b)
Each Note with the same alphabetical class designation shall rank pari passu with each other Note of such Class and be equally and ratably secured by the Trust Estate. All Notes with
the same alphabetical class designation shall be substantially identical except as to denominations and as expressly permitted in this Indenture. 

        (c)
Anything in this Indenture, the Note Purchase Agreement or the Notes to the contrary notwithstanding, the rights of the holders of the Class B Notes to payment by the Issuer
of interest on and principal of the Class B Notes and other amounts payable on the Class B Notes shall be subordinate and junior to the Class A Notes, to the extent and in the
manner set forth in this Indenture. If any Event of Default has occurred and has not been cured or waived and acceleration occurs in accordance with Article IV, the Class A Notes shall
be paid in full in Cash before any further payment or distribution is made on account of the Class B Notes. The Holders of the Class B Notes agree, for the benefit of the Holders of the
Class A Notes, not to cause the filing of a petition in bankruptcy against the Issuer for failure to pay to them amounts due under the Class B Notes or hereunder prior to the date which
is one year and one day (or, if longer, the applicable preference period) after the payment in full of principal of and interest on the Class A Notes. 

        (d)
Anything in this Indenture, the Note Purchase Agreement or the Notes to the contrary notwithstanding, the rights of the holders of the Class C Notes to payment by the Issuer
of interest on and principal of the Class C Notes and other amounts payable on the Class C Notes shall be subordinate and junior to the Class B Notes, to the extent and in the
manner set forth in this Indenture. If any Event of Default has occurred and has not been cured or waived and acceleration 

4

 

occurs in accordance with Article IV, the Class B Notes shall be paid in full in Cash before any further payment or distribution is made on account of the Class C Notes. The
Holders of the Class C Notes agree, for the benefit of the Holders of the Class B Notes, not to cause the filing of a petition in bankruptcy against the Issuer for failure to pay to them
amounts due under the Class C Notes or hereunder prior to the date which is one year and one day (or, if longer, the applicable preference period) after the payment in full of principal of and
interest on the Class B Notes. 

        (e)
This Indenture shall evidence a continuing lien on and security interest in the Trust Estate to secure the full payment of the principal, interest and other amounts on all the Notes,
which (except as otherwise expressly provided herein) shall in all respects be equally and ratably secured hereby without preference, priority or distinction on account of the actual time or times of
the authentication and delivery of such Notes. 

        Section 2.05.    Registration of Transfer and Exchange of Notes.  

        (a) At all times during the term of this Indenture, there shall be maintained at the office of a registrar appointed by the Issuer (the "Note Registrar") a
register (the "Note Register") in which, subject to such reasonable regulations as the Note Registrar may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and
exchanges of Notes as herein provided. The Indenture Trustee is hereby initially appointed (and hereby agrees to act in accordance with the terms hereof) as Note Registrar for the purpose of
registering Notes and transfers and exchanges of Notes as herein provided. The Indenture Trustee may appoint, by a written instrument delivered to the Issuer, any other bank or trust company to act as
Note Registrar under such conditions as the Indenture Trustee may prescribe, provided that the Indenture Trustee shall not be relieved of any of its duties or responsibilities hereunder as Note
Registrar by reason of such appointment. If the Indenture Trustee resigns or is removed in accordance with the terms hereof, the successor trustee shall immediately succeed to its predecessor's duties
as Note Registrar. The Issuer and the Noteholders shall have the right to inspect the Note Register or to obtain a copy thereof at all reasonable times upon reasonable prior notice, and to rely
conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register. 

        (b)
No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless that transfer, sale, pledge or other disposition is exempt from the registration
and/or qualification requirements of the 1933 Act and any applicable state securities laws, or is otherwise made in accordance with the 1933 Act and such state securities laws. If a transfer of any
Note is to be made without registration under the 1933 Act (other than in connection with the initial issuance thereof), then the Note Registrar shall refuse to register such transfer unless it
receives (and upon receipt, may conclusively rely upon) either (i) a certificate from the prospective transferee substantially in the form attached either as Exhibit B-1A
hereto or as Exhibit B-1B hereto; or (ii) an Opinion of Counsel reasonably satisfactory to the Issuer and the Indenture Trustee to the effect that such transfer may be made
without registration under the 1933 Act (which Opinion of Counsel shall not be an expense of the Trust Estate or of the Issuer, the Indenture Trustee or the Note Registrar in their respective
capacities as such), together with the written certifications as to the facts surrounding such transfer from the
Noteholder desiring to effect such transfer or such Noteholder's prospective transferee on which such Opinion of Counsel is based. None of the Issuer, the Indenture Trustee or the Note Registrar is
obligated to register or qualify any Notes under the 1933 Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or
interest therein without registration or qualification. Any Noteholder desiring to effect a transfer of Notes or interests therein shall, and does hereby agree to, indemnify the Issuer, the Indenture
Trustee, and the Note Registrar against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. 

5

 

        (c)
No transfer of a Note or any interest therein shall be made to any employee benefit plan or other retirement arrangement, including individual retirement accounts and annuities,
Keogh plans and bank collective investment funds, insurance company general separate accounts and other entities in which such plans, accounts or arrangements are invested, that is subject to ERISA or
the Code (each, a "Plan"), or to any Person who is directly or indirectly purchasing such Note or interest therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan, if any
such transfer will result in any prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. Accordingly, each purchaser of a Note will be required to certify that
either (i) no part of the assets to be used by it to acquire and hold the Notes constitutes assets of any Plan or (ii) one or more statutory or administrative exemptions applies, such
that its acquisition and holding of the Notes does not and will not constitute or otherwise result in a nonexempt prohibited transaction in violation of Section 406 of ERISA or
Section 4975 of the Code. 

        (d)
If a Person is acquiring any Note or interest therein as a fiduciary or agent for one or more accounts, such Person shall be required to certify that it has (i) sole
investment discretion with respect to each such account and (ii) full power to make the foregoing acknowledgments, representations, warranties, certifications and agreements with respect to
each such account as set forth in subsections (b) and (c) of this Section 2.05. 

        (e)
Subject to the preceding provisions of this Section 2.05, upon surrender for registration of transfer of any Note at the offices of the Note Registrar maintained for such
purpose, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of a like aggregate Note
Principal Balance. 

        (f)
At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of a like aggregate Note Principal Balance, upon surrender of the Notes to be
exchanged at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange, the Issuer shall execute and the Indenture Trustee shall authenticate
and deliver the Notes which the Noteholder making the exchange is entitled to receive. 

        (g)
Every Note presented or surrendered for transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer
in the form satisfactory to the Note Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing. 

        (h)
No service charge shall be imposed for any transfer or exchange of Notes, but the Issuer, the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

        (i)
All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its
standard procedures. 

        (j)
The Note Registrar or the Indenture Trustee shall provide to each of the Issuer and any Noteholder, upon reasonable written request and at the expense of the requesting party, an
updated copy of the Note Register. 

        Section 2.06.    Mutilated, Destroyed, Lost or Stolen Notes.  

        If any mutilated Note is surrendered to the Note Registrar, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in exchange
therefor, a new Note of the same principal amount and bearing a number not contemporaneously outstanding. 

        If
there shall be delivered to the Issuer, the Indenture Trustee and the Note Registrar (i) evidence to their satisfaction of the destruction (including mutilation tantamount to
destruction), loss or theft of any Note and the ownership thereof, and (ii) such security or indemnity as may be reasonably required 

6

 

by them to hold each of them, and any agent of any of them harmless, then, in the absence of notice to the Issuer or the Note Registrar that such Note has been acquired by a bona fide purchaser, the
Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of the same tenor and denomination registered in the same
manner, dated the date of its authentication and bearing a number not contemporaneously outstanding. 

        Upon
the issuance of any new Note under this Section 2.06, the Issuer, the Indenture Trustee and the Note Registrar may require the payment by the Noteholder of an amount
sufficient to pay or discharge any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the
Authenticating Agent and the Indenture Trustee) in connection therewith. 

        Every
new Note issued pursuant to this Section 2.06 in lieu of any destroyed, mutilated, lost or stolen Note shall constitute an original additional contractual obligation of the
Issuer, whether or not the destroyed, mutilated, lost or stolen Note shall be at any time enforceable by any Person, and such new Note shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder. 

        The
provisions of this Section 2.06 are exclusive and shall preclude (to the extent permitted by applicable law) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes. 

        Section 2.07.    Noteholder Lists.  

        The Note Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Noteholders, which list, upon request, will be made available to the Indenture Trustee insofar as the Indenture Trustee is no longer the Note Registrar. Upon written request of any Noteholder at the
Noteholder's expense made for purposes of communicating with other Noteholders with respect to their rights under this Indenture, the Note Registrar shall promptly furnish such Noteholder with a list
of the other Noteholders of record identified in the Note Register at the time of the request. Every Noteholder, by receiving such access, agrees with the Note Registrar that the Note Registrar will
not be held accountable in any way by reason of the disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived. 

7

   
        Section 2.08.    Persons Deemed Owners.    

        The
Issuer, the Indenture Trustee, the Note Registrar and any agents of any of them, may treat the Person in whose name a Note is registered as the owner of such Note for the purpose of
receiving payments of principal, interest and other amounts in respect of such Note and for all other purposes, whether or not such Note shall be overdue, and none of the Issuer, the Indenture
Trustee, the Note Registrar or any agents of any of them, shall be affected by notice to the contrary. 

        Section 2.09.    Accounts.    

        (a)    In
accordance with the Sale and Servicing Agreement, on or prior to the date hereof, the Indenture Trustee shall establish in its name, as Indenture Trustee, the
Collection Account, the Note Payment Account and the Collateral Account. The Note Payment Account and the Collateral Account may be sub-accounts of the Collection Account. All amounts
received by the Indenture Trustee, including, without limitation, any Retained Securities and amounts received from the Receivables Seller, shall be deposited into the Collection Account within one
(1) Business Day following receipt by the Indenture Trustee and shall be applied in accordance with the terms of this Indenture. In addition, the Receivables Seller or the Depositor may, from
time to time, deposit additional funds into the Collateral Account to be applied for the purposes set forth herein. 

        (b)    Upon
the satisfaction and discharge of this Indenture pursuant to Section 3.01 of this Indenture, including, without limitation, the payment in full of all
amounts due the Indenture Trustee under this Indenture and the other Basic Documents, the Indenture Trustee shall pay to the Issuer all amounts, if any, held by it remaining as part of the Trust
Estate. 

        Section 2.10.    Payments on the Notes.    

	(a)
	Subject
to Section 2.10(b), the Issuer agrees to pay 

        (i)    on
each Payment Date prior to the Maturity Date, interest on and principal of the Notes and other amounts payable on the Notes in the amounts and in accordance with the
priorities set forth in Section 2.10(c); and 

        (ii)    on
the Maturity Date, the entire Note Principal Balance of the Notes, together with all accrued and unpaid interest thereon and all other amounts due in respect of the
Notes. 

        Amounts
properly withheld under the Code by any Person from a payment to any holder of a Note of interest, principal or other amounts, or any such payment set aside on the Final Payment
Date for such Note as provided in Section 2.10(b), shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

        (b)    With
respect to each Payment Date, any interest, principal and other amounts payable on the Notes shall be paid to the Person that is the registered holder thereof at
the close of business on the related Record Date; provided, however, that interest, principal and other amounts payable at the Final Payment Date of any Note shall be payable only against surrender
thereof at the Corporate Trust Office of the Indenture Trustee. Payments of interest, principal and other amounts on the Notes shall be made on the applicable Payment Date other than the Final Payment
Date, subject to applicable laws and regulations, by wire transfer to such account as such Noteholder shall designate by written instruction received by the Indenture Trustee not later than the Record
Date related to the applicable Payment Date or otherwise by check mailed on or before the Payment Date to the Person entitled thereto at such Person's address appearing on the Note Register. The
Indenture Trustee shall pay each Note in whole or in part as provided herein on its Final Payment Date in immediately available funds from funds in the Note Payment Account as promptly as possible
after presentation to the Indenture Trustee of such Note at its Corporate Trust Office but shall initiate such payment no later than 3:00 p.m., New York City time, on the day of such
presentation, provided, that such presentation has been made no later than 1:00 p.m., New York City time. If presentation is made after 1:00 p.m., New 

8

 

York City time, on any day, such presentation shall be deemed to have been made on the immediately succeeding Business Day. 

        Except
as provided in the following sentence, if a Note is issued in exchange for any other Note during the period commencing at the close of business at the office or agency where such
exchange occurs on any Record Date and ending before the opening of business at such office or agency on the related Payment Date, no interest, principal or other amounts will be payable on such
Payment Date in respect of such new Note, but will be payable on such Payment Date only in respect of the prior Note. Interest, principal and other amounts payable on any Note issued in exchange for
any other Note during the period commencing at the close of business at the office or agency where such exchange occurs on the Record Date immediately preceding the Final Payment Date for such Notes
and ending on the Final Payment Date for such Notes, shall be payable to the Person that surrenders the new Note as provided in this Section 2.10(b). 

        All
payments of interest, principal and other amounts made with respect to any Class of Notes will be allocated pro rata among the
Outstanding Notes of such Class based on the initial Note Principal Balance thereof. 

        If
any Note on which the final payment was due is not presented for payment on its Final Payment Date, then the Indenture Trustee shall set aside such payment in a segregated account
separate from the Note Payment Account but which constitutes an Eligible Deposit Account, and the Indenture Trustee and the Issuer shall act in accordance with Section 5.10 in respect of the
unclaimed funds. 

        (c)    On
each Payment Date, relying solely on the information provided in the Servicer's Certificate, the Indenture Trustee shall deposit the Available Funds from the
Collection Account and the Collateral Account into the Note Payment Account and withdraw from the Note Payment Account and apply the Available Funds for such Payment Date for the following purposes
and in the following order of priority, in each case to the extent of remaining funds: 

        (i)    to
the Indenture Trustee and the Custodian, (A) an amount equal to the sum of the Indenture Trustee Fee and the Custodian Fee for such Payment Date, plus all
accrued and unpaid Indenture Trustee Fees and Custodian Fees, if any, for prior Payment Dates and (B) all amounts to which the Indenture Trustee and the Custodian are entitled to reimbursement
in accordance with this Indenture and the Custodian Agreement, not to exceed the Trustee and Custodian Cap; 

        (ii)    to
the Owner Trustee, (A) any Owner Trustee fees and expenses and any accrued fees and expenses of the Owner Trustee (to the extent such fees and expenses have
not been previously paid by AmeriCredit) and (B) all amounts to which the Owner Trustee is entitled to reimbursement in accordance with the Trust Agreement, not to exceed $100,000 in the
aggregate in any calendar year, provided that any amounts not paid in a calendar year due to such limitation may be paid in the subsequent calendar year (subject to the limitation applicable to such
subsequent calendar year); 

        (iii)    to
the Master Servicer, (A) all expenses incurred by the Master Servicer in the course of repossessing and liquidating Financed Vehicles into cash proceeds, not
to exceed the aggregate Liquidation Proceeds, (B) an amount equal to the sum of the Master Servicer Fee for such Payment Date, plus all accrued and unpaid Master Servicer Fees, if any, for
prior Payment Dates, (C) all other amounts to which the Master Servicer is entitled to reimbursement in accordance with the Basic Documents (including in its capacity as successor Servicer),
provided, however, that with respect to payments pursuant to subclauses (B) and (C), such total payments shall not exceed, for the first 48 Payment Dates following the Closing Date, $83,333 per
month, and for the 49thPayment Date through the 72nd Payment Date, $41,666 per month, provided that any amounts not paid in a month due to such limitation may be paid in
any subsequent month (subject to the limitation applicable to such subsequent month), provided, further, that any portion of the 

9

 

foregoing limitations that is not applied to the payment of reimbursements in the specified period may be applied to increase the limitation for any subsequent period, and (D) if the Master
Servicer is the successor Servicer, any Ancillary Payments for such Payment Date; 

        (iv)    to
the Servicer, (A) an amount equal to the sum of the Servicing Fee for such Payment Date, plus all accrued and unpaid Servicing Fees, if any, for prior Payment
Dates; (B) all amounts to which the Servicer is entitled to reimbursement in accordance with the Basic Documents, not to exceed $20,000 per month, provided that any amounts not paid in a month
due to such limitation may be paid in any subsequent month (subject to the limitation applicable to such subsequent month), and (C) any Ancillary Payments for such Payment Date; 

        (v)    to
any Hedge Counterparty, any amounts due to such Hedge Counterparty under the related Hedge Agreement (other than Default Termination Payments); 

        (vi)        during
the Facility Period: 

	(A)
	to
the Class A Noteholders, an amount equal to the sum of the Interest Distributable Amount for the Class A Notes for such Payment Date, plus any Interest Carryover
Shortfall, if any, for prior Payment Dates;

	(B)
	to
the Noteholders and the other Indemnified Parties (other than the Class B Noteholders, the Indenture Trustee, the Custodian, the Owner Trustee, the Securities Intermediary,
the Master Servicer and the Servicer), any amounts then due to Noteholders and such Indemnified Parties under any of the Basic Documents (and not otherwise payable pursuant to another subclause of
this Section 2.10(c)(vi));

	(C)
	to
the Depositor, an amount equal to the Sales Price of any Receivables to be acquired by the Issuer and Granted to the Indenture Trustee pursuant to this Indenture on such Payment
Date;

	(D)
	to
the Class A Noteholders, in respect of principal of the Class A Notes, an amount equal to the Overcollateralization Shortfall on such Payment Date, taking into
account any Receivables to be acquired by the Issuer and Granted to the Indenture Trustee pursuant to this Indenture on such Payment Date;

	(E)
	to
the Noteholders (other than the Class B Noteholders), an amount equal to all Hedging Costs incurred by the Noteholders (other than the Class B Noteholders) in respect
of the Receivables and not previously reimbursed;;

	(F)
	to
the Indenture Trustee, the Custodian, the Owner Trustee, the Securities Intermediary, the Custodian and the Master Servicer, all reasonable fees, expenses and indemnities to which
each of the Indenture Trustee, the Owner Trustee, the Securities Intermediary, the Custodian and the Master Servicer is entitled to payment and has not been previously reimbursed pursuant to
Section 2.10(c)(i), (ii) or (iii) above (to the extent expressly set forth under this Indenture or the other Basic Documents);

	(G)
	to
the Servicer, all reasonable expenses and indemnities to which the Servicer is entitled to payment and has not been previously reimbursed pursuant to
Section 2.10(c)(iv) above (to the extent expressly set forth under this Indenture or the other Basic Documents);

	(H)
	to
the Hedge Counterparties, any Default Termination Payments; and

	(I)
	to
the Certificateholders, the remaining Available Funds; 

10

 

        (vii)    following
the Facility Termination Date: 

	(A)
	to
the Class A Noteholders, an amount equal to the sum of the Interest Distributable Amount for the Class A Notes for such Payment Date, plus any Interest Carryover
Shortfall, if any, for prior Payment Dates;

	(B)
	to
the Noteholders and the other Indemnified Parties (other than the Class B Noteholders, the Indenture Trustee, the Custodian, the Owner Trustee, the Securities Intermediary,
the Master Servicer and the Servicer), any amounts then due to such Noteholders and such Indemnified Parties under any of the Basic Documents (and not otherwise payable pursuant to another subclause
of this Section 2.10(c)(vii));

	(C)
	to
the Class A Noteholders, in respect of principal of the Class A Notes, until the Note Principal Balance of the Class A Notes is reduced to zero;

	(D)
	to
the Noteholders and AmeriCredit, an amount equal to all Hedging Costs incurred by the Noteholders and AmeriCredit, respectively, in respect of the Receivables and not previously
reimbursed;

	(E)
	to
the Class B Noteholders, first, an amount equal to the sum of the Interest Distributable Amount for the Class B Notes for such Payment Date, plus any Interest
Carryover Shortfall, if any for prior Payment Dates, then, in respect of principal of the Class B Notes, until the Note Principal Balance of the Class B Notes is reduced to zero;

	(F)
	to
the Class C Noteholders, first, an amount equal to the sum of the Interest Distributable Amount for the Class C Notes for such Payment Date, plus any Interest
Carryover Shortfall, if any for prior Payment Dates, then, in respect of principal of the Class C Notes, until the Note Principal Balance of the Class C Notes is reduced to zero;

	(G)
	to
the Persons entitled thereto, any amounts payable by the Issuer pursuant to this Indenture or the other Basic Documents;

	(H)
	to
the Hedge Counterparties, any Default Termination Payments; and

	(I)
	to
the Certificateholders, the remaining Available Funds. 

        Notwithstanding
the foregoing, the Redemption Price paid in connection with the redemption of the Notes in accordance with Section 2.16(b) or (c) shall be applied for the
foregoing purposes without payment of any amounts due to the Class B Noteholders or the Certificateholders. 

        Section 2.11.    Final Payment Notice.    

        (a)    Notice
of final payment under Section 2.10(b) shall be given by the Indenture Trustee not later than the 5th day prior to the Final Payment Date to each
Noteholder as of the close of business on the Record Date preceding the Final Payment Date at such Noteholder's address appearing in the Note Register, and also to the Initial Noteholder and the
Issuer. 

        (b)    All
notices of final payment in respect of the Notes shall state (i) the Final Payment Date, (ii) the amount of the final payment for such Notes and
(iii) the place where such Notes are to be surrendered for payment, which shall be the Corporate Trust Office of the Indenture Trustee. 

        (c)    Notice
of final payment of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of final payment, or
any defect therein, to any Noteholder shall not impair or affect the validity of the final payment of any other Note. 

11

 

        Section 2.12.    Compliance with Withholding Requirements.    

        (a)    Notwithstanding
any other provision of this Indenture, the Indenture Trustee shall comply with all Federal withholding requirements with respect to payments to
Noteholders of interest, original issue discount, or other amounts that the Indenture Trustee reasonably believes are applicable under the Code. The consent of Noteholders shall not be required for
any such withholding. 

        (b)    Notwithstanding
anything to the contrary herein, if at any time or from time to time taxes, levies, imposts, deductions, charges or withholdings ("Taxes") are required
to be deducted or withheld from the payments required to be made to any Noteholder hereunder (other than the Class B Noteholders), all payment required to be made by the Issuer hereunder
(including any additional amounts that may be payable pursuant to this clause (b)) shall be increased to the extent required so that the net amount received by any such Noteholder (other than
the Class B Noteholders) after the deduction or withholding of Taxes will be not less than the full amount that would otherwise have been receivable had no such deduction or withholding been
imposed. 

        Section 2.13.    Cancellation.    

        The
Issuer may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly canceled by the Note Registrar. 

        All
Notes delivered to the Indenture Trustee for payment shall be forwarded to the Note Registrar. All such Notes and all Notes surrendered for transfer and exchange in accordance with
the terms hereof shall be canceled and disposed of by the Note Registrar in accordance with its customary procedures. 

        Section 2.14.    Reserved.    

        Section 2.15.    Collateral Account.    

        (a)    On
the Closing Date, the Receivables Seller shall wire transfer $135,000 to the Indenture Trustee for deposit into the Collateral Account. On the Payment Date following
the issuance of a Trust Receipt with respect to all of the Custodian Files relating to the Receivables transferred on the Closing Date (other than Custodian Files that have been released to the
Servicer in accordance with the Custodian Agreement), as certified to the Indenture Trustee by the Servicer, the Indenture Trustee shall deposit the $135,000 into the Note Payment Account to be
applied to the payment of the Custodian Fee related to the Custodian's review of the Custodian Files relating to the Receivables transferred on the Closing Date. Such amount shall be applied for such
purpose without regard to, and shall not be counted towards, the annual limitation on Custodian expenses set forth in Section 2.10(c)(i). 

        (b)    The
Indenture Trustee shall deposit or cause to be deposited in the Collateral Account any amounts contributed by the Receivables Seller or the Depositor at the
discretion of the Receivables Seller and the Depositor, to the Issuer for deposit into the Collateral Account. If, on any Payment Date during the Funding Period, the Available Funds for such Payment
Date is insufficient to pay the amounts required to be paid pursuant to clauses (i) through (vi)(E) of Section 2.10(c) or, on any Payment Date after the Facility Period, the Available
Funds is insufficient to pay any of the amounts required to be paid pursuant to clauses (i) through (vii)(D) or clause (vii)(F), the Indenture Trustee shall withdraw the amount of such
shortfall from the Collateral Account and deposit the same into the Note Payment Account to be applied to the payment of such items, provided that the Indenture Trustee shall not apply any such
amounts to the payment to AmeriCredit of amounts due pursuant to clauses (vi)(E) or (vii)(D). If there are remaining funds in the Collateral Account following the payment of such items, the Indenture
Trustee shall withdraw the amount of such shortfall from the 

12

 

Collateral Account and deposit the same into the Note Payment Account to be applied to the payment of any amounts due pursuant to Section 2.10(c). 

        Upon
payment in full of all of the Issuer Obligations, the Indenture Trustee shall release all amounts remaining in the Collateral Account to or at the direction of the Issuer. 

        Section 2.16.    Redemption of the Notes.    

        (a)    Except
as set forth in clauses (b) or (c) hereof, the Notes shall not, either individually or collectively, be subject to mandatory or optional redemption
by the Issuer or any other Person after the issuance thereof. 

        (b)    On
any Payment Date following the Facility Termination Date on which the aggregate Note Principal Balance of the Notes is less than or equal to 10% of the Note Principal
Balance as of the end of the Facility Period, the Servicer may effect the early redemption of the Notes by purchasing all of the Receivables remaining in the Trust Estate at such time at the
Redemption Price. The Servicer shall
give written notice (a "Notice of Repurchase") of its intent to effect the early redemption of the Notes pursuant to this Section 2.16(b) to the Indenture Trustee, the Issuer and the
Noteholders at least 30 days prior to the Payment Date on which such payment shall be made. 

        (c)    On
any date following the Facility Termination Date through and including the Redemption Termination Date, or on any date on which the Trust Estate consists of Retained
Securities only, upon the direction of the Certificateholders, the Issuer may provide written notice (the "Redemption Notice") to the Indenture Trustee and the Noteholders of its election to effect
the early redemption of the Notes on the date, not later than the fifth Business Day after delivery of the Redemption Notice, specified in the Redemption Notice (the "Redemption Date"). Not later than
10:00 a.m. New York City time on the Redemption Date, the Issuer shall pay the Redemption Price to the Indenture Trustee and the Indenture Trustee shall apply the Redemption Price in accordance
with Section 2.10(c). 

        Section 2.17.    Securities Accounts    

        (a)    The
Issuer and the Indenture Trustee hereby appoint Bank One, NA as securities intermediary (in such capacity, the "Securities Intermediary") with respect to each of the
Trust Accounts. The Security Entitlements and all Financial Assets credited to the Trust Accounts, including without limitation all amounts, securities, investments, Financial Assets, investment
property and other property from time to time deposited in or credited to such account and all proceeds thereof, held from time to time in the Trust Accounts will continue to be held by the Securities
Intermediary for the Indenture Trustee for the benefit of the Secured Parties. Upon the termination of this Indenture, the Indenture Trustee shall inform the Securities Intermediary of such
termination. By acceptance of their Notes or interests therein, the Noteholders and all beneficial owners of Notes shall be deemed to have appointed Bank One, NA as Securities Intermediary. Bank One,
NA hereby accepts such appointment as Securities Intermediary. 

        (i)    With
respect to any portion of the Trust Estate that is credited to the Trust Accounts, the Securities Intermediary agrees that: 

        (A)    with
respect to any portion of the Trust Estate that is held in deposit accounts, each such deposit account shall be subject to the security interest granted pursuant to
this Indenture, and the Securities Intermediary shall comply with instructions originated by the Indenture Trustee directing dispositions of funds in the deposit accounts without further consent of
the Issuer and otherwise shall be subject to the exclusive custody and control of the Securities Intermediary, and the Securities Intermediary shall have sole signature authority with respect thereto; 

        (B)    the
sole assets permitted in the Trust Accounts shall be those that the Securities Intermediary agrees to treat as Financial Assets; 

13

 

        (C)    any
portion of the Trust Estate that is, or is treated as, a Financial Asset shall be physically delivered (accompanied by any required endorsements) to, or credited to
an account in the name of, the Securities Intermediary or other eligible institution maintaining any Trust Account in accordance with the Securities Intermediary's customary procedures such that the
Securities Intermediary or such other institution establishes a Security Entitlement in favor of the Indenture Trustee with respect thereto over which the Securities Intermediary or such other
institution has control; and 

        (D)    it
will use reasonable efforts to promptly notify the Indenture Trustee and the Issuer if any other Person claims that it has a property interest in a Financial Asset in
any Trust Account and that it is a violation of that Person's rights for anyone else to hold, transfer or deal with such Financial Asset. 

        (ii)    The
Securities Intermediary hereby confirms that (A) each Trust Account is an account to which Financial Assets are or may be credited, and the Securities
Intermediary shall, subject to the terms of this Indenture, treat the Indenture Trustee as entitled to exercise the rights that comprise any Financial Asset credited to any Trust Account,
(B) any portion of the Trust Estate in respect of any Trust Account will be promptly credited by the Securities Intermediary to such account, and (C) all securities or other property
underlying any Financial Assets credited to any Trust Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another
securities account maintained in the name of the Securities Intermediary, and in no case will any Financial Asset credited to any Trust Account be registered in the name of the Issuer, the Servicer,
the Depositor or the Receivables Seller, payable to the order of the Issuer, the Servicer, the Depositor or the Receivables Seller or specially endorsed to any of such Persons. 

        (iii)    If
at any time the Securities Intermediary shall receive an Entitlement Order from the Indenture Trustee directing transfer or redemption of any Financial Asset
relating to any Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Issuer, the Servicer, the Depositor, the Receivables Seller or any
other Person. If at any time the Indenture Trustee notifies the Securities Intermediary in writing that this Indenture has been discharged in accordance herewith, then thereafter if the Securities
Intermediary shall receive any order from the Issuer directing transfer or redemption of any Financial Asset relating to any Trust Account, the Securities Intermediary shall comply with such
Entitlement Order without further consent by the Indenture Trustee or any other Person. 

        (iv)    In
the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in any Trust Account or any
Financial Asset or Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Indenture Trustee.
The Financial Assets and Security Entitlements credited to the Trust Accounts will not be subject to deduction, set-off, banker's lien, or any other right in favor of any Person other than
the Indenture Trustee in the case of the Trust Accounts. 

        (v)    There
are no other agreements entered into between the Securities Intermediary in such capacity, and the Securities Intermediary agrees that it will not enter into any
agreement with, the Issuer, the Servicer, the Depositor, the Receivables Seller or any other Person with respect to any Trust Account. In the event of any conflict between this Indenture (or any
provision of this Indenture) and any other agreement now existing or hereafter entered into, the terms of this Indenture shall prevail. 

        (vi)    The
rights and powers granted herein to the Indenture Trustee have been granted in order to perfect its interest in the Trust Accounts and the Security Entitlements to
the Financial Assets credited thereto, and are powers coupled with an interest and will neither be affected by 

14

 

the bankruptcy of the Issuer, the Servicer, the Depositor or the Receivables Seller nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect until
the interest of the Indenture Trustee in the Trust Accounts and in such Security Entitlements, has been terminated pursuant to the terms of this Indenture and the Indenture Trustee has notified the
Securities Intermediary of such termination in writing. 

        (b)    Capitalized
terms used in this Section 2.17 and not defined herein shall have the meanings assigned to such terms in the New York UCC. For purposes of
Section 8-110(e) of the New York UCC, the "securities intermediary's jurisdiction" shall be the State of New York. 

        (c)    None
of the Securities Intermediary or any director, officer, employee or agent of the Securities Intermediary shall be under any liability to the Indenture Trustee or
the Secured Parties for any action taken, or not taken, in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Securities
Intermediary against any liability to the Indenture Trustee or the Secured Parties which would otherwise be imposed by reason of the Securities Intermediary's willful misconduct, bad faith or
negligence in the performance of its obligations or duties hereunder. The Securities Intermediary and any director, officer, employee or agent of the Securities Intermediary may rely in good faith on
any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Securities Intermediary shall be under no duty to inquire
into or investigate the validity, accuracy or content of such document. The Issuer shall indemnify the Securities Intermediary for and hold it harmless against any loss, liability or expense arising
out of or in connection with this Indenture and carrying out it duties hereunder, including the costs and expenses of defending itself against any claim of liability, except in those cases where the
Securities Intermediary has been guilty of bad faith, negligence or willful misconduct. The foregoing indemnification shall survive any termination of this Indenture. 

        (d)    Prior
to the date which is one year and one day, or if longer the applicable preference period then in effect, after the payment in full of all of the Notes, the
Securities Intermediary will not institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
other proceedings under any bankruptcy, insolvency, reorganization or similar law in any jurisdiction. 

15

   ARTICLE III

SATISFACTION AND DISCHARGE 

        Section 3.01.    Satisfaction and Discharge of Indenture.  

        This Indenture shall cease to be of further effect except as to (i) any surviving rights herein expressly provided for, including any rights of transfer or
exchange of Notes herein expressly provided for, (ii) in the case of clause (1)(B) below, the rights of the Noteholders hereunder to receive payment of the Note Principal Balance of and
interest on the Notes and any other rights of the Noteholders hereunder, and (iii) the provisions of Section 3.02 herein, when 

        (1)
either (A) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 2.06 and (ii) Notes for which payment of money has theretofore been deposited in the Note Payment Account by the Indenture Trustee and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 5.10) have been delivered to the Note Registrar for cancellation; or (B) all such Notes not theretofore delivered to the Note
Registrar for cancellation (i) have become due and payable, or (ii) will become due and payable on the next Payment Date, and in the case of clause (B)(i) or
(B)(ii) above, cash in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Note Registrar for cancellation or sufficient to pay the
Note Principal Balance thereof and any interest thereon accrued to the date of such deposit (in the case of Notes which have become due and payable) or to the end of the Accrual Period for the next
Payment Date has been deposited with the Indenture Trustee as trust funds in trust for these purposes; 

        (2)
the Issuer has paid or caused to be paid all other sums payable or reasonably expected to become payable by the Issuer to the Indenture Trustee and each of the Secured Parties; 

        (3)
the Issuer has delivered to the Indenture Trustee an Officer's Certificate of the Issuer stating that all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with; and 

        (4)
the Issuer has furnished to the Indenture Trustee a Tax Opinion with respect to the actions contemplated by this Section 3.01. 

        Notwithstanding
the foregoing, the obligations of the Issuer to the Indenture Trustee under Section 5.04 hereof and the obligations of the Indenture Trustee to the Noteholders
under Section 3.02 hereof shall survive satisfaction and discharge of this Indenture. 

        Section 3.02.    Application of Trust Money.  

        Subject to the provisions of Sections 2.10, 2.15 and 5.10, all Cash deposited with the Indenture Trustee pursuant to Section 3.01 shall be held in the Note
Payment Account and applied by the Indenture Trustee, in accordance with the provisions of the Notes and this Indenture to pay the Persons entitled thereto. 

ARTICLE IV

EVENTS OF DEFAULT; REMEDIES 

        Section 4.01.    Events of Default.  

        "Event of Default," wherever used herein with respect to the Notes, means any one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or 

16

 

involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

        (a)
any failure to pay all interest on and principal of any Class A Note when the same shall be due and payable (without regard to any limitation based on the Available Funds) or
any failure to pay all interest on and principal of the Class B and Class C Notes on the Maturity Date; or 

        (b)
any failure by the Issuer, the Servicer, the Receivables Seller or the Depositor to make (or cause to be made) any payment, transfer or deposit, or deliver (or cause to be delivered)
to the Indenture
Trustee any proceeds or payment required to be so delivered under the terms of this Indenture or any of the other Basic Documents; or 

        (c)
any failure on the part of the Issuer, the Servicer, the Depositor or the Receivables Seller duly to observe or perform any covenants or agreements of it in any of the Basic
Documents and such failure continues for a period of ten days; or 

        (d)
the entry of a decree or order for relief by a court or agency or supervisory authority having jurisdiction in respect of the Issuer, the Depositor, the Receivables Seller or
AmeriCredit Corp. for the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official in any insolvency, conservatorship, receivership, readjustment of
debt, marshalling of assets and liabilities or similar proceedings for the Issuer, the Depositor, the Receivables Seller or AmeriCredit Corp. or of any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Issuer, the Depositor, the Receivables Seller or AmeriCredit Corp.; or 

        (e)
the Issuer, the Depositor, the Receivables Seller or AmeriCredit Corp. shall voluntarily commence liquidation, consent to the appointment of a conservator or receiver or liquidator
or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Issuer, the Depositor, the Receivables Seller or
AmeriCredit Corp. or of or relating to all or substantially all of its property; or the Issuer, the Depositor, the Receivables Seller or AmeriCredit Corp. shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations; or 

        (f)
the Issuer or the Trust Estate shall have become subject to registration as an "investment company" within the meaning of the Investment Company Act; or 

        (g)
the Issuer shall fail to own the Trust Estate free and clear of liens other than the liens contemplated hereby or the Issuer shall fail to have granted to or maintained in the
Indenture Trustee a first priority perfected security interest in the Trust Estate; or 

        (h)
the Depositor sells, transfers, pledges or otherwise disposes of any of the Certificates or the Class B Notes, whether voluntarily or by operation of law, foreclosure or other
enforcement by a Person of its remedies against the Depositor; or 

        (i)
the Servicer fails to deposit the gross collections in respect of the Receivables to the Collection Account, except for nominal amounts as a result of inadvertence, error or
oversight, which are corrected within two Business Days; or 

        (j)
the Receivables Seller or the Servicer or the Master Servicer fails to deliver any of the Servicer Reports or Master Servicer Certificate, respectively required to be delivered under
any of the Basic Documents and such failure continues for two or more Business Days; or 

        (k)
an Overcollateralization Shortfall exists on any Payment Date following application of the Available Funds on such Payment Date; or 

        (l)
on any Payment Date prior to the Facility Termination Date, the Receivables Seller fails to sell and/or contribute Receivables to the Depositor or the Depositor fails to sell and/or
contribute 

17

 

Receivables to the Issuer with a Collateral Value not less than the sum of the Receivable Amortization Amount and the unpaid principal balance of all Delinquent Receivables on such Payment Date prior
to application of the Available Funds on such Payment Date minus the lesser of (i) $25,000,000 and (ii) the amount on deposit in the Collateral Account; or 

        (m)
any representation or warranty made or deemed made by or on behalf of the Issuer, the Depositor, the Receivables Seller or any of their respective Affiliates or by any officer of the
foregoing under or in connection with any Basic Document or under or in connection with any report, certificate, or other document delivered to the Master Servicer, the Indenture Trustee or the
Noteholders pursuant to any Basic Document shall have been incorrect or misleading in any respect when made or deemed made and the same remains unremedied for a period of ten days after notice of such
breach has been given to the Issuer by the Indenture Trustee or the Master Servicer; or 

        (n)
(i) any material provision of any Basic Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on or
enforceable against the Issuer, the Depositor, the Receivables Seller or any of their respective Affiliates intended to be a party thereto, (ii) the validity or enforceability of any Basic
Document shall be contested by the Issuer, the Depositor, the Receivables Seller or any of their respective Affiliates, (iii) a proceeding shall be commenced by the Issuer, the Depositor, the
Receivables Seller or any of their respective Affiliates or any Governmental Authority having jurisdiction over the Issuer, the Seller or any of their respective Affiliates, seeking to establish the
invalidity or unenforceability thereof, or (iv) the Issuer, the Depositor, the Receivables Seller or any of their respective Affiliates shall deny in writing that it has any liability or
obligation purported to be created under any Basic Document; or 

        (o)
the Receivables Seller, the Depositor or AmeriCredit Corp. or any of their Affiliates shall fail to pay any principal of or premium or interest on any Indebtedness having a principal
amount of $10,000,000 (or, in the case of the Depositor, $50,000) or greater, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other default under any agreement
or instrument relating to any such Indebtedness of the Receivables Seller, the Depositor or AmeriCredit Corp. or any
of their Affiliates, as applicable, or any other event, shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such
default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable or required to be prepaid
(other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each
case, prior to the stated maturity thereof; or 

        (p)
any failure of the Issuer, the Depositor or the Receivables Seller duly to observe or perform any covenants or agreements of it set forth in Section 4.16 of the Sale and
Servicing Agreement; or 

        (q)
any failure of the Receivables Seller or the Servicer to deliver any of the documents required to be delivered to the Custodian pursuant to the Custodian Agreement or
Section 3.3 of the Sale and Servicing Agreement within the times required to be delivered therein, other than exceptions that, taken as a whole, are immaterial and are remedied by the
Receivables Seller or the Servicer in accordance with Section 3.3 of the Sale and Servicing Agreement. 

        Section 4.02.    Acceleration of Maturity; Rescission and Annulment.  

        If an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee shall, at the direction of the Majority Noteholders,
declare all of the Notes to be immediately due and payable, by a notice in writing to the Issuer, and upon any such declaration the unpaid Note 

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Principal Balance of such Notes, together with accrued interest thereon through the date of acceleration, shall become immediately due and payable. 

        At
any time after such declaration of acceleration has been made and before a judgment or decree for payment of the money due in respect of the Notes has been obtained by the Indenture
Trustee as hereinafter provided in this Article IV, the Majority Noteholders, by written notice to the Issuer and to the Indenture Trustee, may rescind and annul such declaration and its
consequences if: 

        (a)    the
Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 

        (i)
all payments of principal of and interest on the Notes and all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such
acceleration had not occurred; and 

        (ii)
all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and counsel, in each case
incurred in connection with such Event of Default; and 

        (b)
all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by virtue of such acceleration, have been cured or waived as provided in
Section 4.12. 

        No
such rescission and annulment shall affect any subsequent default or impair any right consequent thereto. 

        Section 4.03.    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.  

        (a) If the Issuer fails to pay all amounts due upon an acceleration of the Notes under Section 4.02 forthwith upon demand and such declaration and its
consequences shall not have been rescinded and annulled, the Indenture Trustee, in its capacity as Indenture Trustee and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer or any other obligor upon such Notes and collect the
monies adjudged or decreed to be payable in the manner provided by law out of the Trust Estate, wherever situated, or may institute and prosecute such non-judicial proceedings in lieu of
judicial proceedings as are then permitted by applicable law. 

        (b)
If an Event of Default occurs and is continuing, the Indenture Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders under this
Indenture by such appropriate proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

        (c)
In case (x) there shall be pending, relative to the Issuer or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United
States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, (y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or shall have taken possession of the Issuer or its property or such Person or (z) there shall be pending a comparable judicial proceeding
brought by creditors of the Issuer or affecting the property of the Issuer, the Indenture Trustee, irrespective of whether the principal of or interest on any Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and
empowered, by intervention in such proceedings or otherwise: 

        (i)
to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be 

19

 

necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective attorneys, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a
result of willful misconduct, negligence or bad faith of the Indenture Trustee) and of the Noteholders allowed in such proceedings; 

        (ii)
unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in
any such proceedings; 

        (iii)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders
and of the Indenture Trustee on their and its behalf; and 

        (iv)
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any
judicial proceedings relative to the Issuer, its creditors and its property; and any trustee, receiver, liquidator, custodian or other similar official in any such proceeding is hereby authorized by
each of such Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the
Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective attorneys, and all other
expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of willful misconduct, negligence or bad faith of the
Indenture Trustee or predecessor Indenture Trustee. 

        (d)
Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any related Noteholder or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

        (e)
In any proceedings brought by the Indenture Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be
a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such proceedings. 

        (f)
In the event that the Indenture Trustee, following an Event of Default hereunder institutes proceedings to foreclose on the Trust Estate, the Indenture Trustee shall promptly give a
notice to that effect to each Noteholder. 

        (g)
All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its counsel, be for the ratable benefit of the Noteholders in
respect of which such judgment has been recovered, subject to the payment priorities of Section 2.10. 

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        Section 4.04.    Remedies.  

        If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable pursuant to Section 4.02 hereof and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may do one or more of the following: 

        (a)
institute, or cause to be instituted, Proceedings for the collection of all amounts then payable on or under this Indenture with respect to the Notes, whether by declaration of
acceleration or otherwise, enforce any judgment obtained, and collect from the Trust Estate monies adjudged due; 

        (b)
subject to the provisions of Section 4.15, sell, or cause to be sold, the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private
sales called and conducted in any manner permitted by applicable law, provided, however, that the Indenture Trustee shall give the Issuer written notice of any private sale called by or on behalf of
the Indenture Trustee pursuant to this Section 4.04(b) at least 10 days prior to the date fixed for such private sale; 

        (c)
institute, or cause to be instituted, Proceedings from time to time for the complete or partial foreclosure with respect to the Trust Estate; 

        (d)
exercise, or cause to be exercised, any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the
Indenture Trustee or the Holders of the Notes hereunder; and 

        (e)
maintain possession of the Trust Estate and, in its own name or in the name of the Issuer or otherwise, collect and otherwise receive in accordance with this Indenture any money or
property at any time payable or receivable on account of or in exchange for any of the Collateral; provided, however, that the Indenture Trustee shall not, unless required by law, sell or otherwise
liquidate all or any portion of the Trust Estate following any Event of Default except in accordance with Section 4.15. 

        Section 4.05.    Application of Money Collected.  

        Any money collected by the Indenture Trustee pursuant to this Article shall be deposited in the Note Payment Account and, on each Payment Date, shall be applied
in accordance with Section 2.10 hereof and, in case of the distribution of such money on account of the principal of or interest on the Notes, upon presentation and surrender of the Notes if
fully paid. 

        In
the event that the proceeds of any sale of any portion of the Trust Estate consist of Retained Securities, the Indenture Trustee shall retain such Retained Securities as part of the
Trust Estate and apply all collections in respect thereof in accordance with Section 2.10 or shall sell such Retained Securities, in either case, pursuant to the direction of the Majority
Noteholders. 

        Section 4.06.    Limitation on Suits.  

        Except as provided in Section 4.07, no Noteholder shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

        (1)
such Noteholder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

        (2)
the Majority Noteholders shall have made written request to the Indenture Trustee to institute proceedings in respect of such Event of Default in its own name as Indenture Trustee
hereunder; 

        (3)
such Noteholder or Noteholders have offered to the Indenture Trustee adequate indemnity or security satisfactory to the Indenture Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request; 

21

 

        (4)
the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity or security has failed to institute any such proceeding; 

        (5)
no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Majority Noteholders; and 

        (6)
an Event of Default shall have occurred and be continuing; it being understood and intended that no one or more of such Noteholders shall have any right in any manner whatever by
virtue of, or by availing itself or themselves of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Noteholders, or to obtain or to seek to obtain
priority or preference over any other of such Noteholders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such
Noteholders. Subject to the foregoing restrictions, the Noteholders may exercise their rights under this Section 4.06 independently. 

        Section 4.07.    Unconditional Right of Noteholders to Receive Principal and Interest.  

        Notwithstanding any other provision in this Indenture, following the Maturity Date, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payments of interest, principal and other amounts then due on such Note (subject to Section 2.10) and to institute suit for the enforcement of any such payment
(subject to Section 4.06), and such rights shall not be impaired without the consent of such Noteholder, unless a non-payment has been cured pursuant to Section 4.02. The
Issuer shall, however, be subject to only one consolidated lawsuit by the Noteholders, or by the Indenture Trustee on behalf of the Noteholders, for any one cause of action arising under this
Indenture or otherwise. 

        Section 4.08.    Restoration of Rights and Remedies.  

        If the Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued, waived, rescinded or abandoned for any reason, or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case, subject to any determination
in such proceeding, the Issuer, the Indenture Trustee and the Noteholders shall be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of
the Indenture Trustee and the Noteholders shall continue as though no such proceeding had been instituted. 

        Section 4.09.    Rights and Remedies Cumulative.  

        Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.06, no right or remedy
herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

        Section 4.10.    Delay or Omission Not Waiver.  

        No delay or omission of the Indenture Trustee, or any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Indenture or by law to the Indenture Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, to the extent permitted by applicable law, by the Indenture Trustee or the Noteholders, as the case may be. 

22

 

        Section 4.11.    Control by Noteholders.  

        The Noteholders holding more than 50% in aggregate Note Principal Balance of the Outstanding Class A Notes or, after the Class A Notes have been
paid in full, the Noteholders holding more than 50% in aggregate Note Principal Balance of the Outstanding Class C Notes (the "Majority Noteholders") shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee, provided, that such direction
shall not be in conflict with any rule of law or with this Indenture or involve the Indenture Trustee in personal liability and provided, further, that the Indenture Trustee may take any other action
deemed proper by the Indenture Trustee which is not inconsistent with such direction. Notwithstanding the foregoing, the Noteholders will not be required to provide, and the Indenture Trustee will not
be required to obtain, a Tax Opinion in the case of a direction by the Noteholders to the Indenture Trustee, following an Event of Default, to realize upon the Trust Estate by liquidating the
Collateral or otherwise. 

        Section 4.12.    Waiver of Past Defaults.  

        Prior to the acceleration of the Maturity Date of the Notes, the Majority Noteholders may on behalf of the Noteholders of all the Notes waive any past default
hereunder and its consequences, except a default 

        (1)
in the payment of principal of or interest on any Note, which waiver shall require the waiver by Noteholders holding 100% in aggregate Note Principal Balance of the Outstanding Notes
affected; or 

        (2)
in respect of a covenant or provision hereof which under Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Note affected, which
waiver shall require the waiver by each Holder of an Outstanding Note affected; 

        (3)
depriving the Indenture Trustee or any Noteholder of a lien or the benefit of a lien, as the case may be, upon any part of the Trust Estate, which waiver shall require the consent of
the Indenture Trustee or such Noteholder, as the case may be; or 

        (4)
depriving the Indenture Trustee of any fee, reimbursement for any expense incurred, or any indemnification to which the Indenture Trustee is entitled, which waiver shall require the
consent of the Indenture Trustee. 

        Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon. Any costs or expenses incurred by the Indenture Trustee in connection with such acceleration and prior to
such waiver shall be reimbursable to the Indenture Trustee in accordance with Section 2.10(c). 

        Section 4.13.    Undertaking for Costs.  

        All parties to this Indenture agree, and each Noteholder by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees and
expenses based on time expended, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of
this Section shall not apply to any suit instituted by the Issuer, or to any suit instituted by the Indenture Trustee, or to any suit instituted by any Noteholder, or group of Noteholders, holding in
the aggregate at least 25% in aggregate Note Principal Balance of Outstanding Notes or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of or interest on
any Note on or after the Maturity Date of such Note. 

23

   
        Section 4.14.    Waiver of Stay or Extension Laws.  

        The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim to take the
benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of such law and covenants that it will not hinder, delay or impede the exercise of any power herein granted to the
Indenture Trustee, but will suffer and permit the exercise of every such power as though no such law had been enacted. 

        Section 4.15.    Sale of Trust Estate.  

        (a) The power to effect any public or private sale of any portion of the Trust Estate pursuant to Section 4.04 hereof shall not be exhausted by any one or
more sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired until either the entire Trust Estate shall have been sold or all amounts payable on the Notes and under
this Indenture with respect thereto shall have been paid. The Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture
Trustee hereby expressly waives its right to any amount fixed by law as compensation for any such sale but such waiver does not apply to any amounts to which the Indenture Trustee is otherwise
entitled under Section 5.04 of this Indenture. 

        (b)
The Indenture Trustee shall not sell the Trust Estate, or any portion thereof, unless: 

        (i)
the Majority Noteholders consent to, or direct the Indenture Trustee to make, such sale; or 

        (ii)
the proceeds of such sale would be not less than the entire amount which would be payable to the Holders of the Notes, in full payment thereof, in accordance with
Section 4.05, on the Payment Date next succeeding the date of such sale, together with all other amounts due under this Indenture. 

        The
foregoing provisions of this Section 4.15 shall not preclude or limit the ability of the Indenture Trustee to purchase all or any portion of the Trust Estate at any sale,
public or private, and the purchase by the Indenture Trustee of all or any portion of the Trust Estate at any sale shall not be deemed a sale or disposition thereof for purposes of this
Section 4.15(b). 

        (c)
Unless the Holders of all Outstanding Notes have otherwise consented or directed the Indenture Trustee, at any sale of all or any portion of the Trust Estate at which a minimum bid
equal to or greater than the amount described in paragraph (ii) of subsection (b) of this Section 4.15 has not been established by the Indenture Trustee and no Person bids an
amount equal to or greater than such amount, the Indenture Trustee shall in accordance with paragraph (ii) of subsection (d) of this Section 4.15 bid an amount at least $1.00 more
than the highest other bid in order to preserve the Trust Estate. 

        (d)
In connection with a sale of all or any portion of the Trust Estate: 

        (i)
any Holder or Holders of Notes may bid for and purchase the property offered for sale, and upon compliance with the terms of sale may hold, retain and possess and dispose of such
property, without further accountability, and may, in paying the purchase money therefor, deliver any Outstanding Notes or claims for interest thereon in lieu of cash up to the amount which shall,
upon distribution of the net proceeds of such sale, be payable thereon, and such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the
Holders thereof after being appropriately stamped to show such partial payment; 

        (ii)
the Indenture Trustee may bid for and acquire the property offered for sale in connection with any sale thereof, and, in lieu of paying cash therefor, may make settlement for the
purchase price by crediting the gross sale price against the sum of (A) the amount which would be distributable to the Holders of the Notes as a result of such sale in accordance with
Section 4.05 

24

 

on the Payment Date next succeeding the date of such sale and (B) the expenses of the sale and of any Proceedings in connection therewith which are reimbursable to it, without being required
to produce the Notes in order to complete any such sale or in order for the net sale price to be credited against such Notes, and any property so acquired by the Indenture Trustee shall be held and
dealt with by it in accordance with the provisions of this Indenture; 

        (iii)
the Indenture Trustee shall execute and deliver, without recourse, an appropriate instrument of conveyance transferring its interest in any portion of the Trust Estate in
connection with a sale thereof; 

        (iv)
the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey the Issuer's interest in any
portion of the Trust Estate in connection with a sale thereof, and to take all action necessary to effect such sale; 

        (v)
no purchaser or transferee at such a sale shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the
application of any monies; and 

        (vi)
the Indenture Trustee shall hold as part of the Trust Estate, or sell, at the direction of the Majority Noteholder, any securities (including Retained Securities) or other
non-cash assets received in connection with the sale of any portion of the Trust Estate pursuant to this Article IV. Any collections or proceeds in respect of any such securities or
other non-cash assets shall be applied in accordance with Section 2.10(c) hereof. 

        Section 4.16.    Action on Notes.  

        The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of
any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate. 

ARTICLE V

THE INDENTURE TRUSTEE 

        Section 5.01.    Certain Duties and Responsibilities.  

        The Issuer hereby irrevocably constitutes and appoints the Indenture Trustee and any Responsible Officer thereof, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power and authority in place and stead of the Issuer and in the name of the Issuer or in its own name or in the name of a nominee,
from time to time in the Indenture Trustee's discretion, for the purpose of enforcing the rights, powers and remedies of the Issuer under the Receivables Purchase Agreement and to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Indenture and the Receivables Purchase and Contribution
Agreement, all as set forth in this Section. 

        (a)
The rights, duties and liabilities of the Indenture Trustee in respect of this Indenture shall be as follows: 

        (i)
The Indenture Trustee shall have the full power and authority to do all things not inconsistent with the provisions of this Indenture that it may deem advisable in order to enforce
the provisions hereof or to take any action with respect to a default or an Event of Default hereunder, or to institute, appear in or defend any suit or other proceeding with respect hereto, or to
protect the interests of the Noteholders. The Indenture Trustee shall not be answerable or accountable except for its own bad faith, willful misconduct or negligence. The Issuer shall prepare 

25

 

and file or cause to be filed, at the Issuer's expense, and, if required by the UCC, the Indenture Trustee shall execute, a UCC Financing Statement, describing the Issuer as debtor, the Indenture
Trustee as secured party and the Trust Estate as the collateral, in all appropriate locations promptly following the initial issuance of the Notes, and the Issuer shall prepare and file at each such
office, and, if required by the UCC, the Indenture Trustee shall execute, continuation statements with respect thereto, in each case within six months prior to each fifth anniversary of the original
filing. The Issuer is hereby authorized and obligated to make, at the expense of the Issuer, all required filings and refilings of which the Issuer becomes aware, necessary to preserve the liens
created by this Indenture to the extent not done by the Issuer as provided herein. The Indenture Trustee shall not be required to take any action to exercise or enforce the trusts hereby created
which, in the opinion of the Indenture Trustee, shall be likely to involve expense or liability to the Indenture Trustee, unless the Indenture Trustee shall have received an agreement satisfactory to
it in its sole reasonable discretion to indemnify it against such liability and expense. Except as otherwise expressly provided herein, the Indenture Trustee shall not be required to ascertain or
inquire as to the performance or observance of any of the covenants or agreements contained herein, or in the Receivables Purchase and Contribution Agreement or in any other instruments to be
performed or observed by the Issuer or any party to the Receivables Purchase and Contribution Agreement. 

        (ii)
Subject to the other provisions of this Article V, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders, or
other instruments furnished to the Indenture Trustee that are specifically required to be furnished pursuant to any provisions of this Indenture, shall examine them to determine whether they are on
their face substantially in the form required by this Indenture to the extent expressly set forth herein. If any such instrument is found on its face not to conform to the requirements of this
Indenture in a material manner, the Indenture Trustee shall take such action as it deems appropriate to have the instrument corrected, and if the instrument is not corrected to the Indenture Trustee's
reasonable satisfaction, the Indenture Trustee will provide notice thereof to the Noteholders. The Indenture Trustee may rely upon, and shall not incur any liability in acting upon, any signature,
notice, request, consent, certificate, opinion, report, statement, direction, approval, document, or other instrument reasonably believed by it to be genuine. In administering the trusts hereunder,
the Indenture Trustee may execute any of the trusts or powers hereunder directly or through its agents or attorneys, provided that it shall remain liable for the acts of all such agents and attorneys.
The Indenture Trustee may, subject to Section 5.04, consult with counsel, accountants and other professionals to be selected and employed by it, and the Indenture Trustee shall not be liable
for anything done, suffered or omitted in good faith by it in accordance with the advice of any such Person nor for any error of judgment made in good faith by a Responsible Officer. 

        (iii)
The Indenture Trustee shall not have any duty to make, arrange or ensure the completion of any recording, filing or registration of any instrument or other document (including any
UCC Financing Statements), or any amendments or supplements to any of said instruments or to determine if any such instrument or other document is in a form suitable for recording, filing or
registration, and the Indenture Trustee shall not have any duty to make, arrange or ensure the completion of the payment of any fees, charges or taxes in connection therewith. 

        (iv)
Whenever in performing its duties hereunder, the Indenture Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Indenture Trustee may, in the absence of bad faith on the part of the Indenture Trustee, rely upon (unless other evidence in respect thereof be specifically prescribed
herein) an Officer's Certificate of the Issuer, and such Officer's Certificate shall be full warrant to the Indenture Trustee for any action taken, suffered or omitted by it on the faith thereof. 

26

 

        (v)
The Indenture Trustee shall not have any obligations to see to the payment or discharge of any liens (other than the liens hereof) upon the Receivables, or to see to the application
of any payment of the principal of or interest on any note secured thereby or to the delivery or transfer to any Person of any property released from any such lien, or to give notice to or make demand
upon any mortgagor, mortgagee, trustor, beneficiary or other Person for the delivery or transfer of any such property. The Indenture Trustee (and any successor trustee or co-trustee in its
individual capacity) nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens or encumbrances on the Receivables arising as a
result of the Indenture Trustee (or such successor trustee or co-trustee, as the case may be) acting improperly in its capacity as Indenture Trustee (or such successor trustee or
co-trustee, as the case may be). 

        (vi)
The Indenture Trustee shall not be concerned with or accountable to any Person for the use or application of any deposited monies or of any property or securities or the proceeds
thereof that shall be released or withdrawn in accordance with the provisions hereof or of any property or securities or the proceeds thereof that shall be released from the lien hereof or thereof in
accordance with the provisions hereof or thereof and the Indenture Trustee shall not have any liability for the acts of other parties that are not in accordance with the provisions hereof. 

        (vii)
The Indenture Trustee shall monitor the Hedge Agreements and the compliance by each Hedge Counterparty with the eligibility requirements for such Hedge Counterparty set forth in
any Hedge Agreement. If a Hedge Counterparty is responsible for a default or event of default under a Hedge Agreement, the Indenture Trustee shall notify the Majority Noteholder of such default or
event of default and take any action as the Majority Noteholder may direct. 

        (b)
The rights, duties and liabilities of the Indenture Trustee in respect of the Receivables and this Indenture, in addition to those set forth in Section 5.01(a), shall be as
follows: 

        (i)
except during the continuance of an Event of Default with respect to the Notes, the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 

        (ii)
the Indenture Trustee may, in the absence of bad faith on its part, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the
requirements of this Indenture, to the extent expressly set forth herein. 

        (c)
Subject to Section 4.12 hereof, in case an Event of Default known to the Indenture Trustee with respect to the Notes has occurred and is continuing, the Indenture Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs. 

        (d)
No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own wilful
misconduct, except that 

        (i)
this subsection shall not be construed to limit the effect of subsections (a), (b) or (c) of this Section; (ii) the Indenture Trustee shall not be liable for any
error of judgment made in good faith by a Responsible Officer; 

        (ii)
the Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the directions of the Majority Noteholders,
relating to 

27

 

the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture
with respect to the Notes; and 

        (iii)
the Indenture Trustee shall not be charged with knowledge of a default in the observance of any covenant contained in Section 9.06 unless either (i) a Responsible
Officer of the Indenture Trustee shall
have actual knowledge of such default or (ii) written notice of such default shall have been given by the Issuer or by any Noteholder to and received by a Responsible Officer of the Indenture
Trustee. 

        (e)
Except with respect to the representations made by it in Section 5.06, the Indenture Trustee shall not make any representations as to the validity or sufficiency of this
Indenture, any Basic Document or the Trust Estate. 

        (f)
The Indenture Trustee shall not at any time have any responsibility or liability with respect to the legality, validity or enforceability of the Receivables. 

        (g)
None of the provisions contained in this Indenture shall in any event require the Indenture Trustee to expend or risk its own funds or otherwise incur personal financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder if there are reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 

        Section 5.02.    Notice of Defaults.  

        (a) The Indenture Trustee, promptly but not later than five (5) Business Days after a Responsible Officer of the Indenture Trustee acquires actual
knowledge of the occurrence of any default under this Indenture, shall notify the Issuer, the Noteholders and the Initial Noteholder of any such default, unless all such defaults known to the
Indenture Trustee shall have been cured before the giving of such notice or unless the same is rescinded and annulled, or waived by the Noteholders pursuant to Section 4.02 or
Section 4.12. For the purpose of this subsection (a), the term "default" means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the
Notes. 

        (b)
The Indenture Trustee also agrees, promptly but no later than five (5) Business Days after a Responsible Officer of the Indenture Trustee acquires actual knowledge of the
occurrence of any default or event of default under the Receivables Purchase Agreement, to notify the Issuer, the Noteholders and the Initial Noteholder of such default or event of default. 

        Section 5.03.    Certain Rights of Indenture Trustee.  

        Subject to the provisions of Section 5.01, in connection with this Indenture: 

        (a)
the Indenture Trustee may request and rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties as may be required by such party
or parties pursuant to the terms of this Indenture; 

        (b)
any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order; 

        (c)
whenever in the administration of this Indenture the Indenture Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer's Certificate; 

28

 

        (d)
the Indenture Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel rendered thereby shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

        (e)
the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders
pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by
it in compliance with such request or direction; 

        (f)
the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, note, debenture, note, coupon, other evidence of indebtedness or other paper or document, but the Indenture Trustee in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Issuer, personally or by agent or attorney; 

        (g)
the Indenture Trustee may, subject to Section 5.04, execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys of the Indenture Trustee, provided that it shall remain liable for the acts of all such attorneys and agents; 

        (h)
the Indenture Trustee shall not be required to provide any surety or note of any kind in connection with the execution or performance of its duties hereunder; 

        (i)
the Indenture Trustee is not required to take notice or deemed to have notice of any Default or Event of Default hereunder unless a Responsible Officer of the Indenture Trustee has
actual knowledge thereof or has received notice in writing of such Default or Event of Default from the Issuer, the Servicer, the Receivable Seller or the Majority Noteholder, and, in the absence of
such notice, may conclusively assume that no such Default or Event of Default exists; and 

        (j)
the permissive right of the Indenture Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 

        Section 5.04.    Compensation and Reimbursement.  

        (a) Subject to Section 5.04(b), the Issuer hereby agrees: 

        (1)
to pay or cause to be paid to the Indenture Trustee on a monthly basis, the Indenture Trustee Fee as compensation for all services rendered by it hereunder and under the other Basic
Documents (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and shall pay or cause to be paid to the Indenture Trustee
all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in connection with this Indenture, any Basic Document, the Receivables or the Notes, provided that the
Issuer shall have no obligation to pay the Indenture Trustee's overhead or other internal costs or expenses; 

        (2)
to reimburse, indemnify and hold harmless the Indenture Trustee and any director, officer, employee, agent, Affiliate or Control Person of the Indenture Trustee for any loss,
liability, expense or disbursements (including without limitation costs and expenses of litigation, and of investigation, reasonable counsel fees and expenses, damages, judgments and amounts paid in
settlement) incurred in connection with the acceptance of performance of the trusts and duties by the Indenture Trustee with respect to this Indenture, any Basic Document, the Receivables or the Notes
(other than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of duties, or as may arise from a breach of any representation or
warranty of the Indenture Trustee set forth herein). In the event the Indenture Trustee incurs expenses or renders services in any proceedings under applicable bankruptcy laws relating to the 

29

 

Issuer, the Servicer, the Receivables Seller, the Master Servicer or the Depositor, the expenses so incurred and compensation for services so rendered are intended to constitute expenses of
administration under such bankruptcy laws. 

        With
respect to any third party claim: 

        (i)
the Indenture Trustee shall give the Issuer, the Noteholders and the Initial Noteholder written notice thereof promptly after the Indenture Trustee shall have actual knowledge
thereof; provided, that failure to give any such notice shall not relieve the Issuer of any obligation hereunder; 

        (ii)
while maintaining control over its own defense, the Indenture Trustee shall cooperate and consult fully with the Issuer in preparing such defense; and 

        (iii)
notwithstanding the foregoing provisions of this Section 5.04(a), the Indenture Trustee shall not be entitled to reimbursement out of the Note Payment Account for settlement
of any such claim by the Indenture Trustee entered into without the prior consent of the Issuer and the Majority Noteholders, which consent shall not be unreasonably withheld. 

        The
Indenture Trustee agrees to fully perform its duties under this Indenture notwithstanding any failure on the part of the Issuer to make any payments, reimbursements or
indemnifications to the Indenture Trustee pursuant to this Section 5.04(a); provided, however, that (subject to Section 5.04(b)) nothing in this Section 5.04 shall be construed to
limit the exercise by the Indenture Trustee of any right or remedy permitted under this Indenture or any Basic Document in the event of the Issuer's failure to pay any sums due the Indenture Trustee
pursuant to this Section 5.04. 

        As
security for the performance of the obligations of the Issuer under this Section and under the Custodian Agreement, the Indenture Trustee and the Custodian are hereby granted a lien
on the Trust Estate payable from Available Funds in accordance with the priorities set forth in Section 2.10(c). 

        (b)
The obligations of the Issuer set forth in Section 5.04(a) are nonrecourse obligations solely of the Issuer and will be payable only from the Trust Estate in accordance with
Section 2.10(c). The Indenture Trustee hereby agrees that it has no rights or claims against the Issuer directly and shall only look to the Trust Estate to satisfy the Issuer's obligations
under Section 5.04(a). The Indenture Trustee also hereby agrees not to file or join in filing any petition in bankruptcy or commence any similar proceeding in respect of the Issuer. 

        Section 5.05.    Corporate Indenture Trustee Required; Eligibility.  

        The Issuer hereby agrees, for the benefit of the Noteholders, that there shall at all times be an Indenture Trustee hereunder which shall be a bank (within the
meaning of Section 2(a)(5) of the 1940 Act) organized and doing business under the laws of the United States or any State thereof, authorized
under such laws to exercise corporate trust powers, having aggregate capital, surplus and undivided profits of at least $100,000,000, and subject to supervision or examination by Federal or State
authority, the long term debt of which is rated not lower than "A" by any Rating Agency. If such bank publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the combined capital, surplus and undivided profits of such bank shall be deemed to be its combined capital, surplus and
undivided profits as set forth in its most recent report of condition so published. The Indenture Trustee shall at all times meet the requirements of Section 26(a)(1) of the 1940 Act and shall
in no event be an Affiliate of the Issuer or an Affiliate of any Person involved in the organization or operation of the Issuer or be directly or indirectly controlled by the Issuer. If at any time a
Responsible Officer of the Indenture Trustee becomes aware that the Indenture Trustee has ceased to be eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article. 

30

  

        Section 5.06.    Authorization of Indenture Trustee.    

        The
Indenture Trustee represents and warrants as to itself: that it is duly authorized under applicable law, its articles of association and its by-laws to execute and
deliver this Indenture, and to perform its obligations hereunder, including, without limitation, that it is duly authorized to accept the Grant to it for the benefit of the Noteholders of the Trust
Estate and is authorized to authenticate the Notes, and that all corporate action necessary or required therefor has been duly and effectively taken or obtained and all federal and state governmental
consents and approvals required with respect thereto have been obtained. 

        Section 5.07.    Merger, Conversion, Consolidation or Succession to Business.    

        Any
corporation, bank, trust company or association into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation, bank, trust
company or association resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any corporation, bank, trust company or association succeeding to all
or substantially all the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee hereunder, provided such corporation, bank, trust company or association
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

        Section 5.08.    Resignation and Removal; Appointment of Successor.    

        (a)    No
resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this Article shall become effective until
(i) the acceptance of appointment by the successor Indenture Trustee in accordance with the applicable requirements of Section 5.09 and (ii) repayment to the predecessor Indenture
Trustee of all unpaid fees and expenses. 

        (b)    The
Indenture Trustee may resign at any time by giving written notice thereof to the Issuer and the Initial Noteholder. If the respective instruments of acceptance by a
successor Indenture Trustee required by Section 5.09 shall not have been delivered to each such party within 30 days after the giving
of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of their respective successors. 

        (c)    The
Indenture Trustee may be removed at any time by the Majority Noteholders and notice of such action by the Noteholders shall be delivered to the Indenture Trustee and
the Issuer. 

        (d)    If
at any time: 

        (i)    the
Indenture Trustee shall cease to be eligible under Section 5.05, or the representations of the Indenture Trustee in Section 5.06 shall prove to be
untrue in any material respect, and the Indenture Trustee shall fail to resign after written request therefor by the Issuer or Noteholders of 10% of the aggregate Note Principal Balance of the
Outstanding Notes; or 

        (ii)    the
Indenture Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Indenture Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Indenture Trustee or its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then,
in any such case, (i) the Issuer, by an Issuer Order, may remove the Indenture Trustee, or (ii) subject to Section 4.13, any Noteholder may, on its own behalf and on behalf
of all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

        (e)    If
the Indenture Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Indenture Trustee for any cause, the
Issuer, by an Issuer Order, shall promptly remove the Indenture Trustee and appoint a successor Indenture Trustee who shall comply with the applicable requirements of Section 5.09. If, within
60 days after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee shall not have been appointed by the Issuer and shall not have accepted
such appointment in accordance with the 

31

 

applicable requirements of Section 5.09, then a successor Indenture Trustee shall be appointed by the Majority Noteholders by notice delivered to the Issuer and the retiring Indenture Trustee,
and the successor Indenture Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.09, become the successor
Indenture Trustee with respect to the Notes. 

        If,
within 120 days after such resignation, removal or incapacity, or the occurrence of such vacancy, no successor Indenture Trustee shall have been so appointed and accepted
appointment in the manner
required by Section 5.09, the resigning Indenture Trustee may, on its own behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Indenture Trustee. 

        (f)    The
Issuer shall give notice of any resignation or removal of the Indenture Trustee and the appointment of a successor Indenture Trustee by giving notice of such event
to the Noteholders. Each notice shall include the name of the successor Indenture Trustee and the address of its Corporate Trust Office. 

        Section 5.09.    Acceptance of Appointment by Successor.    

        In
case of the appointment hereunder of a successor Indenture Trustee, the successor Indenture Trustee so appointed shall execute, acknowledge and deliver to the Issuer and to the
retiring Indenture Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and such successor Indenture
Trustee without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Indenture Trustee; but, on the request of the Issuer or the
successor Indenture Trustee such retiring Indenture Trustee shall, upon payment of each of its fees, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights,
powers and trusts of the retiring Indenture Trustee shall duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such retiring Indenture Trustee
hereunder, shall take such action as may be requested by the Issuer to provide for the appropriate interest in the Trust Estate to be vested in such successor Indenture Trustee, but shall not be
responsible for the recording of such documents and instruments as may be necessary to give effect to the foregoing. 

        Upon
request of any such successor Indenture Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Indenture
Trustee all such rights, powers and trusts referred to in this Section. 

        No
successor Indenture Trustee shall accept its appointment unless at the time of such acceptance such successor Indenture Trustee shall be qualified and eligible under this Article. 

        Section 5.10.    Unclaimed Funds.    

        The
Indenture Trustee is required to hold any payments received by it with respect to the Notes that are not paid to the Noteholders in trust for the Noteholders. Notwithstanding the
foregoing, at the expiration of two years following the Final Payment Date for the Notes, any monies set aside in accordance with Section 2.10(b) for payment of principal, interest and other
amounts on such Notes remain unclaimed by any lawful owner thereof, such unclaimed funds and, to the extent required by applicable law, any accrued interest thereon shall be remitted to the Issuer to
be held in trust by the
Issuer for the benefit of the applicable Noteholder until distributed in accordance with applicable law, and all liability of the Indenture Trustee with respect to such money shall thereupon cease;
provided, that the Indenture Trustee, before being required to make any such repayment, may, at the expense of the applicable Noteholder, payable out of such unclaimed funds, to the extent permitted
by applicable law, and otherwise at the expense of the Issuer, cause to be published at least once but not more than three times in two newspapers in the English language customarily published on each
Business Day and of general circulation, in New York, New York, a notice to the effect that such monies remain unclaimed and have not been applied for the purpose for which they were deposited, and
that after a date specified therein, which shall be not less than 30 days after the date of first publication of said 

32

 

notice, any unclaimed balance of such monies then remaining in the hands of the Indenture Trustee will be paid to the Issuer upon its written directions to be held in trust for the benefit of the
applicable Noteholder until distributed in accordance with applicable law. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of
the Issuer in a liquidation of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this Section 5.10. 

        Section 5.11.    Illegal Acts.    

        No
provision of this Indenture or any amendment or supplement hereto shall be deemed to impose any duty or obligation on the Indenture Trustee to do any act in the performance of its
duties hereunder or to exercise any right, power, duty or obligation conferred or imposed on it, which under any present or future law shall be unlawful, or which shall be beyond the corporate powers,
authorization or qualification of the Indenture Trustee. 

        Section 5.12.    Communications by the Indenture Trustee.    

        The
Indenture Trustee shall send to the Issuer, within one Business Day after the Maturity Date thereof, if any principal of or interest on such Notes due and payable hereunder is not
paid, a written demand for payment thereof. 

        Section 5.13.    Separate Indenture Trustees and Co-Trustees.    

        (a)    Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting legal requirements applicable to it in the performance of its duties
hereunder, the Indenture Trustee shall have the power to, and shall execute and deliver all instruments to, appoint one or more Persons to act as separate trustees or co-trustees
hereunder, jointly with the Indenture Trustee, of any of the Trust Estate subject to this Indenture, and any such Persons shall be such separate trustee or co-trustee, with such powers and
duties consistent with this Indenture as shall be specified in the instrument appointing such Person but without thereby releasing the Indenture Trustee from any of its duties hereunder. If
the Indenture Trustee shall request the Issuer to do so, the Issuer shall join with the Indenture Trustee in the execution of such instrument, but the Indenture Trustee shall have the power to make
such appointment without making such request. A separate trustee or co-trustee appointed pursuant to this Section 5.13 need not meet the eligibility requirements of
Section 5.05. 

        (b)    Every
separate trustee and co-trustee shall, to the extent not prohibited by law, be subject to the following terms and conditions: 

        (i)    the
rights, powers, duties and obligations conferred or imposed upon such separate or co-trustee shall be conferred or imposed upon and exercised or
performed by the Indenture Trustee and such separate or co-trustee jointly, as shall be provided in the appointing instrument, except to the extent that under any law of any jurisdiction
in which any particular act is to be performed any nonresident trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be
exercised and performed by such separate trustee or co-trustee; 

        (ii)    all
powers, duties, obligations and rights conferred upon the Indenture Trustee, in respect of the custody of all cash deposited hereunder shall be exercised solely by
the Indenture Trustee; and 

        (iii)    the
Indenture Trustee may at any time by written instrument accept the resignation of or remove any such separate trustee or co-trustee, and, upon the
request of the Indenture Trustee, the Issuer shall join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to make effective
such resignation or removal, but the Indenture Trustee shall have the power to accept such resignation or to make such removal without making such request. A successor to a separate trustee or
co-trustee so resigning or removed may be appointed in the manner otherwise provided herein. 

33

 

        (c)    Such
separate trustee or co-trustee, upon acceptance of such trust, shall be vested with the estates or property specified in such instrument, jointly with
the Indenture Trustee, and the Indenture Trustee shall take such action as may be necessary to provide for (i) the appropriate interest in the Trust Estate to be vested in such separate trustee
or co-trustee, (ii) the execution and delivery of any transfer documentation or note powers that may be necessary to give effect to transfer of the Receivables to the
co-trustee. Any separate trustee or co-trustee may, at any time, by written instrument, constitute the Indenture Trustee its agent or attorney in fact with full power and
authority, to the extent permitted by law, to do all acts and things and exercise all discretion authorized or permitted by it, for and on behalf of it and in its name. If any separate trustee or
co-trustee shall be dissolved, become incapable of acting, resign, be removed or die, all the estates, property, rights, powers, trusts, duties and obligations of said separate trustee or
co-trustee, so far as permitted by law, shall vest in and be exercised by the Indenture Trustee, without the appointment of a successor to said separate trustee or co-trustee,
until the appointment of a successor to said separate trustee or co-trustee is necessary as provided in this Indenture. 

        (d)    Any
notice, request or other writing, by or on behalf of any Noteholder, delivered to the Indenture Trustee shall be deemed to have been delivered to all separate
trustees and co-trustees. 

        (e)    Although
co-trustees may be jointly liable, no co-trustee or separate trustee shall be severally liable by reason of any act or omission of the
Indenture Trustee or any other such trustee hereunder. 

        Section 5.14.    Hedge Agreements.    

        The
Indenture Trustee shall collect amounts due under the Hedge Agreements and deposit such amounts into the Collection Account. If the Indenture Trustee receives notice or obtains
actual knowledge of an "Event of Default" or "Termination Event" under any Hedge Agreement, the Indenture Trustee shall notify the Majority Noteholder of such "Event of Default" or "Termination Event"
and take any action as the Majority Noteholder may direct. 

        Section 5.15.    Article V Provisions.    

        Whether
or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee is subject
to the provisions of this Article V. 

 
 

ARTICLE VI
  
    REPORTS TO NOTEHOLDERS    

        Section 6.01.    Reports to Noteholders and Others.    

        (a)    On
each Payment Date, the Indenture Trustee shall upon receipt from the Servicer and the Master Servicer, respectively, make the Servicer Certificate and the Master
Servicer Certificate available each month to each Noteholder (the "Interested Parties") by having a paper copy mailed to them via first class mail or faxed to them by providing their contact
information to the Indenture Trustee in writing. 

        (b)    Within
a reasonable period of time after the end of each calendar year, upon request unless required pursuant to the Code, (but in no event more than 60 days
following the end of such calendar year), the Indenture Trustee shall prepare, or cause to be prepared, and mail to each Person who at any time during the calendar year was a Noteholder (i) a
statement containing the aggregate amount of principal and interest payments on the Notes for such calendar year or applicable portion thereof during which such person was a Noteholder and
(ii) such other customary information as the Indenture Trustee deems necessary or desirable for Noteholders to prepare their federal, state and local income tax returns. The obligations of the
Indenture Trustee in the immediately preceding sentence shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Indenture Trustee
pursuant to any requirements of the Code. As soon as practicable following 

34

 

the request of any Noteholder in writing, the Indenture Trustee shall furnish to such Noteholder such information regarding the Receivables as such holder may reasonably request. 

        Section 6.02.    Reserved.    

        Section 6.03.    Access to Certain Information.    

        (a)    The
Indenture Trustee shall afford to the Issuer, Master Servicer, the Servicer, the Receivables Seller and any Holder or Holders of Notes, and to the OTS, the FDIC and
any other banking or insurance regulatory authority that may exercise authority over any Noteholder, access to any documentation regarding the Receivables within its control that may be required to be
provided by this Indenture or by applicable law. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the
Indenture Trustee designated by it. 

        (b)    The
Indenture Trustee shall maintain at its office primarily responsible for administration of the Trust Estate and shall deliver to the Issuer, the Master Servicer, the
Servicer, the Receivables Seller and any Noteholder or Person identified to the Indenture Trustee as a prospective transferee of a Note or an interest therein (at the reasonable request and expense of
the requesting party), copies of the following items (to the extent that such items have been delivered to the Indenture Trustee or the Indenture Trustee can cause such items to be delivered to it
without unreasonable burden or expense): (i) this Indenture and any of the other Basic Documents and any amendments hereto or thereto; (ii) all reports prepared by, and all reports
delivered to, the Indenture Trustee or the Master Servicer or the Servicer since the Closing Date; (iii) all Officer's Certificates delivered by the Master Servicer or the Servicer since the
Closing Date and all Officer's Certificates delivered by the Issuer since the Closing Date; (iv) all Accountants' Reports caused to be delivered by the Master Servicer or Servicer since the
Closing Date; and (v) each of the Receivables Files. The Indenture Trustee shall make available copies of any and all of the foregoing items upon request of any party set forth in the previous
sentence. However, the Indenture Trustee shall be permitted to require of such party the payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies as are
requested by such party. 

35

  

 
 

ARTICLE VII
  
    PURCHASE OF ADDITIONAL RECEIVABLES    

        Section 7.01.    Purchase of Additional Receivables.  

        On each Transfer Date following the Closing Date, subject to satisfaction of the Funding Conditions and the other requirements of Section 7.01, the
Indenture Trustee shall pay to or at the direction of the Depositor the Sales Price for the additional Receivables to be acquired by the Issuer on such Transfer Date. 

        Two
Business Days prior to each Transfer Date, the Issuer shall provide (or cause to be provided) to the Indenture Trustee and the Initial Noteholder a Notice of Additional Receivables
with respect to the Receivables to be conveyed by the Receivables Seller to the Depositor and the Depositor to the Issuer on such Transfer Date. On each Transfer Date following the Closing Date, upon
receipt by the Indenture Trustee of (i) the related S&SA Assignment and RPA Assignment and (ii) written certification by Receivables Seller that the Funding Conditions have been
satisfied on or prior to such Transfer Date, the Indenture Trustee shall pay the Sales Price with respect to the related Receivables in accordance with Section 2.10(c)(vii)(C), provided that
the Indenture Trustee shall not fund the Sales Price of the additional Receivables if it receives notice from Initial Noteholder that any of the Funding Conditions have not been satisfied. 

        The
funding by the Indenture Trustee of the Sales Price with respect to any Receivable shall be subject to the satisfaction on the related Transfer Date of the following conditions
precedent (the "Funding Conditions"): 

        (i)
the Issuer shall have delivered (or caused to be delivered) to the Indenture Trustee and the Initial Noteholder the related Notice of Additional Receivables, S&SA Assignment and RPA
Assignment; 

        (ii)
as of such Transfer Date, neither the Receivables Seller nor the Issuer shall (A) be insolvent, (B) be made insolvent by the transfer of the related Receivables or
(C) have reason to believe that its insolvency is imminent; 

        (iii)
the Facility Period shall not have terminated; 

        (iv)
as of such Transfer Date (after giving effect to the transfer of the related Receivables and application of the Available Funds on such Transfer Date), an Overcollateralization
Shortfall shall not exist; 

        (v)
each of the representations and warranties made by the Receivables Seller under the Receivables Purchase and Contribution Agreement with respect to the Receivables shall be true and
correct in all material respects as of such Transfer Date with the same effect as if then made and each of the Receivables Seller, the Depositor and the Issuer shall have performed all obligations to
be performed by it under the Basic Documents on or prior to such Transfer Date; 

        (vi)
the Seller, the Depositor or the Issuer shall have taken any action reasonably requested by the Indenture Trustee or the Noteholders required to maintain the ownership interest of
the Issuer and the first priority lien of the Indenture Trustee in the Trust Estate; 

        (vii)
all conditions precedent to the sale and contribution of the related Receivables pursuant to the Receivables Purchase and Contribution Agreement shall have been fulfilled as of
such Transfer Date; and 

        (viii)
no action has been taken or omitted to have been taken that would impair the lien or rights of the Indenture Trustee in the Trust Estate. 

36

 

 
 

ARTICLE VIII
  
    SUPPLEMENTAL INDENTURES; AMENDMENTS    

        Section 8.01.    Supplemental Indentures or Amendments Without Consent of Noteholders.  

        With the consent of the Majority Noteholders, the Issuer and the Indenture Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, or one or more amendments hereto or to the Notes or the other Basic Documents, for any of the following purposes: 

        (1)
to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee; 

        (2)
to correct any manifestly incorrect description, or amplify the description, of any property subject to the lien of this Indenture; 

        (3)
to modify the Indenture or the Basic Documents as required by, or made necessary by any change in, applicable law; 

        (4)
to evidence and provide for the acceptance of appointment by a successor Indenture Trustee, Master Servicer or Servicer; or 

        (5)
to correct any mistake or typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision herein or in the Notes or the other
Basic Documents. 

        No
such supplemental indenture or amendment shall be effective unless (i) the Issuer obtains a Tax Opinion and obtains an Opinion of Counsel to the effect that such supplemental
indenture or amendment would not cause the Notes to be characterized other than as indebtedness for federal income tax purposes or cause the Notes to be deemed to have been exchanged for a new debt
instrument pursuant to Treasury Regulation § 1.1001-3, and furnishes each such Opinion of Counsel to the Indenture Trustee in connection therewith, and (ii) with respect
to the clauses (1) and (3) above, the party requesting such supplemental indenture or amendment furnishes to the Indenture Trustee and the Issuer an Opinion of Counsel that, such action
will not adversely affect the interests of Noteholders under this Indenture in any material way. 

        Section 8.02.    Supplemental Indentures With Consent of Noteholders.  

        With the consent of the Noteholders of not less than 662/3% in aggregate Note Principal Balance of the Outstanding Notes, the Issuer and the
Indenture Trustee may enter into one or more indentures supplemental hereto, or one or more amendments hereto or to the Notes or the Receivables Purchase
Agreement, for the purpose of adding any provisions hereto or thereto, changing in any manner or eliminating any of the provisions hereof or thereof or modifying in any manner the rights of the
Noteholders hereunder or thereunder; provided that no such supplemental indenture or amendment shall be effective unless the Issuer obtains a Tax Opinion and obtains an Opinion of Counsel to the
effect that such supplemental indenture or amendment would not cause the Notes to be characterized other than as indebtedness for federal income tax purposes or cause the Notes to be deemed to have
been exchanged for a new debt instrument pursuant to Treasury Regulation § 1.1001-3 and, furnishes each such Opinion of Counsel to the Indenture Trustee in connection
therewith; and provided, further, that no such supplemental indenture or amendment shall, without the consent of the Noteholders of 100% in aggregate Note Principal Balance of the Outstanding Notes
affected thereby, 

        (1)
change the Maturity Date or the Payment Date of any principal, interest or other amount on any Note, or reduce the Note Principal Balance thereof or the Floating Rate thereon, or
authorize the Indenture Trustee to agree to delay the timing of, or reduce the payments to be made on or in respect of, the Receivables except as provided herein or in the Receivables Purchase
Agreement, or change the coin or currency in which the principal of any Note or interest 

37

 

thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Maturity Date thereof; 

        (2)
reduce the percentage of the then aggregate Note Principal Balance of the Outstanding Notes, the consent of whose Noteholders is required for any such supplemental indenture or
amendment, or the consent of whose Noteholders is required for any waiver of defaults hereunder and their consequences provided for in this Indenture, or for any other reason under this Indenture
(including for actions taken by the Indenture Trustee pursuant to Section 5.01(a) hereof); 

        (3)
change any obligation of the Issuer to maintain an office or agency in the places and for the purposes specified in Section 9.01; 

        (4)
except as otherwise expressly provided in this Indenture, deprive any Noteholder of the benefit of a first priority security interest in the Trust Estate as provided in this
Indenture; 

        (5)
modify Section 2.10; or 

        (6)
release from the lien of the Indenture (except as specifically permitted hereby on the date of execution hereof) all or any part of the Trust Estate. 

        It
shall not be necessary for the consent of the Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such
consent shall approve the substance thereof. 

        Section 8.03.    Delivery of Supplements and Amendments.  

        Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture or amendment pursuant to the provisions hereof, the Indenture
Trustee, at the expense of the Issuer payable out of the Trust Estate pursuant to Section 5.04, shall furnish a notice setting forth in general terms the substance of such supplemental
indenture or amendment to each Noteholder at the address for such Noteholder set forth in the Note Register. 

        Section 8.04.    Execution of Supplemental Indentures, etc.  

        In executing, or accepting the additional trusts created by, any supplemental indenture or amendment permitted by this Article or in accepting the modifications
thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, at the Issuer's expense payable out of the Trust Estate pursuant to Section 5.04, and shall
be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture, amendment or modification is authorized or permitted by this Indenture. The
Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture or amendment or consent to any such modification which affects the Indenture Trustee's own rights,
duties or immunities under this Indenture or otherwise. 

 
 

ARTICLE IX
  
    COVENANTS; WARRANTIES    

        Section 9.01.    Maintenance of Office or Agency.  

        The Issuer shall maintain or cause to be maintained an office or agency in the continental United States where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Indenture Trustee and the Noteholders of the location, and any change in the location, of such
office or agency. 

        The
Issuer may also from time to time designate one or more other offices or agencies outside the United States where the Notes may be presented or surrendered for any or all such
purposes and may 

38

 

from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in
accordance with the requirements set forth in the preceding paragraph. The Issuer shall give prompt written notice to the Indenture Trustee, Noteholders of any such designation or rescission and of
any change in the location of such office or agency. 

        Section 9.02.    Existence.  

        Subject to Section 9.09, the Issuer will keep in full effect its existence, rights and franchises under the laws of its jurisdiction of organization, and
the existence, rights and franchises (if any) of the Issuer under the laws of its jurisdiction of organization. 

        Section 9.03.    Payment of Taxes and Other Claims.  

        The Issuer shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges
levied or imposed upon the Issuer or upon the income, profits or property of the Issuer, or shown to be due on the tax returns filed by the Issuer, except any such taxes, assessments, governmental
charges or claims which the Issuer is in good faith contesting in appropriate proceedings and with respect to which reserves are established if required in accordance with GAAP, provided, that such
failure to pay or discharge will not cause a forfeiture of, or a lien to encumber, any property included in the Trust Estate. The Indenture Trustee is authorized to pay out of the Note Payment
Account, prior to making payments on the Notes, any such taxes, assessments, governmental charges or claims which, if not paid, would cause a forfeiture of, or a lien to encumber, any property
included in the Trust Estate. 

        Section 9.04.    Validity of the Notes; Title to the Trust Estate; Lien.  

        (a)
The Issuer represents and warrants that the Issuer is duly authorized under applicable law to create and issue the Notes, to execute and deliver this Indenture, the other documents
referred to herein to which it is a party and all instruments included in the Trust Estate which it has executed and delivered, and that all corporate action and governmental consents, authorizations
and approvals necessary or required therefor have been duly and effectively taken or obtained. The Notes, when issued, will be, and this Indenture and such other documents are, valid and legally
binding obligations of the Issuer enforceable in accordance with their terms. 

        (b)
The Issuer represents and warrants that, immediately prior to its Grant of the Trust Estate provided for herein, it had good title to, and was the sole owner of, each Receivable,
free and clear of any pledge, lien, encumbrance or security interest. 

        (c)
The Issuer represents and warrants that, upon the issuance of the Notes, the Indenture Trustee has a valid and enforceable first priority security interest in the Trust Estate,
subject only to exceptions permitted hereby. 

        (d)
The Issuer represents and warrants that the Indenture is not required to be qualified under the 1939 Act and that the Issuer is not required to be registered as an "investment
company" under the 1940 Act. 

        Section 9.05.    Protection of Trust Estate.  

        The Issuer and, to the extent directed by the Issuer or the Majority Noteholders, the Indenture Trustee shall execute and deliver all such amendments and
supplements hereto (subject to Sections 8.01 and 8.02) and all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other
action necessary or advisable to: 

        (a)
Grant more effectively all or any portion of the Trust Estate securing the Notes; 

39

 

        (b)
maintain or preserve the lien (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

        (c)
perfect, publish notice of, or protect the validity of any Grant made or to be made by this Indenture; 

        (d)
enforce any of the Receivables included in the Trust Estate; or 

        (e)
preserve and defend title to the Trust Estate securing the Notes and the rights of the Indenture Trustee, and of the Noteholders, in the Trust Estate against the claims of all
Persons and parties. 

        The
Issuer hereby designates the Indenture Trustee, its agent and attorney-in-fact, to execute any financing statement, continuation statement or other instrument
required pursuant to this Section 9.05; provided that, subject to and consistent with Section 5.01, the Indenture Trustee will not be obligated to prepare or file any such statements or
instruments. 

        Section 9.06.    Nonconsolidation.  

        The Issuer shall at all times: 

        (a)
maintain separate corporate records and books of account from any other person or entity; 

        (b)
maintain separate bank accounts from any other person or entity; 

        (c)
maintain its assets in its own name and not commingle its assets with those of any other person or entity; 

        (d)
conduct its own business in its own name; 

        (e)
maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other person or entity and not have its assets listed on the financial
statements of any other person or entity (other than as required with respect to consolidated financial statements prepared in accordance with generally accepted accounting principles, and with
respect to any consolidated or combined financial statements having appropriate footnotes indicating that the Issuer is a separate legal entity); 

        (f)
pay its own liabilities and expenses only out of its own funds; 

        (g)
observe all corporate and other organizational formalities; 

        (h)
maintain an arm's length relationship with each of its Affiliates; 

        (i)
pay the salaries of its employees, if any, out of its own funds; 

        (j)
maintain a sufficient number of employees or engage independent agents, in each case to the extent reasonably required in light of its contemplated business operations; 

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

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

        (m)
not pledge its assets for the benefit of any other party (except the pledges set forth in this Indenture); 

        (n)
hold itself out as a separate entity; 

        (o)
correct any known misunderstanding regarding its separate identity; and 

        (p)
maintain adequate capital in light of its contemplated business operations. 

40

 

        Section 9.07.    Negative Covenants.  

        The Issuer shall not: 

        (a)
sell, transfer, exchange or otherwise dispose of any of the Collateral, except as expressly permitted by this Indenture; 

        (b)
dissolve or liquidate in whole or in part, except as provided in Section 9.09; 

        (c)
engage, directly or indirectly, in any business other than that arising out of the issue of the Notes, and the actions contemplated or required to be performed under this Indenture
or the other Basic Documents; 

        (d)
incur, create or assume any indebtedness for borrowed money other than the Notes; 

        (e)
make or permit to remain outstanding, any loan or advance to, or own or acquire any stock or securities of, any Person other than the Receivables and any other instruments
constituting part of the Trust Estate, it being understood that the Issuer's purchase of Receivables does not constitute lending, making advances or acquiring stock; or 

        (f)
voluntarily file a petition for bankruptcy, reorganization, assignment for the benefit of creditors or similar proceeding. 

        Section 9.08.    Reserved.  

        Section 9.09.    Issuer may Consolidate, Etc., only on Certain Terms.  

        (a)
The Issuer shall not consolidate or merge with or into any other Person or convey or transfer the Trust Estate to any Person without the consent of Noteholders with an aggregate Note
Principal Balance of not less than 662/3% of the aggregate Note Principal Balance of the Outstanding Notes and unless: 

        (i)
the Person (if other than the Issuer) formed by or surviving such consolidation or merger or that acquires by conveyance or transfer the Trust Estate (the "Successor Person"), shall
be a Person organized and existing under the laws of the United States of America or any State and shall have expressly assumed, executed and delivered to the Indenture Trustee, the obligation (to the
same extent as the Issuer was so obligated) to make payments of principal, interest and other amounts on all of the Notes and pay all amounts owned by the Issuer under this Indenture, and the
obligation to perform every covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 

        (ii)
immediately after giving effect to such transaction, no default or Event of Default shall have occurred and be continuing; 

        (iii)
the Issuer shall have delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance or transfer
comply with and satisfy all conditions precedent relating to the transactions set forth in this Section 9.09; 

        (iv)
the Successor Person shall have delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that, with respect to a Successor Person that is a
corporation, limited liability company, partnership or trust, such Successor Person shall be duly organized, validly existing and in good standing in the jurisdiction in which such Successor Person is
organized; that the Successor Person has sufficient power and authority to assume the obligations set forth in clause (i) above and to execute and deliver an indenture supplemental hereto for
the purpose of assuming such obligation; that the Successor Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such
obligations; and that such supplemental indenture is 

41

 

a valid, legal and binding obligation of the Successor Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency and other laws affecting the
enforcement of creditor's rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law); and that, immediately
following the event which causes the Successor Person to become the Successor Person, (A) the Successor Person has good and marketable title, free and clear of any lien, security interest or
charge other than the lien and security interest of this Indenture and any other lien permitted hereby, to the Collateral and (B) the Indenture Trustee continues to have a perfected first
priority security interest in the Collateral. 

        (b)
Upon any consolidation or merger, or any conveyance or transfer of the Trust Estate securing the Notes, the Successor Person shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same effect as if such Successor Person had been named as the Issuer herein. In the event of any such conveyance or transfer
of the Trust Estate permitted by this Section 9.09, the Person named as the "Issuer" in the first paragraph of this Indenture, or any successor that shall theretofore have become such in the
manner prescribed in this Article and that has thereafter effected such a conveyance or transfer, may be dissolved, wound-up and liquidated at any time thereafter, and such Person
thereafter shall be released from its liabilities as obligor and maker on all of the then Outstanding Notes and from its obligations under this Indenture. 

        Section 9.10.    Purchase of Notes.    

        The
Issuer may reacquire Notes, in its discretion, by open market purchases in privately negotiated transactions or otherwise. 

        Section 9.11.    Indemnification.    

        (a)  Without
limiting any other rights that an Indemnified Party may have hereunder or under applicable law, the Issuer hereby agrees to indemnify each Indemnified Party (as
defined below) from and against any and all Indemnified Amounts (as defined below), excluding, however, Indemnified Amounts to the extent resulting from gross negligence, bad faith or willful
misconduct on the part of such Indemnified Party. To the extent that the foregoing undertaking to indemnify the Indemnified Parties may be unenforceable because it is violative of any law or public
policy, the Issuer nevertheless shall pay such amounts as may be permitted under applicable law to satisfy its indemnification obligations hereunder to the fullest extent permissible under applicable
law. 

        Without
limiting or being limited by the foregoing, the Issuer shall pay in accordance with Section 2.10(c) to each Indemnified Party any and all amounts necessary to indemnify
such Indemnified Party from and against any and all Indemnified Amounts relating to or resulting from: 

        (i)    a
breach of any representation or warranty made by the Issuer under or in connection with this Indenture or any other Basic Document; or 

        (ii)  the
failure by the Issuer to comply with any term, provision or covenant contained in this Indenture or any other Basic Document, or any agreement executed by it in
connection with this Indenture or any other Basic Document; or 

        (iii)  any
information prepared by and furnished or to be furnished by any of the Issuer or the Receivables Seller or any of their Affiliates pursuant to or in connection
with the transactions contemplated hereby including, without limitation, such written information as may have been and may be furnished in connection with any due diligence investigation with respect
to the business, operations, financial condition of the Issuer, the Receivables Seller, any of their Affiliates or with respect to the Receivables, to the extent such information contains any untrue
statement or alleged untrue statement of material fact. 

42

  

        (b)  Any Indemnified Amounts subject to the indemnification provisions of this Section 9.11 shall be paid to the Indemnified Party within 15 Business Days following
demand therefor; provided that, prior to an Event of Default, amounts payable under this Section 9.11 shall only be payable on Payment Dates pursuant to Section 2.10(c). "Indemnified
Party" means any of the Indenture Trustee, the Owner Trustee, the Securities Intermediary and the Secured Parties and their officers, employees, directors, attorneys, consultants, agents and
successors or assigns. "Indemnified Amounts" means any and all claims, losses, liabilities, obligations, damages, penalties, actions, judgments, suits, and related reasonable costs and reasonable
expenses of any nature whatsoever, including reasonable attorneys' fees and disbursements, imposed on, incurred by or asserted against an Indemnified Party with respect to this Indenture or any other
Basic Document. 

        Promptly
after an Indemnified Party shall have been served with the summons or other first legal process or shall have received written notice of the threat of a claim in respect of
which an indemnity may be claimed against the Issuer under this Section 9.11, the Indemnified Party shall notify the Issuer in writing of the service of such summons, other legal process or
written notice, giving information therein as to the nature and basis of the claim, but failure so to notify the Issuer shall not relieve the Issuer from any liability which it may have hereunder or
otherwise except to the extent that the Issuer is prejudiced by such failure so to notify the Issuer. The Issuer will be entitled, at its own expense, to participate in the defense of any such claim
or action and to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, unless the defendants in any such action include both the Indemnified Party and the Issuer,
and the Indemnified Party (upon the advice of counsel) shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the
Issuer, or one or more Indemnified Parties, and which in the reasonable opinion of such counsel are sufficient to create a conflict of interest for the same counsel to represent both the Issuer and
such Indemnified Party; provided, however, that the Issuer shall not be responsible for the fees and expenses of more than one firm of attorneys for all Indemnified Parties related to the Issuer and
the Secured Parties and one firm of attorneys for the Indenture Trustee. Each Indemnified Party shall cooperate with the Issuer in the defense of any such action or claim. The Issuer shall not,
without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the
subject matter of such proceeding or threatened proceeding. 

 
 

ARTICLE X
  
    MISCELLANEOUS    

        Section 10.01.    Execution Counterparts.    

        This
instrument may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute but
one and the same instrument. 

        Section 10.02.    Compliance Certificates and Opinions, etc.    

        Upon
any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee an
Officer's Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with. 

43

 

        Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

        (i)    a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

        (ii)  a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

        (iii)  a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express
an informed opinion as to whether or not such covenant or condition has been complied with; and 

        (iv)  a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

        Section 10.03.    Form of Documents Delivered to Indenture Trustee.    

        In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

        Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Issuer, stating that the information with respect to such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

        Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they
may, but need not, be consolidated and form one instrument. 

        Whenever
in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that any Person shall deliver any document as a condition
of the granting of such application, or as evidence of such Person's compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of such Person to have
such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article V. 

        Section 10.04.    Acts of Noteholders.    

        (a)  Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments
(and the action 

44

 

embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 5.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section. With respect to authorization to be given or taken by Noteholders, the Indenture Trustee shall be authorized to follow the written directions or the vote of the
Majority Noteholders, unless any greater or lesser percentage is required by the terms hereunder. 

        (b)  The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 

        (c)  The
Note Principal Balance and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Note Register. 

        (d)  Any
request, demand, authorization, direction, notice, consent, election, declaration, waiver or other act of any Noteholder shall bind every future Noteholder of the
same Note and the Noteholder of every Note issued upon the transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, suffered or omitted to be done by the Indenture
Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

        Section 10.05.    Computation of Percentage of Noteholders.    

        Whenever
this Indenture states that any action may be taken by a specified percentage of the Noteholders, such statement shall mean that such action may be taken by the Noteholders of
such specified percentage of the aggregate Note Principal Balance of the Outstanding Notes. 

        Section 10.06.    Notice to the Indenture Trustee, the Issuer and Certain Other Persons.    

        Any
communication provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given if delivered by courier
or mailed by first class mail, postage prepaid, or if transmitted by telecopier and confirmed in a writing delivered or mailed as aforesaid, to: (i) in the case of the Issuer, AmeriCredit Owner
Trust 2003-1, c/o Deutsche Bank Trust Company Delaware, 1001 Centre Road, Suite 200, Wilmington, Delaware 19805-1266 with a copy to Deutsche Bank Trust Company Americas,
Corporate Trust and Agency Services, Structured Finance Services, 280 Park Avenue, 9th Floor, New York, New York 10017-1270 and (ii) in the case of the Indenture
Trustee, Bank One, NA, 1111 Polaris Parkway, Suite 1K, OH1-0181, Columbus, Ohio 43240,
or as to each such Person, such other address or facsimile number as may hereafter be furnished by such Person to the parties hereto in writing. 

        Section 10.07.    Notices to Noteholders; Notification Requirements and Waiver.    

        Where
this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given if in writing and delivered by courier or mailed by first-class mail,
postage prepaid; to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and any notice that is delivered or mailed in the manner herein provided shall conclusively be presumed to have been duly
given. 

        Where
this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such a waiver. 

45

 

        In
case, by reason of the suspension of regular courier and mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event
to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be
deemed to be a sufficient giving of such notice. 

        Section 10.08.    Successors and Assigns.    

        All
covenants and agreements in this Indenture by the Issuer shall bind its successors and permitted assigns, whether so expressed or not. 

        Section 10.09.    Separability Clause.    

        In
case any provision of this Indenture or of the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the
extent permitted by law, not in any way be affected or impaired thereby. 

        Section 10.10.    Governing Law.    

        (a)  THIS
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAWS
PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

        (b)  Any
action or proceeding against any of the parties hereto relating in any way to this Indenture or any Note or the Trust Estate may be brought and enforced in the
courts of the State of New York sitting in the borough of Manhattan or of the United States District Court for the Southern District of New York and the Issuer irrevocably submits to the jurisdiction
of each such court in respect of any such action or proceeding. The Issuer hereby waives, to the fullest extent permitted by law, any right to remove any such action or proceeding by reason of
improper venue or inconvenient forum. 

        Section 10.11.    Effect of Headings and Table of Contents.    

        The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

        Section 10.12.    Benefits of Indenture.    

        Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders and any other party
secured hereunder or named as a beneficiary of any provision hereof, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

        Section 10.13.    Recording of Indenture.    

        If
this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by and at the expense of the Issuer upon written request of the
Initial Noteholder accompanied by an Opinion of Counsel (which may be rendered by counsel reasonably acceptable to the Initial Noteholder and which shall be an expense of the Issuer) to the effect
that such recording is
necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

        Section 10.14.    Non-Recourse Obligation.    

        Notwithstanding
any other provision of this Indenture, the obligations of the Issuer under this Indenture and the Notes are limited recourse obligations of the Issuer, payable solely
from the Collateral in accordance with the terms of this Indenture. 

46

 

        No
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under this Indenture (other than with respect to Permitted Investments as
to which such Person is the issuer) or any certificate or other writing delivered in connection herewith or therewith, against (i) any owner of an interest in the Issuer or (ii) any
partner, owner, beneficiary, agent, officer, director, employee, agent or Control Person of the Indenture Trustee in its individual capacity, the Indenture Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the Indenture Trustee does not have any such obligations in its individual capacity). It is understood that the foregoing
provisions of this Section shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or
(ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture, and the same shall continue until paid or discharged. It is
further understood that the foregoing provisions of this Section shall not limit the right of any person to name the Issuer as a party defendant in any action or suit or in the exercise of any other
remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such
person or entity. 

        Section 10.15.    Inspection.    

        The
Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the
Issuer's affairs, finances and accounts relating to the Receivables with the Issuer's officers, employees, and independent certified public accountants, all at such reasonable times and as often as
may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all
reasonable applications for confidential treatment are unavailing) or the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

        Section 10.16.    Method of Payment.    

        Except
as otherwise provided in Section 2.10(b), all amounts payable or to be remitted pursuant to this Indenture shall be paid or remitted or caused to be paid or remitted in
immediately available funds by wire transfer to an account specified in writing by the recipient thereof. 

        Section 10.17.    No Recourse.    

        It
is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Deutsche Bank Trust Company Delaware, not individually or
personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Deutsche Bank Trust Company Delaware but is made and intended for the purpose of
binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Deutsche Bank Trust Company Delaware, individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and
(d) under no circumstances shall Deutsche Bank Trust Company Delaware be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

47

 

        Section 10.18.    Bank One.    

        Each
of the parties hereto acknowledges that Bank One, NA, either directly or through one or more of its Affiliates provides, or may in the future from time to time provide, various
products and services to AmeriCredit Financial Services, Inc. and/or its Affiliates, either directly or as agent, trustee, custodian, securities intermediary, paying agent, liquidity provider
or in some other similar or dissimilar role (collectively, the "Bank One Roles") and each of the parties hereto hereby acknowledges and consents to the Bank One Roles and agrees that Bank One, NA may
hold such Bank One Roles with the same rights that it would have if it were not Indenture Trustee hereunder, provided that Bank One, NA shall not set off any amounts received by Bank One, NA in its
capacity as Indenture Trustee hereunder against any amounts owed to Bank One, NA in any other capacity including, without limitation, any Bank One Roles. 

48

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the day and year first above written. 

	 	 	AMERICREDIT OWNER TRUST 2003-1

BY: DEUTSCHE BANK TRUST COMPANY

DELAWARE, not in its individual capacity but solely as Owner Trustee
	

 	
 	

By:	

/s/  LOUIS BODI      
 Name: Louis Bodi

Title: Vice President
	

 	
 	
BANK ONE, NA, AS INDENTURE TRUSTEE
	

 	
 	
By:	

/s/  JOHN J. ROTHROCK      
 Name: John J. Rothrock

Title: Authorized Signer

49

   EXHIBIT A  

 FORM OF [CLASS A] NOTES  

THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE MAXIMUM NOTE PRINCIPAL BALANCE SHOWN ON THE FACE
HEREOF.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN
DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED
INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A OR (C) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2),(3) OR (7) OF RULE 501 UNDER THE 1933 ACT THAT IS
ACQUIRING THE NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL "ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS.

THIS NOTE MAY NOT BE TRANSFERRED UNLESS THE INDENTURE TRUSTEE HAS RECEIVED A CERTIFICATE FROM THE TRANSFEREE TO THE EFFECT THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
OR OTHER RETIREMENT PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (EACH, A "PLAN"), AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.

	

Aggregate Principal Balance:	
 	
$	

 	
 	

 	
 
	Maximum Note Principal Balance:	 	$	 	 	 	 
	Initial Percentage Interest:	 	 	100	%	 	 
	No.	 	 	 	 	 	 

A-1-1

 
AmeriCredit Owner Trust 2003-1  

 RECEIVABLES-BACKED NOTES, SERIES 2003-1  

        AmeriCredit Owner Trust 2003-1, a Delaware statutory trust (the "Issuer"), for value received, hereby
promises to pay to                        , or registered assigns (the "Noteholder"), the principal sum of                        ($            )
or so much thereof
as may be advanced and outstanding hereunder and to pay interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the
Indenture. Principal of this Note is payable on each Payment Date in an amount equal to the result obtained by multiplying (i) the Percentage Interest of this Note by (ii) the principal
amount distributed in respect of such Payment Date. 

        The
Outstanding Note Principal Balance of this Note bears interest at the Note Rate. On each Payment Date amounts in respect of interest on this Note will be paid in an amount equal to
the result obtained by multiplying (i) the Percentage Interest of this Note by (ii) the aggregate amount paid in respect of interest on the Notes with respect to such Payment Date. 

        Capitalized
terms used but not defined herein have the meanings set forth in the Indenture (the "Indenture"), dated as of March 18,
2003 between the Issuer and Bank One, NA, as Indenture Trustee (the "Indenture Trustee"). 

        Absent
manifest error, the Note Principal Balance of each Note as set forth in the notations made by the related Noteholder on such Note shall be binding upon the Indenture Trustee and
the Issuer;
provided that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder's rights with respect to its Note Principal Balance
and its right to receive principal and interest payments in respect thereof. 

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

        The
statements in the legend set forth above are an integral part of the terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the
terms and provisions set forth in such legend. 

        Unless
the certificate of authentication hereon shall have been executed by an authorized officer of the Indenture Trustee, by manual signature, this Note shall not entitle the
Noteholder hereof to any benefit under the Indenture or the Note Purchase Agreement and/or be valid for any purpose. 

        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF
NEW YORK AND WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PROVISIONS THEREOF.

A-1-2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

Date:
March    , 2003 

	 	 	AMERICREDIT OWNER TRUST 2003-1

By: DEUTSCHE BANK TRUST COMPANY

DELAWARE, not in its individual capacity but solely as Owner Trustee
	

 	
 	

By:	

 Authorized Signatory

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Date:
March    , 2003 

	 	 	BANK ONE, NA, not in its individual capacity but solely as Indenture Trustee
	

 	
 	

By:	

 Authorized Signatory

A-1-3

   
[Reverse Of Note] 

        This
Note is one of the duly authorized Notes of the Issuer, designated as its Receivables-Backed Notes, Series 2003-1 (herein called the "Notes"), all issued under
the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto, and the Note Purchase Agreement for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture or the Note Purchase
Agreement, the provisions of the Indenture or the Note Purchase Agreement, as applicable, shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all
terms of the Indenture and the Note Purchase Agreement. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture and the Note Purchase Agreement. 

        The
entire unpaid principal amount of this Note shall be due and payable on the Maturity Date of the Notes pursuant to the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee, at the direction or upon the prior
written consent of the Majority Noteholders, has declared the Notes to be immediately due and payable in the manner provided in the Indenture. All payments of principal, interest and other amounts due
on the Notes shall be made pro rata to the Holders of the Notes entitled thereto. 

        The
Collateral secures this Note and all other Notes equally and ratably without prejudice, priority or distinction between any Note and any other Note. The Notes are
non-recourse obligations of the Issuer and are limited in right of payment to amounts available from the Collateral, as provided in the Indenture. The Issuer shall not otherwise be liable
for payments on the Notes, and none of the owners, agents, officers, directors, employees, or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance
due, under the Notes or the Indenture. 

        Any
installment of interest or principal or other payment on this Note shall be paid on the applicable Payment Date to the Person in whose name this Note (or one or more predecessor
Notes) is registered in
the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in writing by the related Noteholder to the extent
provided by the Indenture and otherwise by check mailed to the Noteholder. 

        Any
reduction in the principal amount of this Note (or any one or more predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in the form attached hereto
duly executed by, the Holder hereof or such Holder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the
Securities Transfer Agent's Medallion Program ("STAMP"), and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

        Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or "control person" within the
meaning of the 1933 Act and the Exchange Act of the Indenture Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Indenture Trustee or of any 

A-1-4

 

successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder, by acceptance of a Note or a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder will not at any time
institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to the Notes or the Basic Documents. 

        The
Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will
qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder, by acceptance of a Note, agrees to treat the Notes for federal, state and local income, single business and franchise
tax purposes as indebtedness of the Issuer. 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Holders of Notes representing specified
Percentage Interests of the Outstanding Notes, on behalf of all of the Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of any Noteholder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of the Issuer in its individual capacity, any owner of a beneficial interest in
the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of
this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-1-5

 
ASSIGNMENT 

Social
Security or taxpayer I.D. or other identifying number of assignee: 

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

(name
and address of assignee) 

the
within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration thereof, 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 Note in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of STAMP. 

A-1-6

  

 
 

EXHIBIT B-1A    
  

 
 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF NOTES TO QUALIFIED
  INSTITUTIONAL BUYERS    
  

 
 

[DATE]    
  

Bank
One, NA

        Re:    AmeriCredit
Owner Trust 2003-1, Receivables-Backed Notes, Series 2003-1 (the "Notes") 

Ladies
and Gentlemen: 

        This
letter is delivered to you in connection with the transfer by                        (the "Transferor")
to                        (the "Transferee") of the Notes [having an initial
Note Principal Balance as of March    , 2003 (the "Closing Date") of $                        ]. The Notes
were issued pursuant to an Indenture, dated as of March 18, 2003 (the
"Indenture"), between AmeriCredit Owner Trust 2003-1 as issuer and Bank One, NA as indenture
trustee. All terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. The Transferee hereby certifies, represents and warrants to you, as Note Registrar, that: 

        1.    The
Transferee is a "qualified institutional buyer" (a "Qualified Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A") under the
Securities Act of 1933, as amended, and has completed one of the forms of certification to that effect attached hereto as Annex A and Annex B. The Transferee is aware that the sale to it of the Notes
is being made in reliance on Rule 144A. The Transferee is acquiring the Notes for its own account or for the account of a Qualified Institutional Buyer, and understands that such Notes may be
resold, pledged or transferred only (i) to a person reasonably believed to be a Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the Securities
Act. 

        2.    The
Transferee understands that it may not sell or otherwise transfer any Notes except in compliance with the provisions of the Indenture, which provisions it has
carefully reviewed, and that each Notes will bear the following legend: 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 

        3.    The
Transferee represents to the Issuer and the Indenture Trustee that it is not, and is not purchasing on behalf of, as fiduciary of, or with assets of, an employee
benefit plan within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, or a plan within the meaning of section 4975 of the Internal Revenue
Code of 1986. 

B-1-A-1

 

        4.    The
Transferee has been furnished with all information regarding (a) the Notes and distributions thereon, (b) the nature, performance and servicing of the
Receivables, (c) the Indenture and (d) any other matter related thereto, that it has requested. 

	 
	 	 
	 	 

	 	 	Very truly yours,
	

 	
 	

(Transferor)
	 	 	 	 	 
	 	 	By:	 	
 Name:

Title:

B-1-A-2

  

 
 

ANNEX 1 TO EXHIBIT B-1A    
  

 
 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A    
  

        [for Transferees other than Registered Investment Companies]

        The
undersigned hereby certifies as follows to [name of Transferor] (the "Transferor") and [name of Note Registrar], as Note Registrar,
with respect to the Notes (the "Notes") being transferred as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex: 

        1.    As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the
Notes (the "Transferee"). 

        2.    The
Transferee is a "qualified institutional buyer" as that term is defined in Rule 144A under the Securities Act of 1933 ("Rule 144A") because
(i) the Transferee owned and/or invested on a discretionary basis $                        in securities (other than the
excluded securities referred to below) as of the end of the Transferee's most
recent fiscal year (such amount being calculated in accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the category marked below. 

	
	 	Corporation, etc.    The Transferee is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust,
partnership, or any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986.
	 	 	 
	
	 	Bank.    The Transferee (a) is a national bank or a banking institution organized under the laws of any State, U.S. territory or the District of Columbia, the business
of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Note in the case of a U.S. bank,
and not more than 18 months preceding such date of sale for a foreign bank or equivalent institution.
	 	 	 
	
	 	Savings and Loan.    The Transferee (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution,
which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Note in the case of a U.S. savings
and loan association, and not more than 18 months preceding such date of sale for a foreign savings and loan association or equivalent institution.
	 	 	 
	
	 	Broker-dealer.    The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.
	 	 	 
	
	 	Insurance Company.    The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks
underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia.
	 	 	 

B-1A-3

 

	
	 	State or Local Plan.    The Transferee is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its
political subdivisions, for the benefit of its employees.
	 	 	 
	
	 	ERISA Plan.    The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended.
	 	 	 
	
	 	Investment Advisor.    The Transferee is an investment advisor registered under the Investment Advisers Act of 1940.
	 	 	 
	
	 	Other.    (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1) of Rule 144A pursuant to which
it qualifies. Note that registered investment companies should complete Annex B rather than this Annex A.)

        3.    The
term "securities" as used herein does not include
(i) securities of issuers that are affiliated with the Transferee, (ii) securities that are part of an unsold allotment to or subscription by the Transferee, if the Transferee is a
dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee,
the Transferee did not include any of the securities referred to in this paragraph. 

        4.    For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee used the cost of such
securities to the Transferee, unless the Transferee reports its securities holdings in its financial statements on the basis of their market value, and no current information with respect to the cost
of those securities has been published, in which case the securities were valued at market. Further, in determining such aggregate amount, the Transferee may have included securities owned by
subsidiaries of the Transferee, but only if such subsidiaries are consolidated with the Transferee in its financial statements prepared in accordance with generally accepted accounting principles and
if the investments of such subsidiaries are managed under the Transferee's direction. However, such securities were not included if the Transferee is a majority-owned, consolidated subsidiary of
another enterprise and the Transferee is not itself a reporting company under the Securities Exchange Act of 1934. 

        5.    The
Transferee acknowledges that it is familiar with Rule 144A and understands that the Transferor and other parties related to the Notes are relying and will
continue to rely on the statements made herein because one or more sales to the Transferee may in reliance on Rule 144A. 

	
 Yes	 	
 No	 	Will the Transferee be purchasing the Notes

only for the Transferee's own account?

        6.    If
the answer to the foregoing question is "no," then in each case where the Transferee is purchasing for an account other than its own, such account belongs to a third
party that is itself a "qualified institutional buyer" within the meaning of Rule 144A, and the "qualified institutional buyer" status of such third party has been established by the Transferee
through one or more of the appropriate methods contemplated by Rule 144A. 

        7.    The
Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice is given,
the Transferee's purchase of the Notes will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Transferee is a bank or savings and loan as provided
above, the 

B-1A-4

 

Transferee agrees that it will furnish to such parties any updated annual financial statements that become available on or before the date of such purchase, promptly after they become available. 

	

 	
 	

 	
 	

 
	 	 	Print Name of Transferee
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	
 Name:

Title:

Date:

B-1A-5

  

 
 

ANNEX 2 TO EXHIBIT B-1A    
  

 
 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A    
  

        [for Transferees that are Registered Investment Companies]

        The
undersigned hereby certifies as follows to [name of Transferor] (the "Transferor") and [name of Note Registrar], as Note Registrar,
with respect to the Notes (the "Notes") being transferred as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex: 

        1.    As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the
Notes (the "Transferee") or, if the Transferee is a "qualified institutional buyer" as that term is defined in Rule 144A under the Securities Act of 1933 ("Rule 144A") because the
Transferee is part of a Family of Investment Companies (as defined below), is an executive officer of the investment adviser (the "Adviser"). 

        2.    The
Transferee is a "qualified institutional buyer" as defined in Rule 144A because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, and (ii) as marked below, the Transferee alone owned and/or invested on a discretionary basis, or the Transferee's Family of Investment Companies owned, at least
$100,000,000 in securities (other than the excluded securities referred to below) as of the end of the Transferee's most recent fiscal year. For purposes of determining the amount of securities owned
by the Transferee or the Transferee's Family of Investment Companies, the cost of such securities was used, unless the Transferee or any member of the Transferee's Family of Investment Companies, as
the case may be, reports its securities holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities has been
published, in which case the securities of such entity were valued at market. 

	 	 	
	 	The Transferee owned and/or invested on a discretionary basis $                        in securities
(other than the excluded securities referred to below) as of the end of the Transferee's most recent fiscal year (such amount being calculated in accordance with Rule 144A).
	 	 	 	 	 
	 	 	
	 	The Transferee is part of a Family of Investment Companies which owned in the aggregate
$                        in securities (other than the excluded securities referred to below) as of the end of the Transferee's
most recent fiscal year (such amount being calculated in accordance with Rule 144A).

        3.    The
term "Family of Investment Companies" as used herein means two or more registered investment companies (or series
thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a
majority owned subsidiary of the other). 

        4.    The
term "securities" as used herein does not include (i) securities of issuers that are affiliated with the
Transferee or are part of the Transferee s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase
agreements, (v) securities owned but subject to a repurchase agreement and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Transferee, or owned by the Transferee's Family of Investment Companies, the securities referred to in this paragraph were excluded. 

B-1A-1

 

        5.    The
Transferee is familiar with Rule 144A and understands that the parties to which this certification is being made are relying and will continue to rely on the
statements made herein because one or more sales to the Transferee will be in reliance on Rule 144A. 

	
 Yes	 	
 No	 	Will the Transferee be purchasing the Notes

only for the Transferee's own account?

        6.    If
the answer to the foregoing question is "no," then in each case where the Transferee is purchasing for an account other than its own, such account belongs to a third
party that is itself a "qualified institutional buyer" within the meaning of Rule 144A, and the "qualified institutional buyer" status of such third party has been established by the Transferee
through one or more of the appropriate methods contemplated by Rule 144A. 

        7.    The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice, the Transferee's
purchase of the Notes will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase. 

	

 	
 	

 	
 	

 
	 	 	Print Name of Transferee or Adviser
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	
 Name:

Title:
	 	 	 	 	 
	 	 	 	 	 
	 	 	IF AN ADVISER:
	 	 	 	 	 
	 	 	 	 	 
	 	 	
 Print Name of Transferee
	 	 	 	 	 
	 	 	 	 	 
	 	 	Date:

B-1A-2

  

 
 

EXHIBIT B-1B    
  

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF NOTES TO

INSTITUTIONAL ACCREDITED INVESTORS  

[Date]  

Bank
One, NA

	Re:	 	AmeriCredit Owner Trust 2003-1, Receivables-Backed Notes, Series 2003-1 (the "Notes")

Ladies and Gentlemen: 

        This
letter is delivered to you in connection with the transfer by                        (the "Transferor")
to                        (the "Transferee") of the Notes [having an initial
Note Principal Balance as of March    , 2003 (the "Closing Date") of $                        ]. The Notes
were issued pursuant to an Indenture, dated as of March 18, 2003 (the
"Indenture"), between AmeriCredit Owner Trust 2003-1 as issuer and Bank One, NA as indenture trustee. All terms used herein and not otherwise defined shall have the meanings set forth in
the Indenture. The Transferee hereby certifies, represents and warrants to you, as Note Registrar, that: 

        1.    The
Transferee is acquiring the Notes for its own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in
whole or in part, in any manner which would violate the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws. 

        2.    The
Transferee understands that (a) the Notes has not been and will not be registered under the Securities Act or registered or qualified under any applicable
state securities laws, (b) none of the Issuer, the Indenture Trustee, the Note Registrar or any other person is obligated so to register or qualify the Notes, and (c) no Note may be
resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any applicable state securities laws or (ii) sold or transferred
in transactions which are exempt from such registration and qualification and the Note Registrar has received either: (A) a certificate from the prospective transferee of the holder desiring to
effect such transfer substantially in the form attached as Exhibit B-1A or as Exhibit B-1B to the Indenture or (B) an opinion of counsel satisfactory to
the Indenture Trustee with respect to the availability of such exemption from registration under the Securities Act, together with copies of the written certifications from the transferor and
transferee setting forth the facts surrounding the transfer upon which such opinion is based. 

        3.    The
Transferee understands that it may not sell or otherwise transfer any Note except in compliance with the provisions of Sections 4.02 and 4.03 of the Indenture, which
provisions it has carefully reviewed, and that each Note will bear the following legend: 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 

B-1B-1

 

        4.    Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Note, any interest in any Note or
any other similar security to any person in any manner, (b) solicited any offer to buy or accept a pledge, disposition or other transfer of any Note, any interest in any Note or any other
similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Note, any interest in any Note or any other similar security with any person in any
manner, (d) made any general solicitation with respect to any Note, any interest in any Note or any other similar security by means of general advertising or in any other manner, or
(e) taken any other action with respect to any Note, any interest in any Note or any other similar security, which (in the case of any of the acts described in clauses (a) through
(e) above) would constitute a distribution of the Notes under the Securities Act, would render the disposition of the Notes a violation of Section 5 of the Securities Act or any state
securities law or would require registration or qualification of the Notes pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner
set forth in the foregoing sentence with respect to any Note, any interest in any Note or any other similar security. 

        5.    The
Transferee represents to the Issuer and the Indenture Trustee that it is not, and is not purchasing on behalf of, as fiduciary of, or with assets of, an employee
benefit plan within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, or a plan within the meaning of section 4975 of the Internal Revenue
Code of 1986. 

        6.    The
Transferee has been furnished with all information regarding (a) the Issuer, (b) the Notes, (c) the Indenture, (d) the trusts created
pursuant thereto, (e) the nature of the Receivables and (f) all related matters, that it has requested. 

        7.    The
Transferee is an "accredited investor" as defined in paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act or an entity
in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
an investment in the Notes; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee is able to bear
the economic risks of such investment and can afford a complete loss of such investment. 

	

 	
 	

 	
 	

 
	 	 	Very truly yours,
	 	 	 	 	 
	 	 	 	 	 
	 	 	(Transferor)
	 	 	By:	 	
 Name:

Title:

B-1B-2

  

 
 

EXHIBIT C    
  

FORM OF PAYMENT DATE REPORT  

[On
File with AmeriCredit and Dewey Ballantine LLP] 

C-1

QuickLinks

Exhibit 4.1

ARTICLE VI REPORTS TO NOTEHOLDERS

ARTICLE VII PURCHASE OF ADDITIONAL RECEIVABLES

ARTICLE VIII SUPPLEMENTAL INDENTURES; AMENDMENTS

ARTICLE IX COVENANTS; WARRANTIES

ARTICLE X MISCELLANEOUS

EXHIBIT B-1A

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF NOTES TO QUALIFIED INSTITUTIONAL BUYERS

[DATE]

ANNEX 1 TO EXHIBIT B-1A

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

ANNEX 2 TO EXHIBIT B-1A

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

EXHIBIT B-1B

EXHIBIT C

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