Document:

Prepared and filed by St Ives Burrups

Exhibit 4.1

    EXECUTION COPY

 

  

	
	
	

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004 A-F

Class A-1 1.08% Asset Backed Notes

Class A-2 1.49% Asset Backed Notes

Class A-3 2.18% Asset Backed Notes

Class A-4 2.87% Asset Backed Notes

INDENTURE

Dated as of February 4, 2004

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee and Trust Collateral Agent

	
	
	

 

TABLE OF CONTENTS

	 	 	 	 	Page
	 	 	 	 	

	 	 	 	 	 
	ARTICLE I Definitions and Incorporation by Reference	2
	 	 	 	 	 
	     SECTION
    1.1
	 	 	Definitions	2
	     SECTION 1.2
	 	 	Incorporation by Reference of Trust Indenture Act	10
	     SECTION
    1.3
		 	Rules of Construction	10
	 	 	 	 	 
	ARTICLE II THE NOTES	11
	 	 	 	 	 
	     SECTION 2.1
	 	 	Form	11
	     SECTION
    2.2
	 	 	Execution, Authentication and Delivery	11
	     SECTION
    2.3
	 	 	Temporary Notes	12
	     SECTION
    2.4
	 	 	Registration; Registration of Transfer and Exchange	12
	     SECTION
    2.5
	 	 	Mutilated, Destroyed, Lost or Stolen Notes	14
	     SECTION
    2.6
	 	 	Persons Deemed Owner	14
	     SECTION
    2.7
	 	 	Payment of Principal and Interest; Defaulted Interest.	15
	     SECTION
    2.8
	 	 	Cancellation	16
	     SECTION
    2.9
	 	 	Release of Collateral	16
	     SECTION
    2.10
	 	 	Book-Entry Notes	16
	     SECTION
    2.11
	 	 	Notices to Clearing Agency	17
	     SECTION
    2.12
	 	 	Definitive Notes	17
	 	 	 	 	 
	ARTICLE III COVENANTS	18
	 	 	 	 	 
	     SECTION
    3.1
	 	 	Payment of Principal and Interest	18
	     SECTION
    3.2
	 	 	Maintenance of Office or Agency	18
	     SECTION
    3.3
	 	 	Money for Payments to be Held in Trust	18
	     SECTION
    3.4
	 	 	Existence	20
	     SECTION
    3.5
	 	 	Protection of Trust Estate	20
	     SECTION
    3.6
	 	 	Opinions as to Trust Estate.	20
	     SECTION
    3.7
	 	 	Performance of Obligations; Servicing of Receivables.	21
	     SECTION
    3.8
	 	 	Negative Covenants	22
	     SECTION
    3.9
	 	 	Annual Statement as to Compliance	22
	     SECTION
    3.10
	 	 	Issuer May Consolidate, Etc. Only on Certain Terms.	23
	     SECTION
    3.11
	 	 	Successor or Transferee.	25
	     SECTION
    3.12
	 	 	No Other Business	25
	     SECTION
    3.13
	 	 	No Borrowing	25
	     SECTION
    3.14
	 	 	Servicer’s
    Obligations	25
	     SECTION
    3.15
	 	 	Guarantees, Loans, Advances and Other Liabilities	25
	     SECTION
    3.16
	 	 	Capital Expenditures	26
	     SECTION
    3.17
	 	 	Compliance with Laws	26
	     SECTION
    3.18
	 	 	Restricted Payments	26
	     SECTION
    3.19
	 	 	Notice of Events of Default	26
	     SECTION
    3.20
	 	 	Further Instruments and Acts	26
	     SECTION
    3.21
	 	 	Amendments of Sale and Servicing Agreement and Trust Agreement	26
	     SECTION
    3.22
	 	 	Income Tax Characterization	26
	 	 	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	27
	 	 	 	 	 
	     SECTION
    4.1
	 	 	Satisfaction and Discharge of Indenture	27
	     SECTION
    4.2
	 	 	Application of Trust Money	28
	     SECTION
    4.3
	 	 	Repayment of Moneys Held by Note Paying Agent	28
	 	 	 	 	 
	ARTICLE V REMEDIES	28
	 	 	 	 	 
	     SECTION
    5.1
	 	 	Events of Default	28
	     SECTION
    5.2
	 	 	Rights Upon Event of Default.	30

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	     SECTION
            5.3
	 	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	31
	     SECTION
    5.4
	 	 	Remedies.	33
	     SECTION
    5.5
	 	 	Optional Preservation of the Receivables	34
	     SECTION
    5.6
	 	 	Priorities.	35
	     SECTION
    5.7
	 	 	Limitation of Suits	36
	     SECTION
    5.8
	 	 	Unconditional Rights of Noteholders To Receive Principal and Interest	36
	     SECTION
    5.9
	 	 	Restoration of Rights and Remedies	36
	     SECTION
    5.10
	 	 	Rights and Remedies Cumulative	37
	     SECTION
    5.11
	 	 	Delay or Omission Not a Waiver	37
	     SECTION
    5.12
	 	 	Control by Noteholders	37
	     SECTION
    5.13
	 	 	Waiver of Past Defaults	37
	     SECTION
    5.14
	 	 	Undertaking for Costs	38
	     SECTION
    5.15
	 	 	Waiver of Stay or Extension Laws	38
	     SECTION
    5.16
	 	 	Action on Notes	38
	     SECTION
    5.17
	 	 	Performance and Enforcement of Certain Obligations.	38
	 	 	 	 	 
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT	39
	 	 	 	 	 
	     SECTION
    6.1
	 	 	Duties of Trustee.	39
	     SECTION
    6.2
	 	 	Rights of Trustee.	41
	     SECTION
    6.3
	 	 	Individual Rights of Trustee	42
	     SECTION
    6.4
	 	 	Trustee’s
    Disclaimer	42
	     SECTION
    6.5
	 	 	Notice of Defaults	42
	     SECTION
    6.6
	 	 	Reports by Trustee to Holders	42
	     SECTION
    6.7
	 	 	Compensation and Indemnity.	43
	     SECTION
    6.8
	 	 	Replacement of Trustee	43
	     SECTION
    6.9
	 	 	Successor Trustee by Merger	45
	     SECTION
    6.10
	 	 	Appointment of Co-Trustee or Separate Trustee.	45
	     SECTION
    6.11
	 	 	Eligibility: Disqualification.	46
	     SECTION
    6.12
	 	 	Preferential Collection of Claims Against Issuer	46
	     SECTION
    6.13
	 	 	Appointment and Powers	47
	     SECTION
    6.14
	 	 	Performance of Duties	47
	     SECTION
    6.15
	 	 	Limitation on Liability	47
	     SECTION
    6.16
	 	 	Reliance Upon Documents	48
	     SECTION
    6.17
	 	 	Successor Trust Collateral Agent.	48
	     SECTION
    6.18
	 	 	Compensation	49
	     SECTION
    6.19
	 	 	Representations and Warranties of the Trust Collateral Agent and the Issuer	49
	     SECTION
    6.20
	 	 	Waiver of Setoffs	50
	     SECTION
    6.21
	 	 	Control by the Controlling Party	50
	 	 	 	 	 
	ARTICLE VII
    NOTEHOLDERS’ LISTS AND REPORTS	51
	 	 	 	 	 
	     SECTION
    7.1
	 	 	Issuer To Furnish To Trustee Names and Addresses of Noteholders	51
	     SECTION
    7.2
	 	 	Preservation of Information; Communications to Noteholders.	51
	     SECTION
    7.3
	 	 	Reports by Issuer.	51
	     SECTION
    7.4
	 	 	Reports by Trustee	52
	 	 	 	 	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	52
	 	 	 	 	 
	     SECTION
    8.1
	 	 	Collection of Money	52
	     SECTION
    8.2
	 	 	Release of Trust Estate.	52
	     SECTION
    8.3
	 	 	Opinion of Counsel	53
	 	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	53
	 	 	 	 	 
	     SECTION
    9.1
	 	 	Supplemental Indentures Without Consent of Noteholders.	53
	     SECTION
    9.2
	 	 	Supplemental Indentures with Consent of Noteholders	54
	     SECTION
    9.3
	 	 	Execution of Supplemental Indentures	56
	     SECTION
    9.4
	 	 	Effect of Supplemental Indenture	56
	     SECTION
    9.5
	 	 	Conformity With Trust Indenture Act	56

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	     SECTION
            9.6
	 	 	Reference in Notes to Supplemental Indentures	 	 	56	 
	 	 	 	 	 	 	 	 
	ARTICLE X REDEMPTION OF NOTES	 	 	56	 
	 	 	 	 	 	 	 	 
	     SECTION
    10.1
	 	 	Redemption.	 	 	56	 
	     SECTION
    10.2
	 	 	Form of Redemption Notice.	 	 	57	 
	     SECTION
    10.3
	 	 	Notes Payable on Redemption Date	 	 	57	 
	 	 	 	 	 	 	 	 
	ARTICLE XI MISCELLANEOUS	 	 	58	 
	 	 	 	 	 	 	 	 
	     SECTION
    11.1
	 	 	Compliance Certificates and Opinions, etc	 	 	58	 
	     SECTION
    11.2
	 	 	Form of Documents Delivered to Trustee	 	 	59	 
	     SECTION
    11.3
	 	 	Acts of Noteholders.	 	 	60	 
	     SECTION
    11.4
	 	 	Notices, etc., to Trustee, Issuer and Rating Agencies	 	 	61	 
	     SECTION
    11.5
	 	 	Notices to Noteholders; Waiver	 	 	62	 
	     SECTION
    11.6
	 	 	[Reserved]	 	 	62	 
	     SECTION
    11.7
	 	 	Conflict with Trust Indenture Act	 	 	62	 
	     SECTION
    11.8
	 	 	Effect of Headings and Table of Contents	 	 	62	 
	     SECTION
    11.9
	 	 	Successors and Assigns	 	 	63	 
	     SECTION
    11.10
	 	 	Separability	 	 	63	 
	     SECTION
    11.11
	 	 	Benefits of Indenture	 	 	63	 
	     SECTION
    11.12
	 	 	Legal Holidays	 	 	63	 
	     SECTION
    11.13
	 	 	GOVERNING LAW	 	 	63	 
	     SECTION
    11.14
	 	 	Counterparts	 	 	63	 
	     SECTION
    11.15
	 	 	Recording of Indenture	 	 	64	 
	     SECTION
    11.16
	 	 	Trust Obligation	 	 	64	 
	     SECTION
    11.17
	 	 	No Petition	 	 	64	 
	     SECTION
    11.18
	 	 	Inspection	 	 	64	 
	 	 	 	 	 	 	 	 
	EXHIBITS	 	 	 	 
	 	 	 	 	 	 	 	 
	     EXHIBIT
    A-1
	 	 	Form of Class A-1 Note	 	 	 	 
	     EXHIBIT
    A-2
	 	 	Form of Class A-2 Note	 	 	 	 
	     EXHIBIT
    A-3
	 	 	Form of Class A-3 Note	 	 	 	 
	     EXHIBIT
    A-4
	 	 	Form of Class A-4 Note	 	 	 	 
	 	 	 	 	 	 	 	 
	SCHEDULES	 	 	 	 
	 	 	 	 	 	 	 	 
	     SCHEDULE
    A
	 	 	Representations and Warranties of the Issuer	 	 	 	 
	 	 	 	 	 	 	 	 

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INDENTURE dated as of February 4, 2004, between AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-A-F, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”)
 and Trust Collateral Agent (as defined below).

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s Class A-1 1.08% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 1.49% Asset Backed Notes (the “Class A-2 Notes”), the Class A-3 2.18%
 Asset Backed Notes (the “Class A-3 Notes”) and the Class A-4 2.87% Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes, and the Class A-3 Notes, the “Notes”).

As security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the Noteholders.

Financial Security Assurance Inc. (the “Security Insurer”) has issued and delivered a financial guaranty insurance policy, dated the Closing Date (with endorsements, the “Note Policy”), pursuant to which the Security Insurer guarantees Scheduled Payments, as defined in the
 Insurance Agreement.

As an inducement to the Security Insurer to issue and deliver the Note Policy, the Issuer and the Security Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of February 4, 2004 (as amended from time to time, the “Insurance Agreement”),
 among the Security Insurer, the Issuer, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS Funding Trust.

As an additional inducement to the Security Insurer to issue the Note Policy, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Trustee Issuer Secured Obligations, the Issuer has
 agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Issuer Secured Parties, as their respective interests may appear.

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GRANTING CLAUSE

The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer 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 Purchase Agreement, including the delivery requirements, representations and warranties and the cure and repurchase obligations
 of AmeriCredit under the Purchase Agreement; (h) all items contained in the Receivable Files and any and all other documents that AmeriCredit keeps on file in accordance with its customary procedures 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 Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement); and (j) 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”).

The foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the Trustee on behalf of the Noteholders and for the benefit of the Security Insurer. The Trust Collateral Agent hereby acknowledges such Grant, accepts the trusts under this Indenture in
 accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the priorities of their respective interests may be adequately and effectively protected.

	 	ARTICLE I

Definitions and Incorporation by Reference

SECTION 1.1      Definitions.     Except as otherwise specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture.

“Act” has the meaning specified in Section 11.3(a).

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

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

“Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, as amended, the Sale and Servicing Agreement, the Spread Account Agreement, the Spread Account Agreement Supplement, the Insurance Agreement, the Assignment, the Custodian
 Agreement and other documents and certificates delivered in connection therewith.

“Benefit Plan Entity” has the meaning specified in Section 2.4.

“Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

“Business Day” means any day other than a Saturday, a Sunday, legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, New York City, New York or Minneapolis, Minnesota or any other location of any
 successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed.

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

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

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

“Class A-1 Interest Rate” means 1.08% per annum (computed on the basis of a 360-day year and the actual number of days in the related Interest Period).

“Class A-1 Notes” means the Class A-1 1.08% Asset Backed Notes, substantially in the form of Exhibit A-1.

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“Class A-2 Interest Rate” means 1.49% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).
  

“Class A-2 Notes” means the Class A-2 1.49% Asset Backed Notes, substantially in the form of Exhibit A-2.

“Class A-3 Interest Rate” means 2.18% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

“Class A-3 Notes” means the Class A-3 2.18% Asset Backed Notes, substantially in the form of Exhibit A-3.

“Class A-4 Interest Rate” means 2.87% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

“Class A-4 Notes” means the Class A-4 2.87% Asset Backed Notes, substantially in the form of Exhibit A-4.

“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

“Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

“Closing Date” means February 11, 2004.

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

“Collateral” has the meaning specified in the Granting Clause of this Indenture.

“Controlling Party” means the Security Insurer, so long as no Insurer Default shall have occurred and be continuing, and the Trustee, for so long as an Insurer Default shall have occurred and be continuing.

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this Agreement is located at Sixth Street and Marquette Avenue, MAC N9311-161,
 Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust Office, or at such other address as the Trustee may designate from time to time by notice to the Noteholders, the Security Insurer, the Servicer and the Issuer, or the principal corporate trust
 office of any successor Trustee (the address of which the successor Trustee will notify the Noteholders and the Issuer).

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

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“Definitive Notes” has the meaning specified in Section 2.10.
  

“Distribution Amount” means the sum of (a) Available Funds and (b) Additional Funds Available.

“Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

“ERISA” has the meaning specified in Section 2.4.

“Event of Default” has the meaning specified in Section 5.1.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation;
 and with respect to any partnership, any general partner thereof.

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

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

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

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

“Independent Certificate” means a certificate or opinion to be delivered to the Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed
 by an Issuer Order and approved by the Trust Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

“Insurance Agreement Indenture Cross Default” has the meaning specified therefor in the Insurance Agreement.

“Insured Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

“Insurer Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Security Insurer under this Indenture, the Insurance Agreement or any other Basic Document.

“Interest Rate” means, with respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3 Notes, the Class A-3 Interest Rate and (iv) Class A-4 Notes, the Class A-4 Interest Rate.

“Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes.

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

“Issuer Secured Obligations” means the Insurer Issuer Secured Obligations and the Trustee Issuer Secured Obligations.

“Issuer Secured Parties” means each of the Trustee in respect of the Trustee Issuer Secured Obligations and the Security Insurer in respect of the Insurer Issuer Secured Obligations.

“Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a Class A-4 Note.

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“Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or
 as an indirect participant, in each case in accordance with the rules of such Clearing Agency).
  

“Note Paying Agent” means the Trustee or any other Person that meets the eligibility standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account,
 including payment of principal of or interest on the Notes on behalf of the Issuer.

“Note Policy” means the insurance policy issued by the Security Insurer with respect to the Notes, including any endorsements thereto.

“Note Policy Claim Amount” has the meaning specified in the Sale and Servicing Agreement.

“Note Register” and “Note Registrar” have the respective meanings specified in Section 2.4.

“Notice of Claim” has the meaning specified in the Sale and Servicing Agreement.

“Officer’s Certificate” means a certificate signed by any Authorized Officer of the Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise
 specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer.

“Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Trustee and, if addressed to the Security Insurer, satisfactory to
 the Security Insurer, and which shall comply with any applicable requirements of Section 11.1, and shall be in form and substance satisfactory to the Trustee, and if addressed to the Security Insurer, satisfactory to the Security Insurer.

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

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

 

 

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

provided, however, that Notes which have been paid with proceeds of the Note Policy shall continue to remain Outstanding for purposes of this Indenture until the Security Insurer has been paid as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as
 evidenced by a written notice from the Security Insurer delivered to the Trustee, and the Security Insurer shall be deemed to be the Holder thereof to the extent of any payments thereon made by the Security Insurer; provided, further, that in determining whether the Holders of the
 requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
 Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee either
 actually knows to be so owned or has received written notice thereof shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
 Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons.

“Outstanding Amount” means the aggregate principal amount of all Notes, or class of Notes, as applicable, Outstanding at the date of determination.

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a
 mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

“Preference Claim” has the meaning specified in the Sale and Servicing Agreement.

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

“Rating Agency” means each of Moody’s, Standard & Poor’s and Fitch, so long as such Persons maintain a rating on the Notes; and if any of Moody’s, Standard & Poor’s or Fitch no longer maintains a rating on the Notes, such other nationally recognized statistical rating
 organization selected by the Seller and (so long as an Insurer Default shall not have occurred and be continuing) acceptable to the Security Insurer.

“Rating Agency Condition” means, with respect to any action, that each of Moody’s and Standard & Poor’s shall have been given 10 days (or such shorter period as shall be acceptable to each of Moody’s and Standard & Poor’s) prior notice thereof and that each of Moody’s and
 Standard & Poor’s shall have notified the Seller, the Servicer, the Security Insurer, the Trustee,

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the Owner Trustee and the Issuer in writing that such action will not result in a reduction or withdrawal of the then current rating of the Notes without regard to the Note Policy.

“Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or Redemption Date.

“Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1(a) the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.1(a).

“Redemption Price” means in the case of a redemption of the Receivables pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but
 excluding the Redemption Date.

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

“Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of February 4, 2004, among the Issuer, the Seller, the Servicer and the Trustee as Backup Servicer and Trust Collateral Agent, as the same may be amended or supplemented from time to time.

“Scheduled Payments” has the meaning specified in the Note Policy.

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

“Termination Date” means the latest of (i) the expiration of the Note Policy and the return of the Note Policy to the Security Insurer for cancellation, (ii) the date on which the Security Insurer shall have received payment and performance of all Insurer Issuer Secured Obligations
 and (iii) the date on which the Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations.

“Trust Collateral Agent” means, initially, Wells Fargo Bank, National Association, in its capacity as collateral agent on behalf of the Issuer Secured Parties, including its successors-in-interest, until and unless a successor Person shall have become the Trust Collateral Agent
 pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such successor Person.

“Trust Estate” means all money, instruments, rights and other property that are subject or intended to be

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subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof.

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the date hereof, unless otherwise specifically provided.

“Trustee” means Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture.

“Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document.

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

Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and Servicing Agreement or the Trust Agreement.

SECTION 1.2           Incorporation by Reference of Trust Indenture Act.      Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
 meanings:

“Commission” means the Securities and Exchange Commission.

“indenture securities” means the Notes.

“indenture security holder” means a Noteholder.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee” means the Trustee.

“obligor” on the indenture securities means the Issuer.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

SECTION 1.3           Rules of Construction.  Unless the context otherwise requires:

 (i)     a term has the meaning assigned to it;

 (ii)     an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time;

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(iii)     “or” is not exclusive;
  

(iv)     “including” means including without limitation; and

 (v)     words in the singular include the plural and words in the plural include the singular.

ARTICLE II

The Notes

SECTION 2.1     Form.     The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case together with the Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibits A-1, A-2, A-3 and A-4, respectively, with
 such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by
 the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2, A-3 and A-4 are part of the terms of this Indenture.

SECTION 2.2     Execution, Authentication and Delivery.     The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, 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.

The Trustee shall, upon receipt of the Note Policy and Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $222,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $203,000,000, Class A-3
 Notes for original issue in an aggregate principal amount of $160,000,000 and Class A-4 Notes for original issue in an aggregate principal amount of $165,000,000. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such
 amounts except as provided in Section 2.5.

The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000).

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No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized
 signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

SECTION 2.3     Temporary Notes.     Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise
 produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency
 of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of
 Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

SECTION 2.4     Registration; Registration  of Transfer and Exchange.     The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of
 transfers of Notes. The Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the
 duties of Note Registrar.

If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Trustee shall have the
 right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of
 the Notes and the principal amounts and number of such Notes.

Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request
 the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount.

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At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for
 exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, the Notes which the Noteholder making the
 exchange is entitled to receive.

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in the form attached to Exhibits A-1, A-2, A-3 and A-4 duly executed by, the Holder thereof or such Holder’s attorney
 duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other
 “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require.

Notwithstanding the foregoing, in the case of any sale or other transfer of a Definitive Note, the transferor of such Definitive Note shall be required to represent and warrant in writing that the prospective transferee either (a) is not (i) an employee benefit plan (as defined in section
 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), which is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in section 4975(e)(1) of the Code), which is subject to Section 4975 of the Code, or (iii) an entity whose underlying assets
 are deemed to be assets of a plan described in (i) or (ii) above by reason of such plan’s investment in the entity (any such entity described in clauses (i) through (iii), a “Benefit Plan Entity”) or (b) is a Benefit Plan Entity and the acquisition and holding of the Definitive Note by such
 prospective transferee is covered by a Department of Labor Prohibited Transaction Class Exemption. Each transferee of a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of the Book Entry Note is covered by a Department of
 Labor Prohibited Transaction Class Exemption.

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but 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 registration of transfer
 or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

The preceding provisions of this section notwithstanding, the Issuer shall not be required to make and the Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with
 respect to the Note.

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SECTION 2.5     Mutilated, Destroyed, Lost or Stolen Notes.     If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee and the Security Insurer (unless an
 Insurer Default shall have occurred and be continuing) such security or indemnity as may be required by it to hold the Issuer, the Trustee and the Security Insurer harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been acquired by a
 bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;
 provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may direct the Trustee, in writing, to
 pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser
 of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer, the Trustee and the Security Insurer shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person
 taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
 incurred by the Issuer or the Trustee in connection therewith.

Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
 the fees and expenses of the Trustee) connected therewith.

Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
 enforceable by anyone, and 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 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

SECTION 2.6     Persons Deemed Owner.     Prior to due presentment for registration of transfer of any Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee, or the Security Insurer may treat the Person in whose name any Note is registered (as of the Record Date)
 as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Security Insurer, the Trustee nor any agent of the Issuer or the Trustee
 shall be affected by notice to the contrary.

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SECTION 2.7      Payment of Principal and Interest; Defaulted Interest.
  

(a)     The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the Class A-4 Note set forth in Exhibits A-1, A-2, A-3 and A-4, respectively, and such interest shall be due and payable on each Distribution Date and
 each Insured Distribution Date, as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date or Insured Distribution Date shall be paid to the Person in whose name
 such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12,
 with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final
 installment of principal payable with respect to such Note on a Distribution Date or Insured Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1(a)) which shall be payable as
 provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3.

(b)     The principal of each Note shall be payable in installments on each Distribution Date or Insured Distribution Date, as applicable, as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the Class A-4 Note set forth in Exhibits A-1, A-2, A-
 3 and A-4, respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Trustee or the Noteholders representing not less
 than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto. Upon written
 notice from the Issuer, the Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such
 notice shall be mailed or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for
 payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

(c)     If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer
 may pay such defaulted interest to the Persons who are Noteholders on the immediately following Insured Distribution Date, and, if such amount is not paid on such following Insured Distribution Date, then on a subsequent special record date, which date shall be at least five Business
 Days prior to the payment date. The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special

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record date, the Issuer shall mail to each Noteholder and the Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

(d)     Promptly following the date on which all principal of and interest on the Notes has been paid in full and the Notes have been surrendered to the Trustee, the Trustee shall, if the Security Insurer has paid any amount in respect of the Notes under the Note Policy or otherwise
 which has not been reimbursed to it, deliver such surrendered Notes to the Security Insurer.

SECTION 2.8     Cancellation.     Subject to Section 2.7(d), all Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by the Trustee.
 Subject to Section 2.7(d), the Issuer may at any time deliver to the Trustee 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 Trustee.
 No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. Subject to Section 2.7(d), all canceled Notes may be held or disposed of by the Trustee in accordance with its standard retention
 or disposal policy as in effect at the time unless the Issuer shall timely direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Trustee.

SECTION 2.9     Release of Collateral.     The Trust Collateral Agent shall, on or after the Termination Date, release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account any funds then on deposit in any other Trust
 Account. The Trust Collateral Agent shall release property from the lien created by this Indenture pursuant to this Section 2.9 only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in
 accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

SECTION 2.10     Book-Entry Notes.     The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes
 shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until
 definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12:

	 	
              (i)     the provisions
    of this Section shall be in full force and effect;
	 	 
	 	        (ii)     the
        Note Registrar and the Trustee shall be entitled to deal with the Clearing
        Agency for all purposes of this Indenture (including the payment of principal
        of and interest on the Notes and the giving of instructions or directions
        hereunder) as the sole Holder of the Notes, and shall have no obligation
    to the Note Owners;

 

         

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              (iii)     to
          the extent that the provisions of this Section conflict with any other
          provisions of this Indenture, the provisions of this Section shall
      control;
    
	 	 
	 	        (iv)     the
            rights of Note Owners shall be exercised only through the Clearing
            Agency and shall be limited to those established by law and agreements
            between such Note Owners and the Clearing Agency and/or the Clearing
            Agency Participants. Unless and until Definitive Notes are issued
            pursuant to Section 2.12, the initial Clearing Agency will make book-entry
            transfers among the Clearing Agency Participants and receive and
            transmit payments of principal of and interest on the Notes to such
            Clearing Agency Participants;
    
	 	 
	 	        (v)     whenever
        this Indenture requires or permits actions to be taken based upon instructions
        or directions of Noteholders evidencing a specified percentage of the
        Outstanding Amount of the Notes, the Clearing Agency shall be deemed
        to represent such percentage only to the extent that it has received
        instructions to such effect from Note Owners and/or Clearing Agency Participants
        owning or representing, respectively, such required percentage of the
        beneficial interest in the Notes and has delivered such instructions
    to the Trustee; and
	 	 
	 	         (vi)     Note
        Owners may receive copies of any reports sent to Noteholders pursuant
        to this Indenture, upon written request, together with a certification
        that they are Note Owners and payment of reproduction and postage expenses
        associated with the distribution of such reports, from the Trustee at
    the Corporate Trust Office.

SECTION 2.11     Notices to Clearing Agency.     Whenever
    a notice or other communication to the Noteholders is required under this
    Indenture, unless and until Definitive Notes shall have been issued to Note
    Owners pursuant to Section 2.12, the Trustee shall give all such notices
    and communications specified herein to be given to the Noteholders to the
    Clearing Agency, and shall have no obligation to the Note Owners.

SECTION 2.12     Definitive Notes.     If (i) the Servicer advises the Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Servicer is unable to locate a qualified successor, (ii) the Servicer
 at its option advises the Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the
 Notes advise the Trustee through the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Trustee of the occurrence of
 any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute
 and the Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected
 in relying on, such instructions. Upon the issuance of Definitive Notes, the Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

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	ARTICLE III

      

      Covenants

SECTION 3.1     Payment of Principal and Interest.     The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts
 on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2 Noteholders, (iii) for the benefit
 of the Class A-3 Notes, to Class A-3 Noteholders and (iv) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been
 paid by the Issuer to such Noteholder for all purposes of this Indenture.

SECTION 3.2     Maintenance of Office or Agency.     The Issuer will maintain in New York, New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and
 this Indenture may be served. The Issuer hereby initially appoints the Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer
 shall fail to maintain any such office or agency or shall fail to furnish the Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such surrenders,
 notices and demands.

SECTION 3.3     Money for Payments to be Held in Trust.     On or before each Distribution Date, Insured Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum
 sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act.

The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver to the Trustee and the Security Insurer an instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee acts as Note Paying Agent, it hereby so agrees),
 subject to the provisions of this Section, that such Note Paying Agent will:

	 	
             (i)     hold
    all sums held by it for the payment of amounts due with respect to the Notes
    in trust for the benefit of the Persons entitled thereto until such sums
    shall be paid to such Persons or otherwise disposed of as herein provided
    and pay such sums to such Persons as herein provided;
	 	 
	 	         (ii)     give
        the Trustee notice of any default by the Issuer (or any other obligor
        upon the Notes) of which it has actual knowledge in the making of any
    payment required to be made with respect to the Notes;

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             (iii)     at
    any time during the continuance of any such default, upon the written request
    of the Trustee, forthwith pay to the Trustee all sums so held in trust by
    such Paying Agent;
	 	 
	 	        (iv)     immediately
        resign as a Note Paying Agent and forthwith pay to the Trustee all sums
        held by it in trust for the payment of Notes if at any time it ceases
        to meet the standards required to be met by a Note Paying Agent at the
    time of its appointment; and
	 	 
	 	         (v)     comply
        with all requirements of the Code with respect to the withholding from
        any payments made by it on any Notes of any applicable withholding taxes
        imposed thereon and with respect to any applicable reporting requirements
    in connection therewith.

The Issuer
      may at any time, for the purpose of obtaining the satisfaction and discharge
      of this Indenture or for any other purpose, by Issuer Order direct any
      Note Paying Agent to pay to the Trustee all sums held in trust by such
      Note Paying Agent, such sums to be held by the Trustee upon the same trusts
      as those upon which the sums were held by such Note Paying Agent; and upon
      such a payment by any Note Paying Agent to the Trustee, such Note Paying
      Agent shall be released from all further liability with respect to such
      money.

Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable
 shall be discharged from such trust and be paid to the Issuer on Issuer Request with the consent of the Security Insurer (unless an Insurer Default shall have occurred and be continuing) and shall be deposited by the Trustee in the Collection Account; and the Holder of such Note shall
 thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if
 such money or any portion thereof had been previously deposited by the Security Insurer or the Trust Collateral Agent with the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are owing to the Security Insurer, such amounts shall be paid promptly
 to the Security Insurer upon the Trustee’s receipt of a written request by the Security Insurer to such effect; and provided, further, that the Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once,
 in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of
 such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such
 repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Trustee or of any Note Paying Agent, at the last address of record for each
 such Holder).

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SECTION 3.4     Existence.     Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or
 becomes, organized under the laws of any other state or of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each
 jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

SECTION 3.5     Protection of Trust Estate.     The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Issuer Secured Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and
 maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a first lien on and a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements
 and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

          (i)     Grant more effectively all or any portion of the Trust Estate;

          (ii)     maintain or preserve the lien and security interest (and the priority thereof) in favor of the Trust Collateral Agent for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof;

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

          (iv)     enforce any of the Collateral;

          (v)     preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such Trust Estate against the claims of all persons and parties; and

          (vi)     pay all taxes or assessments levied or assessed upon the Trust Estate when due.

The Issuer hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required by the Trust Collateral Agent pursuant to this Section.

SECTION 3.6     Opinions as to Trust Estate.

(a)     On
    the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral
    Agent and the Security Insurer an Opinion of Counsel either stating that,
    in the opinion of such counsel, such action has been taken with respect to
    the recording and filing of this Indenture, any indentures supplemental hereto,
    and any other requisite documents, and with respect to the execution and
    filing of any financing statements and continuation statements, as are necessary
    to perfect and make effective the first priority lien and security interest
    in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured
    Parties, created by this Indenture and reciting the details of such action,
    or stating that, in the opinion of such
 counsel, no such action is necessary to make such lien and security interest
  effective.

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(b)     Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six months after the Closing Date, the Issuer shall furnish to the Trustee, Trust Collateral Agent and the Security Insurer an Opinion of Counsel either
 stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing
 statements and continuation statements as are necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such
 Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of
 such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year.

SECTION 3.7     Performance of Obligations; Servicing of Receivables.

(a)     The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that
 would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or
 such other instrument or agreement.

(b)     The Issuer may contract with other Persons acceptable to the Security Insurer (so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the
 Trustee and the Security Insurer in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to assist the Issuer in performing its duties under this Indenture.

(c)     The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and
 filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly
 provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee, the Security Insurer and the Holders of at least a majority of the Outstanding Amount of the Notes.

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(d)     If a responsible officer of the Owner Trustee shall have actual knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee, the Security Insurer and the Rating Agencies thereof in accordance
 with Section 11.4, and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to
 the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure.

(e)     The Issuer agrees that it will not waive timely performance or observance by the Servicer or the Seller of their respective duties under the Basic Documents (x) without the prior consent of the Security Insurer (unless an Insurer Default shall have occurred and be controlling)
 or (y) if the effect thereof would adversely affect the Holders of the Notes.

SECTION 3.8     Negative Covenants.     So long as any Notes are Outstanding, the Issuer shall not:

	 	
             (i)     except
    as expressly permitted by this Indenture or the Basic Documents, sell, transfer,
    exchange or otherwise dispose of any of the properties or assets of the Issuer,
    including those included in the Trust Estate, unless directed to do so by
    the Controlling Party;
	 	 
	 	       (ii)     claim
        any credit on, or make any deduction from the principal or interest payable
        in respect of, the Notes (other than amounts properly withheld from such
        payments under the Code) or assert any claim against any present or former
        Noteholder by reason of the payment of the taxes levied or assessed upon
    any part of the Trust Estate; or
	 	 
	 	        (iii)     (A)
        permit the validity or effectiveness of this Indenture to be impaired,
        or permit the lien in favor of the Trust Collateral Agent created by
        this Indenture to be amended, hypothecated, subordinated, terminated
        or discharged, or permit any Person to be released from any covenants
        or obligations with respect to the Notes under this Indenture except
        as may be expressly permitted hereby, (B) permit any lien, charge, excise,
        claim, security interest, mortgage or other encumbrance (other than the
        lien of this Indenture) to be created on or extend to or otherwise arise
        upon or burden the Trust Estate or any part thereof or any interest therein
        or the proceeds thereof (other than tax liens, mechanics’ liens
        and other liens that arise by operation of law, in each case on a Financed
        Vehicle and arising solely as a result of an action or omission of the
        related Obligor), (C) permit the lien of this Indenture not to constitute
        a valid first priority (other than with respect to any such tax, mechanics’ or
        other lien) security interest in the Trust Estate, or (D) amend, modify
        or fail to comply with the provisions of the Basic Documents without
    the prior written consent of the Controlling Party.

SECTION 3.9     Annual
      Statement as to Compliance.     The
    Issuer will deliver to the Trustee and the Security Insurer, within 120 days
    after the end of each fiscal year of the Issuer (commencing with the fiscal
    year ended June 30, 2004), and otherwise in compliance with the requirements
    of TIA Section 314(a)(4) an Officer’s Certificate stating, as to the
  Authorized Officer signing such Officer’s Certificate, that

  
  

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            (i)     a
    review of the activities of the Issuer during such year and of performance
    under this Indenture has been made under such Authorized Officer’s supervision;
    and
	 	 
	 	        (ii)     to
        the best of such Authorized Officer’s knowledge, based on such review,
        the Issuer has complied with all conditions and covenants under this
        Indenture and the other Basic Documents throughout such year, or, if
        there has been a default in the compliance of any such condition or covenant,
        specifying each such default known to such Authorized Officer and the
    nature and status thereof.

  SECTION
3.10     Issuer May Consolidate, Etc. Only on Certain Terms.

(a)     The Issuer shall not consolidate or merge with or into any other Person, unless

	 	
             (i)     the
    Person (if other than the Issuer) formed by or surviving such consolidation
    or merger shall be a Person organized and existing under the laws of the
    United States of America or any state and shall expressly assume, by an indenture
    supplemental hereto, executed and delivered to the Trustee, in form satisfactory
    to the Trustee and the Security Insurer (so long as no Insurer Default shall
    have occurred and be continuing), the due and punctual payment of the principal
    of and interest on all Notes and the performance or observance of every agreement
    and 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
        Rating Agency Condition shall have been satisfied with respect to such
    transaction;
	 	 
	 	      (iv)     the Issuer
        shall have received an Opinion of Counsel (and shall have delivered copies
        thereof to the Trustee and the Security Insurer (so long as no Insurer
        Default shall have occurred and be continuing)) to the effect that such
        transaction will not have any material adverse tax consequence to the
    Trust, the Security Insurer, any Noteholder or the Certificateholder;
	 	 
	 	      (v)     any action
        as is necessary to maintain the lien and security interest created by
    this Indenture shall have been taken;
	 	 
	 	      (vi)     the
        Issuer shall have delivered to the Trustee an Officer’s Certificate
        and an Opinion of Counsel each stating that such consolidation or merger
        and such supplemental indenture comply with this Article III and that
        all conditions precedent herein provided for relating to such transaction
        have been complied with (including any filing required by the Exchange
    Act); and

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             (vii)     so
    long as no Insurer Default shall have occurred and be continuing, the Issuer
    shall have given the Security Insurer written notice of such consolidation
    or merger at least 20 Business Days prior to the consummation of such action
    and shall have received the prior written approval of the Security Insurer
    of such consolidation or merger and the Issuer or the Person (if other than
    the Issuer) formed by or surviving such consolidation or merger has a net
    worth, immediately after such consolidation or merger, that is (a) greater
    than zero and (b) not less than the net worth of the Issuer immediately prior
    to giving effect to such consolidation or merger.

(b)     The Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless

	 	          (i)     the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any
 state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, and the Security Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the
 principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such
 supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the
 Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be
 prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

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

	 	 
	 	          (iii)     the Rating Agency Condition shall have been satisfied with respect to such transaction; 

	 	 
	 	          (iv)     the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee and the Security Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not have any material
 adverse tax consequence to the Trust, the Security Insurer, any Noteholder or the Certificateholder; 

	 	 
	 	          (v)     any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 

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	 	          (vi)     the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to
 such transaction have been complied with (including any filing required by the Exchange Act); and 

	 	 
	 	          (vii)     so long as no Insurer Default shall have occurred and be continuing, the Issuer shall have given the Security Insurer written notice of such conveyance or transfer at least 20 Business Days prior to the consummation of such action and shall have received the prior
 written approval of the Security Insurer of such conveyance or transfer and the Issuer or the Person (if other than the Issuer) formed by or surviving such conveyance has a net worth, immediately after such conveyance or transfer, that is (a) greater than zero and (b) not less than
 the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer.

SECTION 3.11     Successor or Transferee.

(a)     Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) 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 Person had been named as the Issuer herein.

(b)     Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10 (b), AmeriCredit Automobile Receivables Trust 2004 A-F will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the
 Issuer with respect to the Notes immediately upon the delivery of written notice to the Trustee stating that AmeriCredit Automobile Receivables Trust 2004 A-F is to be so released.

SECTION 3.12     No Other Business.     The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto.

SECTION 3.13     No Borrowing.     The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes, (ii) obligations owing from time to time to the Security Insurer under the Insurance Agreement
 and (iii) any other Indebtedness permitted by or arising under the Basic Documents. The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Spread Account and to
 pay the Issuer’s organizational, transactional and start-up expenses.

SECTION 3.14     Servicer’s Obligations.     The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10, 4.11 and 5.10 of the Sale and Servicing Agreement.

SECTION 3.15     Guarantees, Loans, Advances and Other Liabilities.     Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having

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the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire
 (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

SECTION 3.16     Capital Expenditures.     The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

SECTION 3.17     Compliance with Laws.     The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the
 Notes, this Indenture or any Basic Document.

SECTION 3.18     Restricted Payments.     The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a
 beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate
 any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, the Sale and
 Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.

SECTION 3.19     Notice of Events of Default.     Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the Issuer agrees to give the Trustee, the Security Insurer and the Rating Agencies prompt written notice of each Event of Default hereunder and
 each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

SECTION 3.20     Further Instruments and Acts.     Upon request of the Trustee or the Security Insurer, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this
 Indenture.

SECTION 3.21     Amendments of Sale and Servicing Agreement and Trust Agreement.     The Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the
 Trustee or the Holders of the Notes consent to amendments thereto as provided therein.

SECTION 3.22     Income Tax Characterization.     For purposes of federal income, state and local income and franchise and any other income taxes, the Issuer will treat the Notes

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as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed, by virtue of acquisition of its interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes.

ARTICLE IV

Satisfaction and Discharge

SECTION 4.1     Satisfaction and Discharge of Indenture.     This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
 Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of the Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of
 the Trustee under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
 satisfaction and discharge of this Indenture with respect to the Notes, when

	 	 	          (A)     either

	 	 	 
	 	 	          (1)     all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or
 segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Trustee for cancellation and the Note Policy has expired and been returned to the Security Insurer for
 cancellation; or 

	 	 	 
	 	 	          (2)     all Notes not theretofore delivered to the Trustee for cancellation 

	 	 	 
	 	 	          (i)     have become due and payable,

	 	 	 
	 	 	          (ii)     will become due and payable at their respective Final Scheduled Distribution Dates within one year, or 

	 	 	 
	 	 	          (iii)     are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, 

	 	 	 
	 	 	and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trust Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date
 such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if
 Notes shall have been called for redemption pursuant to Section 10.1(a)), as the case may be; 

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	 	 	          (B)     the Issuer has paid or caused to be paid all Insurer Issuer Secured Obligations, all Trustee Issuer Secured Obligations; and 

	 	 	 
	 	 	          (C)     the Issuer has delivered to the Trustee, the Trust Collateral Agent and the Security Insurer an Officer’s Certificate, an Opinion of Counsel and if required by the TIA, the Trustee, the Trust Collateral Agent or the Security Insurer (so long as an Insurer Default
 shall not have occurred and be continuing) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and
 discharge of this Indenture have been complied with. If the Indenture has been satisfied and discharged in accordance with the provisions of Section 4.1(A)(2) then such opinion of counsel shall also include an opinion that amounts deposited by the Issuer in accordance
 with Section 4.1(A)(2) would not be characterized as a voidable preference.

SECTION 4.2     Application of Trust Money.     All moneys deposited with the Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either
 directly or through any Note Paying Agent, as the Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such
 moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law.

SECTION 4.3     Repayment of Moneys Held by Note Paying Agent.     In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Note Paying Agent other than the Trustee under the provisions of this Indenture with
 respect to such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such moneys.

ARTICLE V

Remedies

SECTION 5.1     Events of Default.     “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or 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):

	 	          (i)     default
          in the payment of any interest on any Note when the same becomes due
          and payable, and such default shall continue for a period of five days
          (solely for purposes of this clause, (x) a payment due on a Distribution
          Date shall not be considered “due” until
          the immediately following Insured Distribution Date and (y) a payment
          on the Notes funded by the Security Insurer or the Collateral Agent
          pursuant to the Spread Account Agreement shall be deemed to be a payment
          made by the Issuer); or 

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	 	          (ii)     default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable (solely for purposes of this clause, (x) a payment due on a Distribution Date shall not be considered “due” until the immediately following
 Insured Distribution Date and (y) a payment on the Notes funded by the Security Insurer or the Collateral Agent pursuant to the Spread Account Agreement, shall be deemed to be a payment made by the Issuer); or 

	 	 
	 	          (iii)     so long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Indenture Cross Default shall have occurred; provided, however, that the occurrence of an Insurance Agreement Cross Default may not form the basis of an Event of
 Default unless the Security Insurer shall, upon prior written notice to the Rating Agencies, have delivered to the Issuer and the Trustee and not rescinded a written notice specifying that such Insurance Agreement Indenture Cross Default constitutes an Event of Default under the
 Indenture; or 

	 	 
	 	          (iv)     so long as an Insurer Default shall have occurred and be continuing, default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is
 elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuer made in this Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any
 material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a
 period of 30 days (or for such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate
 to the Trustee to the effect that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee
 by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

	 	 
	 	          (v)     so long as an Insurer Default shall have occurred and be continuing, the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable
 federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or
 liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

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	 	          (vi)     so long as an Insurer Default shall have occurred and be continuing, the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the
 entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
 Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing.

The Issuer shall deliver to the Trustee and the Security Insurer, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause
 (iii), its status and what action the Issuer is taking or proposes to take with respect thereto.

SECTION 5.2     Rights Upon Event of Default.

(a)     If an Insurer Default shall not have occurred and be continuing and an Event of Default shall have occurred and be continuing, the Notes shall become immediately due and payable at par, together with accrued interest thereon. If an Event of Default shall have occurred and
 be continuing, the Controlling Party may exercise any of the remedies specified in Section 5.4(a). In the event of any acceleration of any Notes by operation of this Section 5.2, the Trustee shall continue to be entitled to make claims under the Note Policy pursuant to the Sale and
 Servicing Agreement for Scheduled Payments on the Notes. Payments under the Note Policy following acceleration of any Notes shall be applied by the Trustee:

	 	          FIRST:     to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; and 

	 	 
	 	          SECOND:     to Noteholders for amounts due and unpaid on the Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal.

(b)     In the event any Notes are accelerated due to an Event of Default, the Security Insurer shall have the right (in addition to its obligation to pay Scheduled Payments on the Notes in accordance with the Note Policy), but not the obligation, to make payments under the Note
 Policy or otherwise of interest and principal due on such Notes, in whole or in part, on any date or dates following such acceleration as the Security Insurer, in its sole discretion, shall elect.

(c)     If
    an Insurer Default shall have occurred and be continuing and an Event of
    Default shall have occurred and be continuing, the Trustee in its discretion
    may, or, if so requested in writing by Holders holding Notes representing
    not less than a majority of the Outstanding Amount of the Notes, shall declare
    by written notice to the Issuer that the Notes become, whereupon they shall
    become, immediately due and payable at par, together with accrued interest
  thereon.

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(d)     If an Insurer Default shall have occurred and be continuing, then at any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article V
 provided, the Noteholders representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if:

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

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

	 	 	 	 
	 	 	 	          (B)     all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel; and 

	 	 
	 	          (ii)     all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

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

SECTION 5.3          Collection of Indebtedness and Suits for Enforcement by Trustee.

(a)     The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal
 of any Note when the same becomes due and payable, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at
 such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
 disbursements and advances of the Trustee and its agents and counsel.

(b)     Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured Party is not the Controlling Party, with full power of substitution, to
 execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such
 Issuer Secured Party under this Indenture (including specifically under

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Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and, without
 limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate.

(c)     If an Event of Default occurs and is continuing, the Trustee may in its discretion but with the consent of the Controlling Party and shall, at the direction of the Controlling Party, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate
 Proceedings as the Trustee or the Controlling Party 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 Trustee by this Indenture or by law.

(d)     In case there shall be pending, relative to the Issuer or any other obligor upon the Notes 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, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other
 comparable judicial proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or
 otherwise and irrespective of whether the 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 necessary or advisable in order to have the claims of the Trustee (including any claim for
 reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of
 negligence, bad faith or willful misconduct) 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 moneys 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 Trustee on their behalf; and 

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	 	          (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 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 Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to
 pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
 Trustee except as a result of negligence or bad faith.

(e)     Nothing herein contained shall be deemed to authorize the 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 Holder thereof
 or to authorize the 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.

(f)     All rights of action and of asserting claims under this Indenture, the Spread Account Agreement or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto,
 and any such action or Proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their
 respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

(g)     In any Proceedings brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or the Spread Account Agreement), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make
 any Noteholder a party to any such proceedings.

SECTION 5.4     Remedies.

(a)     If an Event of Default shall have occurred and be continuing, the Controlling Party may do one or more of the following (subject to Section 5.5):

	 	          (i)     institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the
 Issuer and any other obligor upon such Notes moneys adjudged due; 

	 	 
	 	          (ii)     institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate; 

	 	 
	 	          (iii)     exercise 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 Trustee and the Holders of the Notes; and 

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	 	          (iv)     direct the Trust Collateral Agent to sell 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 law; provided, however, that 

	 	 	 
	 	 	          (A)     if the Security Insurer is the Controlling Party, the Security Insurer may not sell or otherwise liquidate the Trust Estate following an Insurance Agreement Indenture Cross Default unless 

	 	 	 	 
	 	 	 	          (I)     such Insurance Agreement Indenture Cross Default arises from a claim being made on the Note Policy or from the insolvency of the Trust or the Seller, or 

	 	 	 	 
	 	 	 	          (II)     the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest; or 

	 	 	 
	 	 	          (B)     if the Trustee is the Controlling Party, the Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default unless 

	 	 	 	 
	 	 	 	          (I)     such Event of Default is of the type described in Section 5.1(i) or (ii), or 

	 	 	 	 
	 	 	 	          (II)     either 

	 	 	 	 	 
	 	 	 	 	          (x)     the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or

	 	 	 	 	 
	 	 	 	 	          (y)     the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest, or 

	 	 	 	 	 
	 	 	 	 	          (z)     the Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee
 provides prior written notice to the Rating Agencies and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes.

In determining such sufficiency or insufficiency with respect to clause (y) and (z), the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
 action and as to the sufficiency of the Trust Estate for such purpose.

SECTION 5.5     Optional
      Preservation of the Receivables.     If
    the Trustee is the Controlling Party and if the Notes have been declared
    to be due and payable under Section 5.2 following an Event of Default and
    such declaration and its consequences have not been rescinded and annulled,
    the Trustee may, but need not, elect to direct the Trust Collateral Agent
    to maintain possession of the Trust Estate. It is the desire of the parties
    hereto and the Noteholders that there be at all times sufficient funds for
    the payment of principal of and interest on the Notes, and the Trustee shall
    take such desire into account when determining whether or not to direct the
    Trust
 Collateral Agent to maintain possession of the Trust Estate. In determining
    whether to direct the Trust Collateral Agent to maintain possession of the
    Trust Estate, the Trustee may, but need not, obtain and conclusively rely
    upon an opinion of an Independent investment banking or accounting firm of
    national reputation as to the feasibility of such proposed action and as
  to the sufficiency of the Trust Estate for such purpose.

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SECTION 5.6     Priorities.

(a)     Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) if an Insurer Default shall have occurred and be continuing, the occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of this Indenture or (3) the receipt of
 Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, the Distribution Amount, including any money or property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the
 related Distribution Date in the following order of priority:

	 	          FIRST:     amounts due and owing and required to be distributed to the Servicer (provided there is no Servicer Event of Default), the Lockbox Bank, the Owner Trustee, the Trustee, Back Up Servicer and the Trust Collateral Agent, respectively, pursuant to priorities (i) and
 (ii) of Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed, in the order of such priorities as set forth therein and without limitation, preference or priority of any kind within such priorities;

	 	 
	 	          SECOND:     to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; 

	 	 
	 	          THIRD:     to Noteholders for amounts due and unpaid on the Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal; 

	 	 
	 	          FOURTH:     amounts due and owing and required to be distributed to the Security Insurer pursuant to priority (v) of Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed); and

	 	 
	 	          FIFTH:     to the Collateral Agent to be applied as provided in the Spread Account Agreement; 

(b)     The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.6. At least 15 days before such record date the Issuer shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the
 amount to be paid.

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SECTION 5.7     Limitation of Suits.     No Holder of any Note 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:

	 	          (i)     such Holder has previously given written notice to the Trustee of a continuing Event of Default;

	 	 
	 	          (ii)     the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder; 

	 	 
	 	          (iii)     such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 

	 	 
	 	          (iv)     the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; 

	 	 
	 	          (v)     no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority of the Outstanding Amount of the Notes; and 

	 	 
	 	          (vi)     an Insurer Default shall have occurred and be continuing; 

it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or
 preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided.

SECTION 5.8     Unconditional Rights of Noteholders To Receive Principal and Interest.     Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
 if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
 consent of such Holder.

SECTION 5.9     Restoration of Rights and Remedies.     If the Controlling Party or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined
 adversely to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
 of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

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SECTION 5.10     Rights and Remedies Cumulative.     No right or remedy herein conferred upon or reserved to the Controlling Party 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
    5.11     Delay or Omission Not a Waiver.     No delay or omission of the Trustee, the Controlling Party or any Holder
    of any Note to exercise any right or remedy accruing upon any Default or
    Event of Default shall impair any such right or remedy or constitute a waiver
    of any such Default or Event of Default or an acquiescence therein. Every
    right and remedy given by this Article V or by law to the Trustee or to the
    Noteholders may be exercised from time to time, and as often as may be deemed
  expedient, by the Trustee or by the Noteholders, as the case may be.

SECTION 5.12     Control by Noteholders.     If the Trustee is the Controlling Party, the Holders of a majority of the Outstanding Amount of the Notes shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee
 with respect to the Notes or exercising any trust or power conferred on the Trustee; provided that

(i)     such direction shall not be in conflict with any rule of law or with this Indenture;

(ii)     subject to the express terms of Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes;

(iii)     if the conditions set forth in Section 5.5 have been satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the
 Trust Estate shall be of no force and effect; and

(iv)     the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;

provided, however, that, subject to Article VI, the Trustee need not take any action that it determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such
 action.

SECTION 5.13     Waiver
      of Past Defaults.      If
    an Insurer Default shall have occurred and be continuing, prior to the declaration
    of the acceleration of the maturity of the Notes as provided in Section 5.4,
    the Noteholders of not less than a majority of the Outstanding Amount of
    the Notes may waive any past Default or Event of Default and its consequences
    except a Default (a) in payment of principal of or interest on any of the
    Notes or (b) in respect of a covenant or provision hereof which cannot be
    modified or amended without the consent of the Holder of
 each Note. In the case of any such waiver, the Issuer, the Trustee and the Holders
    of the Notes shall be restored to their former positions and rights hereunder,
    respectively; but no such waiver shall extend to any subsequent or other
  Default or impair any right consequent thereto.

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  Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver
 shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

SECTION 5.14     Undertaking for Costs.     All parties to this Indenture agree, and each Holder of any Note by such Holder’s 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 Trustee for any action taken, suffered or omitted by it as 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 and expenses,
 including reasonable attorneys’ fees and expenses, 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 (a) any suit instituted by the Trustee, (b) any
 suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the
 respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

SECTION 5.15     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 or take the benefit or advantage of, any stay or extension law wherever
 enacted, now or at any time hereafter in force, that 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 any such law, and covenants that it will not hinder, delay or
 impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

SECTION 5.16     Action on Notes.     The 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 Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer.

SECTION 5.17     Performance and Enforcement of Certain Obligations.

(a)     Promptly
    following a request from the Trustee to do so and at the Servicer’s
    expense, the Issuer agrees to take all such lawful action as the Trustee
    may request to compel or secure the performance and observance by the Seller
    and the Servicer, as applicable, of each of their obligations to the Issuer
    under or in connection with the Sale and Servicing Agreement in accordance
    with the terms thereof, and to exercise any and all rights, remedies, powers
    and privileges lawfully available to the Issuer under or in connection with
    the Sale and Servicing Agreement to the extent and in the manner directed
    by the Trustee, including the
 transmission of notices of default on the part of the Seller or the Servicer
    thereunder and the institution of legal or administrative actions or Proceedings
    to compel or secure performance by the Seller or the Servicer of each of
  their obligations under the Sale and Servicing Agreement.

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  (b)     If the Trustee is a Controlling Party and if an Event of Default has occurred and is continuing, the Trustee may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to Article VI, exercise all rights, remedies, powers,
 privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to
 the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended.

ARTICLE VI

The Trustee and the Trust Collateral Agent

SECTION 6.1     Duties of Trustee.

(a)     If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a Party and use the same degree of care and skill in its exercise as a prudent person would exercise or
 use under the circumstances in the conduct of such person’s own affairs.

(b)     Except during the continuance of an Event of Default:

	 	          (i)     the 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 Trustee; and

	 	 
	 	          (ii)     in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
 however, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture.

(c)     The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

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	 	          (i)     this
          paragraph does not limit the effect of paragraph (b) of this Section;

    

	 	 
	 	          (ii)     the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and

	 	 
	 	          (iii)     the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12.

(d)     The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

(e)     Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement.

(f)     No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
 repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not assured to it.

(g)     Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA.

(h)     The Trustee shall, upon two Business Days’ prior notice to the Trustee, permit any representative of the Security Insurer at the expense of the Trust, during the Trustee’s normal business hours, to examine all books of account, records, reports and other papers of the Trustee
 relating to the Notes, to make copies and extracts therefrom and to discuss the Trustee’s affairs and actions, as such affairs and actions relate to the Trustee’s duties with respect to the Notes, with the Trustee’s officers and employees responsible for carrying out the Trustee’s duties with
 respect to the Notes.

(i)     The Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and Servicing Agreement.

(j)     The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will hold any proceeds of any claim on the Note Policy in trust solely for the use and benefit of the Noteholders.

(k)     Without
    limiting the generality of this Section 6.1, the Trustee shall have no duty
    (i) to see to any recording, filing or depositing of this Indenture or any
    agreement referred to herein or any financing statement evidencing a security
    interest in the Financed Vehicles, or to see to the maintenance of any such
    recording or filing or depositing or to any recording, refiling or redepositing
    of any thereof, (ii) to see to any insurance of the Financed Vehicles or
    Obligors or to effect or maintain any such insurance, (iii) to see to the
    payment or discharge of any tax,
 assessment or other governmental charge or any Lien or encumbrance of any kind
    owing with respect to, assessed or levied against any part of the Trust,
    (iv) to confirm or verify the contents of any reports or certificates delivered
    to the Trustee pursuant to this Indenture or the Sale and Servicing Agreement
    believed by the Trustee to be genuine and to have been signed or presented
    by the proper party or parties, or (v) to inspect the Financed Vehicles at
    any time or ascertain or inquire as to the performance of observance of any
    of the Issuer’s, the Seller’s or the Servicer’s representations,
    warranties or covenants or the Servicer’s duties and obligations as
    Servicer and as custodian of the Receivable Files under the Sale and Servicing
  Agreement.

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

SECTION 6.2     Rights of Trustee.

(a)     The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

(b)     Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

(c)     The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the
 supervision of, AmeriCredit Financial Services, Inc., or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder.

(d)     The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

(e)     The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it
 hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f)     The Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction of any of the Noteholders or the Controlling Party, pursuant to the provisions of this Indenture, unless
 such Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has
 not been cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill.

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(g)     The 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, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the
 Security Insurer (so long as no Insurer Default shall have occurred and be continuing) or (if an Insurer Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a
 reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture or the Sale and Servicing
 Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by the Trustee, shall be reimbursed by the
 Person making such request upon demand.

(h)     The Trustee shall not be liable for any losses on investments except for losses resulting from the failure of the Trustee to make an investment in accordance with instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the
 rights and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note Registrar.

SECTION 6.3     Individual Rights of Trustee.     The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent,
 Note Registrar, co-registrar or co-Note Paying Agent may do the same with like rights. However, the Trustee must comply with Sections 6.11 and 6.12.

SECTION 6.4     Trustee’s Disclaimer.     The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall
 not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication.

SECTION 6.5     Notice of Defaults.     If an Event of Default occurs and is continuing and if it is either known by, or written notice of the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default
 within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice if and so long as it in good
 faith determines that withholding the notice is in the interests of Noteholders.

SECTION 6.6     Reports by Trustee to Holders.     The Trustee shall deliver to each Noteholder such information as may be reasonably required to enable such Holder to prepare its federal and state income tax returns.

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SECTION 6.7     Compensation and Indemnity.

(a)     Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall, or shall cause the Servicer to, pay to the Trustee from time to time compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
 express trust. The Issuer shall cause the Servicer to reimburse the Trustee and the Trust Collateral Agent for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the
 reasonable compensation and expenses, disbursements and advances of the Trustee’s, the Backup Servicer’s, the Collateral Agent’s and the Trust Collateral Agent’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral
 Agent and their respective officers, directors, employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the administration of this Trust and the performance of its duties
 hereunder. The Trustee, Trust Collateral Agent, the Collateral Agent or the Backup Servicer shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Trustee or Trust Collateral Agent to so notify the Issuer and the Servicer shall not
 relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement. The Issuer shall cause the Servicer to defend the claim, and the Trustee, Trust Collateral Agent, the Collateral Agent or the Backup Servicer may have
 separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee or Trust Collateral Agent through the Trustee’s
 or Trust Collateral Agent’s own willful misconduct, negligence or bad faith.

(b)     The Issuer’s payment obligations to the Trustee pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the Collateral Agent or the Backup Servicer. When the Trustee, the Trust
 Collateral Agent, the Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Default specified in Section 5.1(v) or (vi) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any
 other applicable federal or State bankruptcy, insolvency or similar law. Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under the Basic Documents
 shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of the Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant of the Spread Account Agreement
 shall be limited to the right to receive the distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement.

SECTION 6.8     Replacement of Trustee.     The Trustee may resign at any time by so notifying the Issuer and the Security Insurer. The Issuer may and, at the request of the Security Insurer (unless an Insurer Default shall have occurred and be continuing) shall, remove the
 Trustee, if:

	 	          (i)     the Trustee fails to comply with Section 6.11;

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	 	          (ii)     a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar
 law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of
 the Trustee’s affairs;

	 	 
	 	          (iii)     an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days;

	 	 
	 	          (iv)     the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession
 by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts
 become due or takes any action in furtherance of any of the foregoing; or

	 	 
	 	          (v)     the Trustee otherwise becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee acceptable to the Security Insurer (so long as an Insurer
 Default shall not have occurred and be continuing). If the Issuer fails to appoint such a successor Trustee, the Security Insurer may appoint a successor Trustee.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, the Security Insurer (provided that no Insurer Default shall have occurred and be continuing) and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall
 become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall
 promptly transfer all property held by it as Trustee to the successor Trustee.

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a
 successor Trustee.

If the Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

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Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee pursuant to Section 6.8 and payment of all fees and expenses
 owed to the outgoing Trustee.

Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Trustee.

SECTION 6.9     Successor Trustee by Merger.     If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
 without any further act shall be the successor Trustee. The Trustee shall provide the Rating Agencies prior written notice of any such transaction.

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
 authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
 successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

SECTION 6.10     Appointment of Co-Trustee or Separate Trustee.

(a)     Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust may at the time be located, the Trustee with the consent of the Security Insurer (so long as an Insurer
 Default shall not have occurred and be continuing) shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or
 Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate
 trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof.

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

	 	          (i)     all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is
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act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the
 Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee;

	 	          (ii)     no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and

	 	 
	 	          (iii)     the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

(c)     Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
 Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein,
 subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee.

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

(e)     Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be borne by the Trust Estate.

SECTION 6.11     Eligibility: Disqualification.     The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall
 have a long term debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The Trustee shall provide copies of such reports to the Security Insurer upon request. The Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second
 sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

SECTION 6.12     Preferential Collection of Claims Against Issuer.     The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

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SECTION 6.13     Appointment and Powers.     Subject to the terms and conditions hereof, each of the Issuer Secured Parties hereby appoints Wells Fargo Bank, National Association, as the Trust Collateral Agent with respect to the Collateral, and Wells Fargo Bank, National
 Association, hereby accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such Collateral (except as otherwise provided hereunder) and to perform the other duties of the
 Trust Collateral Agent in accordance with the provisions of this Indenture and the other Basic Documents. Each Issuer Secured Party hereby authorizes the Trust Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as
 the Controlling Party may direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any
 powers of attorney. The Trust Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions; provided that the Trust Collateral Agent shall not act in
 accordance with any instructions (i) which are not authorized by, or in violation of the provisions of, this Indenture, (ii) which are in violation of any applicable law, rule or regulation or (iii) for which the Trust Collateral Agent has not received reasonable indemnity. Receipt of such
 instructions shall not be a condition to the exercise by the Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to act only following and in accordance with such instructions.

SECTION 6.14     Performance of Duties.     The Trust Collateral Agent shall have no duties or responsibilities except those expressly set forth in this Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in
 accordance with this Indenture. The Trust Collateral Agent shall not be required to take any discretionary actions hereunder except at the written direction and with the indemnification of the Controlling Party. The Trust Collateral Agent shall, and hereby agrees that it will, subject to this
 Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement.

SECTION 6.15     Limitation on Liability.     Neither the Trust Collateral Agent nor any of its directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be
 liable for its negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this Indenture or any of the Collateral (or any part thereof). Notwithstanding any term or
 provision of this Indenture, the Trust Collateral Agent shall incur no liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the Collateral, except for the negligence, bad faith or willful misconduct on the part of
 the Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Trust Collateral Agent shall be protected and shall incur no liability

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to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed by the Trust Collateral Agent to be genuine and to have been duly executed
 by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Trust Collateral Agent) the Trust Collateral Agent shall not be required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at all times be
 free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust
 Collateral Agent may consult with counsel, and shall not be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust Collateral Agent shall not be under any obligation to exercise any of the remedial
 rights or powers vested in it by this Indenture or to follow any direction from the Controlling Party or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder unless it shall have received reasonable security or indemnity satisfactory to the
 Trust Collateral Agent against the costs, expenses and liabilities which might be incurred by it.

SECTION 6.16     Reliance Upon Documents.     In the absence of negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be
 genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument.

SECTION 6.17     Successor Trust Collateral Agent.

(a)     Merger.     Any Person into which the Trust Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such
 conversion, merger, consolidation, sale or transfer to which the Trust Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with all of the title to and
 interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary
 notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Issuer Secured Parties in the Collateral; provided that any such successor shall also be the successor Trustee under Section 6.9.

(b)     Resignation.     The Trust Collateral Agent and any successor Trust Collateral Agent may resign at any time by so notifying the Issuer and the Security Insurer; provided that the Trust Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder.

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(c)      Removal.
The Trust Collateral Agent may be removed by the Controlling Party at any time
(and should be removed at any time that the Trustee has been removed), with or
without cause, by an instrument or concurrent instruments in writing delivered
to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer.
A temporary successor may be removed at any time to allow a successor Trust Collateral
Agent to be appointed pursuant to subsection (d) below. Any removal pursuant
to the provisions of this subsection (c) shall take effect only upon the date
which is the latest of (i) the effective date of the appointment of a successor
Trust Collateral Agent and the acceptance in writing by such successor Trust
Collateral Agent of such appointment and of its obligation to perform its duties
hereunder in accordance with the provisions hereof, and (ii) receipt by the Controlling
Party of an Opinion of Counsel to the effect described in Section 3.6.

  (d)      Acceptance
      by Successor. The Controlling Party shall have the sole right to appoint
      each successor Trust Collateral Agent. Every temporary or permanent successor
      Trust Collateral Agent appointed hereunder shall execute, acknowledge and
      deliver to its predecessor and to the Trustee, each Issuer Secured Party
      and the Issuer an instrument in writing accepting such appointment hereunder
      and the relevant predecessor shall execute, acknowledge and deliver such
      other documents and instruments as will effectuate the delivery of all
      Collateral to the successor Trust Collateral Agent, whereupon such successor,
      without any further act, deed or conveyance, shall become fully vested
      with all the estates, properties, rights, powers, duties and obligations
      of its predecessor. Such predecessor shall, nevertheless, on the written
      request of either Issuer Secured Party or the Issuer, execute and deliver
      an instrument transferring to such successor all the estates, properties,
      rights and powers of such predecessor hereunder. In the event that any
      instrument in writing from the Issuer or an Issuer Secured Party is reasonably
      required by a successor Trust Collateral Agent to more fully and certainly
      vest in such successor the estates, properties, rights, powers, duties
      and obligations vested or intended to be vested hereunder in the Trust
      Collateral Agent, any and all such written instruments shall, at the request
      of the temporary or permanent successor Trust Collateral Agent, be forthwith
      executed, acknowledged and delivered by the Trustee or the Issuer, as the
      case may be. The designation of any successor Trust Collateral Agent and
      the instrument or instruments removing any Trust Collateral Agent and appointing
      a successor hereunder, together with all other instruments provided for
      herein, shall be maintained with the records relating to the Collateral
      and, to the extent required by applicable law, filed or recorded by the
      successor Trust Collateral Agent in each place where such filing or recording
      is necessary to effect the transfer of the Collateral to the successor
      Trust Collateral Agent or to protect or continue the perfection of the
security interests granted hereunder.

SECTION 6.18     Compensation. The
    Trust Collateral Agent shall not be entitled to any compensation for the
    performance of its duties hereunder other than the compensation it is entitled
to receive in its capacity as Trustee.

 SECTION
      6.19     Representations
and Warranties of the Trust Collateral Agent and the Issuer  (A)
The Trust Collateral Agent represents and warrants to the Issuer and to each
Issuer Secured Party as follows:

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(a)     Due Organization.     The
  Trust Collateral Agent is a national banking association and is duly authorized
and licensed under applicable law to conduct its business as presently conducted.

(b)     Corporate
    Power.     The Trust Collateral Agent has all
    requisite right, power and authority to execute and deliver this Indenture
    and to perform
    all of its duties as Trust Collateral Agent hereunder.

(c)     Due Authorization.     The execution and delivery by the Trust Collateral Agent of this Indenture and the other Transaction Documents to which it is a party, and the performance by the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized
 by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such other Basic
 Documents.

(d)     Valid and Binding Indenture.     The Trust Collateral Agent has duly executed and delivered this Indenture and each other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation
 of the Trust Collateral Agent, enforceable against the Trust Collateral Agent in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and
 (ii) the availability of equitable remedies may be limited by equitable principles of general applicability.

     (B)     The Issuer hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule A is true and correct. Such representations and warranties speak as of the execution and delivery of this
 Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent and shall not be waived.

SECTION 6.20     Waiver of Setoffs.     The Trust Collateral Agent hereby expressly waives any and all rights of setoff that the Trust Collateral Agent may otherwise at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust
 Accounts shall at all times be held and applied solely in accordance with the provisions hereof and the Sale and Servicing Agreement.

SECTION 6.21     Control by the Controlling Party.     The Trust Collateral Agent shall comply with notices and instructions given by the Issuer only if accompanied by the written consent of the Controlling Party, except that if any Event of Default shall have occurred and be
 continuing, the Trust Collateral Agent shall act upon and comply with notices and instructions given by the Controlling Party alone in the place and stead of the Issuer.

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ARTICLE VII

Noteholders’ Lists and Reports

SECTION 7.1     Issuer To Furnish To Trustee Names and Addresses of Noteholders.     The Issuer will furnish or cause to be furnished to the Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such
 form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not
 more than 10 days prior to the time such list is furnished; provided, however, that so long as the Trustee is the Note Registrar, no such list shall be required to be furnished. If Definitive Notes have been issued pursuant to Section 2.12, the Trustee or, if the Trustee is not the Note
 Registrar, the Issuer shall furnish to the Security Insurer in writing on an annual basis on each June 30 and at such other times as the Security Insurer may request a copy of the list.

SECTION 7.2     Preservation of Information; Communications to Noteholders.

(a)     The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its
 capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished.

(b)     Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes.

(c)     The Issuer, the Trustee and the Note Registrar shall have the protection of TIA § 312(c).

SECTION 7.3     Reports by Issuer.

(a)     The Issuer shall:

	 	          (i)     file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time
 to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

	 	 
	 	          (ii)     file with the Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this
 Indenture as may be required from time to time by such rules and regulations; and

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	 	          (iii)     supply to the Trustee (and the Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
 required by rules and regulations prescribed from time to time by the Commission.

(b)     Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

SECTION 7.4     Reports by Trustee.     If required by TIA § 313(a), within 60 days after each May 31, beginning with May 31, 2004, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The
 Trustee also shall comply with TIA § 313(b).

A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange.

ARTICLE VIII

Accounts, Disbursements and Releases

SECTION 8.1     Collection of Money.     Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other
 property payable to or receivable by the Trust Collateral Agent pursuant to this Indenture and the Sale and Servicing Agreement. The Trustee shall apply all such money received by it, or cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and
 the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Trustee may
 take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to
 proceed thereafter as provided in Article V.

SECTION 8.2     Release of Trust Estate.

(a)     Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7, the Trust Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, in a manner and
 under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trust Collateral Agent as provided in this Article VIII shall be bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of
 any conditions precedent or see to the application of any moneys.

(b)     The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all sums due the Trustee pursuant to Section 6.7 have been paid, release any

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remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Trustee shall release property from the lien of this Indenture pursuant to this
 Section 8.2(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

SECTION 8.3     Opinion of Counsel.     The Trust Collateral Agent shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a
 condition to such action, an Opinion of Counsel in form and substance satisfactory to the Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied
 with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of
 the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

SECTION 9.1     Supplemental Indentures Without Consent of Noteholders.

(a)     Without the consent of the Holders of any Notes but with the consent of the Security Insurer (unless an Insurer Default shall have occurred and be continuing) and with prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the Trustee,
 when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Trustee, for any
 of the following purposes:

	 	          (i)     to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the
 lien of this Indenture additional property;

	 	 
	 	          (ii)     to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

	 	 
	 	          (iii)     to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

	 	 
	 	          (iv)     to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent;

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	 	          (v)     to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions
 arising under this Indenture or in any supplemental indenture; provided that such action shall not adversely affect the interests of the Holders of the Notes;

	 	 
	 	          (vi)     to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more
 than one trustee, pursuant to the requirements of Article VI; or

	 	 
	 	          (vii)     to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may
 be expressly required by the TIA.

The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

(b)     The Issuer and the Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, enter into an indenture or indentures supplemental hereto
 for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not, as evidenced by an
 Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder.

SECTION 9.2     Supplemental Indentures with Consent of Noteholders.     The Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies, with the consent of the Security Insurer (unless an Insurer Default shall have occurred
 and be continuing) and with the consent of the Holders of not less than a majority of the outstanding Amount of the Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to,
 or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided however, that, subject to the express rights of the Security Insurer under the Basic Documents, no such
 supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

	 	          (i)     change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of
 collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable;

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	 	          (ii)     impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in
 the case of redemption, on or after the Redemption Date);

	 	 
	 	          (iii)     reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this
 Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

	 	 
	 	          (iv)     modify or alter the provisions of the proviso to the definition of the term “Outstanding”;

	 	 
	 	          (v)     reduce the percentage of the Outstanding Amount of the Notes required to direct the Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4;

	 	 
	 	          (vi)     modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note
 affected thereby;

	 	 
	 	          (vii)     modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Distribution Date or any Insured Distribution Date (including the calculation of any of the
 individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

	 	 
	 	          (viii)     permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on
 any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture.

The Trustee may determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be
 liable for any such determination made in good faith.

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

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the

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substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

SECTION 9.3     Execution of Supplemental Indentures.     In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be
 entitled to receive, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects
 the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.

SECTION 9.4     Effect of Supplemental Indenture.     Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and
 the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
 amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.5     Conformity With Trust Indenture Act.     Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be
 qualified under the Trust Indenture Act.

SECTION 9.6     Reference in Notes to Supplemental Indentures.     Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any
 matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and
 delivered by the Trustee in exchange for Outstanding Notes.

ARTICLE X

Redemption of Notes

SECTION 10.1     Redemption.

(a)     The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer or the Seller pursuant to Section 10.1(a) of the Sale and Servicing Agreement, on any Distribution Date on which the Servicer or Seller exercises its option to purchase the Trust
 Estate pursuant to said Section 10.1(a), for a purchase price equal to the Redemption Price; provided, however, that the Issuer has available funds sufficient to pay the Redemption Price. The Servicer or the Issuer shall furnish the Security Insurer and the Rating

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Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date and the Issuer shall deposit with the Trustee in the Note
 Distribution Account the Redemption Price of the Notes to be redeemed whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.2 to each Holder of Notes.

(b)     In the event that the assets of the Trust are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest
 thereon. If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date whereupon all such amounts shall be payable on the
 Redemption Date.

SECTION 10.2     Form of Redemption.

(a)     Notice of redemption under Section 10.1(a) shall be given by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the
 applicable Redemption Date, at such Holder’s address appearing in the Note Register.

All notices of redemption shall state:

	 	          (i)     the Redemption Date;

	 	 
	 	          (ii)     the Redemption Price;

	 	 
	 	          (iii)     that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price
 (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); and

	 	 
	 	          (iv)     that interest on the Notes shall cease to accrue on the Redemption Date.

Notice of redemption of the Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

SECTION 10.3     Notes Payable on Redemption Date.     The Notes to be redeemed shall, following notice of redemption as required by Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date become due and payable at the Redemption Price
 and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

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ARTICLE XI

Miscellaneous

SECTION 11.1     Compliance Certificates and Opinions, etc.     Upon any application or request by the Issuer to the Trustee or the Trust Collateral Agent to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as
 the case may be, and to the Security Insurer if the application or request is made to the Trust Collateral Agent (i) 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, (ii) an Opinion of
 Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the
 case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

(a)     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.

	 	 
	 	(b)     (i)     Prior to the deposit of any Collateral or other property or securities with the Trust Collateral Agent that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
 Section 11.1(a) or elsewhere in this Indenture, furnish to the Trust Collateral Agent and the Security Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the
 Collateral or other property or securities to be so deposited.

	 	 

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	 	          (ii)     Whenever
          the Issuer is required to furnish to the Trust Collateral Agent and
          the Security Insurer an Officer’s Certificate certifying or stating
          the opinion of any signer thereof as to the matters described in clause
          (i) above, the Issuer shall also deliver to the Trust Collateral Agent
          and the Security Insurer an Independent Certificate as to the same
          matters, if the fair value to the Issuer of the securities to be so
          deposited and of all other such securities made the basis of any such
          withdrawal or release since the commencement of the then-current fiscal
          year of the Issuer, as set forth in the certificates delivered pursuant
          to clause (i) above and  this clause (ii), is 10% or more of the Outstanding
          Amount of the Notes, but such a certificate need not be furnished with
          respect to any securities so deposited, if the fair value thereof to
          the Issuer as set forth in the related Officer’s Certificate is
          less than $25,000 or less than 1%  percent of the Outstanding Amount
          of the Notes.

	 	 
	 	          (iii)     Other than with respect to the release of any Purchased Receivables, Sold Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent and the
 Security Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed
 release will not impair the security under this Indenture in contravention of the provisions hereof.

	 	 
	 	          (iv)     Whenever the Issuer is required to furnish to the Trustee and the Security Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trust Collateral Agent and
 the Security Insurer an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, or securities released from the lien of this Indenture since
 the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or
 securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes.

	 	 
	 	          (v)     Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts
 as and to the extent permitted or required by the Basic Documents.

SECTION 11.2     Form of Documents Delivered to 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.

 

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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 or her 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 Servicer, the Seller
    or the Issuer,  stating that the information with respect to such factual
    matters is in the possession of the Servicer, the Seller or 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 Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’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 the Issuer to have such
 application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI.

SECTION 11.3     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 Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments
 (and the action 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 6.1) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less
 than a majority of the Outstanding Amount of the Notes, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

(b)     The fact and date of the execution by any person of any such instrument or writing may be proved in any customary manner of the Trustee.

(c)     The ownership of Notes shall be proved by the Note Register.

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

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  SECTION 11.4     Notices, etc., to Trustee, Issuer and Rating Agencies.     Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with:

(a)     The Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt to the Trustee at
 its Corporate Trust Office, or

(b)     The Issuer by the Trustee or by any Noteholder shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer
 addressed to: AmeriCredit Automobile Receivables Trust 2004-A-F, in care of Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at any other address previously furnished in
 writing to the Trustee by Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Trustee.

(c)     The Security Insurer by the Issuer or the Trustee shall be sufficient for any purpose hereunder if in writing and mailed by registered mail or personally delivered or telexed or telecopied to the recipient as follows:

	 	To the Security Insurer:	Financial Security Assurance Inc.

350 Park Avenue

New York, NY 10022

Attention: Transaction Oversight Department

Re: AmeriCredit Receivables-Backed Notes

Series 2004 A-F, Policy No. 51493-N

	 	 	 	 
	 	 	Telex No.:	(212) 688- 3101
	 	 	Confirmation:	(212) 826- 0100
	 	 	Telecopy Nos.:	(212) 339- 3518 or
	 	 	 	(212) 339-3529

(In each case in which notice or other communication to the Security Insurer refers to an Event of Default, a claim on the Note Policy or with respect to which failure on the part of the Security Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of
 such notice or other communication should also be sent to the attention of the General Counsel and the Head–Financial Guaranty Group “URGENT MATERIAL ENCLOSED.”)

 

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Notices required to be given to the
    Rating Agencies by the Issuer, the Trustee or the Owner Trustee shall be
    in writing, personally delivered, delivered by overnight courier or mailed
    certified mail, return receipt requested to (i) in the case of Moody’s,
    at the following address: Moody’s Investors Service, Inc., 99 Church
    Street, New York, New York 10007, (ii) in the case of Standard & Poor’s,
    at the following address: Standard & Poor’s, A Division of The McGraw-Hill
    Companies, Inc., 55 Water Street, 40th Floor, New York, New York
    10041,  Attention of Asset Backed Surveillance Department and (iii) in the
    case of Fitch, at the following address: Fitch Ratings, One State Street
    Plaza, New York, New York 10004; or as to each of the foregoing, at such
    other address as shall be designated by written notice to the other parties.

SECTION 11.5     Notices to Noteholders; Waiver.     Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder
 affected by such event, at his 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 mailed in the manner here in 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 Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular 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 Trustee shall be deemed to be a sufficient giving of such notice.

Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

SECTION 11.6     [Reserved]

SECTION 11.7     Conflict with Trust Indenture Act.     If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

SECTION 11.8     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.

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SECTION 11.9     Successors and Assigns.     All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of
 the Trust Collateral Agent in this Indenture shall bind its successors.

SECTION 11.10     Separability.     In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 11.11     Benefits of Indenture.     The Security Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Indenture, and shall be entitled to rely upon and directly to enforce such provisions of this Indenture so long as no Insurer
 Default shall have occurred and be continuing. 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, and the Noteholders, and any other party secured hereunder, and any other person with an
 Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. The Security Insurer may disclaim any of its rights and powers under this Indenture (in which case the Trustee may exercise such right or power
 hereunder), but not its duties and obligations under the Note Policy, upon delivery of a written notice to the Trustee.

In exercising any of its voting rights, rights to direct or consent or any other rights as the Security Insurer under this Indenture or any other Basic Document, subject to the terms and conditions of this Indenture, the Security Insurer shall not have any obligation or duty to any
 Person to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or at its discretion or any failure by it to act or to direct that any action be taken, without regard to whether such inaction or action benefits or adversely affects
 any Noteholder, the Issuer or any other Person.

SECTION 11.12     Legal Holidays.     In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding
 Business Day with the same force and effect as if made on the date an which nominally due, and no interest shall accrue for the period from and after any such nominal date.

SECTION 11.13     GOVERNING LAW.     THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED
 BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

SECTION 11.14     Counterparts.     This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

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SECTION 11.15     Recording of Indenture.     If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any
 other counsel reasonably acceptable to the Trustee and the Security Insurer) 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 Trustee or the Trust
 Collateral Agent under this Indenture or the Collateral Agent under the Spread Account Agreement.

SECTION 11.16     Trust Obligation.     No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any other Basic
 Document or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner 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 agent of the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral
 Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and
 the Owner Trustee have no such obligations in their individual capacity) 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. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust
 Agreement.

SECTION 11.17     No Petition.     The Trustee and the Trust Collateral Agent, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution
 against the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any
 of the Basic Documents.

SECTION 11.18     Inspection.     The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Trustee or of the Security Insurer, 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 with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable
 times and as often as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information (A) if required to do
 so by any applicable statute, law, rule or regulation, (B) to any government

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agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to
 which the Trustee or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved in advance by the
 Servicer or the Issuer or (E) to any independent or internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure
 authorized by the Servicer or the Issuer.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Indenture to be duly executed by their respective officers, hereunto duly authorized, all as of the day and year first above written.

	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
    2004-A-F,
	 	 	 
	 	By:	WILMINGTON TRUST COMPANY, not in its individual
    capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/ Janel R. Havrilla
	 	 	Name: Janel R.
         Havrilla
	 	 	Title: Financial
        Services Officer
	 	 	 
	 	 	WELLS FARGO BANK,
        NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Trustee
        and Trust Collateral Agent
	 	 	 
	 	By:	/s/ Marianna C.
    Stershic
	 	 	Name: Marianna
    C. Stershic
	 	 	Title: Vice
 President

[Indenture]

 

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EXHIBIT A-1

	REGISTERED	$222,000,000	 

No. RB-A-1

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N GW3

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such
 other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
 OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
 HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-A-F

CLASS A-1 1.08% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2004-A-F, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO
 HUNDRED TWENTY-TWO MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $222,000,000 and the denominator of which is $222,000,000 by (ii) the aggregate amount, if any,
 payable from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on February 7, 2005 Insured Distribution Date (the “Final Scheduled
 Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution
 Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 11, 2004. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on
 this Note shall be paid in the manner specified on the reverse hereof.

 

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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 first
to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the “Security Insurer"), pursuant to which the Security Insurer has unconditionally guaranteed payments of the Noteholders’ Interest
 Distributable Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The Record Date
 applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

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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.

	 	 	AMERICREDIT AUTOMOBILE
        RECEIVABLES TRUST 2004-A-F,
	 	 	 
	 	By:	WILMINGTON TRUST
        COMPANY, not in its individual capacity but solely as Owner Trustee under
        the Trust Agreement
	 	 	 
	 	By:	

	 	 	Name: 
	 	 	Title: 
	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	Date: February 11, 2004	 	WELLS FARGO BANK,
        NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	

	 	 	Authorized Signer

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 1.08% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of February 4, 2004 (such indenture, as supplemented or amended, is herein called
 the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral
 Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this
 Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 8,
 2004. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this
 Note shall be due and payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing so long as an Insurer Default shall not
 have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least 66-2/3% of the Outstanding Amount of the
 Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or
 more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire
 transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
 notation of payment. 

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  Any reduction in the principal
      amount of this Note (or any one or more
      Predecessor Notes) effected by any payments made on any Distribution 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. If funds are expected to be available,
      as provided in the Indenture, for payment in full of the then remaining
      unpaid principal amount of this Note on a Distribution Date, then the Trustee,
      in the name of and on behalf of the Issuer, will notify the Person who
      was the Holder hereof as of the Record
 Date preceding such Distribution Date by notice mailed prior to such Distribution
      Date and the amount then due and payable shall be payable only upon presentation
      and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s
      agent appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

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, (i) duly
 endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
 Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
 the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, 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 transferor may be required 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 or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on
 the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary,
 agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the
 Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
 franchise and any other income taxes.

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Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Security Insurer and any agent of the Issuer, the Trustee or the Security Insurer 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 neither the Issuer, the Trustee nor 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 Security
 Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders
 of all the Notes, 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 of 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 Trustee to
 amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders 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.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such
 laws.

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 Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor 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, or performance of, or omission to perform, any of the covenants, obligations or indemnifications

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contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the
 acceptance hereof agrees that except as expressly provided in the Indenture or 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.

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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 _____________________________
         1	 	 ___________________________________

	 	 	Signature Guaranteed:
	 	 	 
	 ___________________________________	 	___________________________________ 

	1 NOTE:     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 whatsoever.

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EXHIBIT A-2

	REGISTERED	$203,000,000	 

No. RB-A-2

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N GX 1

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such
 other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
 OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
 HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-A-F

CLASS A-2 1.49% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2004-A-F, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO
 HUNDRED THREE MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $203,000,000 and the denominator of which is $203,000,000 by (ii) the aggregate amount, if any, payable from
 the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on May 7, 2007 Insured Distribution Date (the “Final Scheduled Distribution Date”).
 The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
 interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 11, 2004. Interest will be computed on the basis of a 360 day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
 specified on the reverse hereof.

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 first to interest due and payable on this Note as provided above
  and then to the unpaid principal of this Note.

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The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the “Security Insurer”), pursuant to which the Security Insurer has unconditionally guaranteed payments of the Noteholders’ Interest
 Distributable Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The Record Date
 applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

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    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.

  

  	 	 	AMERICREDIT AUTOMOBILE
          RECEIVABLES TRUST 2004-A-F,
	 	 	 
	 	By:	WILMINGTON TRUST
          COMPANY, not in its individual capacity but solely as Owner Trustee
          under the Trust Agreement
	 	 	 
	 	By:	

	 	 	Name: 
	 	 	Title: 
	 	 	 

  TRUSTEE’S CERTIFICATE OF
      AUTHENTICATION

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

  

  	Date: February 11, 2004	 	WELLS FARGO BANK, NATIONAL
          ASSOCIATION,

      not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	

	 	 	Authorized Signer

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          [REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 1.49% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of February 4, 2004 (such indenture, as supplemented or amended, is herein
 called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust
 Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms
 used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 8,
 2004. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this
 Note shall be due and payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing so long as an Insurer Default shall not
 have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least 66-2/3% of the Outstanding Amount of the
 Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or
 more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
 payments will be made by wire transfer in immediately available funds to the
 account designated by such nominee. Such checks shall be mailed to the Person
 entitled thereto at the address of such Person as it appears on the Note Register
 as of the applicable Record Date without requiring that this Note be submitted
 for
 notation of payment. 

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Any reduction in the principal amount
    of this Note (or any one or more Predecessor Notes) effected by any payments
    made on any Distribution 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. If
    funds are  expected to be available, as provided in the Indenture, for payment
    in full of the then remaining unpaid principal amount of this Note on a Distribution
    Date, then the Trustee, in the name of and on behalf of the Issuer, will
    notify the Person who was the Holder hereof as of the Record
 Date preceding such Distribution Date by notice mailed prior to such Distribution
    Date and the amount then due and payable shall be payable only upon presentation
    and surrender of this Note at the Trustee’s principal Corporate Trust
    Office or at the office of the Trustee’s agent
 appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

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, (i) duly
 endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
 Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
 the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, 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 transferor may be required 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 or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on
 the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary,
 agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the
 Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
 franchise and any other income taxes.

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Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Security Insurer and any agent of the Issuer, the Trustee or the Security Insurer 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 neither the Issuer, the Trustee nor 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 Security
 Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders
 of all the Notes, 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 of 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 Trustee to
 amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders 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.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such
 laws.

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.

 

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Anything herein to the contrary notwithstanding,
    except as expressly provided in the Indenture or the Basic Documents, neither
    Wilmington Trust Company in its individual capacity, any owner of a beneficial
    interest in the Issuer, nor 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, or performance of, or omission to
    perform, any of the covenants, obligations or indemnifications contained
    in this Note or the Indenture, it being expressly understood that said covenants,
    obligations and indemnifications have been made by the Owner Trustee for
    the sole purposes of binding the interests of the Owner Trustee in the assets
    of the Issuer. The Holder of this Note by the  acceptance hereof agrees that
    except as expressly provided in the Indenture or 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.

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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 _____________________________  1	 	 ___________________________________

    
	 	 	Signature Guaranteed:
	 	 	 
	 ___________________________________	 	___________________________________ 

	1 NOTE:     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 whatsoever.

    

 

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EXHIBIT A-3

	REGISTERED	$160,000,000	 

No. RB-A-3

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N GY 9

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such
 other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
 OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
 HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-A-F

CLASS A-3 2.18% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2004-A-F, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE
 HUNDRED SIXTY MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $160,000,000 and the denominator of which is $160,000,000 by (ii) the aggregate amount, if any, payable from
 the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on July 7, 2008 Insured Distribution Date (the “Final Scheduled Distribution Date”).
 The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
 interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 11, 2004. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
 specified on the reverse hereof.

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 first to interest due and payable on this Note as provided above
  and then to the unpaid principal of this Note.

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  The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the “Security Insurer”), pursuant to which the Security Insurer has unconditionally guaranteed payments of the Noteholders’ Interest
 Distributable Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The Record Date
 applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

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  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.

	 	 	AMERICREDIT AUTOMOBILE
        RECEIVABLES TRUST 2004-A-F,
	 	 	 
	 	By:	WILMINGTON TRUST
        COMPANY, not in its individual capacity but solely as Owner Trustee under
        the Trust Agreement
	 	 	 
	 	By:	

	 	 	Name: 
	 	 	Title: 
	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	Date: February 11, 2004	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	

	 	 	Authorized Signer

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 2.18% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of February 4, 2004 (such indenture, as supplemented or amended, is herein
 called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust
 Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms
 used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-3 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 8,
 2004. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this
 Note shall be due and payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing so long as an Insurer Default shall not
 have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least 66-2/3% of the Outstanding Amount of the
 Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or
 more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
 payments will be made by wire transfer in immediately available funds to the
 account designated by such nominee. Such checks shall be mailed to the Person
 entitled thereto at the address of such Person as it appears on the Note Register
 as of the applicable Record Date without requiring that this Note be submitted
 for
 notation of payment. 

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Any reduction in the principal amount
    of this Note (or any one or more Predecessor Notes) effected by any payments
    made on any Distribution 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. If
    funds are  expected to be available, as provided in the Indenture, for payment
    in full of the then remaining unpaid principal amount of this Note on a Distribution
    Date, then the Trustee, in the name of and on behalf of the Issuer, will
    notify the Person who was the Holder hereof as of the Record
 Date preceding such Distribution Date by notice mailed prior to such Distribution
    Date and the amount then due and payable shall be payable only upon presentation
    and surrender of this Note at the Trustee’s principal Corporate Trust
    Office or at the office of the Trustee’s agent
 appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

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, (i) duly
 endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
 Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
 the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, 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 transferor may be required 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 or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on
 the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary,
 agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the
 Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
 franchise and any other income taxes.

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Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Security Insurer and any agent of the Issuer, the Trustee or the Security Insurer 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 neither the Issuer, the Trustee nor 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 Security
 Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders
 of all the Notes, 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 of 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 Trustee to
 amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders 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.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such
 laws.

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 Indenture or the Basic Documents, neither
    Wilmington Trust Company in its individual capacity, any owner of a beneficial
    interest in the Issuer, nor 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, or performance of, 

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or omission to perform, any of the
    covenants, obligations or indemnifications contained in this Note or the
    Indenture, it being expressly understood that said covenants, obligations
    and indemnifications have been made by the Owner Trustee for the sole purposes
    of binding the interests of the Owner Trustee in the assets of the Issuer.
    The Holder of this Note by the  acceptance hereof agrees that except as expressly
    provided in the Indenture or 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.

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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 _____________________________  1	 	 ___________________________________

    
	 	 	Signature Guaranteed:
	 	 	 
	 ___________________________________	 	___________________________________ 

	1 NOTE:     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 whatsoever.

    

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EXHIBIT A-4

	REGISTERED	 $165,000,000	 

No. RB-A-4

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061N GZ 6

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such
 other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
 OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
 HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-A-F

CLASS A-4 2.87% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2004-A-F, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE
 HUNDRED SIXTY-FIVE MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $165,000,000 and the denominator of which is $165,000,000 by (ii) the aggregate amount, if any, payable
 from the Note Distribution Account in respect of principal on the Class A-4 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on February 7, 2011 Insured Distribution Date (the “Final Scheduled Distribution
 Date”). The Issuer will pay interest on this Note at the per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which
 interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 11, 2004. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
 specified on the reverse hereof.

 

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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 first
to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Financial Security Assurance Inc. (the “Security Insurer”), pursuant to which the Security Insurer has unconditionally guaranteed payments of the Noteholders’ Interest
 Distributable Amount and the Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The Record Date
 applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

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  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.

	 	 	AMERICREDIT AUTOMOBILE
        RECEIVABLES TRUST 2004-A-F,
	 	 	 
	 	By:	WILMINGTON TRUST
        COMPANY, not in its individual capacity but solely as Owner Trustee under
        the Trust Agreement
	 	 	 
	 	By:	

	 	 	Name: 
	 	 	Title: 
	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	Date: February 11, 2004	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	

	 	 	Authorized Signer

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[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4 2.87% Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture dated as of February 4, 2004 (such indenture, as supplemented or amended, is herein
 called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust
 Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms
 used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-4 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 8,
 2004. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this
 Note shall be due and payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing so long as an Insurer Default shall not
 have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least 66-2/3% of the Outstanding Amount of the
 Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled thereto.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or
 more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
 payments will be made by wire transfer in immediately available funds to the
 account designated by such nominee. Such checks shall be mailed to the Person
 entitled thereto at the address of such Person as it appears on the Note Register
 as of the applicable Record Date without requiring that this Note be submitted
 for
 notation of payment. 

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Any reduction in the principal amount
    of this Note (or any one or more Predecessor Notes) effected by any payments
    made on any Distribution 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. If
    funds are  expected to be available, as provided in the Indenture, for payment
    in full of the then remaining unpaid principal amount of this Note on a Distribution
    Date, then the Trustee, in the name of and on behalf of the Issuer, will
    notify the Person who was the Holder hereof as of the Record
 Date preceding such Distribution Date by notice mailed prior to such Distribution
    Date and the amount then due and payable shall be payable only upon presentation
    and surrender of this Note at the Trustee’s principal Corporate Trust
    Office or at the office of the Trustee’s agent
 appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-4 Interest Rate to the extent lawful.

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, (i) duly
 endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
 Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
 the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, 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 transferor may be required 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 or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on
 the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary,
 agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the
 Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
 franchise and any other income taxes.

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Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Security Insurer and any agent of the Issuer, the Trustee or the Security Insurer 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 neither the Issuer, the Trustee nor 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 Security
 Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders
 of all the Notes, 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 of 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 Trustee to
 amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

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

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders 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.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such
 laws.

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 Indenture or the Basic Documents, neither
    Wilmington Trust Company in its individual capacity, any owner of a beneficial
    interest in the Issuer, nor 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, or performance of, or omission to
  perform, any of the covenants, 

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obligations or indemnifications contained
    in this Note or the Indenture, it being expressly understood that said covenants,
    obligations and indemnifications have been made by the Owner Trustee for
    the sole purposes of binding the interests of the Owner Trustee in the assets
    of the Issuer. The Holder of this Note by the  acceptance hereof agrees that
    except as expressly provided in the Indenture or 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.

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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 _____________________________  1	 	 ___________________________________

    
	 	 	Signature Guaranteed:
	 	 	 
	 ___________________________________	 	___________________________________ 

	1 NOTE:     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 whatsoever.

    

 

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SCHEDULE A

REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

1.     Security Interest in Financed Vehicle. This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which security interest is prior to all other Liens, and is enforceable as such as
 against creditors of and purchasers from the Seller. The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person.

2.     All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of
 all appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder.

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

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

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

Sched. A-1

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6.     Possession of Original Copies. The Servicer, as Custodian on behalf of the Issuer, has in its possession all original copies of the contracts that constitute or evidence the Receivable.

Sched. A-2Prepared and filed by St Ives Burrups

      Exhibit 4.2

      EXECUTION COPY

 

	
	
	

AMENDED AND RESTATED

      

  TRUST AGREEMENT

  

  

  

  between

  

  

  

  AFS FUNDING TRUST

  Seller

  

  

  

  and

  

  

  

  WILMINGTON TRUST COMPANY

  Owner Trustee

  

  

  

  Dated as of February 4, 2004

	
	
	

 

TABLE OF CONTENTS

	ARTICLE I.  DEFINITIONS	1
	 	 	 	 	 
	     SECTION
            1.1.

    	 	 	Capitalized
          Terms	1
	     SECTION
            1.2.

    	 	 	Other Definitional
          Provisions	3
	 	 	 	 	 
	ARTICLE II.  ORGANIZATION	4
	 	 	 	 	 
	     SECTION
            2.1.

    	 	 	Name	4
	     SECTION
            2.2.

    	 	 	Office	4
	     SECTION
            2.3.

    	 	 	Purposes and
          Powers	4
	     SECTION
            2.4.

    	 	 	Appointment
          of Owner Trustee	5
	     SECTION
            2.5.

    	 	 	Initial Capital
          Contribution of Trust Estate	5
	     SECTION
            2.6.

    	 	 	Declaration
          of Trust	5
	     SECTION
            2.7.

    	 	 	Title to Trust
          Property	5
	     SECTION
            2.8.

    	 	 	Situs of Trust	6
	     SECTION
          2.9.

    	 	 	Representations and Warranties
        of the Depositor	6
	     SECTION
          2.10.

    	 	 	Covenants of the Certificateholder	7
	     SECTION
          2.11.

    	 	 	Federal Income Tax Treatment
        of the Trust	7
	 	 	 	 	 
	ARTICLE III.  CERTIFICATE
          AND TRANSFER OF INTEREST	8
	 	 	 	 	 
	     SECTION
          3.1.

    	 	 	Initial Ownership	8
	     SECTION
          3.2.

    	 	 	The Certificate	8
	     SECTION
          3.3.

    	 	 	Authentication of Certificate	8
	     SECTION
          3.4.

    	 	 	Registration of Transfer
        and Exchange of Certificate	8
	     SECTION
          3.5.

    	 	 	Mutilated, Destroyed, Lost
        or Stolen Certificates	9
	     SECTION
          3.6.

    	 	 	Persons Deemed Certificateholders	10
	     SECTION
          3.7.

    	 	 	Maintenance of Office or
        Agency	10
	     SECTION
          3.8.

    	 	 	Disposition in Whole But
        Not in Part	10
	     SECTION
          3.9.

    	 	 	ERISA Restrictions	10
	 	 	 	 	 
	ARTICLE IV.  VOTING
          RIGHTS AND OTHER ACTIONS	10
	 	 	 	 	 
	     SECTION
          4.1.

    	 	 	Prior Notice to Holder with
        Respect to Certain Matters	10
	     SECTION
          4.2.

    	 	 	Action by Certificateholder
        with Respect to Certain Matters	11
	     SECTION
          4.3.

    	 	 	Restrictions
          on Certificateholder’s
        Power	11
	     SECTION
          4.4.

    	 	 	Rights of Security Insurer	12
	     SECTION
          4.5.

    	 	 	Action with Respect to Bankruptcy
        Action	12
	     SECTION
          4.6.

    	 	 	Covenants and Restrictions
        on Conduct of Business	13
	 	 	 	 	 
	ARTICLE V.  AUTHORITY
          AND DUTIES OF OWNER TRUSTEE	14
	 	 	 	 	 
	     SECTION
          5.1.

    	 	 	General Authority	14
	     SECTION
          5.2.

    	 	 	General Duties	15
	     SECTION
          5.3.

    	 	 	Action upon Instruction	15
	     SECTION
          5.4.

    	 	 	No Duties Except as Specified
        in this Agreement or in Instructions	16

i

 

	     SECTION
          5.5.

    	 	 	No Action Except under Specified
        Documents or Instructions	16
	     SECTION
          5.6.

    	 	 	Restrictions	16
	 	 	 	 	 
	ARTICLE VI.  CONCERNING
          THE OWNER TRUSTEE	17
	 	 	 	 	 
	     SECTION
          6.1.

    	 	 	Acceptance of Trusts and
        Duties	17
	     SECTION
          6.2.

    	 	 	Furnishing of Documents	18
	     SECTION
          6.3.

    	 	 	Representations and Warranties	18
	     SECTION
          6.4.

    	 	 	Reliance; Advice of Counsel	19
	     SECTION
          6.5.

    	 	 	Not Acting in Individual
        Capacity	19
	     SECTION
          6.6.

    	 	 	Owner Trustee Not Liable
        for Certificate or Receivables	19
	     SECTION
          6.7.

    	 	 	Owner Trustee May Own Notes	20
	     SECTION
          6.8.

    	 	 	Payments from Owner Trust
        Estate	20
	     SECTION
          6.9.

    	 	 	Doing Business in Other Jurisdictions	20
	 	 	 	 	 
	ARTICLE VII.  COMPENSATION
        OF OWNER TRUSTEE	21
	 	 	 	 	 
	     SECTION
          7.1.

    	 	 	Owner Trustee’s
        Fees and Expenses	21
	     SECTION
          7.2.

    	 	 	Indemnification	21
	     SECTION
          7.3.

    	 	 	Payments to the Owner Trustee	21
	     SECTION
          7.4.

    	 	 	Non-recourse Obligations	21
	 	 	 	 	 
	ARTICLE VIII.  TERMINATION
        OF TRUST AGREEMENT	22
	 	 	 	 	 
	     SECTION
          8.1.

    	 	 	Termination of Trust Agreement	22
	 	 	 	 	 
	ARTICLE IX.  SUCCESSOR
        OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	23
	 	 	 	 	 
	     SECTION
            9.1.

    	 	 	Eligibility
          Requirements for Owner Trustee	23
	     SECTION
          9.2.

    	 	 	Resignation or Removal of
        Owner Trustee	23
	     SECTION
          9.3.

    	 	 	Successor Owner Trustee	24
	     SECTION
          9.4.

    	 	 	Merger or Consolidation of
        Owner Trustee	24
	     SECTION
          9.5.

    	 	 	Appointment of Co-Trustee
        or Separate Trustee	25
	 	 	 	 	 
	ARTICLE X.  MISCELLANEOUS	26
	 	 	 	 	 
	     SECTION
          10.1.

    	 	 	Supplements and Amendments	26
	     SECTION
          10.2.

    	 	 	No Legal Title to Owner Trust
        Estate in Certificateholder	27
	     SECTION
          10.3.

    	 	 	Limitations on Rights of
        Others	27
	     SECTION
          10.4.

    	 	 	Notices	27
	     SECTION
          10.5.

    	 	 	Severability	28
	     SECTION
          10.6.

    	 	 	Separate Counterparts	28
	     SECTION
          10.7.

    	 	 	Assignments; Security Insurer	28
	     SECTION
          10.8.

    	 	 	No Recourse	28
	     SECTION
          10.9.

    	 	 	Headings	28
	     SECTION
          10.10.

    	 	 	GOVERNING LAW	28
	     SECTION
          10.11.

    	 	 	Servicer	29
	     SECTION
          10.12.

    	 	 	Nonpetition Covenants	29

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EXHIBITS

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

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This AMENDED AND RESTATED
    TRUST AGREEMENT dated as of February 4, 2004 between AFS FUNDING TRUST, a
    Delaware statutory trust (the “Seller”), and WILMINGTON
    TRUST COMPANY, a Delaware banking corporation, as Owner Trustee, amends and
    restates in its entirety that certain Trust Agreement dated as of January
    15, 2004 between the Seller and the Owner Trustee.
    ARTICLE
        I.

    Definitions

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

  “AmeriCredit” shall
      mean AmeriCredit Financial Services, Inc.

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

  “Assignment” means
      the Assignment dated as of October 19, 1999, by AFS Funding Corp. to the Seller.

  “Basic Documents” shall
      mean this Agreement, the Certificate of Trust, the Sale and Servicing Agreement,
      the Spread Account Agreement, the Spread Account Agreement Supplement,
      the Insurance Agreement, the Assignment, the Indenture and the other documents
      and certificates delivered in connection therewith, each of which shall
      also be an “Underlying Transaction Document” as defined in the
      Second Amended and Restated Trust Agreement of the Depositor, dated as
      of August 15, 2002.

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

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

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

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

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

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

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

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

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

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

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

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

  “Indenture” shall
      mean the Indenture dated as of February 4, 2004, among the Issuer and Wells
      Fargo Bank, National Association, as Trust Collateral Agent and Trustee,
      as the same may be amended and supplemented from time to time.

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

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

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

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

  “Sale and Servicing Agreement” shall
      mean the Sale and Servicing Agreement dated as of February 4, 2004,
      among the Trust, the Seller, AmeriCredit Financial Services, Inc. and the
      Trust Collateral Agent, as the same may be amended and supplemented from
      time to time.

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

  “Security Insurer” shall
      mean Financial Security Assurance Inc., or its successor in interest.

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

  “Spread Account Agreement” shall
      mean the Spread Account Agreement dated as December 1, 1994 as amended
      and restated as of May 11, 1998, as further amended and restated as of
      September 10, 2003 among the Insurer, the Seller and the Collateral Agent,
      as the same may be amended, supplemented or otherwise modified in accordance
      with the terms thereof.

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

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

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

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

  SECTION 1.2.     Other
        Definitional Provisions.

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

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

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

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

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

	ARTICLE
          II.

    

	 
	Organization

    

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

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

  SECTION 2.3.     Purposes
        and Powers.

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

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

    

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

    

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

    

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

    

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

    

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

    

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

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

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

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

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

  SECTION 2.7.     Title
        to Trust Property.

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

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

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

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

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

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

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

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

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  (e)     No
        Violation.     The consummation of the transactions
        contemplated by this Agreement and the fulfillment of the terms hereof
        do not conflict with, result in any breach of any of the terms and provisions
        of, or constitute (with or without notice or lapse of time) a default
        under the trust agreement of the Depositor, or any material indenture,
        agreement or other instrument to which the Depositor is a party or by
        which it is bound; nor result in the creation or imposition of any Lien
        upon any of its properties pursuant to the terms of any such indenture,
        agreement or other instrument (other than pursuant to the Basic Documents);
        nor violate any law or, to the best of the Depositor’s knowledge,
        any order, rule or regulation applicable to the Depositor of any court
        or of any Federal or state regulatory body, administrative agency or
        other governmental instrumentality having jurisdiction over the Depositor
        or its properties.

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

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

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

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

  SECTION 2.11.     Federal
        Income Tax Treatment of the Trust.

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

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

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

	ARTICLE III.

    

	 
	Certificate and Transfer
            of Interest

    

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

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

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

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

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

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

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

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

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

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SECTION
    3.6.     Persons Deemed Certificateholders.     Every
    Person by virtue of becoming a Certificateholder in accordance with this
    Agreement shall be deemed to be bound by the terms of this Agreement. Prior
    to due presentation of the Certificate for registration of transfer, the
    Owner Trustee, the Certificate Registrar and the Security Insurer and any
    agent of the Owner Trustee, the Certificate Registrar and the Security Insurer,
    may treat the person in whose name any Certificate shall be registered in
    the Certificate Register as the owner of such Certificate for the purpose
    of receiving distributions pursuant to the Sale and Servicing Agreement and
    for all other purposes whatsoever, and none of the Owner Trustee, the Certificate
    Registrar or the Security Insurer nor any agent of the Owner Trustee, the
    Certificate Registrar or the Security Insurer shall be bound by any notice
    to the contrary.

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

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

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

ARTICLE IV.

Voting Rights and Other Actions

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

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

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

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

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

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

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

  SECTION 4.3.     Restrictions
        on Certificateholder’s Power.

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

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

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

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

  SECTION 4.5.     Action
        with Respect to Bankruptcy Action

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

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  (b)     The
      parties hereto stipulate and agree that no Certificateholder has power
      to commence any Bankruptcy Action on the part of the Trust or to direct
      the Owner Trustee to take any Bankruptcy Action on the part of the Trust
      except as provided in Section 4.5(a). To the extent permitted by applicable
      law, the consent of the Security Insurer and the Trust Collateral Agent
      shall be obtained prior to taking any Bankruptcy Action by the Trust.

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

  SECTION 4.6.     Covenants
        and Restrictions on Conduct of Business.

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

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

    

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

    

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

    

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

    

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

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

ARTICLE V.

Authority and Duties of Owner
      Trustee

  SECTION 5.1.     General
        Authority.

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

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in the aggregate principal amount
    of $222,000,000, Class A-2 Notes in the aggregate principal amount of $203,000,000,
    Class A-3 Notes in the aggregate principal amount of $160,000,000 and Class
    A-4 Notes in the aggregate principal amount of $165,000,000. In addition
    to the foregoing, the Owner Trustee is authorized, but shall not be obligated,
    to take all actions required of the Trust pursuant to the Basic Documents.
    The Owner Trustee is further authorized from time to time to take such action
    as the Instructing Party recommends with respect to the Basic Documents so
    long as such activities are consistent with the terms of the Basic Documents.

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

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

  SECTION 5.3.     Action
        upon Instruction.

  (a)     Subject
      to Article IV and the terms of the Spread Account Agreement, the Security
      Insurer (so long as an Insurer Default shall not have occurred and
      be continuing) or the Certificateholder (if an Insurer Default shall have
      occurred and be continuing) (the “Instructing Party”)
      shall have the exclusive right to direct the actions of the Owner Trustee
      in the management of the Trust, so long as such instructions are not inconsistent
      with the express terms set forth herein or in any Basic Document. The Instructing
      Party shall not instruct the Owner Trustee in a manner inconsistent with
      this Agreement or the Basic Documents.

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

  (c)     Whenever
      the Owner Trustee is unable to decide between alternative courses of action
      permitted or required by the terms of this Agreement or any Basic Document,
      the Owner Trustee shall promptly give notice (in such form as shall be
      appropriate under the circumstances) to the Instructing Party requesting
      instruction as to the course of action to be adopted, and to the extent
      the Owner Trustee acts in good faith in accordance with any written instruction
      of the Instructing Party received, the Owner Trustee shall not be liable
      on account of such action to any Person. If the Owner Trustee shall not
      have received appropriate instruction within ten days of such notice (or
      within such shorter period of time as reasonably may be specified in such
      notice or may be necessary under the circumstances) it may, but shall be
      under no duty to, take or refrain from taking such action, not inconsistent
      with this Agreement or the Basic Documents, as it shall deem to be in the
      best interests of the Certificateholder, and shall have no liability to
      any Person for such action or inaction.

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

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

  SECTION 5.5.     No
        Action Except under Specified Documents or Instructions.     The
        Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
        deal with any part of the Owner Trust Estate except (i) in accordance
        with the powers granted to and the authority conferred upon the Owner
        Trustee pursuant to this Agreement, (ii) in accordance with the Basic
        Documents and (iii) in accordance with any document or instruction delivered
        to the Owner Trustee pursuant to Section 5.3.

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

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ARTICLE VI.

Concerning the Owner Trustee

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

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

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

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

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

  (e)     the
      Owner Trustee shall not be responsible for or in respect of the validity
      or sufficiency of this Agreement or for the due execution hereof by the
      Depositor or for the form, character, genuineness, sufficiency, value or
      validity of any of the Owner Trust Estate or for or in respect of the validity
      or sufficiency of the Basic Documents, other than the certificate of authentication
      on the Certificate, and the Owner Trustee shall in no event assume or incur
      any liability, duty or obligation to the Security Insurer, Trustee, Trust
      Collateral Agent, the Collateral Agent, any Noteholder or to any Certificateholder,
      other than as expressly provided for herein and in the Basic Documents;

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

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

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

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

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

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

  (c)     Neither
      the execution nor the delivery by it of this Agreement, nor the consummation
      by it of the transactions contemplated hereby nor compliance by it with
      any of the terms or provisions hereof will contravene any federal or Delaware
      state law, governmental rule or regulation governing the banking or trust
      powers of the Owner Trustee or any judgment or order binding on it, or
      constitute any default under its charter documents or by-laws or any indenture,
      mortgage, contract, agreement or instrument to which it is a party or by
      which any of its properties may be bound.

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

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  SECTION 6.4.     Reliance;
        Advice of Counsel.

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

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

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

  SECTION 6.6.     Owner
        Trustee Not Liable for Certificate or Receivables.     The
        recitals contained herein and in the Certificate (other than the signature
        and countersignature of the Owner Trustee on the Certificate) shall be
        taken as the statements of the Depositor and the Owner Trustee assumes
        no responsibility for the correctness thereof. The Owner Trustee makes
        no representations as to the validity or sufficiency of this Agreement,
        of any Basic Document or of the Certificate (other than the signature
        and countersignature of the Owner Trustee on the Certificate) or the
        Notes, or of any Receivable or related documents. The Owner Trustee shall
        at no time have any responsibility or liability for or with respect to
        the legality, validity and enforceability of any Receivable, 

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or the perfection and priority of
    any security interest created by any Receivable in any Financed Vehicle or
    the maintenance of any such perfection and priority, or for or with respect
    to the sufficiency of the Owner Trust Estate or its ability to generate the
    payments to be distributed to Certificateholder under this Agreement or the
    Noteholders under the Indenture, including, without limitation: the existence,
    condition and ownership of any Financed Vehicle; the existence and enforceability
    of any insurance thereon; the existence and contents of any Receivable on
    any computer or other record thereof; the validity of the assignment of any
    Receivable to the Trust or of any intervening assignment; the completeness
    of any Receivable; the performance or enforcement of any Receivable; the
    compliance by the Depositor, the Servicer or any other Person with any warranty
    or representation made under any Basic Document or in any related document
    or the accuracy of any such warranty or representation or any action of the
    Trustee or the Servicer or any subservicer taken in the name of the Owner
    Trustee.

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

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

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

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ARTICLE VII.

Compensation of Owner Trustee

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

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

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

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

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ARTICLE VIII.

Termination of Trust Agreement

  SECTION 8.1.     Termination
        of Trust Agreement.

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

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

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

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

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the Owner Trustee may take appropriate
    steps, or may appoint an agent to take appropriate steps, to contact the
    Certificateholder concerning surrender of its Certificate, and the cost thereof
    shall be paid out of the funds and other assets that shall remain subject
    to this Agreement. Any funds remaining in the Trust after exhaustion of such
    remedies shall be distributed, subject to applicable escheat laws, by the
    Owner Trustee to the Holder.

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

ARTICLE IX.

Successor Owner Trustees and
      Additional Owner Trustees

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

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

  If at any time the Owner Trustee
      shall cease to be eligible in accordance with the provisions of Section
      9.1 and shall fail to resign after written request therefor by the Depositor,
      or if at any time the Owner Trustee shall be legally unable to act, or
      shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee
      or of its property shall be appointed, or any public officer shall take
      charge or control of the Owner Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation, 

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then the Depositor with the consent
    of the Security Insurer (so long as an Insurer Default shall not have occurred
    and be continuing) may remove the Owner Trustee. If the Depositor shall remove
    the Owner Trustee under the authority of the immediately preceding sentence,
    the Depositor shall promptly appoint a successor Owner Trustee by written
    instrument, in duplicate, one copy of which instrument shall be delivered
    to the outgoing Owner Trustee so removed, one copy to the Security Insurer
    and one copy to the successor Owner Trustee and payment of all fees owed
    to the outgoing Owner Trustee.

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

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

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

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

  SECTION 9.4.     Merger
        or Consolidation of Owner Trustee.     Any
        corporation into which the Owner Trustee may be merged or converted or
        with which it may be consolidated, or any corporation resulting from
        any merger, conversion or consolidation to which the Owner Trustee shall
        be a party, or any corporation succeeding to all or substantially all
        of the corporate trust business of the Owner Trustee, shall be the successor
        of the Owner Trustee hereunder, provided such corporation shall be eligible
        pursuant to Section 9.1, without the execution or filing of any instrument
        or any further act on the part of any of the parties hereto, anything
        herein to the contrary notwithstanding; provided further that the Owner
        Trustee shall mail notice of such merger or consolidation to the Rating
        Agencies.

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

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

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

    

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

    

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

    

  Any notice, request or other writing
      given to the Owner Trustee shall be deemed to have been given to each of
      the then separate trustees and co-trustees, as effectively as if given
      to each of them. Every instrument appointing any separate trustee or co-trustee
      shall refer to this Agreement and the conditions of this Article. Each
      separate trustee and co-trustee, upon its acceptance of the trusts conferred,
      shall be vested with the estates or property specified in its instrument
      of appointment, either jointly with the Owner Trustee or separately, as
      may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the
      conduct of, affecting the liability of, or affording protection to, the
      Owner Trustee. Each such instrument shall be filed with the Owner Trustee
      and a copy thereof given to the Servicer and the Security Insurer.

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

ARTICLE X.

Miscellaneous

  SECTION 10.1.     Supplements
        and Amendments.

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

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

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

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

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

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

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

  SECTION 10.4.     Notices.

  (a)     Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and shall be deemed given upon receipt personally delivered,
      delivered by overnight courier or mailed first class mail or certified
      mail, in each case return receipt requested, and shall be deemed to have
      been duly given upon receipt, if to the Owner Trustee, addressed to the
      Corporate Trust Office; if to the Depositor, addressed to AFS Funding Trust,
      c/o Deutsche Bank Trust Company, as Owner Trustee, E.A. Delle Donne Corporate
      Center, Montgomery Building, 1011 Centre Road, Suite 200, Wilmington, Delaware
      19805-1266, Attention: Corporate Trust, with a copy to AFS Funding Trust,
      c/o AmeriCredit Financial Services, Inc., as Administrator, 801 Cherry
      Street, Suite 3900, Fort Worth, Texas 76102,

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Attention: Chief Financial Officer;
    if to the Security Insurer, addressed to Security Insurer, Financial Security
    Assurance Inc., 350 Park Avenue, New York, NY 10022, Attention: Transaction
    Oversight Department, Telex No.: (212) 688-3101, Confirmation: (212) 826-0100,
    Telecopy Nos.: (212) 339-3518, (212) 339-3529 (in each case in which notice
    or other communication to Financial Security refers to an Event of Default,
    a claim on the Note Policy or with respect to which failure on the part of
    Financial Security to respond shall be deemed to constitute consent or acceptance,
    then a copy of such notice or other communication should also be sent to
    the attention of the General Counsel and the Head-Financial Guaranty Group “URGENT
    MATERIAL ENCLOSED”); or, as to each party, at such other address
    as shall be designated by such party in a written notice to each other party.

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

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

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

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

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

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

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

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  SECTION 10.11.     Servicer.     The
      Servicer is authorized to prepare, or cause to be prepared, execute and
      deliver on behalf of the Trust all such documents, reports, filings, instruments,
      certificates and opinions as it shall be the duty of the Trust or Owner
      Trustee to prepare, file or deliver pursuant to the Basic Documents. Upon
      written request, the Owner Trustee shall execute and deliver to the Servicer
      a limited power of attorney appointing the Servicer the Trust’s agent
      and attorney-in-fact to prepare, or cause to be prepared, execute and deliver
      all such documents, reports, filings, instruments, certificates and opinions.

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

[Remainder of page intentionally
    left blank.]

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

 

	 	 	WILMINGTON TRUST COMPANY,
	 	 	          as
        Owner Trustee
	 	 	 
	 	By:	/s/ Janel R. Havrilla
	 	Name:	Janel R. Havrilla
	 	Title:	Financial Services Officer
	 	 	 
	 	 	AFS FUNDING TRUST,
	 	 	 
	 	By:	AMERICREDIT FINANCIAL SERVICES,
        INC.,
	 	 	            as
        Administrator
	 	 	 
	 	By:	/s/ Susan B. Sheffield
	 	Name:	 Susan B. Sheffield
	 	Title:	Senior Vice President, Structured
        Finance

	 	ACKNOWLEDGED AND AGREED TO:	 
	 	 	 
	 	AMERICREDIT CORP.,

      Solely with respect to Sections 7.1 and 7.2	 
	 	 	 
	By:	 /s/ Sheli Fitzgerald

    	 
	Name:	Sheli Fitzgerald	 
	Title:	Assistant Vice President, Structured Finance	 

[Amended and Restated Trust Agreement]

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EXHIBIT A

NUMBER

  R-1

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS NOT TRANSFERABLE,

  EXCEPT UNDER THE LIMITED CONDITIONS

  SPECIFIED IN THE TRUST AGREEMENT

ASSET BACKED CERTIFICATE

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

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

            THIS
      CERTIFIES THAT AFS Funding Trust is the registered owner of a nonassessable,
      fully-paid, beneficial ownership interest in certain distributions of AmeriCredit
      Automobile Receivables Trust 2004-A-F (the “Trust”) formed
      by AFS Funding Trust, a Delaware statutory trust (the “Seller”).

OWNER TRUSTEE’S CERTIFICATE
    OF AUTHENTICATION

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

WILMINGTON TRUST COMPANY

  not in its individual capacity but solely as

  Owner Trustee

by: ________________________

Authenticating Agent

by: ________________________

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          The
    Trust was created pursuant to a Trust Agreement dated as of January 15, 2004,
    as amended and restated as of February 4, 2004 (the “Trust Agreement”),
    between the Seller and Wilmington Trust Company, as owner trustee (the “Owner
    Trustee”), a summary of certain of the pertinent provisions of which
    is set forth below. To the extent not otherwise defined herein, the capitalized
    terms used herein have the meanings assigned to them in the Trust Agreement.

            This
      is the duly authorized Certificate designated as “Asset Backed
      Certificate” (herein called the “Certificate”).
      Also issued under the Indenture, dated as of September, 2003, among the
      Trust, Wells Fargo Bank, National Association, as trustee and indenture
      collateral agent, are four classes of Notes designated as “Class
      A-1 1.08% Asset Backed Notes” (the “Class A-1 Notes”), “Class
      A-2 1.49% Asset Backed Notes” (the “Class A-2 Notes”), “Class
      A-3 2.18% Asset Backed Notes” (the “Class A-3 Notes”)
      and “Class A-4 2.87% Asset Backed Notes” (the “Class
      A-4 Notes” and together with the Class A-1 Notes, the Class A-2
      Notes, and the Class A-3 Notes, the “Notes”). This Certificate
      is issued under and is subject to the terms, provisions and conditions
      of the Trust Agreement, to which Trust Agreement the holder of this Certificate
      by virtue of the acceptance hereof assents and by which such holder is
      bound. The property of the Trust includes a pool of retail installment
      sale contracts secured by new and used automobiles, vans or light duty
      trucks (the “Receivables”), all monies due thereunder
      on or after Cutoff Date, security interests in the vehicles financed thereby,
      certain bank accounts and the proceeds thereof, proceeds from claims on
      certain insurance policies and certain other rights under the Trust Agreement
      and the Sale and Servicing Agreement, all right to and interest of the
      Seller in and to the Purchase Agreement dated as of February 4, 2004 among
      AmeriCredit Financial Services, Inc. and the Seller and all proceeds of
      the foregoing.

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

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

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

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

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

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

	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES

      TRUST 2004-A-F
	 	 	 
	 	By: 	WILMINGTON TRUST COMPANY

      not in its individual capacity but

      solely as Owner Trustee
	 	 	 
	Dated: February 11, 2004	By: 	________________________
	 	 	 

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(Reverse of Certificate)

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

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

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

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

            The
      obligations and responsibilities created by the Trust Agreement and the
      Trust created thereby shall terminate upon the payment to the Certificateholder
      of all amounts required to be paid to it pursuant to the Trust Agreement
      and the Sale and Servicing Agreement and the disposition of all property
      held as part of the Trust. The Seller or the Servicer of the Receivables
      may at its option purchase the corpus of the Trust at a price specified
      in the Sale and Servicing Agreement, and such purchase of the Receivables
      and other property of the Trust will effect early retirement of the Certificate;
      however, such right of purchase is exercisable, subject to certain restrictions,
      only as of the last day of any Collection Period as of which the Pool Balance
      is 10% or less of the Original Pool Balance.

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

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

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

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ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

  OR OTHER IDENTIFYING NUMBER

  OF ASSIGNEE

	

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

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

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

 

	Dated:

    	 	 ________________________________*

    
	 	 	Signature
	 	 	 
	Guaranteed:	 	 ________________________________*

	*

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

    

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EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

AMERICREDIT AUTOMOBILE RECEIVABLES
      TRUST 2004-A-F

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

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

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

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

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

	 	 	WILMINGTON TRUST COMPANY,
          not in its 

        individual capacity but solely as trustee of the Trust

    
	 	 	 
	 	By:	 ________________________________
	 	Name:	 
	 	Title:

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