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Exhibit 10.1
  Execution Copy    
    

        PURCHASE AGREEMENT  

 between  

 AFS SENSUB CORP.

Purchaser  

 and  

 AMERICREDIT FINANCIAL SERVICES, INC.

Seller  

 Dated as of May 14, 2003  

 
  
 

    TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE I. DEFINITIONS	 	1
	 	SECTION 1.1	 	General	 	1
	 	SECTION 1.2	 	Specific Terms	 	1
	 	SECTION 1.3	 	Usage of Terms	 	2
	 	SECTION 1.4	 	[Reserved]	 	2
	 	SECTION 1.5	 	No Recourse	 	2
	 	SECTION 1.6	 	Action by or Consent of Noteholders and Certificateholder	 	2
	 	SECTION 1.7	 	Material Adverse Effect	 	2
	
ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY	
 	

2
	 	SECTION 2.1	 	Conveyance of the Receivables and the Other Conveyed Property	 	2
	 	SECTION 2.2	 	[Reserved]	 	3
	
ARTICLE III. REPRESENTATIONS AND WARRANTIES	
 	

3
	 	SECTION 3.1	 	Representations and Warranties of Seller	 	3
	 	SECTION 3.2	 	Representations and Warranties of Purchaser	 	4
	
ARTICLE IV. COVENANTS OF SELLER	
 	

6
	 	SECTION 4.1	 	Protection of Title of Purchaser	 	6
	 	SECTION 4.2	 	Other Liens or Interests	 	7
	 	SECTION 4.3	 	Costs and Expenses	 	7
	 	SECTION 4.4	 	Indemnification	 	7
	
ARTICLE V. REPURCHASES	
 	

9
	 	SECTION 5.1	 	Repurchase of Receivables Upon Breach of Warranty	 	9
	 	SECTION 5.2	 	Reassignment of Purchased Receivables	 	9
	 	SECTION 5.3	 	Waivers	 	10
	
ARTICLE VI. MISCELLANEOUS	
 	

10
	 	SECTION 6.1	 	Liability of Seller	 	10
	 	SECTION 6.2	 	Merger or Consolidation of Seller or Purchaser	 	10
	 	SECTION 6.3	 	Limitation on Liability of Seller and Others	 	11
	 	SECTION 6.4	 	Seller May Own Notes or the Certificate	 	11
	 	SECTION 6.5	 	Amendment	 	11
	 	SECTION 6.6	 	Notices	 	12
	 	SECTION 6.7	 	Merger and Integration	 	12
	 	SECTION 6.8	 	Severability of Provisions	 	12
	 	SECTION 6.9	 	Intention of the Parties	 	12
	 	SECTION 6.10	 	Governing Law	 	13
	 	SECTION 6.11	 	Counterparts	 	13
	 	SECTION 6.12	 	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	 	13
	 	SECTION 6.13	 	Nonpetition Covenant	 	13
	 	SECTION 6.14	 	Benefits of Purchase Agreement	 	13
	

SCHEDULES	
 	

 
	

Schedule A—Schedule of Receivables	
 	

 
	Schedule B—Representations and Warranties from AFS as to the Receivables	 	 

i

 
 

PURCHASE AGREEMENT    
    

        THIS PURCHASE AGREEMENT, dated as of May 14, 2003, executed among AFS SenSub Corp., a Nevada corporation, as purchaser
("Purchaser") and AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller
("Seller"). 

W I T N E S S E T H:  

        WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this Agreement, is transferring to Purchaser the Receivables and Other
Conveyed Property. 

        NOW,
THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt of which is acknowledged,
Purchaser and the Seller, intending to be legally bound, hereby agree as follows: 

ARTICLE I.  

 DEFINITIONS  

        SECTION
1.1    General.    The specific terms defined in this Article include the plural as well as the singular. The
words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section,
Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have
the respective meanings assigned to such terms in the Sale and Servicing Agreement dated as of May 14, 2003, by and among AFS SenSub Corp. (as Seller), AmeriCredit Financial
Services, Inc. (in its individual capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2003-B-X (as Issuer), JPMorgan Chase Bank, as Trust Collateral
Agent and Systems & Services Technologies, Inc., as Backup Servicer. 

        SECTION
1.2    Specific Terms.    Whenever used in this Agreement, the following words and phrases, unless the context
otherwise requires, shall have the following meanings: 

        "Agreement" shall mean this Purchase Agreement and all amendments hereof and supplements hereto. 

        "Closing Date" means May 22, 2003. 

        "Issuer" means AmeriCredit Automobile Receivables Trust 2003-B-X. 

        "Other Conveyed Property" means all property conveyed by the Seller to the Purchaser pursuant to this Agreement and by the Purchaser to
the Trust pursuant to Sections 2.1(b),(c),(d),(e),(f), (h), (i) and (j) of the Sale and Servicing Agreement. 

        "Owner Trustee" means Deutsche Bank Trust Company Delaware, as Owner Trustee appointed and acting pursuant to the Trust Agreement. 

        "Receivables" means the Receivables listed on the Schedules of Receivables attached hereto. 

        "Related Documents" means, the Notes, the Certificate, the Custodian Agreement, the Sale and Servicing Agreement, the Indenture, the Trust
Agreement, the Note Policy, the Spread Account Agreement, the Insurance Agreement, the Lockbox Agreement and the Underwriting Agreement. The Related Documents to be executed by any party are referred
to herein as "such party's Related Documents," "its Related Documents" or by a similar expression. 

        "Repurchase Event" means the occurrence of a breach of any of the Seller's representations and warranties hereunder or any other event
which requires the repurchase of a Receivable by the Seller under the Sale and Servicing Agreement. 

        "Sale and Servicing Agreement" means the Sale and Servicing Agreement referred to in Section 1.1 hereof. 

 

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

        "Schedules of Receivables" means the schedule of Receivables sold and transferred pursuant to this Agreement which is attached hereto as
Schedule A. 

        "Trust Collateral Agent" means JPMorgan Chase Bank, as trust collateral agent and any successor trust collateral agent appointed and
acting pursuant to the Sale and Servicing Agreement. 

        "Trustee" means JPMorgan Chase Bank, as trustee and any successor Trustee appointed and acting pursuant to the Indenture. 

        SECTION
1.3    Usage of Terms.    With respect to all terms used in this Agreement, the singular includes the plural
and the plural the singular; words importing any gender include the other gender; references to "writing" include printing, typing, lithography, and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by
this Agreement or the Sale and Servicing Agreement; references to Persons include their permitted successors and assigns; and the terms "include" or "including" mean "include without limitation" or
"including without limitation." 

        SECTION
1.4    [Reserved].    

        SECTION
1.5    No Recourse.    Without limiting the obligations of Seller hereunder, no recourse may be taken,
directly or indirectly, under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against any stockholder, officer or director, as such, of Seller, or of
any predecessor or successor of Seller. 

        SECTION
1.6    Action by or Consent of Noteholders and Certificateholder.    Whenever any provision of this Agreement
refers to action to be taken, or consented to, by Noteholders or the Certificateholder, such provision shall be deemed to refer to the Certificateholder or Noteholder, as the case may be, of record as
of the Record Date immediately preceding the date on which such action is to be taken, or
consent given, by Noteholders or the Certificateholder. Solely for the purposes of any action to be taken, or consented to, by Noteholders or the Certificateholder, any Note or Certificate registered
in the name of the Seller or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for the purpose of determining whether the Trustee or the Trust Collateral
Agent is entitled to rely upon any such action or consent, only Notes or Certificates which the Owner Trustee, the Trustee or the Trust Collateral Agent, respectively, knows to be so owned shall be so
disregarded. 

        SECTION
1.7    Material Adverse Effect.    Whenever a determination is to be made under this Agreement as to whether a
given event, action, course of conduct or set of facts or circumstances could or would have a material adverse effect on the Noteholders (or any similar or analogous determination), such determination
shall be made without taking into account the funds available from claims under the Note Policy. 

ARTICLE II.  

 CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY  

        SECTION
2.1    Conveyance of the Receivables and the Other Conveyed Property.    

        (a)   Subject
to the terms and conditions of this Agreement, Seller hereby sells, transfers, assigns, and otherwise conveys to Purchaser without recourse (but without
limitation of its obligations in this Agreement), and Purchaser hereby purchases, all right, title and interest of 

2

 

Seller
in and to the Receivables and the Other Conveyed Property. It is the intention of Seller and Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of
the Receivables and the Other Conveyed Property from Seller to Purchaser, conveying good title thereto free and clear of any liens, and the beneficial interest in and title to the Receivables and the
Other Conveyed Property shall not be part of Seller's estate in the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy or similar law. 

        (b)   Simultaneously
with the conveyance of the Receivables and the Other Conveyed Property to Purchaser, Purchaser has paid or caused to be paid to or upon the order of
Seller an amount equal to the book value of the Receivables sold by Seller, as set forth on the books and records of Seller, by wire transfer of immediately available funds and the remainder as a
contribution to the capital of the Purchaser (a wholly-owned subsidiary of Seller). 

        SECTION
2.2    [Reserved]    

ARTICLE III.  

 REPRESENTATIONS AND WARRANTIES  

        SECTION
3.1    Representations and Warranties of Seller.    Seller makes the following representations and warranties
as of the date hereof, and the Closing Date on which Purchaser relies in purchasing the Receivables and the Other Conveyed Property and in transferring the Receivables and the Other Conveyed Property
to the Issuer under the Sale and Servicing Agreement and on which the Insurer will rely in issuing the Note Policy and the Swap Provider Policy. Such representations are made as of the execution and
delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder, and the sale, transfer and assignment thereof by Purchaser
to the Issuer under the Sale and Servicing Agreement. Seller and Purchaser agree that Purchaser will assign to Issuer all Purchaser's rights under this Agreement and that the Trustee will thereafter
be entitled to enforce this Agreement against Seller in the Trustee's own name on behalf of the Noteholders. 

        (a)    Schedule of Representations.    The representations and warranties set forth on the Schedule of Representations
with respect to the Receivables as of the date hereof, and the Closing Date are true and correct. 

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

        (c)    Due Qualification.    Seller is duly qualified to do business as a foreign corporation in good standing, and
has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification. 

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

3

 

        (e)    Valid Sale; Binding Obligations.    This Agreement and Seller's Related Documents have been duly executed and
delivered, shall effect a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against Seller and creditors of and purchasers from
Seller; and this Agreement and Seller's Related Documents constitute legal, valid and binding obligations of Seller enforceable in accordance with their respective terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific
remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

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

        (g)    No Proceedings.    There are no proceedings or investigations pending or, to Seller's knowledge, threatened
against Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Seller or its properties (i) asserting the
invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or
any of the Related Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Seller of its obligations under, or the validity or
enforceability of, this Agreement or any of the Related Documents or (iv) seeking to affect adversely the federal income tax or other federal, state or local tax attributes of, or seeking to
impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or under the Sale and Servicing Agreement. 

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

        (i)    Chief Executive Office.    The chief executive office of Seller is located at 801 Cherry Street, Suite 3900,
Fort Worth, Texas 76102. 

        SECTION
3.2    Representations and Warranties of Purchaser.    Purchaser makes the following representations and
warranties, on which Seller relies in selling, assigning, transferring and conveying the Receivables and the Other Conveyed Property to Purchaser hereunder. Such representations are made as of the
execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder and the sale, transfer and assignment thereof
by Purchaser to the Issuer under the Sale and Servicing Agreement. 

        (a)    Organization and Good Standing.    Purchaser has been duly organized and is validly existing and in good
standing as a corporation under the laws of the State of Nevada, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business
is currently conducted, and had at all relevant times, and has, 

4

 

full
power, authority and legal right to acquire and own the Receivables and the Other Conveyed Property, and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the
Sale and Servicing Agreement. 

        (b)    Due Qualification.    Purchaser is duly qualified to do business as a foreign corporation in good standing, and
has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Purchaser's ability to acquire the Receivables or the Other
Conveyed Property, and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement, or the validity or enforceability of the Receivables and
the Other Conveyed Property or to perform Purchaser's obligations hereunder and under the Purchaser's Related Documents. 

        (c)    Power and Authority.    Purchaser has the power, authority and legal right to execute and deliver this
Agreement and to carry out the terms hereof and to acquire the Receivables and the Other Conveyed Property hereunder; and the execution, delivery and performance of this Agreement and all of the
documents required pursuant hereto have been duly authorized by Purchaser by all necessary corporate action. 

        (d)    No Consent Required.    Purchaser is not required to obtain the consent of any other Person, or any consent,
license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the
Related Documents, except for such as have been obtained, effected or made. 

        (e)    Binding Obligation.    This Agreement constitutes a legal, valid and binding obligation of Purchaser,
enforceable against Purchaser in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other
similar laws and to general equitable principles. 

        (f)    No Violation.    The execution, delivery and performance by Purchaser of this Agreement, the consummation of
the transactions contemplated by this Agreement and the Related Documents and the fulfillment of the terms of this Agreement and the Related Documents do not and will not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of Purchaser, or conflict
with or breach any of the terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, mortgage, deed of trust or other instrument to
which Purchaser is a party or by which Purchaser is bound or to which any of its properties are subject, or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than the Sale and Servicing Agreement and the Spread Account Agreement), or violate any law, order, rule or
regulation, applicable to Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other governmental instrumentality having jurisdiction over
Purchaser or any of its properties. 

        (g)    No Proceedings.    There are no proceedings or investigations pending, or, to the knowledge of Purchaser,
threatened against Purchaser, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over Purchaser or its properties:
(i) asserting the invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any
of the Related Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Purchaser of its obligations under, or the validity or
enforceability of, this Agreement or any of the Related Documents or (iv) that may adversely affect the federal or state income tax attributes of, or seeking to impose any excise, franchise,
transfer or similar tax upon, the transfer and acquisition of the Receivables and the 

5

 

Other
Conveyed Property hereunder or the transfer of the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 

        In
the event of any breach of a representation and warranty made by Purchaser hereunder, Seller covenants and agrees that it will not take any action to pursue any remedy that it may
have hereunder, in law, in equity or otherwise, until a year and a day have passed since the date on which all Notes,
Certificates, pass-through certificates or other similar securities issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid in full. Seller and Purchaser
agree that damages will not be an adequate remedy for such breach and that this covenant may be specifically enforced by Purchaser, Issuer or by the Trustee on behalf of the Noteholders and Owner
Trustee on behalf of the Certificateholder. 

ARTICLE IV.  

 COVENANTS OF SELLER  

        SECTION
4.1    Protection of Title of Purchaser.    

        (a)   At
or prior to the Closing Date, Seller shall have filed or caused to be filed a UCC-1 financing statement, naming Seller as seller or debtor, naming
Purchaser as purchaser or secured party and describing the Receivables and the Other Conveyed Property being sold by it to Purchaser as collateral, with the office of the Secretary of State of the
State of Delaware and in such other locations as Purchaser shall have required. From time to time thereafter, Seller shall execute and file such financing statements and cause to be executed and filed
such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Purchaser under this Agreement, of the Issuer
under the Sale and Servicing Agreement and of the Trust Collateral Agent under the Indenture in the Receivables and the Other Conveyed Property and in the proceeds thereof. Seller shall deliver (or
cause to be delivered) to Purchaser, the Trust Collateral Agent and the Insurer file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available
following such filing. In the event that Seller fails to perform its obligations under this subsection, Purchaser, Issuer or the Trust Collateral Agent may do so, at the expense of such Seller. In
furtherance of the foregoing, the Seller hereby authorizes the Purchaser, the Issuer or the Trust Collateral Agent to file a record or records (as defined in the applicable UCC), including,
without limitation, financing statements, in all jurisdictions and with all filing offices as each may determine, in its sole discretion, are necessary or advisable to perfect the security interest
granted to the Purchaser pursuant to Section 6.9 of this Agreement. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or
description of collateral that describes such property in any other manner as such party may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the
security interest in the collateral granted to the Purchaser herein. 

        (b)   Seller
shall not change its name, identity, state of incorporation or corporate structure in any manner that would, could or might make any financing statement or
continuation statement filed by Seller (or by Purchaser, Issuer or the Trust Collateral Agent on behalf of Seller) in accordance with paragraph (a) above seriously misleading within the meaning
of §9-506 of the applicable UCC, unless they shall have given Purchaser, Issuer, the Insurer and the Trust Collateral Agent at least 60 days' prior written notice
thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements. 

6

  

        (c)   Seller
shall give Purchaser, the Issuer, the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and the Trust Collateral Agent at least
60 days' prior written notice of any relocation that would result in a change of location of the debtor within the meaning of Section 9-307 of the applicable UCC. Seller
shall at all times maintain each office from which it services Receivables and its principal executive office within the United States of America. 

        (d)   Prior
to the Closing Date, Seller has maintained accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof
to know at any time as of or prior to the Closing Date, the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation
between payments or recoveries on (or with respect to) each Receivable and the Principal Balance as of the Closing Date. Seller shall maintain its computer systems so that, from and after the time of
sale under this Agreement of the Receivables to Purchaser, and the conveyance of the Receivables by Purchaser to the Issuer, Seller's master computer records (including archives) that shall refer to a
Receivable indicate clearly that such Receivable has been sold to Purchaser and has been conveyed by Purchaser to the Issuer. Indication of the Issuer's ownership of a Receivable shall be deleted from
or modified on Seller's computer systems when, and only when, the Receivable shall become a Purchased Receivable or shall have been paid in full. 

        (e)   If
at any time Seller shall propose to sell, grant a security interest in, or otherwise transfer any interest in any motor vehicle receivables to any prospective
purchaser, lender or other transferee, Seller shall give to such prospective purchaser, lender, or other transferee computer tapes, records, or print-outs (including any restored from
archives) that, if they shall refer in any manner whatsoever to any Receivable (other than a Purchased Receivable), shall indicate clearly that such Receivable has been sold to Purchaser, sold by
Purchaser to Issuer, and is owned by the Issuer. 

        SECTION
4.2    Other Liens or Interests.    Except for the conveyances hereunder, Seller will not sell, pledge, assign
or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Receivables or the Other Conveyed Property or any interest therein, and Seller shall defend the
right, title, and interest of Purchaser and the Issuer in and to the Receivables and the Other Conveyed Property against all claims of third parties claiming through or under Seller. 

        SECTION
4.3    Costs and Expenses.    Seller shall pay all reasonable costs and disbursements in connection with the
performance of its obligations hereunder and under its Related Documents. 

        SECTION
4.4    Indemnification.    

        (a)   Seller
shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders
and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from any breach of any of Seller's representations and
warranties contained herein. 

        (b)   Seller
shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use, ownership or operation by Seller
or any affiliate thereof of a Financed Vehicle. 

        (c)   Seller
shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from any action taken, or failed to be 

7

 

taken,
by it in respect of any portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement. 

        (d)   Seller
agrees to pay, and shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
Trustee, the Insurer, the Noteholders and the Certificateholder from and against any taxes that may at any time be asserted against Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the
Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder with respect to the transactions contemplated in this Agreement, including, without limitation, any sales,
gross receipts, general corporation, tangible or intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale,
transfer and assignment of the Receivables and the Other Conveyed Property to Purchaser and by Purchaser to the Issuer or the issuance and original sale of the Notes or issuance of the Certificate, or
asserted with respect to ownership of the Receivables and Other Conveyed Property which shall be indemnified by Seller pursuant to clause (e) below, or federal, state or other income taxes,
arising out of distributions on the Notes or the Certificate or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the
same, arising by reason of the acts to be performed by Seller under this Agreement or imposed against such Persons. 

        (e)   Seller
agrees to pay, and to indemnify, defend and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee,
the Insurer, the Noteholders and the Certificateholder from, any taxes which may at any time be asserted against such Persons with
respect to, and as of the date of, the conveyance or ownership of the Receivables or the Other Conveyed Property hereunder and the conveyance or ownership of the Receivables under the Sale and
Servicing Agreement or the issuance and original sale of the Notes or the issuance of the Certificate, including, without limitation, any sales, gross receipts, personal property, tangible or
intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes, arising out of the transactions contemplated hereby or
transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the same, arising by reason of the acts to be performed by Seller
under this Agreement or imposed against such Persons. 

        (f)    Seller
shall defend, indemnify, and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders
and the Certificateholder from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of,
or was imposed upon Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders or the Certificateholder through the negligence, willful
misfeasance, or bad faith of Seller in the performance of its duties under this Agreement or by reason of reckless disregard of Seller's obligations and duties under this Agreement. 

        (g)   Seller
shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders
and the Certificateholder from and against any loss, liability or expense incurred by reason of the violation by Seller of federal or state securities laws in connection with the registration or the
sale of the Notes. 

        (h)   Seller
shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders
and the Certificateholder from and against any loss, liability or expense imposed upon, or incurred by, Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner 

8

 

Trustee,
the Noteholders or the Certificateholder as result of the failure of any Receivable, or the sale of the related Financed Vehicle, to comply with all requirements of applicable law. 

        (i)    Seller
shall defend, indemnify, and hold harmless Purchaser from and against all costs, expenses, losses, claims, damages, and liabilities arising out of or incurred in
connection with the acceptance or performance of Seller's trusts and duties as Servicer under the Sale and Servicing Agreement, except to the extent that such cost, expense, loss, claim, damage, or
liability shall be due to the willful misfeasance, bad faith, or negligence (except for errors in judgment) of Purchaser. 

        (j)    Seller
shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants jointly and severally with the Purchaser pursuant to
Section 7.2 of the Trust Agreement. 

        Indemnification
under this Section 4.4 shall include reasonable fees and expenses of counsel and expenses of litigation and shall survive payment of the Notes and the Certificate.
The indemnity obligations hereunder shall be in addition to any obligation that Seller may otherwise have. 

ARTICLE V.  

 REPURCHASES  

        SECTION
5.1    Repurchase of Receivables Upon Breach of Warranty.    Upon the occurrence of a Repurchase Event, Seller
shall, unless the breach which is the subject of such Repurchase Event shall have been cured in all material respects, repurchase the Receivable relating thereto from the Issuer and, simultaneously
with the repurchase of the Receivable, Seller shall deposit the Purchase Amount in full, without deduction or offset, to the Collection Account, pursuant to Section 3.2 of the Sale and
Servicing Agreement. It is understood and agreed that, except as set forth in Section 6.1 hereof, the obligation of Seller to repurchase any Receivable, as to which a breach occurred and is
continuing, shall, if such obligation is fulfilled, constitute the sole remedy against Seller for such breach available to Purchaser, the Issuer, the Insurer, the Backup Servicer, the Noteholders, the
Certificateholder, the Trust Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of the Certificateholder. The provisions of this Section 5.1 are intended to grant the
Issuer, the Insurer and the Trust Collateral Agent a direct right against Seller to demand performance hereunder, and in connection therewith, Seller waives any requirement of prior demand against
Purchaser with respect to such repurchase obligation. Any such repurchase shall take place in the manner specified in Section 3.2 of the Sale and Servicing Agreement. Notwithstanding any other
provision of this Agreement or the Sale and Servicing Agreement to the contrary, the obligation of Seller under this Section shall not terminate upon a termination of Seller as Servicer under the Sale
and Servicing Agreement and shall be performed in accordance with the terms hereof notwithstanding the failure of the Servicer or Purchaser to perform any of their respective obligations with respect
to such Receivable under the Sale and Servicing Agreement. 

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

        SECTION
5.2    Reassignment of Purchased Receivables.    Upon deposit in the Collection Account of the Purchase Amount
of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of
Purchaser's and the Issuer's right, title and interest in and to such Receivable and all 

9

 

security
and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens
created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased
Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to
enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser's
or in the Issuer's name. 

        SECTION
5.3    Waivers.    No failure or delay on the part of Purchaser, or the Issuer as assignee of Purchaser, or
the Trust Collateral Agent as assignee of the Issuer, in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or remedy preclude any other or future exercise thereof or the exercise of any other power, right or remedy. 

ARTICLE VI.  

 MISCELLANEOUS  

        SECTION
6.1    Liability of Seller.    Seller shall be liable in accordance herewith only to the extent of the
obligations in this Agreement specifically undertaken by Seller and the representations and warranties of Seller. 

        SECTION
6.2    Merger or Consolidation of Seller or Purchaser.    Any corporation or other entity (i) into
which Seller or Purchaser may be merged or consolidated, (ii) resulting from any merger or consolidation to which Seller or Purchaser is a party or (iii) succeeding to the business of
Seller or Purchaser, in the case of Purchaser, which corporation has a certificate of incorporation containing provisions relating to limitations on business and other matters substantively identical
to those contained in Purchaser's certificate of incorporation, provided that in any of the foregoing cases such corporation shall execute an agreement of assumption to perform every obligation of
Seller or Purchaser, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to Seller or Purchaser, as the case may be, hereunder
(without relieving Seller or Purchaser of their responsibilities hereunder, if it survives such merger or consolidation) without the execution or filing of any document or any further action by any of
the parties to this Agreement. Notwithstanding the foregoing, so long as an Insurer Default shall not have occurred and be continuing, Purchaser shall not merge or consolidate with any other Person or
permit any other Person to become the successor to Purchaser's business without the prior written consent of the Insurer. Seller or Purchaser shall promptly inform the other party, the Issuer, the
Trust Collateral Agent, the Owner Trustee and, so long as an Insurer Default shall not have occurred and be continuing, the Insurer of such merger, consolidation or purchase and assumption.
Notwithstanding the foregoing, as a condition to the consummation of the transactions referred to in clauses (i), (ii) and (iii) above, (x) immediately after giving effect to such
transaction, no representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been breached (for purposes hereof, such representations and warranties shall speak as of
the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an event of default under the Insurance Agreement, shall have occurred and be
continuing, (y) Seller or Purchaser, as applicable, shall have delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation
of such transaction and shall have delivered to the Issuer, the Insurer and the Trust Collateral Agent an Officer's Certificate and an Opinion of Counsel each stating that such consolidation, merger
or succession and such agreement of assumption comply with this Section 6.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been
complied with, and (z) Seller or Purchaser, as applicable, shall have delivered to the Issuer, the Insurer and the Trust Collateral Agent an Opinion of Counsel, stating, in 

10

 

the
opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the
interest of the Issuer and the Trust Collateral Agent in the Receivables and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 

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

        SECTION
6.4    Seller May Own Notes or the Certificate.    Subject to the provisions of the Sale and Servicing
Agreement, Seller and any Affiliate of Seller may in their individual or any other capacity become the
owner or pledgee of Notes or the Certificate with the same rights as they would have if they were not Seller or an Affiliate thereof. 

        SECTION
6.5    Amendment.    

        (a)   This
Agreement may be amended by Seller and Purchaser with the prior written consent of the Insurer (so long as an Insurer Default shall not have occurred and be
continuing) but without the consent of the Trust Collateral Agent, the Owner Trustee, the Certificateholder or any of the Noteholders (i) to cure any ambiguity or (ii) to correct any
provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Issuer, the Owner Trustee, the Insurer and the Trust Collateral
Agent, adversely affect in any material respect the interests of any Certificateholder or Noteholder or, if an Insurer Default shall have occurred and be continuing, the Insurer. 

        (b)   This
Agreement may also be amended from time to time by Seller and Purchaser, with the prior written consent of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) and with the consent of the Trust Collateral Agent and, if required, the Certificateholder and the Noteholders, in accordance with the Sale and Servicing Agreement, 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 Certificateholder or Noteholders;  provided,
however, the Seller provides the Trust Collateral Agent with an Opinion of Counsel, (which may be provided by the Seller's internal counsel)
that no such amendment shall 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 on any Note or Certificate; provided further that if an Insurer Default has occurred and is continuing, such amendment shall not materially adversely affect the interests of the Insurer. 

        (c)   Prior
to the execution of any such amendment or consent, Seller shall have furnished written notification of the substance of such amendment or consent to each Rating
Agency. 

        (d)   It
shall not be necessary for the consent of Certificateholder or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by
Certificateholder or Noteholders shall be subject to such reasonable requirements as the Trust Collateral Agent may prescribe, including the establishment of record dates. The consent of a Holder of a
Certificate or a Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder and on all future Holders of such Certificate
or Note and of any Certificate or Note issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Certificate or Note. 

11

 

        SECTION
6.6    Notices.    All demands, notices and communications to Seller or Purchaser hereunder shall be in
writing, personally delivered, or sent by telecopier (subsequently confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have
been given upon receipt (a) in the case of Seller, to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, or
(b) in the case of Purchaser, to AFS SenSub Corp., 639 Isbell Rd., Suite 390, Reno, Nevada 85909, Attention: Chief Financial Officer, or such other address as shall be designated by a party in
a written notice delivered to the other party or to the Issuer, Owner Trustee, the Insurer or the Trust Collateral Agent, as applicable. 

        SECTION
6.7    Merger and Integration.    Except as specifically stated otherwise herein, this Agreement and Related
Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Related
Documents. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 

        SECTION
6.8    Severability of Provisions.    If any one or more of the covenants, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

        SECTION
6.9    Intention of the Parties.    

        (a)   The
execution and delivery of this Agreement shall constitute an acknowledgment by Seller and Purchaser that they intend that the assignment and transfer herein
contemplated constitute a sale and assignment outright, and not for security, of the Receivables and the Other Conveyed Property, conveying good title thereto free and clear of any Liens, from Seller
to Purchaser, and that the Receivables and the Other Conveyed Property shall not be a part of Seller's estates in the event of the
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of,
or with respect to Seller. In the event that such conveyance is determined to be made as security for a loan made by Purchaser, the Issuer, the Noteholders or the Certificateholder to Seller, the
parties intend that Seller shall have granted to Purchaser a security interest in all of Seller's right, title and interest in and to (collectively, the
"Collateral"): 

        (1)   the
Receivables and all moneys received thereon after the Cutoff Date, 

        (2)   the
Other Conveyed Property conveyed to Purchaser by Seller pursuant to this Agreement including (a) an assignment of the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles, (b) any proceeds and the right to receive any proceeds with respect to
the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables,
(c) any proceeds from any Receivable repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement,
(d) any proceeds from any Receivable 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, (e) all rights under any Service Contracts on the related Financed Vehicles, (f) the related Receivables Files and (g) the proceeds
of any and all of the foregoing, 

12

 

        (3)   all
of the Seller's (a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments, and (e) General Intangibles (as such terms are
defined in the applicable UCC) relating to the property described in items (1) and (2), and 

        (4)   all
proceeds and investments with respect to items (1), (2), and (3) above. 

        (b)   This
Agreement shall constitute a security agreement under applicable law. 

        SECTION
6.10    Governing Law.    This Agreement shall be construed in accordance with and 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
6.11    Counterparts.    For the purpose of facilitating the execution of this Agreement and for other
purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but
one and the same instrument. 

        SECTION
6.12    Conveyance of the Receivables and the Other Conveyed Property to the Issuer.    Seller acknowledge
that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed Property, together with its rights under this Agreement, to the Issuer on the
date hereof. Seller acknowledges and consents to such conveyance and pledge and waives any further notice thereof and covenants and agrees that the representations and warranties of Seller contained
in this Agreement and the rights of Purchaser hereunder are intended to benefit the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder. In
furtherance of the foregoing, Seller covenants and agrees to perform its duties and obligations hereunder, in accordance with the terms hereof for the benefit of the Insurer, the Issuer, the Owner
Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder and that, notwithstanding anything to the contrary in this Agreement, Seller shall be directly liable to the Issuer, the
Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder (notwithstanding any failure by the Servicer, the Backup Servicer or the Purchaser to perform its respective duties
and obligations hereunder or under Related Documents) and that the Trust Collateral Agent may enforce the duties and obligations of Seller under this Agreement against Seller for the benefit of the
Insurer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder. 

        SECTION
6.13    Nonpetition Covenant.    Neither Purchaser nor Seller shall petition or otherwise invoke the process
of any court or government authority for the purpose of commencing or sustaining a case against the Purchaser or the Issuer under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or the Issuer or any substantial part of their respective property, or ordering
the winding up or liquidation of the affairs of the Purchaser or the Issuer. 

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

13

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

	 	 	 	 	AFS SENSUB CORP., as Purchaser
	

 	
 	

 	
 	

By	
 	

/s/  SUSAN B. SHEFFIELD      
 Name:  Susan B. Sheffield

Title:    Vice President, Structured Finance
	

 	
 	

 	
 	

AMERICREDIT FINANCIAL SERVICES, INC., as Seller
	

 	
 	

 	
 	

By	
 	

/s/  BETH SORENSEN      
 Name:  Beth Sorensen

Title:    Senior Vice President, Finance
	

Accepted:	
 	

 	
 	

 
	

JPMORGAN CHASE BANK,

as Trustee and Trust Collateral Agent
	

By	
 	

/s/  JENNIFER H. MCCOURT      
 Name:  Jennifer H. McCourt

Title:    Vice President	
 	

 	
 	

 

[Purchase
Agreement] 

 
 

SCHEDULE A    
    
    SCHEDULE OF RECEIVABLES    

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

  

 
 

SCHEDULE B    
    
    REPRESENTATIONS AND WARRANTIES OF    
    
    AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")    
    

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

        2.    No Fraud or Misrepresentation.    Each Receivable was originated (i) by AmeriCredit, (ii) by a
Dealer and was sold by the Dealer to AmeriCredit, or (iii) by a Third-Party Lender and was sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to AFS SenSub Corp. without
any fraud or misrepresentation on the part of such Dealer or Third-Party Lender in any case. 

        3.    Compliance with Law.    All requirements of applicable federal, state and local laws, and regulations thereunder
(including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the
Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve Board's Regulations "B" and "Z" (including amendments to
the Federal Reserve's Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Soldiers' and Sailors' Civil Relief Act of 1940, each
applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit
opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects, and each Receivable and the sale of the Financed Vehicle
evidenced by each Receivable complied at the time it was originated or made and now complies in all material respects with all applicable legal requirements. 

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

        5.    Binding Obligation.    Each Receivable represents the genuine, legal, valid and binding payment obligation of
the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws
affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding
in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended; and all parties to
each Receivable had full 

B-1

 

legal
capacity to execute and deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 

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

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

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

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

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

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

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

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

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

        15.    Receivables in Force.    No Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle
securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any Receivable have been waived, altered or modified in any respect since
its origination, except by instruments or documents identified in the Receivable File. No Receivable has been modified as a result of application of the Soldiers' and Sailors' Civil Relief Act of
1940, as amended. 

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

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

B-2

 

Insurance
Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments, or Third-Party Lender Assignments or to payments due under such Receivables. 

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

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

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

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

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

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

B-3

 

would
constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. As of the Cutoff Date no
Financed Vehicle had been repossessed. 

        24.    Insurance.    At the time of origination of a Receivable by AmeriCredit or a purchase of a Receivable by
AmeriCredit from a Dealer or Third-Party Lender, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy (i) in an amount at least equal to the lesser
of (a) its maximum insurable value or (b) the principal amount due from the Obligor under the related Receivable, (ii) naming AmeriCredit as loss payee and (iii) insuring
against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage. Each Receivable requires the Obligor to maintain
physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insured parties, and each Receivable permits the holder thereof to obtain physical loss and damage
insurance at the expense of the Obligor if the Obligor fails to do so. No Financed Vehicle is insured under a policy of Force-Placed Insurance on the Cutoff Date. 

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

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

        27.    Certain Characteristics of Receivables.    

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

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

        (C)  Not
more than 40% of the Receivables (calculated by Aggregate Principal Balance) has an original term to maturity of 61 to 72 months. The original term to
maturity of 61 to 72 month Receivables in the Trust is 38% as of the Cutoff Date. 

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

        (E)  Each
Receivable has an Annual Percentage Rate of at least 3% and not more than 33%. 

        (F)  The
Receivables' weighted average Annual Percentage Rate is not less than 16.25%. The weighted average Annual Percentage Rate of the Receivables in the Trust is 16.30%
as of the Cutoff Date. 

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

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

        (I)   Not
more than 35% of the Obligors reside in Texas and California (based on the Obligor's mailing address). As of the Cutoff Date, 27% of the Obligors (based in the
Obligor's mailing address) reside in Texas and California. 

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

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

B-4

 

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

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

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

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

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

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

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

        32.    Other Automobile Loans.    Neither the Obligor on any Receivable nor any of its Affiliates is the obligor on
any automobile loan with an aggregate principal amount greater than $80,000 as of the Cutoff Date. 

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

        34.    Vehicle Exchange.    No Contract provides for the substitution, exchange or addition of any Financed Vehicle
subject to such Receivable. 

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

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

        37.   The
Seller has taken all steps necessary to perfect its security interest against the related Obligors in the property securing the Receivables. 

        38.   The
Seller has in its possession all original copies of the contracts that constitute or evidence the Receivables. 

B-5

QuickLinks

Exhibit 10.1 Execution Copy

TABLE OF CONTENTS

PURCHASE AGREEMENT

SCHEDULE A SCHEDULE OF RECEIVABLES

SCHEDULE B REPRESENTATIONS AND WARRANTIES OF AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.2
  Execution Copy    
    

XL
CAPITAL ASSURANCE INC.,

as Insurer 

AMERICREDIT
FINANCIAL SERVICES, INC. 

and

DEUTSCHE
BANK SECURITIES INC. 

as
the Representative of the Underwriters 

INDEMNIFICATION
AGREEMENT 

$825,000,000

AmeriCredit Automobile Receivables Trust 2003-B-X

Automobile Receivables Backed Notes

$147,000,000 Class A-1 Notes

$201,000,000 Class A-2-A Notes

$115,000,000 Class A-2-B Notes

$119,000,000 Class A-3 Notes

$143,000,000 Class A-4-A Notes

$100,000,000 Class A-4-B Notes 

Dated
as of May 13, 2003 

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	Section 1.	 	Definitions	 	1
	

Section 2.	
 	

Representations and Warranties of the Insurer	
 	

2
	

Section 3.	
 	

Agreements, Representations and Warranties of the Underwriters	
 	

3
	

Section 4.	
 	

Agreements, Representations and Warranties of AmeriCredit	
 	

3
	

Section 5.	
 	

Indemnification	
 	

3
	

Section 6.	
 	

Notice To Be Given	
 	

4
	

Section 7.	
 	

Contribution	
 	

5
	

Section 8.	
 	

Notices	
 	

6
	

Section 9.	
 	

Governing Law, Etc	
 	

6
	

Section 10.	
 	

Insurance Agreement; Underwriting Agreement; Sale and Servicing Agreement	
 	

7
	

Section 11.	
 	

Limitations	
 	

7
	

Section 12.	
 	

Counterparts	
 	

7
	

Section 13.	
 	

Nonpetition	
 	

7
	

TESTIMONIUM	
 	

 
	

SIGNATURES AND SEALS	
 	

 

 
 

INDEMNIFICATION AGREEMENT    
    

        This Agreement, dated as of May 13, 2003, is by and among XL CAPITAL ASSURANCE INC. (the "Insurer"), as the Insurer under the Note Guaranty
Insurance Policy (the "Policy") issued in connection with the Offered Notes described below, AMERICREDIT FINANCIAL SERVICES, INC. ("AmeriCredit") and DEUTSCHE BANK SECURITIES INC. as
Representative of the Underwriters (the "Representative"). 

        Section 1.    Definitions.    As used in this Agreement, the
following terms shall have the respective meanings stated herein, unless the context clearly requires otherwise, in both singular and plural form, as appropriate. Capitalized terms used in this
Agreement but not otherwise defined herein will have the meanings ascribed to such terms in the Sale and Servicing Agreement (as described below). 

        "Act" means the Securities Act of 1933, as amended, together with all related rules and regulations. 

        "Agreement" means this Indemnification Agreement by and among the Insurer, AmeriCredit and the Representative of the Underwriters. 

        "AmeriCredit Party" means AmeriCredit, each of its parents, subsidiaries and affiliates and any shareholder, director, officer, employee,
agent or any "controlling person" (as such term is used in the Act) of any of the foregoing. 

        "Indemnified Party" means any party entitled to any indemnification pursuant to Section 5 below, as the context requires. 

        "Indemnifying Party" means any party required to provide indemnification pursuant to Section 5 below, as the context requires. 

        "Indenture" means the Indenture dated May 14, 2003 between the Issuer and the Trustee and Trust Collateral Agent as the same may be
amended or supplemented from time to time in accordance with the terms thereof. 

        "Insurance Agreement" means the Insurance Agreement, dated as of May 14, 2003, by and among the Insurer, the Issuer, AmeriCredit,
the Servicer, the Custodian, the Seller, the Backup Servicer, the Trustee, the Trust Collateral Agent and the Collateral Agent. 

        "Insurer Party" means the Insurer and its respective parents, subsidiaries and affiliates and any shareholder, director, officer,
employee, agent or any "controlling person" (as such term is used in the Act) of any of the foregoing. 

        "Losses" means (i) any actual out-of-pocket loss paid by the party entitled to indemnification or
contribution hereunder and (ii) any actual out-of-pocket costs and expenses paid by such party, including reasonable fees and expenses of its counsel, to the extent not
paid, satisfied or reimbursed from funds provided by any other Person (provided that the foregoing shall not create or imply any obligation to pursue recourse against any such other Person). 

        "Offered Notes" means the $825,000,000 AmeriCredit Automobile Receivables Trust 2003-B-X Automobile Receivables
Backed Notes, $147,000,000 Class A-1 Notes, $201,000,000 Class A-2-A Notes, $115,000,000 Class A-2-B Notes,
$119,000,000 Class A-3 Notes, $143,000,000 Class A-4-A Notes and $100,000,000 Class A-4-B Notes, issued pursuant to the
Indenture. 

        "Person" means any individual, partnership, joint venture, corporation, trust or unincorporated organization or any government or agency
or political subdivision thereof. 

        "Prospectus" means the form of final Prospectus included in the Registration Statement on each date that the Registration Statement and
any post effective amendment or amendments thereto became effective. 

        "Prospectus Supplement" means the form of final Prospectus Supplement, dated May 13, 2003, and filed with the Securities and
Exchange Commission on May 22, 2003. 

 

        "Registration Statement" means the registration statement on Form S-3 of AmeriCredit relating to the Offered Notes. 

        "Sale and Servicing Agreement" means the Sale and Servicing Agreement, dated as of May 14, 2003, by and among the Issuer, the
Seller, the Servicer, the Back-up Servicer and the Trust Collateral Agent. 

        "Servicer" means AmeriCredit Financial Services, Inc., as Servicer. 

        "Underwriter Party" means each Underwriter and its parent, subsidiaries and affiliates and any shareholder, director, officer, employee,
agent or "controlling person" (as such term is used in the Act) of any of the foregoing. 

        "Underwriters" means Deutsche Bank Securities Inc., Credit Suisse First Boston LLC, Barclays Capital Inc., JP Morgan
Securities Inc. and Wachovia Securities, Inc. 

        "Underwriting Agreement" means the Underwriting Agreement by and between AmeriCredit and the Underwriters, dated May 13, 2003. 

        Section 2.    Representations and Warranties of the
Insurer.    The Insurer represents and warrants to the Underwriters and AmeriCredit as follows: 

        (a)    Organization and Licensing.    The Insurer is a duly incorporated and existing New York stock insurance company
licensed to do business in the State of New York and is in good standing under the laws of such state. 

        (b)    Corporate Power.    The Insurer has the corporate power and authority to issue the Policy and execute and
deliver this Agreement and the Insurance Agreement and to perform all of its obligations hereunder and thereunder. 

        (c)    Authorization; Approvals.    The issuance of the Policy and the execution, delivery and performance of this
Agreement and the Insurance Agreement have been duly authorized by all necessary corporate proceedings. No further approvals or filings of any kind, including, without limitation, any further
approvals of or further filings with any governmental agency or other governmental authority, or any
approval of the Insurer's board of directors or stockholders, are necessary for the Policy, this Agreement and the Insurance Agreement to constitute the legal, valid and binding obligations of the
Insurer. 

        (d)    Enforceability.    The Policy, when issued, and this Agreement and the Insurance Agreement will each constitute
legal, valid and binding obligations of the Insurer, enforceable in accordance with their terms, subject to applicable laws affecting the enforceability of creditors' rights generally and general
equitable principles and public policy considerations as to rights of indemnification for violations of federal securities laws. 

        (e)    Financial Information.    The consolidated financial statements of the Insurer incorporated by reference in the
Prospectus Supplement (the "Insurer Audited Financial Statements") fairly present in all material respects the financial condition of the Insurer as of such date and for the period covered by such
statements in accordance with generally accepted accounting principles consistently applied. The consolidated financial statements of the Insurer and its subsidiaries as of March 31, 2003
incorporated by reference in the Prospectus Supplement (the "Insurer Unaudited Financial Statements") present fairly in all material respects the financial condition of the Insurer as of such date and
for the period covered by such statements in accordance with generally accepted accounting principles applied in a manner consistent with the accounting principles used in preparing the Insurer
Audited Financial Statements, and, since March 31, 2003 there has been no material change in such financial condition of the Insurer which would materially and adversely affect its ability to
perform its obligations under the Policy. 

2

 

        (f)    Insurer Information.    The information in the Prospectus Supplement as of the date hereof under the captions
"THE POLICY" and "THE INSURER" (the "Insurer Information") is limited and does not purport to provide
the scope of disclosure required to be included in a prospectus for a registrant under the Securities Act of 1933, in connection with the public offer and sale of securities of such registrant. Within
such limited scope of disclosure, the Insurer Information does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading. 

        (g)    No Litigation.    There are no actions, suits, proceedings or investigations pending or, to the best of the
Insurer's knowledge, threatened against it at law or in equity or before or by any court, governmental agency, board or commission or any arbitrator which, if decided adversely, would materially and
adversely affect its condition (financial or otherwise) or its operations or would materially and adversely affect its ability to perform its obligations under this Agreement, the Policy or the
Insurance Agreement. 

        Section 3.    Agreements, Representations and Warranties of the
Underwriters.    Each Underwriter severally (and not jointly) represent and warrant to and agree with AmeriCredit and the Insurer that the statements in the
Prospectus Supplement made in reliance upon and in conformity with written information relating to such Underwriter furnished to AmeriCredit specifically for use in the preparation of the Prospectus
Supplement, and acknowledged in writing (referred to herein as the "Underwriter Information") does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. 

        Section 4.    Agreements, Representations and Warranties of
AmeriCredit.    AmeriCredit represents, warrants to and agrees with the Insurer and the Underwriters that: 

        (a)    Registration Statement.    The information in the Registration Statement, the Prospectus and the Prospectus
Supplement, other than the Insurer Information and the Underwriter Information, is true and correct in all material respects and does not contain any untrue statement of a fact that is material or
omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        (b)    Representations and Warranties.    Each of the representations and warranties of AmeriCredit contained in the
Insurance Agreement is true and correct in all material respects, and AmeriCredit hereby makes each such representation and warranty to, and for the benefit of, the Insurer as if the same were set
forth in full herein. 

        Section 5.    Indemnification.    

        (a)   The
Insurer hereby agrees, upon the terms and subject to the conditions of this Agreement, to indemnify, defend and hold harmless each AmeriCredit Party and each
Underwriter Party against any and all Losses incurred by them (A) any untrue statement or alleged untrue statement of material fact contained in the Insurer Information or (B) an
omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being
understood that the Insurer Information is limited and does not purport to provide the scope of disclosure required to be included in a prospectus for a registrant under the Securities Act of 1933, in
connection with the public offer and sale of securities of such registrant in connection with the offer and sale of securities of such registered under the Securities Act) or (C) with respect
to the offer and sale of any of the Offered Notes and resulting from the the Insurer's breach of any of its representations and warranties set forth in Section 2 of this Agreement. 

3

 

        (b)   The
Representative, on behalf of each Underwriter, hereby agrees, upon the terms and subject to the conditions of this Agreement, to indemnify, defend and hold harmless
each Insurer Party and each AmeriCredit Party against any and all Losses incurred by it with respect to the offer and sale of any of the Offered Notes and resulting from such Underwriter's breach of
any of its representations and warranties set forth in Section 3 of this Agreement. 

        (c)   AmeriCredit
hereby agrees, upon the terms and subject to the conditions of this Agreement, to indemnify, defend and hold harmless each Insurer Party against any and all
Losses incurred by it with respect to the offer and sale of any of the Offered Notes and resulting from AmeriCredit's breach of any of its representations and warranties set forth in Section 4
of this Agreement. 

        (d)   Upon
the incurrence of any Losses entitled to indemnification hereunder, the Indemnifying Party shall reimburse the Indemnified Party promptly upon establishment by the
Indemnified Party to the Indemnifying Party of the Losses incurred. 

        Section 6.    Notice To Be Given.    

        (a)   Except
as provided in Section 7 below with respect to contribution and Section 10 of this Agreement, the indemnification provided herein by the
Indemnifying Party shall be the exclusive remedy of each Indemnified Party for the Losses resulting from the Indemnifying Party's breach of a representation, warranty or agreement hereunder; provided,
however, that each Indemnified Party shall be entitled to pursue any other remedy at law or in equity for any such breach so long as the damages sought to be recovered shall not exceed the Losses
incurred thereby resulting from such breach. 

        (b)   In
the event that any action or regulatory proceeding shall be commenced or claim asserted which may entitle an Indemnified Party to be indemnified under this Agreement,
such party shall give the Indemnifying Party written or facsimile notice of such action or claim reasonably promptly after receipt of written notice thereof. 

        (c)   Upon
request of the Indemnified Party, the Indemnifying Party shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party
and any others the Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. The Indemnifying Party may, at its option,
at any time upon written notice to the Indemnified Party, assume the defense of any proceeding and may designate counsel reasonably satisfactory to the Indemnified Party in connection therewith,
provided that the counsel so designated would have no actual or potential conflict of interest in connection with such representation. Unless it shall assume the defense of any proceeding the
Indemnifying Party shall not be liable for any settlement of any proceeding, effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff,
the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment. The Indemnifying Party shall be entitled to
participate in the defense of any such action or claim in reasonable cooperation with, and with the reasonable cooperation of, each Indemnified Party. 

        (d)   The
Indemnified Party will have the right to employ its own counsel in any such action, but the fees and expenses of such counsel will be at the expense of such
Indemnified Party unless (i) the employment of counsel by the Indemnified Party at the Indemnifying Party's expense has been authorized in writing by the Indemnifying Party, (ii) the
Indemnifying Party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action or (iii) the named
parties to any such action include the Indemnifying Party on the one hand and, on the other hand, the Indemnified Party, and representation of both parties by the same counsel would be inappropriate
due to actual or 

4

 

potential
differing interests between them (in which case if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the
Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on such Indemnified Party's behalf), in each of which cases the reasonable fees
and expenses of counsel (including local counsel) will be at the expense of the Indemnifying Party, and all such fees and expenses will be reimbursed promptly as they are incurred. In the event that
any expenses so paid by the Indemnifying Party are subsequently determined not to be required to be borne by the Indemnifying Party hereunder, the party which received such payment shall promptly
refund to the Indemnifying Party the amount so paid by such Indemnifying Party. Notwithstanding the foregoing, in connection with any one action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, the Indemnifying Party shall not be liable for the fees and expenses of more than one counsel for all
AmeriCredit Parties, more than one counsel for all Underwriter Parties and more than one counsel for all Insurer Parties, as applicable. 

        (e)   The
Indemnified Parties shall cooperate with the Indemnifying Parties in resolving any event which would give rise to an indemnity obligation pursuant to
Section 5 hereof in the most efficient manner. 

        (f)    No
settlement of any such claim or action shall be entered into without the consent of each Indemnified Party who is subject to such claim or action, on the one hand,
and each Indemnifying Party who is subject to such claim or action, on the other hand; provided, however, that the consent of such Indemnified Party shall not be required if such settlement fully
discharges, with prejudice against the plaintiff, the claim or action against such Indemnified Party. 

        (g)   Any
failure by an Indemnified Party to comply with the provisions of this Section shall relieve the Indemnifying Party of liability only if such failure is materially
prejudicial to any legal pleadings, grounds, defenses or remedies in respect thereof or the Indemnifying Party's financial liability hereunder, and then only to the extent of such prejudice. 

        Section 7.    Contribution.    

        (a)   To
provide for just and equitable contribution if the indemnification provided by the Insurer is determined to be unavailable for an Underwriter Party (other than
pursuant to Section 5 or 6 of this Agreement), or if the indemnification provided by any Underwriter is determined to be unavailable for any Insurer Party (other than pursuant to
Section 5 or 6 of this Agreement), the Insurer and the Underwriters shall contribute to the aggregate costs of liabilities arising from any breach of their respective representations and
warranties set forth in this Agreement on the basis of the relative fault of all Insurer Parties and all Underwriter Parties. 

        (b)   To
provide for just and equitable contribution if the indemnification provided by the Insurer is determined to be unavailable for any AmeriCredit Party (other than
pursuant to Section 5 or 6 of this Agreement), or if the indemnification provided by AmeriCredit is determined to be unavailable for any Insurer Party (other than pursuant to Section 5
or 6 of this Agreement), the Insurer and AmeriCredit shall contribute to the aggregate cost of liabilities arising from any breach of their respective representations and warranties set forth in this
Agreement on the basis of the relative fault of all Insurer Parties and all AmeriCredit Parties. 

        (c)   To
provide for just and equitable contribution if the indemnification provided by the Underwriter is determined to be unavailable for any AmeriCredit Party (other than
pursuant to Section 5 or 6 of this Agreement), the Underwriter and AmeriCredit shall contribute to the aggregate costs of liabilities arising from any breach of their respective representations
and warranties set forth in this Agreement on the basis of the relative fault of all Underwriter Parties and all AmeriCredit Parties. 

5

  

        (d)   The
relative fault of each Indemnifying Party, on the one hand, and of each Indemnified Party, on the other hand, shall be determined by reference to, among other
things, whether the breach of, or alleged breach of, any of its representations and warranties set forth in Section 2, 3 or 4 of this Agreement relates to information supplied by, or action
within the control of, the Indemnifying Party or the Indemnified Party and the Parties' relative intent, knowledge, access to information and opportunity to correct or prevent such breach. 

        (e)   The
parties agree that the Insurer shall be solely responsible for the Insurer Information and for the Insurer Financial Statements, that each Underwriter shall be
solely responsible for the Underwriter Information provided by such Underwriter in writing for use in the Prospectus Supplement and that AmeriCredit shall be responsible for all other information in
the Registration Statement and in the Prospectus Supplement. 

        (f)    No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. 

        (g)   The
indemnity and contribution agreements contained in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation
made by or on behalf of any Underwriter Party, any AmeriCredit Party or any Insurer Party, (ii) the issuance of any Offered Notes or the Policy or (iii) any termination of this
Agreement. 

        (h)   Upon
the incurrence of any Losses entitled to contribution hereunder, the contributor shall reimburse the party entitled to contribution promptly upon establishment by
the party entitled to contribution to the contributor of the Losses incurred. 

        Section 8.    Notices.    All notices and other communications
provided for under this Agreement shall be addressed to the address set forth below as to each party or at such other address as shall be designated by a party in a written notice to the other party. 

	If to the Insurer:	 	XL Capital Assurance Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Surveillance

Telecopy: (212) 478-3587

Confirmation: (212) 478-3400
	

If to AmeriCredit:	
 	

AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3900

Fort Worth, TX 76102

Attention: Chief Financial Officer
	

If to the Representative:	
 	

Deutsche Bank Securities Inc.

31 West 52nd Street, 17th Floor

New York, NY 10019

Attention: General Counsel

        Section 9.    Governing Law, Etc.    This Agreement shall be
deemed to be a contract under the laws of the State of New York and shall be governed by and construed in accordance with the laws of the State of New York without regard to its conflicts of laws
provisions. This Agreement may not be assigned by any party without the express written consent of each other party. Amendments of this Agreement shall be in writing signed by each party. This
Agreement shall not be effective until executed by each of the Insurer, AmeriCredit and the Underwriters. 

6

 

        Section 10.    Insurance Agreement; Underwriting Agreement; Sale and Servicing
Agreement.    This Agreement in no way limits or otherwise affects the indemnification obligations of AmeriCredit under (a) the Insurance Agreement,
(b) the Underwriting Agreement or (c) the Sale and Servicing Agreement. To the extent that this Agreement conflicts with or does not address the relative rights of the Underwriters and
AmeriCredit as between themselves as set forth in the Underwriting Agreement, the Underwriting Agreement shall govern. 

        Section 11.    Limitations.    Nothing in this Agreement shall
be construed as a representation or undertaking by the Insurer concerning maintenance of the rating currently assigned to its claims-paying ability by Moody's Investors Service, Inc.
("Moody's") and/or Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc. ("S&P") or any other rating agency (collectively, the "Rating Agencies"). 

        Section 12.    Counterparts.    This Agreement may be executed
in any number of counterparts, each of which shall together constitute but one and the same instrument. 

        Section 13.    Nonpetition.    So long as the Insurance
Agreement is in effect, and for one year following its termination, none of the parties hereto will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law against the Issuer or the Seller. 

[Remainder
of this page intentionally left blank.] 

7

 

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

	 	 	XL CAPITAL ASSURANCE INC.
	

 	
 	
By:	

/s/  PEGGY WALLACE      
 Title: Managing Director
	

 	
 	
AMERICREDIT FINANCIAL SERVICES, INC.
	

 	
 	
By:	

/s/  SUSAN B. SHEFFIELD      
 Title: Vice President, Structured Finance
	

 	
 	
DEUTSCHE BANK SECURITIES INC. for itself and as representative of the Underwriters
	

 	
 	

By:	

/s/  RICHARD V. LAWRENCE      
 Title: Director
	

 	
 	

By:	

/s/  JAY E. STENIER      
 Title: Vice President

8

QuickLinks

Exhibit 10.2 Execution Copy

TABLE OF CONTENTS

INDEMNIFICATION AGREEMENT

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